Looking better for Home Buyers!
Mortgage rates are moving in the right direction, and should continue to do so, but they are still 50- to 75-basis points above levels prevailing a year ago. That said, a continuing downtrend will only help reverse a difficult housing market, where the inventory of unsold homes is a record 3.85 million.

NO good news for the Sunnyvale Downtown Development project...
City of Sunnyvale to buy back the land and look for a new buyer/developer.
Click here for news release

Building Permits for Multi-Family Housing are way up!
The San Jose-Sunnyvale-Santa Clara metropolitan areas saw a decrease in single-family home starts, but a big jump in building permits for multifamily dwellings. These metropolitan areas saw a 35 percent drop in building permits issued for single-family homes during the month of June compared to the previous month. In June, builders pulled permits for 245 single-family homes, down from 377 in May. Multifamily housing starts, however, increased more than 366 percent, from 95 in May to 443 in June.
Layne Marceau, 2006 CBIA chairman and a Bay Area homebuilder, says housing seems to be returning to a "normal" market, where buyers have choices and sellers have to price their properties right in order to sell them. Because of the number of homes on the market, now is a great time to buy, he said.