Unbelievable! There were three articles about the current real estate market in the Mercury News business section this morning, and all three gave different pictures of the market, and these were news articles, not Op Ed pieces.
One, out of Las Vegas, described mixed reviews from the National Association of Realtors' Annual Convention, which is ending there today. Over 30,000 Realtors from all over the country had a chance to share their experiences, and these varied from tales of foreclosures and banks "nearly giving away" homes in Ohio, and descriptions of a slow but steady market in West Virginia, to talk of appreciating values in San Antonio, Texas, where employment has been strong.
The second article, headed "Housing Slump Likened to the Great Depression," quoted a Wells Fargo Bank executive who described the home price decline in California's Central Valley and the Midwest's "auto belt" as like the financial situation in the 1930's.
The third article was much like the "Oasis" theory I invented in earlier posts....only the writer describes these areas as "hot spots. She talks about an increase in housing prices in Santa Clara and San Mateo Counties of over 7 percent in October, despite decreased sales. One of the main reasons for this is a new willingness of the part of lenders to offer Jumbo loans, so that more buyers are out making offers on our Sunnyvale and Cupertino properties. The other is a strong local job market, which continues to bring new people to the Bay Area.
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