In the ongoing saga known as real estate, things have for the most part come to a stand still here in the CiIty... Agents I know have plenty of listings, but still no buyers...
So I would like remind agents if you have an interesting listing and care to share it with the readers of this blog, drop me a note and I'll find the space to help get the word out...
Clearly prices are a concern to everyone not only buying but selling... the Wall Street Journal today takes a look at where those prices are headed in the future...
The Future for Home Prices
Over the past few years, Americans have had a brutal lesson in the risks of real estate. House prices have crashed more than 35% in some parts of the country, millions of people are losing their homes to foreclosure, and banks are failing.
The takeaway? Many Americans still see real estate as their best shot at wealth. In survey after survey, people expect prices to bounce back -- in some cases, as soon as six months from now.
Those hoping for a quick rebound are likely to be disappointed. Economists and other pros generally say home prices won't bottom out before the second half of 2009, and some don't see a bottom until 2011 or 2012. Even when they stop falling, prices may scrape along the bottom of the rut for years.
Down the Road
And longer term? Over the next 10 to 20 years, housing economists expect prices will rise again -- but, on average, probably not nearly as much as they've averaged over the past decade. That isn't to say that some places won't experience booms (and busts). But, the experts say, you should generally expect house prices to rise just a bit more than inflation and roughly in line with household income.
Karl Case, an economics professor at Wellesley College whose name adorns the S&P Case-Shiller home-price indexes, has studied U.S. house prices going back to the 1890s. Over the long run, he says, home prices tend to increase on average at an inflation-adjusted rate of 2.5% to 3% a year, about the same as per capita income. He thinks that long-run pattern is likely to continue, despite the recent choppiness.
I'm sure you've heard by now the Treasury department is floating a plan to offer 30 year mortgages at 4.5 percent. Now of course if this does turn out to be true, things are bound to pick up...
Obviously the plan was floated as a trial balloon, and there is going to be plenty of reaction... but the big question is, who will that impact folks with jumbos...
Silicon Valley mortgage brokers could barely contain their enthusiasm as news leaked from Washington of a proposal to reignite the dormant housing market by driving down mortgage rates to the 4.5 percent range.
The plan, which reportedly could be announced as early as next week, has the potential to dramatically boost the housing market and the faltering economy by stimulating stagnant home sales and significantly lowering monthly mortgage payments for millions of Americans.
"It would be a dream come true," said Cathy Warshawsky of Bay Area Loan in San Jose, the president of the Silicon Valley chapter of the California Association of Mortgage Brokers.
At rates of 4.5 percent for a fixed, 30-year loan, "We would have everybody and their brother who had equity in their homes coming to refinance. That would be an amazing influx of loan applications. It would keep things going for a long, long time."
The Treasury Department is reportedly considering several plans, including one proposed by the Financial Services Roundtable, a lending industry trade group, that could drop mortgage rates on 30-year loans by about 1 percentage point. Under that group's plan, the Treasury Department would buy mortgage-backed securities from the government-sponsored entities Fannie Mae and Freddie Mac, which own or guarantee almost half of U.S. home mortgages.
there you go... the headline you never see... while 1 in 10 American's are underwater with their mortgages, a full 90 percent of us are not...
WASHINGTON -- A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted from risky loans to the crumbling U.S. economy.
The percentage of loans at least a month overdue or in foreclosure was up from 9.2 percent in the April-June quarter, and up from 7.3 percent a year earlier, the Mortgage Bankers Association said Friday.
The foreclosure crisis continued to be concentrated in states like Florida, where a stunning 7.3 percent of all loans were in foreclosure at the end of September, by far the highest in the country.
In Nevada, the number was 5.6 percent. It was 3.9 percent in California -- compared with about 3 percent nationally.
Distress in the home loan market started about two years ago as increasing numbers of adjustable-rate loans reset to higher interest rates. But the latest wave of delinquencies is coming from the surge in unemployment.
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Many years ago I learned when I was working for one of those big fancy 24 news networks, it didn't matter how many times you suggested a story, it wasn't a story until the New York Times did the story...
So now it's official... for months I've been saying it's time to buy... the 30 percent off coupon we've all been waiting for is here... so get out there San Francisco and buy....
Maybe It’s Time to Buy That First House
Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers.
Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage.
Unfortunately, we do not know when this golden age will begin, because we will be able to identify a bottom to the housing market only with the benefit of hindsight. But as it does with the stock market, the moment will probably arrive when everyone is feeling the most pessimistic.
That moment is certainly getting closer. Housing prices have fallen drastically from their peak levels in many areas of the country. Rates on 30-year fixed-rate mortgages are already close to 5.5 percent, and this week there were suggestions that the federal government might try to drive them down to 4.5 percent, a truly incredible figure to be able to lock in for three decades.
Meanwhile, first-time home buyers have the same advantage they have always had, which is that they do not have to sell their old place before buying a new one. That is an added advantage in areas where many available houses simply are not moving, because the people trying to sell them will not be bidding against you.
If you’re hoping for a recovery in the housing market, you ought to be cheering on the first-time home buyers. When they purchase homes, their sellers are free to move on or move up, stimulating further sales.
But if you are a potential first-time buyer yourself, or lending or giving the down payment to one, you are probably as frightened as you are tempted by all the “For Sale” signs that have become “On Sale” signs. So let’s quickly review some of the still-grim pricing data in certain areas — and consider the reasoning offered up by first-time buyers who have forged ahead anyhow.
If you haven't been reading the Australian newspapers lately, you might have missed that the Chinese have been coming to town looking for deals... Yes, the very same people who have been keeping the US economy afloat are doing there best to sure up housing prices....
Chinese go shopping for US real estate
CARAVANS of cash-rich Chinese in Hummers and Lincoln Navigators have been weaving through US neighbourhoods in recent months, looking for foreclosures and other bargain properties to buy.
With housing prices crashing in the US, home-buying trips to America are becoming one of the more popular tour group packages in China. New US visa rules for Chinese tourists and a loosening of foreign investment policies by China have made it easier for people such as Zhao Hongjun of Beijing to go house hunting.
The 48-year-old owner of a media company went on a two-week road trip through the US last northern autumn, visiting scenic sites and checking out properties from Los Angeles to New York. He has been following the swoon in prices ever since, and next month is considering joining another prospecting group that is heading for San Francisco, Los Angeles and Las Vegas — three of the hardest hit housing markets in the US.
Mr Zhao's budget: $US1 million ($A1.5 billion).
"LA is not bad; a lot of Chinese live there," he said, saying that he was interested in apartments and detached houses.
In what is a glorified press release (see below) ,the Altos company has once again invested their time and money to remind us that the price of homes continue to fall... So rather than just repeat their bad news, and give them the plug they were hoping for... I'll dig out the one gem in the story... Of the twenty six cities they reference in their report, San Francisco had the fastest turnover with an average of 92 days... once again going to distance to find the nugget of good news in the real estate market...
PRESS RELEASE (but somewhat useful)
The Altos 10-City Composite Price Index showed a decline in asking prices of 0.8% in November and 2.4% for the past three months. Prices of properties listed for-sale fell in 20 of 26 major markets according to the Real-Time Housing Market Report, published by Altos Research, the premier source for real-time real estate research, and market analysis consultancy Real IQ.
Asking prices fell at the fastest rate in Las Vegas - down 3.3% during November - and 6.9% over the most recent three-month period. This marks the eighth consecutive month that Las Vegas has posted the fastest rate of declining prices among major markets. Listing prices rose at the fastest rate in Houston - up 2.4% in November. Denver, Dallas and Houston are now the only markets showing three months of sequential price increases.
"Tight credit, job losses and plunging consumer confidence continued to pressure listing prices in most major markets during November," said Michael Simonsen, CEO and co-founder of Altos Research. "Recent government actions to reduce mortgage rates and slow the pace of foreclosures could finally start to stem the decline but we don't expect to see major changes until at least mid-2009."
Inventory levels declined in 24 of 26 major markets with only Phoenix and Las Vegas registering small increases. Across the 10-City Composite Index markets, inventory declined by 5.1% in November and 7.5% over the past three months. Inventory fell by the largest amounts in Boston, San Francisco and Seattle. "Inventory levels have continued to decline for many months and November was no exception," said Stephen Bedikian, partner and research director for Real IQ. "The real estate industry continues to work through the large inventory overhang but only very slowly."
Twenty-four of 26 markets had an average days-on-market of 100 or more. The average days-on-market rose in all but one market - Las Vegas - where it was effectively flat during November. By far, the market with the slowest rate of inventory turnover was Miami at an average of 179 days-on-market. Miami has experienced the slowest market turnover in every month since September 2007. San Francisco enjoyed the fastest rate of turnover with an average days-on-market of 92.
How many times have you seen this? A contractor buys the building next to yours with hopes of turning a building full or rentals into high end condos...
Daria Benedict had been in escrow for nearly a year on a 725-square-foot loft in the Chapman building in downtown Los Angeles when she got the first indication that the rehabilitation of the historic office building into high-end condos might have hit a snag.
The developer of the former Los Angeles Investment Co. building asked for a larger deposit on Benedict's purchase of a 13th-floor unit that promised an open floor plan and oversized windows. Benedict, who works for NBC's "Tonight Show," had to scramble to find the extra cash.
But it hardly mattered. In May, the developers took the Chapman building off the market altogether, returned buyers' deposits and instead opted to rent out the 168 units.
The Chapman found itself at the front of a rather unenviable trend: In the midst of a downturn in the real estate market, some developers are finding that they no longer can sell condos in buildings that even a year ago would have been quickly snapped up. Flummoxed by a precipitous drop in qualified buyers, they are choosing to rent out their buildings instead.
It's happening in downtown Los Angeles, and to a lesser degree in Hollywood and the San Fernando Valley -- areas where high-density housing has sprung up in recent years.
And the shift raises questions about some of the fundamental assumptions surrounding urban development. Instead of buyers who can afford the hefty down payments and mortgages, some of these developments are now attracting renters who need only put down rents of $1,500 to $4,500 a month.
This is truly a deal in San Francisco. When do you ever see a home that’s not in foreclosure, listed at $328k? Not often! There’s also a bonus involved- $1500 bonus if closed by 12/31/2008, which is enough time for you to check out the house and do some research on other comparable homes. This single family home comes with three bedrooms and a bath. This lovely home just needs a bit of TLC. It’s also close to Muni and freeways 101 & 280. Schedule an open house today!
Real Estate's voice of doom, aka Zillow has spoken from high atop of their Seattle headquarters...
They announced today homes owners had lost trillions of dollars worth of value in their homes this year... They're right on all accounts, and things don't seem to be getting better, but what they didn't mention was mortgage rates on are the slide (I realize the two facts are not connected, but I'm looking for good news)... and I mean that in a good way... Zillow listed today's rate for a 30 year fixed mortgage at 5.01%... So while we all might be losing value, there's always the chance to get a better mortgage and to remind yourself you don't live in Denver where the temperature was -10 last night...
NEW YORK (Reuters) - Homes in the United States have lost trillions of dollars in value during 2008, with nearly 11.7 million American households now owing more on their mortgage than their homes are worth, real estate website Zillow.com said on Monday.
U.S. homes are set to lose well over $2 trillion in value during 2008, according to an analysis of recent Zillow Real Estate Market Reports.
Home values declined 8.4 percent year-over-year during the first three quarters of this year, compared to the same period in 2007, the reports showed.
U.S. home values lost $1.9 trillion from the first of the year through the end of the third quarter, and will probably fall further in the fourth quarter. One in seven of all homeowners, or 14.3 percent, were "underwater" by the end of the third quarter, the reports showed.
"This year marked the acceleration of the market correction, and is likely to end with the eighth consecutive quarter of declines in home values," Dr. Stan Humphries, Zillow's vice president of data and analytics, said in a statement.
"In general, homeowners in most areas we cover are struggling with foreclosures pouring into the market, large amounts of negative equity and dropping home values. On the positive side, in the third quarter, some markets - particularly those hit hardest in the downturn - showed smaller year-over-year declines than in the prior quarter," he said.
"Our optimism here, though, must be tempered by the knowledge that the larger economic problems that emerged in the fourth quarter will likely further challenge the real estate market," he said.
The U.S. housing market is suffering the worst downturn since the Great Depression as a huge supply of unsold homes, tighter lending standards and record foreclosures push down home prices.
Agents have been telling me for weeks, and I heard it for myself yesterday... Buyers are actually asking for specific title companies to handle their title work... For the life of me I can't figure out what has brought about the change... I haven't seen title company ads popping up on the Bart or on MUNI, so what gives?
Is cost suddenly a concern?
Is Old Republic suddenly hip?
If anyone knows, or wants to venture a guess, this is the place do it...
If you're looking to put a positive spin on the news of the day... no one does it better than the folks at the California Association of Realtor...
Here's what they had to say today...
LOS ANGELES (Dec. 16) – Rising home sales, declining home prices, stricter loan underwriting standards, and the financial market meltdown contributed to a turbulent year in California’s housing market, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “State of the California Housing Market 2008-2009” report released today.
Sales generally improved over last year in all parts of the state, with significant price declines leading to sharp increases in the Central Valley and Southern California . Sales of existing detached homes hit bottom in the last quarter of 2007, and have since risen in year to year comparisons. Following two years of steep declines exceeding 20 percent, annual sales in the California housing market are expected to increase 12 percent to 395,600 in 2008, with a further 12.5 percent annual increase projected for 2009. The increase in sales is largely attributed to the growth in the absorption of distressed properties with mark-downs in prices.
Consistent with the increasing trend of distressed sales, almost one of five (19.8 percent) sellers sold their property because the property was in foreclosure, short sales, or default, an increase of 6 percent from 2007.
“Many home sellers sold their properties at a loss, as price declines eliminated equity gains,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “The number of sellers who sold their home with a loss almost doubled from 11.9 percent in 2007 to a record-setting 22.2 percent in 2008, well above 1.9 percent in 2006, and almost triple the long-term average of 7.7 percent.”
Homes in the mid-to-upper price range were less likely than lower-priced homes to suffer a loss from a sale. Twenty-eight percent of sellers with homes valued under $500,000 had a net cash loss in 2008, an increase from 16 percent in 2007; twenty percent with homes valued between $500,000 and $999,999 had a net cash loss in 2008, an increase from 9 percent in 2007; and million-dollar home sellers who had a net cash loss from their home sale dropped from 8 percent in 2007 to 5 percent in 2008.
The long-term value of homeownership again was demonstrated in 2008. Home sellers who owned their properties for a longer period of time, and did not refinance or cash out, were less likely to experience a loss from their home sale. While only 3 percent of sellers who owned their homes for more than five years had a net cash loss from their home sale – unchanged from 2007 --47 percent of sellers who owned their homes for less than three years had a net cash loss in 2008, an increase from 34 percent in 2007; thirty-three percent of sellers who owned their homes between three to five years had a net cash loss in 2008, a jump from 7 percent in 2007.
The median price of existing homes, including single-family homes, condos, and townhomes, declined by 17.8 percent to $440,000 in 2008, compared with $535,000 a year earlier. The decline is the largest drop in price since the inception of the study, surpassing the record decline of 10.2 percent set in 1995.
“The market will continue to experience large year-to-year decreases in the coming months before leveling out in 2009. The statewide median price is expected to decline 31.7 percent to $381,000 for 2008, the first decline since 1996. The statewide median price will further decline by 6 percent in 2009 to $358,000,” Appleton-Young added.
Affordability increased dramatically in 2008 resulting from the decline in median home prices. C.A.R.’s First-Time Buyer Housing Affordability Index (FTB-HAI) rose to 53 percent during the third quarter. The FTB-HAI measures the percentage of households that can afford to purchase an entry-level home in California . C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state. To view the assumptions and methodology used to calculate C.A.R.’s FTB-HAI, please visit http://www.car.org/economics/marketdata/ftbhaimethodology/
.
“The share of first-time buyers increased from 30.4 percent in 2007 to 35.9 percent in 2008, below the long-run average of 38.3 percent and well below the peak levels of the mid-1990s when half the market consisted of first-timers,” said C.A.R. President James Liptak.
Despite an increase in affordability, the ratio of homes prices to household income remained high for many first-time home buyers. More restrictive lending standards and the credit crunch also resulted in many first-time home buyers’ inability to qualify for a mortgage loan.
Resulting from the ongoing turmoil in the financial market, many financial institutions declined loans that were deemed risky, especially jumbo loans with amounts too big to be guaranteed by Fannie Mae and Freddie Mac.
Restrictive loan underwriting standards led to a decrease in the use of second mortgages. Second mortgages dropped from 32.7 percent in 2007 to 9.3 percent in 2008, the first time it was below 10 percent since 1999 and well below the high of 43.4 percent reached in 2006.
As conventional loans became more difficult to obtain, the percentage of FHA loans as a first mortgage increased significantly in 2008. The percentage of home buyers utilizing an FHA loan increased to 18.8 percent in 2008, compared with 1.2 percent in 2007, partially a result of the Economic Stimulus Act of 2008, which temporarily raised the conforming loan limit in high-cost areas to $729,750 from $417,000 until December 31, 2008. FHA loans typically require lower down payments and have less rigid credit-qualifying guidelines than conventional loans. VA loans also increased from 0.3 percent in 2007 to 2.7 percent in 2008.
Reflecting the fall out from the subprime mortgage meltdown, the share of adjustable rate and hybrid loans among all new first mortgages continued to decrease, declining for the third consecutive year. The market share of these mortgages tumbled from 20.2 percent in 2007 to 7.5 percent in 2008. The market share of fixed-rate mortgages increased sharply from last year’s 74 percent to 91 percent in 2008.
Other key findings from C.A.R.’s “2008-2009 State of the Housing Market” report include:
· Distressed properties sold during 2008 had a median sales price of $330,000, a median price per square foot of $197, and a median size of 1,600 square feet.
· More than half of the distressed properties sold were Real Estate Owned (REO) (54.8 percent), almost one-third were short sales (31.2 percent) and the remainder were foreclosures (14.1 percent).
· Non-distressed properties had a median price of $541,000, a median price per square foot of $315, and a median size of 1,766 square feet.
· Four of five homes (80 percent) sold were discounted in 2008, an increase from 76 percent in 2007. The discount between sales price and list price increased from 4.3 percent in 2007 to a record setting 7.5 percent in 2008, more than double the long-run average of 2.8 percent.
· One of five properties (20.3 percent) fell out of escrow in 2008. Primary reasons include: buyers could not secure a mortgage (33.3 percent); buyer changed mind and decided not to buy (33.3 percent); and buyer could not come up with the down payment (10.8 percent). This question was not asked in previous surveys.
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Down 44 percent in the City, down 22 percent in Marin... Mortgage rates hit a 37 year low yesterday... BUY, BUY, BUY...
THIS IS IT PEOPLE... WE'RE IN A BUYERS' MARKET... BUY, BUY, BUY
Get your mortgages in place, and do what you have to do... if you don't have a mortgage person yet, may i suggest Ed Lynch 415-381-7018 (not a paid endorsement)... finest mortgage person around... People this is the moment we've all been waiting for...
San Francisco Bay area home sales decelerated in November but beat the year-ago mark for the third consecutive month. The allure of discounted foreclosures continued to drive sales in affordable inland markets, which helped push the median sale price down to its lowest point since former President Bill Clinton was in the White House.
The median price paid for all new and resale houses and condos combined in the nine-county Bay Area fell to $350,000 last month. That was down 6.7 percent from $375,000 in October and down a record 44.4% from $629,000 in November 2007, according to MDA DataQuick, a San Diego-based real estate information service.
The November median sale price - the point where half of the homes sold for more and half for less - stood at its lowest since it was $350,000 in September 2000. It was 47.4% below the peak median of $665,000 reached last year in June, July and August.
The median has fallen on a year-over-year basis for 12 consecutive months, yanked lower by several factors: price depreciation; a shift toward more sales in the less-expensive inland markets; slower high-end sales; and buyers' preference for lower-priced foreclosures.
Last month 47.6% of all homes that resold in the Bay Area had been foreclosed on at some point in the prior 12 months, up from 44.0% in October and 10.1% a year ago.
At the county level, foreclosure resales last month ranged from 10.0 percent of resales in San Francisco to 63.6% in Solano County. In the other seven counties, November foreclosure resales were as follows: Alameda, 44.4%; Contra Costa, 63.0%; Marin, 22.6%; Napa, 40.8 percent; Santa Clara, 38.9%; San Mateo, 21.8%; Sonoma, 51.6 percent.
I can tell you things are going to be different this time around.
As someone in the middle of refinancing a home a few things stand out in the process.
1. I actually had to fill out the application before I got the check.
2.The appraised prices is only good for as long as the appraiser is in the house.
3. This time someone actually asked if I had a job.
Trust me, there are more forms, more questions and more documents to fill out then when I first applied for my mortgage... it's a good thing
I would love to hear from others going through the process too...
Mortgage Applications Surge on Falling Rates
Mortgage applications surged by the largest amount on record last week as a new Federal Reserve program pushed interest rates down to their lowest level in more than 3 years, data from an industry group showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended November 28 soared a record 112.1 percent to 857.7, the highest reading since the week ended March 21 when it reached 965.9.
Potential borrowers were lured by enticing mortgage rates, which dropped dramatically after the Federal Reserve unveiled a plan last week to buy up to $500 billion of mortgage securities backed by government-sponsored enterprises, Fannie Mae, Freddie Mac, and Ginnie Mae. The program also entails buying up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
"Many borrowers missed an opportunity to take advantage when rates dropped sharply for a brief period when the GSEs were placed under conservatorship," Orawin Velz, Associate Vice President of Economic Forecasting, said in a statement.
"When rates plummeted following the Fed's announcement that it would buy GSE debt and MBS, many of those on the sidelines decided to quickly jump in and take advantage of lower rates before they began to rebound," she said.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 5.47 percent, down a whopping 0.52 percentage point from the previous week, the largest drop since 1990 when the MBA started conducting the weekly survey.
No one told me there was a sexiest Realtor competition... It's true... The good folks at the San Francisco Examiner where the genuises who came up with the idea... I'm a bit jealous I have to admit...
But without further delay... here are the winners
Miyuki "Mia" Takami of Paragon Real Estate
Milko Encinas of Herth Real Estate
Here is Alex Clark's story for the SF Real Estate Examiner...
What a battle it was, but as the saying goes, all good things must come to an end, and so is the case for our little ego boosting glam event that is the one and only San Francisco's Sexiest Realtor Contest. We have to say the turnout this year blew away that of last year, and we thank all of those that participated.
With over 76,000 votes tallied, we've found two winners. For the women, we're proud to announce San Francisco's Sexiest Female Realtor 2008....Miyuki "Mia" Takami of Paragon Real Estate.
It was an insanely close contest between Mia and Thena Luu DiNapoli, but somehow Mia was able to pull 600+ votes around in the final hours of polling. Truth be told, we were already resizing Thena's photo for the win. Maybe this little plug had something to do with it, or maybe Mia's fans were just a bit more fanatical than Thena's. We'll never know. What we do know is Lee Bender surprised us all! Nice work Lee!
For the men, we're proud to announce San Francisco's Sexiest Male Realtor 2008...Milko Encinas of Herth Real Estate.
It was very surprising (although the same thing happened last year, so maybe we should learn to expect it) to see the men garnered WAY more votes than the women, and Milko handily defeated Rob La Eace by around 18,000 votes. It was close for a while, but then Milko just ran away with it.
It was fun to see the lead change multiple times in both the male and female contests.
Not only do our winners receive the coveted title of San Francisco's Sexiest Realtor, but this year we're throwing in a T-Shirt of their choice. Winners make sure to shoot us an email with your size and we'll make sure to get you one. Also make sure to let us know if you want Real Estate Sucks (means "doesn't suck" for those that don't get blog humor) or Real Estate Sucks.
To all the other contestants, thank you soooo much for being good sports and having fun with this. Thanks to all those that voted, and thanks to all the sites that linked to us. We appreciate it.
We'll see you same time, same place next year, so mark your calendars.
Happy Holidays to all, and to all a good night.
See you in a week (or so, depending on the pow-pow gnar gnar dumping down in them thar hills).
Sellers are once again asking the age old question whether or not to leave their homes on the market over the holidays... A lot of folks I know decided to stay on through Thanksgiving because of the sudden drop in interest rates... But now with the stigma of, "days on the market" (DOM) they're wondering if they should pull their homes off till Spring...
If you're avoiding the DOM curse, pulling it off makes no difference... The internet ensures anyone can figure out how long your house has been out there... That sort of thinking sounds a bit old school to me... the other side of the coin has always been that if someone looks at your home during the holidays, they must be pretty serious...
Let me know what you think... I know plenty of sellers have been calling around...
These numbers just out from the California Association of Realtors...
C.A.R. reports sales increased 83.2 percent; median home price fell 41.8 percent in November
Home sales increased 83.2 percent in November in California compared with the same period a year ago, while the median price of an existing home fell 41.8 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“Statewide sales registered a monthly decline for the first time since the first quarter of this year, reacting in part to the worsening situation in the economy, the financial sector, and in terms of consumer and business confidence,” said C.A.R. President James Liptak. “Despite the month-over-month decline, sales were above the 500,000 home level for the third consecutive month. Sales are now 102 percent above the monthly trough for this cycle, which occurred a year ago in September and October, and are 22.3 percent above sales in 2007 in year-to-date terms.”
Closed escrow sales of existing, single-family detached homes in California totaled 514,710 in November at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 83.2 percent from the revised 280,920 sales pace recorded in November 2007. Sales in November 2008 decreased 6.9 percent compared with the previous month.
The statewide sales figure represents what the total number of homes sold during 2008 would be if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during November 2008 was $285,680, a 41.8 percent decrease from the revised $490,511 median for November 2007, C.A.R. reported. The November 2008 median price fell 5.3 percent compared with October’s revised $301,740 median price.
“The statewide median dropped below $300,000 for the first time since early 2002,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Median prices declined across all regions of the state in year-year terms, with the largest declines occurring in areas with higher concentrations of distressed sales.”
Check out this newly listed Single Family home in Golden Gate Heights! Living room and dining room has wonderful views of Mt. Sutro, forest hillsides and Ocean beach. How awesome is that?! And just in time for the holidays! Fireworks within distance! Home includes 2 bedrooms and 1 full bath on main level and 1 bedroom and half bath on the lower level. Recently remodeled with hardwood floors and new paint. Also includes a one car garage with plenty of storage space and a spacious backyard for entertaining. Get it in time to ring in the 2009!
The S&P/Case-Shiller index of home prices is due out and I can promise you the moans will be audible from one end of the City to the other.
No one is expecting the numbers to show anything other than a continuing downward slide...
Excuses for the downward trend will include tightening credit markets, unemployment and foreclosures...
But the one possible bit of good news, Tuesday's bad news will probably put more pressure on the incoming President to come to the rescue of homeowners.
Over the years it's safe to say I've lost every pet deposit I ever had... Most of the time going into the deal I knew the landlord had no plans to return it...
The NY Times has a great story out over the problems pets and tenants... An all to familiar story for many of us...
The UnDog and the NonCat
In a city awash in creature comforts for those who can still afford them, a few remain unattainable at any price. Some New Yorkers who yearn for the comfort of creatures — specifically, cats and dogs — find themselves stymied by their apartment buildings’ restrictions on pets.
But just as city dwellers are accustomed to settling when it comes to real estate, many aspiring cat and dog owners turn to other species to satisfy their yen for a cuddle, companionship or wish to convey childhood lessons in responsibility.
A partial list of things that slither, hop, glide, swim or scurry beyond the purview of co-op boards, landlords and occasionally, the law, includes chinchillas, parrots, bearded dragons, tortoises, pythons, fancy mice, monkeys and ferrets, along with a more pedestrian assortment of gerbils, guinea pigs and goldfish.
Many owners of these creatures swear that their offbeat choices have turned out to be nearly as satisfying as a dog or a cat.
Consider Pounce, the free-range rabbit sharing a two-bedroom apartment with Jennifer Edwards, Jim Gaherty and their sons, Dylan, 13, and Liam, 10.
Before Pounce arrived last April in their Upper West Side no-dogs-allowed co-op, the family had owned beta fish and gerbils.
“The big problem with any of those is cleaning the cages and tanks, and when there’s no payoff, it’s kind of a drag,” said Ms. Edwards, 44, a health care policy consultant whose allergy to cats ruled out a feline solution to the family’s desire for a more interactive pet.
Today would be one of those days where being number isn't so special...
Home prices are out for the top twenty home markets and taking its place atop the leader board is Phoenix where prices are down nearly 33% for the year, Las Vegas nearly 32% and the City by the Bay 31%...
Here's how Reuters News Service put it..
NEW YORK, Dec 30 (Reuters) - Prices of U.S. single-family homes in October plunged a record 18.0 percent from a year earlier, according to the Standard & Poor's/Case-Shiller Home Price Indices released on Tuesday that indicated a U.S. housing market in the throes of a deep recession.
The battered U.S. housing market is critical to the U.S. economy, with a wide-ranging impact from the construction industry to the sale of appliances and furniture. After hurting economic growth for multiple quarters, a continued deterioration could prolong a turnaround for the world's largest economy, which has been in a recession since late last year.
The composite index of 20 metropolitan areas fell 2.2 percent in October from September. The price drops, both on a year-over-year and month-over-month basis, came in worse than expectations based on a Reuters survey of economists.
S&P said its composite index of 10 metropolitan areas declined 2.1 percent in October from September for a 19.1 percent year-over-year drop, also a record.
"The bear market continues; home prices are back to their March, 2004 levels." David M. Blitzer, Chairman of the Index Committee at Standard & Poor's, said in a statement.
As of October 2008, the 10-City Composite Home Price Index is down 25.0 percent from its mid-2006 peak, and the 20-City Composite Home Price Index is down 23.4 percent, he said.
The U.S. housing market is in the worst downturn since the Great Depression as a huge supply of unsold homes, tighter lending standards and record foreclosures push down home prices.
