What is Happening in Our Local Market

• The Sweet Spot: $300K-$800K – this is where the majority of activity this year has taken place. This is where we are seeing multiple offers and stability.

• Continued strong volume in the lower end with purchases being powered by cash. Investors, notably from the East Coast and China, are buying California real estate – unfortunately making it tough for first time homebuyers.

• Foreclosures are still the route de jour for the banks – they are able to write off losses this year against gains from the past 3 years (this was extended from last year), BUT short sales are getting approved to a degree – just depends on the numbers.