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Monster Boss? People in Business: A who's who for Oct. 6 Looking to buy? Check out our latest home sales map California broke; asking for loan Home price declines Live on Twitter Housing, etc... Credit freeze: Bogus or real? 82 more homes sold! Check out our map! People in Business: A who's who for Sept. 26 January 08 February 08 March 08 April 08 May 08 June 08 July 08 August 08 September 08 October 08 Contact us with your news and information: Team leader: Christine Peterson, cpeterson@bakersfield.com, 395-7418 Assistant team leader: John Cox, jcox@bakersfield.com, 395- 7345 Reporters: Courtenay Edelhart, cedelhart@bakersfield.com, 395-7372 Jenny Shearer, jshearer@bakersfield.com, 395-7234 Gretchen Wenner, gwenner@bakersfield.com, 395-7368 
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Record-setting home price declines
Bakersfield's May median home price of $210,000 matches the median back in October 2004, according to a preliminary monthly report by residential appraiser Gary Crabtree. The figure represents a 24 percent decline from the same month last year — the highest in Bakersfield history, Crabtree writes. Bakersfield home sales increased in May to 417, compared with 268 in the same month of 2007. Home prices are still declining, but not as rapidly as in the past, according to Crabtree. And active listings are declining and demand has increased. Distressed listings — bank-owned, corporate-owned and short sale properties — made up 61.8 percent of homes for sale in May. "We are starting to see some preliminary improvements in conditions, but we are far from the end of the mess," Crabtree writes. The raw figures, including price per square foot, are in the report. (click on the blue icon) -Vanessa Gregory, staff writer 4 comments from 2 users
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posted by
Bakersfieldbubble
on Jun 4, 2008 at 01:51 PM
"We are starting to see some preliminary improvements in conditions, but we are far from the end of the mess," Crabtree writes. LOL!!! GET OFF THE FENCE! CHOOSE A POSITION - UP OR DOWN??? He keeps wanting to call a bottom with each report, but hedges his bet with comments like this. And prices continue to go down. Foreclosures continue to grow and until they stop growing prices will continue to go down. Guaranteed!
posted by
Bakersfieldbubble
on Jun 4, 2008 at 02:12 PM
We have had more trustee sales in the first 5 months than all of last year, which was considered a horrible year. Also, we have had more trustee sales than home sales. I wonder if any of the foreclosures were counted as "sales"??
posted by
Bakersfieldbubble
on Jun 4, 2008 at 02:18 PM
One final comment on something has been bugging me. The listed inventory is a total JOKE! Example - we ended last month with 3,425. We sold 417 and we added 700+ trustee sales (average for the last few months) and yet the inventory numbers went down. I CALL BS! The numbers don't add up! There is significant hidden inventory that is not being counted by the MLS and/or the banks. Its a shame that no one cares to look into this. More shameful shenanigans by the local real estate and financial industry! posted by
Maggiepoo
on Jun 6, 2008 at 04:38 AM
BBubbLe... been watching the real estate site I subscibe to and something is strange here, been a average of 7-8 foreclosed/distressed units a day popping up in Bakersfield, one day there were 34 units! 34 in 1 day!!, we are monitoring a few units and they reduce in price a avg of 10.15k ever 15-20 days until they hit a bottom then become "inactive", they do not show up as sales only "inactive" these are all REO, Do you think that the banks are pulling units off market and inserting new ones to run through the price decline process in order to keep from having market satuation? the unit moved to "inactive" still have all the signs up, what is your thoughts
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