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The Bad News Is…

Monday, April 28, 2008

The bad news is that housing prices are dropping like crazy. The bubble has burst and California housing prices are down 31 percent since their peak in April of 2007. The good news is that housing prices in Santa Cruz county are the fourth highest in twenty regions, behind South Santa Barbara, Santa Clara, and San Francisco Bay Area. Santa Cruz has also suffered the third smallest decline behind Santa Clara and the bay area. That tells me that state-wide, Santa Cruz is a desirable place to live. I hate to sound optimistic in this increasingly pessimistic landscape, but, well, I am. I don’t expect housing values to start climbing anytime soon, and I’m sure they’ll continue to fall as the shock wave of the credit crunch continues to propagate, but I think that of all places, Santa Cruz will be one of those more mildly shaken.

Speaking of pessimism, check out this link, where I found my data:

C.A.R. Median Home Prices Down 29% In March

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