A staple of the Bay Area’s economic strength is faltering as the median home price in the region and across California has dropped.
South Bay realtor, Renee Ross, has been trying to sell a small, 865 square foot, one-bedroom, one-bath home for nearly a month. Despite its Willow Glen address, there haven’t been any takers.
"Well, there’s no question that it’s mortgage rates that’s pushing it down," said Dr. Robert Chapman Wood, a strategic management professor at San Jose State University. The erratic nature of stock trading is giving potential buyers a bad case of nerves, as many buyers have money for a home purchase tied up in the market. Experts said this further chills purchase prices.
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