And now for some Totally Obvious News for Anyone Who’s Been Paying Attention, courtesy of the San Jose Mercury News (nickname: Adventures in Irrelevance).
As the peak homebuying season ends, months of rising prices, tight inventory and competition from investors have left many would-be first-time buyers on the sidelines.
Prices are up an astonishing 31.7 percent in August from a year ago for all types of homes in the nine-county Bay Area, and for moderate-income buyers that represents a growing hurdle.
And the slice of home sales for less than $500,000 has dropped from a combined 59.1 percent to 42.2 percent in August in Contra Costa, Alameda, San Mateo and Santa Clara counties, according to real estate information company DataQuick. Homes under $300,000 are down from a combined 29.7 percent in the four counties to 15.2 percent.
See the proud homedebtor in the piccie above? He got himself a house. In Hayward, City of Diversity. And lately we’ve been seeing ads for new homes in Mountain House. Not Mountain View, Mountain House. Mountain House is what people in Livermore point to when asked where the “exurbs” are, Extra chuckle points to whatever robot put that page together calling San Ramon a “nearby community.” Sure, just like Prunedale is “nearby” Almaden Valley.
Just as there is nothing wrong with any house that price cannot fix, there is nothing wrong with any price that distance cannot fix either. It’s just that some of you are going to have to buy in Turlock.
This is not only your Weekend Open Thread, it may have to do for the entire week. Tune in tomorrow and find out if there’s going to be a new edition of Burbed or not!