Project

"Strong demand and low interest rates through the early spring helped push the median price for a single-family home in the nine (SF Bay Area) counties to $622,000, according to the monthly study by DataQuick. That was 3 percent higher than the previous record of $605,000 set in March and 19.6 percent higher than one year ago." Source: www.sfgate.com

Hmmm...

Robert Kleinhenz, economist at the California Association of Realtors says this isn't a problem because low inventories will keep prices up. It is also a "foregone conclusion" that prices will go up. Where is he an economist again?

Meanwhile new buyers are facing average mortage payments of $2,659 a month. I'm wondering what the economists from The California Association of Mortgage Brokers are saying about this.