Here is some national news:
- · Consumer confidence is up in February;
- · Foreclosure starts – or when a lender files paperwork to begin the foreclosure process – jumped 28% in January compared with December. And foreclosure sales jumped 29% in January; and
- · The number of “underwater” borrowers has increased from 10.7 million to 11.1 million.
However, if you are the fortunate prospective buyers for the west side of Silicon Valley, like Saratoga, Palo Alto and Los Altos areas, you could be dumbfounded to find a very different phenomenon in the real estate market. The local market condition of these areas is extremely low with housing inventory (supply) while the demand is going up fast, especially with Facebook’s IPO and some foreign cash buyers.
Since the turn of the year 2012, these areas have seen many multiple offers and offers higher than listing price. A recent house in Palo Alto was sold with $500K over the asking price!
Again, the Silicon Valley real estate market is definitely not synchronized with that of the rest of the nation.
