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Don't Panic, Okay Panic

"The annual totals for each of the past three years present an even grimmer picture. The number of homes sold in San Francisco hit an all-time high of 9,304 in 2004 and has fallen every year since then, according to DataQuick. Just 6,294 houses and condos sold in San Francisco last year, a 32 percent plunge from the 2004 peak..."When housing prices are going up, everybody wants to buy a home and owning a home is the best thing in the world," said Christopher Thornberg, co-founder of Beacon Economics, a consulting firm with offices in Los Angeles and San Rafael. "When prices go down, no one wants to buy and owning a home is the worst thing in the world."..." [SF Gate]