Home prices down in 90% of Bay Area ZIP codes

The San Francisco Chronicle reports:

Price per square foot fell most drastically - by ranges up to 70 percent - in foreclosure-heavy suburbs and exurbs such as Richmond, Antioch, Vallejo, San Pablo, East Palo Alto and parts of Oakland. There's an obvious reason for the correlation: Banks want to hurry up and sell repossessed homes, so they offer them at fire-sale prices.

Richmond's 94801 ZIP, which includes the notorious Iron Triangle, had the steepest price plunge, a 68.8 percent drop from $311 per square foot to $97. The median price fell roughly in sync, down 72.2 percent from $403,000 to $112,000. In the first nine months of the year, a stunning 7 percent of all homes in the ZIP were foreclosed upon.

No word yet from The National Association of Realtors on this one.