Getting tired of the media reporting the ill fate of the housing market? We're not saying it's not big news. The rate of foreclosures is staggering and until the existing level of homes for sale diminishes (i.e. buyers start buying) it will only get worse. But an interesting story could be told about the areas which are not affected-and why.

Consider yourself lucky if you are living in the southern Peninsula. Cities between Millbrae and Palo Alto are far less impacted by foreclosures than their neighbors to the north. Most impacted are the areas with low housing unit costs-areas that enticed first time buyers into the market in droves. These areas such as Daly City and South San Francisco have seen vales drop from $830,000 in 2006 to $650,000. Contrasted to Palo Alto for instance which has continued a steady climb in median home values in spite of the national crises.

If you wondering if your area may be hit next remember that in more affluent neighborhoods it's all about the economy and jobs. The Bay Area is lucky enough to still have ample jobs and mass layoffs that contributed to the housing decline in 1990 have not materialized.

Remember you can always visit our real estate blog to get in-depth market analysis, commentary, and even a few rants.