Housing market inching close to 2005 levels
ANTIOCH, Calif (KGO) -- The monthly Case-Shiller index was released Tuesday and it shows that while home prices around the country are up 10 percent from this time last year, houses in the Bay Area have risen by more than 22 percent.
Cities like Antioch have been hit by foreclosures, plummeting home prices and a dismal real estate market.
That is not the case anymore.
Realtor Laurie Berry got into the business in 2005 at the height of the market. Since then, she's seen home prices in Antioch plummet by as much as 70 percent as whole neighborhoods seemed to be for sale at bargain-basement prices.
But now Antioch, and other communities like it are experiencing their own real estate boom.
"Many, many offers. We're dozens, dozens of offers and within about a week's time even," said Berry.
According to DataQuick, compared with the first quarter 2012, sales prices for the 1st quarter of this year have jumped 26 percent in East Palo Alto, 28 percent in Antioch, 34 percent in Union City and a whopping 51 percent in East Oakland.
That's great news for a young couple who bought a house last year in Martinez for just $160,000. This year, it's already appraised for a lot more.
"It's appraised for 33 percent more than what I bought it for, almost a year to the date. Nice to have a little equity already in the house just a short period of time," said homeowner Mike Debeaune.
In Antioch, houses that once languished on the market for weeks or months are now selling quickly with multiple offers.
However, home prices are still nowhere near their historic highs.
"No, they probably won't hit as high as 2005 but they are ticking up quickly and that will start to level off as soon as more of the traditional sellers come on," said Realtor Cathleen Griebling.
Only prices in Phoenix, Arizona have gone up faster.
housing market, real estate, economy, antioch, union city, east palo alto, oakland, foreclosures, business
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