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| Bank Owned Homes Sale Still a Hot Market in Bay Area |
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| Written by John Cutts |
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Also in May, foreclosure properties accounted for 42.1 percent of the total existing homes sales, representing a 46.4 percent decline in April. The decline was the lowest since the September 2008 drop of 41.6 percent. The April to May median price increase was partly attributed to the availability of jumbo mortgage loans that were more than $417,000. The increase availability of jumbo financing has benefited some areas in the region, particularly in Contra Costa County where the median home price rose to $234,500 in May from $225,000 in April. The positive impact of jumbo financing was felt in the housing market of Walnut Creek, Orinda, San Ramon and Alamo. On the other hand, the median home price in Alameda County varies among communities, with some rising to $330,000 from $289,000 while prices in the Alameda city decline from $581,000 in April to $550,000 in May. The April to May median home price increase in the Bay Area marked the second consecutive month that prices increased in the housing market once dominated by bank owned homes sales. John Cutts |
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