Both in the Bay Area and elsewhere in the United States, demand has historically been quite sturdy. Given our region’s sturdy economy, limited supply of developable land and overall desirability as a place to live, it’s no shock that Bay Area home sale costs considerably exceed the national common. For years, home price appreciation in metropolis centers was all but assured as development boomed and folks have been eager to reside an city way of life.

Aside from that, there are not any different significant pure facilities that could clarify robust worth differentials throughout the city. Housing distress, as measured by the quantity of loans in severe delinquency and/or foreclosures, has been higher within the county than within the nation . “We’ve never seen migration like this,” executives at Toll Brothers, the real-estate company, lately mentioned on an earnings call. “Just shy of half the patrons are coming from out of state” in the hottest markets of Idaho, Texas, and Florida.

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We also pay particular consideration to the effect of distressed property gross sales on general home prices in the neighborhoods, post 2007. An important contribution of our exercise is that we …