by Calculated Risk on 1/17/2007 05:14:00 PM

From DataQuick: Bay Area home prices flat, slow sales

Bay Area home prices were flat last month while the sales pace was the slowest pace in a decade ...

A total of 7,488 new and resale houses and condos sold in the Bay Area last month. That was up 3.9 percent from 7,204 in November, and down 19.9 percent from 9,347 for December last year, according to DataQuick Information Systems.

Sales have declined on a year-over-year basis the last 21 months. Last month's sales count was the lowest for any December since 1996 when 7,180 homes were sold. The average for all Decembers since 1988 is 8,339.
...
The median price paid for a Bay Area home was $612,000 in December. That was down 0.6 percent from $616,000 in November and up 0.5 percent from $609,000 for December a year ago. The median peaked last June at $644,000.
...
Indicators of market distress are still in the normal range. Financing with adjustable-rate mortgages is flat. Foreclosure activity is rising but is still in the normal range. Down payment sizes are stable. Flipping rates and non-owner occupied buying activity are down, DataQuick reported.

Just six months ago, DataQuick reported "indicators of market distress are still largely absent" and "foreclosure rates are coming up from last year's low point, but are still below normal levels". Now foreclosures are in the "normal range", and from the information I'm receiving, foreclosures will be significantly above normal shortly.