Friday, July 17, 2009

Is the Housing Crisis Ending?

By Robert Gammon
Fri, Jul 17, 2009 at 10:16 AM

Bay Area home prices increased in June for the third straight month, raising hopes that the housing crisis may be easing. According to the Chron, the median home price in the Bay Area jumped 7 percent in June in comparison to May to $360,000 - although that's still down 29.4 percent from June of last year. In addition, 6,518 homes sold last month in the Bay Area, an increase of 27.8 percent over last year.

However, the good housing news was tempered by a jump in the number of foreclosure filings in the first half of this year. According to the Chron, lenders issued 391,611 foreclosure notices in California, up almost 14 percent from the last six months of 2008. And when those foreclosed properties come on the market, they'll likely decrease home prices.

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