Would you believe me if I said that some homes in South Lake Tahoe can be purchased for less than half of what they were worth in 2005/2006? If this were true, would you think that it is now a good time to buy real 
Not all homes in South Lake Tahoe are selling at half price, but some are, and here is a recent example:
My wife Jill recently sold a home located at 1035 Herbert for $208,000. This house had previously sold in October 2004 for $330,000 and again in July 2006 for $480,000! The recent sales price of $208,000 is 57% less than what this house had previously sold for in 2006! The buyers purchased this house for less than half of what someone else paid 3 years ago!
1035 Herbert was a 1394 square foot bank owned foreclosure. With four bedrooms, two bathrooms, and a detached garage, this house has plenty of room and a great layout. The selling price per square foot was $149.21 which was well under the median price per square foot of other South Lake Tahoe foreclosures (which is $202 per square foot). The sales price of $208,000 was also well below the median sales price of other foreclosures in South Lake Tahoe (which is currently $272,000).
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