Wow! average price of house in Bay Area is down 44% in last year, 38% state wide

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-- Wow! average price of house in Bay Area is down 44% in last year, 38% state wide

Posted by DaveT on Jan-22-2009 01:12:

Wow! average price of house in Bay Area is down 44% in last year, 38% state wide

http://www.sfgate.com/cgi-bin/artic...e&sn=002&sc=827

State Wide
Dec 2007: $402,000
Dec 2008: $249,000

Bay Area
Dec 2007: $587,500
Dec 2008: $330,000

Oh yeah, and the peak int he Bay area in early 2007 was $650,000.

Posted by Kismet7 on Jan-22-2009 02:08:

Basically Americans got f.uckered by Banks and the Govt.

Posted by MichaelConway00 on Jan-22-2009 02:15:

isn't this the same trend as in the early 90's? Right after bush senior didn't the housing market take a big slip? I say it took Clinton 4 years to fix that mess, so within the next 3-5 years the housing market might bounce back. Its just hard to say exactly what the long term side effects of the sub prime crash will have.. I suspect things will be ok though.

Posted by Kismet7 on Jan-22-2009 02:24:

quote:
Originally posted by MichaelConway00
isn't this the same trend as in the early 90's? Right after bush senior didn't the housing market take a big slip? I say it took Clinton 4 years to fix that mess, so within the next 3-5 years the housing market might bounce back. Its just hard to say exactly what the long term side effects of the sub prime crash will have.. I suspect things will be ok though.

Not the same at all, potential homeowners were'nt jumping into a pit full of spikes that was covered by what looked to be a pillow, geniously put there by the banks/govt. Lets just hope Obama and his adminstration are not as crooked as the past 8 years have been.