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The Silicon Valley real estate market has turned down. This market tends to get very overheated very quickly, and then leaves lots of people holding the bag as housing prices are astronomical. The Silicon Valley real estate market is one of the highest in the country, with 20 year old ranch houses routinely selling for over a million dollars. Broderick Perkins at Realty Times has a very good synopsis of the marketplace.

Initiated sales or accepted offers on single-family, detached homes slipped to 736 in December, the lowest they’ve been since the number plunged to 620 in December of 2000, according to Calhoun’s Bay Area Real Estate Market Newsletter, a report comprised of statistics from the area’s official multiple listing service, RE InfoLink of Campbell, CA.
“This was a particularly bad December and we all know what happened after December 2000, 2001 was a very bad year. The next lowest number was 772 in December of 2002 and that wasn’t a good time either. Since 1999, this December’s sales was the second worst year for sales. And today’s sales become next month’s closings,” said Calhoun.
Closed sales were down to 970 in December, slipping well below levels in December 2004 (1185) and 2003 (1223). Since 1999 the low point was 888 in December 2001, Calhoun reported.
The median price of single-family homes in closed sales slipped back to $734,975 only about $2,000 more than the median in September and well off the record peak price of about $760,000 set earlier this year.  via Realty Times -

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