Fueled by federal tax credits and low interest rates, Bay Area sales took off in some of the region’s costlier neighborhoods last month, helping push the median home price there above $400,000 for the first time since the US was gripped by the financial crisis 21 months ago. First-time buyers found fewer foreclosed homes for sale in the region last month, the San Diego real estate research firm MDA DataQuick said Thursday.
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Mark Fleming, First American’s chief economist, said housing market potential climbed to the highest level since January 2018.
The lowest mortgage rates have ever been was around Thanksgiving 2012 when the interest rate for a 30-year fixed-rate mortgage fell to 3.31% (according to Freddie Mac data), but rising panic over the coronavirus could drive rates to lows never seen before. HW+ Premium Content