Dave Thurman's Real Estate Blog

Where is this real estate market going? Today, published in our local newspaper “The Record”

WASHINGTON (AP) Home construction plunged last month to the lowest level since October as the economy remained weak and demand for housing plummeted.

SAN DIEGO (AP) — A research firm reports mortgage default notices in California are at their lowest levels in three years after a fifth-straight quarterly decline.

***Below is a blog from Realty World Northern California & Nevada***

Foreclosures Likely to Surpass 2009 Levels

Repossessions climbed 38 percent in the first six months of 2010 compared 2009 and were up 5 percent from the first quarter, foreclosure listing service RealtyTrac announced Thursday.

In all, lenders repossessed nearly 528,000 homes in the first six months of the year. If that rate continues through the end of the year, repossessions will likely top 1 million in 2010, up 100,000 from 2009. [Read More]

Are you confused yet? Well I’m not! The real estate market is not getting any better since the government got involved in trying to help certain homeowners with workouts, modifications, short sales and foreclosure delays with the intent of helping troubled borrowers.

The real estate market is not going to recover unless the government allows the market to be free and a lender can enforce the terms of a note secured by a deed of trust. It really is that simple!

Less government, less regulation and less taxes will improve the economy!

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Foreclosure Sale!

Weston Ranch is a subdivision located in the southwestern corner of Stockton, California and extends south through an unincorporated portion of San Joaquin County. There are approximately 6,500 homes in the Weston Ranch community. According to the 2000 census, the population of the Weston Ranch community was approximately 30,686.

The Weston Ranch neighborhood, a 15-year-old subdivision of modest tract homes, has the worst foreclosure rate in the United States according to ACORN, a national advocacy group for low and moderate-income families.

Recently, I have been door knocking in the Weston Ranch subdivision looking for new listings. I have been amazed that there are much fewer “For Sale” signs in the area and that obviously the foreclosure crisis appears to be improving. I think many new homeowners have taken advantage of the very distressed prices of the last couple of years in Weston Ranch and now the area is starting to show signs of pride of ownership.

Of course there still are many older homeowners who are up-side-down or have a huge negative equity, but I think finally there is improvement in the Weston Ranch area regarding the hope of increased market values in the future.

In my opinion, the Weston Ranch Stockton prices are at unbelievable low price levels and are a bargain for the first-time home buyer and rental investors.

How about a cheap vacation this year! There is over 1,000 miles of navigable waterways just west of Stockton in the Sacramento – San Joaquin River Delta. Check out the local marinas for supplies, information, rentals, campsites, docks, food, drink and entertainment.

The fishing is especially fun at night during the summer for catfish and striped bass. The Delta is very well known for being one of the best areas around for large mouth black bass.

There are lots of rivers and sloughs which are perfect for having fun swimming, skiing and boating. Many boaters like to tie up together for a little partying at some of the more popular spots. But, there is also plenty of areas with privacy too!

www.californiadelta.org

www.deltaloop.com

Number of Homes for Sale vs. Sold vs. Pending

May 2009 there were 1193 homes for sale in Stockton, California in comparison to May 2010 where there was a decrease to 980 homes for sale. The number of homes sold in May 2009 was 531 and in May 2010 the number of homes sold decreased to 378. In May 2009 there were 655 pending sales which decreased to 594 in May 2010.

More graphs and charts from our MLS and TrendVision Reports

Governor Schwarzenegger signed AB 183 into law, reinstating the California Homebuyer Tax Credit.

AB 183 will allocate $200 million for homebuyer tax credits, providing $100 million for qualified first-time homebuyers of existing homes and $100 million for purchasers of new or previously unoccupied homes. Eligible taxpayers who purchase a qualified principal residence between May 1, 2010 and December 31, 2010 or who purchase a qualified principal residence between December 31, 2010 and August 1, 2011 with an enforceable contract executed on or before December 31, 2010 may take the allowed tax credit. The credit is the lesser of 5% of the purchase price of the home or $10,000, in equal installments over three consecutive years.

The Franchise Tax Board will accept applications by fax only beginning May1, 2010. Buyers will need to submit the application via fax along with the final settlement statement provided at the close of the transaction within 14 calender days of the close of escrow.

For information, contact the Franchise Tax Board at 888.792.4900.  Applications and more information may be obtained at www.ftb.ca.gov

 Above information is compliments of:  Sara Larson and Erick Lacy at Placer Title Company, Stockton CA

Hey hey awesome Ports fans! Be sure to come out and see the Ports this season at Banner Island Ballpark!

The Stockton Ports are a baseball team in Stockton, California, USA. The Ports play in the Northern Division of the Class A Advanced California League and are a Minor League affiliate of the Oakland Athletics. Their home field is Banner Island Ballpark which seats over 5,000 people and opened in 2005.

Although baseball has been played in Stockton for over 100 years, the Stockton Ports didn’t come into play until 1941 as the Ports were one of the founding members of the California League. The Ports gained their unique name from the cities own rich history and strong resource as the states only inland Port.

In 1946, after the war, the league re-established itself with teams in Stockton, Bakersfield, Fresno, Modesto, Santa Barbara and Visalia. The California League would then add another two teams for the 1947 season in San Jose and Ventura. Today, the Ports are a part of a ten team league with teams in Modesto, San Jose, Visalia, Bakersfield, High Desert, Inland Empire, Lancaster, Lake Elsinore and Rancho Cucamonga.

Over the course of the Ports 60 years as a member of the California League, they have won 11 titles (most by any active team, Reno franchise has 11) and have posted an overall 4,400-3,952 record.

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Number of Homes for Sale vs. Sold vs. Pending

April 2009 there were 1370 homes for sale in Stockton, California in comparison to April 2010 where there was a decrease to 884 homes for sale. The number of homes sold in April 2009 was 643 and in April 2010 the number of homes sold decreased to 421. In April 2009 there were 726 pending sales which increased to 783 in April 2010.

More graphs and charts from our MLS and TrendVision Reports

California:

Los Angeles Times: California home default cases plunge
By Alejandro Lazo
4/21/2010
Mortgage default notices declined 40.2 percent statewide in the first three months of the year compared with the same period in 2009, according to MDA DataQuick.
 
National:

Wall Street Journal: Land prices jump as home builders move in
By Dawn Wotapka
4/21/2010
Across the U.S., home builders are battling to acquire land lots in preparation for ramping up home construction. While volume is tough to track, analysts report that land deals have been rising rapidly in recent months, causing land prices in some of the nation’s weakest housing markets to rise for the first time since 2006.

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I found this article today on Comcast while having my morning cup of coffee…guess I better lock my mortgage refinance ASAP

WASHINGTON — Rates for 30-year home loans surged last week, rising to the highest level in eight months due to the improving economy and the end of a government push to keep rates low.

The average rate on a 30-year fixed rate mortgage was 5.21 percent this week, up from 5.08 percent a week earlier, Freddie Mac said Thursday. That’s the highest since mid-August, when the average rate was 5.29 percent.  [more]

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Saturday is opening day for the recreational California salmon season off the coast. Declines in recent years have forced the cancellation of any salmon fishing since 2007.

The short sport season starts Saturday and is currently scheduled to last through the month of April.

For sport fishermen, it’s a chance to get back on the water after the conservation-driven closure. For commercial fisherman, whose season has yet to be scheduled, it’s hope that they, too, might be allowed to return to sea soon, should the recreational catch prove plentiful.

Last year, regulators counted 9,000 “jacks,” or a juvenile salmon, on the Sacramento run, up from 4,000 in 2008 and 2,000 in 2007.

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