Thursday, July 17, 2008
love for pomona
Living in Pomona, I've gotten used to Our Fair City getting no love and being the butt of jokes (on The Simpsons and 90210, among others).
But if you listened to Larry Mantle on KPCC yesterday, you heard us get our props. A real-estate expert was on the air, talking about the state of housing in Southern California. He didn't really focus on Pomona, for one specific reason: Pomona, LaVerne, and Pasadena were mentioned as three municipalities who weren't suffering much from the mortgage crisis.
His precise point was that older cities, whose housing stock is "more established" (does that just mean old homes?), are the least affected by the current mess. Apparently, the main thing is how much action there was on the local market between 2003 and 2005 -- the "Loans Gone Wild" era. The fewer real estate transactions during that period (and again he mentioned Pomona as a fine example), the more protected the market -- and the less the drop in prices. So San Bernardino has seen a 31% drop in housing prices, while Pomona, Pasadena, and LaVerne have only had "a few percentage points" drop.
Finally, Pomona gets some respect. God bless us, every one.