Asked by per, San Francisco, CA • Thu Jul 17, 2008
As per the April '08 Case-Schiller Index (published on June 24) the Bay Area real estate market has declined over 24.6% since May '08. And according to a research firm, SF real estate prices are down 27% Y-o-Y to the lowest levels since 2004: http://biz.yahoo.com/ap/080717/ca_california_homes.html. In theory, that means that anyone that bought over the past 4 years are now in the red.
I'm looking to buy within the next 12-24 months but want some real data showing a confirmed bottom before I spend my hard earned money. Right now I'm saving 50% per month (net tax deductions) renting compared with owning at a 0% yearly appreciation (which is very conservative since we have negative growth). My monthly gross rental payment is 1/3 compared to owning. So while the market is declining I'm building equity fast at zero risk. Life is good!
When do *you* think the market capitulation will happen?
Real Estate in San Francisco
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