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Real Estate Recovery?

The Wall Street Journal is reporting a bit of a national housing price uptick

A gauge of U.S. home prices improved in January with many of the nation's most battered markets among the gainers.  The seasonally adjusted S&P/Case-Shiller index of home prices in 20 major metropolitan areas increased 0.3% in January from a month earlier, the eighth consecutive monthly increase.

The WSJ shows SF as the top gainer at +9.1%  from a year ago and today's SF Examiner adds a quote in a similar article

"We're seeing multiple offers in most of the markets here in the San Francisco Bay Area," said David Kerr, an agent with ZIP Realty in Oakland.  "People are getting off the fence."

A search on a local real estate website shows about 57 single family residences for sale in B'game at the moment and there are "sale pending" signs appearing.  "Coming soon" signs are also appearing, so there may be some pent up inventory that has been waiting for a rebound.

Cashin sign2

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5 responses to “Real Estate Recovery?”

  1. Brian

    I’m really skeptical about any real estate stats right now. As someone who’s selling now and bought a few months ago- it’s REALLY tough to buy and REALLY tough to sell right now. Lenders were very critical and made us go back and forth with “proof of this” and “proof of that”. Income ratios for loans have gone down so people can afford less than before. Overbids are close to impossible because appraisers will only give a true market value and banks stick to that. Short-sales and foreclosures are all over Burlingame and Hillsborough (check blockshopper.com) and short-sales can be considered “Comps”. The “Case-Shiller” ratio of asking price to completed sale price isn’t showing the true story. Realtors are lowering the asking price right before close so it appears that sellers are getting what they hoped for, rather than much less than initially listed.
    The end story is good though- very motivated buyers and sellers are able to complete transactions with some extra effort. We’re extremely excited to be in Burlingame now and love our new home.

  2. Holyroller

    Did anyone see the front page of the Examiner today?

  3. joe

    Yes, it’s just a rehash of what we covered back in February at http://www.burlingamevoice.com/2010/02/downsize-your-ambitions-part-2#comments
    We’ll revisit it when some decisions are actually made.

  4. Phil Hartman

    That’s Holyroller: Mr. Short Term Memory

  5. Housepoor

    There are multiple offers because the houses are being priced more “reasonably” — and as a result people are bidding and warring and bidding. It doesn’t take a genius to figure that out.

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