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A blog about the economy and the Sacramento-area real estate market.

August 26, 2008
Central Valley markets still among worst for price declines
 This may be more than you could possibly want to know about housing prices, but here is the new second quarter 2008 report from the Office of Federal Housing Enterprise Oversight.

 This is the national gold standard for measuring home prices. It reflects the same homes sold over time rather than the median, which lately tends to reflect the lowest end of the market activity with foreclosure properties.
A couple of highlights: Many Central Valley housing markets still rank highest nationally for price depreciation over the past year.  The Sacramento market - El Dorado, Placer, Sacramento and Yolo, ranked 14th.

 The Yuba City market - Yuba and Sutter counties  - ranks 16th nationally for declines.

 Note, too, the five-year gains showed at right hand of the chart. That's how much house price  appreciation still exists after five years - and all this price erosion of late. 
                                           Losses in last year               Five-year price appreciation
 Merced, CA                       -34.52%                                           8.57%
Stockton, CA                      -31.68%                                           9.54%
Modesto, CA                       -28.53%                                           15.15%

Salinas, CA                         -23.76%                                              24.21%
Vallejo-Fairfield                     -22.98%                                          17.63%
Riverside-San Bernardino      -22.95%                                              47.23%

Naples-Marco Island, FL        -22.06%                                              45.2%
Port St. Lucie, FL                 -21.95%                                               33.58%
Cape Coral-Fort Myers, FL     -20.75%                                              37.49%

Bakersfield                            -18.83%                                             61.58%
Fort Lauderdale, FL               -18.11%                                               49.87%
Fresno, CA                           -17.73%                                               47.50%

Bradenton-Sarasota, FL          -17.72%                                              37.80%
Sacramento-Roseville         -17.68%                                               22.07%
Las Vegas-Paradise, NV          -17.67                                              49.56%
Yuba City                              -17.52%                                              29.45%

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