Walnut Creek Real Estate

April 21, 2010 by  
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Seal of Contra Costa County, California
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The Walnut Creek real estate market is heavily dependent on the larger East Bay and Bay Area real estate markets. According to a March 11, 2010 article in KGO San Ramon, “For the first time in a long time, some of the Bay Area’s hardest hit counties are seeing their foreclosure numbers drop compared with last year. In San Joaquin County, foreclosure filings have dropped 42 percent since February 2009; in Alameda, foreclosure filings are down 16 percent and in Contra Costa County, filings are down 3 percent.” The piece, composed by Laura Anthony, continued to say that “At least temporarily, fewer bank-owned properties are coming on the market. In some areas of Contra Costa County, there is intense competition for them among buyers.”

The median price for Walnut Creek homes for sale rallied slightly in the month of February, according to a March 18, 2010 article in the Los Angeles Times. This article found that “The median price paid for a Bay Area home jumped 20% in February as fewer foreclosures were on the market, the San Diego research firm MDA DataQuick said Thursday. Sales fell for the second month in a row. Potential buyers had trouble securing financing, were concerned about job security or had a difficult time competing for a home as inventory tightened, DataQuick said.” According to John Walsh, the president of DataQuick, “The market remains fundamentally off kilter. There’s still relatively little lending going on in the upper price ranges, and little adjustable-rate financing, which had been vital to the Bay Area.”

Despite this good news for Walnut Creek real estate for sale, some indicators pointed in the opposite direction, according to a March 19, 2010 article in the Contra Costa Times. The piece, composed by Eve Mitchell, continued to say that “Bay Area home sale prices rose for the fifth-straight month while the number of homes sold fell for the second-consecutive month on a year-to-year basis as some buyers are finding it harder to get into a home due to worries about job security, a lack of inventory and difficulty getting financing.”

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