Bay Area Home Prices Dip – Bay Area Home Sales Rise

Bay Area home sales finally increased for year-over-year gain since early 2005 this July as buyers responded to price cuts and snapped up foreclosures. The median sales price dove to a 53-month low, according to DataQuick.

Total Bay Area home sales were up 5.7 percent over June 2008 and up 2.2 percent over July 2007. Sales of foreclosures and bank owned properties accounted for approximately 33% of homes sold.

Investors and home buyers looking for a good deal are generating multiple-bid scenarios for bank owned properties. Those waiting for clear evidence of the Bay Area housing market hitting bottom may still be sitting on the sidelines when all the best properties are gone.

The median price of a Bay Area home in July dropped -29.3% from July 2007. The median has not been lower than July's since March 2005.

Copper Thieves are Hitting Vacant Homes

The number of reports of empty homes being vandalized for copper wiring and pipe is increasing throughout the Bay Area. Realtors listing vacant homes should be aware that this activity is on the rise.

Investors and home buyers negotiating contracts on bank owned properties need to be aware that the bank is selling these homes “as is” which means that if someone comes along and strips the copper wire and pipe out a bank owned price you are buying – it is your loss, not the banks.

Check with your Realtor to see what preventive steps you can take to make sure thieves don’t rob you of a good deal.