Meanwhile, in California
The Home Builders Association of Northern California says prices for new homes in the Bay Area are down "by as much as 20 percent," the San Francisco Chronicle reports today. Builders are offering "price cuts of as much as $150,000 on some projects in the far reaches of the Bay Area," the newspaper says.
"There is a massive amount of inventory sitting out there that is not being sold, particularly out in the East Bay," said Christopher Thornberg, a principal at the consulting firm Beacon Economics. "You're talking total meltdown."
On the other hand, the paper reports, home builders "do think the market has just about bottomed."
Sign up for the At Home newsletter 
