What do Phoenix, Las Vegas and San Francisco have in common? Yep: sketchy nightclubs and plummeting housing prices. According to S&P data released today, San Francisco's median housing prices have dropped 28 percent since last spring, one of the three largest declines in the country. We take the bronze behind dubious gold-medalist Phoenix (down 35.3 percent), with the silver going to Las Vegas (down 32.2 percent).
When it comes to housing, San Francisco isn't used to being lumped in with the rest. We like our bubble, thank you very much. And while it may be one of the three most rapidly devaluing housing markets in the country, San Francisco is still enjoying its bubble — as the assessor's office expects to still see property taxes rise six percent this year compared to last. Many counties outside the Bay Area, including San Joaquin and Merced, expect a decline.