Tech & Biz

California Home Values Continue In Steep Decline

by Emilio Lizardo | August 19, 2008 at 01:36 pm

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No suprises from the San Francisco bay area regarding the continuing decline of home property values.

Home prices in the Bay Area plunge
Tuesday, August 19, 2008 | 10:20 AM

SAN FRANCISCO -- A research firm says home prices in the San Francisco Bay area plunged 29.3 percent in July to a 53-month low.

MDA DataQuick says in its report Tuesday that the median price for new and resale homes and condos stood at $470,000 last month, down from $665,000 in July 2007.
The figure also marks a decline from $485,000 in June.

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bill hicks

at 14:07 on August 19th, 2008

Prices have to retreat to the 2001 level at a minimum. West coast and FL need a 70% drop. New homes have been dumped at 50% discount and mortgages at 90% discount. That worked on a few transactions but for the massive amount of property out there the prices have to drop a lot more where it increased.

This is what I am doing with my place:

http://groups.yahoo.com/group/LakeOPines/

Damian Gadal

at 14:09 on August 19th, 2008

No surprise. With no State Budget, and California basically broke it shouldn't surprise people if things turn for the worse. Program Cuts, More Taxes, Borrowing, Accounting Gimmicks? It's hard to see how the State is going to dig it's way out.... The way things are going, it's just digging a deeper hole...