An affluent community in the Silicon Valley region of northern California, the city of Los Altos is a mid-sized city near the southern end of the San Francisco Peninsula. The community has a high median household income, measured at more than $158,000 in 2007, and thus home prices are correspondingly higher than in many areas. The Los Altos real estate experienced troubled waters throughout much of 2008 and 2009 in the aftermath of the U.S. financial crisis.

Today, the market seems to be showing signs of improvement. According to statistics from the Santa Clara County Association of Realtors, n February, there were 38 new listings, putting the city’s total inventory at 72, down from 86 one year ago, a positive sign. There were 17 Los Altos homes for sale closed upon in February, a significant improvement year-over-year, as there were only six sales in February 2009. These homes spent an average of 55 days on the market before selling, up slightly from 50 one year ago. Sold homes received a median price of $1.64 million, which also showed improvement from a year ago, when the price was $1.48 million, an encouraging sign for those in the market.

The condo market in Los Altos showed some mixed signals. There were two new condo listings posted in February to bring the total inventory to 11, exactly half of what it was one year ago. The month accounted for three condo sales, an improvement on just one last year, after spending an average of 58 days on the market in 2010, compared with 61 days in 2009. The median price for a condo sold in Los Altos came out to $780,000, the one area where the trend is still sloping downward, as last year’s median price was $925,000.

The year 2009 saw 269 homes and 39 condos sell in Los Altos. The yearly average saw homes spend 65 days on the market, and condos, 79. The median price for homes sold in Los Altos in 2009 was $1.5 million, and the median condo price was $760,000. Homes received, on average, 95.4% of their asking prices, while condos received 94.9%.

A census-designated place in Placer County California, the community of Granite Bay is a residential suburban area in the Sacramento region. The community is a quite wealthy suburb, with median household income estimated at more than $115,000 in 2007. Of course, this means that the Granite Bay real estate sector had rising home prices prior to the U.S. economic troubles that eventually came tumbling down, crippling the local market.

According to the Placer County Homes and Land blog, in the final quarter of 2009, there were 78 homes and 5 plots of land sold in Granite Bay during that quarter, of which 17 were bank-owned properties and 16 were short sales. These sales ranged from as little as $200,000 for an 1,800-square-foot home to $3.3 million for a nearly 7,000-square-foot home. The sales volume was an increase of more than 16% from the previous quarter from July to September, when there were only 67 properties sold. Inventory had fallen as well. The fourth quarter saw an inventory of 6.15 months worth of homes, versus 9.45 worth in the third quarter. The number of days these homes spend on the market, however, has risen, to 120 days on average from just 95. The median sales prices fell slightly from quarter-to-quarter as well. In the third quarter it was $550,000, but the final quarter of the year saw that figure fall by nearly 5% to $523,000.

At the end of January, there were 160 Granite Bay homes for sale, a positive, as that figure represented a more than 24% decline in inventory from six months earlier, in August. Eight of these homes were bank-owned and 18 were active short sales. The average asking price for these homes was $1.03 million, a 6.7% decline from six months ago. The median asking price, however, rose from six months earlier. In January it was $793,950, nearly 6% higher than in August.

A coastal community located in Northern San Diego County, Carlsbad, California, is a relatively affluent community that has nonetheless been unable to escape the claws of the battered U.S. housing market woes. The Carlsbad real estate saw an initial dropping off of prices that seemed unstoppable, but as of recent months, slight improvements have been seen, pointing to signs that perhaps the bottom has been reached and now it’s time to climb back out.

Though sales through most of 2009 of homes were brisk and showed an increase over 2009, median prices of Carlsbad homes for sale struggled. The market kicked off 2009 with a median price of more than $700,000 and finished off the year in December with the median at around $620,000. The median price hit bottom in October at around $600, and then saw increases in November and December. Sales activity actually reached a yearly high in December, when 70 homes were sold.

Condo prices showed a similar trend. They started off 2009 with a median price of around $375,000 and finished the year in December at around $330,000. The lowest point for the condo market was also reached in September and October, and prices began to see ever so slight increases in November and December. Sales activity of condos remained mostly consistent, with around 25 to 30 sales per month.

These trends from the end of 2009 show that perhaps 2010 will be the year the the Carlsbad real estate market regains momentum and begins to see steady increases month over month as the U.S. economy slowly starts to pick up and residents return to employment and resume normal activity.

The Fullerton real estate market, which is closely linked to the rest of the Southern California real estate market, made some impressive strides during the month of January. According to an article released by EGP News, “In Orange County, the median home price was $325,000, up from $300,000 in the same month a year ago, according to La Jolla-based MDA DataQuick. According to DataQuick, 15,361 homes were sold in the six-county Southern California region – Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties – in January, down 31.2 percent from 22,328 in December and up 0.9 percent from 15,227 in January 2009.” As John Walsh of MDA DataQuick pointed out, “The January stats underscore just how atypical this market remains…A huge chunk of what’s selling is still distressed.”

The price of Fullerton homes for sale substantially increased in the month of January, according to an article in OC Metro. The piece, published on February 16, 2010, found that “Orange County’s median home price jumped 14.9 percent in January compared to the same time last year, according to stats just released by San Diego-based MDA DataQuick.” The article, composed by Kristen Schott, noted that “The price for a home or condominium in the region rose to $425,000 in the period, up from $370,000 in January 2009. But the number declined from December’s $435,000 median. For the entire Southern California region, which includes the Orange, L.A., Riverside, San Bernardino, San Diego and Ventura counties, the median home price rose 8.6 percent to $271,500…”

One problem spot for Fullerton real estate and Orange County real estate was reported in another article by the OC Metro. This piece, composed by Carol Starcevic, noted that “Foreclosure notifications in Orange County rose slightly in January from the previous month, but the number still remains significantly lower than January of 2009’s figure.” The February 16, 2010 article continued to point out that “In addition, 523 properties were returned to banks, up 86 from December but down 193 from January 2009. And 303 homes were sold to a third party, up 81 from December and 183 from the same time last year, according to the report.”

Located just outside of Palm Springs, Palm Desert has faced its fair share of real estate struggles since 2007, even prior to the economic recession that began in 2008, which only worsened the situation for the Palm Desert real estate market.  Nevertheless, recent months have offered optimistic views of the future of the Palm Desert real estate.  Real estate experts have noted that the Southern California region has posted increases in both home sales and median sales prices, with both actually reaching year-over-year gains.  Experts are also confident that the federal tax credit for first-time homebuyers, as well as the greater affordability of housing in the region and the easier access to credit will allow for the recovery of the Palm Desert real estate market in the coming months.

According to DQNews.com, the Southern California region has posted increases in both its home sales and median sales prices, with home sales maintaining year-over-year gains for the 18^th consecutive month and median sales prices reaching year-over-year gains for the first time since the summer of 2007.  During December of 2009, Southern California posted a total of 22,238 new and resale houses and condos sold, which was a 16.4 percent increase from the 19,181 sold during the previous months, and a 12.1 percent increase from the 19,926 sold in December of 2008.  The median sales price for homes sold in Southern California during December of 2009 was $289,000, a slight 1.4 percent increase from $285,000 of the previous month, and a 4 percent increase from $287,000 of the December of 2008.

The Desert Sun has also reported that the Palm Desert real estate market for apartments has improved over the past few months as many previous homeowners were displaced from homes that were foreclosed on.  Realtors have reported that many previous homeowners have opted for apartments, increasing the demand for apartments significantly over the past few months.  Realtors have also noted that the affordability of the apartments has also been a major incentive for attracting prospective investors.

Real estate experts are optimistic that the recent improvements in the Oakland real estate market provides signs that the Bay Area real estate market is recovering from the struggles it has faced since 2007, prior to the economic recession of 2008, which only worsened the real estate problems.  Over the past several months, the Bay Area has posted gains in both home sales and median prices, and the declines in home values in many markets are stabilizing.  Although foreclosure rates are still high, real estate experts believe that the rate will decline and the smaller inventory of foreclosed properties will result in an increase in the Bay Area median sales price.

According to DQNews.com, the Oakland real estate, as well as the entire Bay Area in California, has shown major improvements over the past few months, with sales and median price levels topping the previous year’s levels, despite a slight dip experienced in October.  In November, the median sales price for new and resale houses and condos in the Bay Area was $387,000, which was a 10.6 percent increase from $350,000 in November of 2008.  Before October, the median sales prices hadn’t risen on a year-over-year basis since November of 2007, but the current median sales price is still41.8 percent below the peak of $665,000 reached in the summer of 2007.  In November, the Bay Area posted a total of 6,878 new and resale home and condo sales, a 19.5 percent increase from the of the same month during the previous year.  Real estate experts believe that the large inventory of “bargain” priced homes has been a major incentive for prospective buyers.

The San Francisco Chronicle has also noted the promising signs of the Oakland real estate market with the slowing decline in property values in the Bay Area real estate markets.  According to the Chronicle, the Bay Area suffered from a $38.1 billion drop in property value in the first eleven months of 2009, however, that’s small in comparison to the $233.1 billion decline seen in 2008.  Real estate experts are optimistic that the general affordability of the Bay Area real estate and the federal tax credit will play a major role in improving the real estate market in the coming months.

Though the housing market is displaying some signs of health, economists say they could be misleading.  That’s the latest word on various signs of market improvement that have recently surfaced.  In an article in the Los Angeles Business Journal written by David Haldane and published on November 9, 2009, Palos Verdes real estate showed the most dramatic change, “where sales volume increased by 533 percent.”  However, many analysts of real estate in Palos Verdes are not as impressed by this outstanding development.  “Experts viewed the rising prices as further evidence that the real estate market has stabilized, at least temporarily. But some cautioned that it may be falsely propped up by government stimulus programs that eventually will end.”

Muhammed El-Hasan wrote on October 26, 2009, in the Daily Breeze, that the South Bay region also saw an unexpected rise in median home price, perhaps due to the increase in demand for homes in the area.  One reason for the sudden increase in sales and rise of home prices is that “we are showing the month’s inventory is going way, way down, by something like 60 percent from September of last year to September of this year.”  With fewer homes on the marker, there are more bids on each home, thus creating an environment for bidding wars.

Because of its relatively protected community arrangement and the type of properties and Palos Verdes real estate, the premier peninsula area has been largely protected from large foreclosure rates that have doomed many other neighborhoods in Los Angeles and Southern California.  The Los Angeles Times reported on November 12, 2009, that “the number of foreclosures dropped in October for the third consecutive month, a sign that efforts by banks to take back troubled properties may be easing.”  A three-month decline is an unprecedented accomplishment which analysts believe at least show minor signs of market recovery.

Real estate in San Bruno has recovered from a slight dip in home property valuation that occurred between December 2008 and June 2009.  During that time, the market value average of homes in the area dropped from over $560,000 to about $540,000.  According to the most recent Yahoo! Real Estate update on November 16, 2009, the 1-year market value change now shows no change, with the value increasing to about $560,000.  The price for foreclosed homes has remained remarkably high and currently sits on a median price of $509,790, just $40,000 lower than the median price of all other homes on the local market.

San Bruno real estate is expected to see a significant rise in home purchase closures following the United States government’s decision to extend and expand the first-time homebuyer’s federal income tax credit.  According to Eve Mitchell’s report in the Oakland Tribune on November 16, 2009, “The law extends until June 30, 2010, the deadline for closing escrow for first-time homebuyers to receive a credit worth up to $8,000. The credit was set to expire Nov. 30. It also adds a credit worth up to $6,500 for taxpayers who buy a replacement primary home provided they have lived in their existing home for at least five of the past eight years. Qualifying income limits were raised substantially for both groups of buyers for homes purchased Nov. 7 or later.”

However, San Bruno homes for sale aren’t completely out of the woods yet.  In fact, J. W. Elphinstone of the Associated Press and Oakland Tribune wrote on November 15, 2009, that buyers are still very cautious in home buying decisions, according to recent survey results.  The uncertainty of the market is still quite visible for all people, the article says.  “Home prices rebounded this summer at an annualized pace of almost 7 percent, according to the Standard & Poor’s/Case-Shiller home price index. But with high unemployment and foreclosures clouding the picture, economists debate whether prices will dip again.”  More shockingly, “Forty-five percent of Americans worry that they or someone they know will face foreclosure in the next year. And almost 30 percent of those with a mortgage have contacted their lender in the past year to reduce their payments.”  Real estate in San Bruno also suffers from an uncertain surrounding community.  With the national unemployment rate topping 10 percent and the local San Bruno numbers matching these staggering figures, it’s no wonder why the market will continue to struggle, although it will begin to ease as the pains of the global recession begin to lessen.  Experts predict that with increasing job placement in San Bruno thanks to local college recruitment events and job fairs open to the community, there will be a larger number of capable home buyers who will help to re-stimulate the neighborhood housing market.

San Bruno real estate is expected to see a significant rise in home purchase closures following the United States government’s decision to extend and expand the first-time homebuyer’s federal income tax credit. According to Eve Mitchell’s report in the Oakland Tribune on November 16, 2009, “The law extends until June 30, 2010, the deadline for closing escrow for first-time homebuyers to receive a credit worth up to $8,000. The credit was set to expire Nov. 30. It also adds a credit worth up to $6,500 for taxpayers who buy a replacement primary home provided they have lived in their existing home for at least five of the past eight years. Qualifying income limits were raised substantially for both groups of buyers for homes purchased Nov. 7 or later.”

However, San Bruno homes for sale aren’t completely out of the woods yet. In fact, J. W. Elphinstone of the Associated Press and Oakland Tribune wrote on November 15, 2009, that buyers are still very cautious in home buying decisions, according to recent survey results. The uncertainty of the market is still quite visible for all people, the article says. “Home prices rebounded this summer at an annualized pace of almost 7 percent, according to the Standard & Poor’s/Case-Shiller home price index. But with high unemployment and foreclosures clouding the picture, economists debate whether prices will dip again.” More shockingly, “Forty-five percent of Americans worry that they or someone they know will face foreclosure in the next year. And almost 30 percent of those with a mortgage have contacted their lender in the past year to reduce their payments.” Real estate in San Bruno also suffers from an uncertain surrounding community. With the national unemployment rate topping 10 percent and the local San Bruno numbers matching these staggering figures, it’s no wonder why the market will continue to struggle, although it will begin to ease as the pains of the global recession begin to lessen. Experts predict that with increasing job placement in San Bruno thanks to local college recruitment events and job fairs open to the community, there will be a larger number of capable home buyers who will help to re-stimulate the neighborhood housing market.

“On the surface, a glimmer of confidence is returning to the battered U.S. housing market, after more than three years of gut-wrenching defaults, price slumps and foreclosures,” reported Al Yoon and Nick Carey of Reuters on October 16, 2009.  They claim that “bidding wars are breaking out in some areas. Sales are now routinely above asking prices in California, from wealthy Orange County towns like Irvine to harder-hit San Bernardino County in the high desert east of Los Angeles.” While this is a step in the right direction, Irvine homeowners and prospective buyers are not out of the woods yet.  Analysts believe “efforts by the government and by banks to help struggling homeowners cut payments and stay in their homes are outpaced by mortgages going bad. The mortgage-modification programs risk being swamped by rising unemployment.”

The OC Metro also offered hope for people with a vested interest in Irvine real estate.  According to Kristen Schott’s October 8, 2009, article, “Five Irvine homes were among Realtor.com’s list of the top 10 most-searched properties for the week of Sept. 28-Oct. 4.”  This is a step in the right direction for many Irvine homes for sale that have struggled to even entice casual browsers to take a peak.  The National Association of Realtors reported that the most popular areas of Irvine have earned their sellers prices in excess of many recently-sold homes in Laguna Beach and other elite areas.

A recent Yahoo! Real Estate report quoted a relatively stable market for real estate in Irvine, California.  In the last term, updated on October 12, 2009, over a thousand homes were sold at a median price of $580,000, an almost two-percent increase price change from the previous month.  However, foreclosures fell in the opposite direction and dropped to a median price of $491,016, marking a decrease of 1.8 percent.  New homes maintained a median price of $775,000 during the period.