There’s been a lot of talk recently about the housing market turning the corner, as well as the economy more generally showing signs of recovery.
Most of the latest data shows home prices beginning to stabilize and even rise in the Bay Area. And anecdotal evidence in Berkeley, at least, certainly suggests some improvement, with some homes selling for more than their asking prices and several triggering bidding wars (remember them?).
One of the most accessible digests of the state of play comes from Redfin. Here’s what they have to say:
The short story is that prices are up a little, sales are up a lot, interest rates are down for the moment but foreclosures are also increasing & nobody knows for sure if Congress will extend the first-time home-buyer credit. The market seems unlikely to get much better or worse any time soon.
For their snapshot of the market, click here.