Saturday, August 16, 2008

Hell Freezes Over

"[The city of San Francisco's] median home sale price fell nearly 12 percent between May 2007 and May 2008, according to the city controller." -San Francisco Chronicle


"More foreclosure signs are going up around the Bay Area in places we are not used to seeing. New numbers released Thursday show the picture remains grim. No part of the Bay Area is now immune from the housing crisis. Foreclosures are skyrocketing in the wealthy counties of Marin and San Mateo."-ABC 7

9 comments:

wannabuy said...

Now try and get the 'core areas' to admit prices are dropping. ;)

We're entering the time of the greatest price drops. Maybe not quite yet, but within 60 days. I expect those price drops to last for 18 months with a possible 'bear rally.'

Got Popcorn?
Neil

mopar777 said...

Since he isn't a blood relative of mine, I really wasn't allowed to tell my nephew what a bad idea it was to buy a 1050 sqft condo in San Pablo for $440K back in the summer of '05. But my wife really layed into him for being soooooo foolish and told him to just go rent somewhere. Now, according to Zillow his POS condo is at $265K and dropping fast. With the damn thing in his name no wonder his baby momma doesn't want to marry him.

norcaljeff said...

This must be a lie because "SF real estate NEVER falls."

:)

Patient Renter said...

Lander - I was hoping to see a juicy quote about the bay area being different, prices not dropping till hell freezes over, etc.

mopar777 said...

Hey patient renter, here's your quote. Christmas dinner '05 with the above nephew: I let it slip that RE was going to crash and implied he'd get killed on his recent purchase. He looked at me with an irritated look on his face and said "What do you base that on?" Not wanting to die on this hill I revised my remark to "Real estate is going to crash in Sacramento." You see, his overprotective mother was also at the table and put about thirty grand into the deal.

Cow_tipping said...

The funny thing is ... even today I heard RE sales whores say that "foreclosures and defaults dont happen in the expensive neighborhoods honey" ... her job was to sell the 400K+ John weiland houses across the street from mine - where 150K will get you any damn house in the subdivision ... even the 3300 sqft ones ... and we are rolling in foreclosures (not a lot but they are there) and have a 25% default rate on our HOA dues - pushing 30K right now ... and they have a $100+ a month whopper HOA dues ... and she implies that "rich people who live here will pay their dues" ... cannot wait till weiland closes up shop and goes the way of dodo.
Cool.
Cow_tipping.

Jennifer said...

I am loving this....
The neighborhood I am renting in you couldn't touch for less than $700k (for a teardown) when we moved here 18 months ago. Now the most recent listing was $495k. That's for 2600sqft on about an acre. If they go to $400k, MAYBE, we will consider it.

Diggin Deeper said...

It's just beginning to show that no area gets out of this mess without pain...Since Sac was early to go, it probably bottoms first. We still have areas in the county and adjoining counties that need to contribute to further declines.

STOP ROSEVILLE CRIME said...

even today I heard RE sales whores say that "foreclosures and defaults dont happen in the expensive neighborhoods honey" ...

That's funny since Ed McMahan lost his $5M Beverly Hills home to foreclosure.