Nationally, foreclosures are up– no one, not even the sunniest, most Pollyanna-esque of Realtors, can deny it. Bloomberg reports that the U.S. will experience as much as a 20% increase in foreclosure filings, up record numbers filed in 2010. This figure is all the more startling given that in 2010, “2.87 million properties got notices of default, auction or repossession.” Still, while foreclosures make up a significant part of the real estate market in many areas of U.S., one metro area will vary wildly from another when you focus in on local markets. Thus emerges a tale of two cities, thi… read more.

Due to inconsistent installation requirements mandated by local governments and a multitude of questions raised by property owners concerning California’s new carbon monoxide alarm law, the state Housing and Community Development Department has issued emergency regulations to bring clarify to the law. There are a number of exceptions in the regulations concerning the installation requirements, which owners will find helpful.  At the same time, the regulations clarify that the July 1, 2011, installation date for single family homes only applies to detached homes, not to condominiums.  Here’s a look at some of the clarifications made through the regulations. All single-family detached homes (owner… read more.

Pending Sales Rise, Improving Real Estate Market Outlook Despite losing some of its footing last month, the San Francisco housing market saw an increase in pending sales in 7 out of its 10 neighborhood districts compared to May of last year. High-tech technology companies moving into the city have helped to energize the housing market, with many tech employees purchasing residences in San Francisco for cash. And, in spite of a drop in the stock market in the past 6 weeks, which has eroded some assets for down payments, sales of luxury condominiums are still growing. Single-Family Home Sales The number of pending… read more.

Home Prices Exploding in Silicon Valley Amid More Millionaires By Dan Levy June 15 Bloomberg) — A surge in wealth from technology stock sales and initial public offerings is spilling into the Silicon Valley real estate market as newly rich workers bid up home values in suburban cities south of San Francisco. The median price of single-family houses sold in Palo Alto, home of Facebook Inc., climbed 20 percent in May from a year earlier to $1.63 million, the biggest jump since 2008, according to preliminary figures from research company DataQuick. In Mountain View, the base of LinkedIn Corp., prices rose 3.1… read more.