[caption id="attachment_61740" align="alignright" width="356"] (clockwise from top left) Steve Herndon, Rick Laws, Robert Bradley, Elliott Faxstein, David Smadbeck[/caption]
As positive indicators continue to strengthen across the North Bay housing market, real estate leaders in the region expressed increasing confidence that housing is starting to recover from the crash of 2006.Residential Real EstateSept. 24, 2012
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Median prices have risen incrementally across the region, responding to a surge in new demand for homes in that price range. Foreclosure rates have waned, and more home sellers are leaving their transactions with equity.
"This is what recovery looks like," said Rick Laws, regional vice president of Pacific Union International in Santa Rosa and long-time producer of a monthly housing report for Sonoma County. "First comes sales, then comes prices, then comes development."
However, those professionals said they remain cautious that a full recovery will be a years-long process.
Demand remains high for discounted homes that are the product of foreclosure or short sale, yet brokers across the North Bay said they are now seeing multiple qualified offers for homes in median and "move up" price ranges as well.[poll id="37"]