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Regional Spotlight: San Francisco Bay Area Home Sales Drop, Prices Remain Stagnant

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RISMEDIA, June 18, 2007-HomeGuide123, an online information resource for home remodeling, real estate, home mortgages and home services, released its monthly San Francisco Bay Area Housing Report, detailing April home sale activity, foreclosure activity and median home price changes in the nine-county San Francisco Bay Area.

Double-digit sales declines

According to the company, sales activity in the San Francisco Bay Area is reportedly at the lowest point seen in 12 years. Throughout the entire area, sales fell 18.4% compared to the same time last year. Declines were worst in Contra Costa (-28.2%), Solano (-27.2%) and Napa (-20.4%). Sales were best in San Francisco, falling only 3.9%.

Flat home prices

Although modest price gains were evident in some counties within the San Francisco Bay Area, prices remained relatively flat. The largest year over year change occurred in Marin County, where the median home price rose 8.8% from $850,000 to $925,000. On the other end of the spectrum, prices declined 8.5% in Sonoma County, making the new median $519,000.

The Bay Area housing markets that had price drops in April have been on the decline for several months. Some of the price declines are being attributed to the high number of foreclosures in these areas, particularly in Sonoma County.

Surging foreclosure activity

Foreclosure activity in the San Francisco Bay Area is at the highest level seen in ten years. In a year over year comparison, foreclosure filings increased 160% in the first quarter of 2007 compared to the first quarter of 2006.

Filings increased 225.5% in Contra Costa County, 210.9% in Solano County, and 179.8% in Alameda County. Only three counties in the nine-county San Francisco Bay Area region had an increase under 100%. Foreclosure activity was lowest in Marin County, where filings rose 55.3%.

For more information, visit www.HomeGuide123.com.

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