Hello again folks! Now, I know what most of you are thinking right now, after reading the title to this post: Are you kidding me?!? And with good reason too, I might add.

For those of you not familiar with Oakland, California, please check out their Wikipedia profile here. For the rest, let me first clarify. When I said hot, I never meant it in a positive way.

Anyways, it immediately caught my eye, when Oakland 94606 was named one of the top 10 “hottest” real-estate markets in the country, in Zip Realty’s second-quarter Home Hunter Report.

Zip Realty is an online real-estate company that went public in 2004. It turns out, that the reason they bestowed the “hottest” honor on this particular Oakland area, was based on the number of offers on homes that were higher than their lists prices. The reality is that these days, this is principally happening when bargain-basement foreclosures prompt bidding wars between buyers.

So, is this something to get excited about? Nah, not so much. It just goes to show that the media can put a positive spin on just about anything to raise public moral. The truth? The economy is just as crappy as it was six months ago, and the rich are just getting richer. Oakland residents are unable to pay for their houses, so they are losing them to foreclosure at high rates. Then, the rich scoop them up at bargain prices, and rent them back to the residents!

Nice scam, eh? That’s business! Keep it here folks. Be back in seven.

If you like this post then please consider subscribing to my full feed RSS. You can also subscribe by Email and have new posts sent directly to your inbox.