Bay Area Home Prices Still Falling

Bay Area home prices are down 40% in the last twelve months. That's according to last Thursday's press release from Dataquick. San Francisco was the best performing market, with a twelve-month price change of minus 12%. San Mateo County was second best, at minus 22%.

Perhaps a more interesting statistic is that 45% of all (existing) homes sold in the Bay Area during October had been foreclosed on within the last twelve months. That's an astounding number. In San Francisco, previously foreclosed homes accounted for a surprising 11% of total sales.