The day after I posted my take on the Case-Shiller Index, they came out with July’s report (they’re always trailing three month averages) showing a continuing decline in the San Francisco MSA. Wait for it: down 27.3% from July 2007. Are we worried? Not that much. Why not? Read my October 27 blog: “San Francisco” means most of the Bay Area when it comes to the Case-Shiller Index.
You want scary? Median prices are down 45% year over year in Contra Costa County.