San Francisco Real Estate Hit by New Conforming Loan Limits

San Francisco Real EstateSan Francisco Bay Area home prices fell 8.6 percent last month from a year earlier as limits on mortgages backed by the federal government were reduced, DataQuick said today.

The median paid in the nine-county region declined to $350,000 from $383,000 in October 2010, according to the San Diego-based research firm. Prices dropped 4.1 percent from $365,000 in September. The decrease was largely due to the expiration of so-called conforming loan limits on Oct. 1, DataQuick President John Walsh said in a statement.

“This may well be a short-term pause while the market recalibrates changes in loan thresholds,” he said.

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