San Francisco in the Top 5 best performing Housing Markets
Of course the agents pounding the pavement in San Francisco didn't need this to let us know we've been fortunate thus far in avoiding the national housing crisis so many other counties are working through.
However, because realtors are generally considered to have an alterior motive regarding reporting the truth of that; it's nice to have a 'neutral' party come out and say so for a change.
Compiled by Forbes magazine, this is a list of the top 10 best performing Housing Markets in the nation. It shows the third quarter median home sale prices and the percentage that prices have risen compared to third quarter 2006.
Salt Lake City, UT; Median Home Sale Price: $246,700; Percent Change: 14.1 percent
Charlotte, NC, $220,000, 11 percent
San Jose, CA., $852,500, 9.4 percent
San Francisco, CA, $825,400, 8.6 percent
Raleigh, NC, $229,500, 7.5 percent
Austin, TX, $188,200, 7.2 percent
Pittsburgh, PA, $127,700, 6.1 percent
Seattle, WA, $394,700, 6 percent
San Antonio. TX, $154,700, 5.7 percent
Portland, OR., $299,700, 5.2 percent
Source: Forbes, Matt Woolsey (11/21/2007)
Labels: best performing housing markets
posted by Meredith Martin @ 11:05 AM
2 comments
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2 Comments:
Meredith -
Thought you'd like to see how at least one local industry person sees the state of the local market:
"Even before this mortgage mess started, one person who kept emailing me over and over saying that this is going to get real bad. He kept saying this was beyond sub-prime, beyond low FICO scores, beyond Alt-A and beyond the imagination of most pundits, politicians and the press. When I asked him why somebody from inside the industry would be so emphatically sounding the siren, he said, 'Someobody’s got to warn people.'
Since then, I’ve kept up an active dialog with Mark Hanson, a 20-year veteran of the mortgage industry, who has spent most of his career in the wholesale and correspondent residential arena — primarily on the West Coast. He lives in the Bay Area. So far he has been pretty much on target as the situation has unfolded...
... One final thought. How can any of this get repaired unless home values stabilize? And how will that happen? In Northern California, a household income of $90,000 per year could legitimately pay the minimum monthly payment on an Option ARM on a million home for the past several years. Most Option ARMs allowed zero to 5% down. Therefore, given the average income of the Bay Area, most families could buy that million dollar home. A home seller had a vast pool of available buyers.
Now, with all the exotic programs gone, a household income of $175,000 is needed to buy that same home, which is about 10% of the Bay Area households. And, inventories are up 500%. So, in a nutshell we have 90% fewer qualified buyers for five-times the number of homes. To get housing moving again in Northern California, either all the exotic programs must come back, everyone must get a 100% raise or home prices have to fall 50%. None, except the last sound remotely possible."
Hank Greenberg's MarketBlog
MarketWatch.com
"Straight Talk on the Mortgage Mess from an Insider"
12:11:23 PM December 6th, 2007
http://blogs.marketwatch.com/greenberg/2007/12/straight-talk-on-the-mortgage-mess-from-an-insider/
Or:
http://tinyurl.com/2ota6e
And this is entertaining.
Especially so for the "Google / Web 2.0 is gonna save us" crowd in real estate.
"There's absolutely no bubble in technology."
Anybody who's been paying attention lately believe that piece of crap line?
*****
"Here Comes Another Bubble"
By The Richter Scales
http://www.youtube.com/watch?v=fi4fzvQ6I-o
Or:
http://tinyurl.com/364lro
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