The Mercury news front page this morning featured an article about home loan interest rates, which are below 5% for the first time since last spring,(although jumbo loans are still slightly over 6%) Combine this news with the continually dropping inventory in Santa Clara County...3094 total this week, 3151 last week, and twice that a year ago...and you have the promise of a wild ride this fall.
We are already seeing quite a few multiple offers in the region, and not just on bank-owned properties. Pending sales are 475, but the percentage of transactions falling through is still high: 30-35%, mostly because of "short sales" and difficult appraisals.
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