Home prices in the Bay Area have lost $202 billion in value this last year. Bay Area home prices also dropped 18 percent in the fourth quarter of 2008, which is more than the overall U.S. decline of 11 percent. Only 12 zip codes in the Bay Area gained value. Those rare “appreciating” zip codes are in affluent areas such as Atherton, Palo Alto, Menlo Park, parts of San Francisco, Berkeley and Bodega Bay.

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