Is Bay Area (CA) real estate a good buy right now?

The last time I checked the San Jose area, (last week) I noticed home sale prices in certain areas have come down about 75k from their highs. Those around 650K are selling fairly quickly. Most home prices in that area seem to remain stable around 750K. If you're planning to get in, I'd get in while the interest rates are still low, and before loan criterias get tighter.

The bay area real estate market has certainly slow down...but not to realistic levels. That's because prices are artificially inflated. More and more people are beginning to realize that it's not worth the sacrifices families are forced to make to afford the mortgage payments and are looking elsewhere. Unless you really need to live in the bay area I would recommend you look somewhere else. Good luck!

Right now is one of the best times to buy a home

people who are selling cannot sell then because no one can afford them , so they lower the prices. there are huge house that are way under value . buy it now when it is cheap . my parents bought a home in berkeley for 150K in 1989 and now it is worth around one million. you could also wait for a major earthquake to happen. after the quake all of the house will be reallly cheap. you could buy a dozen and sell them a decade later. the only problem with homes here is that they are either really well built , but small. or they are very poorly done , but large.

also the mortage rates are enormous.

Interest rates are still low. Not really a soft market, but a buyer's market. Really the market is much more normal than it has been. Appreciation somewhere around 6% annually.

The south bay have moved to India and there is a big correction happening.

Hear is why and how they did not have a correction post 911.

http://www.breakingbubble.com/

Totally worth it if have patience. Prices in the Bay Area are outrageous; however, they've always been higher than most cities / areas in the US.