Falling Bay Area median prices
DQNews – Bay Area Press Release – January 2008
In December there were 2,459 Bay Area home purchases financed with “conforming” mortgages up to $417,000, down 15.9 percent from 2,923 a year earlier. Last month there were 1,610 purchases made with “jumbo” loans over $417,000, down 65.7 percent from 4,694 for December 2006. Since the jumbo credit crunch hit in August, those mortgages have become pricier and harder to obtain.
OMG. We need Prop 1313 more than ever. We must tax college students and renters to save the American Dream. Write your politician today!
January 17th, 2008 at 1:10 pm
Wow! It appears that now only Napa is part of the real bay area. It was a shame when we had to kick out San Francisco.
January 17th, 2008 at 3:27 pm
Yep! Only Napa is the real Bay Area now, the rest of you, out of the pool!
January 17th, 2008 at 3:28 pm
They probably peed in it too, damn kids.
January 17th, 2008 at 3:55 pm
Looks like Santa Clara and San Mateo are still in. 0.2% drop is a shame but may still qualify them as real Bay Area.
January 17th, 2008 at 4:09 pm
Close shave!
January 17th, 2008 at 10:24 pm
Napa probably didn’t budge because there were only 72 transactions. In any case, the headline should really read: No housing downtime in the real Bay Area! Prices held solid in SF, San Mateo, and Santa Clara. Who cares about the other places!
January 18th, 2008 at 9:24 am
It isn’t just Napa in the real bay area!
Check this out:
http://www.creeksiderealty.com/bay_area_real_estate/2008/summary/1jan.htm
Changes in the market mix have also been issues in 2007. Mt View, Los Altos, and Palo Alto normally represent about 10% of SCC transactions. In February these areas represented 9% of all SCC transactions. By the end of March this had nearly tripled to 25% of all SCC transactions. These expensive areas are currently 15% of the market. The affordable areas: South, Central and East San Jose dropped from 16% to only 11% of all transactions. This has decreased even further and in December is only 8.4% of the completed transactions.
See? Right there – a list of Real Bay Area Towns!
January 18th, 2008 at 2:06 pm
Even with Palo alto, Mountain View and Los Altos in addition to Napa, the Real Bay Area’s getting awfully small.
July 17th, 2008 at 2:28 pm
Winston, this is consistent with the old adage that they’re not making any more land.
Soon, there will be no real bay area.
July 17th, 2008 at 2:47 pm
The domino continues. Two and a half years ago, it was Sacramento with falling home prices. In 2007, the slowdown and subsequent price declines hit the East Bay, Oakland, and lower income areas of the Bay Area. This year, it has so far been Marin and now chunks of SF and the Peninsula. That leaves only the “Real Bay Area”, which will be coming along sooner than later. The housing crash is now at the Berlin stage. It’s coming RE, don’t worry.