Bay Area housing market cooling
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For the original version including any supplementary images or video, visit http://www.sacbee.com/2013/09/13/5734604/calpers-goes-back-into-housing.html
WRAPUP 1-Canada housing prices bounce higher but no crash seen
21, 2012, photo, shows an exterior view of a home sold in Palo Alto, Calif. (Paul Sakuma/AP photo) for places, school’s back in, and the market tends to slow down seasonally in the fall.” Jim Kabel, a remodeling contractor in San Jose, might be a poster child for the new market conditions. web site He started looking for a home several months ago but lost out several times to higher bidders. Recently, though, he snagged a townhouse in San Jose. “Earlier in the season it was much busier with multiple offers, and people were bidding higher than what I was offering,” Kabel said.
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Prices rose just 2.3 percent from a year earlier, a slight acceleration from July. The annualized gains for the last five months have been the smallest since November 2009, and well below the U.S. equivalent, which was up 12 percent in June. “The demographics and the low interest rates at the moment are supportive of the market,” said Marc Pinsonneault, senior economist at National Bank Financial. Toronto and Calgary, Canada’s oil capital, led the way for price hikes. But prices dropped in five of the 11 markets surveyed across the country, which Pinsonneault said was hardly evidence of overheating.
For the original version including any supplementary images or video, visit http://www.reuters.com/article/2013/09/12/canada-economy-housing-idUSL2N0H80NB20130912?feedType=RSS