Thursday, February 19, 2009

From the Annals of Real Estate Devaluation

When Fosco moved to Santa Cruz almost three years ago, the median home sales price was somewhere around $725,000. Median home sales price in January 2009: $430,000.

On the one hand, this is good news for the Santa Cruz middle class (most of whom cannot afford to buy in Santa Cruz County). On the other hand, this is a breathtaking loss of value.

And on the third hand, Fosco still could never afford to buy a home here.

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