January 2008 Numbers. All California county loses are significant - no area was has been spared.
Bakersfield down 17.87% YOY. The median price is now $224,000. The median price peaked at around $310,000. We are now down 28% from the peak.
What does the future hold? Look at inventory and defaults/foreclosures, from the Bakersfield Californian:
The number of bank-owned properties listed on the Bakersfield Multiple Listing Service, an index of properties for sale, topped the 1,000 mark Wednesday, according to Jon Vaughn, a real estate agent with RE/MAX Magic and the host of a morning real estate radio show, Real Estate Today.
The MLS showed 1,017 bank-owned properties out of a total of 5,023 as of Wednesday, Vaughn said.
“It’s going to make it really difficult for sellers out there who are trying to sell properties,” Vaughn said. The increasing inventory will continue to drive prices down, he said.