Worst U.S. Real Estate Market hit is California in the Central Valley

12-month change (decline) in home values:

Merced: -42.3

Stockton: -40

Salinas: -38.7

Modesto: -37.9

Riverside: -36.8

Vallejo: -34.5

The market hit hardest by the housing bubble is the Central Valley in California, where aggressive development and price hiking has yielded more homes than jobs. Now many homeowners owe more than their house is worth and are being forced into default.
Still, it's not all doom and gloom for the California housing market. The drop in home values has created an affordable market for first-time home buyers. And, on average, monthly sales have almost tripled from last year. Although the Valley has seen the worst of the crash, it may well be one of the first areas to recover.

So, here are the big questions...

Have we hit the bottom in these areas?

Is it time to buy?

Where should I buy?

Will the banks actually lend money?

Without having a 'Crystal-Ball' that is 100% accurate...I would say that all indicators is that somewhere in the first quarter of 2009 we should be at the bottom of this real estate housing crash of 2008. I would be getting your funds in order and ready to make some "bank" on the housing opportunity that really does exist. History is our best barometer to know what goes down has ALWAYS gone back up. This is in regards to housing prices of course.

If you are getting ready or considering to invest in real estate, feel free to contact me for a detailed consultation.

Your Silicon Valley & Sunnyvale Real Estate Professional
Mark Thomason
http://www.thomasonteam.com/
408.850.3085