Two Bay Area regions rank among the top five leading the U.S. housing recovery, outperforming most of the nation in decreased foreclosure activity, growing median price, fewer underwater homes, and rising employment.
Instead of putting a damper on sales, the prospect of rising interest rates will likely drive homebuyers to make a deal sooner rather than later, making for a busy summer and fall.
Both The Wall Street Journal and USA Today have noted recently that rising home prices in the San Francisco metropolitan area are sustainable because of its strong economic base.
The San Francisco metropolitan area ranked No. 1 in the United States in January for job growth, up 4.3 percent from a year earlier, and the Oakland area wasn’t far behind. The strong job growth helps boost local real estate markets.
The prospects for robust real estate activity in the coming year just got a shot in the arm with a report from UCLA’s business school that predicts a steady drop in unemployment across California and continued improvements in the state and national economy.
The East Bay economy is poised for substantial growth in the coming year, and that’s good news for its local real estate markets. Here’s a look at the factors behind the region’s recovery.