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DQNEWS for Nov-11...Bay Area House Prices Low(er), Sales Creep Up

By thomas.wong1986   Follow   Wed, 21 Dec 2011, 3:09pm   977 views   5 comments
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Prices continue to fall... i mean correct further... back to the norm!

http://www.dqnews.com/Articles/2011/News/California/Bay-Area/RRBay111214.aspx

Alameda…........340000….-6.5%
Contra Costa….255000….-1.9%
Marin…...........629000….-3.2%
Napa…............297000….-1.2%
Santa Clara…....452000….-1.5%
San Francisco….644500….-5.2%
San Mateo…......542500….-9.6%
Solano…...........190000….-8.2%
Sonoma…........285000….-9.5%
Bay Area….......363500….-4.3%

Last month distressed property sales – the combination of foreclosure resales and “short sales” – made up 47.8 percent of the resale market. That was up from 45.2 percent in October and 46.7 percent a year ago.

Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 26.5 percent of resales in November. That was up from 25.3 percent in October, and down from 28.6 percent a year ago. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is about 10 percent.

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1. toothfairy Follow Befriend 40 threads 856 comments Oakland, CA

   1   3:15pm Wed 21 Dec 2011   Share   Quote   Permalink   Like   Dislike   Santa Clara prices down 1.5% at that pace how many years until we reach your price target? My rough calculation says 22 years!

2. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

   2   3:17pm Wed 21 Dec 2011   Share   Quote   Permalink   Like   Dislike   toothfairy says My rough calculation says 22 years! 22 years or 2 years pick your poison!

3. edvard2 Follow Befriend 34 threads 2,106 comments

   3   3:18pm Wed 21 Dec 2011   Share   Quote   Permalink   Like   Dislike   Prices are almost getting to the point where they're at least somewhat acceptable ( for me at least) in parts of the east bay. That said- I earn a pretty good salary and thus if prices are only now becoming expensive versus crazy-insane-overpriced for people with my income that tells you prices have still got a ways to go.

4. APOCALYPSEFUCK is Shostakovich Follow Befriend (28) 170 threads 4,190 comments Premium

   4   3:25pm Wed 21 Dec 2011   Share   Quote   Permalink   Like   Dislike   Protected   They fall by half or more, civilization will have a chance.

5. Danaseb Follow Befriend (1) 142 comments San Jose, CA

   5   4:29pm Wed 21 Dec 2011   Share   Quote   Permalink   Like   Dislike   The people who have been blowing up the real estate market in Santa Clara and San Francisco counties are now stuck between a fuse lit on both ends, thanks to bubbles finally bursting in east asia and flat/falling wages in IT sector. Not even the school craze will keep areas bubblicious for long when the real default wave begins. Seems about right given that the areas had a five year head start to lag five years. Also don't lie to yourself, it is far more due to the head start in the easy money credit orgy than an booming economy.. People were taking mega loans with zero income validation out here when people in the rest of the country would still be laughed out of the bank. Places with jobs are always a touch more expensive, but not the perversity that was the Bay Area from the mid 90s onward.