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A friend of mine who owns in Sunnyvale says the house next door rents for $1900 month while the average mortgage payment is $4700 month at these low rates. How long will that last?
"The median home value in San Jose is $646,700. San Jose home values have gone up 18.0% over the past year and Zillow predicts they will rise 5.1% within the next year. The median list price per square foot in San Jose is $399, which is lower than the San Jose Metro average of $421. The median price of homes currently listed in San Jose is $619,000 while the median price of homes that sold is $597,150. The median rent price in San Jose is $2,250, which is lower than the San Jose Metro median of $2,300.
Foreclosures will be a factor impacting home values in the next several years. In San Jose 1.4 homes are foreclosed (per 10,000). This is greater than the San Jose Metro value of 1.0 and also lower than the national value of 5.1 Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in San Jose is 5.9%, which is lower than the national value of 8.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of San Jose homeowners underwater on their mortgage is 8.9%, which is higher than San Jose Metro at 7.6%. "
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For Sale: $1,578,000
For Sale: $619,000
For Sale: $449,000