Silicon Valley real estate news – week in review January 31, 2010

Jan 31, 2010 0 Comments

A smattering of local recent real estate news …

San Francisco Metro Area posts leading monthly gain in latest Case-Schiller report
via SJ Mercury News

Home prices rose for the sixth straight month in November, with 14 of 20 metro areas posting improvements from the month before.

The Standard & Poor’s/Case-Shiller home price index released Tuesday inched up 0.2 percent to a seasonally adjusted reading of 145.49. The index was off 5.3 percent from November 2008, nearly matching analyst’s estimates that it would fall by 5.1 percent.

The index is now up 3.4 percent from its bottom in May, but still 30 percent below its peak in May 2006.

The Phoenix and San Francisco metro areas posted the highest month-to-month gains on a seasonally adjusted basis, while New York and Chicago had the largest declines.

Recent price gains have been fueled by a federal tax credit for first-time homebuyers, who rushed to purchase homes ahead of a Nov. 30 deadline. Congress eventually extended the deadline into the spring, and expanded the program to include a tax credit for current homeowners.

Los Altos named 4th most expensive small-town in the U.S.
via Yahoo Real Estate

Santa Clara County new home building permits hit record low
via Mercury News

With prices down and plenty of houses still for sale in California, new-home construction dropped to a record low in 2009, with fewer homes being built both statewide and in Santa Clara County than anytime in at least 55 years.

In Santa Clara County, 1,047 permits were issued for new-home construction in 2009, a record low and 72 percent fewer than the 3,671 issued in 2008.

Silicon Valley Apartment Rents fall 11.5%
via SquareFeetBlog

Now at a 3-year low, Silicon Valley apartment rents have come down 11.5% from Q4 of 2008