Sky high housing prices impacting The Bay Area; Mortgage rates up across the country

Mortgage rates are on the rise both in the Bay Area and nationwide. The median sales price for a home across the country has reached a record high of $387,000. However, in the Bay Area, home prices are significantly higher. Our Elizabeth Cook dives in on the subject

[AdamGreene]

Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market

[kortyEdna]

Really where are investors putting their cash? Isn’t it crazy how mortgage rates continue to rise with higher imports and declining exports, but the FED is yet to lessen cost. Something will eventually break if they keep raising interest rates and quantitative tightening.

[gringoboy]

Imagine paying 8, 500 a month on mortgage and you're still in the ghetto.

[jessicah]

Why do they keep going to Vallejo. It’s an outlier like a suburban mini-Oakland with a million less perks (”oppurtunities”). If you have kids, you will regret raising them here. And if you live here, just expect something of yours will be stolen.

[AZ]

I moved to Texas from San jose ca 2 years ago I just bought a house 4 beds 2and half bathrooms, 2122 sqft for $268k new build, as truck driver I'm currently making the same I was making in the bay area

[TLEthelearningexperience]

She said if you save your money renting you can buy a house she must not know how broke I am

[jbsbayarea]

vallejo is not good, toll bridge keeps going up not sure how they do it.

[MichaelChengSanJose]

That Vallejo realtor nailed it. When mortgage rates fall, there will not be a sudden flood of homes driving prices down. The exact opposite will occur. Buyers will be rushing to pick up anything for sale and drive up home prices in a mad spike just like late 2021 to early 2022 when prices shot up by 20-30%.

[foxywhitetip]

How r they saving money when the rents go up every year ..?? When you can get evicted any time they sell ? When the cash you’re saving is worth less and less by the month ?

[bigcahuna]

In my local area, a $2M house (which is Santa Clara County's median) will easily get you a 3K square foot house on the shoreline of Lake Ontario with a dock, private road, gated driveway, possibly a private beach, lots of bedrooms and bathrooms, and a large pool.

[danasmith]

If I want to live in a dump I'm going to set up a tent with the rest of the people

[jojob]

We are setting up ourselves for another bubble...we never learn from the past.

[RoseNZieg]

I love home owners who think that a dying city needs high rent.

[nancymcmonarch]

I've been a renter for 45 years. I don't need a house; nor do I want to maintain a house. I eat well, my car is paid for, and I get a nice retirement check every month. Have been to people's "homes" with unfurnished rooms, no heat, and Dollar Tree tablecloths for curtains. When did houses stop being HOME and become depressing investments?

[cinnaminstixx]

Excellent reporting compilation. I don’t even live in California, but greatly benefited from it.

[adrnaline]

She is dreaming, prices are never going down, get with reality people

[AB-wgqe]

Thank God Peter Thiel can afford these homes…so much so that he owns ALL of them.😂

[baldeagle]

3 million people need to leave the Bay Area

[jwcfipu]

Because we know it’s not worth it 👀 never was never will be things are scary. Food is up jobs hours are cut back or even reduce workers. and to buy a home that’s overpriced property taxes, sky, high insurance sky high. To buy a house this much over price is hanging yourself.👀👀👀

[episdosas]

you mean greedy real estate investors are inflating the market. banks helped create bubbles that let a small group of people become wealthy and keep people as renters. they should allow all people to get a mortgage and house with no money down. housing is not a luxury, its a neccessity.