According to real estate website Zillow.com, home values in Long Beach are down 7-9% for the first quarter this year. This depreciation is not the end of the world for home owners, unless they absolutely need to sell. It’s a great market for buyers according to this Herald article “Home Sweet First Home.” More young folks and first time buyers who are attracted to these low prices are flocking to Long Beach.
I looked for a Long Beach house in the summer of 2007 and I still see a few of them still up for sale today; ones that I thought were either overpriced or needed way too much work. That saying, I’m not sure how accurate Zillow.com’s data really is for individual house prices. I do see some mistakes, but as an overall average it can’t be far off.