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Home Sales Report for Marin & Bay Area
Here's some good news for people looking to buy a home in Marin, or the Bay Area. The latest report suggests that
it is now more affordable for people in the area, or in California to purchase a first home. The numbers of those who are
able to buy an entry level home have nearly doubled from the year before. The California Association of
Realtors say that number is now nearly fifty percent.
An entry level home is defined as a home that is eight-five percent of the local median price, which is just under
$330,000 for the state of California.
San Francisco and the Bay Area are still considered to be the most expensive in California, however, now more than
thirty percent of the households are able to purchase a first home, which has jumped almost
fifteen percent from the previous year.
Home sales are on the rise and much of it can be attributed to foreclosures. Areas with a high volume of
foreclosure have seen the biggest jump in sales, throughout California. Last month, the Bay Area had its
first annual gain since the beginning of 2005, with some areas jumping as high as thirty percent. Even though there are still
people waiting for the housing market to bottom out, there are many who could care less and are excited by the
prospect of being in a home they couldn't afford just a couple of years ago.
Areas throughout California have become more affordable, including Marin County, which according to the latest
statistics dropped from the number one position to number two as the least affordable areas in the United States, with
New York assuming the number one position.
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