Bargain Hunter's Delight? Bay Area Home Prices Drop by 44%

A real estate tracking firm says the median home price in the San Francisco Bay area fell nearly 44 percent in December from a year earlier as more bargain hunters scooped up foreclosure properties.

La Jolla-based MDA Dataquick reported Wednesday that the median home price in the nine-county region dropped to $330,000 last month from $587,500 in December 2007.

The median home price is the lowest since March 2000 and marks a 50-percent decline since the peak of $665,000 in the summer of 2007.

The firm says foreclosure properties accounted for more than half of all resales for the first time while financing problems hurt sales of more expensive homes.

Copyright AP - Associated Press
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