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The numbers are in, and they're exactly what we expected. With banks unloading a record number of foreclosures, bay area home sales soared, while the median price plummeted. This is according to a real estate report released Thursday 11-20-08.

Most of the action, and the big bargains, were in areas where bank repossessions have become a fact of life. Almost half of all existing homes sold were foreclosures. Their bargain-basement prices sent the median price tumbling 45 percent during the past year to $375,000. This is all according to research firm MDA DataQuick of San Diego.

Despite an economic crisis and a stock market plunge, the fire-sale prices pulled more buyers into the market. A total of 5,624 resale homes changed hands in the nine-county Bay Area in October, up 66.2 percent from a year ago.

The Bay Area median price hasn't been this low since October 2001, when it was $370,000. However, the median's tumble reflects more the swing to lower-priced homes in lower-priced areas where foreclosures are commonplace, rather than an across-the-board depreciation. This doesn't mean every Bay Area house has gone back to 2001 levels, but it does tell an interesting story about where people are buying, and where they are not.

During the boom years, prices in lower-cost areas appreciated as subprime buyers rushed in. With the bay area in a buying frenzy it's time for you to secure a cost effective location that will outlast these economic hard times. Sand Creek Plaza specializes in finding you great deals in this crazy real estate market. Our knowledgeable staff is a phone call away.

The HOPE for Homeowners program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA). The program begins October 1, 2008 and ends September 30, 2011.

The housing rescue legislation that was signed into law recently is called the Hope for Homeowners Act of 2008. Sound hopeful? Maybe! Oversimplified, the act offers government guarantees to lenders who are willing to work with you to keep you out of foreclosure. But, you have to be "qualified" for the program.

Here are some key points about the program and its qualifications:
* The program goes into effect October 1, 2008. Until then, look for other options.
* Your lender has to be willing to write down your loan to 90% of your home's value. In other words, your existing mortgage lender has to be willing to reduce the balance of the mortgage so that there's a 10% equity cushion in the property.
* Your existing mortgage must have originated before January 1, 2008.
* The program is available for your primary residence only.
* You must be devoting more than 31% of your income to your mortgage payments.
* Income must be verified to qualify for the new loan, and you have to be able to afford the payments on the new loan.
* If you sell your home in the five years following this refinancing, you have to share the profit with the government. The government's share is calculated on a sliding scale for the first five years; after that, you'll split the profit 50/50.

Every report I've read about this legislation says that the bill will save 400,000 homes from foreclosure. It is estimated that the funding limits for those federal loan guarantees will make it possible to help that many families. Lenders take the write down, but avoid the expense and risk of foreclosure, and benefit from rebounding property values if foreclosures slow and excess housing inventory is eliminated. And, if they don't take advantage of this program, there is a good chance that an irate Congress will increase regulation of the mortgage industry.It remains to be seen whether the Hope for Homeowners Act of 2008 offers real hope, or becomes another infamous bail out that helps only the wealthy. It appears to me that the program will offer the most benefit to those who are struggling, but are current enough on their payments to look like a good risk. If you're looking for more articles about HOPE act you can read the press release here. http://www.hud.gov/news/release.cfm?content=pr08-150.cfm

Zillow.com the website now best known for delivering bad news to delusional home owners announced today homes values have slide for the 7th consecutive quarter down 9.7 percent in the third quarter of this year relative to their levels one year ago. This marks the seventh consecutive quarter of negative year-over-year declines, each quarter turning in a greater negative annual change than the prior quarter. For comparison, the revised second quarter annualized change in the Zillow Home Value Index was 8.6%. For the first time this quarter, the depth and duration of the housing downturn in some markets has translated into flat or negative five-year annualized appreciation rates. Twenty-seven of the 163 markets covered experienced negative five-year annualized value changes and another twelve markets had basically no change over that period of time. For example, Stockton real estate has dropped 3.8% on an annualized basis since 2003 and Boston home values have dropped about one percent annualized over the past five years. Some markets are now teetering on the edge of seeing no appreciation over the past decade such as Detroit where real estate values have increased less than one percent on an annualized basis over the last ten years.

It is essential that the supply of homes accumulated during this downturn is sold off fast. Sales volumes must pick up to a pace that exceeds the normal rate of sales to bring back this market. If we think of the inventory of unsold homes as a bucket of water, and the bucket already has a historically high level of water in it, if we keep pouring more water into it, the bucket is bound to spill over.

While sales of new homes recorded an unexpected increase in October as median home prices dropped to the lowest level in four years, the sales of new single-family homes rose by 2.7 percent last month to a seasonally adjusted annual rate of 464,000 homes. Economists had expected sales would drop from the September level. But what exactly does this mean for you? Well, if you're a small business paying high rent or lease, and your landlord is not willing to negotiate, then it's time to move on! At the SCP we have heard all kinds of horror stories due to the recent foreclosures. It's time to break the chain and secure a location that will stand the test of time. The Sand Creek Plaza is centrally located in the city of Brentwood, CA and is here to work with you to better fit your budget.

Analysts are not convinced that the sales increases are signaling a bottom for the housing market. They note that the September gains came before the latest upheavals in financial markets which have raised new worries about the overall state of the economy. Many analysts believe the country has already entered a recession. The forecast is significant increases in job losses, which will make it even harder to secure locations. Builders have been sharply cutting back on production, trying to get inventories more in line with sales. The inventory of unsold existing homes is also remaining near historic highs as that market is being increased by a record wave of home foreclosures.

I always like to look at the Los Angeles housing market to see how the other half of California is surviving... According to the LA Times, homes sales are booming, but prices are down 33 percent from a year ago. From what I read it sounds like people are buying, which is a good indication money is changing hands. Agents I've spoken to here in the Bay Area tell me the only thing really selling these days is foreclosures, short sales and all cash deals. The rest of us will benefit from cheap rental or leases popping up across the board.

While foreclosures are on the rise many business owners renting their location have found themselves in bad situation. The building owner has not paid the note, and the bank is foreclosing, leaving them scattering for a new location. With moving costs and down time, some businesses are closing their doors completely. If you know of someone who is underwater and struggling to keep up with their higher payments, or is being forced out of their building, tell them you know a business park who can help.

It's important in this economy for agents to educate consumers about both of our roles in a real estate transaction. The Internet has more than enough information to help buyers identify neighborhoods they're interested in exploring further, so I explain to clients that they don't need an agent to begin the first part of their property search. From that point on, however, an experienced, professional agent is must have. An agent without knowledge of the property he is showing is very noticeable. At Sand Creek Plaza we pride ourselves with keeping our tenants knowledgeable and aware of the property details & amenities that we offer. For those of you who are looking for a new facility to relocate your business be sure to read over what SCP offers.

* Highly Traveled Sand Creek Road
* Signalized High Visibility
* Occupancy Immediate
* Major Brentwood Thoroughfare
* 30 Foot Store Front
* Covered Outdoor Patio Area for Food Use
* Adjacent to exising Sand Creek Business Center - 145,000 sq. ft. of office, 90% leased
* Adjacent to 120 Existing Occupied Townhomes
* Divisible* Old Republic Title in Suites A & B
* Across the Street From Los Medanos College
* 140,000 square feet of planned additional office south of Brentwood Self Storage

At Sand Creek Plaza our tenants objectives are at the forefront of everything we do, resulting in a rewarding long term relationship. We understand that our tenant's real estate needs are ongoing and evolving that is why we're pleased to announce an amazing new service for our clients here at the Sand Creek Plaza. Each of our clients is eligible for a FREE web site consultation from JVF Consulting. The website comes with a custom three page online marketing presence. In addition, our clients can join our marketing efforts through our electronic newsletter " The Brentwood Insider". All of this is thanks to Sand Creek Plaza.

Helping our tenants while providing quality service is what we're known for, and we will continue to offer the same great services to all new tenants at Sand Creek Plaza. We are the leaders in giving you customized services at competitive rates. To see what spaces are currently available visit our available spaces page! http://www.sandcreekplaza.com/availablespaces.php

Sand Creek Plaza reaches out to the blogger community with our DoFollow blog! If you like to comment on blogs you should be extremely happy about this news! All the links in our comments area are set to dofollow so you can build some backlinks to your website. We do moderate our comments to prevent spam be sure your comment is not too spammy, or else it will not be published. Since we removed the rel="nofollow" attribute from our Bay Area real estate blog this means that comments left with a URL attached to the commenter will receive some search engine love for their time and energy. In addition, blogging about a Sand Creek Plaza post from your own blog will result in a link to your post via a trackback.

So what are you waiting for guys, go on and start commenting. Not only do we appreciate it, but your domain will increase in the search engine result pages (SERPS) as a result. If you do not believe us, check for yourself! Just view our source code anywhere on this website to see the nofollow attribute has been stripped.

If you have not already removed the nofollow attribute from your blog there are many plugins available for your to download and install so you can also become a member of the DoFollow community.

By the way, there's nothing wrong with building NoFollow links as well. In fact, you actually want to get an equal amount of them. Even though NoFollow backlinks don't pass on any mojo, they do help associate your site with anchor text (the keyword phrase that makes up the URL pointing to your site).