Bay Area Homes Sales Skyrocket As Foreclosures Rise!
According to the real estate report released Thursday November 20th, 2008. With banks unloading a record number of foreclosures, bay area home sales soared, while the median price plummeted. With the numbers in, our hypothesis is now a fact. I hate to say it, but this is exactly what we expected.
Despite an economic crisis and a stock market plunge, the fire-sale prices pulled more buyers into the market. A total of 5,624 resale homes changed hands in the nine-county Bay Area in October, up 66.2 percent from a year ago.
The Bay Area median price hasn’t been this low since October 2001, when it was $370,000. However, the median’s tumble reflects more the swing to lower-priced homes in lower-priced areas where foreclosures are commonplace, rather than an across-the-board depreciation. This doesn’t mean every Bay Area house has gone back to 2001 levels, but it does tell an interesting story about where people are buying, and where they are not.
Most of the action, and the big bargains, were in areas where bank repossessions have become a fact of life. Almost half of all existing homes sold were foreclosures. Their bargain-basement prices sent the median price tumbling 45 percent during the past year to $375,000. This is all according to research firm MDA DataQuick of San Diego.
During the boom years, prices in lower-cost areas appreciated as subprime buyers rushed in. With the bay area in a buying frenzy it’s time for you to secure a cost effective location that will outlast these economic hard times. The Brentwood Business Center specializes in finding you great deals in this crazy real estate market. Our knowledgeable staff is a phone call away.
Tags: Foreclosures, Real Estate
November 21st, 2008 at 7:00 pm
Hello.
I would like to put a link to your site on my blog roll if you want to do the same for mine. It would be a good way to build up both of our readerships.
thank you.
November 21st, 2008 at 11:29 pm
Foreclosures are also skyrocketing in my neighborhood. Many families are leaving homes they have lived in for years. If you have the money to buy right now, its definitely the time!
November 30th, 2008 at 7:28 am
I’m Planning to build a home , so gather so many information , while searching i came across your web sites….
September 19th, 2009 at 1:00 am
Strange, really! Now even though House Prices have started to rise again slowly but what amazes me that despite so much problems facing people, there wasn’t much benefits provided to the troubled people.
November 1st, 2009 at 6:47 am
San Francisco had the lowest foreclosure sales at 9.6 percent of all resales. The highest was in Solano County, where 56.9 percent of all sales were foreclosures.