The Mercury News, via their local Saratoga News, has a couple of good stories about rising home prices in Silicon Valley:
The first one, http://www.mercurynews.com/saratoga/ci_21358602/buyers-priced-out-by-rising-home-cost, talks about how the home affordability index for our valley is dropping as prices rise. Only about 1/3 of residents in the valley can afford to buy a home according to this index, which is down significantly despite interest rates hitting new lows.
The second story, http://www.mercurynews.com/saratoga/ci_21358606/valleys-million-dollar-home-sales-among-highest-state, talks about the rise in million dollar home sales. In our area, Saratoga had the second highest level of million dollar plus home sales, behind only Hillsborough, with a 35% increase to 126 homes sold for over $1,000,000.
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