CAR: Bay Area is special
2006 State of the Housing Market report
Home sales in California fell in 2006 after four years of expansion. Sales in the Bay Area housing market fell at a slightly lower rate than for the state as a whole. After peaking in 2004, Bay Area sales declined 10 percent in 2005 and then 19 percent in 2006. The median price in the Bay Area — the highest of any region in the state — continued to increase by small single-digit increments throughout 2006, in part because of inventories that were well below the statewide levels.
3 words: It’s different here.
This is the Bay Area – and we rock! Highest median price and we continue to inch upwards. BOOYAH!
Here’s some interesting facts about the rest of non-special California:
• More home buyers used 100-percent financing to purchase their home. About a fifth of all homes purchased (21.1 percent) were financed with a zero-down payment mortgage compared with 19.7 percent last year. Recent use of zero-down mortgages has increased significantly since 2000, when they were used by just 4.5 percent of buyers. Two of five first-time buyers (40.9 percent) made a zero-down payment on their home purchase, while just one in 10 repeat buyers (11.3 percent) purchased their home with no down payment.
Not surprising! Housing is the safest investment – that’s why you should use other people’s money whenever possible.
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