Some good news! A new report to be released next week says that housing prices in the Bay Area are expected to stabilize this year, signaling a healthier market, according to the Contra Costa Times.
“Clear Capital, a real estate valuations company in Truckee, predicts that prices will remain almost flat this year — compared with a 4.7 percent drop in 2011 — in the San Francisco-Oakland-Fremont metropolitan area, including Contra Costa County,” the Times reported. “Silicon Valley should see a 1.6 percent increase in home prices, compared with a 2.5 percent drop last year, the company said.”
The forecast is a great improvement over the last few years, which have seen dire statistics, including a 28 percent drop in the Silicon Valley in 2008.
“This region overall is doing pretty well,” said Clear Capital research director Alex Villacorta.
The report says the Bay Area is ahead of the curve, with the economy showing stronger signs of improvement than many other regions of the country. This is definitely good news for the housing market locally, which seems to be stabilizing finally after a rather bumpy ride. Low mortgage rates, lack of supply, and an improving economy seem to be driving activity in the early Spring, and is providing hope that we may have finally turned the corner in terms of home prices. Now if we can just get that Facebook IPO money to head to the East Bay we will really be in business!
To read the full article, visit http://www.contracostatimes.com/real-estate-news/ci_19691780