Leslie Appleton-Young, chief economist for the California Association of Realtors spoke in our area the other day. As in the Merrill Lynch commercial...When Leslie speaks, everyone listens. This time she said that she was revisng her forecast for this year to include a median price decline of ten percent, up from her original four percent estimate.
Fortunately, she added that the lost value would be primarily in areas where prices fall in the lower end, and where the sub-prime market flourished. She described the Bay Area as a relatively strong, stable, market compared to almost every other part of California."
This reflects what what we are seeing, in busy open houses and multiple offers.
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