property values fall off cliff, Counmcil unconscious

The government's index, considered the broadest, shows prices falling last year in 44 states and Washington, D.C. In eight states, they fell more than 10%. Losses were worst in the disastrous housing markets of California, Florida and Nevada. In Merced, Calif., prices fell 16.29% in the fourth quarter alone and nearly 50% in all of last year, the worst decline in the country. The other bottom 10 cities included Stockton, Calif. (down 40.2% in 2008); Modesto, Calif. (-37.8%); Vallejo-Fairfield, Calif. (-34.4%); Riverside-San Bernardino-Ontario, Calif. (-34.3%); Cape Coral-Fort Myers, Fla. (-32.9%); Naples-Marco Island, Fla. (-32.9%); Las Vegas-Paradise, Nev. (-32.6%); Salinas, Calif. (-32.2%); and Punta Gorda, Fla. (-29.7%). Miami Springs ONLY fell 28.6%. This is NO TIME to be taking on more debt and further burdening the struggling taxpayers. Dr. Mel P. Johnson