FHA Mortgages Make Up 25% of the Purchases in January 2011 Bay Area Home Sales Improving

By
Mortgage and Lending with Caliber Home Loans NMLS# 242952

Bay Area: Data Quick recently released a report on recent Bay Area home sales indicating that sales have dropped since December, but are still higher in early 2011 than they were during the same period in 2010.

It was also mentioned that it's typical for real estate sales to be slow this time of year, so January and February are not necessarily predictive of upcoming trends.

Here is an overview of report according to Data Quick:

• Overall home sales rose slightly in early 2011 compared with the same time last year, with 4,966 sold in the Bay Area.

• Within the Bay Area, Napa County had the highest increase, rising 35.6 percent from last year. Solano County saw the biggest decrease with a drop of 3 percent from last year.

• New-home sales dropped to their lowest in more than 20 years with 253 sales.

• The median price for new and resale houses and condos in the Bay Area dropped to $338,000 in January 2011, compared to $350,000 in January 2010.

• Sales of higher-cost homes appear to still be suffering from the credit crisis, which made adjustable-rate mortgages and "jumbo" loans more difficult to obtain.

• Government-insured FHA loans made up 25 percent of all home purchase mortgages in January.

• Foreclosure activity remains high but is below peak levels reached over the last two years.

Take into consideration these numbers and our recent post discussing all cash offers.

The real estate market is about to change for the better.  It may be better to buy sooner than later, also considering the increase in FHA Mortgage Insurance. Let us know if we can help!

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