Typically, the real estate market in and around Salem follows the San Francisco Bay Area in about three months. This has been my experience over the last few years. As your connection to the Bay Area, I want to share with you what's happening. Yes, right now the housing market is battered and bruised. Loans are harder to get, some areas are still in decline, sellers are stressed and buyers are hesitant. Foreclosures do exist but not as severe as Southern California. The percentage of homes foreclosed on in April, 2008: Alameda County 24.2% Marin County 8.9 Contra Costa County 44.7 San Francisco County 5.9 Here's what is interesting, sales results for the San Francisco Bay Area show an increase in sales in April 2008 over March 2008. Sales were up 33.3% This is the first increase we have seen in six months for the area and might be the first sign that the market is beginning to stabilize. Sales year over year are still down 14.2% and the median prices are still declining. The first step in any turn around is that buyers have to come back into the market and sales month over month have to increase. So finally some good news! Economic predictors for the San Francisco Bay Area clearly state that the bottom has been reached, market is stabilizing and June saw increased sales. While some people are still avoiding the market, others are realizing interest rates have edged up, the bottom is here, and still others will look back and say "if only we had bought back then". May you and your family have a fabulous 4th of July!!!
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