Real Estate Prices Fall Statewide

Here's one of the latest posts from California City News:
(P.S. That isn't a typo, that really says "1933"!)

State Property Values Fall for First Time Since 1933
As if you needed any more data to confirm the dire straights of the state economy, the Board of Equalization reported this week that total state and county property assessments dropped 2.4 percent from last year. We've all been hearing about property values in a tailspin for months, but this number is actually pretty significant -- it's the first time values have declined since the Great Depression.
Of course this means big trouble for state and local revenues, but that's no surprise. Here's the lowlights:
Assessed values dropped 9.9 percent in the northern San Joaquin Valley,
4.8 percent in the greater Sacramento area
4.2 percent in the southern San Joaquin Valley.
San Francisco and Trinity Counties both saw values increase by 5% or more.
Read more in the SacBee and LA Times. And a glimmer of hope: Realtors said home sales were up 12 percent last month.