the visible hand

it is the theory which decides what can be observed – einstein

Northern California’s Housing Market Remains Frozen

Posted by ecoshift on March 15, 2008

Northern California’s Housing Market Remains Frozen : Housing Wire
By Paul Jackson  •   March 14, 2008  •   Comments

The waiting game between northern California’s Bay Area buyers, sellers and lending institutions continued last month as sales dipped below 4,000 for the second month in a row, a real estate information service reported Thursday.

A total of 3,989 new and resale houses and condos sold in the nine-county Bay Area in February. That was up 11.2 percent from 3,586 in January, and down 36.7 percent from 6,305 for February 2007, DataQuick Information Systems said.

January and February are the two slowest months in DataQuick’s statistics, which go back to 1988. They are the only months with sales below 4,000.

“The lending system has been in lockdown mode the last half year, especially when it comes to so-called jumbo mortgages which have traditionally been the majority of Bay Area loans,” said Marshall Prentice, president at DataQuick.

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