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How Far Will Bay Area Home Prices Fall?
Posted on Mar 27 2008, 03:45 PM
The Bay Area housing market has remained relatively resilient to the market wide downturn until the past few months. Since then, there's been a more noticeable retreat of home prices, but then comes news that a lot of people are out bargain hunting and then there's that new conforming Jumbo loan that's expected to bring down rates on loans up to $729,000 in high cost markets like the SF Bay Area.
According to Zillow.com, home prices in the Bay Area have more than doubled over what they were ten years ago. In 1998, the average home in Santa Clara County was somewhere around $315,000. Today, it's around $750,000 after already coming down a bit.
Up until recently, there were still plenty of people who were saying that there's no real estate bubble in the Bay Area, but now it seems that just about everyone expects home values to continue falling everywhere, but how far?
According to Zillow.com, home prices in the Bay Area have more than doubled over what they were ten years ago. In 1998, the average home in Santa Clara County was somewhere around $315,000. Today, it's around $750,000 after already coming down a bit.
Up until recently, there were still plenty of people who were saying that there's no real estate bubble in the Bay Area, but now it seems that just about everyone expects home values to continue falling everywhere, but how far?
