Broderick Perkins / Realty Times

San Francisco Bay Area home sales plummeted so far in September, sales were at a level not seen since at least 1988 and the high-tech, high-priced Silicon Valley region saw sales slip the lowest level since 1984.

The record level sales slumps, blamed on tight mortgage market money worsened by high home prices, comes even as prices continue to rise in two of the area’s largest counties, as well as in two smaller counties.

“A lot of escrows just didn’t close in September because the buyers couldn’t get financing. Some of those sales might close this month or next, but many of the deals are going to be put on hold or die on the vine. Jumbo financing has become more available in the last few weeks, but lenders are being more cautious than before, and the loans cost more,” said Marshall Prentice, president of La Jolla, CA-based DataQuick Information Services .
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