As usual I get the morning emails with news related to real estate from all over the country. NAR, the National Associaition of Realtors, has just released some stats about the rise in the number of homes sold, but the decline(still) in home values. In the Contra Costa area I have continued to see that to be true. Just when you think that home values have stabilized, you see them drop again. Here is the link from Inman News with the stats http://lowes.inman.com/newsletter/2011/11/11/news/161622.
In the Bay Area we have very localized markets. What is happening in San Francisco is very different that what is happening in Concord. And that is also different than what is happening in Antioch or Richmond. When you are looking for information about your city or your area in general, remember that you can consider what is going on around you in the general wide spread area, but we have to dig deeper to your neighborhood if you want the best comparables. That’s what I’m for!
The values from the peak of the market in 2006 to the bottom of the market have collapsed over 50% in most areas. In some cities the declines have been higher than that.