The California Board of Equalization (CBE) revealed on Thursday that the state’s property market again suffered retreats this year as overall value declined by 1.8 percent to $4.4 trillion, coming from the loss of 2.4 percent in 2009.
Analysts said that the latest plunge marked the Golden State’s property slump for two consecutive years and also the second time that back-to-back real estate dips had occurred in the area since the Great Depression in 1933.
The CBE report also showed that up to 48 counties from the state’s total of 58 experienced total losses while nine managed to minimize the decline to only five percent, with the oil-rich Kern and tourist attraction San Francisco offering some glimmer of hopes by both posting property tax improvements of more than two percent.