The housing market is still slow in most of the country, but it's heating up again in Silicon Valley.
Earlier this month, we talked to a resident of Palo Alto who estimated selling prices have gone up 30 to 60 percent in the last six months. His evidence was a "teardown" house that sold immediately for $2.1 million — more than half a million over asking price.
Then, over the weekend, the San Jose Mercury reported on a ranch house in Palo Alto that drew 38 bids. It finally closed at $1.65 million, well over the asking price of $1.2 million.
To read the full, original article click on this link: Bidding Wars Are Back ... In Silicon Valley, At Least
