The number of home sales continues to climb markedly as both investors and owner-occupants continue to take advantage of the low rates, the low prices and the cash-flow opportunities that abound in the rental market right now. Contra Costa County alone recorded almost 1,300 sales in February, a 70% increase over February of 2008. Solano County recorded 557 sales in February, a 100% increase over February of 2008, and Alameda County recorded 971 sales in February, representing a 29% increase over the previous. The Bay Area Counties with relatively few foreclosures, like San Francisco and San Mateo, actually saw a decrease in the total number of sales.
So, it is the “foreclosure markets” that are seeing the volume. And, all of the excess inventory from the foreclosures, that so frightened all too many analysts, is in fact getting absorbed.
And, now that rates dropped even further, inventory will get absorbed that much faster.
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