Overpriced Bay Area Real Estate Sees a 25% Gain in House Prices Thanks to Tax Credits

Wednesday, August 11, 2010 , , , 7 Comments

Great views! Close to transportation!

Anyone remember "whatever it takes"? Whatever it takes, even if it means keeping real estate at artificially high values just to stave off deflation, I guess.

If you guys wonder why I am so desperate to get out of this third world toilet I have called home for the last 11 years, look no further than the following. I hope every idiot who got stuck in a new home just for the $8000 tax break (no offense, WCV) enjoys the financial assrape to come that is amortized over the next 30 years as still-broke municipalities scramble to pay their bills using property taxes as ATMs. Good luck with that, hope it was worth it!

SJ Mercury News:

The Bay Area's two biggest metro areas had two of the nation's three biggest housing price gains in the second quarter, the National Association of Realtors reported today.

The median house price in the beautiful San Jose-Sunnyvale-Santa Clara metro area jumped 26 percent year over year to $630,000. In the San Francisco-Oakland-Fremont area, the median price climbed 25 percent to $591,200. (Only Akron, Ohio, oddly enough, had a bigger gain, at 36 percent.)

Of course, prices in both the San Jose and San Francisco metro areas are still down sharply from the peak of the market. In 2007, for example, the median house price was $836,800 in the San Jose area (Santa Clara and San Benito counties) and $804,800 in the San Francisco area (which includes San Francisco, its relatively expensive suburbs in Marin and San Mateo counties, and more affordable -- at least by Bay Area standards -- communities in Alameda and Contra Costa counties).

Yes, you read that correctly. Read it again just to be sure.

The funny part is we were actually beat out by Akron, Ohio (of all God-forsaken places) as far as percent increases are concerned, though their median $119,700 looks pathetic next to our $591,000. $591,000? Man, what a steal!

Here are other winners and losers from around the country:


1) Akron, Ohio, $119,700 median price, up 36 percent

2) San Jose, $630,000, up 26 percent

3) San Francisco-Oakland-Fremont, $591,000, up 25 percent

4) Riverside, $190,200, up 18 percent

5) Elmira, N.Y., $99,200, up 17 percent

6) Lansing, Mich., $99,100, up 13 percent

7) San Diego, $392,600, up 13 percent

8) Palm Bay, Fla., $117,300, up 13 percent

9) Erie, Pa., $110,200, up 13 percent

10) Cape Coral-Fort Myers, Fla., $94,1000, up 12 percent


1) Cumberland, Md., $104,500, down 15 percent.

2) Tucson, Ariz., $150,200, down 14 percent

3) Ocala, Fla., $95,900, down 13 percent

4) Beaumont, Texas., $120,700, down 13 percent

5) Boise City, Idaho., $140,100, down 13 percent

6) Hagerstown, Md., $149,800, down 9.2 percent

7) Jacksonville, Fla., $139,000, down 9 percent

8) Daytona Beach, Fla., $117,000, down 8 percent

9) Salem, Ore., $176,800, down 7.5 percent

10) Biloxi, Miss., $128,500, down 7.4 percent


Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


W.C. Varones said...

beautiful San Jose-Sunnyvale-Santa Clara metro area

Beautiful San Jose?

WTF are these homers smoking? How about beautiful Modesto while you're at it?

Anonymous said...

Housing busts take a long period to play out.

the trend is not your friend OMGObama tax credit or not...

Anonymous said...

there is no dignity in foreclosures All the OMGObama bucks in the world ain't gonna change that one. Got a little tune recommendation for your exodus from California. To me, every song's meaning is up to the individual listener. For me, Bob Dylan's "On the Road Again" is a song about leaving dysfuntional places and/or people behind.

and you ask why I don't live here - I can't believe that you're for real

Anonymous said...

check out those fucking pants! This is going to be fun to watch as this rolls over California. Squatters are going to use this as a legitimate defense for camping out in houses that they previously thought they "owned". Mortgage servicers are going to be steppin' and fetchin' like their hair is on fire and their asses are catchin' trying to follow the trail and figure out who shot J.R. What a beautiful clusterfuck. How's them OMGObama bucks treatin' ya' boy?

Anonymous said...
Anonymous said...

All the ZIRP circle jerkin' in the world ain't gonna fix that. uhhhh, ghost load...

Anonymous said...