Monday, August 30, 2010

July homes sales fall to 1995 levels

Sales of previously occupied homes plunged last month to the lowest level in 15 years, despite the lowest mortgage rates in decades and bargain prices in many areas.

July's sales fell by more than 27 percent to a seasonally adjusted annual rate of 3.83 million, the National Association of Realtors said Tuesday. It was the largest monthly drop on records dating back to 1968, and sharp declines were recorded in all regions of the country.
SOURCE: MSN

Real estate prices "stickier" in top tier SF neighborhoods

In a sign of the uneven toll the housing downturn has taken on San Francisco homeowners, home values in some of the city's poorer neighborhoods have fallen more steeply than in tonier areas. Median home values fell most sharply in Bayview and Visitacion Valley on the city's southeast fringe, dropping 36% and 28%, respectively, in June from four years earlier, according to real-estate website Zillow.com. The declines were less dramatic in more affluent neighborhoods such as Glen Park and Pacific Heights, where median home values dropped 7% and 6% over the same period.
SOURCE: WSJ