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November 24, 2007

Today's Housing Bubble Post - Marked Down From $725K To $495K, Still Not Selling

-- by Dave Johnson

A for-sale house around the corner from us (SF Bay peninsula) has gone through all the stages, and now even the "price reduced" sign is gone. The house is empty. The flyers are still there, however. Walking the dog the other day I picked one up to see what they're offering.

The house, a modest three-bedroom in a modest neighborhood, was originally listed at $725,000. Now that is crossed off by hand on every flyer and $495,000 is written in.

So, marked down from $725,000 to $495,000 it still isn't selling. No one is looking at it. It is still priced higher than the average person can or will pay for a house like this to live in this neighborhood. House prices around here still have a long way to fall, but you can't expect other houses around here to sell for a lot more than $495,000 now - not with that one sitting there. But most of them are still priced in the $600-700,000 range.

That leaves a long way left to fall.

Posted by Dave Johnson at November 24, 2007 7:54 PM

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That's a 31% drop.

How long did that take?

Posted by: BadGimp [TypeKey Profile Page] at November 24, 2007 8:46 PM

Any chance that the price of a modest three-bedroom house will go back down to the reasonable level of $70,000?

Posted by: John Morrison [TypeKey Profile Page] at November 25, 2007 9:55 AM

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