The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: the_wheel who wrote (7487)	12/20/2002 10:59:46 PM
From: Lizzie Tudor	Read Replies (1) of 306849

Headline says.... Bay Area home prices rise again Median hits $416,000 in November sfgate.com but inside.... On the other hand, DataQuick researcher John Karevoll said he sees no evidence of a major price dip in the Bay Area despite an uptick in the number of notices of default, the first step in the foreclosure process. "Housing is in a fairly good state," Karevoll said. "Default activity would have to double for it to be a concern." Re/Max real estate agent Bruce Scheer in Cupertino said DataQuick's numbers don't tell the whole story. Although sales in the county are up nearly 48 percent year over year, the number of homes on the market is up more than 60 percent. "There's a lot more inventory, and sales have slowed," Scheer said. "I think people are worried that the economy is going to get worse, and they think that if they wait to sell their home, they'll get less for it." This is amazing, typical RE faulty hype. Rents are down 50% from the peak in BA, and houses over 1mm$ are not selling, period.

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