2019 Jul 19, 2:55pm
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Housing Bubble 2 Lost its Mojo in the San Francisco Bay Area: House Prices Drop 8%by Wolf Richter • Jul 18, 2019 • 68 Comments • Email to a friendFor the 9 counties, the median price in June dropped back to June 2017 levels.Today we got the final numbers from the California Association of Realtors (CAR) about the status of the housing bubble in the nine-county San Francisco Bay Area, which includes some of the most expensive sub-markets in the US, such as the most expensive zip code in the US, plus the Wine Country (Napa and Sonoma), Silicon Valley (Santa Clara and San Mateo), San Francisco itself, beautiful Marin just across the Golden Gate Bridge from San Francisco, the East Bay (Alameda and Contra Costa), and Solano County, toward Sacramento.In eight of these nine counties, house prices fell in June compared to June last year. June is around the seasonal peak in terms of prices, but by Bay Area standards, it just wasn’t very peaky. The median price of house sales that closed in June dropped 8.1% compared to June last year, which put it back on the same level as June two years ago
dropped 8.1% compared to June last year
Fortunately, lending standards are tighter than they were during the great housing bubble of 2007.
Patrick saysFortunately, lending standards are tighter than they were during the great housing bubble of 2007.Seriously?I see signs for 'no money down' at the Muni stations all the time now.
My prediction: Bay Area housing prices will slowly decline for the next decade.
What do people think is driving the prices down? ... interest rates ... writing mortgage related interest off on your taxes ...
What do people think is driving the prices down?