Latest numbers for September 2007 are out. From DQNews.com:
Bakersfield DOWN 16.23% Year over Year.Another measure to use is price per square foot. Based on the numbers from KernData.com, we are now down 20% from the peak on price per square foot. Also, prices are now back to the level they were in early 2005.
Keep in mind this does not include incentives. If the incentives were included, prices would be down over 20%.
All of you who chose to listen to the REIC and were told "it was a good time to buy", "they are not making anymore land", "real estate only goes up", etc... Remember this during the next speculative mania. If you ask barber if you need a haircut...
Finally, things are not going to get any better. Right now we are seeing 150-200 notices of default per week, sales are down 85% from the peak and credit has tightened. All of these things were predicted here on this crappy blog at the beginning of the year and over the last few years on all the other bubble blogs. Those who listened, you have been spared the misery and all those who didn't listen, good luck.