Thursday, January 20, 2011

San Francisco Bay Area Home Prices Fall as More Foreclosed Properties Sold - Bloomberg

San Francisco Bay Area Home Prices Fall as More Foreclosed Properties Sold - Bloomberg: "Foreclosure sales increased for the fifth straight month to 31 percent of all purchases, the largest proportion since March. California as a whole had the most foreclosures of any U.S. state last year, with 546,669 filings, Irvine, California-based data seller RealtyTrac Inc. said last week.

“Most of what we’re seeing are distress sales and bargain hunting, with a smattering of discretionary buying,” John Walsh, MDA DataQuick’s president, said in today’s statement. “While the dicey economy and employment concerns are major factors, tight mortgage credit is also a big issue right now, especially for the upper half of the market.”"

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