P. Smith

Three points:
1. It was interesting to move here from the East Coast. When I moved here, the media was making so much about declining housing prices while prices were still accelerating in parts of LA. E.g., Boston started seeing a decline in 2005, while we were seeing continued acceleration on the West side of L.A. until late 2007. So now parts of the East Coast are leveling out (and some areas are recovering) while L.A. is still playing catchup.

2. Because L.A. has experienced such a bigger run-up in prices over the past 7-8 years than other parts of the country, it will take longer for our market to achieve stability.

3. L.A. is so large that it is like a microcosm of the rest of the US. That is, some parts of L.A. are much harder hit than others. E.g., in-land areas which are further away from L.A are going to suffer more than areas near the ocean. - Sat Jul 5 2008, 23:55

One really important point, whether renting (while you are house-hunting) or when you are buying, is the location of your job. A good rule of thumb for L.A. is that every 10 miles can be up to an hour travel time during rush hour depending on where you are located. So first thing to do is let us know where you will be working. Several folks have suggested nice areas, but driving from the valley to the west-side every day would be a daily soure of frustration, and vice versa. If you are going to find a job when you get here, you have a lot more flexibility. - Sat Jul 5 2008, 23:28