Bakersfield Median - $176,500
Down 28.8% YOY and Down 46% from the peak...knife catchers beware, as the economy continues to crater prices will continue to fall. Buyer beware!
The good news, a lot of other areas are crumbling faster than we are.
What were the predictions by the local real estate community for 2008:
I don't think it's as lousy as everyone puts on," said Ray Karpe, the immediate past president of the Bakersfield Association of Realtors, a local trade group....
And, he predicted, home prices will reverse direction, and start an incremental climb. "I think home prices, home values, will creep up," Karpe said.
“By mid-2008 the housing industry will show signs of growth,” says Mr. Nevin. “Continued population growth, a reduction of existing inventory and a return to normalcy in the credit markets are a recipe for a more positive 2008. As a result, we are projecting a slight increase in new home sales over last year.”