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Values continue to decline as unit volume rises

October 16, 2008

In San Jose, we are seeing multiple offers on properties under $300K – perhaps suggesting a bottom or slowing of the decline in home prices. Additionally, the number of monthly sales has been increasing since January 08.

This information just came in from CAR:

Home prices throughout most areas of California will post declines next year while sales of existing homes will continue to rise in 2009, according to a forecast released by the California Association of Realtors.

“The current uncertainty about the financial system and economy is likely to persist over the next several weeks, and could extend into next year,” said CAR President William E. Brown. “Our forecast assumes that the financial system will begin to show signs of stabilization late in 2008 and into early 2009.

No one can tell the future – what do you think is happening in this current market?

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