East Bay Real Estate

Viscape University has booked renown bloggers Jim Walberg - EastBayRealEstate.com, and Jim Cronin - RealEstateTomato.com to moderate their teleconference on October 6th!

Remember… a Blog = A citizen journalist writing about things they are noticing or personally experiencing and sharing those with the world through the internet.  Viscape is the world’s first social marketplace to rent or buy vacation properties on-line!  Because it is a social network focused on vacation destinations they also provide a blogging forum for world travelers to share their stories and resources.  One of the services they provide their Internet marketplace is Viscape University.  This is their education division that focuses on practical topics for world travelers who are interested in rentals and vacation property purchases.  On October 6^th at 9PM EST they are hosting another one hour seminar.  The topic is Blogging and how it can be THE tool one uses for many purposes, but specifically how to use it as an additional profitable marketing tool for your business.

Because of the success of EastBayRealEstate.com, and RealEstateTomato.com’s blog sites Viscape have arranged for the owners of these businesses to be the moderators of a one hour teleconference on this topic.  Jim Cronin and I will be the contributors as we share our experience of how blogging can be the most effective tool possible to connect with people who are looking for the services you are providing.

Jim Cronin’s internet site - RealEstateTomato.com, is built to be a “hub” to assist the real estate community to better understand how to embrace blogging as the center of their marketing efforts.  He recently launched Tomato University,  serving the needs of the blogging world.   Jim moved to California in the mid 90’s as the Senior Internet Marketing Consultant for Z57 Inc. from 2000 - 2006.  He then had the idea of creating a method where he could share his incredible strategies regarding blogging as a marketing profit center for real estate businesses, and RealEstateTomato.com was launched.  Jim has helped thousands of Realtors gain a superior Internet presence by using the tool of blogging on their websites.

No matter if you have been checking out my EastBayRealEstate.com site for the last year, or you just found us, we have become the real estate resource center for the San Francisco Bay Area, with thousands of visitors using our real estate services and information.  And, our readership continues to grow daily.  Our blog site has also evolved into being your Bay Area lifestyle information center with ME - for better or worse,  as your on-site detective letting you know about the stuff I am discovering each day in this place I love so much.  Not only is EastBayRealEstate.com a resource center for Bay Area real estate, we also assist those who want to purchase a piece of their Caribbean paradise as a second or third home.  At CaribbeanIslandsRealty.com  we represent real estate opportunities from Aruba to the British Virgin Islands.  Check it out!

So…if you want to discover the rules and strategies of blogging as a very profitable marketing tool for your business - whether it is for real estate or for any enterprise, check out this FREE teleconference on October 6^th.  RSVP to RSVP@viscape.com  by October 3rd in order to get the call-in information.  Today you can start posting your questions that you would like addressed during our time together.  Contact me if you have further questions.  Until next time…your Bay Area lifestyle detective remains on duty!

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Marianne Bordogna has thrown her hat into the race for on of the Danville council seats to be decided on November 4th.

Who would have thought that a community activist who has never run for public office would throw her hat into the ring for the November election of the new Danville Town Council?  Well, it has just happened!!!  Marianne Bordogna, is the “new kid on the block” who has been nominated to have her name on the November ballot.  Until she showed up there were only three incumbents to vote for, and….there were only three spots to fill.  SO…what type of “choice” is that?  Marianne decided that she has sat on the sidelines long enough and is now ready to make a difference in the direction of how The Town Of Danville evolves.  There are many issues facing the Town Council today - Responsible growth in the Tassajara Valley;  Affordable housing; Infrastructure;  Senior Services;  Addressing specific projects, such as the Veteran’s Hall and the Danville Hotel complex; and, many more that need to be effectively addressed.  Marianne has the qualifications and the commitment to address them all!

I had a chance to speak with her today regarding why she believes she would be the best candidate for the Danville Town council.  Marianne told me,  “I am running for town council because I love where we live and want to maintain the uniqueness My experience of resolving issues within the context of the ‘bigger picture’ brings a new voice and a much different perspective in creating solutions that makes us all Danville.”  She laid out five specific items that make up her campaign’s platform;

• Proactively engage San Ramon and county officials on future Tassajara boundaries, which directly impact our town - the unincorporated parts Danville and Blackhawk;
• Seek solutions to traffic and downtown parking via stronger relationships among our school district, businesses, planners and council;
• Expand activities and meeting places for teens, singles and seniors
• Streamline our building permit and planning process for homeowners and builders, while ensuring that appropriate studies, architectural standards, community input and common sense have been applied in decision-making so that new projects (Danville Hotel, Veteran’s Hall) augment our town
• Grow Danville’s business community, while balancing downtown events that attract potential new residents - and revenue.

If elected, she wants to hear from you - often!  She is new to the political arena, but not to leadership roles. I have discovered over the past five years that she listens with an open mind and analyzes the facts, before reaching a decision.  She is a very quick study - and fully committed to win/win outcomes. When she is elected she will implement fiscal policies that continue to enhance all aspects of the quality of life that is so valued in the Danville community.

Obviously, she would appreciate your vote, and I know she would be a welcomed addition to the leadership, and stewardship of the Town of Danville.  Check out her website and learn more about her plans for addressing the important issues that are facing our community - www.DanvilleTownCouncil.com .   Your Bay Area lifestyle detective is always on duty.  Until next time…

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“The Feds took over Fannie Mae and Feddy Mac today!  Time will tell what happens next for East Bay Real Estate consumers and who will pay the bill.”,  says Jim Walberg.

The Federal Government made their historic announcement today - a Federal bailout of Fannie Mae and Freddie Mac could not wait another day!  The straw that broke the camel’s back was the liquidity condition of both of these mammoth financial entities.  It is frightening to imagine that both of these companies own or guarantee about $5 TRILLION in home loans - about half of all the nation’s total home loans!  And, we need to be reminded about my phrase, “Do not be fearful!” - False Evidence Appearing Real!   

The plan that was announced today by Treasury Secretary Henry Paulson and James Lockhart, director of the Federal Housing Finance Agency, places the two companies into a “conservatorship” to be run by the Federal Housing Finance Agency. Under conservatorship, the government would temporarily run Fannie and Freddie until they are on stronger footing. “A failure of Fannie and Freddie would affect the ability of Americans to get home loans, auto loans and other consumer credit and business finance.  And a failure would be harmful to economic growth and job creation.”  Paulson said at a news conference today in Washington.  With this bailout, the Feds have now made $200 BILLION available to them to shore up their liquidity issues.  Again, this money is coming from US as an addition to the national debt.

The roll of these two financial institutions is to buy mortgage loans from banks and package those loans into securities that they either hold or sell to U.S. and foreign investors.  This allows that national banks like Wells Fargo Bank and Bank of America to make more loans.  The problem affecting the mortgage meltdown has hit Fannie Mae and Freddie Mac VERY hard!  The past twelve months have seen an alarming number of their loans started going into default, emptying out the companies financial reserves and sending ice through the veins of the credit markets around the world.  Costs have skyrocketed and the Feds could not wait another day by placing them into a conservatorship.   The Treasury Department is now guaranteeing the solvency of these two lenders.  That means that YOU and ME are the ones guaranteeing the loans because more money is just going to be printed to bail them out.

With this bailout mortgage rates on conventional 30 year fixed rate loans are expected to fall by the end of September.  If the mortgage interest rate falls for home loans, it should attract more Buyers into the market, which would then have a positive effect on home prices.  However, Greg McBride, a senior financial analyst at Bankrate.com did say,  “Continued investor wariness and a depreciating housing market may keep rates from dropping.  We are not looking at sunshine and daffodils in the housing market anytime soon.”

Paulson stressed that both Fannie and Freddie are still in business and will open their doors on Monday with a new management team.  Freddie CEO Richard Syron and Fannie CEO Daniel Mudd will no longer run the companies, with the FHFA taking over control of their boards.  Syron and Mudd will be replaced by two market veterans with the job of restoring the mortgage agencies to a profitable condition. Herb Allison, the former chairman and CEO of pension provider TIAA-CREF, will head Fannie Mae. Allison formerly served as president of Merrill Lynch.  David Moffett, who served as vice chairman and chief financial officer of U.S. Bancorp until early 2007 and then joined the Carlyle Group private-equity firm as a senior adviser, will take over Freddie Mac.

Federal Reserve Chairman Ben Bernanke, who led the efforts to help get the U.S. housing market and the broader economy back on track, applauded the decision by Lockhart and Paulson.  “These necessary steps will help to strengthen the U.S. housing market and promote stability in our financial markets,”  Bernanke said in a statement.  The real test will come when financial markets around the world open Monday.  Pimco’s  Bill Gross, a widely followed bond fund manager, said that the Freddie-Fannie plan was the right move.  “This is a significant step and almost exactly what we had hoped for,” Gross told CNNMoney.com  Sunday.

Time is always the judge of any decision, especially one of this magnitude.   I am not a fan of ever increasing our national debt.  Today it is already staggering without the additional billions required to support this bailout.  Still, the rescue of Fannie and Freddie may go a long way towards bringing stability to the housing market while making it easier for consumers to obtain affordable mortgages.  We will see.  I look forward to your comments.

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There is a mixed bag of critical information for Buyers and Sellers to consider for the 4th quarter.

There are MANY factors that are still mixing together that makes it critical for consumers and Realtors to understand the economics of how these factors will impact their decisions regarding Buying and Selling real estate in the San Francisco Bay Area.  And, as you read my report remember that all real estate is LOCAL!  Here are just a few of the factors that will be impacting the 2008 fourth quarter real estate sales in our Bay Area region.

• Mortgage interest rates have been adjusting downward this past week. The markets believe that inflation is not the BIG factor at this time, even though in August it was at a 27 year high. The biggest inflation factor was the price of oil. The speculation on that commodity has cooled down dramatically bringing gas prices down, therefore lower the inflation rates.
• Short Sales and REO sales are bringing down the median price for homes in the Bay Area. What this means is that appraisers are one of the BIG hurdles when purchasing a home, because in some communities there are so many distressed sales that it is the trend impacting those homes for sale that are not in a distressed condition. For example, communities such as Antioch/Brentwood/Oakley are receiving appraisals on any home sale that are based on a much lower median price trend because of the number of distressed sales.
• Positive reports on the housing markets helped regain some confidence in the past week. Preliminary Growth Domestic Product estimates showed the U.S. economy growing at a surprisingly healthy pace while the Consumer Confidence Index posted its second straight monthly gain. However, here is the catch that needs to be watched. The GDP may be a false indicator because most of this gain is generated from exports because of the world taking advantage of the weak dollar. Remember, on Friday the unemployment figures are now up to 6.1% - the highest in five years. So, the GDP is growing but that growth is not creating new jobs.
• All of the housing sales indicators are showing that we may be getting close to the bottom of housing price corrections. However, there is a wild card that may be showing up soon - pay-option adjustable-rate mortgages may show a dramatic increase in defaults in 2009 after the payment option period expires. This could be the second wave of defaults with most of these in higher priced communities.
• Remember that all real estate markets are local! The national averages do not mean anything in the Bay Area, or any other specific geographic area. The local markets are the real indicator to watch. Within a 25 mile radius in the East Bay the markets are as different as night and day. It even gets more specific by city. Some of the communities that are on fire right now are Danville, San Ramon, Dublin, and Pleasanton. The very large sales activities in Antioch/Brentwood/Oakley are still caused by the Short Sale/REO properties that continue to flood the markets. As much as 45% of the sales in these communities are distressed sales. As opposed to Danville where they are 8%. Do you see how “local” the real estate markets really are?

So, how does a consumer filter all of this information into actions?  If you are a Buyer, lock your loan and buy a house NOW.  If you are a Seller that does not need to sell right now, HOLD.  If a Seller needs to sell their home, then price it aggressively, prepare the home in turn key condition and get it SOLD.  A Seller will only hurt their chances for the best price if they do not pay attention to price and condition.  The longer a home stays on the market the likelihood of getting their expected price will decline.  One last thought for the day…there is no BAD market or GOOD real estate markets, there is just THE market we are in.  We are very effective at turning lemons into lemonade no matter what the economic conditions.  Contact me any time with questions, and I welcome your comments about my real estate market observations.  Until next time.

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After much consideration regarding the situation with both the Democrats and the Republicans,  Jim Walberg has decided to run for President as a fifth alternative!

A grass roots effort has already begun.  Please log on to the U-Tube that just surfaced!  I welcome your comments and support during the next 68 days.  It will require a miracle of millions of write-in votes, but I have a feeling that it just may work.  I am also looking for any input regarding some policy issues you would like me to be focus on.  I am standing ready to serve!

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Back to Southern California to enroll our last child into college!

We are gladly taking donations from all of our friends, family and the internet world.  As of yesterday we have all THREE of our kids in college - Matt at Loyola-Marymount University in West Los Angeles, and JJ and Bryana in Santa Barbara, California!  It has been a hectic time of transporting ALL of them and us to the various campuses to get them settled into their college dorms and apartments.  In addition, it will be the first time in 22 years that Ann Marie and I will be “empty nesters”! 

Bryana, as a freshman, is very excited, nervous, and filled with anticipation of how the next chapter in her life will be unfolding.  Her three girlfriends since the second grade have said their goodbyes, since they are all going to different universities.  Ann Marie found a blanket manufacturer that could weave in a photo into the blanket.  We found the girls’ favorite photo of them and surprised them with a blanket for each of them so they could be reminded of their dear friendship.  Bryana is currently focused on a career in journalism.  As you can see, she may want to start in television since she is so beautiful and so darn smart.

JJ continues his passion for surfing and golfing while attending college in Santa Barbara.  As a Junior he has kept a 3.0 GPA, and he has lowered his golf handicap significantly between his class work.  If I could pick a career for JJ it would be doing something with kids.  He is an amazing coach with sports, and he has a natural knack of having kids bond with him and listen to his advice and direction.  At the moment his major is social science.  He would be a great elementary school teacher, too.  However, no matter what he does he will need to live by the beach.  We are so glad that he and Bryana will be in the same college town, just so they know there is a family member close by.  It is comforting to us, too.

Matt is completing his last few courses at LMU.  He already graduated last June with double degrees in Economics and Music - what a combination of interests.  He is passionate about both, and during his last four years he has more than tripled his stock portfolio because of studying the stock markets daily.  He has made some BIG hits with Apple stock purchases over the last few years.  His next step will be in some type of international experience.  We will be taking him to London in January to interview with the London School of Economics.  And, next we will open some doors in Geneva, Switzerland with the Nestle Group.  He would really enjoy a year’s internship with Nestle. ( Any contacts would be greatly appreciated.)

Ann Marie and I are already planning an adventure when Bryana graduates in four years.  As she exits college at that time, we will get an immediate raise in our income.  With that in mind, we are planning to sail in the Caribbean for six months starting in the BVI and heading south with no other plans than beautiful sunsets, SCUBA diving, fair winds, and having friends meet us along the way at various islands.  I will let you know how these plans unfold.  Wish us well as we launch our last child into a new world.  ( Bryana already called today to see if we could assist her in figuring out the public transportation system to her college from her dorm. Life’s little leasons have already begun for her! )  Until next time…fair winds to all of you!

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The value of borrowers homes may not be enough to pay off their loans.  Short Sales are now impacting appraisals of properties and the ability of borrowers to secure their next mortgage.

Not since the early 1990s have I seen so many Short Sales being processed.  The challenge today is that most Realtors servicing a Short Sale were not in business in the early 1990s.  In fact, most of the people working for the lender’s side of the Short Sale negotiations have never participated in this type of transaction.  This may be one of the reasons why less than 30% of the Short Sales actually close escrow.  We now have the solution  for borrowers considering this method of negotiating with their lenders.  Our real estate Team is looked upon as one of the most successful in actually completing the Short Sale process because of having a dedicated department to serve these difficult situations.  Ellen Muzzio has just joined our Team as our Short Sale Specialist.  She is the most experienced professional we have found regarding the successful management of a Short Sale.

A ‘short sale’ is when a lender accepts a discount on a mortgage to avoid a possible foreclosure or bankruptcy. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $700,000.   The value of the home in today’s real estate market is only $600,000.  The borrower hires a Realtor to sell it for current market value.  A Buyer presents an offer for $600,000.  The purchase offer is submitted to the lender for consideration.  This is a ‘Short Sale’.

Deciding to participate in the Short Sale process is a BIG decision for a Buyer.  It is usually triggered when someone is at the point of not being able to afford their home due to; high interest rates, dips in property values, divorce, loss of employment, decrease of income, etc., then they are forced to make a life altering decision.  I will be the first to tell that a short sale is bad, but a foreclosure is worse.  However, the Buyer may have the ability to save their credit from reflecting a ‘foreclosure’ as to simply having a ‘settled debt’.

Why would a lender today be willing to take such a loss?  Here are just a few of the reason:  First, banks do not like excess inventory and delinquent loans on their books. An opportunity to sell the property is very attractive in today’s real estate market.  Secondly, lenders know they could lose a substantial amount more if the property goes to foreclosure - a trust deed sale. There are many fees involved: i.e., property taxes, liens, repairs, etc. The lender may be better off taking the loss beforehand and be finished with the headache and liability if in fact it goes to a ‘trust deed sale’.

The short sale negotiation with the lender is a difficult, frustrating and very time consuming.  A purchase contract from a Buyer is required to begin discussions with the lender.  This is the first step of many that will need to be successful taken in order of a lender approval to be secured.  A short sale approval is further complicated when there is a 1^st and 2^nd mortgage on the property.  Here is a list of the items a lender will require before they will even begin the negotiations. 

• A letter of hardship from the borrower.
• A copy of the purchase contract from a prospective Buyer of the property.
• Two years tax returns.  (If you have not filed, include that information in hardship letter)
• Two most recent paycheck stubs for each person on loan.
• Two most recent bank statements from the borrower(s).
• A copy of your mortgage statement(s).
• A signed borrowers authorization for our Short Sale Specialist - Ellen Muzzio, to communicate directly with the lender(s).

The outcome of a Short Sale will be up to the skill of the professionals managing the case on behalf of the borrower(s).  Again, it is not for the faint of heart, but it may be the best solution for a borrower in a very bad situation.  There are very important tax considerations for a borrower to also consider.  Before they even begin the process they will need to seek counsel from their tax and legal advisors.  Let me know  if you would like to learn more about how this may benefit your current real estate situation.  Until next time…

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Jim Walberg’s viewpoints regarding key factors impacting today’s real estate market results!

There are non-stop changes happening in residential real estate - locally and nationally.  Also, there are a multitude of factors that are involved in the current condition of residential real estate.  If one does not understand these factors then they will be stuck in the mental state of a “victim of the market”, or they will decide to be “paralyzed from taking action”.  Neither of these conditions will have a positive outcome.  Here are some of the pieces of the puzzle that need to be examined.  The observations are being done by a non-economist - me.

Mortgage Industry:  In the past 18 months over 250 mortgage lenders have closed their doors.  The result for the consumer is that there are VERY FEW choices left for securing a home mortgage.  In fact, the two emerging key players are Freddie Mac and Fanny Mae.  The remaining few banks and mortgage lenders have been badly damaged financially from the poor decisions they made in making the wrong bet on lending products and the belief that future appreciation would support some of the “creative” interest only and/or negative amortization loans. 

The result of the condition of today’s mortgage markets is an atmosphere of fear and over reactions as to who can be granted a home loan.  It is as if they want your first born child pledged as collateral before a home loan will be granted.  You had better have a GREAT credit rating and real money for a down payment if you want to purchase a home.

The good news within the remaining lenders is interest rates are still relatively low, even though they are contrary to what is happening with inflation rates - the highest in 20+ years!  What this means to me is that interest rates will adjust higher before the year is over, maybe right after the election.  The Feds may want to defer any more bad news regarding interest rates until a new president is elected.  They will let him deal with the realities of rising inflation rates.

Consumer Fear:  Remember my definition of FEAR?  False Evidence Appearing Real.  It has been a long time since home prices and interest rates have been so favorable.  If this novice economist is correct, a real Buyer needs to lock their loan today and purchase a home.  If a Seller does not need to sell their house they need to wait until a clearer picture of the future economy unfolds.  If a Seller needs to sell their home today then do it NOW!

World Issues:  What is happening in our local and National economy is not happening in a vacuum.  We are in a World neighborhood where what happens in oil markets of the Middle East impacts the Bay Area.  What is happening in Georgia, with the Russians in charge of their country because they want control of the oil pipeline running through Georgia, is impacting the economy of the rest of the world.  What is unfolding in China and India as major consumer of oil within the next few years will determine the price of our oil no matter how much the U.S. can come up with conservations numbers.     

So, are you getting a BIGGER picture that is causing your brain to take a moment to consider the issues that are impacting real estate and all other factors of our economic lives?  I hope so.  I welcome any of your thoughts about the experience you are currently having, and maybe even expressing what some of your fears are for the future.  Until then…I promise to not stop keeping an eye on real estate and sharing my thoughts.

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2008 “Stand Down” serves 600 homeless veterans at the Alameda County Fairgrounds August 7th - 10th!

Another example as to how your real estate community and its service-providers continue to give back to the needs of the Bay Area was demonstrated again last Friday morning at 5:30AM at the Alameda County Fairgrounds.  Members of the Realtors Marketing Association served breakfast to a “village” of war veterans.  Every two years the Diablo Valley Vietnam Veterans Association arranges for an entire “tent city” to be set up in the East Bay so homeless veterans can be served.  “Stand Down” is a term used during war to describe the practice of removing combat troops from the field and take care of their basic needs in a safe place.  That is exactly what has been created for 600 homeless veterans this week.  The RMA contracts Ruggie’s Restaurant in San Ramon to supply ALL the food they serve.

Realtor Mike Weber - a member of the Diablo Valley Vietnam Veteran’s, is the person who continues to invite the real estate community to be a participate in supporting this important project.  They always say YES!  Some of the services available for these lost, but not forgotten veterans are;

• Medical facilities to serve their health needs - including dental, plus a follow-up care program;
• A “field court” with County judges to fast-track clearing up legal issues that may be preventing these veterans from securing employment;
• Job placement services that also assists them in having DMV re-issued drivers licenses;
• Assisting with identifying residential opportunities; 
• A complete barber shop, new clothing, shoes and other basic clothing needs.

The Diablo Valley Vietnam Veterans were inspired to create the first East Bay Stand Down in 1999 in order to provide a respite from the “streets”.  In the midst of all the services provided the commitment of is to treat each of these veterans with respect and dignity.  Most of us are unaware, and maybe don’t want to know, that there are over 250,000 homeless veterans on the streets of our cities on any given night.  Just in our Bay Area there are over 7,000 homeless veterans!  An even sadder statistic is that a BIG number of these veterans have little or no contact with Veteran Administration for either medial or financial aid.  Stand Down directly addresses the issue that cannot be ignored any longer - aiding and assisting veterans in need to improve their lives, no matter how difficult it may be to do so.

The first Stand Down was held in San Diego in 1988.  It has now been integrated into over 200 cities around the country with over 100,000 veterans and their families being served.  A key objective is to break the cycle of the homeless epidemic within the veteran community.  These are the men and women who have served our country, and we need to make sure they are not forgotten.  A quote that is appropriate for their mission is, “A community is often judged by how well it takes care of its own.”  Serving the needs of those who have served to protect and create Freedom in the world is a worth activity for all of us to consider.  Please contact Stand Down or Jim Walberg if you want to personally get involved, or to make financial contributions.  Also, contact me any time to find out about other service opportunities for Bay Area community projects.  Until next time…your East Bay real estate detective remains on duty.

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Each month C.A.R. provides Realtors valuable stats and trends in order to assist with providing information to our clients.  Here is a summary of their June 2008 report.

LOS ANGELES (July 25) - “Statewide home sales remained above the 400,000 level for the second month in a row, and up nearly 18 percent from a year ago,” said C.A.R. President William E. Brown.  “Following a 30-month string of year-to-year percentage decreases that began in October 2005, sales last month also posted their third consecutive year-to-year gain.

“Sales were driven in part by large shares of deeply discounted distressed sales in many parts of the state,” he said. “With lower prices and favorable interest rates, affordability also has improved significantly in recent months, paving the way for many buyers to purchase their first home.”

Closed escrow sales of existing, single-family detached homes in California totaled 420,550 in June at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 17.5 percent from the revised 357,890 sales pace recorded in June 2007.

• C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in June 2008 was 7.7 months, compared with 10.2 months (revised) for the same period a year ago.
• Thirty-year fixed-mortgage interest rates averaged 6.32 percent during June 2008, compared with 6.66 percent in June 2007.
• The median number of days it took to sell a single-family home was 49.1 days in June 2008, compared with 51.5 days (revised) for the same period a year ago.
• In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 2.9 percent, or 11 out of 385 cities and communities, showed an increase in their respective median home prices from a year ago.
• In the Bay Area the highest median home prices during June 2008 were: Los Altos, $1,595,000;  Burlingame, $1,575,000;  Mill Valley, $1,150,000;  Los Gatos, $1,143,000; Cupertino, $1,072,500;  San Carlos, $1,022,500; Danville, $965,000; 

June 2008 Regional Sales and Price Activity
Regional and Condo Sales Data Not Seasonally Adjusted

Median Prices By Region - Current Month vs. Year Ago

If you are truly a Buyer then lock your loans and buy.  If you need to sell your home do it now!  If you don’t need to sell your home, then get in to a wait and see mode until after the first of the year. Contact me today if you would like to see what is happening with prices in your neighborhood.  We are always standing ready to serve your real estate needs.

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