Affordable housing in the Bay Area

Homes for sale in the Bay Area come in a wide variety of shapes and sizes, but the fact of the matter is some families find it difficult to afford the more expensive properties. This is why municipal, state and federal authorities are teaming up to provide new opportunities for people looking for housing in San Francisco and Oakland.

The latter city is currently experiencing a surge in activity as potential homeowners begin to look across the Bay for listed property.

Real Estate Owned (REO) Home Program

REO properties are houses and apartments that are managed by a lender after an unsuccessful foreclosure sale, and Oakland used to be chock-full of these properties. However, Wells Fargo and volunteer company Rebuilding Together recently partnered to help renovate and improve REO homes so they can be listed on the market at affordable prices.

"We are so grateful to Wells Fargo for helping Rebuilding Together establish the REO program as a way to transform REO properties back toward viable homes in stable communities, while helping low- and moderate-income families obtain safe, healthy and affordable housing," said Gary A. Officer, President and CEO of Rebuilding Together, "The sale of these properties can provide critical income to support Rebuilding Together Affiliates in their core mission work."

Oakland is a fantastic place to live, so if you are considering moving to the area, check out some of the REO properties that are listed on the real estate market.

Oakland metro statistics

The improvement of the aforementioned REO homes is leading the surge in activity in the Oakland real estate scene. The housing bust of the mid-2000s hit California hard, and only now is the state beginning to see billowing profits. According to the South Florida Sun-Sentinel, Oakland ranks in the top ten "turnaround" metro areas in the country, meaning it has experienced the second-best recovery since the real estate bubble burst, behind only Phoenix.

This is incredible news for people looking to live in the Bay Area but do not necessarily want to move to San Francisco. Oakland has many of the same features of its sister city across the Bay, and as 2012 moves on, the average housing market statistics should only continue to increase. If you are thinking about relocating to Oakland, make sure to check out the MLS listings in the area for discount property prices.