Below is part of an article regarding an announcement by Freddie Mac. They are offering to pay up to $1,500 is association dues if a buyer purchases a Homesteps property that has been on the market for at least 120 days. The buyer must intend to purchase this property as owner occupied. Homesteps properties are listed in the mls but can also be found on their web site: http://www.homesteps.com/featuresearch.html . For the complete article go to: http://dc.urbanturf.com/articles/blog/freddie_mac_offers_condo_cash_for_homesteps_properties/3981 . Please let me know if I can assist you in identifying these properties! Thanks, Crista : )
Freddie Mac Offers Condo Cash for HomeSteps Properties
August 15, 20110 Comments
by UrbanTurf Staff
HomeSteps, the real estate sales unit of Freddie Mac, launched an offer today that will provide eligible condo buyers (i.e. those that buy a HomeSteps condo) with up to $1,500 in association dues.
The Condo Cash program is limited to buyers who submit offers between today and November 15, 2011 and close escrows on or before December 30, 2011. The offer is valid only on HomeSteps homes that have been on the market for at least 120 days and are sold to owner-occupant buyers, so auction, sealed bid and bulk sale properties do not qualify.
If you think that offers like these from Fannie and Freddie have become a trend in recent months, you’d be right. In May, Freddie Mac announced that it was offering up to 3.5 percent in closing cost assistance and a bonus of $1,200 to the selling agent for offers on HomeSteps properties (real estate owned or REO) received prior to July 31, 2011, in an effort to boost sales this summer.
Freddie Mac’s Brad German told UrbanTurf back then that about two-thirds of HomeSteps homes are sold to owner occupants, and that there were record sales of 31,628 properties in the first quarter of 2011.
Wednesday, August 17, 2011
Wednesday, July 20, 2011
New Law that mandates Carbon Monoxide Detectors in all residences went into effect July 1!
Did you know that the new law that requires all residences to install a carbon monoxide detector went into effect July 1, 2011? Well, it did. It's called the SB 183 bill.
If you own a home that has an attached garage or any gas appliances, then you are required to install a carbon monoxide detector. These detectors are pretty cheap and can be found at Home Depot, Target, or any other home store. I found some that start at about $18 at Home Depot.
If you plan to sell your home, you are required to disclose if you home has a carbon monoxide detector installed. Best bet is to have one installed now so you don't have to worry about it later. Plus, it's the safe thing to do!
Please do not hesitate to call me if you have any real estate questions or if you know of someone who is thinking of buyer or selling a home. I would be happy to help them. Crista :)
If you own a home that has an attached garage or any gas appliances, then you are required to install a carbon monoxide detector. These detectors are pretty cheap and can be found at Home Depot, Target, or any other home store. I found some that start at about $18 at Home Depot.
If you plan to sell your home, you are required to disclose if you home has a carbon monoxide detector installed. Best bet is to have one installed now so you don't have to worry about it later. Plus, it's the safe thing to do!
Please do not hesitate to call me if you have any real estate questions or if you know of someone who is thinking of buyer or selling a home. I would be happy to help them. Crista :)
Thursday, July 14, 2011
Energy Efficient Information that can benefit you!
Greetings, I just attended a webinar on Energy Efficient Windows. the webinar was given by (Efficient Windows Colaborative) whose goal is to promote energy efficient windows. It was very informative so I thought I would pass along some highlights to you. I also included some web site resources for you to click on to obtain additional information. If you are considering purchasing new windows, you might want to check out this information! It may save you a lot of money!
Did you know that you could save up to 25% on your heating costs by using energy efficient windows? You oould save up to 35% of your cooling costs by doing the same. Not only does energy efficient windows help you save money, they also provide improved comfort, condensation reduction, and reduction in fading fabrics or furniture.
How do you tell how well a window performs (Performance indicators)?
- Best method is to use Energy Star labeled windows!
- You can also look at:
* U-factor which measures how insulating a window is. the lower the U-factor the less heat loss
* Solar Head Gain Coefficient (SHGC) which is the fraction of the solar energy that enters the windows. The higher the SHGC the more solar energy
* Visible Transmittance (VT) which is the fraction of visibe light that enters the window. The hight the VT the more daylight enters
* Air leakage (AL) which is the volume of air that enters the windows when closed. The lower the AL the less infiltration
The National Fenestration Rating Council (NFRC) rates windows and you can view these labels on window products to see the key performance indicators. The NFRC rates the whole window, not just the glass. More information on these labels can be found at http://www.efficientwindows.org/nfrc.cfm
Incentives and Financing
- There still is a Federal Tax credit up to $500 when you purchase energy efficient windows. Go to http://efficientwindows.org/utilities.cfm
- The utility companies also offer rebates. You can see this information at: http://www.efficientwindows.org/utilities.cfm
So, whether it's Winter or Summer, if you don't have energy efficient windows, now may be the time you upgrade! Of course, upgrading your windows will not just decrease your energy costs, it will increase the value of your home! If you or someone you know is looking to purchase or sell their home, please give me a call. I would be happy to help. Crista :)
Did you know that you could save up to 25% on your heating costs by using energy efficient windows? You oould save up to 35% of your cooling costs by doing the same. Not only does energy efficient windows help you save money, they also provide improved comfort, condensation reduction, and reduction in fading fabrics or furniture.
How do you tell how well a window performs (Performance indicators)?
- Best method is to use Energy Star labeled windows!
- You can also look at:
* U-factor which measures how insulating a window is. the lower the U-factor the less heat loss
* Solar Head Gain Coefficient (SHGC) which is the fraction of the solar energy that enters the windows. The higher the SHGC the more solar energy
* Visible Transmittance (VT) which is the fraction of visibe light that enters the window. The hight the VT the more daylight enters
* Air leakage (AL) which is the volume of air that enters the windows when closed. The lower the AL the less infiltration
The National Fenestration Rating Council (NFRC) rates windows and you can view these labels on window products to see the key performance indicators. The NFRC rates the whole window, not just the glass. More information on these labels can be found at http://www.efficientwindows.org/nfrc.cfm
Incentives and Financing
- There still is a Federal Tax credit up to $500 when you purchase energy efficient windows. Go to http://efficientwindows.org/utilities.cfm
- The utility companies also offer rebates. You can see this information at: http://www.efficientwindows.org/utilities.cfm
So, whether it's Winter or Summer, if you don't have energy efficient windows, now may be the time you upgrade! Of course, upgrading your windows will not just decrease your energy costs, it will increase the value of your home! If you or someone you know is looking to purchase or sell their home, please give me a call. I would be happy to help. Crista :)
Thursday, June 16, 2011
HomeDex Housing Statistics Announces May, 2011 Results
Cal State San Marcos puts out a monthly housing statistics report called HomeDex which breaks out and compares North County housing data from the general San Diego County data. It's a wonderful resource to take a peak closer into the market where you live or want to buy to see what's going on! Here's some summary information from the report. Please contact me if you want to know the statistics for your Zip or even an estimated value of your home!
Last months April report showed median prices for North County detached homes decreased slightly compared to April 2010. Two of the zips that showed increases for 92057 and 92083. The May report showed an overall median price decrease as well, but there were a few more zips that showed increases compared to 2010. These "winners" include: Carlsbad 92011 at 7% increase, Encinitas at 22%, Oceanside 92054 at 27%, Vista 92083 at 12%, and Vista 92084 at 7%.
My projection is that next month's results show an overall increase. We shall see! Please contact me if you have any real estate questions? Crista :)
Last months April report showed median prices for North County detached homes decreased slightly compared to April 2010. Two of the zips that showed increases for 92057 and 92083. The May report showed an overall median price decrease as well, but there were a few more zips that showed increases compared to 2010. These "winners" include: Carlsbad 92011 at 7% increase, Encinitas at 22%, Oceanside 92054 at 27%, Vista 92083 at 12%, and Vista 92084 at 7%.
My projection is that next month's results show an overall increase. We shall see! Please contact me if you have any real estate questions? Crista :)
Friday, June 10, 2011
May 2011 HomeDex report Provides April 2011 North County Housing Statistics
Cal State San Marcos puts out a monthly housing statistics report called HomeDex which breaks out and compares North County housing data from the general San Diego County data. It's a wonderful resource to take a peak closer into the market where you live or want to buy to see what's going on! Here's some summary information from the report. Please contact me if you want to know the statistics for your Zip or even an estimated value of your home!
In an even more summarized version. . . detached home prices in North County are slightly down from last year, listings are up, sales are up, and time on the market is down! Here's some more detail on each of these figures.
Detached homes in North County decreased slightly by 0.04 percent from $450,165 in March 2011 to $450,000 in April 2011. Year-over median single-family detached homes in North San Diego County declined 5.16 percent, from $474,500 in April 2010, making three months of year-over declines following an 18-month trend of increases in median price (with the exception of August 2010).
The number of SFD listings (active and contingent) increased 3.03 percent from March 2011 to April 2011. Year-over listings increased by 12.04 percent from April 2010.
The number of sold North San Diego County SFD units increased 3.74 percent from March 2011 to April 2011, following a 50 percent monthly jump in March 2011.
Median days-on-market for single-family detached homes in North County decreased from 58 days in March 2011 to 50 days in April 2011.
In an even more summarized version. . . detached home prices in North County are slightly down from last year, listings are up, sales are up, and time on the market is down! Here's some more detail on each of these figures.
Detached homes in North County decreased slightly by 0.04 percent from $450,165 in March 2011 to $450,000 in April 2011. Year-over median single-family detached homes in North San Diego County declined 5.16 percent, from $474,500 in April 2010, making three months of year-over declines following an 18-month trend of increases in median price (with the exception of August 2010).
The number of SFD listings (active and contingent) increased 3.03 percent from March 2011 to April 2011. Year-over listings increased by 12.04 percent from April 2010.
The number of sold North San Diego County SFD units increased 3.74 percent from March 2011 to April 2011, following a 50 percent monthly jump in March 2011.
Median days-on-market for single-family detached homes in North County decreased from 58 days in March 2011 to 50 days in April 2011.
Wednesday, March 23, 2011
March Conversations - with Local Experts
Recently I took an opportunity to go to the NSDCAR sponsored Conversations 2011 that was held at the Escondido Performing Arts Center. George Chamberlin was the moderator and there were a series of featured panelists who were experts in Economics, Planning, Development, Energy, and Water resources. That may sound boring right off the bat, but the day turned out to quite interesting and very informative. I thought I would share a few of the highlights with you! Skip through what catches your eye!
Let me know if you have questions on any of these comments. I hope you find them useful! Crista :)
Debra Reed, Executive Vice President, Sempra Energy
Speaks on energy!
- In the next 15 years, we will have smarter energy, use less energy, and use cleaner energy
- NOW, we get 60% of our energy from natural gas, 20% from San Onofre, 13% from renewable sources such as solar, wind, and geothermal
- By 2020 30% of our energy will be from clean energy sources
- Our bills are about 25% lower than those who live out of state. Rates are high, but bills are lower due to energy efficiency
- Gas use has gone down by 50%
- The future will hold more control over how we use energy.
- San Diego ranks 7th in US in clean-tech jobs
- The Smart Meter will have a web-based program to help you evaluate energy usage so you can plan accordingly
Ken Weinberg, Director of Water Resources, San Diego County Water Authority
Speaks on Water
- We are not in a drought perior this year!
- The future holds better water efficiency
- New homes will have to adhere to landscaping efficiencies
- We'll need to invest in infrastructure
- SANDAG forecasts 20% increase in population by 2015, 5% increase in single family homes
- Legistation mandates 20% reduction in water use by 2020
Peter MacLaggan, Senior Vice President of Project Development, Poseidon Resources Corporation
Speaks on desalination Plant!
- By 2014 the Carlsbad desalination plant will be in full production, taking 32 months of construction
- For every 2 gallons of sea water, you get 1 gal of drinking water
- The 1 gallon of residual water has high concentrations of salt, so they will add other water to it before releasing it back into the sea.
- The goal of the plant is to be Carbon Neutral
- This plant will provide enough water for 300,000 residents
- Since a small amount of fish will be killed during this process, they have plans to mitigate this by improving wetlands in other area
- Check out their web site http://www.poseidonresources.com/desal_101.html
Lynn Reaser, Ph.D., Chief Economist, Fermanian Business & Economic Institute, Point Loma Nazarene University
Speaks on the Financial Market!- By end of the year she predicts interest rates will be 1/4% higher
- Long term rates have already ticked up. Will be 3 1/2% - 4 1/4% by end of year (3/4% increase), 2nd half of the year she expects 30 year fixed rates to be 5 1/2% or higher
- 20% down on homes loans will be the norm, with 30 year fixed rate
- Long term forecasts are that banks will be making more loans, rates will be higher, more real estate investors, regulators will be active in the market
- Need to reduce federal long term treasuries from 3 trillion to 1 trillion
- Debt is currently 70% of GDP, we want it to be 60% of GDP
- If there is no political solution to the debt issue, the debt/gdp ratio could be 100% in 10 years
- Future rates are projected to be 6-7% range
- Future holds more banks lending money
Regarding the real estate market
- To get to a Normal Market we need to reduce distressed inventory. we are moving in the right direction, but still have 8k in No. County
- There is about a 25% difference in price/sf between traditional sale and distressed sale properties
- Need to sell distressed homes to ultimate homeowner versus investor
- Active listings are down from 2008
- Unsold inventory index is 5-7 months (it will take 5-7 months to sell all active listings).- San Diego and DC are the only to cities that had price increases last year.
Regarding the Economy- 10% unemployment rate locally
- Need to get under 10% unemployment rate to get to normalcy (4-5 years)
- Business are more profitable
- Banks are well capitalized
- There is uncertainty about tax rates
- The 800lb gorilla is the federal deficit
- 2-3 years before return to normalcy
Gary London, President, The London Group Realty Advisors
Speaks on Real Estate Market
- Small business CEO's are as confident now as they were in 2006
- Capital goods orders are up 21% from 1 year ago
- Home affordability is the best in 50 years based on income and interest rates
- Personal savings are up, debt is moving down
- Multi-family sector is going crazy!
- There is going to be more density building
- Curveballs we may be thrown by DC
- GSE reform
- credit availability
- loan delinquencies
- mortgage interest deductions
- There 48,000 homes in shadow inventory.
- There are 3 times the number of distressed homes than are listed on the market
- Estimated 14 months of shadow supply. This is the lowest number of shadow inventory supply than other markets. We'd like to see 6-7 months supply.
- 5 months of listed supply of regular homes
- New home market is 9% of the total real estate market
Regarding a 2011 survey of people in the market for a home, here are the top findings
- Personalization is the new buzz word
- Retirees will move
- Consumers need a reason to buy
- Home design beats price
- Bigger is better
- Generation Y (25-34) isn't much different
- Community amenities are very important
- Green technologiy is in demand
- Buyers use realtor and real estate web sites
- Conclusions vary by geography
- 88% think now is a good time to buy but can't find what they are looking for
- Young adult population is booming
- Gen Y population is decreasing in San Diego
- Rentals are likely to be a much larger component of demand going forward
Let me know if you have questions on any of these comments. I hope you find them useful! Crista :)
Speaks on energy!
- In the next 15 years, we will have smarter energy, use less energy, and use cleaner energy
- NOW, we get 60% of our energy from natural gas, 20% from San Onofre, 13% from renewable sources such as solar, wind, and geothermal
- By 2020 30% of our energy will be from clean energy sources
- Our bills are about 25% lower than those who live out of state. Rates are high, but bills are lower due to energy efficiency
- Gas use has gone down by 50%
- The future will hold more control over how we use energy.
- San Diego ranks 7th in US in clean-tech jobs
- The Smart Meter will have a web-based program to help you evaluate energy usage so you can plan accordingly
Speaks on Water
- We are not in a drought perior this year!
- The future holds better water efficiency
- New homes will have to adhere to landscaping efficiencies
- We'll need to invest in infrastructure
- SANDAG forecasts 20% increase in population by 2015, 5% increase in single family homes
- Legistation mandates 20% reduction in water use by 2020
Speaks on desalination Plant!
- By 2014 the Carlsbad desalination plant will be in full production, taking 32 months of construction
- For every 2 gallons of sea water, you get 1 gal of drinking water
- The 1 gallon of residual water has high concentrations of salt, so they will add other water to it before releasing it back into the sea.
- The goal of the plant is to be Carbon Neutral
- This plant will provide enough water for 300,000 residents
- Since a small amount of fish will be killed during this process, they have plans to mitigate this by improving wetlands in other area
- Check out their web site http://www.poseidonresources.com/desal_101.html
Speaks on the Financial Market!- By end of the year she predicts interest rates will be 1/4% higher
- Long term rates have already ticked up. Will be 3 1/2% - 4 1/4% by end of year (3/4% increase), 2nd half of the year she expects 30 year fixed rates to be 5 1/2% or higher
- 20% down on homes loans will be the norm, with 30 year fixed rate
- Long term forecasts are that banks will be making more loans, rates will be higher, more real estate investors, regulators will be active in the market
- Need to reduce federal long term treasuries from 3 trillion to 1 trillion
- Debt is currently 70% of GDP, we want it to be 60% of GDP
- If there is no political solution to the debt issue, the debt/gdp ratio could be 100% in 10 years
- Future rates are projected to be 6-7% range
- Future holds more banks lending money
Regarding the real estate market
- To get to a Normal Market we need to reduce distressed inventory. we are moving in the right direction, but still have 8k in No. County
- There is about a 25% difference in price/sf between traditional sale and distressed sale properties
- Need to sell distressed homes to ultimate homeowner versus investor
- Active listings are down from 2008
- Unsold inventory index is 5-7 months (it will take 5-7 months to sell all active listings).- San Diego and DC are the only to cities that had price increases last year.
Regarding the Economy- 10% unemployment rate locally
- Need to get under 10% unemployment rate to get to normalcy (4-5 years)
- Business are more profitable
- Banks are well capitalized
- There is uncertainty about tax rates
- The 800lb gorilla is the federal deficit
- 2-3 years before return to normalcy
Speaks on Real Estate Market
- Small business CEO's are as confident now as they were in 2006
- Capital goods orders are up 21% from 1 year ago
- Home affordability is the best in 50 years based on income and interest rates
- Personal savings are up, debt is moving down
- Multi-family sector is going crazy!
- There is going to be more density building
- Curveballs we may be thrown by DC
- GSE reform
- credit availability
- loan delinquencies
- mortgage interest deductions
- There 48,000 homes in shadow inventory.
- There are 3 times the number of distressed homes than are listed on the market
- Estimated 14 months of shadow supply. This is the lowest number of shadow inventory supply than other markets. We'd like to see 6-7 months supply.
- 5 months of listed supply of regular homes
- New home market is 9% of the total real estate market
Regarding a 2011 survey of people in the market for a home, here are the top findings
- Personalization is the new buzz word
- Retirees will move
- Consumers need a reason to buy
- Home design beats price
- Bigger is better
- Generation Y (25-34) isn't much different
- Community amenities are very important
- Green technologiy is in demand
- Buyers use realtor and real estate web sites
- Conclusions vary by geography
- 88% think now is a good time to buy but can't find what they are looking for
- Young adult population is booming
- Gen Y population is decreasing in San Diego
- Rentals are likely to be a much larger component of demand going forward
Sunday, February 27, 2011
Get ready for a brisk Spring Buying Season!
I was amazed today when I stopped by an open house in Encinitas and saw a stream of cars parking on the side of the street to visit this 2,400 sf 1970's home with some ocean view, located a few blocks from downtown Encinitas. I can't remember when I last experienced such an active open house. While it was listed just a few days prior, there were already 3 offers submitted and by the end of this evening, I found out there were six offers! This was no bank owned or short sale listing. This is a straight equity sale, staged to show off it's best features.
I am getting ready to list my home and would have considered putting a contingent offer on this home, but there's no way to compete with non-contingent offers of which all six offers were. So, this goes to show there's a lot of buyers out there now, especially when you have a decent home in a great location. Our first task is to get our home sold so we can provide a strong offer! Hopefully, there will be something comparable!!!
Are you looking for a home this year? I would be happy to help. Just give me a call. 760-458-0797 Crista :)
I am getting ready to list my home and would have considered putting a contingent offer on this home, but there's no way to compete with non-contingent offers of which all six offers were. So, this goes to show there's a lot of buyers out there now, especially when you have a decent home in a great location. Our first task is to get our home sold so we can provide a strong offer! Hopefully, there will be something comparable!!!
Are you looking for a home this year? I would be happy to help. Just give me a call. 760-458-0797 Crista :)
Wednesday, February 16, 2011
January 2011 Key Real Estate Market Results for North County
The January 2011 results are in for Key North County Real Estate Statistics. Looks like the Detached homes have shown the most steady median price increases over this last year, 6.19%. It also looks like North County is out-performing OUTSIDE of North County areas.
I am still looking forward to a very busy and robust 2011. This is a great time to buy a home. Prices and interest rates are still low which makes homes the most affordable since 40 years ago. Let me know if you would like specific price statistics for your ZIP code. Enjoy!
strong>HomeDex™ Key Points- January 2011 Data (compiled by Robert Brown, Ph.D., California State University, San Marcos)
1. The median price for all North County home sales – attached and detached – decreased from $380,043 in December 2010 to $360,000 in January 2011.
a. Detached homes in North County rose 1.74 percent from $438,357 in December 2010 to $446,000 in January 2011. Year-over median single-family detached homes in North San Diego County increased 6.19 percent, from $420,000 in January 2010, making 18 months of year-over increases in median price (with the exception of August 2010).
b. Attached home prices in North County declined 2.36 percent to $229,950 in January 2011 from 235,500 in December 2010, the second month of price decreases.
c. While the number of single-family detached homes sold fell significantly to 32.87 percent from December 2010 to January 2011, the number of single-family detached listings (active and contingent) increased 8.08 percent from 3,962 ending December 2010 to 4,282 ending January 2011, following four months of declines.
strong>HomeDex™ Key Points- January 2011 Data (compiled by Robert Brown, Ph.D., California State University, San Marcos)
1. The median price for all North County home sales – attached and detached – decreased from $380,043 in December 2010 to $360,000 in January 2011.
- i. Detached home prices OUTSIDE North County decreased 4.9 percent from $347,000 in December 2010 to $330,000 in January 2011. ii. The countywide median SFD price of homes sold decreased from $375,000 in December 2010 to $369,250 in January 2011, but rose 1.03 percent year-over from $365,500 in January 2010.
- i. Non-North County attached home prices decreased 10.48 percent to $188,000 in January 2011 from $210,000 in December 2010.
i. Listings were up 20.69 percent year-over from January 2011
ii. Median days-on-market for single-family detached homes in North County remained at 68 days in January 2011
Tips for Greener Driving!
Greetings! Eventually, we will all be driving hybrids to save on gas and drive greener, but in the meantime here are some things you can do to drive greener now. Check out the tips and see if they can help you drive greener. Crista :)
This Month's Tips from The REsource Newsletter, published by teh GREEN Resource Council
Drive Greener
• Shade: Park in the shade when possible, and cool down your hot car by driving with the windows down before turning on the air-conditioner. Over time these practices can result in a much smaller workload for your AC—and significant energy savings.
• Tune-ups: Change your oil, check the fluids, replace spark plugs, and perform other regular maintenance tasks to save fuel. Rotate your tires and keep them properly inflated. For every three pounds they fall below their recommended pressure your fuel economy will fall by one percent. When it’s time to replace tires consider using low-rolling-resistance (LRR) alternatives, which can boost your mpg.
• Smooth ride: Slow down. Driving 75 mph instead of 65 mph burns 10 percent more fuel. A smooth ride also helps, so use cruise control when it’s practical. Stop-and-go driving and jackrabbit acceleration really take a toll—just one second of “pedal to the metal” acceleration emits almost as much carbon monoxide as half an hour of normal driving. And when you’re not driving your car, turn it off—don’t let it idle.
Source: The Green Guide
This Month's Tips from The REsource Newsletter, published by teh GREEN Resource Council
Drive Greener
• Shade: Park in the shade when possible, and cool down your hot car by driving with the windows down before turning on the air-conditioner. Over time these practices can result in a much smaller workload for your AC—and significant energy savings.
• Tune-ups: Change your oil, check the fluids, replace spark plugs, and perform other regular maintenance tasks to save fuel. Rotate your tires and keep them properly inflated. For every three pounds they fall below their recommended pressure your fuel economy will fall by one percent. When it’s time to replace tires consider using low-rolling-resistance (LRR) alternatives, which can boost your mpg.
• Smooth ride: Slow down. Driving 75 mph instead of 65 mph burns 10 percent more fuel. A smooth ride also helps, so use cruise control when it’s practical. Stop-and-go driving and jackrabbit acceleration really take a toll—just one second of “pedal to the metal” acceleration emits almost as much carbon monoxide as half an hour of normal driving. And when you’re not driving your car, turn it off—don’t let it idle.
Source: The Green Guide
Thursday, February 10, 2011
Who do you Choose as a Buyer's Agent?
We are heading into the busiest real estate season of the year. If you are thinking of purchasing a home, who do you choose as an agent to help you? I realize there are many qualified agents out there for you to choose from. I can only offer you what I would expect, myself, if I were looking looking for an agent. I would want someone who:
- is available to me and returns my calls within a reasonable amount of time
- knows what is a good value or not
- has enough experience to have a foundation for proper buyer representation
- was on top of the listings on the market that met my criteria
- I would feel comfortable working with and spending time in a car touring homes
- would be patient with me and show me that they are looking out for my best interests, instead of just wanting to earn a commission
- could point out red flags that could affect resale value
- would be honest about any conditions of a property that needed special attention or consideration
- would advise me on a competitive offer price without feeling I over-paid for the property.
- would completely inform me of the seller's situation and any factors that may affect my offer price
- would communicate clearly the details of the contract, what I was agreeing to, and what terms were typical for the industry
- would provide reasonable solutions to any problems that arise throughout the escrow process
- would be able to negotiate and resolve any issues between the seller and me
- would advise me on what repairs or closing costs were reasonable to ask the seller to pay
- would be available after close of escrow so that I could maintain a resource for answering real estate questions
If you share my beliefs, then give me a call and let's get started! 760-458-0797 Additional facts that you need to know:
- 10 years experience
- Accredited Buyer Representative
- Master degree in Business Administration
- Computer Science undergraduate degree
- Amoung Top Producers in office
- GREEN designation
- is available to me and returns my calls within a reasonable amount of time
- knows what is a good value or not
- has enough experience to have a foundation for proper buyer representation
- was on top of the listings on the market that met my criteria
- I would feel comfortable working with and spending time in a car touring homes
- would be patient with me and show me that they are looking out for my best interests, instead of just wanting to earn a commission
- could point out red flags that could affect resale value
- would be honest about any conditions of a property that needed special attention or consideration
- would advise me on a competitive offer price without feeling I over-paid for the property.
- would completely inform me of the seller's situation and any factors that may affect my offer price
- would communicate clearly the details of the contract, what I was agreeing to, and what terms were typical for the industry
- would provide reasonable solutions to any problems that arise throughout the escrow process
- would be able to negotiate and resolve any issues between the seller and me
- would advise me on what repairs or closing costs were reasonable to ask the seller to pay
- would be available after close of escrow so that I could maintain a resource for answering real estate questions
If you share my beliefs, then give me a call and let's get started! 760-458-0797 Additional facts that you need to know:
- 10 years experience
- Accredited Buyer Representative
- Master degree in Business Administration
- Computer Science undergraduate degree
- Amoung Top Producers in office
- GREEN designation
Wednesday, February 2, 2011
Forbes outlook: SD in top 5 home markets in '11
Take a look at what some are saying about the San Diego market in 2011! This is definitey worth a read and please click through for the full stories. Maybe now is the time to act if you have been on the fense. Remember we are heading into the busiest time of the year, Spring!! Act now. Hope you enjoy. Crista :)
Forbes outlook: SD in top 5 home markets in '11
By Lily Leung
Tuesday, February 1, 2011 at 9:17 a.m.
John R. McCutchen / Union-Tribune staff
A home in Solana Beach, an area that saw an increase in median home price from 2009 to 2010, according to DataQuick Information Systems. The median price for all types of sales in that ZIP code rose from $1,106,250 to $1,175,000, or 6.2 percent, based on 22 sales in 2010. Twenty-seven homes were sold in 2009.
Read the full article: http://www.signonsandiego.com/news/2011/feb/01/forbes-san-diego-home-prices-will-rise-2011/
Which California city from Forbes' rankings will see the most price gains in '11?
San Jose 19% 40 votes
Santa Ana 4% 9 votes
San Diego 76% 161 votes
210 total votes.
Read the results: http://www.signonsandiego.com/polls/2011/feb/which-cal-city-forbes-rankings-will-see-most-pri/
Forbes rankings
Cities where home values will likely go up:
San Jose
Santa Ana
Bethesda, Md.
Pittsburgh
San Diego
San Diego ranked No. 5 out of 315 housing markets that Forbes.com says are poised for price increases in 2011 and in the coming years. (See The Best And Worst Cities For Home Values In 2011.) Read the full story: http://www.forbes.com/2011/01/21/cities-home-values-prices-real-estate-personal-finance.html
The finance publication predicts that the median home price in San Diego will rise 2 percent in the next 12 months and through the next three years, based on findings from Local Market Monitor, a research company that analyzed data from real estate markets throughout the U.S. The company also factored in the areas' unemployment and job growth rates.
(Television station NBC San Diego reported the findings on Monday.) http://www.forbes.com/2011/01/21/worst-cities-home-values-prices-personal-finance-worst_slide.html
Two other California cities - San Jose and Santa Ana - topped the list of U.S. cities where home values are likely to rise steadily over the next three years. Median home prices in both San Jose and Santa Ana are expected to rise 3 percent in the next 12 months and an average of 2 percent annually over the next three years.
While Forbes predicts California to head toward somewhat of a housing recovery, it says Florida shouldn't hold its breath. Cities in the Sunshine State dominated the list of cities in the country that are expected to fare the worst in home values: Daytona Beach, Lakeland and Orlando. (Here's Forbes slideshow of the worst cities.) http://www.forbes.com/2011/01/21/worst-cities-home-values-prices-personal-finance-worst_slide.html
Forbes quotes Ingo Winzer, president of the Local Market Monitor, as saying, "The big difference between Florida and Southern California ... is people are moving into Southern California, but they're not moving to Florida."
Forbes outlook: SD in top 5 home markets in '11
By Lily Leung
Tuesday, February 1, 2011 at 9:17 a.m.
John R. McCutchen / Union-Tribune staff
A home in Solana Beach, an area that saw an increase in median home price from 2009 to 2010, according to DataQuick Information Systems. The median price for all types of sales in that ZIP code rose from $1,106,250 to $1,175,000, or 6.2 percent, based on 22 sales in 2010. Twenty-seven homes were sold in 2009.
Read the full article: http://www.signonsandiego.com/news/2011/feb/01/forbes-san-diego-home-prices-will-rise-2011/
Which California city from Forbes' rankings will see the most price gains in '11?
San Jose 19% 40 votes
Santa Ana 4% 9 votes
San Diego 76% 161 votes
210 total votes.
Read the results: http://www.signonsandiego.com/polls/2011/feb/which-cal-city-forbes-rankings-will-see-most-pri/
Forbes rankings
Cities where home values will likely go up:
San Jose
Santa Ana
Bethesda, Md.
Pittsburgh
San Diego
San Diego ranked No. 5 out of 315 housing markets that Forbes.com says are poised for price increases in 2011 and in the coming years. (See The Best And Worst Cities For Home Values In 2011.) Read the full story: http://www.forbes.com/2011/01/21/cities-home-values-prices-real-estate-personal-finance.html
The finance publication predicts that the median home price in San Diego will rise 2 percent in the next 12 months and through the next three years, based on findings from Local Market Monitor, a research company that analyzed data from real estate markets throughout the U.S. The company also factored in the areas' unemployment and job growth rates.
(Television station NBC San Diego reported the findings on Monday.) http://www.forbes.com/2011/01/21/worst-cities-home-values-prices-personal-finance-worst_slide.html
Two other California cities - San Jose and Santa Ana - topped the list of U.S. cities where home values are likely to rise steadily over the next three years. Median home prices in both San Jose and Santa Ana are expected to rise 3 percent in the next 12 months and an average of 2 percent annually over the next three years.
While Forbes predicts California to head toward somewhat of a housing recovery, it says Florida shouldn't hold its breath. Cities in the Sunshine State dominated the list of cities in the country that are expected to fare the worst in home values: Daytona Beach, Lakeland and Orlando. (Here's Forbes slideshow of the worst cities.) http://www.forbes.com/2011/01/21/worst-cities-home-values-prices-personal-finance-worst_slide.html
Forbes quotes Ingo Winzer, president of the Local Market Monitor, as saying, "The big difference between Florida and Southern California ... is people are moving into Southern California, but they're not moving to Florida."
Friday, January 28, 2011
What Foreclosure Buyers Need to Know
Trulia just published an article on buying Foreclosure properties and I think it’s a very good read! The information is consistent with my experiences and maybe very helpful to you if you are considering purchasing distressed property. It is very true that Banks will use an addendum that pretty much supersedes most of the terms in the standard CAR purchase agreement, so make sure your agent can tell you how their addendum affects the standard clauses so your interest is protected. Please let me know if you have any questions. Enjoy, Crista :)
4 Tricks and Traps Foreclosure Buyers Need to Know
Interest in buying a foreclosed home is on the rise, but so are concerns about the risk involved in the process. In a December survey, Trulia found that 49 percent of Americans were at least somewhat likely to consider buying a foreclosure, up from 45 percent in May 2010. But the number of US adults who believed there are disadvantages to buying foreclosures had also increased, from 78 percent to 81 percent over the same time frame. Among those folks who had qualms about purchasing a foreclosure, the top concerns were:
When you buy an REO in this way, you have lots of opportunities to use some tricks of the trade, so to speak, to avoid some of the traps you may fear. Here are my Top 4 Tricks and Traps for Foreclosure Buyers:
1. As-is means as-is, period. (Most of the time.) Banks have very little interest, inclination or even the logistically necessary resources to execute repairs on your home. Many of these homes are managed by an asset management company in another state, and may not even have a local person besides the agent who can handle large repairs. Generally speaking, bank-owned homes are sold on a very strict "as-is, where-is" basis, which just means that you should expect to take possession of it, if you buy it, in exactly the position and location it is, no matter how defective. Do not walk into a viewing of a foreclosed home, notice how the plumbing is all ripped out of the wall, and make an offer for it, assuming you'll be able to get the bank to "fix" the issue later. Usually, if the bank is willing to do any repairs to a foreclosed home, they do so, on the advice of the listing agent, prior to the home being listed.
Out of hundreds of foreclosure transactions I have personally been involved in, I have seen exactly four where the bank did agree to do some level of repairs at a buyer's request. Every one of those times, the repair was to fix a health-and-safety endangering property defect, like a gas-leak or an electrical fritz. And every one of those times, the property defect was highly non-obvious - not something even a diligent buyer could have detected visually prior to making an offer. Maybe another few times I've seen a bank agree to a small price reduction due to surprising condition problems. And dozens of times, I've seen transactions fall apart or buyers take on the property’s repair costs, when they request repair credits, price reductions or actual repairs from the ban seller.
If a foreclosure you're considering has obvious property damage, have your contractor stop by with you or gather whatever information you need to get as comfortable as possible with your offer price, assuming that the bank will not be chipping anything in for repairs, before you make the offer.
2. The bank speaks no evil. When it comes to real estate disclosures, the fact is, the bank speaks not much of anything! Many states exempt banks and other types of corporate homeowners from making substantive disclosures about the condition of the property. Even in jurisdictions where the bank is not legally exempt, most banks will simply write across the required disclosures something to the effect that the bank has no knowledge of the property's condition. (Before you protest with a "that's not fair!!" keep in mind that the bank never lived in the property, so most often truly does have no idea of any important facts or details about its condition or location, the things an average home seller would be required to disclose.)
Even in a normal transaction, it behooves a buyer to be thorough in having the property inspected and meticulous about reviewing the resulting inspection reports. But buying a foreclosure ups even that ante, as you have no seller disclosures to highlight particular problems you should have looked at, and none of the usual legal recourse you would have if a “regular” seller made incomplete disclosures. Get a property inspection. A pest inspection. A roof inspection. A sewer line inspection. A pool inspection, if you have a pool and care about its condition.
Yes - all these inspections cost money, but the drama and thousands each of them can save you is well worth it. And read your state’s buyer inspection advisory or similar document (ask your agent), just to make sure you’re aware of all the inspections that are available to you, and work with your agent to determine which ones make sense, and which are not appropriate.
Some insider tips:
For instance, if you are buying a home in a contingency state, where you would usually have to sign a document proactively releasing contingencies, the bank’s contract will probably change that, so that your transaction operates on an objection period. In "objection" based transactions, you have a certain period of time in which you must either speak up about your concerns with the property and/or cancel the deal, or you will automatically be presumed to be moving forward with the deal and your deposit money will be forfeited if you change your mind after that date.
If you’ve been making offers on non-foreclosures on the standard contract form, or you’ve bought homes before and think you know the drill, please - I implore you - READ every word of the contract you sign when you buy a home from the bank, and ask your broker, agent or attorney to explain anything that doesn’t make sense.
4. Expect the unexpected. When you buy a foreclosure, you might end up working with the bank’s escrow company, instead of a company you or your agent selects. And the bank's escrow provider might be slow or disorganized. C’est la vie. The bank might rush you for your deposit money, but take their own sweet time coming up with the necessary signatures on their end to close the deal. Par for the course. You might expect that the bank would be desperate for buyers, and instead find out that there are 20 offers on the same REO. Or, you might be the only offer and still get your aggressively low (but still reasonable) offer rejected, only to have the bank reduce the list price of the home to the same price of your offer! (They often want to see if exposing it to other buyers at the new, lower list price might generate more interest and higher offers.)
When you’re buying a foreclosure, expect glitches, expect your calendar to be derailed, expect the bank to be inflexible and possibly even unreasonable. It’s not overkill to ask your broker or agent to brief you on the common complications they see in REO transactions. Having realistic expectations may keep you from pulling your hair out. And if the transaction turns out to run smooth as silk? You’ll be pleasantly surprised.
To view the full article and source click on the following link:
http://www.trulia.com/blog/taranelson/2011/01/4_tricks_and_traps_foreclosure_buyers_need_to_know?ecampaign=anews&eurl=www.trulia.com%2Fblog%2Ftaranelson%2F2011%2F01%2F4_tricks_and_traps_foreclosure_buyers_need_to_know
4 Tricks and Traps Foreclosure Buyers Need to Know
Interest in buying a foreclosed home is on the rise, but so are concerns about the risk involved in the process. In a December survey, Trulia found that 49 percent of Americans were at least somewhat likely to consider buying a foreclosure, up from 45 percent in May 2010. But the number of US adults who believed there are disadvantages to buying foreclosures had also increased, from 78 percent to 81 percent over the same time frame. Among those folks who had qualms about purchasing a foreclosure, the top concerns were:
- that buying a foreclosure might involve hidden costs,
- that the buying process itself is risky, and
- that the home might continue to lose value, after escrow closes.
When you buy an REO in this way, you have lots of opportunities to use some tricks of the trade, so to speak, to avoid some of the traps you may fear. Here are my Top 4 Tricks and Traps for Foreclosure Buyers:
1. As-is means as-is, period. (Most of the time.) Banks have very little interest, inclination or even the logistically necessary resources to execute repairs on your home. Many of these homes are managed by an asset management company in another state, and may not even have a local person besides the agent who can handle large repairs. Generally speaking, bank-owned homes are sold on a very strict "as-is, where-is" basis, which just means that you should expect to take possession of it, if you buy it, in exactly the position and location it is, no matter how defective. Do not walk into a viewing of a foreclosed home, notice how the plumbing is all ripped out of the wall, and make an offer for it, assuming you'll be able to get the bank to "fix" the issue later. Usually, if the bank is willing to do any repairs to a foreclosed home, they do so, on the advice of the listing agent, prior to the home being listed.
Out of hundreds of foreclosure transactions I have personally been involved in, I have seen exactly four where the bank did agree to do some level of repairs at a buyer's request. Every one of those times, the repair was to fix a health-and-safety endangering property defect, like a gas-leak or an electrical fritz. And every one of those times, the property defect was highly non-obvious - not something even a diligent buyer could have detected visually prior to making an offer. Maybe another few times I've seen a bank agree to a small price reduction due to surprising condition problems. And dozens of times, I've seen transactions fall apart or buyers take on the property’s repair costs, when they request repair credits, price reductions or actual repairs from the ban seller.
If a foreclosure you're considering has obvious property damage, have your contractor stop by with you or gather whatever information you need to get as comfortable as possible with your offer price, assuming that the bank will not be chipping anything in for repairs, before you make the offer.
2. The bank speaks no evil. When it comes to real estate disclosures, the fact is, the bank speaks not much of anything! Many states exempt banks and other types of corporate homeowners from making substantive disclosures about the condition of the property. Even in jurisdictions where the bank is not legally exempt, most banks will simply write across the required disclosures something to the effect that the bank has no knowledge of the property's condition. (Before you protest with a "that's not fair!!" keep in mind that the bank never lived in the property, so most often truly does have no idea of any important facts or details about its condition or location, the things an average home seller would be required to disclose.)
Even in a normal transaction, it behooves a buyer to be thorough in having the property inspected and meticulous about reviewing the resulting inspection reports. But buying a foreclosure ups even that ante, as you have no seller disclosures to highlight particular problems you should have looked at, and none of the usual legal recourse you would have if a “regular” seller made incomplete disclosures. Get a property inspection. A pest inspection. A roof inspection. A sewer line inspection. A pool inspection, if you have a pool and care about its condition.
Yes - all these inspections cost money, but the drama and thousands each of them can save you is well worth it. And read your state’s buyer inspection advisory or similar document (ask your agent), just to make sure you’re aware of all the inspections that are available to you, and work with your agent to determine which ones make sense, and which are not appropriate.
Some insider tips:
- Vacant foreclosures often have their utilities disconnected. Work with your agent to make sure the utilities get turned on - even for a single day - so that your property inspector can run the water taps, test the stove and dishwasher, see if the water heater and electrical outlets work, and so forth.
- If appliances are there, the bank will probably leave them there, even though they may not have technical “legal” ownership of them, so they may not be included in the contract, like in a "normal" home sale.
- However, the bank will not give you any sort of warranty on appliances, so try to obtain any warranty coverage you want or need elsewhere - from a home warranty company or, potentially, the original manufacturer/retailer.
For instance, if you are buying a home in a contingency state, where you would usually have to sign a document proactively releasing contingencies, the bank’s contract will probably change that, so that your transaction operates on an objection period. In "objection" based transactions, you have a certain period of time in which you must either speak up about your concerns with the property and/or cancel the deal, or you will automatically be presumed to be moving forward with the deal and your deposit money will be forfeited if you change your mind after that date.
If you’ve been making offers on non-foreclosures on the standard contract form, or you’ve bought homes before and think you know the drill, please - I implore you - READ every word of the contract you sign when you buy a home from the bank, and ask your broker, agent or attorney to explain anything that doesn’t make sense.
4. Expect the unexpected. When you buy a foreclosure, you might end up working with the bank’s escrow company, instead of a company you or your agent selects. And the bank's escrow provider might be slow or disorganized. C’est la vie. The bank might rush you for your deposit money, but take their own sweet time coming up with the necessary signatures on their end to close the deal. Par for the course. You might expect that the bank would be desperate for buyers, and instead find out that there are 20 offers on the same REO. Or, you might be the only offer and still get your aggressively low (but still reasonable) offer rejected, only to have the bank reduce the list price of the home to the same price of your offer! (They often want to see if exposing it to other buyers at the new, lower list price might generate more interest and higher offers.)
When you’re buying a foreclosure, expect glitches, expect your calendar to be derailed, expect the bank to be inflexible and possibly even unreasonable. It’s not overkill to ask your broker or agent to brief you on the common complications they see in REO transactions. Having realistic expectations may keep you from pulling your hair out. And if the transaction turns out to run smooth as silk? You’ll be pleasantly surprised.
To view the full article and source click on the following link:
http://www.trulia.com/blog/taranelson/2011/01/4_tricks_and_traps_foreclosure_buyers_need_to_know?ecampaign=anews&eurl=www.trulia.com%2Fblog%2Ftaranelson%2F2011%2F01%2F4_tricks_and_traps_foreclosure_buyers_need_to_know
Tuesday, January 18, 2011
Nicely Done 2010 Foreclosure Report by Foreclosure Radar!
I received this annual report from Foreclosure Radar, the best source I know that tracks foreclosure activity throughout many states. There's some good news in 2010! Please take a moment to read. It's also interesting to see how this market down turn unfolded from it's initial indicators through today. Good read! Crista :)
Released 1/18/2010 by ForeclosureRadar.com
The first half of 2010 saw relatively good news for most participants in the foreclosure market. Foreclosure cancellations rose as homeowners saw more short sales and loan modifications approved. Investors quickly flipped their foreclosure purchases for solid profits as buyers hurried to take advantage of tax credits. As the tax credits expired, however, the market began to slow. Foreclosure cancellations also began to drop as the government push for loan modifications waned and short sales slowed with the rest of the housing market. Finally, in the beginning of the third quarter, the robo-signing scandal led to dramatically lower foreclosure sales, including a complete halt by Bank of America for nearly two months.
Foreclosure Starts 2007-2010
For the first time since the foreclosure crisis began, Arizona, California, and Nevada saw a drop in the filing of new foreclosure actions. Oregon and Washington, however, continued to climb, but with much lower percentage increases than the prior 2 years.
State 2007 2008 2009 2010
Arizona # Starts 45,225 109,086 145,423 119,790
% Change n/a +141% +33% -18%
California # Starts 280,095 442,612 504,425 338,999
% Change n/a +58% +14% -33%
Nevada # Starts 38,690 75,814 106,42 86,010
% Change n/a +96% +40% -19%
Oregon # Starts 8,176 14,371 22,302 24,574
% Change n/a +76% +55% +10%
Washington # Starts 14,844 27,966 36,947 42,161
% Change n/a +88% +32% +14%
Foreclosure Starts represent: Notice of Default filings in CA, NV and OR; Notice of Trustee Sale filings in AZ and WA.
Foreclosure Sales 2007-2010
Foreclosure sales dropped in 2010 for the first time in Arizona and Nevada. California dropped for the second year in a row, while Oregon and Washington both saw increased foreclosure sales.
State 2007 2008 2009 2010
Arizona # Sales 18,775 66,685 94,979 7 0,588
% Change n/a +255% +42% -26%
California # Sales 96,901 251,544 202,215 189,810
% Change n/a +160% -20% -6%
Nevada # Sales 11,242 37,637 45,420 42,828
% Change n/a +235% 21% -6%
Oregon # Sales 1,809 6,129 12,056 16,781
% Change n/a +239% +97% +39%
Washington # Sales 4,724 11,810 22,699 25,920
% Change n/a +150% +92% +14%
Foreclosure Sales is based on auction sales either back to the bank or to a 3rd party. Numbers based on auction results except for 2007 to 2009 for states other than CA where we counted the filing of trustees deeds.
Past 5 Year Foreclosure History at a Glance
Foreclosure Crisis Milestones February 2005 Fed Chairman Alan Greenspan tells the US House Financial Services Committes that: "I don't expect that we will run into anything resembling a collapsing [housing] bubble."
February 2006 Fed Chairman Ben Bernanke says, "Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise, but not at the pace that they had been rising."
May 2007 Fed Chairman Ben Bernanke says, "We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system."
July 2008 The Housing Economic Recovery Act is signed into law. Clearly too little, too late.
September 2008 Fannie Mae and Freddie Mac are put into conservatorship by the US Treasury as concerns about their ability to raise capital and debt threaten to disrupt the US housing and financial markets.
September 2008 Treasury Secretary Henry Paulson announces the Troubled Assets Relief Program (TARP). Though in the end troubled assets were largely purchased by the Fed rather than through TARP, it signaled the beginning of significant government intervention into the foreclosure market.
September 2008 CA Senate Bill 1137 goes into affect. While intended to slow foreclosures and increase loan modifications, it accomplished little more than foreclosure delays.
February 2009 The American Recovery and Reinvestment Act offers tax credit for first-time homebuyers, which is later extended to April 2010 and expanded to include repeat buyers. Like cash-for-clunkers it provides short-term stimulus to the housing market.
March 2009 Obama Administration announces "Making Home Affordable" loan modification program (HAMP), creating the most exotic mortgage ever offered, and lawmakers request a voluntary foreclosure moratorium pending implementation.
April 2009 Financial Accounting Standards Board approves mark-to-model for mortgage-backed securities creating incentives for lenders to sit on bad loans rather than foreclose or approve short sales or loan modifications.
May 2009 The "Helping Families Save Their Homes Act of 2009" provides renters impacted by foreclosure with additional protections.
December 2009 Nationwide campaign to push the The Home Affordable Modification Program (HAMP) continues an artificial delay of foreclosures, but ultimately helps only a few.
April 2010 Home Affordable Foreclosure Alternatives (HAFA) promotes short sales and deeds-in-lieu of foreclosure, but has little impact beyond delaying the inevitable.
October 2010 Robo-signing scandal over documentation issues in judicial foreclosure filings leads to nationwide delays in foreclosure sales.
Released 1/18/2010 by ForeclosureRadar.com
The first half of 2010 saw relatively good news for most participants in the foreclosure market. Foreclosure cancellations rose as homeowners saw more short sales and loan modifications approved. Investors quickly flipped their foreclosure purchases for solid profits as buyers hurried to take advantage of tax credits. As the tax credits expired, however, the market began to slow. Foreclosure cancellations also began to drop as the government push for loan modifications waned and short sales slowed with the rest of the housing market. Finally, in the beginning of the third quarter, the robo-signing scandal led to dramatically lower foreclosure sales, including a complete halt by Bank of America for nearly two months.
Foreclosure Starts 2007-2010
For the first time since the foreclosure crisis began, Arizona, California, and Nevada saw a drop in the filing of new foreclosure actions. Oregon and Washington, however, continued to climb, but with much lower percentage increases than the prior 2 years.
State 2007 2008 2009 2010
Arizona # Starts 45,225 109,086 145,423 119,790
% Change n/a +141% +33% -18%
California # Starts 280,095 442,612 504,425 338,999
% Change n/a +58% +14% -33%
Nevada # Starts 38,690 75,814 106,42 86,010
% Change n/a +96% +40% -19%
Oregon # Starts 8,176 14,371 22,302 24,574
% Change n/a +76% +55% +10%
Washington # Starts 14,844 27,966 36,947 42,161
% Change n/a +88% +32% +14%
Foreclosure Starts represent: Notice of Default filings in CA, NV and OR; Notice of Trustee Sale filings in AZ and WA.
Foreclosure Sales 2007-2010
Foreclosure sales dropped in 2010 for the first time in Arizona and Nevada. California dropped for the second year in a row, while Oregon and Washington both saw increased foreclosure sales.
State 2007 2008 2009 2010
Arizona # Sales 18,775 66,685 94,979 7 0,588
% Change n/a +255% +42% -26%
California # Sales 96,901 251,544 202,215 189,810
% Change n/a +160% -20% -6%
Nevada # Sales 11,242 37,637 45,420 42,828
% Change n/a +235% 21% -6%
Oregon # Sales 1,809 6,129 12,056 16,781
% Change n/a +239% +97% +39%
Washington # Sales 4,724 11,810 22,699 25,920
% Change n/a +150% +92% +14%
Foreclosure Sales is based on auction sales either back to the bank or to a 3rd party. Numbers based on auction results except for 2007 to 2009 for states other than CA where we counted the filing of trustees deeds.
Past 5 Year Foreclosure History at a Glance
Foreclosure Crisis Milestones February 2005 Fed Chairman Alan Greenspan tells the US House Financial Services Committes that: "I don't expect that we will run into anything resembling a collapsing [housing] bubble."
February 2006 Fed Chairman Ben Bernanke says, "Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise, but not at the pace that they had been rising."
May 2007 Fed Chairman Ben Bernanke says, "We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system."
July 2008 The Housing Economic Recovery Act is signed into law. Clearly too little, too late.
September 2008 Fannie Mae and Freddie Mac are put into conservatorship by the US Treasury as concerns about their ability to raise capital and debt threaten to disrupt the US housing and financial markets.
September 2008 Treasury Secretary Henry Paulson announces the Troubled Assets Relief Program (TARP). Though in the end troubled assets were largely purchased by the Fed rather than through TARP, it signaled the beginning of significant government intervention into the foreclosure market.
September 2008 CA Senate Bill 1137 goes into affect. While intended to slow foreclosures and increase loan modifications, it accomplished little more than foreclosure delays.
February 2009 The American Recovery and Reinvestment Act offers tax credit for first-time homebuyers, which is later extended to April 2010 and expanded to include repeat buyers. Like cash-for-clunkers it provides short-term stimulus to the housing market.
March 2009 Obama Administration announces "Making Home Affordable" loan modification program (HAMP), creating the most exotic mortgage ever offered, and lawmakers request a voluntary foreclosure moratorium pending implementation.
April 2009 Financial Accounting Standards Board approves mark-to-model for mortgage-backed securities creating incentives for lenders to sit on bad loans rather than foreclose or approve short sales or loan modifications.
May 2009 The "Helping Families Save Their Homes Act of 2009" provides renters impacted by foreclosure with additional protections.
December 2009 Nationwide campaign to push the The Home Affordable Modification Program (HAMP) continues an artificial delay of foreclosures, but ultimately helps only a few.
April 2010 Home Affordable Foreclosure Alternatives (HAFA) promotes short sales and deeds-in-lieu of foreclosure, but has little impact beyond delaying the inevitable.
October 2010 Robo-signing scandal over documentation issues in judicial foreclosure filings leads to nationwide delays in foreclosure sales.
Wednesday, January 5, 2011
Most Expensive Homes in 2010
Greetings! It's good to dream because deaming allows you to imagine having things you desire. You have to dream in order to be inspired to take action to make a dream come true. Maybe owning a $15 million dollar home isn't one of your dreams, but it sure is fun to imagine living in one. Take a look at what Zillow.com has determined to be the most expensive homes sold in 2010. Maybe it will remind you of your dreams and inspire you to start taking action to make those dreams come true. For the complete article and more photos of each homes visit http://www.zillow.com/blog/some-of-2010s-top-real-estate-sales-in-u-s/2010/12/20/?scid=emm-010411_JanBuzzSold-all Enjoy!
********************
Some of 2010’s Top Real Estate Sales in U.S.
By: Diane Tuman, Zillow Content Manager
December 20, 2010
The sexiest real estate list each year is the Most Expensive Homes for Sale in the U.S., but the flip side of that list is what did these homes sell for, if they indeed did sell? While multi-million dollar price tags create oohs and aahs, it’s nothing more than a price tag until it’s sold. For example, the Spelling Manor is still on the market at $150 million, followed by Tranquility and Versailles – each at $100 million. Will they eventually get their price? Who knows. But, as we conclude 2010, here are some homes that sold for top dollar in 2010 in the U.S., according to Zillow data:
1. Le Belvedere – Bel Air, CA (above)
Original list price: $85 million
Sold price: $50 million
Lots has been written about Le Belvedere, which was owned by real estate developer Mohamed Hadid who then reportedly sold it this June to Sarp Turanligil, a Turkish businessman, for $50 million. But, here’s where the confusion begins: According to the Wall Street Journal, an associate of Turanligil’s claims he never owned the home, but was managing business for a company that bought the home. Since then, the home changed titles twice to two different limited-liability companies. Who owns Le Belvedere? No one seems to know, but one thing is certain: this appears to be the house that sold for the most money in 2010.
2. Carbon Beach Gem – Malibu, CA (above)
Original list price: $57 million
Sold price: $36,969,000
This 12,785-sq ft Malibu beauty was sold in October for a final price of $36,969,000. Located on Billionaires Beach, where you could run into celebrities such as Jennifer Aniston and David Geffen, this oceanfront estate sits on three-quarters of an acre and includes 180 feet of frontage on Malibu’s coveted Carbon Beach. It includes 8 bedrooms, 12 bathrooms, 9 wood-burning fireplaces, an oceanfront swimming pool and spa. Take in the Pacific Ocean from the many terraces or the rooftop widow’s walk.
3. Malibu Colony Beach House - Malibu, CA (above)
Original list price: $23,950,000
Sold price: $21,475,000
Doing the math, this 5,000 sq ft home sold for $4,295 a foot, making the final sold price $21,475,000. With about one-third of beach frontage as #2 above and only 5,000 sq ft, this is all about location in coveted Malibu Colony where the likes of Tom Hanks, Bill Murray and other celebs might roam. Situated on one-half acre, this estate includes a main residence with 4 bedrooms, including a grand master suite, 2 additional oceanfront bedrooms, and a grand living/great room with open kitchen facing the water. Two separate guest suites and a gym are situated away from main residence, plus there’s a pool and spa in the back.
4. Pebble Beach Jewel – Pebble Beach, CA (above)
Original list price: $25 million
Sold price: $18,750,000
Cradled in an elbow of beauty near Pebble Beach’s famous 17-mile drive is this newly built Cypress Drive estate of 9,750 sq ft, containing 6 bedrooms and 4.5 bathrooms. Out one set of windows is the surf crashing along Pebble Beach’s craggy coast where harbor seals come to visit and out the back is the manicured greens of the fabled Pebble Beach Golf Resort. Gracious, indoor-outdoor California living includes a home theater, two family rooms, wine cellar, outdoor fireplaces, elevator and separate guest house. Fore!
5. Bel Air Mediterranean – Bel Air, CA (above)
Original list price: $24,500,000
Sold price: $16,250,000
Is this a multi-million dollar flipper? This enormous, 13,056-sq ft Mediterranean estate was sold in May for $16,250,000 and is already back on the market, first in September for $19,500,000 and then recently reduced in November to $18,750,000. Mauricio Umansky, who is married to Kyle Richards of the “Real Housewives of Beverly Hills” reality series, is the listing agent. The property has 7 bedrooms and 11 bathrooms and is sited overlooking the Bel Air Country Club. On the manicured grounds is a grand cabana with inground pool and sport court.
6. Dramatic Delray — Delray Beach, FL (above)
Original list price: $24,900,000
Sold price: $12,650,000
This home was originally listed for $24,900,000 way back in 2008 and then experienced a series of price drops all the way to April 2010 where it finally sold for $12,650,000. And then guess what? It just came back on the market in November for $19,950,000. Is this possibly another multi-million-dollar flipper? Located along Florida’s Gold Coast, this newly renovated, 14,679 sq ft Mediterranean estate has 150 feet of frontage with a commanding 16-foot elevation overlooking the Atlantic. Designed for large-scale formal entertaining, it has two private pool areas: one in an Old World style and the other near the dunes aside breezy lounge patios.
7. Upper East Side – New York, NY (above)
Original list price: $17 million
Sold price: $13,150,000
Just around the corner from prestigious Park Avenue, this grand, 20-foot-wide mansion was sold in September after originally being listed for $17 million in 2009. And look: it’s now for rent for $48,000/month! This handsome, 8,000 sq ft Upper East Side mansion has 6 bedrooms and 6 bathrooms over five floors, a main and service entrance, and two kitchens connected with back stairs.
8. Santa Barbara Villa – Santa Barbara, CA (above)
Original list price: $16 million
Sold price: $13 million
It’s Santa Barbara, but this villa feels very much like Tuscany with its Old World design of warm sun-splashed stucco and plaster walls, arched columns, rich granite floors, wooden box beam ceilings, and elaborate tiered stone walkways to expansive terraces and the pool. The sweet surprise here is the 8,592-sq ft home was built in 2000 — not centuries ago as one would imagine. Features include ocean and island views, state-of-the-art media, electronics and mechanical systems. Main residence includes 5 bedrooms and 6.5 baths. Detached guest house includes 1 bedroom, 1 bath with large loggia.
9. Gulf Coast Grace – Naples, FL (above)
Original list price: $15.9 million
Sold price: $13 million
Originally listed for $15.9 million in 2009, this Gulf Coast gem was snatched up for $13 million early in 2010. The Mediterranean-style estate is located on three-quarters of an acre on Naples Bay. A generous 9,394 sq ft of living space contains custom touches of limestone flooring inside and Grey Gold Jerusalem limestone outside on the expansive covered lanai surfaces. Features include a two-level study, 1,000-bottle wine room, multi-tiered cascading pool with glass mosaic tile, 80-foot dock, geothermal heating and fiber-optic lighting.
10. Livin’ The High Life – Highland Beach, FL
Original list price: $18,900,000
Sold price: $12,650,000
With Florida’s Intracoastal Waterway out the back door and the Atlantic Ocean out the front door, there is water, water, everywhere. This 17,804-sq ft Italianate-style villa was first listed for $18.9 million back in 2008, then it was reduced by nearly $4 million in March 2010, falling to $14,950,000. In April, it sold for $12.65 million. Now, it’s back on the market for $14.95 million. Go figure. Walk across the manicured tropical grounds, then the dunes to access your 100 feet of beachfront on the Atlantic. The main residence contains 5 bedrooms, 8 baths, library with fireplace, elevator, and garages to accommodate 5 cars. The two-story carriage/guest house comprises 4,100 sq ft and includes a living room, kitchen, two sitting rooms, 3 bedrooms and 3 baths.
********************
Some of 2010’s Top Real Estate Sales in U.S.
By: Diane Tuman, Zillow Content Manager
December 20, 2010
The sexiest real estate list each year is the Most Expensive Homes for Sale in the U.S., but the flip side of that list is what did these homes sell for, if they indeed did sell? While multi-million dollar price tags create oohs and aahs, it’s nothing more than a price tag until it’s sold. For example, the Spelling Manor is still on the market at $150 million, followed by Tranquility and Versailles – each at $100 million. Will they eventually get their price? Who knows. But, as we conclude 2010, here are some homes that sold for top dollar in 2010 in the U.S., according to Zillow data:
1. Le Belvedere – Bel Air, CA (above)
Original list price: $85 million
Sold price: $50 million
Lots has been written about Le Belvedere, which was owned by real estate developer Mohamed Hadid who then reportedly sold it this June to Sarp Turanligil, a Turkish businessman, for $50 million. But, here’s where the confusion begins: According to the Wall Street Journal, an associate of Turanligil’s claims he never owned the home, but was managing business for a company that bought the home. Since then, the home changed titles twice to two different limited-liability companies. Who owns Le Belvedere? No one seems to know, but one thing is certain: this appears to be the house that sold for the most money in 2010.
2. Carbon Beach Gem – Malibu, CA (above)
Original list price: $57 million
Sold price: $36,969,000
This 12,785-sq ft Malibu beauty was sold in October for a final price of $36,969,000. Located on Billionaires Beach, where you could run into celebrities such as Jennifer Aniston and David Geffen, this oceanfront estate sits on three-quarters of an acre and includes 180 feet of frontage on Malibu’s coveted Carbon Beach. It includes 8 bedrooms, 12 bathrooms, 9 wood-burning fireplaces, an oceanfront swimming pool and spa. Take in the Pacific Ocean from the many terraces or the rooftop widow’s walk.
3. Malibu Colony Beach House - Malibu, CA (above)
Original list price: $23,950,000
Sold price: $21,475,000
Doing the math, this 5,000 sq ft home sold for $4,295 a foot, making the final sold price $21,475,000. With about one-third of beach frontage as #2 above and only 5,000 sq ft, this is all about location in coveted Malibu Colony where the likes of Tom Hanks, Bill Murray and other celebs might roam. Situated on one-half acre, this estate includes a main residence with 4 bedrooms, including a grand master suite, 2 additional oceanfront bedrooms, and a grand living/great room with open kitchen facing the water. Two separate guest suites and a gym are situated away from main residence, plus there’s a pool and spa in the back.
4. Pebble Beach Jewel – Pebble Beach, CA (above)
Original list price: $25 million
Sold price: $18,750,000
Cradled in an elbow of beauty near Pebble Beach’s famous 17-mile drive is this newly built Cypress Drive estate of 9,750 sq ft, containing 6 bedrooms and 4.5 bathrooms. Out one set of windows is the surf crashing along Pebble Beach’s craggy coast where harbor seals come to visit and out the back is the manicured greens of the fabled Pebble Beach Golf Resort. Gracious, indoor-outdoor California living includes a home theater, two family rooms, wine cellar, outdoor fireplaces, elevator and separate guest house. Fore!
5. Bel Air Mediterranean – Bel Air, CA (above)
Original list price: $24,500,000
Sold price: $16,250,000
Is this a multi-million dollar flipper? This enormous, 13,056-sq ft Mediterranean estate was sold in May for $16,250,000 and is already back on the market, first in September for $19,500,000 and then recently reduced in November to $18,750,000. Mauricio Umansky, who is married to Kyle Richards of the “Real Housewives of Beverly Hills” reality series, is the listing agent. The property has 7 bedrooms and 11 bathrooms and is sited overlooking the Bel Air Country Club. On the manicured grounds is a grand cabana with inground pool and sport court.
6. Dramatic Delray — Delray Beach, FL (above)
Original list price: $24,900,000
Sold price: $12,650,000
This home was originally listed for $24,900,000 way back in 2008 and then experienced a series of price drops all the way to April 2010 where it finally sold for $12,650,000. And then guess what? It just came back on the market in November for $19,950,000. Is this possibly another multi-million-dollar flipper? Located along Florida’s Gold Coast, this newly renovated, 14,679 sq ft Mediterranean estate has 150 feet of frontage with a commanding 16-foot elevation overlooking the Atlantic. Designed for large-scale formal entertaining, it has two private pool areas: one in an Old World style and the other near the dunes aside breezy lounge patios.
7. Upper East Side – New York, NY (above)
Original list price: $17 million
Sold price: $13,150,000
Just around the corner from prestigious Park Avenue, this grand, 20-foot-wide mansion was sold in September after originally being listed for $17 million in 2009. And look: it’s now for rent for $48,000/month! This handsome, 8,000 sq ft Upper East Side mansion has 6 bedrooms and 6 bathrooms over five floors, a main and service entrance, and two kitchens connected with back stairs.
8. Santa Barbara Villa – Santa Barbara, CA (above)
Original list price: $16 million
Sold price: $13 million
It’s Santa Barbara, but this villa feels very much like Tuscany with its Old World design of warm sun-splashed stucco and plaster walls, arched columns, rich granite floors, wooden box beam ceilings, and elaborate tiered stone walkways to expansive terraces and the pool. The sweet surprise here is the 8,592-sq ft home was built in 2000 — not centuries ago as one would imagine. Features include ocean and island views, state-of-the-art media, electronics and mechanical systems. Main residence includes 5 bedrooms and 6.5 baths. Detached guest house includes 1 bedroom, 1 bath with large loggia.
9. Gulf Coast Grace – Naples, FL (above)
Original list price: $15.9 million
Sold price: $13 million
Originally listed for $15.9 million in 2009, this Gulf Coast gem was snatched up for $13 million early in 2010. The Mediterranean-style estate is located on three-quarters of an acre on Naples Bay. A generous 9,394 sq ft of living space contains custom touches of limestone flooring inside and Grey Gold Jerusalem limestone outside on the expansive covered lanai surfaces. Features include a two-level study, 1,000-bottle wine room, multi-tiered cascading pool with glass mosaic tile, 80-foot dock, geothermal heating and fiber-optic lighting.
10. Livin’ The High Life – Highland Beach, FL
Original list price: $18,900,000
Sold price: $12,650,000
With Florida’s Intracoastal Waterway out the back door and the Atlantic Ocean out the front door, there is water, water, everywhere. This 17,804-sq ft Italianate-style villa was first listed for $18.9 million back in 2008, then it was reduced by nearly $4 million in March 2010, falling to $14,950,000. In April, it sold for $12.65 million. Now, it’s back on the market for $14.95 million. Go figure. Walk across the manicured tropical grounds, then the dunes to access your 100 feet of beachfront on the Atlantic. The main residence contains 5 bedrooms, 8 baths, library with fireplace, elevator, and garages to accommodate 5 cars. The two-story carriage/guest house comprises 4,100 sq ft and includes a living room, kitchen, two sitting rooms, 3 bedrooms and 3 baths.
Monday, January 3, 2011
2011 Economic Forecast
Happy New Year! 2011 is here.
Below is an article from the California Association of Realtors on this years economic forecast. Their source for this article is the Chapman University, The A. Gary Anderson Center for Economic Research. Hope you find this as a helpful insite for the year 2011.
Thanks!
Crista
Forecast shows employment, housing increases in 2011
The A. Gary Anderson Center for Economic Research at Chapman University released the results of its 33rd annual economic forecast for the U.S. and California this week.
According to the forecast, the economic recovery will continue at a relatively slow pace in 2011, but will be enough to generate 1.7 million net new jobs nationwide, which will cause the national unemployment rate to drop about one percent, to 8.6 percent, by year-end 2011.
Although housing affordability is at historically high levels, the forecast finds there will be no sharp rebound in housing next year. The forecast calls for housing starts to increase 7.2 percent, from 600,000 to 640,000 units. Home buyers’ concerns about unemployment and the ongoing problems in the mortgage industry, coupled with a large excess supply of vacant units on the market, will constrain production of new homes.
The forecast also calls for continuing improvement in resale housing prices in 2011, with housing prices nationwide increasing 3.3 percent. Like new housing starts, home prices will be constrained by consumer anxiety as well as the significant overhang of vacant housing units on the market.
In California, employment is forecasted to increase by 1.2 percent—167,000 net new payroll jobs, with the job recovery positively affecting housing demand. And the expected rebound in income, low mortgage rates, and lower home prices are helping to keep housing affordability at historical highs, leading to increased housing demand, particularly for first-time home buyers.
A pickup in new residential construction, high inventory of resale homes, and existing shadow inventory will mostly offset the positive factors influencing demand.
For the complete article visit this site: http://www.chapman.edu/images/userImages/cwilliam/Page_4388/Dec2010_Forecast%20Press%20Release.pdf
Below is an article from the California Association of Realtors on this years economic forecast. Their source for this article is the Chapman University, The A. Gary Anderson Center for Economic Research. Hope you find this as a helpful insite for the year 2011.
Thanks!
Crista
Forecast shows employment, housing increases in 2011
The A. Gary Anderson Center for Economic Research at Chapman University released the results of its 33rd annual economic forecast for the U.S. and California this week.
According to the forecast, the economic recovery will continue at a relatively slow pace in 2011, but will be enough to generate 1.7 million net new jobs nationwide, which will cause the national unemployment rate to drop about one percent, to 8.6 percent, by year-end 2011.
Although housing affordability is at historically high levels, the forecast finds there will be no sharp rebound in housing next year. The forecast calls for housing starts to increase 7.2 percent, from 600,000 to 640,000 units. Home buyers’ concerns about unemployment and the ongoing problems in the mortgage industry, coupled with a large excess supply of vacant units on the market, will constrain production of new homes.
The forecast also calls for continuing improvement in resale housing prices in 2011, with housing prices nationwide increasing 3.3 percent. Like new housing starts, home prices will be constrained by consumer anxiety as well as the significant overhang of vacant housing units on the market.
In California, employment is forecasted to increase by 1.2 percent—167,000 net new payroll jobs, with the job recovery positively affecting housing demand. And the expected rebound in income, low mortgage rates, and lower home prices are helping to keep housing affordability at historical highs, leading to increased housing demand, particularly for first-time home buyers.
A pickup in new residential construction, high inventory of resale homes, and existing shadow inventory will mostly offset the positive factors influencing demand.
For the complete article visit this site: http://www.chapman.edu/images/userImages/cwilliam/Page_4388/Dec2010_Forecast%20Press%20Release.pdf
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