The East Bay has seen a significant decline in the average value of homes over the past year; however we are seeing more buyers than the previous weeks.

The percentage of foreclosures is still growing in the East Bay, with Antioch been the hardest hit community followed by the Brentwood area. The number of properties in Antioch currently in default notices is 1535, with 547 homes being schedule for trustee sales on the courthouse steps. A vast majority of these sales will end up as bank owned.

Price level is still in decline. The average price for all properties has dropped to $150 a square foot. The average price for bank owned properties is about $1.48 a square foot and is still trending downward.

As the government has taken additional steps to trim the downward pressure of the financial market, secretary Paulson presented a far reading plan to overhaul the regulatory oversight of the financial services market; trying to prevent debacle in the future.

Congress is putting together an agreement to help families affected by foreclosures through direct aid and tax credits. We should know soon how this is going to affect existing homeowners facing foreclosure. The prime rate is now down to 5.25% and should take pressure off mortgages that are tied to that index.