David Benda at the Record Searchlight kind of wrote it all....you can see the full article at the following site:
http://www.redding.com/news/2008/nov/26/area-housing-market-slips-prices-drop-14-over-past/
Redding’s housing market sizzled five years ago when it topped a government index as the fastest-appreciating area in the nation. It was the dawn of an unprecedented real estate run-up that exhausted itself in early 2006. Today, Redding is one of the 40 fastest-declining markets in the same government index. Plenty of other California cities share the same fate. Home values in Redding slid 14.07 percent in the third quarter of 2008 compared with the same three months a year ago, according to the Federal Housing Finance Agency (FHFA) all-transaction House Price Index. Prices in Redding — which includes Anderson, Shasta Lake and unincorporated Shasta County — in the third quarter declined 6.63 percent from the second quarter of this year. Over a five-year period, values in Redding have increased 31.14 percent. Redding ranked 256 in the index, which surveyed 292 metropolitan areas.
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