Leaky in Lakewood: 20% off sale

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Good morning. One house doesn’t make a trend, but it makes a good item: Dr. Housing Bubble tells the story of a two-bedroom Lakewood home that was listed at $500,000 in April and has been reduced by 20% -- to $400,000.

Before you conclude the initial $500,000 price was a fantasy, consider this: the house sold in August for $500,000.

Dr. Housing Bubble: ‘I’m not sure what constitutes a crash but losing $100,000+ in 6 months is pretty significant. A 20 percent drop in 6 months is definitely a bubble bursting.’
The listing history:
Price Reduced: 04/24/07 -- $499,900 to $485,000
Price Reduced: 05/27/07 -- $485,000 to $470,000
Price Reduced: 07/11/07 -- $470,000 to $450,000
Price Reduced: 07/18/07 -- $450,000 to $400,000

Photo Credit: Dr. Housing Bubble
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Hat tip: Patrick.net