Bay Area

[Andiamo]

Construction is drawing to a close and this has been mentioned in the past but, will this increase RE value in the towns along the San Mateo Coast or will it be of minimal effect? 

[elt1]

Most of the commuters go to the Valley--tunnel doesn't help. The local environmental groups stop any and all development. The area is economically depressed, looks shabby and depressing. The real problem is the traffic on 92.--tunnel won't help.

Traffic on 1 from Montara to Half moon Bay is bad on weekends(traffic in Pacifica isn't much better)--tunnel might make it worse.

The area needs a coordinated plan and another north/south throughfare inland. The money spent on the tunnel should have been used to widen 92 and build another north/south road. With the current politics there is no hope.

The good news is the house prices are dirt cheap. If you work in the City, it is a bargain and the commute will be 2 minutes shorter

[Andiamo]

Well, a bit disappointing but I see your logic elt. On another note, how do you see the state wide foreclosure agreement affecting the market? There are apparently quite a few REO's just waiting to be listed, banks itching to get them off their books. Of course the area's can be debated, but any help for low inventory would help.

[elt1]

I think the states agreement to get $18billion in mortgage relief for Ca homeowners is historic(too bad it wasn't tied into the TARP giveaway). I didn't believe Kamala Harris had it in her. She is definitely headed for the Governor's job someday. Even Obamas debt relief program may now gain some traction.

For home buyers it means less reo and ss inventory. Prices will stabilize and may go up. In the end, everyone benefits. Property tax revenue will increase. Eventually as prices start to climb more homeowners will sell and trade up and the market will return to normal.  Afterall prices can't go down forever.

[Andiamo]

Interesting. Today's paper had an article on this with a guest writer from Florida. A real estate attorney in fact, Gary M. Singer. He does not think this will do much good for homeowners since this legislation will only help those who are current on their payments. Markets with an abundance of homeowners behind on their mortgages might see one more dip, not a huge drop.