Profile picture for Chelsy_

Where to buy in the Bay Area, California? Where has the most price deduction??

I am thinking to buy a house, of course now it not a good time.
But where is good to buy? And which city? I am thinking to buy
in San Leandro, or San Lorenzo area.
  • August 21 2007 - US
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Answers (29)

Come to East Contra Costa. :) Sorry, couldn't resist.
  • August 21 2007
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the only way i would buy again in this f'd up market is a vaction/resort style town low!
  • August 21 2007
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so walty, you are just here to spread your good will and positive attitude?
  • August 21 2007
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Definately not in Sacto...the market is falling like a ton of bricks!
  • August 21 2007
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callista, it is here too. It's hard to buy a house when the jumbo rate is where it is.
  • August 21 2007
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Profile picture for Stopthebailout.org
It is a crazy time to buy. Jumbo loans have almost all but been shut down. There are HUGE piles of bad loans coming due and they started adjusting rates this year - hence the credit crisis. And there are more coming due all the time. The peak for toxic ARM adjustment is March 2008 and then there is a plateau for about ONE YEAR. There are going to be so many houses on the market, it will be unreal. and inventory is already at a 16 year high. Just wait a bit and you will thank me.

A 16 year high in inventory is a sign that things are sitting around a little too long. Many people are facing adjusting, exploding ARMs and can't wait too much longer. A lot of the inventory is REO and banks are trying to move it after foreclosures. Buying in this market is totally nuts.

As foreclosures continue to rise, it is hard to imagine a scenario where credit standards loosen up a little. This market is so disturbing that people are saying the 3% down payment required by Fannie Mae is too much. 3% down! It's unbelievable.

The most important thing to note is that all of this is happening in the midst of a very healthy economy with low interest rates and low unemployment. The first little hiccup -- rates heading back to their 40 year average of 8.25%, unemployment heading back to its 40 year average of 5.5 to 6%, a short and mild recession, anything will put a huge HOLE in this market with a real financial crisis. How the foreclosure rate is reaching record highs in this economy is mind boggling. It's never happened before in recorded American history.

The agents need churn or they can't pay their own exploding ARM mortgages. Be very careful because debt servitude isn't fun and even with a bailout, it will be Fannie coming after you instead of your private lender. At least anti deficiency statutes allow people to walk away from the house and mail in the keys. I bet a federal bailout will have people sign a student-loan-like-agreement that will keep them debt slaves until death.
  • August 27 2007
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Profile picture for aBT2B
im with you all the way but i think this is getting a tad too repetitive....

but keep up the good work.

i hope you and i will make a difference
  • August 27 2007
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Holy spam thread bump batman!

  • July 21 2008
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Fairfield? Vacaville? Sacramento & Stockton?

 

These places are not in the "Bay Area".

These definitions need firming up, particularly what is called "The East bay".  I'm sorry but just because your city is in Contra Costa or Alameda counties it does not mean you're in the East Bay.  Here is the correct definition of the East Bay:

 

  • July 21 2008
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C'mon.  During the dot-com boom, my Redwood City based e-commerce vertical me-too company had half our development team located in "The Bay Area", sometimes called "Silicon Valley East".  They were in Sacramento.

  • July 21 2008
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"Silicon Valley East".  They were in Sacramento.

 

LOL.

 

I think extending the 'east bay' moniker to the delta cities and Livermore is done to soft peddle just far you're going to have to drive to get to your job once you buy there.

  • July 21 2008
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Phoenix will soon be in the inland empire.

  • July 21 2008
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Well, it's still in the "outter belt".  But just you wait until we get that high-speed-rail built (in the year 2340).

  • July 21 2008
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I hate it whwn realtors stretch the borders of neighborhoods.  In Manhattan, sometimes they will refer to East Harelm as the Upper East Side and West Harlem as the Upper West Side.  And they will call parts of the Lower East Side the East Village.  GIVE ME A BREAK!

  • July 21 2008
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Kind of like saying certain areas of NJ are basically part of Manhattan?

  • July 21 2008
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I always thought Bay area was SF,Marin County,East Bay,  and South Bay.

 

How the fudge did Solano, Sonoma, Sac Town etc all become part of the Bay Area???

  • July 21 2008
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If it doesn't have Bart it is not the Bay Area.

  • July 21 2008
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I

  • July 21 2008
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I

  • July 21 2008
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I

  • July 21 2008
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Sac isn't the bay area. 

 

Solano, Sonoma, Marin, Santa Clara, Contra Costa, San Francisco, Alameda, Napa, and San Mateo counties are considered the Bay Area.

  • July 21 2008
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I live in Fairfield and don't consider it Bay area.  Especially when I was communting to Oakland everyday and had to spend 2-3 hours commute time every day.

  • July 21 2008
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Sorry jm, but it is considered the Bay Area.  I hear you on the commute thing.  At least we have BART here.  Why don't you drive to Concord BART?

  • July 21 2008
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I tried BART from Concord and Richmond.  I worked at the Kaiser Hospital and would get off at McArther.  Short walk but in the end really did not save much time so I just stayed riding the motorcycle and hoping for a transfer.

 

Lucky for me I know work out of Vallejo.

  • July 21 2008
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No BART = Not Bay Area?  Count out Marin then.

  • July 21 2008
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Oh, that's good jm.

 

LOL Randy.  You are about as close to the bay as you can get.

  • July 21 2008
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should be now not know.

 

Sorry Randy, I will include you but only your house.  I was just poking fun at what some will consider the Bay Area when they describe where they live.

 

Fairfield and Vacaville are almost exactly half way between SF and Sac.  No one in my neighborhood works here.  In fact I only know one person here that does.  She works in Vacaville at Genentech.

  • July 22 2008
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How are people in Genetech feeling these days?

  • July 22 2008
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I don't know.  Are they supposed to feel one way or another?  Are you talking about the potential Roche buyout?  They already own 55% of Genentech.  Other than that I have no idea what your question pertains to.  How about making a statement rather than ask a baiting question. 

  • July 22 2008
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