Foreclosures Hit Hard in Some Areas, But Not Pleasanton
A recent article in the San Francisco Chronicle noted that bank owned homes sold at cut rate prices drove the Bay Area median sales price down by about 30%. While this is true in some communities, and specifically in Solano County which had the largest number of foreclosure sales, not all communities have been as severely impacted.
Pleasanton real estate has been relatively insulated from a glut of foreclosure sales. Only 12% of resale activity in 2008 in Pleasanton can be attributed to foreclosure sales. Compare this to 34% and 38% of home sales respectively in Dublin and Livermore.
Unlike other communities, Pleasanton’s median home price has dropped by approximately 3.5% from $875,000 in July 2007 to $845,00 in July 2008.
Investors and first time buyers with good credit are snatching up foreclosure bargains. Some analysts see the upswing in sales, even foreclosure sales, as a positive sign leading to market stability.
