Industry NewsMarkets & Economy

Foreclosures drive surge in S.F. Bay Area sales

Median home price off 40% from '07 peak

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MDA DataQuick said sales of homes and condos in the San Francisco Bay Area surged 45 percent in September from a year ago -- the largest leap since April 2002 -- but the median home price slipped 40 percent from last year's peak as the mix of sales included more inland foreclosures.Nearly 42 percent of all existing homes sold around the Bay Area last month were foreclosed on at some point in the last 12 months, compared with 36.1 percent in August and 6.9 percent a year ago, according to DataQuick.At $400,000, the Bay Area median sale price hit a low not seen since March 2003, and was nearly 39.9 percent below the peak of $665,000 seen in June, July and August of 2007.Although sales rose in some coastal communities, fewer foreclosores meant fewer motivated sellers willing to drop prices, and sales did not surge as much as in inland areas, if at all, DataQuick said. Less expensive inand areas that have been hardest hit by foreclosures accounted for much of the region's increase in sales...