Fewer underwater homes in Bay Area

The water’s looking shallower here in the Bay Area – at least, when it comes to underwater properties. According to a survey by online real estate firm Zillow, the number of homes that are underwater dropped at the most rapid rate in at least two years during the third quarter of 2013.

“The movement is unalloyed great news for the housing market,”, Zillow chief economist Stan Humphries told the San Jose Mercury News. In the past year, 103,000 homes have come out of underwater status in San Mateo, Alameda, Contra Costa and Santa Clara counties.

Last month, Fox Business reported that San Francisco had one of the greatest declines in underwater homes throughout the country, dropping 59.6 percent from peak. San Jose was also found to be down 66.4 percent from peak.

In addition, Bay Area home values have surged about 25 percent over the last year. That’s great news for homeowners, and a little more challenging news for prospective buyers. If you’re seeking to sell your piece of San Francisco paradise, give me a call!

Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners– and feeds the dreams of those who wish they could live in Tony Bennett’s ‘City by the Bay.’ Call 415-577-0809 or email cblase@paragon-re.com. www.ceceblase.com

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