Scary forecasts are expected for Halloween. Fed-defining short-term rates have dived almost a half-percent, a sure sign of renewed credit panic, and a Fed cut on Halloween now seems to be a sure thing.
But here in our North Bay "Oasis" things remain calm, despite the panicky headlines.
This may be because sellers in the upper price ranges, not as caught in the subprime mortgage trap, are taking a "wait and see" attitude and keeping our inventory down.
Meanwhile, buyers who are sitting on the fence in other areas waiting for prices to drop, realize that that is not the case in our area.
Listing numbers were down slightly in the cities of Santa Clara, Cupertino, Sunnyvale, and Mountain View this week, and sales numbers were up. In Cupertino, of the 14 sales, 2 were over $2 million, and 9 were over $1 million.
Not bad statistics for an area where the headlines read: "Home sales plummet 40% in Bay Area!"
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