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*Bonus* Mortgage Meltdown: Another Day, Another Low

Can't get enough of those lows: Bay Area home prices dropped to a 53-month low as foreclosures lowered the average sale price to $470,000, down 29.3 percent (but sales were up!). Market watcher DataQuick warns us not to view increased sales as a sign of recovery: "We know one-third of the Bay Area's resales in July were homes fresh off foreclosure. Who knows how many more involved a desperate seller and a lender who accepted a short sale?" [SF Gate]