Diane Schmitz Blog

Weekly Update & Financial Reform

Mon, 26 Jul 2010 00:00:00 -0700

Hi Diane,

This week President Obama signed the Wall Street Reform and Consumer Protection Act (HR 4173). This bill is focused on tightening regulations across the financial industry in an effort to avoid a repeat of the recent economic crisis. This legislation establishes government oversight in an attempt avoid future “Too Big to Fail” bailouts. A council of regulators will be charged with constraining and even dismantling troubled companies and will reduce the possibility that taxpayers will be responsible for the burden of bailing out financial firms that threaten the economy.

While there are many components of this law, below are a few of the changes that are relevant to the financial services industry:

Improving Protection
The Securities and Exchange Commission (SEC) has begun tightening requirements on investment advisory firms to protect investment clients from unwittingly becoming victims of fraud or Ponzi schemes. Financial advisors are now required to disclose all fees, any disciplinary actions and potential conflicts of interest (e.g., commissions). Additionally, the SEC has the authority to impose a fiduciary duty on those who give investment advice.

Opes fundamental belief is that it’s important to be an informed consumer of financial advice. Since our firm’s inception our investment advisors have worked on our clients’ behalf, not for transaction-based commissions. We disclose our fees and make sure that our prescribed strategies are clearly understood and support our clients’ goals. We issue clear and concise monthly statements, a quarterly economic outlook, and quarterly performance and asset allocation summaries. Our investment managers are all Chartered Financial Analysts® (CFA®) or Certified Financial Planners™ (CFP®), which means they are well educated in the details of financial planning and analysis and are held to a fiduciary standard of care and diligence that exceeds industry norms.

While we already operate under the newly requested standards, there are other firms that may dramatically change the way they run their businesses. We applaud the SEC’s expanding involvement.

Mortgage Updates
Under the new rules, mortgage lenders must verify a borrower’s credit history, income, and employment status. This is an immaterial change for Opes, as we have always followed this process.

Other changes include eliminating pre-payment penalties for homeowners with Adjustable Rate Mortgages (ARM) and prohibiting loan officers from earning bonuses based on the type of loan they sell. Opes believes that borrowers are best served by securing financing for a home in a way that is most effective in taking care of other long term financial concerns - retirement, children’s education and care for aging parents.

$1 billion has been allocated to Emergency Mortgage Relief to provide bridge loans to qualified unemployed homeowners to help cover mortgage payments until they are reemployed.
The goals of this bill are honorable: to promote the financial stability of the United States by improving accountability and transparency in the financial system, to protect American taxpayers by ending bailouts and to protect consumers from abusive financial services practices.

You can read a summary of the 2,200 page bill as included on the United States Senate Committee on Banking, Housing, & Urban Affairs website.

30 year conforming             4.25%      .25 pt.
30 year high balance            4.50%        0 pt.
30 year FHA                        4.25%         0 pt.
30 Yr. FHA high balance    4.375%       0 pt.
5 year jumbo                      3.75%           1 pt.
7 year jumbo                       4.125%        1 pt.
10 year jumbo                     4.375%       1 pt.
30 year jumbo                     5.125%        1 pt.
Regards,
Tracie

Biggest Defaulters on Mortgages Are the Rich

Sat, 17 Jul 2010 00:00:00 -0700

Los Altos Foreclosure Activity

Real Estate Unleashed by Carole Rodoni

Tue, 06 Jul 2010 00:00:00 -0700

Real Estate Unleashed - July 2010

Sereno Group Ranked 4th Most Productive Brokerage in Silicon Valley

Mon, 21 Jun 2010 00:00:00 -0700

Sereno Group Real Estate Ranked 4th Most Productive Brokerage in Silicon Valley by The Silicon Valley/San Jose Business Journal

Posted by Heather Rollins Tue, 01 Jun 2010

LOS GATOS, CA—May 23, 2010. Sereno Group Real Estate has been named the 4^th most productive residential real estate brokerage by gross sales volume in Silicon Valley for 2009 by The Silicon Valley/San Jose Business Journal. The rankings were announced in the Business Journal’s annual and prestigious Book of Lists on April 30^th.

“We are extremely honored to be ranked among the top producing brokerages in the Silicon Valley and tremendously proud of our team and their accomplishment,” said Chris Trapani, President and CEO of Sereno Group, “The recognition is also a fantastic acknowledgement of the quality of our people. Our team was able to accomplish their ranking with approximately 10% of the overall sales team as compared to the larger brokerages.”

“We are honored to be recognized on the list but have also set a goal to continue providing the best and highest quality service to our clients and community,” continued Trapani, “It’s a wonderful step in our overall journey.”

The Book of Lists is an annual publication produced by The Silicon Valley/San Jose Business Journal and is looked at as one of the most prestigious recognitions for businesses in Silicon Valley. The publication lists the top businesses in all facets of the Silicon Valley business community and has over 2,637 top businesses listed and recognized.

For more information, visit http://www.bizjournals.com.

Open since July 1, 2006, Sereno Group Real Estate has quickly established itself as a market leader by continually attracting top producing agents in the Silicon Valley. During this time, Sereno Group has achieved the highest per agent productivity for residential real estate brokers in the county year to date. Sereno Group now has four offices located in Los Gatos, Saratoga, Los Altos, and Santa Cruz. The 124 team of Sereno Group agents sell and service the Santa Clara, San Mateo and Santa Cruz Counties and points beyond.

For more information, visit www.serenogroup.com.

Silican Valley home sales, median price surge in May

Sat, 19 Jun 2010 00:00:00 -0700

San Jose Mercury Front Page News

Silicon Valley home sales, median price surge in May

By Sue McAllister

smcallister@mercurynews.com

Posted: 06/17/2010 11:17:52 AM PDT

Updated: 06/17/2010 03:54:26 PM PDT

More real estate

Sales and foreclosure databases, local and national news.

Driven by more sales of homes in expensive neighborhoods and fewer low-priced post-foreclosure sales, the median price of houses sold in Santa Clara County rose 23 percent in May compared with a year earlier to $585,000.

Sales volume also rebounded last month from a tepid April, with 1,464 houses changing hands. That's up 24 percent from April and up 21 percent from May 2009, according to figures released Thursday by MDA DataQuick, which gathers the information from public records of completed transactions.

DataQuick President John Walsh said the federal tax credit, which required buyers to sign a contract to buy by April 30, and a state tax credit and super-low mortgage rates helped boost sales volume.

"For now, at least, we're seeing a more normal mix of sales across the region and across price categories," Walsh said.

In the nine-county Bay Area, 41 percent of the homes sold last month — including new and previously owned houses and condos — cost at least $500,000, up from 37 percent in April and 31 percent in May 2009.

Condominium sales and median prices also rose last month in Santa Clara County. The median price of condos that changed hands was $360,000, up 28 percent from May 2009. A total of 470 condos sold, a 27 percent increase.

In San Mateo County, the median house price rose to $673,000, up 12 percent from May 2009. Sales were up 24 percent from a year earlier, to 516.

Alameda County's median house price rose 31 percent, to $433,000.

Santa Clara Market Update

Thu, 17 Jun 2010 00:00:00 -0700

Good Afternoon,

Attached, please find the most updated Market Dynamics statistics for Santa Clara County through May 2010. These statistics are for Single Family and Condo/Townhomes in Santa Clara County. Santa Clara Co. Updated Market Statistics

Here are some highlights to pay particular attention to as you review the data/graphs through May of 2010:

1. Median Price- May's Median Price continued its upward trajectory from April 2010/$535,000 to $555,000 in May (which is $65,,000 than May one year ago). The SCC Median reached its low point in March, one year ago at $415,000. As we predicted over the last few months of 2009 and beginning of 2010, we experienced a higher rate of upper end sales in Santa Clara County (particularly between 2-5+ million) during most of the first six months of 2010. As these sales have been and are now closing escrow, the median price in SCC has climbed well above $500,000 and should approach $600,000 this year (last seen in July 2008 ($630,000). We are presently at the highest Median Price point in 21 months for Santa Clara County.

2. Supply&Demand (Units)- We continue to see a dramatic distinction as we compare May 2008 with 2010 in the following categories; For Sale (supply/inventory), Under Contract (pending sales) and Sold (closed escrows). To illustrate when we compare May 08 with the same month in 2010 we see the following- For Sale properties/supply is down 40%. The number of under contract properties (pending sales) is up 43% and the sold/closed escrows are up 44%. The pattern and direction of this market for the past 7-8 months continues to be the same story; declining overall supply/inventory, increasing new sales and closed escrows. Normal seasonality has fully come into play in 2010 as buyer demand continues to amplify moving well into the 2, 3, 4 and 5+ million price ranges at a significant rate as compared to the same time last year. Some of this activity decreased slightly over Memorial Day and for a few weeks after following more typical, seasonal sales patterns. As we have moved into summer break, we are seeing some increasing activity again and anticipate a strong push of sales mid to late summer and continuing as we head into fall of this year.

4. Basic Absorption- The declining residual inventory levels is one of the most significant factors over the past two years (the remaining inventory each month excluding pending sales, closed sales and new listings). This segment is down -59% when comparing May 2008 and May 2010. More and more of the less desirable or unrealistically priced properties are either now selling (in the case of unrealistically priced- prices are being adjusted) or coming off the market. The other metrics are quite compelling with the comparison of May 2008 vs May 2010 we see Under Contract Properties/pendings increasing and up 43% and New listing inventory coming on the market is now down 21%.

5. Percent Under Contract- This is typically one of the most telling statistics of all because this is @ the line of scrimmage, where the market is today. Essentially when looking @ this stat, we are factoring of all the available inventory what percentage is under contract or a pending sale. Typically in any area we have seen where @ least 1 for every 4 available listings (25%) is under contract, we have a stable or appreciating market. Whenever we have seen this factor less than 1 out of 10 or less than 10%, we have sign prices in more of a correction mode. We can look back historically and display where this occurred in pockets throughout SCC @ different times and how this was impacting values to the down or upside. SCC dipped slightly for the first month in 4 months to 27.7% of all the available listings/supply under contract/in escrow. This overall percentage has continued its progression for the past 15 months even though it is down from last month's fully adjusted figure of over 28.4%. This is a 137% increase when compared to May of 2008 when this figure for SCC was at 11.7%. One year ago May, the percent under contract figure was 19.3%.

In conclusion, the residential real estate market continues to stabilize and improve in Santa Clara County and in the overall bay area market. Listing inventory remains low and in control, even with new inventory coming on, strong buyer demand is consuming these properties in relatively short periods of time. The first six months of 2010 showed sales volume increases across the board when compared to the first six months of 2009. This was driven by increased sales and activity that has moved into the upper price ranges. Increased number of sales plus increasing average sale prices equates to increased overall sales volume. We are fortunate to be right at the pulse of activity and trends and this should be an advantage to our clients and/or those that have an interest in following the most current market trends.

In addition to the positive current rate of sales, one of the most encouraging signs continues to be the high-end sales activity, which was sluggish during much of 2009. This upper-end activity continued to increase through May and particularly in the $2-5+ million ranges. We are experienced a strong second quarter as this YTD (year to date) volume is up when compared to YTD 2009. As a company, Sereno Group is up 100% this YTD as compared to the same period in 2009. Most of the market and leading peer companies are up between 30-40% which is a strong indication for overall improving market conditions. We are in the midst the most balanced, healthy and active residential real estate market we have seen in over 2-3 years.

Thank you and have a great day.

Sincerely,

Chris Trapani

President & CEO

Sereno Group

Carole Rodini's June Newsletter

Fri, 11 Jun 2010 11:25:00 -0700

Carole Rodini's Newsletter

Sales of New Homes in U.S. Jump to Two-Year High

Wed, 26 May 2010 14:16:00 -0700

Share Business Exchange Twitter Facebook| Email | Print | A A A

By Bob Willis and Timothy R. Homan

May 26 (Bloomberg) -- Purchases of new homes in the U.S. jumped in April to the highest level in two years as buyers rushed to qualify for a government tax credit before it expired at the end of the month.

Sales climbed 15 percent to an annual pace of 504,000, exceeding all estimates in a Bloomberg News survey of economists and the most since May 2008, figures from the Commerce Department showed today in Washington. The median sales price dropped 9.5 percent from the same month last year, reflecting increased demand from first-time buyers seeking the government incentive.

To receive a tax credit worth as much as $8,000, contracts had to be signed by the end of April, meaning demand will probably wane in coming months. Rising foreclosures, falling stock prices caused by concern over the European debt crisis and unemployment may hamper any recovery in sales and construction into the second half of the year.

“We’re likely to see sales slide quite a bit” in coming months, said Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “What we really need to see is a recovery in jobs.”

Economists forecast sales would rise to a 425,000 annual rate in April, according to the median of 75 projections in a Bloomberg News survey. Estimates ranged from 370,000 to 450,000. The March sales pace was revised up to 439,000 from a previously reported 411,000.

Factory Expansion

Orders for durable goods rose in April for the fourth time in five months, pointing to strength in U.S. manufacturing at the start of the second quarter, another Commerce Department report showed. The 2.9 percent increase in bookings for goods meant to last at least three years was the biggest in three months and followed little change in March.

Orders excluding transportation unexpectedly fell 1 percent last month, coming off a revised 4.8 percent March jump that was the biggest in almost 5 years.

Stocks extended earlier gains after the strong-than- projected figures added to signs the economic recovery was gaining speed before the European debt crisis rattled financial markets. The Standard & Poor’s 500 Index rose 1.3 percent to 1,088.12 at 10:15 a.m. in New York. Treasury securities fell, sending the yield on the benchmark 10-year note up to 3.23 percent from 3.16 percent late yesterday.

Broad-Based Gains

Home sales increased in three of four U.S. regions last month, led by a 32 percent jump in the Midwest. Purchases in the Northeast were little changed.

The median price of a new home decreased to $198,400, the lowest level since December 2003. The jump in sales was concentrated in houses costing less than $300,000, perhaps reflecting demand from first-time buyers.

The supply of homes at the current sales rate dropped to 5 month’s worth, the lowest level since December 2005, from 6.2 months in March. There were 211,000 new houses on the market at the end of April, the fewest since 1968.

A report May 24 from the National Association of Realtors showed sales of existing homes jumped to a higher-than-forecast 5.77 million rate in April, while the number of unsold homes on the market surged by the most in a decade.

The Obama administration extended an incentive for first- time homebuyers in November and expanded it to include some current owners. The deadline for signing contracts was the end of April, and transactions must close by June 30.

Credit’s Influence

Purchases of new houses are tabulated upon contract signings, meaning April was the last month in which the credit could affect demand.

Sales of previously owned homes, which account for more than 90 percent of the housing market, are tabulated at contract closings, so the credit may still influence demand through June.

New home sales have seen their share of the entire home purchase market shrink relative to existing home sales, whose prices have been driven down by mounting foreclosures.

Foreclosures may reach a record 1.1 million this year, Lawrence Yun, chief economist at the National Association of Realtors, said this week in an interview. Another 600,000 may change hands in so-called short sales, in which banks agree to accept less than the full value of the mortgage, he said.

Some homebuilders are seeing a pickup. D.R. Horton Inc., the second-largest U.S. homebuilder by revenue, posted its second straight quarterly profit in the first quarter, boosted by a 55 percent gain in orders.

About 80 percent of the closings were ”spec” homes built in anticipation of customer orders, a strategy that paid off as buyers rushed to beat the tax deadline, President and Chief Executive Officer Donald R. Tomnitz said in a conference call with investors April 30.

“We have continued to sell strong on these specs through the month of April,” he said. “If we see strong sales, we will probably put some more specs out there to meet that demand.”

To contact the reporters on this story: Bob Willis in Washington at bwillis@bloomberg.net; Timothy R. Homan in Washington at thoman1@bloomberg.net

Sereno Group Real Estate Annual Market Report 2010

Fri, 21 May 2010 15:11:00 -0700

Sereno Market Report 2010

Santa Clara County Market Update through April 2010

Sun, 16 May 2010 14:55:00 -0700

Good Evening Everyone!

Attached, please find the most updated Market Dynamics statistics for Santa Clara County through April 2010. These statistics are for Single Family and Condo/Townhomes in Santa Clara County. Market Statistics - April

Here are some highlights to pay particular attention to as you review the data/graphs through April of 2010:

1. Median Price- April's Median Price continued its upward trajectory from March 2010/$520,000 to $542,000 in April (which is $112,000 than April one year ago). The SCC Median reached its low point in March, one year ago at $415,000. As we predicted over the last few months of 2009 and beginning of 2010, we are noting an increasingly higher rate of upper end sales in Santa Clara County (particularly between 2-5+ million). As these sales are now closing escrow, the median price in SCC has already climbed well above $500,000 and should approach $600,000 this year (last seen in July 2008 ($630,000).

2. Supply&Demand (Units)- We continue to see a dramatic distinction as we compare April 2008 with 2010 in the following categories; For Sale (supply/inventory), Under Contract (pending sales) and Sold (closed escrows). To illustrate when we compare Apr 08 with the same month in 2010 we see the following- For Sale properties/supply is down 36%. The number of under contract properties (pending sales) is up 92% and the sold/closed escrows are up 42%. The pattern and direction of this market for the past 7-8 months continues to be the same story; declining overall supply/inventory, increasing new sales and closed escrows. Normal seasonality is coming into play in 2010 as buyer demand continues to amplify moving well into the 2, 3, 4 and 5+ million price ranges at a significant rate as compared to the same time last year. Following an increase in sales and slow closing rate due to short sales and financing guidelines and challenges, we are now seeing closings coming through at a higher rate. This increasing closing activity in April, May and in the coming months will have a significant, positive affect on these monthly data points, further pointing to an imminent real estate recovery in Silicon Valley.

3. Months Supply of Inventory & Days on Market- The overall Months Supply of Inventory (months of inventory available based on the total existing supply divided by the rate of sales) dwindled down to a 2 year low range of 1.7 months supply at month end as compared to a fully adjusted MSI of 2.1 months in March 2010. This is down from a 2 year peak of 14.2 months in January of 08. The Months of Supply of Inventory declined each and every month in 2009 from 7.7 months in January to 2.6 months by year end. Days on market has remained under 60 days for the past 7-8 months, and has now dipped into the 50 day range in SCC. This reduction in the Days on Market is another indication of the improving residential real estate market.

4. Basic Absorption- The decline in the residual inventory levels continues(the remaining inventory each month excluding pending sales, closed sales and new listings). This segment is down -63% when comparing Apr 2008 and Apr 2010. More and more of the less desirable or unrealistically priced properties are either now selling (in the case of unrealistically priced- prices are being adjusted) or coming off the market. The other metrics are quite compelling with the comparison of April 2008 vs April 2010 we see Under Contract Properties/pendings increasing and up 92% and New listing inventory coming on the market remaining down 11%.

5. Percent Under Contract- This is typically one of the most telling statistics of all because this is @ the line of scrimmage, where the market is today. Essentially when looking @ this stat, we are factoring of all the available inventory what percentage is under contract or a pending sale. Typically in any area we have seen where @ least 1 for every 4 available listings is under contract, we have a stable or appreciating market. Whenever we have seen this factor less than 1 out of 10 or less than 10%, we have sign prices more in a correction mode. We can look back historically and show where this occurred in pockets throughout SCC @ different times and how this was impacting values to the down or upside. At this point in time, SCC is @ a 2 year high with nearly 33.4% of all the available listings/supply under contract/in escrow. This percentage continues its progression and is up from last month's fully adjusted figure of over 29.1%, and is a 202% increase when compared to April of 2008 when this figure for SCC was at 11.1%. One year ago March, the percent under contract figure was 17.9%.

In conclusion, the market continues to stabilize and improve in the Santa Clara County and overall bay area residential real estate market. Listing inventory remains at historical lows, even with new inventory coming on, strong buyer demand is consuming these properties in relatively short periods of time. From our sales activity over the past 30 days and increasing even in the past several weeks and months, we are certain to see improving data and statistics in the news as these new sales are now closing escrow. We are fortunate to be right at the pulse of activity and trends and this should be an advantage to our clients and/or those that have an interest in following the most current market trends.

In addition to the positive current rate of sales, one of the most encouraging signs continues to be the increasing high-end sales activity, which was sluggish during much of 2009. This upper-end activity continues to increase and particularly in the $2-5+ million ranges. It will be very interesting to see the upward movement in the median price as these sales continue to close over the next 30, 60 and 90+ days. We are projecting a strong second quarter as this YTD (year to date) volume is up dramatically when compared to YTD 2009. As a company, Sereno Group is up 110% this YTD as compared to the same period in 2009. Most of the market and leading peer companies are up between 30-40% which is a strong indication for the market overall. We are in the midst the most balanced and active market we have seen in over 2-3 years.

Thank you and have a great evening and weekend.

Sincerely,

Chris Trapani

President & CEO

Sereno Group

How to buy a foreclosure

Thu, 06 May 2010 14:42:00 -0700

CNN Money

How to buy a foreclosure
Many buyers, especially first-timers, hope to purchase a foreclosed property at a bargain price. While purchasing a foreclosed home can be a wise choice for some buyers, it is important that buyers understand the differences in buying at different stages of foreclosure and be prepared to take on the challenges typically associated with each.

MAKING SENSE OF THE STORY FOR CONSUMERS

There are three basic stages of foreclosure in California: Pre-foreclosure, trustee’s sale, and repossession, often called an REO or real estate owned by the bank.
Pre-foreclosure homes are in the foreclosure process, but have not yet been auctioned. Owners of pre-foreclosed homes often try to sell the properties because they are “underwater,” meaning they owe more on the mortgage than the home currently is worth. Many homeowners attempt to sell via short sale, where the lender must agree to accept less than the amount owed on the mortgage. Buying at this stage of foreclosure often is a complicated and slow process. However, buyers of pre-foreclosed properties often are given the opportunity to inspect the home prior to purchasing, whereas this is not always the case when buying at other stages of foreclosures.
The second basic stage of foreclosure is the public auction at a trustee’s or foreclosure sale. Homes in this stage often are well priced, but also come with challenges to buy. These homes may not be available for inspection and buyers may later discover the property needs numerous repairs. As a result, many of the homes at auction are purchased by investors and contractors who have experience working with homes needing numerous repairs, or taken back as REO by the foreclosing lenders.
If a home does not sell to a third party at the trustee’s auction, the bank takes the property--the final stage of the foreclosure process. Although homes in this stage typically do not offer buyers the best prices, buyers generally can perform a thorough inspection of the property prior to closing.

To read the full story, please click here.

Real Estate Unleashed by Carole Rodoni

Tue, 04 May 2010 10:05:00 -0700

Carole Rodoni

Santa Clara County Market Update Through March 2010

Tue, 27 Apr 2010 18:39:00 -0700

Hello Everyone! Santa Clara County Market Statistics

Attached, please find the most updated Market Dynamics statistics for Santa Clara County through March 2010. These statistics are for Single Family and Condo/Townhomes in Santa Clara County.

Doom or Gloom? The rhetoric has been similar to an emotional yo-yo for the past 12+ months. Slow recovery, Double-Dip Recession, Shadow Inventory (sounds like a bad dream I had as a child), a big wave of REO's, Inflation/Deflation/Dehydration (ok I added that one) versus a V Shape Recovery, Increasing Corporate Profits, a sharply rising DOW (Broke 11,000 this week since the first time since mid 2008), improving housing market figures (increasing prices in many key areas of the country, increasing Median prices, and more upper end sales). What do we make of all of this? What are we to think or believe?

The Double-Dip Recession talk has quieted down some and now we are seeing some definitive V shape recovery taking place in certain sectors (Retail Sales, Corporate Profits for sure). We are also seeing some explosive residential real estate sales activity as we are moving into the second quarter of 2010. This activity has worked itself well into the upper price ranges with significantly more activity in the $2- $5+ million range during the first quarter of 2010 as compared to Q1 of 2009 (particularly in the SF Bay Area).

Many people are wondering why if corporate profits are strong and the DOW is over 11,000, why they don't feel better? Cramer made a few interesting points on Mad Money yesterday afternoon (yes, one of the benefits of being on Spring Break is that I can watch a little TV). Cramer pointed out that the DOW is more about projecting the health of corporations and specifically corporate profits by looking into the future and pricing equities/stocks based upon these projections. It really does not have anything to do with you or someone on your street or in your town being presently employed or not. It also does not have much to do with seeing the empty retail spaces in any given town filled back up with business owners who are busy being productive and selling to willing and able consumers. The problem, Cramer argued, is that as soon as your neighbor is employed and we sell all of these local signs (new stores opening and real estate spaces being leased up), the opportunity to invest and achieve the maximum gain in equities/stocks will have passed by.

While I am not suggesting that you or anyone go out and buy stocks, and although I may not agree entirely with Cramer I believe he has a point. In investing in stocks or real estate there is risk. Typically and historically less risk when one is purchasing real estate as their primary residence. The risk is a given, there is risk in life. The point I believe that is pertinent is what is carrying over into the current real estate buyers motivation. There are plenty of positive signs and particularly in a robust, economic area such as Silicon Valley for people to be confident that the Bay Area will recover before many parts of the country. In fact, we have seen in the recent CAR Economic updates that even the state of CA as a whole is roughly two years ahead of US in terms of a residential real estate recovery. This means that Silicon Valley is arguably leading the pack of this recovery particularly considering the fact that Southern CA is lagging behind Northern CA. Buyers that are buying now have simply decided that they do not want to wait until the masses decide its "safe" to buy again. If they wait for this, for all the signs to be in place and lastly, the newspapers to say "its time" the best gains will have already been made.

Here are some highlights to pay particular attention to as you review the data/graphs through the first two months of 2010:

1. Median Price- March's Median Price continued its upward trajectory from February 2009/$499,000 to $525,000 in March (which is $110,000 than March one year ago). The SCC Median reached its low point in March, one year ago. As we predicted over the last few months of 2009, we are noting an increasingly higher rate of upper end sales in Santa Clara County (several between 3-5+ million). As these sales are closing escrow, the median price in SCC has already climbed above $500,000 and my approach $600,000 this year (last seen in July 2008 ($801,000).

2. Supply&Demand (Units)- We continue to see a dramatic distinction as we compare early 2008 with 2010 in the following categories; For Sale (supply/inventory), Under Contract (pending sales) and Sold (closed escrows). To illustrate when we compare Mar 08 with the same month in 2010 we see the following- For Sale properties/supply is down -33%. The number of under contract properties (pending sales) is now up an amazing 123% and the sold/closed escrows are up 58%! The pattern and direction of this market for the past 7-8 months continues to be the same story; declining overall supply/inventory, increasing new sales and closed escrows. Normal seasonality is beginning to come into play as buyer demand continues to amplify moving well into the 2, 3, 4 and 5+ million price ranges at a significant rate as compared to the same time last year. Following an increase in sales and slow closing rate due to short sales and financing guidelines and challenges, we are now beginning to see closings coming through at a higher rate. This increasing closing activity in April and in the coming months will have a significant, positive affect on these monthly data points, further pointing to an imminent real estate recovery in Silicon Valley.

3. Months Supply of Inventory & Days on Market- The overall Months Supply of Inventory (months of inventory available based on the total existing supply divided by the rate of sales) dwindled down to a 2 year low range of 1.7 months supply at month end! This is down from a 2 year peak of 14.2 months in January of 08. The Months of Supply of Inventory declined each and every month in 2009 from 7.7 months in January to 2.6 months by year end. Days on market has remained under 60 days for the past 7-8 months, which on average is down about 10 days from the same period one year ago. This reduction in the Days on Market is another indication of the improving residential real estate market.

4. Basic Absorption- The decline in the residual inventory levels continues(the remaining inventory each month excluding pending sales, closed sales and new listings). This segment is down -64% when comparing Mar 2008 and Mar 2010. More and more of the less desirable or unrealistically priced properties are either now selling (in the case of unrealistically priced- prices are being adjusted) or coming off the market. The other metrics are quite compelling with the comparison of Mar 2008 vs Mar 2010 we see Under Contract Properties/pendings increasing and up 123% and New listing inventory coming on the market remaining down 1%.

5. Percent Under Contract- This is typically one of the most telling statistics of all because this is @ the line of scrimmage, where the market is today. Essentially when looking @ this stat, we are factoring of all the available inventory what percentage is under contract or a pending sale. Typically in any area we have seen where @ least 1 for every 4 available listings is under contract, we have a stable or appreciating market. Whenever we have seen this factor less than 1 out of 10 or less than 10%, we have sign prices more in a correction mode. We can look back historically and show where this occurred in pockets throughout SCC @ different times and how this was impacting values to the down or upside. At this point in time, SCC is @ a 2 year high with nearly 33.4% of all the available listings/supply under contract/in escrow. This percentage is substantially up from last month's fully adjusted figure of over 25.2%, and is a 234% increase when compared to March of 2008 when this figure for SCC was at a lowly 10%. One year ago March, the percent under contract figure was 14.9%.

In conclusion, the market stability and strength in the overall bay area residential real estate market is confirmed by these data points. From our sales activity over the past 30 days and increasing even in the past several weeks and months, we are certain to see improving data and statistics in the news as these new sales begin to close escrow. We are fortunate to be right at the pulse of activity and trends and this should be an advantage to our clients and/or those that have an interest in following up to date market trends. In addition to the positive current rate of sales, one of the most encouraging signs is the increasing high-end sales activity, which was sluggish during much of 2009. It will be very interesting to see the upward movement in the median price as these sales begin to close escrow over the next 30, 60 and 90 days. Even given these impressive and encouraging statistics, our salespeople are working harder than ever to represent their buyers and sellers in this market and navigate them through the various hurdles that seem to be commonplace and yet unique in almost every single transaction. We are projecting a strong second quarter and summer market in all price ranges and possibly the most balanced and active market we have seen in over 2-3 years.

Thank you and have a great evening.

Sincerely,

Chris Trapani

President & CEO

Sereno Group

Silicon Valley median home price rises 29 percent

Tue, 27 Apr 2010 18:38:00 -0700

By Sue McAllister

smcallister@mercurynews.com

Posted: 04/15/2010 10:52:21 AM PDT

Updated: 04/16/2010 09:20:51 AM PDT

In one of the strongest signs yet that the Silicon Valley housing market is recovering, the median price of houses sold in Santa Clara County last month shot up 29 percent from a year earlier, hitting $550,000, the biggest year-over-year increase in almost a decade.

San Mateo County saw a similar phenomenon, with the median house price leaping 27 percent to $700,000, according to a report released Thursday by MDA DataQuick. That was the county's biggest year-over-year increase in nine years.

"In the last four to six months, we've been seeing multiple offers, and there are definitely a lot of incentives" for people to buy homes, including both state and federal tax credits for home purchases, said Karl Lee,

president of the Santa Clara County Association of Realtors. "I think there's an undercurrent of demand even without the tax credit. The two greatest factors are the low interest rates, and that buyers believe prices have come down to where they think it's attractive."

Those low prices helped spur Richard Jackman and his wife, Gina, to buy a three-bedroom house in San Jose's Willow Glen neighborhood last month. After a little remodeling, they hope to move in next week. The Jackmans began looking for a home a year and a half ago, and in late 2008, they made an offer of about $700,000 on one, but ultimately did not buy it. This time, they won out over three other bidders, and paid $560,000 for a house that had been priced at $540,000.

"It definitely seemed more competitive" this spring than in late 2008, Richard Jackman said. "A year and a half ago, it was a lot of people buying for investment. This time the families are moving in."

Last month's Santa Clara County figure was up from $510,500 in February, according to the DataQuick report, which reflects data gathered from public records. In San Mateo County, the median price jumped by $100,000 from $600,000 in February.

The big year-over-year increase in Santa Clara County was the largest since November 2000, when the median price climbed to $515,000. The last time the median price in the county hit March's figure of $550,000 was in November of last year.

Santa Clara County condominiums also posted an increase last month, with the median price rising 50 percent from March 2009, to $345,000.

While median home prices may be up from last year, they are still far lower than three years ago, when the median house price crossed the $800,000 mark in both counties.

But the big increases in median price — which measures the halfway mark among the homes sold in a given time period — does not mean a correspondingly generous increase in the value of all homes in the county.

Median

prices have risen sharply in recent months compared with year-ago levels primarily because the mix of homes selling is more balanced now than it was a year ago, when post-foreclosure resales were a bigger portion of the completed transactions.

In Santa Clara County in March 2009, for example, 44 percent of all homes sold had been foreclosed upon sometime in the previous 12 months. Last month, only 22 percent of sales were post-foreclosure homes, DataQuick said. In San Mateo County, such sales made up 29 percent of the total in March 2009, but only 13 percent last month.

Of all home sales in Santa Clara County last month, 51 percent cost $500,000 or more. A year earlier, only 35 percent of sales were for more than a half-million.

Fred Foldvary, who teaches real estate economics at Santa Clara University, said March home prices illustrate that "real estate generally is bottoming out. I don't see any great big additional falls" in prices. He said the federal homebuyer tax credit, which expires at the end of April, accelerated some sales and helped boost prices. And as the economy recovers and inflation increases, he said, more people will seek out real estate investments as a hedge against inflation, and that demand will hold prices up.

The number of homes sold last month also rose significantly from March 2009, which posted the second-lowest sales of any March on record.

A total of 1,108 previously owned single-family homes changed hands in Santa Clara County last month, up 27 percent from a year earlier. Condo sales rose 23 percent, to 358.

San Mateo County sales surged 32 percent from a year earlier, to 387 houses sold last month.

Although the steep rise in median prices speaks to a real estate recovery, that recovery is still fragile.

Andrew LePage, an analyst with DataQuick, said "significant threats" still loom from higher interest rates, a weak economy and the likelihood of a rising inventory of homes being sold either after foreclosure or in an attempt to avoid foreclosure.

Green Tip of the Week

Wed, 07 Apr 2010 13:09:00 -0700

Post Office recycles electronics
Next time you’re in the post office, ask the postal clerk for an envelope to recycle your cell phones, PDAs, MP3 players, ink jet cartridges, digital cameras, and small electronics. The post office provides this free service, and all you have to do is peel the label of this 6-inch by 5.5-inch envelope and drop in your mail box.

No Double-Dip for Housing

Wed, 07 Apr 2010 12:23:00 -0700

Overview of the State Tax Credit Rules

Sat, 03 Apr 2010 15:18:00 -0700

Here is brief overview of the state tax credit rules released this week:
• State tax credits are available for taxpayers who purchase a qualified principal residence on or after May 1, 2010, and before January 1, 2011 (the purchase date is defined as the date escrow closes). If funds are still available, additional New Home Credit can be allocated for taxpayers who purchase a qualified principal residence on or after December 31, 2010, and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010.
• State tax credits are limited to the lesser of 5 percent of the purchase price, or $10,000 for a qualified principal residence.
• Taxpayers must apply the total tax credit in equal amounts over three successive tax years (maximum of $3,333 per year), beginning with the tax year in which the home is purchased. The tax credits cannot reduce regular tax below tentative minimum tax (TMT). The tax credits are nonrefundable and unused credits cannot be carried over.
• The total amount of allocated tax credit for all taxpayers may not exceed $100 million for the New Home Credit and $100 million for the First-Time Buyer Credit.
• Only one state tax credit is allowed per taxpayer. If a taxpayer qualifies for both of the state tax credits, the law specifies that the amount will be allocated under the New Home Credit.
• Applications must be submitted to the FTB no more than 14 calendar days after escrow closes. The new application will be available by May 1, 2010. The FTB will deny the application if the 2009 form is used or if they receive the 2010 application before May 1, 2010. Applications will not be accepted once the total tax credits available have been allocated.
• Taxpayers allocated a 2009 New Home State Credit, minors, dependents, or buyers that are related to the seller are not eligible for the credit.
• FTB's determination of the qualified taxpayers or allocations may not be protested or appealed.
• The taxpayer must receive a Certificate of Allocation from the FTB to claim the tax credit on their California personal income tax return.

New Home Credit: Eligible residences must be a single family residence (detached or attached) that has never been occupied. The sellers must certify that the home has never been occupied. The property must be eligible for the California property tax homeowner’s exemption, and be occupied by the taxpayer as their principal residence for a minimum of two years immediately following the purchase. Taxpayers who qualify for the New Home Credit may, but are not required to, reserve a tax credit prior to the close of escrow. Reservations will become important as we near the $100 million cap for homes that may not close escrow before the cap is reached. To reserve a tax credit, the taxpayer and seller need to complete, sign, and submit to us a reservation request to certify that they have entered into an enforceable contract on or after May 1, 2010, and on or before December 31, 2010. A copy of the signed contract must be included with the reservation request.

First-Time Buyer Credit: Eligible residences must be a single family residence (detached or attached), be eligible for the California property tax homeowner’s exemption. The taxpayer must maintain the purchased home as their principal residence for a minimum of two years. A first-time buyer is any individual (and the individual’s spouse/RDP, if married) who did not have an ownership interest in a principal residence during the preceding three-year period ending on the date of the purchase of the qualified principal residence. Taxpayers applying for the First-Time Buyer Credit will not be able to reserve the tax credit before escrow closes.

It should also be noted that buyers might be able to qualify for both the federal and state home buyer tax credits for transactions entering contract before April 30 and closing escrow between May 1 and June 30, 2010. It is important to be aware of the distinct differences in qualification, price and income limits between the federal and state home buyer credits. This information can be found at C.A.R.’s legal site.

REALTORS® must always advise their clients to consult a tax advisor with regard to any decision pertaining to the federal and state home buyer tax credits.

$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME

Wed, 31 Mar 2010 14:42:00 -0700

$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.

For more information, C.A.R. offers a Homebuyer Tax Credit Chart with a side-by-side summary of the federal and California laws. C.A.R. also offers a legal article entitled Homebuyer Tax Credit Update.

US Economy: Consumer Confidence, Home Prices Rise

Wed, 31 Mar 2010 10:43:00 -0700

U.S. Economy: Consumer Confidence, Home Prices Rise (Update1)

Share Business Exchange Twitter Facebook| Email | Print | A A A

By Courtney Schlisserman

March 30 (Bloomberg) -- Consumers in the U.S. gained confidence in March as the gloom over job prospects began to lift, indicating employment will be central to preserving the recent acceleration in spending.

The Conference Board’s confidence index rose to 52.5, exceeding the median forecast of economists surveyed by Bloomberg News, from 46.4 in February, according to figures today from the New York research group. Home prices unexpectedly rose in January for an eighth month, data also showed.

“With signs of improvement in the labor market, confidence is more likely to be up than down in the next few months,” said James O’Sullivan, chief economist at MF Global Ltd. in New York, who forecast sentiment would pick up. “It’s still a low level of confidence.”

Rising stock prices, a stabilizing housing market and fewer firings may be giving households hope that the recovery from the worst recession since the 1930s will be sustained. The 184,000 increase in payrolls economists project for this month shows it will take years for the economy to reverse the loss of 8.4 million jobs since the contraction began in December 2007.

Stocks rose on the improving economic outlook. The Dow Jones Industrial Average increased 11.6 points, or 0.1 percent, to close at 10,907.42. Standard & Poor’s 500 Index rose less than 0.1 percent to 1,173.27.

Economists forecast confidence would rise to 51 for the month from a previously reported 46, according to the median of 73 projections in a Bloomberg News survey. Estimates ranged from 46.6 to 59.

Confidence Averages

The measure averaged 45 in 2009, and 97 during the expansion that ended in December 2007.

Home prices in 20 U.S. cities rose 0.3 percent in January, indicating the housing market is stabilizing as the economy expands. The S&P/Case-Shiller home-price index climbed from the prior month on a seasonally adjusted basis after a similar gain in December.

Cheaper homes, low borrowing costs and government incentives have combined to support the housing market after its collapse helped trigger the recession.

“It’s a temporary stabilization,” said Joseph Brusuelas, president of Brusuelas Analytics in Stamford, Connecticut, who had forecast a month-over-month gain in the adjusted index. “Foreclosures are still going to bite the market. Given the preponderance of negative housing data, we may see another leg down.”

Data at Odds

The S&P/Case-Shiller figures are at odds with other measures that have shown property values are again softening. A gauge of national single-family home values issued by First American CoreLogic’s LoanPerformance unit, the figures tracked by the Federal Reserve, showed prices dropped 1.9 percent in January, the fourth decrease in five months.

The Conference Board’s measure of present conditions increased to 26, the highest level since May, from 21.7 in February. The gauge of expectations for the next six months rose to 70.2 from 62.9.

The share of consumers who said jobs are plentiful advanced to 4.4 percent from 4 percent. The proportion of people who said jobs are hard to get decreased to 45.8, the fewest since August.

More people also anticipated incomes and employment would improve in the next six months, the report showed.

“Despite this month’s increase, consumers continue to express concern about current business and labor market conditions,” Lynn Franco, director of the Conference Board’s consumer research center, said in a statement. “Overall, consumer confidence levels have not changed significantly since last spring.”

Spending Improves

Consumer spending in February rose for a fifth consecutive month, figures from the Commerce Department yesterday showed. Best Buy Co. and Nike Inc., which have reported higher-than- anticipated profits, are among companies that may keep benefitting as the emerging recovery gives Americans the confidence to buy.

Nike, the world’s largest maker of athletic shoes, said this month that third-quarter profit more than doubled as North America posted a sales increase for the first time in a year.

Best Buy, the largest U.S. electronics retailer, last week reported sales climbed after the Richfield, Minnesota-based company cut prices on flat-panel TVs and offered discounts during the holidays.

Fed Signals

Fed officials this month signaled the U.S. recovery isn’t strong enough to stoke inflation, reduce unemployment quickly or justify an end to record-low interest rates.

While the economy has “continued to strengthen,” policy makers said in a statement after their March 16 meeting that “employers remain reluctant to add to payrolls.”

The projected increase in payrolls this month, based on the median forecasts of economists surveyed, would be the biggest in three years.

Even so, the unemployment rate is projected to end the year at 9.5 percent, showing the labor market will continue to be a challenge to consumers this year, according to a survey of economists taken by Bloomberg earlier this month.

To contact the reporter on this story: Courtney Schlisserman in Washington cschlisserma@bloomberg.net

Last Updated: March 30, 2010 16:35 EDT

California Tax credit - AB183

Fri, 26 Mar 2010 13:18:00 -0700

Here are some bullet points on the tax credit. Attached is the entire bill.

1.) The credit is only against California Tax actually incurred by a taxpayer. (i.e., Actual State Personal Income Tax (PIT) = Actual credit for that year)

The Personal Income Tax Law authorizes various credits against

the taxes imposed by that law, including a credit against those

taxes in an amount equal to the lesser of 5% of the purchase price

of a qualified principal residence, as defined, or $10,000, for

purchases made between March 1, 2009, and before March 1,

2010, subject to specified restrictions.

This bill would authorize a credit against those taxes in an

amount equal to the lesser of 5% of the purchase price of a qualified

principal residence, as defined, or $10,000, for purchases made

between May 1, 2010, and on or before December 31, 2010, or on

or after December 31, 2010, and before August 1, 2011, subject

to specified restrictions, including the submission of a certification

to the Franchise Tax Board by either the taxpayer or seller, made

under the penalty of perjury, that the residence has either never

been occupied or that the taxpayer is a first-time home buyer.

2.) The credit can only be used in equal amount over the three years following the purchase of the home. ($3,333.33 per year max)

(2) The amount of any credit allowed under paragraph (1) shall

be applied in equal amounts over the three successive taxable years

beginning with the taxable year in which the purchase of the

qualified principal residence is made.

3.) The credit is for first-time homebuyers of new or existing homes and any buyer of a new construction (never occupied) whether first-time homebuyer or not.

(A) If the qualified principal residence has never been occupied,

a certification by the seller, made under penalty of perjury, that

the residence has never been previously occupied.

(B) If the qualified principal residence is purchased by a

taxpayer who is a first-time home buyer, a certification from the

taxpayer, made under penalty of perjury, that he or she is a

first-time home buyer.

4.) The credit is canceled and is subject to recapture if the home is not occupied for at least 2 years as a principle residence.

If the taxpayer does not occupy the qualified principal

residence as his or her principal residence for at least two years

immediately following the purchase, any remaining unapplied

credit shall be canceled and any previously applied credit shall be

recaptured, and the taxpayer shall be liable for any increase in tax

attributable to the recapture of any credit previously allowed under

this section.

Compliments of Tracie Southerland

The Top 5 Tax Perks for Buyers, Sellers and Homeowners - 2009 Tax Edition

Thu, 25 Mar 2010 09:09:00 -0700

Posted under: How To... in San Francisco | March 23, 2010 4:51 PM | 2,616 views | 8 comments

Email Alerts Send to a Friend Post to Facebook Post to Twitter

RSS

The Top 5 Tax Perks for Buyers, Sellers and Homeowners - 2009 Tax Edition

by Tara-Nicholle Nelson
Trulia's In-house Consumer Advocate

It's tax time, but it doesn't have to be excruciating, especially if you bought, sold or owned a home in 2009. While so many of us think of tax time as time to write a check, the Obama Administration's stimulus package promised to reverse that tradition, effectively writing a check (in tax credit format) to buyers, sellers and even short sellers and those who lost a home through foreclosure.

Take this quick list of tax tips to your personal tax guru and cash in your check from Uncle Sam!

1. 2009-10 First-time Homebuyer
Tax Credit

Who It Helps: Recent (or current!) homebuyers who had not owned a home in the 3 years prior to buying, but bought one in 2009 or this year (must be in contract on or before April 30, 2010). Depending on when you bought (or buy! there's still some time left!) income and purchase price limits may apply.
How It Helps: Depending on your income and purchase price, you can receive up to an $8,000 fully refundable tax credit. (That means if you were already getting a refund, you'll get a bigger one!) You can claim the credit on your 2009 tax return (the one you file on April 15th), even if you bought in 2010.

More Info: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

IMPORTANT NOTE: Per the IRS website, "because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper — not electronic — return and attach Form 5405."

2. 2009-10 Move-Up Buyer Tax Credit

Who It Helps: Current homeowners who have lived in the home they are selling, or have already sold, as their principal residence for five consecutive years of the last eight years who closed escrow between November 7, 2009 and July 1, 2010, so long as they are in contract on or before April 30, 2010.

How It Helps: Eligible homeowners can receive a tax credit of as much as $6,500, depending on income. You can claim the credit on your 2009 tax return (the one you file on April 15th), even if you bought in 2010.

More Info: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

IMPORTANT NOTE: Can't e-file to collect this one, either - see #1, above.

3. Energy Efficient Housing Tax Credits

Who It Helps: Homeowners who invested in making their homes more energy-efficient in 2009 and 2010.

How it helps: Offers them a 30 percent tax credit on qualifying purchases of energy-efficient furnaces, windows and insulation.

More Info: http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home#energy

4. Private Mortgage Insurance Deduction

Who It Helps: Homeowners who bought a home in 2009, and put less than 20 percent down on their homes. These are the folks whose lenders required them to pay for PMI, or private mortgage insurance.

How It Helps: Allows them to deduct the costs - upfront and monthly - of PMI.

More Info: http://www.irs.gov/pub/irs-pdf/p936.pdf

5. The Mortgage Forgiveness Debt Relief Act

Who It Helps: Short sellers, owners who lost homes through foreclosures or had their mortgage balance reduced through loan modifications.
How It Helps: Normally, when a loan is cancelled or forgiven through, for example, a short sale or foreclosure, the cancelled debt is transformed into taxable income - and the IRS comes looking for their cut. Under this Act, qualifying mortgage debt forgiven through foreclosure, short sale or loan modification is allowed to be excluded from taxable income. The forgiven mortgage debt must be a loan on your personal residence, and must be related to the purchase of your home (if you pulled a bunch of cash out and did a short sale on that mortgage, you might not qualify).

More Info: http://www.irs.gov/individuals/article/0,,id=179414,00.html

On top of these above-and-beyond tax credits, deductions and exemptions, longtime and brand-new homeowners should also look forward to claiming meaty tax deductions for basic closing costs (origination fees, taxes and points - oh my!), property taxes and mortgage interest deductions.

As always, talk to your tax preparer to see if you qualify for any of these tax perks. And don't delay - the countdown to April 15th is on.

Gas tax deal comes with goodies for California home buyers and green-tech manufacturers

Tue, 23 Mar 2010 12:50:00 -0700

Gas tax deal comes with goodies for California home buyers and green-tech manufacturers

By Denis C. Theriault

dtheriault@mercurynews.com

Posted: 03/22/2010 08:10:43 PM PDT

Updated: 03/23/2010 10:57:47 AM PDT

Related Sections

SACRAMENTO — Moving swiftly to save hundreds of millions in state funding for public transit projects, the Legislature struck a deal Monday with Gov. Arnold Schwarzenegger and approved millions in tax breaks for two groups whose fortunes are tied closely to the state's economic recovery: homebuyers and green-technology manufacturers.

By delivering the tax breaks — which were blessed in uncommonly strong bipartisan votes — lawmakers ensured the governor would reverse himself and sign $1.1 billion in budget fixes sent to his desk last month. Those fixes involved a complex shuffling of fuel taxes meant to reduce the state's $20 billion deficit while pouring more cash into public transportation.

The deal reached Monday provides $200 million in new tax credits for homebuyers, to be split evenly among those buying a home for the first time and anyone buying a newly constructed home. Anyone qualified who makes a purchase between this May and August 2011 will receive a credit for 5 percent of the home's purchase price, up to $10,000 over three years.

Additionally, companies that make "green" technology products — like solar arrays and electric cars — will be freed from having to pay any sales tax when purchasing their manufacturing equipment over the next 10 years. The proposal is meant to drive hundreds of millions of dollars in new manufacturing to California, including Silicon Valley.

"Green technology is California's

present and its future," said Sen. Elaine Alquist, D-Santa Clara, one of the co-authors of the bill, SB 71.

Both exemptions will take effect as soon as the governor signs them, which he is expected do after stumping for them up and down the state recently. Monday was the last day for the governor to sign or veto the gas-tax bill.

"The package of bills as written will provide significant benefit to the state's general fund and will help put Californians back to work," Schwarzenegger said in his bill-signing statement.

Of the two tax breaks approved Monday, the credit for homebuyers is likely to cost the state in the short term. The hit this year alone could amount to $70 million. But lawmakers strongly suggested the cost was worth it, noting the billions in stimulus provided the last time the state offered such a credit for homebuyers.

That credit, which expired in March, also provided up to $10,000, but only for those purchasing new homes and only up to $100 million.

"As people buy these homes, they call the painter, they replace the carpet, they bring in the landscaper," said Assemblywoman Alyson Huber, D-Lodi.

The green-tech tax credit won't affect this year's budget, according to the Department of Finance, since it's meant to attract investment that hasn't yet materialized.

A third bill sent to the governor Monday included technical changes to the gas-tax swap, ensuring that commuter rail lines and transit agencies didn't see a spike in diesel prices. That was among the governor's concerns when the transit bill was sent to him this month.

The governor's fuel-tax plan would have eliminated state transit funding by shifting the state's sales tax on gasoline to a special excise tax, in the process giving consumers a 5 cent tax cut on each gallon of gas. The governor was upset that Democrats tweaked that plan to eliminate that reduction in favor of increasing transit money.

In fact, transit agencies are now scheduled to receive $450 million in 2010-11, hundreds of millions more than they would have received under the state's current system.

Contact Denis C. Theriault at 916-441-4651.

WHAT"S IN IT FOR YOU?

For homebuyers: Up to a $10,000 tax credit for first-time homebuyers or anyone buying a new home

For green tech: Sales tax break on manufacturing equipment

For transit: $450 million "” money that the governor would"ve taken away

For the state budget crunch: $1.1 billion in deficit relief

Mortgage Update by Tracie Southerland

Sun, 14 Mar 2010 10:42:00 -0700

Hi Diane,

Starting March 17, I will be sending you an additional weekly email on Wednesdays. This middle of the week email will be a friendly reminder of my ability to provide you with open house flyers - and other relevant information for your buyers - for your weekend activities.

I am able to personalize open house flyers to highlight your property and your contact information. You can see an example flyer here.

And, as always, below are the rates we've been seeing:

30 year conforming 4.75% 1 pt.

30 year high balance 5.125% 1 pt.

30 year FHA 4.75% 1 pt.

30 Yr. FHA high balance 4.75% 1 pt.

5 year jumbo 4.25% 1 pt.

7 year jumbo 4.875% 1 pt.

10 year jumbo 5.25% 1 pt.

30 year jumbo 5.50% 1 pt.

Regards,
Tracie

Tracie Southerland

Financial Advisor & Mortgage Advisor
Email · Biography
650.319.1603
License 01190919

Exclusively for

Current Indices*
Dow Jones: 10,611.84
Nasdaq: 2,368.46
10 Yr. Bond: 3.72%
1 Yr. T-Bill: .35%
1 Yr. LIBOR: .83938%
MTA Index: .441%
Prime Rate 3.25%
*Indices as of close of business Thursday.

Strictly Los Altos RE Statistics

Fri, 12 Mar 2010 09:52:00 -0800

LA Months Supply of Inventory

LA Median Price

LA Supply & Demand 2/10

Market Dynamics - SMC 2/10

Thu, 11 Mar 2010 14:28:00 -0800

Market Dynamics - SMC

Above pdf file, please find the most updated Market Dynamics statistics for San Mateo County through February 2010. These statistics are for Single Family and Condo/Townhomes in San Mateo County.

Here are some highlights to pay particular attention to as you review the data/graphs through the first two months of 2010:

1. Median Price- February's Median Price regained its upward trajectory from 2009, after a slight dip in January ($570,000), to $579,000 which is significantly higher ($56,000) than February one year ago. The Median reached its low point in January of 2009 @ $515,000 and has proceeded to climb and then hovered above and around $600,000 and reached as high as $650,000 during the course of 2009. As we predicted over the last few months of 2009, we are already seeing a higher rate of upper end sales throughout the Bay Area (several between 3-5+ million). As these sales begin to close escrow, the median price in SMC will continue its climb well above $600,0000 and possibly nearly $700,000 during the course of 2010.

2. Supply&Demand (Units)- We continue to see a dramatic distinction as we compare early 2008 with 2010 in the following categories; For Sale (supply/inventory), Under Contract (pending sales) and Sold (closed escrows). To illustrate when we compare Feb 08 with the same month in 2010 we see the following- For Sale properties/supply is down -27%. The number of under contract properties (pending sales) is now up 25% and the sold/closed escrows are up 5%. The pattern and direction of this market for the past 7-8 months continues to be the same story; declining overall supply/inventory, increasing new sales and closed escrows. Normal seasonality is beginning to come into play as buyer demand continues to amplify moving well into the 2, 3, 4 and 5+ million price ranges at a significant rate as compared to the same time last year. Despite the overall increase in sales activity in all price ranges, the overall rate of closings continues to be somewhat sluggish mainly based on a high percentage of short sales and the ongoing challenges of financing given the new disclosures and stringent guidelines. We are anticipating some strong closing months in late Q2 and during Q3 given the large pipeline of pending sales as they are worked through with lenders approving select short sales and financing coming through for purchases. This closing activity in the coming months will have a significant, positive affect on these monthly data points, further pointing to a balancing market and a imminent real estate recovery in Silicon Valley.

3. Months Supply of Inventory & Days on Market- The overall Months Supply of Inventory (months of inventory available based on the total existing supply divided by the rate of sales) dwindled down to a 2 year low range of 3.2 months! This is down from a 2 year peak of 8 months in December of 08. The Months of Supply of Inventory declined practically every month in 2009 from 6.5 months in January to 3.1 months by year end. Days on market has been in the range of 55-60 days past 7-8 months.

4. Basic Absorption- The decline in the residual inventory levels continues(the remaining inventory each month excluding pending sales, closed sales and new listings). This segment is down -44% when comparing Feb 2008 and Feb 2010. More of the less desirable or unrealistically priced properties are either now selling (in the case of unrealistically priced- prices are being adjusted) or coming off the market. The other metrics are quite compelling with the comparison of Feb 2008 vs Feb 2010 we see Under Contract Properties/pendings increasing and up 25% and New listing inventory coming on the market remaining down 9%.

5. Percent Under Contract- This is typically one of the most telling statistics of all because this is @ the line of scrimmage, where the market is today. Essentially when looking @ this stat, we are factoring of all the available inventory what percentage is under contract or a pending sale. Typically in any area we have seen where @ least 1 for every 4 available listings is under contract, we have a stable or appreciating market. Whenever we have seen this factor less than 1 out of 10 or less than 10%, we have sign prices more in a correction mode. We can look back historically and show where this occurred in pockets throughout SMC @ different times and how this was impacting values to the down or upside. At this point in time, SMC is @ a 2 year high with nearly 21.7% of all the available listings/supply under contract/in escrow. This percentage nearly even with last month's fully adjusted figure of 21.6%, and is a 70% increase when compared to February 2008 when this figure for SMC was at a lowly 12.8%!.

In conclusion, the market stability and strength in the overall bay area residential real estate market is confirmed by these data points. From our sales activity over the past 30 days and increasing even in the past week, we are certain to see improving data and statistics in the news as these new sales begin to close escrow. We are fortunate to be right at the pulse of activity and trends and this should be an advantage to our clients and/or those that have an interest in following up to date market trends. In addition to the positive current rate of sales, one of the most encouraging signs is the increasing high-end sales activity, which was sluggish during much of 2009. It will be very interesting to see the upward movement in the median price as these sales begin to close escrow over the next 30, 60 and 90 days. The biggest challenges of the day are high percentage of short sales (difficulties in getting lenders to communicate and close these transactions), the increased paperwork introduced into the loan process this year and the ongoing stringent lender guidelines. The market, despite its increasing buyer demand, is one of the toughest we have seen. Salespeople are working harder than ever to represent their buyers and sellers in the market and navigate them through the various hurdles that seem to be commonplace in every transaction. The buyers are in the market and ready to buy there is no question about it and this is a good starting point to build from. We are projecting a strong spring and summer market in most price ranges and possibly the most balanced and active market we have seen in over 2-3 years.

Thank you and have a great evening.

Sincerely,

Chris Trapani

President & CEO

Sereno Group

Market Dynamics - SCC through 2/10

Thu, 11 Mar 2010 14:22:00 -0800

Market Dynamics Santa Clara County

Attached, please find the most updated Market Dynamics statistics for Santa Clara County through February 2010. These statistics are for Single Family and Condo/Townhomes in Santa Clara County.

Here are some highlights to pay particular attention to as you review the data/graphs through the first two months of 2010:

1. Median Price- February's Median Price regained its upward trajectory from 2009, after a slight dip in January ($475,000), to $499,000 which is significantly higher ($78,000) than February one year ago. The Median reached its low point in March of 2009 @ $415,000 and has proceeded to climb and then hovered above and around $500,000 and reached a high of $530,000 in November of 2009. As we predicted over the last few months of 2009, we are already seeing a higher rate of upper end sales in Santa Clara County (several between 3-5 million). As these sales begin to close escrow, the median price in SCC will continue its climb well above $500,0000 during the course of 2010.

2. Supply&Demand (Units)- We continue to see a dramatic distinction as we compare early 2008 with 2010 in the following categories; For Sale (supply/inventory), Under Contract (pending sales) and Sold (closed escrows). To illustrate when we compare Feb 08 with the same month in 2010 we see the following- For Sale properties/supply is down -40%. The number of under contract properties (pending sales) is now up an amazing 92% and the sold/closed escrows are up 41%. The pattern and direction of this market for the past 7-8 months continues to be the same story; declining overall supply/inventory, increasing new sales and closed escrows. Normal seasonality is beginning to come into play as buyer demand continues to amplify moving well into the 2, 3 and 4+ million price ranges at a significant rate as compared to the same time last year. Despite the overall increase in sales activity in all price ranges, the overall rate of closings continues to be somewhat sluggish mainly based on a high percentage of short sales and the ongoing challenges of financing given the new disclosures and stringent guidelines. We are anticipating some strong closing months in late Q2 and during Q3 given the large pipeline of pending sales as they are worked through with lenders approving select short sales and financing coming through for purchases. This closing activity in the coming months will have a significant, positive affect on these monthly data points, further pointing to a balancing market and a imminent real estate recovery in Silicon Valley.

3. Months Supply of Inventory & Days on Market- The overall Months Supply of Inventory (months of inventory available based on the total existing supply divided by the rate of sales) dwindled down to a 2 year low range of under 2 months! This is down from a 2 year peak of 14.2 months in January of 08. The Months of Supply of Inventory declined each and every month in 2009 from 7.7 months in January to 2.6 months by year end. Days on market has remained under 60 days for the past 7-8 months, which on average is down about 10 days from the same period one year ago. This reduction in the Days on Market is another indication of the improving residential real estate market.

4. Basic Absorption- The decline in the residual inventory levels continues(the remaining inventory each month excluding pending sales, closed sales and new listings). This segment is down -62% when comparing Feb 2008 and Feb 2010. More of the less desirable or unrealistically priced properties are either now selling (in the case of unrealistically priced- prices are being adjusted) or coming off the market. The other metrics are quite compelling with the comparison of Feb 2008 vs Feb 2010 we see Under Contract Properties/pendings increasing and up 92% and New listing inventory coming on the market remaining down 17%.

5. Percent Under Contract- This is typically one of the most telling statistics of all because this is @ the line of scrimmage, where the market is today. Essentially when looking @ this stat, we are factoring of all the available inventory what percentage is under contract or a pending sale. Typically in any area we have seen where @ least 1 for every 4 available listings is under contract, we have a stable or appreciating market. Whenever we have seen this factor less than 1 out of 10 or less than 10%, we have sign prices more in a correction mode. We can look back historically and show where this occurred in pockets throughout SCC @ different times and how this was impacting values to the down or upside. At this point in time, SCC is @ a 2 year high with nearly 29.8% of all the available listings/supply under contract/in escrow. This percentage is slightly up from last month's fully adjusted figure of over 24.2%, and is a 222% increase when compared to February 2008 when this figure for SCC was at a lowly 9.2%!.

In conclusion, the market stability and strength in the overall bay area residential real estate market is confirmed by these data points. From our sales activity over the past 30 days and increasing even in the past week, we are certain to see improving data and statistics in the news as these new sales begin to close escrow. We are fortunate to be right at the pulse of activity and trends and this should be an advantage to our clients and/or those that have an interest in following up to date market trends. In addition to the positive current rate of sales, one of the most encouraging signs is the increasing high-end sales activity, which was sluggish during much of 2009. It will be very interesting to see the upward movement in the median price as these sales begin to close escrow over the next 30, 60 and 90 days. The biggest challenges of the day are high percentage of short sales (difficulties in getting lenders to communicate and close these transactions), the increased paperwork introduced into the loan process this year and the ongoing stringent lender guidelines. The market, despite its increasing buyer demand, is one of the toughest we have seen. Salespeople are working harder than ever to represent their buyers and sellers in the market and navigate them through the various hurdles that seem to be commonplace in every transaction. The buyers are in the market and ready to buy there is no question about it and this is a good starting point to build from. We are projecting a strong spring and summer market in most price ranges and possibly the most balanced and active market we have seen in over 2-3 years.

Thank you and have a great evening.

Sincerely,

Chris Trapani

President & CEO

Sereno Group

Real Estate Unleashed

Mon, 08 Mar 2010 10:47:00 -0800

Real Estate Unleashed
By Carole Rodoni
Presented by Bamboo Consulting Inc. Vol. 15 March 2010
Page 1
Current Real Estate Update
Copyright 2009-2010 Bamboo Consulting Inc.
www.bambooconsultinginc.com
Sherlock Holmes Has Nothing on Today's Home Inspector
The transaction is in the works, but one potential issue still remains – the home inspection. Buyers typically request a home
inspection to determine the condition of a property. What is uncovered prior to the closing can often result in needed
repairs, which can set off renegotiating the deal with the seller or in extreme cases cause a deal to collapse. The inspectors
are not the enemy. They are simply there to report on the condition of the property. So, the ball is really in the seller's court.
If you've taken care of your home, you'll pass with flying colors.
The biggest and most common defects that can be avoided are:
?Improper electrical wiring usually done by homeowners or unqualified contractors. Think inadequate overload
protection, wires tied together without being housed in a box, etc. All of these issues can cause major problems and
are fire hazards. As a seller, get this kind of work done with a proper permit and by a licensed contractor. It will
save you time and money in the end. And, most electrical issues are safety issues. So, be smart and get it done
right.
?Roof deterioration -- A roof that is old and damaged leads to leaks. If left unrepaired, a totally new roof is often the
only fix and can cost on average almost $20,000. So, check the shingles and tiles on an ongoing yearly basis, clean
gutters yearly, and trim back trees that could cause damage.
?Improper surface draining or grading – Water is a powerful force and can flow into a house because of poor
drainage or grading. Basements and crawl spaces are the most vulnerable. So, assess how your home sheds
water, watch for signs of water damage, and find the source.
?Plumbing problems – The biggest money drainer is dripping faucets. Leaking water can cause damage that can
often be fixed by a part that costs under a dollar. In addition, shoddy plumbing work is cheap, but expensive in the
long run – think mismatched piping materials, improperly installed water heaters, or rocking toilets. So, make sure
your toilets are securely bolted, check faucets and valves periodically for leaks, and do the repairs when the
problems are small.
?General condition – Often cracks, peeling, or dirty painted surfaces, broken appliances, and decayed caulking are
found by inspectors, which can lead to costly repairs. Check these things on a regular basis and fix the issues early.
Reviewing All the Title Documents – Boring but Necessary
Most buyers get a preliminary title report (PTR) and think that is sufficient. But, a PTR is virtually useless unless legible
copies of all underlying documents are carefully reviewed. What are the underlying documents? They are the documents
listed anywhere in the PTR.
Some things to look for are:
?The PTR should list the owners of the property. Make sure their names match the sellers' names in the purchase
sale agreement. You want to make sure that you are dealing with the actual owners of the property.
?Check on the OMG (oh my God) rights such as oil, mineral, and gas. Who owns them and how can you use or
develop them are all good questions.
?Check for monetary liens such as first and junior mortgages, home lines of equity credit, and delinquent property
taxes and HOA dues. You need to remove all monetary items and require that the property be free and clear of all
liens by the close of escrow. Also check for supplemental property taxes, special assessments (i.e. school bonds),
and judgment liens (i.e. IRS money due).
Did You Know?
Continued on Page 2
Page 2
Real Estate Unleashed
Copyright 2009-2010 Bamboo Consulting Inc.
www.bambooconsultinginc.com
Vol. 15 March 2010
?If any improvements have been done to the property, require mechanics lien coverage as part of your title coverage.
?Make sure that the parcel you are buying is a “legal lot”. The California Subdivision Map Act (CSMA) states that one
cannot sell, lease, or finance property that does not consist of legal lots. Recorded parcel maps create four or fewer
legal lots and recorded subdivision maps create 5 or more legal lots. Look to make sure your legal description says
“Parcel with a # of Parcel Map” or “Tract with a # of Tract Map”. If the legal description mentions a portion of a lot,
then you may have a problem.
Since title should give you clear ownership of the property, make sure you read the fine print and all the documents. It may
take time and it may be boring, but it is really important.
Polly Wants an Insurance Policy
Pet owners are rushing to buy pet insurance policies featuring everything from high deductible options to alternative
treatments like acupuncture. Some focus on accidents and illnesses, while others include wellness care, checkups, and
shots. Currently, about 1 million pets of all types are insured and that number is growing 10% a year. The largest provider
is Veterinary Pet Insurance (VPI), which is a unit of Nationwide Mutual Insurance Company.
If you are in the market for pet insurance, check out the fine print. Pet insurance often places strict limits on what it will pay
for specific procedures. Premiums can vary from $10.00 to $75.00 per month as breed type, age, and pre-existing
conditions can affect price and coverage. Some questions to consider are:
?On what basis does a policy pay claims? They may pay amounts according to a fee schedule, as a percentage of
the actual bill, or as a percentage of what they consider “usual and customary” fees. If payments are based on
actual bills, check the fine print.
?What can a policy cover? Typically, policies start with a “blackout” period where nothing is covered. The also
usually do not cover pre-existing conditions or pregnancy costs.
?What is your out of pocket cost going to be? Total benefit payouts probably will be capped either on a per-year or
per-incident basis. Thus, once you reach the cap, the balance is due and payable by you.
?What happens when you renew the policy? Your premiums might be based on the age of your pet, on the number
of claims you have made, etc. Check to make sure that the new policy covers chronic illnesses.
It is important that you get the policy documents to review so that all of your questions can be answered.
Words of the Year
Every year, dictionaries pick out words of the year. Here are some of the highlights.
?New Oxford American Dictionary – unfriend: a verb, which means to remove someone as a “friend” on a social
networking site
?In 2007, the Collins English Dictionary listed “Facebook” and this year it was “Twitter”
?Here are the tech words Oxford picked:
?hashtag – a # sign added to a word or phrase that enables Twitter users to search for tweets that are similar
to theirs
?intexicated – one who is distracted while texting and driving
?paywall – a way of blocking access to a part of a web site that is only available to paying customers
?There are also words attached to politics, the economy, and pop culture including “fun employed”, “trampstamp”,
and “hypermilling”
The Last Word
Pants (n)
Pantalone was an unmarried physician who professed to have the power of healing. He was so adored that in Venice a
Church, San Pantalone, was dedicated to him. Also, in Roman times, famous people were often portrayed in theatre. The
costume signature for Pantalone was a pair of red leggings that reached his feet. Over the years, his name was shortened
and used to describe varying fashions of long trousers. And, thus, we have the word pants.
Page 3
Real Estate Unleashed
Copyright 2009-2010 Bamboo Consulting Inc.
www.bambooconsultinginc.com
Vol. 15 March 2010
Bay Area Statistics January 2010
?Numbers are down from December in sales, but up in both price and sales from one year ago.
?The median price was $350,000, which is down 7.9% from December. This is up 16.7% from January 2009.
?More low-end homes sold. Foreclosures were 37% of the market versus 34% in December 2009.
?Areas of large foreclosures include Contra Costa, Solano, Sonoma, and Napa. These areas equated for 60% of the
foreclosure sales.
?Sales over $500,000 were 31%. This is up 22% from one year ago, but down from December 2009.
?The buyers were 20% investors, 24% all cash offers, and 2.9% flippers.
Existing Single-Family Home Sales (December 2009)
Statistics
County
Number
Sold
Percent
Change
(YOY)
Median
Price
Percent Change
(YOY)
Alameda 936 -5.8% $341,000 13.7%
Contra Costa 1,078 -19.1% $257,250 16.9%
Marin 153 25.4% $535,000 1.9%
Merced 252 - $115,000 0.0%
Monterey 272 - $237,000 13.1%
Napa 87 11.5% $350,000 -5.4%
Placer 421 - $282,000 -4.4%
San Francisco 311 35.8% $629,000 11.9%
San Joaquin 749 - $160,000 -4.8%
San Luis Obispo 180 - $372,000 -0.7%
San Mateo 355 30.0% $579,000 18.3%
Santa Barbara 210 - $300,000 23.0%
Santa Clara 1,137 9.6% $451,000 12.8%
Santa Cruz 128 - $385,000 8.5%
Sacramento 1,459 - $165,000 0.0%
Solano 462 -17.5% $201,000 4.4%
Sonoma 334 -3.9% $350,000 16.7%
Dear Carole
Question: What happened in the high-end market in 2009?
Answer: The high-end market definitely struggled in 2009. In the state of California, 18,000 one plus million dollar homes
sold compared to 56,000 in 2006. Of those sold at the one million dollar price point, 33% paid all cash. At the 5 million dollar
range, over 40% paid all cash. If the buyer needed a loan, the average down payment was 40% and the average interest
rate was 7%. The high-end market saw some changes last year too-- some properties went into foreclosure, there were
short sales, some people were forced to sell their homes, and buyers held back either because they were concerned about
the market, had lost their jobs or had lost money in the stock market. All in all, most high-end areas saw decreases in value
from 9-15%.
Yet, there are still buyers willing to buy. They only will respond to properties that are aggressively priced and work with
sellers who are flexible as to terms and conditions. And, an even bigger surprise this year is that even more of the buyers
are all cash buyers. So, if you are seller, price your property "to sell". If you are a buyer, this is the opportunity to get into
the high-end at a price of a lifetime.

3 Tips to Delay or Even stop Foreclosure

Tue, 02 Mar 2010 10:39:00 -0800

Click Here to Watch Video

Strategy #1:

Contact Hope Now at (888)995-HOPE

Strategy #2:

Contact www.naca.net which is a consumer attorney, not a real estate attorney

Strategy #3:

Ask For A Copy Of The Actual Note (this may slow down the process)

Information provided by Bernice Ross, Master Real Estate Coach

Mortgage Update by Tracie Southerland

Fri, 26 Feb 2010 12:13:00 -0800

Hi Everyone,

As we've been saying in our Monday morning meetings, the market is really picking up! I've seen evidence in the many purchases that are taking place. And, along with all the activity, I've noticed that I am spending more time in meetings, on the phone and at appointments with clients - which means I am not as available to answer the phone or reply to urgent emails. But, never fear. . .

In those times when you need to speak to me urgently, please contact Lara Larkin (650.319.1613 or llarkin@opesadvisors.com). I can assure you that, if she isn't able to answer your question, she will be able to reach me to get a quick response. She won't let you down. In fact, she's been known to tackle me to make me return a call (smile!)!

And, as always, below are the rates we've been seeing this week:

30 year conforming 4.75% 1 pt.

30 year high balance 5.125% 1 pt.

30 year FHA 4.75% 1 pt.

30 Yr. FHA high balance 4.75% 1 pt.

5 year jumbo 4.25% 1 pt.

7 year jumbo 4.875% 1 pt.

10 year jumbo 5.25% 1 pt.

30 year jumbo 5.625% 1 pt.

Regards,
Tracie

Tracie Southerland

Financial Advisor & Mortgage Advisor
Email · Biography
650.319.1603
License 01190919

Exclusively for

Current Indices*
Dow Jones: 10,321.03
Nasdaq: 2,234.22
10 Yr. Bond: 3.63%
1 Yr. T-Bill: .35%
1 Yr. LIBOR: .84625%
MTA Index: .463%
Prime Rate 3.25%
*Indices as of close of business Thursday.

Tracie Southerland's Weekly Update

Sat, 20 Feb 2010 11:16:00 -0800

Hi Diane,

Yesterday the Fed raised the discount rate by .25% (The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility). Last week the Fed did indicate that the move might be coming, yet the timing of their announcement was surprising to many.

As you might recall, at the start of the mortgage meltdown, mortgage lenders were having difficulty securing warehouse lines to allow them to provide mortgage funding. Lenders did have the option to access the Discount Window at the Fed (Federal Reserve Banks offer three discount window programs to depository institutions: primary credit, secondary credit, and seasonal credit, each with its own interest rate. All discount window loans are fully secured.) However, because costs for these funds were high AND repayment had to be done within 28 days, most lenders were unable to utilize this option.

As a result, the Fed held an emergency meeting, lowered the Discount Rate and extended the repayment period to 90 days. These changes made the Discount Window option a viable solution for lenders and helped curtail the severity of the mortgage meltdown.

Yesterday's announcement reverses those emergency measures. Yet, as long as warehouse lines remain functional, this announcement should not adversely affect mortgage lending.

When making this change yesterday, the Fed noted that the continual improvement in financial market conditions gave them the foundation for this move. The Fed also said that they do not anticipate this raise to lead to tighter financial conditions for households or businesses nor does this move indicate any change in their outlook for the economy or for monetary policy.

However, as the Fed makes changes, the government backs out of Mortgage Backed Securities (MBS) purchases and slows down stimulus programs, we continue to assess economic growth and inflation concerns.

One of the most popular measures of inflation within the U.S. is the Consumer Price Index (CPI). The CPI measures the estimated average price of consumer goods and services purchased by households. This index rose by 0.2% for January, less than the 0.3% expected. With the publishing of the January results, the year-over-year CPI is at 2.6%, below expectations of 2.8%. The more closely watched Core CPI (which strips out food and energy costs), actually fell by 0.1%, below expectations of a 0.1% rise. The last time Core CPI showed a negative monthly reading was 28 years ago. This helped to drop the year-over-year Core CPI rate to 1.6%, a bit below expectations of a 1.8% rise.

These results show that, for the time being, inflation is a non issue. However, it will likely become a factor in the next year or two. And, the best hedge for inflation is to fix as many costs at today's prices as you can. A home purchase today with a historically low mortgage rate allows buyers to fix the price of their home and the associated financing costs. We will continue to keep an eye on this index and other economic indicators.

And, as always, below are the rates we've been seeing this week:

30 year conforming 4.75% 1 pt.

30 year high balance 5.125% 1 pt.

30 year FHA 4.75% 1 pt.

30 Yr. FHA high balance 4.75% 1 pt.

5 year jumbo 4.50% 1 pt.

7 year jumbo 5.00% 1 pt.

10 year jumbo 5.375% 1 pt.

30 year jumbo 5.75% 1 pt.

Regards,
Tracie

Tracie Southerland

Financial Advisor & Mortgage Advisor
Email · Biography
650.319.1603
License 01190919

Exclusively for

Current Indices*
Dow Jones: 10,392.90
Nasdaq: 2,241.71
10 Yr. Bond: 3.8%
1 Yr. T-Bill: .35%
1 Yr. LIBOR: .84625%
MTA Index: .463%
Prime Rate 3.25%
*Indices as of close of business Thursday.

Tax Credit Will Be Retroactive

Mon, 16 Nov 2009 11:08:00 -0800

The big news this week is that the tax credit is retroactive – and includes purchases of a principal residence after November 6, 2009.

I've included some interesting points below. You can read more details here.

Are the new income limits retroactive? For sales occurring after November 6, 2009, the income limits are $125,000 for single taxpayers and $225,000 for married couples filing joint returns.

The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

What types of homes will qualify for the tax credit? Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse's family members. Please consult a tax advisor for more information.

Is there a way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 or 2010 tax return? Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment.

Buyers should adjust the withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

Home Sellers: Top 5 Home Improvement Projects Based on Cost & Return on Investment

Tue, 10 Nov 2009 09:46:00 -0800

RISMEDIA, November 10, 2009—HomeGain.com, one of the first websites to offer Web-based free instant home values, announced that it has released the results of its nationwide home improvement and home staging Home Sale Maximizer survey.

HomeGain’s recent survey shows the top do-it-yourself home improvements that Realtors recommend to home sellers. HomeGain received responses from nearly 1,000 Realtors nationwide and configured a list of the top 12 do-it-yourself (DIY) home improvements that cost under $5,000 and benefit sellers most when they sell their homes.

According to the HomeGain survey, the top five home improvements that Realtors recommend to home sellers based on cost and return on investment (from highest to lowest ROI) are:

1. Cleaning and de-cluttering ($200 cost / $1,700 price increase / 872% ROI)
2. Home staging ($300 cost / $1,780 price increase / 586% ROI)
3. Lightening and brightening ($230 cost / $1,300 price increase / 572% ROI)
4. Landscaping ($320 cost / $1,500 price increase / 473% ROI)
5. Repairing plumbing ($385 cost / $1,250 price increase / 327% ROI)

Cleaning and de-cluttering continues to rank as the top suggested home improvement (since the survey was originally conducted in 2000), recommended by 98% of Realtors, costing less than $200 and returning a value of nearly $1,700 to the home’s sale price, or an 872% return on investment.

“Many Realtors agree, especially in a buyer’s market, that sellers who make these recommended home improvements often get their homes sold faster and at higher prices,” stated Louis Cammarosano, General Manager at HomeGain. “We have customized our Home Sale Maximizer online home improvement tool to help identify and prioritize the projects that can increase the salability and selling price of a home.”

Rounding out the top 12, the list of low cost, do-it-yourself home improvements includes: updating electrical, replacing or shampooing carpets, painting interior walls, repairing damaged floors, updating kitchen, painting outside of home, and updating bathroom/s.

The home improvement projects with the highest price increases to a home’s resale value are updating the kitchen ($1,200 cost / $2,850 price increase), followed by painting the outside of the home ($900 cost / $1,815 price increase) and home staging ($300 cost / $1,780 price increase).

“Inexpensive cosmetic home improvements and basic improvements greatly enhance the value of the home,” stated Carol Wilson of Carpenter Real Estate in Indianapolis, IN, HomeGain AgentEvaluator member since 1999.

For more information, visit www.homegain.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Don’t miss these top headlines on RISMedia.com:
Home Buyers Want to Save Energy – but Only at Right Price
Taking Advantage of Negotiation – U.S. Homebuyers Paid $7,039 Less Than Listing Price in July

Homeowners win big with extension and expansion of federal tax credit

Thu, 05 Nov 2009 09:48:00 -0800

The U.S. House of Representatives today voted 403 to 12 to extend and expand the home buyer tax credit. The bill passed the U.S. Senate late yesterday and now will go to President Obama for his signature, where it is expected to be signed this week.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

For weeks, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R and its members have urged Congress and the U.S. Senate to extend and expand this crucial piece of legislation.

Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers. According to C.A.R. research, nearly 40 percent of first-time home buyers surveyed said they would not have purchased a home without the federal tax credit, and approximately 70 percent said the tax credit was "the most important" or a "very important" factor in their decision to buy a home.

To read stories about the extension and expansion of this valuable home-buying incentive, please visit the following:

Aid for jobless, homebuyers clears Congress
To read the full story, please click here.

Congress Extends Jobless Benefits, Home-Buyer Credit
To read the full story, please click here.

Congress passes bill extending unemployment insurance, home buyer tax credit
To read the full story, please click here.

10 Safest Places to Live in the U.S.

Tue, 27 Oct 2009 03:16:00 -0700

A sense of security is one of the big reasons why people choose a home. Forbes magazine has created a list of the nation’s safest places to live by examining four factors: workplace accidents, weather catastrophes, crime rates, and traffic accidents.

The result is this list of top 10 safest metropolitan areas:

Minneapolis-St. Paul-Bloomington, Minn.-Wisc.
Milwaukee-Waukesha-West Allis, Wisc.
Portland-Vancouver-Beaverton, Ore.-Wash.
Boston-Cambridge-Quincy, Mass.
Seattle-Tacoma-Bellevue, Wash.
Providence-New Bedford-Fall River, R.I.
San Jose-Sunnyvale-Santa Clara, Calif.
New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa.
Cincinnati-Middletown, Ohio (tie)
Cleveland-Elyria-Mentor, Ohio/Denver-Aurora, Colo. (tie)

Source: Forbes.com, Zack O'Malley Greenburg (10/26/2009)

Multiple Offers are Back!

Mon, 10 Aug 2009 07:11:00 -0700

In case you missed reading the front page of The Mercury News today, here's the link to read about what's the lastest happenings in Santa Clara County:

http://www.mercurynews.com/topstories/ci_13028660

6 Reasons Why Some Homes Sell

Mon, 03 Aug 2009 04:34:00 -0700

Why do some houses sell and others don’t?

There’s no ultimate answer to this question, but Tribune Media Services columnist Ilyce Glink has a theory.

Here are her six top reasons properties linger on the market:

Lousy pictures on the Web.
Priced too high for the neighborhood.
Blah interior; ho-hum landscaping.
Little online marketing and hard-to-find MLS listings.
Low commissions. Practitioners make sure their customers see properties that offer a payoff.
Miserable maintenance, including ceiling stains, leaky faucets, and ancient furnaces.

Source: Tribune Media Services, Ilyce Glink (08/02/2009)

Easy Ways to Improve Curb Appeal

Mon, 27 Jul 2009 04:02:00 -0700

Curb appeal can make or break a sale in today’s market.

If your sellers are willing to improve the outside of their homes, here are some low-cost ways to increase a home’s curb appeal.

Clean up beds by weeding and pruning shrubs. Add mulch for a high-end look.
Invest in pots. A couple of attractive ceramic (or ceramic look-alike) pots filled with attractive plants can really make an entrance look classier.
Install landscape lighting on the path to the front door.
Replace the mailbox with a newer one and put some nice plantings at its base to dress it up.

Source: Tribune Media Services, Cameron Huddleston (07/26/2009)

GREEN the Red, White, and Blue Celebration!

Wed, 01 Jul 2009 02:18:00 -0700

In the spirit of good, green fun, here are a few tips to help you celebrate our country’s independence in an eco-friendly way:

Opt for local produce
Make recycling bins available at the backyard BBQ
Choose sustainably-produced charcoal for the grill or use propane for the gas grill
If glass dishes aren’t an option, skip the Styrofoam and go for bamboo and biodegradable picnic-ware
Ride bikes or carpool to a community fireworks show rather than light your own fireworks

Happy 4th Everyone!

Parking Lot Sale To Benefit American Cancer

Thu, 04 Jun 2009 10:03:00 -0700

June 6, 2009 from 7:00 AM to 3:00 PM located at 369 S. San Antonio Rd., Los Altos

Lots of great stuff! Gently used clothing and household items. We will also be having an FREE e-waste drop off from 9-4 PM same day, same location

Drop off recyclable electronic items and shop for gently used usable items.

Together, we can make a difference!

Diane

Plug Into Electronics Reuse

Fri, 29 May 2009 03:46:00 -0700

Electronics become obsolete almost as fast as you can blink your eyes. Until recently, we had a fairly weak understanding of what could be done with our computers and other electronic items once they no longer served their purpose.

“So what is e-waste exactly? And why should I recycle my electronics?” Good questions. Recyclable e-waste items include: TV’s, monitors, computer systems, printers, fax machines, copiers, scanners, cables & wiring, batteries, cell phones, house phones, PDA’s, digital cameras, laptops, MP3’s,audio equipment, video games, etc..

Why recycle the above items?

E-waste is a serious environmental issue. Each computer display monitor contains an average of 4-8 pounds of lead. About 70% of heavy metals (including mercury and cadmium) found in landfills come from electronic equipment discards. Now is the time to take responsibility for future generations to come by recycling today.

On June 6, 2009 from 9:00-4:00 PM Sereno Group will be having a FREE e-waste collection event located at 369 S. San Antonio Rd., Los Altos. Come on by and drop off your reusable electronics.

Items not accepted: We do NOT accept light bulbs, appliances or mercury switches.

Questions regarding the event: call Diane Schmitz at (650)947-2955 at Sereno Group or visit www.htrecycling.com for further information on e-waste recycling.

We will also be hosting a PARKING LOT SALE on the same day at the same location, 369 S. San Antonio Rd., Los Altos from 7:00-3:00 PM. All proceeds will be donated to the American Cancer Society.

Want the $8000 Tax Credit?

Fri, 22 May 2009 14:00:00 -0700

Want the $8000 Tax Credit?
Here's the "Who, What, When, Where, and Why"

Time remaining to take advantage of the credit:
191 Days, 03 Hours, 54 Minutes, 55 Seconds

One of the most unusual -- and generous -- programs ever rolled out by the Federal Government is the recent $8000 tax credit for home buyers.

Whether you’re a first-time home buyer, or you’ve bought and sold dozens of homes, it’s an amazing time to buy! And if you have questions about the market, neighborhoods, or how to take advantage of all the buyer benefits out there…talk to a REALTOR® -- They’re the local experts.

Here's what you need to know...

Who is eligible?

first-time homebuyers
anyone who has not owned a principal residence in the last three years

What is it?

It’s an $8000 gift from the federal government. If you qualify, and you buy a home while the program is available, you’ll get $8000 back with your tax refund.

There are two factors to consider:

First, if your adjusted gross income is more than $75,000 or $150,000 filing jointly, then your credit will begin to shrink, depending on how much more than that you make. And second, the tax credit is for $8000 -- or -- 10% of the sales price. So, if you buy a house worth less than $80,000, you’ll get 10% of the price.

When?

This is an 11 month program: January 1st, 2009 to November 30th, 2009. You have to close on your house within those dates.

And... when do you get your money? You will receive your tax credit after you buy your home. You can’t use it for your down payment, or your other closing costs. But, for example, if you close on a house next month, you can file an amended tax return -- and get the eight grand -- right away. You do not have to wait until next year.

Where is it available?

You are eligible for this tax credit for principal home purchases anywhere in the US, including the US Territories! But, don’t forget…The qualifying purchase only includes your primary residence, not a vacation property.

Why?

The Administration and Congress did this to get the nation’s economy rolling again. And if you look back through history, programs like this help make that happen. Approximately 30 years ago, during another economic downturn, the government offered $2000 tax credits. And, it worked -- The increased real estate sales helped get the economy back on track.

In this economy, an extra eight thousand dollars can really mean a lot, to people all across the country.

And remember! You only have 191 days to go! After that? The $8000 gift is gone.

(Don't forget -- allow 30 to 60 days to finalize your home purchase before the November 30th deadline!)

The Federal $8000 Tax Credit Let's Get it Straight!
Ever since the government announced it, there's been lots of talk...

Rates Below 5% for Ninth Week Straight

Fri, 15 May 2009 05:43:00 -0700

Freddie Mac reports a slight rise this week in the 30-year fixed mortgage rate to 4.86 percent from 4.84 percent in the previous week.

Rates have been below 5 percent for nine weeks in a row. Last year at this time, the average 30-year rate was 6.01 percent.

The 15-year fixed mortgage rate climbed to 4.52 percent from 4.51 percent. Meanwhile, the five-year adjustable mortgage rate slipped to 4.82 percent from 4.9 percent; and the one-year ARM fell to 4.71 percent from 4.78 percent.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country.

Source: Freddie Mac

The Basics: 2009 First-Time Home Buyer Tax Credit

Mon, 11 May 2009 06:18:00 -0700

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Weekly Mortgage Update from Tracie

Fri, 08 May 2009 06:05:00 -0700

Hi Everyone,

Happy Friday!

I wanted to take the opportunity to clarify the new Home Valuation Code of Conduct (HVCC) Appraisal process that I briefly mentioned in one of our recent meetings.

The HVCC Appraisal regulations were implemented by Fannie Mae and Freddie Mac on May 1. The primary affect is that the HVCC guidelines specifically address appraiser independence, preventing anyone in loan production from participating in the appraisal process (including selecting a specific appraiser to do an appraisal). Our biggest concern with this new approach is that we did not want to have appraisers that were from out of the area appraising homes in our area.

At Opes we are working with a company called Settlement One to order our appraisals. In setting up our process to work with them, we provided them with an extensive list of our best and most reliable appraisers. While we are now required to order all appraisals through Settlement One (vs. contacting an appraiser directly), they fulfill that order by choosing an appraiser from the list that we gave them. This enables us to use proven appraisers for our area while still meeting regulatory guidelines.

And, now that we've gotten the legalities out of the way, here are some rates we've been seeing:

30 year conforming 4.625% 1 pt

30 year high balance 4.875% 1 pt.

30 year FHA 4.625% 1 pt.

5 year jumbo 4.75% 1 pt.

7 year jumbo 5.25% 1 pt.

10 year jumbo 5.50% 1 pt.

30 year jumbo 6.00% 1 pt.

Regards,

Tracie Southerland

Financial Advisor & Mortgage Advisor
Email · Biography
650.319.1603

Five Maintenance Issues Owners Shouldn't Ignore

Wed, 06 May 2009 05:38:00 -0700

Consumer Reports magazine advises home owners not to put off important maintenance projects, noting that waiting until the economy rebounds could end up making the repairs more costly while putting a family's health at risk.

The magazine identifies five crucial maintenance issues:

Check the gutters: Clogged gutters, broken fasteners and separations where the gutters meet the fascia board will lead to roof leaks if they haven’t already.
Inspect the roof: Cracked, curled and mussing shingles mean a roof is nearing the end of its useful life. Cracks around chimneys, skylights, and roof valleys can also suggest the roof might be leaking.
Look for bugs: Termites and carpenter ants can bore through a home in a few short years. Probe the sill plate on top of the foundation with a screwdriver to check for rotten wood. Also look for carpenter ants and termites along windowsills and walls.
Avoid mold: Mold and mildew can cause musty odors, dank air, and make residents sick. Check under carpets and around windows for visible mold or mildew.
Don’t ignore cracks: Foundation cracks wider than 3/16 of an inch can be a problem. These require examination by a structural engineer.

Source: Consumer Reports (05/04/2009)

Weekly Mortgage Update

Fri, 10 Apr 2009 09:33:00 -0700

Hi DIANE,

As they say in Texas, "all ya'll" are heating up on purchases - congrats! Thanks for keeping me hopping!

Below are some rates we've been seeing:
30 year conforming      4.50%        1 pt.
30 year high balance    4.875%      1 pt.
30 year FHA              4.50%         1 pt.
5 year jumbo              4.75%         1 pt.
7 year jumbo              5.00%         1 pt.
10 year jumbo           5.250%        1 pt.
30 year jumbo            6.00%       1 pt.
Have a great weekend!
Tracie

Tracie Southerland
Financial Advisor & Mortgage Advisor
Email · Biography
650.319.16
Exclusively financial advisor

GREEN TIP OF THE WEEK: DON’T THROW OUT YOUR TV

Wed, 01 Apr 2009 08:11:00 -0700

The roughly 110 million U.S. households with televisions are preparing for the switch to digital television reception (postponed until June 12, 2009) by adding a converter box or upgrading to a digital-ready television. The old set may contain as much as five pounds of lead and, in some locales, it may be illegal to simply leave your old set at curbside. Visit the EPA's eCycling site (www.epa.gov/epawaste/conserve/materials/ecycling/tv-convert.htm) to learn your local recycling options.

For more green real-estate-related tips and discussion, visit C.A.R.’s green blog (http://blogs.car.org/) and C.A.R.’s Green Web site (http://green.car.org/).

More info: http://green.car.org/

California Association of Realtors Lauches Mortgage Protection Program

Tue, 31 Mar 2009 12:27:00 -0700

March 31, 2009

Dear C.A.R. Member,

I am very pleased to announce that this Thursday, April 2, C.A.R. will launch a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations.

Through the C.A.R. Housing Affordability Fund Mortgage Protection Program (C.A.R.H.A.F. MPP), first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a reduced monthly benefit of $750 per month for up to six months in the event of a job loss. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million to the program this year, and estimates that as many as 3,000 families will benefit from the program throughout 2009.

To qualify for the Mortgage Protection Program, applicants must:
. Be a first-time home buyer – someone who has not owned a home in the last three years
. Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
. Use a California REALTOR® in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed or military personnel)

First-time home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®. For applications and other information on this exciting new program, go to www.car.org/aboutus/hafmainpage/ or contact Monica Rodriguez at (213) 739-8380 or monicar@car.org.

The Mortgage Protection Program is a proactive approach by C.A.R. to address consumers’ concerns about the real estate market and their ability to make their mortgage payments should they loose their jobs. I encourage you to take full advantage of this new program by sharing information about the C.A.R.H.A.F. Mortgage Protection Program with your clients. There is no cost to either you or your clients to participate.

Sincerely,

James Liptak
2009 C.A.R. President

6 Reasons Why It's Still a Good Time to Buy

Mon, 30 Mar 2009 09:07:00 -0700

The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.

1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available. (Sign up for a Webinar to learn more about the home buyer tax credit)

2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.

6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front.

Source: The Wall Street Journal, June Fletcher (03/27/2009)

America's 10 Wealthiest Towns

Tue, 24 Mar 2009 05:29:00 -0700

The very wealthy seem to be mostly immune from recent economic downturns. BusinessWeek ranked America’s wealthiest towns based on the 2008 net income and 2008 net worth of their residents.

Here's BusinessWeek's list of America’s top 10 wealthiest communities:

Brookville, N.Y.; average income: $328,404; average net worth: $1,670,075
Atherton, Calif.; $380,535; $1,648,161
Rolling Hills, Calif.; $324,190; $1,647,622
Kenilworth, Ill.; $334,634; $1,619,702
Hillsborough, Calif.; $300,943; $1,668,732
Roslyn Estates, N.Y.; $298,935; $1,664,191
Hidden Hills, Calif.; $318,843; $1,630,085
Oyster Bay Cove, N.Y.; 317,661; $1,625,524
(tie) Chevy Chase Village, Md.; $311,170; $1,635,311

(tie) Los Altos Hills, Calif.; $298,510; $1,653,676

Source: Business Week, Prashant Gopal (03/17/2009)

LIGHTS OUT! EARTH HOUR

Wed, 18 Mar 2009 12:57:00 -0700

Around the globe on March 28, when the clock strikes 8:30 p.m. local time, Earth Hour will begin. At this time, people around the globe will switch off their lights to demonstrate their support to reduce greenhouse gas emissions and global warming. The Eiffel Tower and other Parisian landmarks will fade to black, as Paris, the City of Light, heads a list of cities and towns that will join the world in making a visual vote for decisive action on climate change during Earth Hour 2009. For more information, visit http://www.earthhour.org.

10 Unhappiest American Cities

Tue, 10 Mar 2009 03:56:00 -0700

No sun, no jobs and lots of foreclosures. This can be a recipe for unhappiness.

Not surprisingly, some cities whose residents struggle with lots of these issues also have high levels of suicide, clinical depression, divorce and violent crime.

BusinessWeek.com ranked 50 of the largest metros based on their misery and depression levels. The depression scoring is based on insurance reporting. The rest of the rankings come from the National Assembly of County & City Health Officials, FBI crime reports, the U.S. Weather Bureau and the U.S. Census.

While it's not clear that the recession has made these social issues worse - most of these cities had these problems before the economy headed south - and economic woes certainly can't be helping.

Here are the top 10 most depressed cities.

Portland, Ore.
St. Louis
New Orleans
Detroit
Cleveland, Ohio
Jacksonville, Fla.
Las Vegas
Nashville, Tenn.
Cincinnati, Ohio
Atlanta

Source: BusinessWeek.com, Prashant Gopal (02/26/2009)

ZIP Codes Where Housing Sales are Increasing

Mon, 09 Mar 2009 08:14:00 -0700

Housing sales are improving significantly in key ZIP codes around the country where prices have moderated, according to information compiled for BusinessWeek.com by First American CoreLogic.

ZIP codes in California, Florida, Arizona and Nevada dominated the list, but there were also ZIP codes on the top 25 most-improved sales list from the suburbs around Detroit and Minneapolis and in the metro areas of Atlanta and Chicago.

Inventories are shrinking and prices are stabilizing in several markets, according to the survey. Here are the top 10 ZIP codes with improved home sales:

94533, Fairfield, Calif. (Fresno)
92376, Rialto, Calif. (Riverside-San Bernardino-Ontario)
91342, Slymar, Calif. (Los Angeles-Long Beach-Santa Ana)
92126, San Diego, Calif.
33914, Cape Coral, Fla. (Fort Meyers)
93065, Simi Valley, Calif. (Oxnard-Thousand Oaks-Ventura)
95123, San Jose, Calif.
85379, Surprise, Ariz. (Phoenix-Mesa-Scottsdale)
93722, Fresno, Calif. (Madera)
95624, Elks Grove, Calif. (Sacramento-Arden-Arcade-Roseville)

Source: BusinessWeek.com, Prashant Gopal (03/05/2009)

5 Tips for Homebuyers Seeking a Mortgage

Wed, 04 Mar 2009 00:39:00 -0800

Here’s a warning for potential borrowers: Nervous lenders have tough new rules and are paperwork crazy.

"Borrowers are going to have to prove they are the borrower they say they are," says Keith Gumbinger, vice president of HSH Associates, a mortgage-industry publisher in Pompton Plains, N.J.

Gumbinger says homebuyers should consider these things before they apply for a loan.

1. Down payments are critical. Borrowers should expect to put down at least 10 percent for a “conforming loan” – a mortgage that Fannie Mae and Freddie Mac will purchase.

2. Credit scores count. A 720 on the 850-point FICO rating scale will get a borrower access to the best rates. Rich Bira, branch manager of FCM Direct Lender in Chicago, says: "A score between 720 and 739 gets 0.125 percent added to the rate, a score between 700 and 719 gets 0.375 percent added to the rate, and a score between 680 and 699 gets 0.5 percent added to the rate.”

3. Consider VA and FHA. Borrowers without down payments or with less than stellar credit scores should consider these government-insured loans offered through the Federal Housing Administration of the Veterans Administration.

4. Unearth the records. Before applying, borrowers should organize tax, banking and other records that prove income, savings and debts. They should also expect to be patient about what may seem to be endless requests for information.

5. Get rid of debts. Limiting debts, including what borrowers expect to pay for the mortgage, to less than 43 percent of gross income is important.

Source: Chicago Tribune, Mary Umberger (02/15/09)

6 Tips for Home Owners Who Turn Into Landlords

Mon, 02 Mar 2009 00:42:00 -0800

Home owners who decide to rent out their properties have to stop thinking of themselves as home owners and instead consider themselves as running a small business, experts say.

Thinking like a businessperson means focusing on the monthly cost of maintenance, mortgage and taxes, as well as being aware of landlord-tenant regulations and avoiding liabilities.

Here are key issues to consider:

Set a fair rent. Setting the right price will make it more likely that a landlord will be able to keep the place rented.
Understand landlord-tenant rules. Running afoul of landlord-tenant regulations and rules regarding security deposits can be costly.
Screen applicants. Eliminating potential tenants who can’t pay or who won’t take care of the property is very important.
Lay out the rules in a lease. Widely available sample leases can help. If you have questions, ask an attorney.
Consider a property manager. Despite the expense, turning the job over to experts can help a landlord come out ahead.
Talk to the condo association. If the property is a condominium, be prepared to deal with a host of regulations.

Source: The Washington Post, Renae Merle (02/28/2009)

America's Best and Worst Housing Markets

Wed, 25 Feb 2009 09:22:00 -0800

As the housing downturn wears on, some cities are stabilizing and some
aren’t.

In Las Vegas, the weakest market in the country, prices continue to drop.

"I don't know what those guys were drinking when they thought all this building made sense. If it does work out soon, then there's some force out there in the universe that I'm not aware of," Steve Cesinger, chief financial officer at Dewberry Capital, an Atlanta-based real estate investment firm.

Forbes magazine analyzed monthly declines as well as year-over-year declines in home prices. It also looked at how many months of equity homeowners have lost. With these figures in mind, it determined the 10 best and the 10 worst U.S. housing markets. Here they are::

10 Best
New York City
Washington, DC
Charlotte, N.C.
Portland, Ore
San Diego
Denver
Boston
Dallas
Los Angeles
Seattle

10 Worst
Las Vegas
Phoenix
Detroit
Minneapolis
San Francisco
Chicago
Cleveland
Atlanta
Tampa
Miami

Source: Forbes: Matt Woolsey (02/24/2005)

Curb Appeal is Key in Today's Market

Fri, 20 Feb 2009 03:28:00 -0800

Curb appeal remains the standard. If a house doesn’t have it, the property is likely to languish on the market.

It doesn’t take a ton of cash to get curb appeal. Often a little bit of elbow grease will do the trick.

Here are the basics:

Front yard and porch. Mow the grass and keep it green. Keep the porch immaculate – no dirt or bugs.
Mulch all the beds. Flowers and shrubs help, but if the owner can’t afford anything else, mulch will do the trick.
Paint will pay off. Covering everything with a fresh coat of paint – preferably a neutral color – will help the house sell. Freshening up the front door is particularly important.
Eliminate unnecessary clutter. Remove as much from your home as possible. Leave just the bare essentials.
Windows should be sparkling clean.
Trim back trees and bushes. Remember, your home can now be seen via Google's snapshots of your home.
Replace the house numbers above the door with much larger black numbers to the left of the door to add drama.
Replace the lantern light to the right of the door with a much larger light that's black.

Have questions? Call me at (650)947-2955. I'm always happy to answer any questions presented.

Homeowner Affordability and Stability Plan

Wed, 18 Feb 2009 10:24:00 -0800

Feb. 18, 2009

Hello Everyone,

Earlier today, President Obama unveiled the Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners, while attempting to prevent the destructive impact of foreclosures on families and communities.

The plan contains three main components, and only applies to primary residences. The loans referenced in the plan cannot exceed Freddie Mac/Fannie Mae conforming loan limits. I’ve outlined the plan in greater detail below.

The first component is directed toward homeowners suffering from falling housing prices who still have equity in their homes, but no longer have the 20 percent equity needed to refinance. Under the plan, homeowners who have conforming loans owned or guaranteed by Freddie Mac and Fannie Mae will be allowed to refinance their homes, even if they do not have 20 percent equity left in the house. The U.S. Treasury Dept. estimates that about 5 million homeowners will be helped by this portion of the program.

The second component, known as the Homeowner Stability Initiative, is designed to assist homeowners who are “underwater” on their mortgages. The $75 billion initiative will bring together lenders, servicers, and the government so that all stakeholders share in the cost of the modification. Primary mortgages would be reduced to monthly payments that do not exceed a 38 percent debt-to-income ratio, with the costs of doing so borne by the lender. The government and lender then would split the costs of further reducing the monthly payments until they were at a 31 percent debt-to income ratio. An important aspect of the initiative is that homeowners do not have to be delinquent to participate.

The Homeowner Stability Initiative also will create incentives for servicers, mortgage holders, and homeowners. Servicers would receive an up-front fee of $1,000 for every eligible modification meeting the initiative’s guidelines. Guidelines are scheduled to be released by March 4. Mortgage holders will receive an incentive payment of $1,500, and servicers $500, for modifications made on loans that are current but at risk of imminent default.

The final aspect of the Homeowner Stability Initiative is creating clear and consistent guidelines for loan modifications. The Obama Administration plans to work with federal agencies, banking and credit union regulators, and the private sector in order to develop loan modification guidelines that can be implemented across the entire mortgage market. While adoption of the guidelines will be voluntary for the private sector, all financial institutions receiving Financial Stability Plan assistance going forward will be required to implement the loan modification guidelines.

The government estimates that between 3 and 4 million homeowners will benefit from the Homeowner Stability Initiative component of the plan.

The third component of The Homeowner Affordability and Stability Plan is supporting low mortgage rates by strengthening Fannie Mae and Freddie Mac. The Treasury Dept. plans to increase their Preferred Stock Purchase Agreements with both Fannie Mae and Freddie Mac from its current $100 billion in both entities to $200 billion in each. The Treasury Dept. also will continue to purchase Fannie Mae and Freddie Mac mortgage-back securities in order to help promote stability and liquidity in the marketplace. Additionally, the Treasury Dept. will increase Fannie Mae and Freddie Mac’s portfolios by $50 billion, for a total of $900 billion. The Obama Administration will work with Fannie Mae and Freddie Mac to support state housing finance agencies in serving home buyers, such as CalHFA. Funding for this will not come from TARP money but from the Housing and Economic Recovery Act.

While some of the details still are being developed, such as the modification guidelines, the Obama Administration plans on using programs and funding already allocated for The Homeowner Affordability and Stability Plan and will need little legislative approval for programs under the plan.

We’ll keep you updated on the Homeowner Affordability and Stability Plan as more details and information become available to us.

Sincerely,

James Liptak
2009 President
CALIFORNIA ASSOCIATION OF REALTORS®

The Goldman Report

Tue, 17 Feb 2009 01:38:00 -0800

Getting Better All the Time

I don't know about you, but I am so over the doom and gloom. The only way we can turn this around is to start looking at the world with our glass half full. I don't mean we should live in denial. Yes, we do have a serious situation. My pitch is to look for the positive as often as we are barraged by the negative.

Let's focus on the encouraging signs both in the economy and in the local housing market. For the economy, retail sales were up 1 % over last January, numbers for those filing for unemployment were down over the previous week, and Congress approved the President's stimulus bill. The stimulus bill contains provisions that are directly aimed at improving the housing market. The good news for us locally is that the former limits for conforming loans are back. That means the new limits for 7 out of the 9 Bay Area counties will return to $729,750. That is over a $100,000 increase in the existing limit. This will allow more home buyers to access reasonable interest rates and have an easier time qualifying. The original bill tried to raise the tax credit for first-time home buyers from $7500 to $15,000. That provision didn't make it, however the credit was raised to $8,000 and eliminated the payback provision. It also included over $50 billion for foreclosure mitigation. Combined with Treasury Secretary Geithner's plan to deal with the banks, these provisions should bring more credit into the market for homes and slow the rate of foreclosures. All of these moves are aimed at stabilizing real estate values to create a more normalized market.

On the local front, the lower end price ranges are still dominating the majority of sales; however we are beginning to see a new trend. I spoke of the $4.4 million SF listing in my last report that sold quickly with two offers. Since that time, we have had a number of homes between $3-6 million go into escrow-a $6 million Tiburon home, a $3.2 Belvedere home, a $4.5 million and a $3.5 million SF home, and a $3.4 million home in Piedmont. This is the most activity in this price range we have seen in many months. Three of these sales were of properties that have been on the market for a number of months and have undergone price reductions. I believe sellers are coming to the realization that the market has changed and therefore becoming more realistic in their expectations. Conversely, buyers in this price range are negotiating transactions that they feel are of exceptional value.

We are just beginning to see more activity in the $1-3 million price range. A good indicator is the $1.295 million home in the Upper Rockridge area of Oakland that received 6 offers. It was aggressively priced and showed extremely well. The buyers responded strongly to the value. What it tells us about the market is that there is pent up demand, but it is only exercising itself when all the ingredients are present.

Another trend is that agents are making offers on listings that have either been taken off the market or have expired. We had two cases in Sonoma where offers were presented on expired listings and both are now in escrow. I think this is occurring for two reasons. First, in certain price ranges there is a dearth of listings and second, sellers have become more reasonable in what they would receive for their properties.

The closer buyers and sellers expectations align, the healthier the real estate market will become.

13 comments February 15, 2009

Inman News

Resource Links

Create an Insurance Movie

Fri, 13 Feb 2009 06:29:00 -0800

DOCUMENT YOUR POSSESSIONS
USING A DIGITAL VIDEO CAMERA
In a fire, earthquake, or other disaster, you could lose your house, cars, computers, other belongings like electronics, TVs, home theater systems, stereos, music, and even treasured family photos. When you attempt to replace those losses, it can be helpful if you can produce some documentation of what you owned—receipts, recent photographs, and when and where you purchased or obtained the more expensive items. Gathering all this information, if it's even available, is a daunting task when dealing with a major loss.

There is another way to document your belongings. Make a digital movie to supplement photos and receipts of what you own.

Utilizing a digital video camera, you can capture the items you own and edit the movie with digital video editing software such as Movie Maker 2, a free download that comes with Windows XP Service Pack 2. Then, you can copy the edited movie to a CD, which can be used as proof that you own the items you claim. You should make multiple copies and store the CDs somewhere safe — a safe deposit box, a fireproof safe, a trusted friend's house, or mail a copy to your insurance agent.

Video archiving your assets should become a regular practice. You could update your archive, for example, every autumn when the time changes. And, after the initial creation of the video archive, you need only shoot new acquisitions to add into your edited movie. The process takes little time and doesn't cost much – particularly when you consider the potential cost of not having a record. What you need to get started:

·        Digital video (DV) camera

·        CD burner

·        Digital video editing software

GETTING STARTED
CAPTURING THE RAW FOOTAGE
With your DV camera charged, in hand and on “record”, walk around your house and property and film everything you own. Narrate, while filming, as many details about each possession as you can. Your narrative should include:

·        Where and how you purchased or obtained it

·        The date you obtained it

·        How much you paid for it

·        The approximate worth now

·        What it would likely cost to replace it

TRANSFERRING YOUR MOVIE FROM YOUR CAMERA
TO YOUR COMPUTER TO A CD OR DVD
Once you have your raw video footage, you've only got a few more steps.

Transfer the video from your camera to your computer by following the directions that come with your video editing software. You'll need some sort of transfer cable that both your computer and camera support—USB, FireWire (also called IEEE 1394), or analog video if you're using an analog camera. (If your computer does not support the sort of video cable that your camera uses, you can buy a PC card to add this capability.)
Edit your movie. Remember, this is for your insurance agent. They probably aren't interested in stunning effects, transitions between clips, or any other fancy editing techniques you may have picked up along the way. If you're in a hurry, you can skip the editing altogether and move on to the next step. However, if you
edit the movie, you can save your project, and then simply append new footage that you shoot when you next update the video.
Copy the movie to a CD or a DVD (of the two, CDs are cheaper). You may be able to do this through your video editing software. If not, follow the directions on your CD or DVD burner.
Preview your CD or DVD to ensure that all the video footage you shot is there.
Make a copy of the movie and send it to your insurance agent. Keep several other copies in a safe place, outside of your home. If you own or can borrow a digital video camera, it’s a simple task to document your assets. With luck, you'll never need that digital inventory, but you'll appreciate having it if you do suffer a major loss.

I hope you've found this information useful.

Have a great day!

Diane

Will the Rescue Really Help Average People?

Wed, 11 Feb 2009 12:22:00 -0800

How will the rescue package aid ordinary people?

Nariman Behravesh, chief economist with the research firm Global Insight, says people will benefit in several ways:

“Interest rates will come down, credit conditions will ease. The operative term here is ‘those who qualify.’ Whether it's for mortgages or car loans or whatever, if your credit score is good, then I think it will be easier” to get credit.

How long will it be before people with lower credit scores are able to get mortgages?

“Better economic times. That is the reality,” Behravesh says. “The pendulum has swung in terms of caution. You might get some people with a middling credit score to do OK. But for people who don't have good scores, it will continue to be tough to borrow, at least for another year.”

Source: The Associated Press, Mark Jewell (02/10/2009)

Vote's Still Out on $15,000 Housing Credit

Mon, 09 Feb 2009 05:42:00 -0800

Critics of the proposed $15,000 housing allowance amendment to the economic stimulus bill say it won't work.

The Senate version of the proposal would give $15,000 (or 10 percent of the purchase price, whichever is lower) to every buyer of a house in 2009.

The idea is to bring more buyers to the market, but some suggest that this won't happen if people are worried about losing their jobs or if they are concerned that the value of the property will decline.

Rajeev Dhawan, director of Georgia State University's Robinson College of Business, argues that the plan is an insignificant amount in the high-end market and at the lower end, it won't help those who can't afford to buy a home because they can't get a loan.

"How are those at the lower end [of the market] going to get financing?" asks Dhawan. "The banks aren't lending."

Other critics say the plan will cost too much - an estimated $75 billion if 5 million homes are sold.

Dean Baker, co-founder of the Center for Economic & Policy Research, a Washington think thank, says those homes would have been sold anyway. "It seems a total waste of government money for no reason," said Baker.

Source: BusinessWeek.com, Moira Herbst (02/06/2009)

Diane Schmitz Blog

Weekly Update & Financial Reform

Biggest Defaulters on Mortgages Are the Rich

Real Estate Unleashed by Carole Rodoni

Sereno Group Ranked 4th Most Productive Brokerage in Silicon Valley

Sereno Group Real Estate Ranked 4th Most Productive Brokerage in Silicon Valley by The Silicon Valley/San Jose Business Journal

Silican Valley home sales, median price surge in May

Silicon Valley home sales, median price surge in May

Santa Clara Market Update

Carole Rodini's June Newsletter

Sales of New Homes in U.S. Jump to Two-Year High

Sereno Group Real Estate Annual Market Report 2010

Santa Clara County Market Update through April 2010

How to buy a foreclosure

Real Estate Unleashed by Carole Rodoni

Santa Clara County Market Update Through March 2010

Silicon Valley median home price rises 29 percent

Green Tip of the Week

No Double-Dip for Housing

Overview of the State Tax Credit Rules

$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME

US Economy: Consumer Confidence, Home Prices Rise

U.S. Economy: Consumer Confidence, Home Prices Rise (Update1)

California Tax credit - AB183

The Top 5 Tax Perks for Buyers, Sellers and Homeowners - 2009 Tax Edition

Gas tax deal comes with goodies for California home buyers and green-tech manufacturers

Gas tax deal comes with goodies for California home buyers and green-tech manufacturers

Mortgage Update by Tracie Southerland

Tracie Southerland

Strictly Los Altos RE Statistics

Market Dynamics - SMC 2/10

Market Dynamics - SCC through 2/10

Real Estate Unleashed

3 Tips to Delay or Even stop Foreclosure

Mortgage Update by Tracie Southerland

Tracie Southerland

Tracie Southerland's Weekly Update

Tracie Southerland

Tax Credit Will Be Retroactive

Home Sellers: Top 5 Home Improvement Projects Based on Cost & Return on Investment

Homeowners win big with extension and expansion of federal tax credit

10 Safest Places to Live in the U.S.

Multiple Offers are Back!

6 Reasons Why Some Homes Sell

Easy Ways to Improve Curb Appeal

GREEN the Red, White, and Blue Celebration!

Parking Lot Sale To Benefit American Cancer

Plug Into Electronics Reuse

Want the $8000 Tax Credit?

Want the $8000 Tax Credit? Here's the "Who, What, When, Where, and Why"

Who is eligible?

What is it?

When?

Where is it available?

Why?

Rates Below 5% for Ninth Week Straight

The Basics: 2009 First-Time Home Buyer Tax Credit

Bringing the Dream of Homeownership Within Reach

Who Qualifies?

Which Properties Are Eligible?

How Much Will the Credit Be?

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Will the Tax Credit Need to Be Repaid?

Weekly Mortgage Update from Tracie

Tracie Southerland

Five Maintenance Issues Owners Shouldn't Ignore

Weekly Mortgage Update

GREEN TIP OF THE WEEK: DON’T THROW OUT YOUR TV

California Association of Realtors Lauches Mortgage Protection Program

6 Reasons Why It's Still a Good Time to Buy

America's 10 Wealthiest Towns

LIGHTS OUT! EARTH HOUR

10 Unhappiest American Cities

ZIP Codes Where Housing Sales are Increasing

5 Tips for Homebuyers Seeking a Mortgage

6 Tips for Home Owners Who Turn Into Landlords

America's Best and Worst Housing Markets

Curb Appeal is Key in Today's Market

Homeowner Affordability and Stability Plan

The Goldman Report

Want the $8000 Tax Credit?
Here's the "Who, What, When, Where, and Why"