Wednesday, October 18, 2006

That Pop Was The Bay Area Real Estate Bubble Bursting

By Will Harper
Wed, Oct 18, 2006 at 3:22 PM

Lots of stories about Bay Area home prices dropping for the first time in more than four years, albeit less than one percent from this time last year. According to the East Bay Business Times: "In Alameda County, home sales decreased by 29.4 percent in September to 1,624 from 2,300 in September 2005. The county's median home price was down 0.7 percent to $575,000 from $579,000 in the same month a year ago. In Contra Costa County, home sales dropped by 25.6 percent, from 2,312 in September 2005 to 1,720 last month. The Contra Costa median home price dipped 5.5 percent year-over-year, from $577,000 to $545,000." Other housing stories:

    Los Angeles Times

    SF Chronicle

    Fremont Argus

    The Merc, meanwhile, quotes experts predicting a two percent drop in prices next year.

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