(KTSF Trista Wang)
Bay Area homes have lost more than a third of a trillion dollars in value since the housing bubble burst four years ago. According to DataQuick, a real estate information company, the loss in home value in five Bay Area counties from 2007 to 2011 was $387 dollars, or a 33% loss.
Contra Costa County was hit the hardest, followed by Alameda, Santa Clara, San Mateo and San Francisco. Due to the loss in home value, many homeowners have lost funds for college tuition or down payments on other property. Amy Kong, former President of the Chinese Real Estate Association of America says, “If it is a second home that loses value, that might create some problems, because owners might not get enough income to cover their expenses.”