Real Estate Update, October 2008

With an abundance of foreclosure, bank-owned, and short sale properties on the market in Santa Clara County, closed sales of single family homes in October were up 37% from October 2007.
Of the 5,100 single family homes on the market, over 42% are distressed Bank-owned or short sales.
Of the closed sales in October priced OVER $750k, the number of units sold were down 34%, and the median price of $998k was down a mild $8% from October 2007
Of the closed sales in October priced UNDER $750k, the number of homes sold were up 180%, and median price of $471k was down 28% from October 2007.