Wednesday, April 30, 2008

Apocalypse Watch: Home Prices Drop 17 Percent

By Chris Thompson
Wed, Apr 30, 2008 at 7:21 AM

While the national economy grew just enough not to qualify as a recession (Whoo hoo! Time to blow the kid's college fund on a new H-2!), the Chron reports that housing market continued to knock through the cellar and dig a hole to China. According to the Standard and Poor's credit rating agency, Bay Area home prices fell 17 percent in February, continuing the precipitous vanishing of equity local borrowers banked on to refinance their subprime loans and squirm out of deadly montly mortgage payments. We blame the mountain lions. Or the goats.

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