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Bay Area house prices up from 2011, 40% of sales financed by jumbo loans
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2012 Nov 15, 5:11am 25,838 views 94 comments
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B.A.C.A.H.
2012 Nov 21, 9:44am
bmwman, he's only been here since 2005, only seen his Seven Years of Feast. Maybe he's a Homeowner in a recent wave of Greater Fools who came in to take the place of former residents from former behemoths like IBM or Sun or Lockheed or pre-Second-Coming-of-Jobs Apple or whatever.
I worked in some of the places he probably would call inferior employers and some he'd probably call gilded. Much of what he attributes to being great companies is the culture of the region, as I have experienced most of what he wrote at what he would call the crappy employers, except maybe the gilded benefits part. Gotta be a Civil Servant for that. Thank goodness folks (Greater Fools) keep churning in here to keep the house prices and assessments high to make ever-higher property taxes to support or Civil Servants.
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"The median price for new and existing houses and condominiums in the region reached $416,000 in the nine-county region in October, DataQuick said. That figure was $13,000 lower than in September, but up 19 percent from $350,000 the same month last year.
Nearly 7,800 homes sold in the Bay Area last month, up 21 percent from last year, the statistics showed...
DataQuick also said buyers are snapping up more mid- to high-end homes. Foreclosed properties are also making up a smaller part of the sales mix, lifting the median price because they tend to sell at steep discounts.
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-- Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 38.9 percent of last month's purchase lending - the highest since November 2007, when it was 43.4 percent. Jumbo loans dropped to 17.1 percent in January 2009. Before the credit crunch struck in August 2007, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market."
http://www.sfgate.com/realestate/article/Home-prices-in-Bay-Area-climb-4038338.php
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