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Morning Mortgage Meltdown: Year in Review

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Allow us to dispense with the business early in the day so that we can all uncork the Dom. For the most part,2007 sucked a big one on the mortgage front. Foreclosure rates skyrocketed across the country as many a Joe Everyman lost his home; in the blogosphere, Bush's government bailout plan became the fodder for many a skirmish in the comment box. In the Bay Area, home sales tanked by 23% through November (as compared to 2006). Home prices increased over the past year— fortuitous for those sellers lucky enough to sell— but only by 1.5%. San Francisco rallied hard, however: demand exceeds supply in certain sectors: single-family homes, and office space, for instance— Hello Google, MySpace, and Wikipedia!). Condos continue to sprout like wildfire, and general sales appear steady enough. Yet value adds— bamboo floors, cabinet upgrades, flat screen TV's— eventually gave way to (at times, rather dramatic) price cuts. Here's to a "reboot" in 2008, looming recession be damned!
· For the Bay Area real estate industry, 2007 went from boom to tizzy [SF Gate]
· Morning Mortage Meltdown: Warren Buffett Confused, Clichéd [Curbed SF]
· Thursday PM Linkage: Mortgage Meltdown Edition [Curbed SF]
· Morning Mortgage Meltdown: Methadone Clinic Now Open [Curbed SF]
· Poised For Foreclosure! [Curbed SF]

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