The latest numbers show a 11% decrease compared to thirty days ago.  The good news is the trend is down, 4.60 on August 3rd, 4.21 September 2nd  compared to 3.74 today.

Antioch & Brentwood continue to heat up with the continued interest in foreclosures, short sales and bank owned properties being gobbled up by investors and value conscious buyers.

Dublin continues to lead the 680 corridor in quick turn inventory – fueled by developers continuing to offer good deals, incentives and financing help on new condos and homes in the area.

Home Sales Figures for Alameda and Contra Costa August 2008

Brentwood, Antioch & Pittsburg continue to see buyers and investors gobbling foreclosures. Concord, California is seeing a lot of downward pressure on condos as the price of single family homes has dropped to the level of what condos used to cost.

Danville, Lafayette and Walnut Creek are showing the slowest declines in median home prices for the month of August.

Home Prices Bottoming – Good Deals Everywhere

As the Assessor of Contra Costa County since 1995 and a student of the real estate market of the East Bay since 1971, I’ve never felt more compelled and stronger about advising anyone and everyone who ever thought about getting into real estate to do it now. – Gus Kramer

Kramer says that real estate values may continue to slide a bit in Contra Costa County through 2008, but now is the time to be actively engaged in the buying process. “You are never going to find it more affordable than today,” says Kramer.

Kramer tells a story of a friend who bought a home in Brentwood CA in October of 2007 for $530K. This same home was selling in August of 2005 for $890K. In March of this year a home on the same street was listed at $395K.

“We haven’t seen values this low since sometime between 1998 and 2000,” says Kramer.

Time to Invest in East Bay Real Estate

Buying a house for under $300K with today’s interest rates and soaring rental rates at a premium due to foreclosures creates positive cash flow opportunities – very rare for California real estate in the last 20 years.

Homes at the low end of the market are going to see the fastest appreciation when the market comes back. Antioch, Brentwood, San Ramon, Walnut Creek and Martinez are just a few of the Contra Costa communities with current low housing prices that are attractive to first-time buyers.

The final word from Gus Kramer – “I feel so strongly about the market going up that if you buy property in the next year and it doesn’t appreciate, I promise you, I will not raise your taxes.”

San Francisco Bay Area Foreclosure Statistics

East Bay Area - South Bay Area

REOs (bank owned properties) and properties going into pre-foreclosure (NODs) continue to rise across the country, California and the Greater San Francisco Bay Area.

Banks and local real estate agents are reporting multiple offers on bank owned properties throughout the Bay Area. 

In the East Bay, Contra Costa County continues to lead in the number of properties entering foreclosure and being returned to the bank.

In Contra Costa County, the communities of Antioch, Pittsburgh, Oakley, and Brentwood continue to see increasing transaction activity as buyers looking for good deals and investors buy up REOs.

Alameda and Santa Clara Counties show a dip in foreclosures for June.

In San Francisco Count, the foreclosure figures are the lowest in the Bay area - almost a tenth of other Bay Area counties.

This is the time to buy a Bay Area home or to invest in East bay real estate. Convergent downward forces on home prices are most likely at their maximum right now. 

We may see further price erosion in some areas, but increases in interest rates will likely negate any savings realized by a further drop in price.

Additionally, buyer's negotiating power is peaking. Any improvement in any area will begin to erode the buyer's side of the negotiating table.

If you have an interest in foreclosures or bank owned properties in the East Bay communities of Alamo, Antioch, Brentwood, Concord, Danville, Dublin, San Ramon, Pleasanton, or Walnut Creek, CA - contact Craig (925) 984-4910.

Brentwood California has an abundance of homes that are great investment or retirement opportunities. Many of these homes are golf course homes. Some of these homes are selling for 30% to 50% less than they were two to three years ago.

We wrote about how these homes represent a good opportunity for baby boomers in Contra Costa County. 

Investors should check into int possibilities for positive cash flow on these properties. The people moving out of these homes have to live somewhere. What we are seeing is many of these homes going through the foreclosure process and then being leased back to families that had their home foreclosed on, but are still remaining in the area because of jobs and schools.

Contact Paul Mees for information on Brentwood CA foreclosures and golf course homes. (925) 963-4246