May 31, 2006

$3048 – average Bay Area mortgage

DQNews – Most Recent Press Release
The median price paid for a Bay Area home rose to a record $628,000 last month. That was up 1.0 percent from March’s $622,000, and up 7.2 percent from $586,000 for April a year ago. Last month’s year-over-year increase was the lowest since August 2003 when the $447,000 median was also up 7.2 percent.

DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $3,048 in April. That was up from $2,958 in March, and up from $2,659 for April a year ago. Adjusted for inflation, mortgage payments are 20 percent higher than they were at the peak of the prior cycle sixteen years ago.

So you know those Capital One credit commercials where end asking “What’s in your wallet?”

For the Bay Area, I guess that’d be “NOTHING.”

(Thanks to http://sonomahousingbubble.blogspot.com/ for the find) 

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