Why Are Home Prices Plummeting By 40% In Oakland, California? [Yahoo! Finance]
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Source: Yahoo! Finance
Today, many Oakland homeowners are making dramatic price reductions to sell their homes, and some Oakland-area ZIP codes are looking at price drops of over 15%. What's wrong with Oakland real estate? Is this a blip on the radar or the beginning of a market correction? The Numbers Paint An Ugly Picture From the outside looking in, Oakland has everything a city needs to be a real estate powerhouse. It's by the San Francisco Bay, and the hills above Oakland offer sweeping views of the area skyline. Yet a perfect storm of neglect, civic dysfunction and a decline in shipping through the port of Oakland combined to leave its property values lagging behind those of the city's wealthier neighbors. The average home price in Oakland in 2012 was $196,000 before it surged to a peak of $499,00 in the second quarter of 2022. Today, the average price for Oakland and the surrounding area is $479,000. The $20,000 drop reflects a roughly 5% decline, but a deeper look at the numbers reveals an ugl
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