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Soft landing?


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As Diablo forecast exactly one year ago, the East Bay real estate bubble didn’t burst; it just lost air. Some worry that a resounding splat is still in our future, but the more optimistic view, shared by most analysts, is that we’ve come in for a “soft landing.” While the number of July home sales in the East Bay dropped 30 percent from the year before, the market doesn’t show other signs of distress, says a report by DataQuick Real Estate News. Speculation buying was moderate, and the number of foreclosure notices sent to homebuyers was still at a historically low rate. Meanwhile, median home prices still rose throughout parts of the East Bay this summer—albeit at more normal single-digit rates, not the frenzied double-digit leaps seen between 1999 and 2004.

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