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Report says Bay Area housing market is cooling

By tovarichpeter following x   2016 Nov 23, 2:41pm 873 views   3 comments   watch   nsfw   quote     share    


http://www.eastbaytimes.com/2016/11/23/bay-area-real-estate-market-cooling-off-new-report-indicates/

John Bazemore/Associated Press archives In the first nine months of 2016, the Bay Area saw a 10.3 percent year-over-year decline in home sales across the region, including double-digit decreases in Alameda County, Santa Clara County and San Francisco.

1   Strategist   ignore (2)   2016 Nov 23, 3:56pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

From the article:

"Ironically, it is a sign of economic health — the diminishing number of foreclosures and distressed properties — that is contributing to the market’s slowing. According to the report, distressed property sales — down 35.7 percent on a year-over-year basis for the first nine months of 2016 — have declined so dramatically that they now are a drag on overall sales through the region.

When the Bay Area was in the throes of recession early in 2009, distressed property sales — “short sales” of underwater properties and sales of foreclosed properties — accounted for an astonishing 69.1 percent of all sales in the region. In the first nine months of 2016, distressed sales accounted for only 8 percent of total sales.

Because most distressed properties sell for $500,000 or less, their diminishing numbers contribute to the shrinking supply of affordable homes. During the first nine months of 2016, sales of homes priced at $500,000 or less fell 26.7 percent on a year-over-year basis throughout the region, while sales of distressed properties in that same price category fell 45.7 percent."

2   APOCALYPSEFUCKisShostikovitch   ignore (38)   2016 Nov 23, 4:14pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Impossible. Real estate never goes down.

3   Ceffer   ignore (1)   2016 Nov 23, 7:34pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

I perused Zillow for the first time in a long time and was surprised at how many foreclosures there were in Santa Cruz zips.


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