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Home Values Drop Again



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(Sacramento, CA)
Tuesday, October 11, 2011

The site says the average Sacramento home sold for $151,000 in August.  The 14% drop in year-to-year value was worse than the national average.

Sacramento Mayor Kevin Johnson says the prices are affected are by the city's economy:     

JOHNSON: "Our contractors and our home builders have been devastated because of this. So, we're just hoping that at some point, we truly are at the bottom. I think, again, all of our commitment up here is to embrace what we do well currently, but also to diversify what we do."

The mayor says the best hopes of diversification for the economy lie in the green technology, health and agriculture sectors.

Zillow says Hollywood Park, Del Paso Heights, and Midtown properties lost about 20% of their value compared to this time last year. 

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