FRB: Beige Book--Summary--April 14, 2010
For the San Francisco District (ours on the west coast), real estate comments include the following:
"The pace of home sales remained mixed across areas but appeared largely stable overall, while home prices edged up further in some parts of the District. However, contacts noted that continued limitations on the availability of nonconforming "jumbo" loans have restrained sales of higher-priced homes in some areas."
Certainly spot on regarding recent activity in the South Bay. Prices have completely stabilized; numerous multiple offer situaions. Jumbo loans will be a big boon when they become available on the more expensive properties, especially once stated income reappears. Commercial looking a little tough! - David
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