May 23, 2008

Home sales jump 29% in the San Francisco Bay Area

Home sales in California jump nearly 27 percent
Home sales in California jumped nearly 27 percent from March to April as bargain hunters found it easier to get loans and pick up property on the cheap.

DataQuick Information Systems released statewide numbers Tuesday, after reporting similarly positive figures for the San Francisco Bay area, which saw a nearly 29 percent jump during the same period.

Booyah baby! Spring bounce is in full effect. Prepare to be priced out forever baby!

Comments (45) -- Posted by: burbed @ 5:05 am

45 Responses to “Home sales jump 29% in the San Francisco Bay Area”

  1. bob Says:

    Of course the one thing they failed to mention was that close to 50% of those sales were actually foreclosures. It also isn’t exactly difficult to make an improvement over the previous year, with every month being the worst sales months in Dataquick history.

    Of course I bet RE agents are absolutely thrilled by this and will shortly be cranking up the panic and buy machine.

    PS: How do I send you a picture I found? I think you’d find it most amusing and would be a good candidate for the blog.

  2. bob Says:

    Well… this just out on the wires:

    “The market’s losses accelerated after a report showing inventories of unsold U.S. homes surged to a 23-year high in April.”

    source: Nasdaq.

  3. Real Estater Says:

    >>In the nine-county San Francisco Bay area region, which includes San Francisco and its surrounding areas, a total of 6,310 homes were sold in April, a jump of 28.8 percent over March — the largest for the March-to-April period since DataQuick began keeping statistics in 1988.

    If you follow BA real estate, what they are reporting should be no surprise at all. Inventory came out in Feb and March, and quickly got consumed. BA buyers are hungry for more inventory. If you look at places like Sunnyvale, Cupertino, Mountain View, Palo Alto, the inventory is already thinning out. It’s laughable how some professional renters here have been looking at old data over the winter and trying to extrapolate to the future.

  4. R Says:

    sales at all time lows and inventory at record highs doesn’t lead most to believe that buyers are hungry for more inventory…tells most sellers are in need of a whole lot more buyers.

    Not surprisingly, the April-over-April sales number (the relevant one) is never given, only the March-to-April jump, which is seasonal and doesn’t tell much.

  5. Pralay Says:

    Someone missed this parts:

    Many of those homes were foreclosed properties — nearly 38 percent of the total number of homes sold.

    On the year-over-year basis, the number of homes sold in the region [Bay Area] continues to decline as well.

    The number of homes sold in April was 15.3 percent lower than the 7,447 units sold in April 2007.

    More than a quarter of the so-called “resale” homes sold in the Bay Area in April were foreclosed properties.

  6. Pralay Says:

    More than 25% home sold are foreclosure sales. Now, that’s called Spring Bounce.

  7. Pralay Says:

    Not surprisingly, the April-over-April sales number (the relevant one) is never given
    ——–

    R,
    It is given for Bay Area in that article. 15.3% drop.

  8. bob Says:

    Real Estater,
    What’s your stake in this? I’m just curious. I am assuming that-

    A: you bought a home
    B: You are in the RE industry in some way
    C: You want to buy a home and are looking for ‘good’ data to convince yourself to buy.

    Anyhow, let’s examine the article shall we?

    Item no.1:

    “The median price paid for a home last month was $354,000, down 1.1 percent from $358,000 for the month before, and down 26.9 percent from $484,000 for April a year ago when the median peaked. Around half the drop in median is due to shifts in the types of homes selling, and how those homes are financed.”

    So in other words, the median price for the avg. home sold this month was still lower than last month, which was the worst month on record. Additionally, the types of homes selling are foreclosures, bottom feeding trash, and fire sales. A good analogy would be back when GM used to report growth in sales by including rental car sales. Yes- a sale is a sale, but the quality of the sale is equally, if not more important. In any regards, the median is down signifigantly, which in case you forget is what we “professional renters” want to happen. If the prices come down another 15-20%, I might just be buying something, which means that I would be paying anywhere from 35-40% less than someone did at the peak, which is exactly what many of us who wisely chose to stay out of the bubble said would occur: avoid the bubble and buy when the prices fall. Your argument without a doubt is trying to suggest that the gravy train is about to start right up again, adding to the more recent bubble gains of 2005. That will not be happening, nor is it per the report.

    Secondly:

    “The typical mortgage payment that home buyers committed themselves to paying last month was $1,578. That was down from $1,606 in March, and down from $2,258 for April a year ago. Adjusted for inflation, mortgage payments are back to where they were in mid 2003. They are 22.2 percent below the spring 1989 peak of the prior real estate cycle. They are 37.2 percent below the current cycle’s peak in June 2006.”

    -Again, this indicates that there is a somewhat marked improvement in affordability. But it also indicates again that the types of homes selling are more likely bottom feeder type homes and not the dolled-up Palo Alto 900k 2 bedroom Brady Bunch ranchers of the 2005 era. We’re talking Stockton, West Oakland, and other places of the same ilk leading the sales.

    I fully expect a modest bounce in sales as early knife-catchers dive in, many of whom were twitching on the fence and are willing to spend to the absolute max and only didn’t buy because the prices were beyond their budgets. I’m sure that many of these buyers are getting in by their toe nails. This early bounce will very likely be followed by a prolonged period of flat or even very slightly moderate sales which over time will mean lower inflation adjusted prices, just as occurred in the previous boom.

  9. Pralay Says:

    BTW, this is the relevant chart from DataQuick

    CA City Chart For April sale

    MOUNTAIN VIEW: April 2008 Median:$654,000, April 2007 Median:$733,750, Change: -10.87%
    PALO ALTO: April 2008 Median: $1,137,500, April 2007 Median: $1,200,000, Change: -5.21%
    SUNNYVALE: April 2008 Median: $745,000, April 2007 Mdian: $750,000, Change: -0.67%

  10. Real Estater Says:

    Bob,

    Let me clearly tell you that I have no stake other than the desire to share accurate information. Whether the market goes up or down is irrelevant to me personally, because I already have all my ducks in order: large equity in my home, fixed 30 year rate, and ability to pay off my mortgage any time.

    The people who have a stake, in my view, are those who have been priced out, thus hoping for a market downturn, so that they can take advantage of the situation. They should be extremely obvious. Anytime you indicate the reality to them, it spoils their dream, and they start getting mad and attacking (thus the term “angry renters”).

  11. Real Estater Says:

    Correction:

    >>They should be extremely obvious.

    should be

    This should be extremely obvious.

  12. Frank Jewett Says:

    Indicate the reality? The reality is that we’re seeing a below average spring bounce coming out of a horrible market with no economic news to suggest that the second half of this year will be better than the second half of last year… and the Alt-A bomb is ticking in the corner. I have no agenda. My clients need a good market. I don’t need a bad market. The market simply is what it is. Playing half-full to this blog’s half-empty isn’t necessarily “reality.”

    Reality is that reported sales (initiated sales – offer accepted) can’t even be comped year-over-year because transactions are falling through at a record pace. Closings actually continued to go down even as sales numbers started to increase.

    “Because of the higher than normal rate of failed transactions and the length of escrows, the volume of closings in April is still setting a new record low.” – Richard Calhoun, Creekside Realty

    It’s going to be a long, dry summer.

  13. Pralay Says:

    I guess DataQuick is full of “angry renters” who are cooking up all these unrealistic un-realty-stic data. :)

  14. islandboy Says:

    Lie, damned lies, and statistics.

    Face it, you can find statistics to support whatever point of view you hold. It’s all pretty meaningless. Extreme views are usually wrong. The truth is likely to be somewhere in the middle. Repeatedly saying something doesn’t make it more true.

  15. bob Says:

    Real Estater ,
    So in other words- yes, you have a vested interest in the game because you bought, hence any fall in value would mean that your “investment” would, and likely is worth less than what you paid.

    You also assume that many of us who are supposedly cheering the fall of RE are priced out slackers whining because we can’t afford at the current prices. I think you’d be rather surprised to find this isn’t the case with a great many of us. Me and my Wife make well into a dual six figure income. We could just as easily afford to buy a house in just about any BA city that we choose. But the fact remains that our rent is approximately 1/3rd the cost of buying in the community in which we live.

    So Why do we not buy? Mainly its because the BA is heavily overpriced even with local economic principals and higher avg wages. Secondly, I think anyone with a grain of logic can clearly see where this is heading, which I don’t think anyone can deny is at the very least downward-because it already is.Lastly, as mentioned before, I can easily semi-retire in less than 5 years if we leave this area with savings in hand.

    You have equity. I have a large amount of savings and investments. What’s your point? DO you think that I’m at all bitter about NOT buying a house right now in the area?

  16. islandboy Says:

    bob,

    You have to agree that many people here are indeed hoping for housing prices to fall because they would like to buy a home for less than current market value. Do they have a “stake” in this argument about market direction? You bet.

    As for Real Estater, looks to me like he just enjoys coming here everyday to take a beating. Kinda sick if you ask me.

    I don’t agree that you (bob) don’t buy because “the BA is heavily overpriced even with local economic principals and higher avg wages.” You don’t buy because you (or your wife) don’t like this area very much and plan to move. If you loved this area and plan to stay here a raise a family, you probably would be buying.

  17. fremontrenter Says:

    >>I don’t agree that you (bob) don’t buy because “the >>BA is heavily overpriced even with local economic >>principals and higher avg wages.” You don’t buy >>because you (or your wife) don’t like this area >>very much and plan to move

    What I don’t like about BA is the type of house in BA is bad for the cost. I can pretty much buy a mansion outside. BTW, soon I am going to be austinowner as opposed to fremontrenter. Yeah, I just moved out of sucking BA.

  18. bob Says:

    Islandboy,
    We’re in agreement here, but my argument was more inline with more common reasoning, which is if I “were” to buy, the prices even with fundamentals are really out of whack in a severe kind of way.

    We don’t plan on raising a family, but if we were, the BA is about the worst place to do so anyway: Kind of crappy schools, the added expense of living which means less time to spend with the kiddies, bad air quality, ( CA ranked no. 3 in the country for the worst air), and so on.So when people bemoan the fate of their future families or the lack of ability to raise them here under current situations, I can’t help but ask them why?

    Anyhow, yes, we all have a stake in this argument in regards to outcome. A fall which is occurring on a national level will ultimately be better for the overall economy. Most people don’t realize that and are still looking at houses as investment tools. We need to eradicate that line of thinking.

  19. bob Says:

    Moved to Austin eh? How are you lime that so far? Austin is one of the places on my list. There’s loads of tech stuff happening there right now. Still fairly affordable too.

  20. buckborden Says:

    This story indicates that there are and will always be fools who think that they can escape the sharpness of the falling knife, but anyone with half a brain can see that the blood is everywhere and getting thicker, and deservedly so. Prices will continue to plummet until we have early 1990s SANITY again. That is when I first BORROWED FOR a condo at the shocking price of $135K with–horrors!–a FIXED RATE LOAN AND 40 PERCENT DOWN, and on a mere $40K a year income, no less (anywhere else, that is still a fortune, but I must have forgotten, forgive me, my native BAY AREA IS SPECIAL). The process is just taking more time than the nonbelievers want to acknowledge, but it is continuing as those of us believers can plainly see. In fact, it is highly gratifying to watch this unfold. Still amazes me that people even CONSIDER borrowing in this atmosphere. Try researching home prices in the early 90s, and please give me ONE good reason that we should NOT ever return to that sensible state of prices again. One good reason. This sky high price stuff is CRAP, PURE CRAP. A house is a place to live in, not an ATM. An economy predicated un unbridled borrowing and consumption is doomed. The results speak for themselves. I rest my case.

  21. islandboy Says:

    bob,

    I guess I’m saying that people will buy a house when a) they want/need one and b) they can afford one. Most people don’t hold out because of market conditions (as you claimed). If they plan to stay put for a long time, near term fluctuations and adjustments don’t really matter. Timing the market is always hard, and most people get it backwards.

  22. bob Says:

    Islandboy,
    I agree with you. I think we’re saying the same thing. The thing with me is that I have seen how bad the economy can sour in this area. I arrived right after graduation in late 2000 right when the whole dot-com thing started cratering. I worked in retail and was making $7 an hour, topping out at $12 an hour two years later. I’ve only been in the tech industry since late 2002, and even then, the wages were kind of crappy, as in less than 40k for my first gig.

    So from my perspective, I feel like a truly have an appreciation for the dollar because I was scraping by forever. Does anyone recall how bad the economy was in the BA for a few years? Nobody could get work? People were leaving in droves? Well the way I see it, it could easily happen again. Prices are too precarious to be supported by a recession of any kind here.

    I don’t buy here because in my opinion, it would be stupid. Plain and simple. A huge financial liability. The fact that as of now, more than 60% of the populace is still unable to afford here is indicative of a problem that still has yet to solve itself, which WILL be in the form of price corrections, early knife catchers and all.

  23. Real Estater Says:

    Bob,

    >>So in other words- yes, you have a vested interest in the game because you bought, hence any fall in value would mean that your “investment” would, and likely is worth less than what you paid.

    As I explained, I don’t care about the “game”, because I plan to stay in my home long term. With my mortgage rate fixed, the sky can fall and it would not change a thing for me. Frankly, I would welcome a fall in prices, because it would allow me to buy another property on the cheap. That’s part of the reason prices will not fall, because there is plenty of money in the sidelines.

    >>I can easily semi-retire in less than 5 years if we leave this area with savings in hand.

    You just said you were making $12/hr and then less than $40K. Did you win the lottery last year?

    >>So Why do we not buy? Mainly its because the BA is heavily overpriced even with local economic principals and higher avg wages.

    I’d say there are two ways of looking at it: 1) Homes are too expensive 2) You don’t make enough money.

  24. Real Estater Says:

    >>I worked in retail and was making $7 an hour, topping out at $12 an hour two years later. I’ve only been in the tech industry since late 2002, and even then, the wages were kind of crappy, as in less than 40k for my first gig.

    Bob,

    Um…a retail guy switching to tech. I wonder why they don’t pay you high wages.

  25. been_there_done_that Says:

    fremont_renter- do you think that now is the time to buy a large home in a place that you have to heat and cool year around? Your gas bill will undoubtably double or even triple (or more if gas goes to 8 dollars a gallon) when you arrive in Texas. There won’t be any way around driving once you get there. Often times you have to take a cut in pay due to the lower cost of living. Just things to take into account before you move, not to discourage you. Austin might be a good trade off compared to where you are now, and I wish you a lot of luck.

    CA maybe no. 3 for worst air quality but you have to put into perspective. L.A, San Diego and Sacramento have poor air quality. Sf bay area has the jet stream that pushes the pollution out of the area eastward, which leaves us with cleaner air. You can move to a state with cleaner air but be stuck in a city with worse air quality than San Francisco.

  26. bob Says:

    uhhhh Real Estater ,
    Did you read my initial response to your reply? What part of the: ” Me and my Wife make well into a dual six figure income. We could just as easily afford to buy a house in just about any BA city that…” did you not understand? Yes, at one time I made less, and now I make considerably more, as in more than enough to buy with my own personal salary if I chose to do so, but will not per my previous reasons which I care not to repeat.

    been there done that: I grew up in ‘da South’- the land that makes anyone from California tremble with fear. The two most common and in my opinion lame excuses I hear from people who aren’t initiated are: “Oh… well how can you stand the heat, humidity, and the Christians?” Easy… Just as easily as I can also handle crazy hippies, long and wet winters, and insane traffic, the high cost of living, and pending threat of what will someday be a earthquake here in SF.

    Just because you live in a hot region doesn’t mean you have to use AC. We actually had a huge ceiling fan mounted in the hallway. That sucker would suck huge amounts of air through the screened-in windows and wallah- nice cool, comfortable breeze. That and we had large trees planted all around the house. Also- back in the old days, people built homes with really high ceilings. I have an Aunt in Memphis. She doesn’t have AC, but her house actually stays quite cool. Heating- the same way. You can get by without using modern heat pumps.People from the BA aren’t used to dealing with any kind of weather that involves creative air conditioning solutions.

    Anyhow, at the very least, having to drive and having to cool or heat a home seems like a really tiny negative in an otherwise sea of outright positives when comparing just how much better you can live in another city that just happens to not be the carbon copy of the Bay Area. I for one hope that where I move to ISN’T like the Bay Area at all.

  27. Pralay Says:

    You also assume that many of us who are supposedly cheering the fall of RE are priced out slackers whining because we can’t afford at the current prices.
    ———-

    Bob,
    Keep in mind that people who make that kind of argument are also claiming that demand is rising and inventory is falling (data does not support the argument though). Basically they are inadvertently making a circular argument.

  28. Pralay Says:

    And inventory of Sunnyvale. Check the Inventory vs Sales chart here (3rd graph). What’s going on here? Are they building Teotihuacan pyramid with inventory here? :)

  29. SantaClarite Says:

    I lived in Austin for 6 years before I moved here.

    Even with 24/7 heating/cooling my energy bill was just 70% of my Bay Area bill with no AC. Why? Because electricity prices in CA are insane.

    My drive/commute here is 3x of that in Austin.

    Weather in Austin is any day better – winters are dry, and pleasant (no snow). Summers are also dry!

    We’d move back there in a jiffy but the work we like is mostly on the East Coast so that’s where we’ll go when we leave Santa Clara.

  30. bob Says:

    I’m considering Austin because there’s an awful lot of my type of work available out there. That and I’m a huge Americana/Alt Country fan and fully 60% of the people I have on my MP3 player are from Austin.Homes not too far outside of Austin are still being listed for 150k or even less. Nashville is on my list too, but there isn’t as much work available there. Then again, if we are able to buy a house and basically have no debt, we can afford to take a significant pay cut and still probably be doing better than if we were to stay here and buy.

    As far as heat, well I’m probably one of the few people in the world who actually likes it. Like last week’s 100+ temps. Loved it.

  31. fremontrenter Says:

    >>Your gas bill will undoubtably double or even triple (or more if gas goes to 8 dollars a gallon) when you arrive in Texas. There won’t be any way around driving once you get there. Often times you have to take a cut in pay due to the lower cost of living. Just things to take into account before you move, not to discourage you.

    I don’t know about how much I would spend on cooling/heating my house. I have just moved here. But let me tell you something about BA. I used to drive there because of poor public trasport from Fremont to San Jose. Very expensive with the worst quality of life. Every where queues, standing in line, waiting for each and everything. Vey high income taxes. Worst education. Costly private schools. More over my job kept my salary when i moved here in Texas. My combines income with wife is like bob’s. But did not onvest since I wanted to move out since the day I moved in.

    All the best to you BA guys. Hope you make at least 500k to support you cost of living. If you don’t you either you live a pretty bad quality of life or you don’t have much left for retirement.

  32. DreamT Says:

    I am always in awe of “6-figure earners” who cannot write two sentences without spelling or grammatical errors. Despite sounding like fifth-graders, they are very generous with life lessons and dispend real estate advice. Very humbling for us folks with a grammatical stick up our a$$…

  33. been_there_done_that Says:

    I can’t say I am a fan of Fremont for the reasons Fremontrenter listed. We don’t have to deal with traffic and commute because of where we live in the bay area and where my husband works. Also I read the recent API scores and the majority of Fremont’s schools to my surprise rated excellent. Texas schools over all are not much better than California schools, although I am sure you have been or will be able to buy into a good school district. Some of the schools there look like prestigious universities.

    I think depending on where you (general) are in the bay area the quality of life can be good or bad. It depends on what you are able to afford, and what your needs are. My parents (and they have lived all over the world) think that Texas is the best place on earth!

    Fremontrenter- I firmly believe that the market here in the bay area is going to correct and fall in line with fundamentals. We decided to give it five years, if things don’t change then we will probably leave the US altogether.

  34. fremontrenter Says:

    Take it cool DreamT. At least we don’t get paid for it as opposed to some who do. You want to know the secret behind six figures? It’s pass time. If I spend time proof reading the messages for which I don’t get paid, I am wasting my energy. Apply your energies where they pay you for it. Simple.

  35. fremontrenter Says:

    been there,

    Are you ready to give five years of your life expecting it would get better there? I know it will in terms of RealEstate, but who would want to put his life on hold for that? Anyways, I think BA is overrated. It’s not worth spending 5 years for RE correction.

  36. DreamT Says:

    fremontrenter – I actually do make 6 figures, and disagree with your (unsolicited) advice. Consistence in high standards and self-accountability are a surer road to success than the selectiveness you advocate. But, you know, good for you if you’re making it that way – it is somewhat humbling for those who try harder.

  37. RealEstater Says:

    Although Bay Area has traffic congestion, it is not spread out like LA and Texas. In general I find commuting in the BA to be reasonable. A nice car will help make the daily drive more enjoyable.

    Quality of life is obviously way good here. That’s why everyone wants to be here and no one wants to leave. The schools are outstanding as long as you are in the RBA. It’s like anywhere. There are good school districts and bad school districts.

  38. fremontrenter Says:

    DreamT,

    May be you try to be consistenly right about every small thing that you do. I tend to concentrate when it comes to my work and financial decisions in my life. I tend to take liberties especially when it comes to writing on blogs where the discussions are quite informal. I want to write what I think in the quickest possible way. And that may result in a post where the “Submit” would be clicked before the due diligence of proofreading. But I see the point you are making. I’ll try, but cannot promise because I may not have time for it.

  39. bob Says:

    “quality of life” is a generic term. It depends on what kind of person you are and what you do. If you go to every single foodie, music,wine,cheese, and art event, then the Bay Area is the place. If you like living in the one and only place that passes useful laws decades in advance over other less fortunate cities like laws that discourage plastic shopping bags and incandescent light bulbs, then the Bay Area is your cup of tea. If you’re a real party animal and have to be in all the action, clubbin’, dancin’ and all those other fabulous things that SF offers, then again- great place to be.

    But on the other hand, I tend to do stuff out in the yard and house. I also enjoy hiking, camping, and going to bluegrass festivals. In other words, my life is fairly sedate.

    Let me give you a comparison between East TN and here. It is close to a number of fantastic national parks. Beautiful mountainous terrain and large lakes. The last time I was home a few months ago, I hiked 16 miles in Big South Fork which has the largest collection of stone arches in the world. I was the ONLY person there all day, and what’s more, the freeways were sparsely used. In essence, there’s less people in my entire home state than the Bay Area. When places get congested… people GET UGLY.

    Another comparison: My mom is a 35 year veteran of the public school system I grew up near. She is about to transfer to a brand-new high school.The building is an actual building. Not a series of trailers. It has huge sky lights, lights that automatically dim and brighten in response to the sunlight within, and a number of new curriculums that include biotechnology, architecture, nanotechnology, and computer languages. That along with gym, a pool, tennis, and all the other items currently being slashed in California. The fact is that the schools that are considered “good” in California are rather mediocre and passe in my home state. Simply put, if you are a child in TN, then you are pretty much guaranteed a good education because the public schools are predictably good. In comparison, sorry to say this, but the schools here suck.

    Lastly, my parents own 18 acres of land with a large house, a heated pool, a 2 story workshop, a boat, camper, and apple orchard. Grand total value of the property: $180,000. Approximately 1/2 the cost of a crappy 1 bedroom condo in Oakland.

    Anyhow, I realize that there are die-hard Bay Area people who are frightened to death of anything that doesn’t resemble the Bay Area. Their fear of the unknown will keep them here forever.

  40. fremontrenter Says:

    I think I agree with bob 100%. I think to live and survive in BA, one requires a different mentality. These are the type A personalities who treat life as a running race with no end line. It’s all about keeping on running. Good for them. I personally tend to enjoy smaller things in life. If you belong to this class and ready to devote all your life for working, stay in BA. I’ll quote something I read on internet. BA is about overoworking to facilitate overspending to facilitate overconsumption. I guess one aught to be like a machine to think this way.

    Especially, when it comes to the schooling, California is about the worst one can get. State has no money to fund it. The tax money goes to all those who benefit from prop 13. As a new comer you are at a disadvantage from the get go. Add to that the income tax. It make you participate in a orgy of financial overcommittment. Becuase even if you don’t buy a home, you pay tax. So the state wants you to buy a house and save on taxes. That raises the demand and housing becomes unaffordable.

  41. madhaus Says:

    That is not why Prop 13 was written. That might be one of the results, though, but the real result is that the school system, which used to be #1 in the US, is now #47. You get what you pay for, and in a high-cost of living state you can’t pay an average amount per kid and expect high-quality results.

    Prop 13 was written by anti-tax advocates. They used the fear of senior citizens getting “taxed out of their homes” but didn’t write it to only help seniors on fixed incomes. Anybody who buys property gets their property tax increases limited.

    Guess who benefits the most from this?

    Corporations. They don’t die that often.

  42. When thinking about leaving the Bay Area, a common mistake is made [Burbed.com] Says:

    [...] thinking about leaving the Bay Area, a common mistake is made Home sales jump 29% in the San Francisco Bay Area [Burbed.com] bob Says: May 23rd, 2008 at 2:35 [...]

  43. madhaus Says:

    So what’s the deal with the misleading headline in Dtaquick’s press release, and every newspaper that ran it used the same headline? Certainly was that way in SJ Mercury News and SF Chronicle. Bay Area home prices and volume are down, not up. Only a real estate agent (or other technically-challenged individual) would compare sales to the month before, and only if they went up. Real estate is strongly seasonal, so only a year-over-year or seasonally averaged comparison is useful.

  44. been_there_done_that Says:

    Fremontrenter- We have 5 years to enjoy ourselves and make a lot of money to put aside. We have a simple lifestyle and enjoy the simple things, so at the end of those 5 years we will either by on the peninsula because we have enough money or we will move to a less expensive area in Europe that meets our requirements. We’ll probably be able to pay cash for a house in the city we want to move to.

    Bob- Tennessee is a beautiful place, we just don’t have any reason to move there.

  45. What personality do you need to succeed in Silicon Valley [Burbed.com] Says:

    [...] another awesome comment I thought I’d feature: Home sales jump 29% in the San Francisco Bay Area [Burbed.com] fremontrenter Says: May 23rd, 2008 at 5:30 [...]


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