Thursday, June 19, 2008

Don't Call It a Recession: Home Prices Slide Again

By Chris Thompson
Thu, Jun 19, 2008 at 5:50 AM

When the number of homes sold in the Bay Area ticked up in April, some people held out a slim hope that the historic housing collapse may have begun to slow down, and we could get back to the business of living large again. Not so fast, fellas; according to figures from DataQuick Information Center, those homes were just a few ticky-tacky 'burb bungalows that had fallen into foreclosure, and a few smart buyers snatched 'em up at bargain basement prices. Now, we're back to the same old grind, as the Chron reports that homes have dropped in value once again. The average Bay Area home has dropped 21.7 percent in value in the last twelve months, and the median value is now just $517,000. In Alameda County, the value is $508,000, and Contra Costa homes are now valued on average at $376,000.

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