Today’s must-read: John Oldham with the latest real estate news
I was going to write up a little something about the latest real estate news and what it means for us here in Alameda, but then I figured that John Oldham would already have it covered oh-so-much-more-competently on his 94501 Real Estate blog. And guess what?
Thursday night I checked and found his accounting of the news, which is that the California real estate market is still in the tank and prices are not good, and that nationally, foreclosures are up (due in no small part to the end of moratoriums on foreclosures).
Locally, Oldham says, the foreclosure numbers are mixed (based on who you’re getting them from), but he’s troubled by the number of bank-owned properties, which he says “means that the Island could see it own wave of distressed properties hit the market in the near future.”
If you’re looking for additional news on this subject, the Bay Area News Group’s Eve Mitchell provides a Bay Area snapshot, which shows year-over-year sales increasing and prices dropping.