The Millbrae real estate market, which is found in Santa Clara County in the Bay Area of the Golden State, is performing more impressively than other sections of the country. Housing defaults are decreasing and the median price for the region are higher than average. An August 8, 2010 report from the Mercury News stated that: “Santa Clara and San Mateo counties continued to run counter to a national trend of declining home values during the past quarter, according to a real estate report released today. Median values in the two counties showed encouraging gains, although a shadow is still cast over the region by a significant number of homes with negative equity, according to Zillow, a real estate information company. The median value of all homes in Santa Clara County was up 7.3 percent to $600,800 in the three months from April through June, according to Zillow. San Mateo County was up 2.5 percent to $655,800, after a flat first quarter of the year. The two counties "are markets that have definitely stabilized," said Zillow chief economist Stan Humphries. The encouraging performances came during a quarter when U.S. home values sagged 3.2 percent on an annual basis. But they were in line with median values in much of California, which showed signs of "a robust recovery" with a 3.5 percent gain over the year, Humphries said.”
Fewer Millbrae homes for sale were the product of foreclosures in the second quarter of 2010. According to a July 22, 2010 article from the San Francisco Chronicle, “The number of California homeowners headed toward foreclosure in the second quarter dropped to the lowest level in three years, as loan defaults in moderate-price areas continued to fall from the extremely high rates seen during the past two years, according to real estate data released Wednesday. While the number of default notices in the Bay Area did not fall as precipitously as in the state, it declined significantly from a year ago, according to numbers crunched by MDA DataQuick, a San Diego research firm. The findings correspond with efforts by the federal government and, increasingly, by mortgage lenders to work with distressed borrowers on loan modifications and short sales, the process by which banks allow homes to be sold for less than what is owed on the mortgage.”