Are We Back in 2003 for East Bay Real Estate?

It is hard to believe but the real estate market for low to mid-priced homes in Alameda and Contra Costa Counties looks more like it did in 2003. We are seeing multiple offers, many of which are all cash, and homes selling for over asking price. With low interest rates, the $8000 First Time Home Buyer Credit, coupled with the fact that their are fewer Short Sales and REO homes on the market we are in a Sellers market. The Danville, San Ramon, and Alamo real estate markets  are slightly different because of the large segment of high priced homes.The following video explains what is going on and why we are experiencing the market that we are currently in.