December 30, 2007
We lived through a housing crisis, business downsizing, a January freeze and skyrocketing gas prices in 2007. The bubble burst in the housing market. It was the top story of the year, according to a panel of Star editors and reporters.
Sales of new and existing houses and condominiums from January to November dropped 27.9 percent in the county, compared to the same period a year earlier. The county median price fell to $521,250, a 9.5 percent drop from $577,500 last year.
Where is the bottom?
"We can still go lower from here," said Gary Painter, director of research with USC Lusk Center for Real Estate.