First and most important; Camarillo recorded a new record low of 33ºF yesterday breaking the old record of 36ºF. The kittehs (Gordy and Knuckles) wanted nothing to do with the outside this morning. This is particularly amazing given the significance of recent urbanization increasing the UHI effect. Details of the recent and impending weather at Wunderground. For new evidence of UHI see the recent Watts Up With That post.
Oh, yeah. The "other" record. CNN reports home prices fell at a record pace and amount:
NEW YORK (CNNMoney.com) -- Home prices fell 12.4% during the fourth quarter of 2008, the largest year-over-year decline since the National Association of Realtors began keeping comprehensive records in 1979.
New term; "Effective Mortgage". For years, more than a decade my home was appreciating at more the $12/hr. Every hour. Every day. Every month. Every year. For more than a decade.
La de da. Freakin' good for me. I must be a RE genius. Since then? $20/hour in equity evaporation. I must be an FB. I still have a net expense about 1/2 what a more modest rental living space would cost. But that's just me. The other 80% are staring at monthly expenditures more akin to owning a boat than a house.
This is also why "cheap" houses are the only ones selling. People are no longer including an investment component in their decisions. Anything above shelter needs is now a wild ass bet on long odds.