lc_william

The Average Home Price in Detroit Falls to $13,638

San Fran houses on avg under $300K? No chance. Go to realtor.com and check on single family homes -- for all of San Francisco there are only 13 single family homes available at less than $300K. How many total homes are for sale in SF? 784... 13/784 = <2%, not the average. If ever there is a ghetto area in SF, my guess would be all 13 are in scary areas of SF. The misleading piece of info whenever anyone talks about "the avg price" of homes in a particular area is the fact that these statistics count in the massive oversupply of condos (also known as crappy apartments with terrible, permanent neighbors) as being "homes."

Always remember to filter out info that sounds too good to be true. Still today in 2009, SF single family home average price =~$600-$800K; now if you factor in horrible condos in areas you would never want to live in, with less sq footage than your average Suburban, then yes you can get the SF area price to just under $300K. Just remember this before you run to the coasts to get your dream home (and fill the pockets of the local Realtor).

It's going to be at least 2-3 years more of downward prices before we normalize. Good luck and godspeed!