Friday, September 19, 2008

Don't Call It a Recession: Home Equity Edition

By Chris Thompson
Fri, Sep 19, 2008 at 4:12 PM

That's right, it's time for everybody's favorite show: Guess how much your home's worth this week! Brought to you by GetOuttaHere Foreclosure Services; if we show up at your door, you know it's time to get outta here! Johnny, what have the folks at home won this time?

Well, Jim, it's...a 31.8 percent drop in equity! According to the real estate research firm MDA DataQuick, Bay Area homes have dropped in value from an average of $655,000 a year ago to just $447,000 today. Contra Costa County leads the losers' pack with a median value of $330,000. But at least they have that great view of the oil refineries!

Ouch, Johnny! Well, that's it for the show. Tune in next week, when we ask, how many roommates can you cram into the dining room to finance your adjustable rate mortgage? Sleep tight, America!

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