I suspect that the pain felt by many is much worse than what the MSM reports since many owners are still holding out in hopes of a “Spring Break.” (pun intended)

Arcadia is no different from any other community that benefited from this run-up in delusional prices.

LA Times: The level of home sales in LA County dropped 50% from year-ago levels. Median sales price of homes sold in Los Angeles County dropped to $458,000 — now down $12,000 in one month, and $92,000 from its August peak. That’s five months. Let me repeat that: sales prices in L.A. have dropped 16.7% in five months. That is a collapse of prices.

It’s not just people “fleeing” Arcadia. Let’s take a look at the bigger picture, here.

I do drive up/down Baldwin on the weekends and I must agree, traffic is bad – especially on race days. Although a part of it is from the increase of business, most of it comes from the expansion of the Westfield mall and racetrack. It’s one reason I’m firmly against the further expansion of the mall.

Q4 is traditionally a slow time in the RE market for any demographic because people are busy with the holiday season. I have not heard of or noticed a correlation with Chinese New Year, but perhaps.

Most communities north of Duarte Ave. are holding fairly well against the invasion of the guady McMansions compared to everything south of it. Imho, there are still desirable locations in Arcadia.

You are correct regarding the influx of Asians into Arcadia, but I disagree that “the regular white man’s home is history.” McMansions popped up like wild mushrooms during the boom, but with the credit crunch, things have slowed considerably. As I drive through the streets I see one empty McMansion after another – brand new construction, just sitting there.

Prices will fall back to affordable means for working professionals. The market will take years of decline before these prices are back to fundamentals.