The bad news first. Last week Standard and Poor's released a report that said next year will be the worse for mortgage bank earnings since the 1990's. Yesterday, we watched the Dow Jones average tumble below the 13,000 mark, and it recovered only slightly today. Leading this drop were financial institutions led by Citigroup, which is expected to add as much as $15 billion in mortgage related write-downs, due to a longer and more extreme housing crisis than was expected.
But yes, there's good news, too. In the area I've dubbed the "Oasis", inventory is down again this week, and sales are up. This trend is especially strong in Cupertino, Sunnyvale and Los Altos, where we are still seeing multiple offers. Even more exciting is a continuation of this pattern in the County as a whole, where new listings on the market are fewer each week, and properties continue to sell for an average of 99.7% of their listed prices.
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