First a review of the Alameda Real Estate Inventory data, the chart is below. After coming off a 15-week high inventory pulled back this week to 174 units for sale. This may be good news with 33 sales already recorded for the month of July and with a few days left in the month we may be able to surpass last month’s 41 units sold . . .
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The Bay Area is "Hot" in distressed neighborhoods. Oakland 94606 has been named one of the top 10 "hottest" real-estate markets in the country by Online real-estate company Zip Realty. A glut of foreclosures is leading some areas to see bidding wars -- just like the old days. Eight of Zip Realty's ten hottest markets are in California. While the cold markets, where offers are coming in at less than list price, are concentrated in the southeast, principally in Georgia and Florida. Of the 182 Bay Area zip codes the company included Alameda’s 94501 was 99th with homes selling for 97.51 percent of the list price. The 94502 was 137th on the list at 96.24 percent. I guess the Island is lukewarm. The details of the company's second-quarter Home Hunter Report. . .
Prices nationally continue to decline but just not as much as the past months. The Standard & Poor's/Case-Shiller home price index for May showed a narrower decline in prices for a fourth straight month, but in its 20-city gauge was still down 17.1% from a year ago. While the reading was an improvement from the 18.1% decline in April, it was also the latest reminder that the struggling housing market still has a long road to recovery. . .
New home sales rose by the largest amount in more than eight years last month, in another sign the housing market might be bouncing back from the worst downturn in decades. The Commerce Department said Monday that sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000. . .
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