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I feel your pain. We just bid on a house in Berkeley this weekend that was listed at $325k and which our agent told us went for over $500k. This for a 3 bed, 1 bath house with an out of date kitchen and bath, small back yard, and two houses directly behind the house on the next block that look like crack houses!

The sellers bought the place in '95 for $207k according to Guess they've made their life's fortune unless they also happen to be dotcom millionaires. We are boggled and can't fathom how long this type of insanity can go on--can it really be true, that no house will sell for below $500k anymore in the east bay? (the other house we bid on in Oakland, listed for $355k and much nicer also went for over 500.)

All I can say is that the decline in tech stocks may be the only thing that can help bring housing prices back down to earth--as this is the fuel to the fire in the N. CA housing market (see an article in the April 3 WSJ that talks about this--pg A1).

Hang in there and good luck.
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