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Dataquick reports today that the median price of Bay area homes is $390,000, up nearly 7% from September 2009. They report that the increase is due to adip in foreclosures and a rise in the number of high end sales.But at the same time 33% of the Fixed, A paper loans are in default in the 3rd quarter( 21% last year) and 16% increase in defaults on subprime loans( 35% last year).

In San Ramon, zip code 94582 the increase in prices and reduction is inventory is very similar.






 

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8 Comments on Prices Increasing?

NOV
19
2009
494,577 Points 15 Featured Posts Localism Sponsor Outside Blog

Hi Rama,

Interesting stuff. We're seeing a slight up-tick here too in SoCal (according to CAR's newest stats) yet in part I think it's because of our declining inventory. I'd imagine the $8,000 tax credit looming deadline had a lot to do with the increased demand.
11:54pm • #1

Is that supposed to be an inspirational story?  The monthly payment for $390,000 loan is pretty darn high, when considering the miserable wages that companies are paying these days.  The drop in defaults is positive. 
11:54pm • #2

Same thing is happening in our area.  I wonder if it will continue.
11:55pm • #3
1 Featured Post

Gregg, it is not supposed to be inspirational in anyway. Just reporting facts.We all need a silver lining and 390K for the bay area is still a lot cheaper than what it used to be.
Lynda- It is the tax credit that pushed everyone off the fence together. Especially in the 400K and below price range, we are seeing too many all cash buyers ! heck I got kicked out of one again in Livermore which got 41 offers and sold for 80K over asking !
11:59pm • #4
1 Featured Post

I wonder the same too Richard....
11:59pm • #5
NOV
20
2009
989,739 Points 3 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

Gregg, it's challenging to find even a 3-bedroom townhome in San Ramon at $390,000. You won't find a single family home in town at this price (unless it's 55+ or needs a lot of repairs)
12:10am • #6
291,061 Points 1 Featured Post

In some markets, an increase in the median sales price doesn't mean that the price of homes is going up but rather the higher-end homes are beginning to sell once again.
12:12am • #7
1 Featured Post

I agree Richard but we are seeing prices getting pushed up all across the spectrum.Vickie does business in the same area as me and she knows how frustrating it is to find a SFR in San Ramon for less than 400K !
9:57am • #10

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Rama Mehra,Call 925.235.0376 Certified Pre Foreclosure Specialist

San Ramon, CA

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