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.