Faith Bautista Vallejo City Foreclosure Crisis

Now it seems like foreclosure sales are in the drivers seat, pushing down the median price of a Bay Area home sold in August to a record low of $447,000, almost a third less than a year ago, said a report released Thursday by MDA DataQuick.

Throughout the Bay Area, sales of homes that had been foreclosed upon in the last 12 months accounted for 36.1 percent of all resales in August, compared to just 4.4 percent a year ago and 33.3 percent in July.

While home sales declined 0.9 percent in the Bay Area from a year ago, Contra Costa County and Solano County saw a big jump in sales along with big price drops during the same time period as bargain hunters snapped up distressed properties in areas that have been hit hard by the foreclosure crisis.

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Entertainment

Tags:

• Solano
• County
• Foreclosure
• Crisis