East Bay Real Estate in the News

Bay Area Foreclosure Shoppers Facing Bidding WarsThe number of homeowners caught in the avalanche of foreclosure rose sharply this summer compared to last. As the properties pile up, so are the number priced below $200,000.

Bargains push bay home sales, but prices plunge Bay Area home sales marked their biggest gain in at least two decades last month, but the price plunge set a record, too, as buyers snatched up bargains in the communities hardest hit by foreclosures.

Contra Costa Times reports – Foreclosure sales needed for housing market The high level of foreclosure sales in California has to continue before the state’s housinge market can make a strong recovery,

Bay Area Real Estate on KQED

KQED discusses Bay Area Real Estate:

Guests include:

Andrew LePage, analyst for DataQuick Information Systems

* John Quigley, professor of economics at UC Berkeley

* Maeve Brown, executive director of Housing and Economic Rights Advocates

* Sue McAllister, real estate writer for the San Jose Mercury News

Bay Area home sales increased dramatically over the last year due to what experts say is a large increase in cheaper, foreclosed properties. Meanwhile, the median price declined by 40 percent from a year ago. We talk about the new data and what they mean for prospective home buyers and sellers.

Real Estate News This Week

Q2 entry-level housing affordability up to 48% The percentage of households that could afford to buy an entry-level home in California stood at 48 percent in the second quarter of 2008 compared with 24 percent for the same period a year ago, according to a report Tuesday by the California Association of Realtors (eastbaybusinesstimes.com)

Bay Area Home Sales Show Life July home sales in the Bay Area increased on a year-over-year level for the first time in three years, while the median home price dove to $470,000 as buyers snapped up low-priced foreclosed properties, according to report released Tuesday by DataQuick. (insidebayarea.com)

Homes Now More Affordable A pair of reports released today highlighted the upside of the real estate downturn: Housing is becoming more affordable for more people across California and the Bay Area. The percentage of households able to buy an entry-level residence in the state reached 48 percent during the second quarter, double the level from a year ago, according to the California Association of Realtors (sfgate.com)

Real Estate Chaos Hits Appraisal Industry
How much is your house worth in this turbulent market? That’s the question on the minds of many Bay Area homeowners, but it’s become increasingly tough to answer, even for the pros. Instability in the region’s housing market is making it difficult to determine values, according to mortgage brokers and real estate appraisers. (sfgate.com)

STAR Test Results Show Steady Gains for BUSD, State The results for California’s 2008 Standardized Testing and Reporting (STAR) Program show a higher percentage of students in the Berkeley Unified School District scored proficient or above in reading, writing and mathematics as compared with the state results. (berkeleydailyplanet.com)