Friday, July 18, 2008

Don't Call It a Recession: June Sees Home Prices Fall

By Chris Thompson
Fri, Jul 18, 2008 at 7:46 AM

Most people have never heard of DataQuick Information Services, the Southern California firm that tracks real estate prices around the state. But for the last six months, they've haunted our lives like some bearded prophet wandering the streets selling pencils in a cup and hefting a sign proclaiming the end of the world. And they keep turning out to be right! Yesterday, the company dropped another bombshell when officials announced that Bay Area home prices in June dropped an astonishing 27 percent from the same period a year ago. According to the Chronicle, the firm reports that the median home price is now just $485,000, less than half a mil for the first time since 2004.

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