Yikes! This is ground zero in the California real estate bubble, according to the Modesto Bee.
Atwater is suffering the most. Its median home sales prices have plunged 41.6 percent since the peak. This weekend, Pacific Union Homes dropped the price $140,000 on one of its new Claremont Reserve homes. That 3,144-square-foot, five-bedroom house is now $352,310.
Prices are way down in Salida, too. The median peaked at $415,000, but was at $277,000 in September — a 33.2 percent drop.
Patterson prices are off 29.7 percent. Ceres prices have dropped 24.7 percent. Parts of Modesto are down 33.3 percent, parts of Merced are down 35.8 percent, parts of Manteca are down 26.6 percent and parts of Turlock are down 22.7 percent.