C.A.R. Newsline is a weekly e-newsletter covering vital industry information including economic reports, legislative developments, and new real estate products and service.
Asking prices on for-sale homes rose 0.5 percent in April compared with March on seasonally adjusted basis, according to the latest report by Trulia’s Price Monitor. Together with increases in March and February, asking prices in April rose nationally 1.9 percent quarter over quarter, seasonally adjusted.
Within the largest metro areas, asking prices rose year on year in some neighborhoods, but fell in others. Rents, however, rose in nearly all parts of these major metropolitan areas.
In Los Angeles, asking prices increased only in the downtown area. Prices fell elsewhere throughout the region, most of all in Long Beach, where rents also fell.
In the San Francisco Bay Area, prices rose most in San Francisco and fell furthest in Alameda County.
Dave Thurman Real Estate
Location…Location…Location! Have you ever read or heard those 3 words? The real estate market will vary from state to state, from SoCal to Northern California, from the Bay Area to the San Joaquin Valley. Also, every city has it’s best and worst neighborhoods. Finally, my MLS (MetroList) is working with Top Producer’s Market Snapshots. I have been requesting, waiting and hoping for this program for my clients and customers for several years. Get This Week’s Local Market Conditions!
Realty World – Dave Thurman
Stockton Real Estate · Homes for Sale · REALTOR® Since 1976
On Saturday, January 14, 2012 from 12:00 Noon to 4:00 PM, you are invited to our Open Office at 2652 East Main Street in Stockton. If you are looking for residential, commercial, or investment properties in this area, don’t miss this opportunity to visit and meet with Dave Thurman, REALTOR®. Appointments are not necessary!
- Pick up a free list of homes!
- Foreclosure auction dates & information.
- Get pre-qualified for a home loan.
- Ask questions about foreclosures and short sales.
- Discuss agency and disclosure requirements.
- Become a member & start up your own Shaklee business
- First-time buyers and investors are welcome.
Stockton Real Estate – Dave Thurman
5430 Tommy Way, Linden CA 95236
For Sale – Open Sundays! $275,000
Raymus Built Home in Linden! Spacious single story 3 bedroom 2 bath on 70×115 lot. Fully landscaped front and back, lots of concrete with RV/boat parking and gazebo with a Catalina Spa. Open living room, formal dining room and kitchen with 10′ high ceilings, brick gas fireplace, built-in book cases on ceramic tile flooring. Master suite was extended with double sinks and walk-in closet. Also includes private office/den, inside laundry and 2-Car garage. Owner is licensed real estate broker. Virtual Tour
Stockton Real Estate – Dave Thurman
NEW YORK (CNNMoney) — Home prices continued to sink in the third quarter, falling to levels not seen since early 2003.
Home prices dropped 3.9% year-over-year during the three months ended Sept. 30, according to the S&P/Case-Shiller national home price index. On a quarterly basis, prices were slightly higher, squeezing out a 0.1% gain. [Read More]
Stockton Real Estate – Dave Thurman
The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) recently announced that it has shut down 85 alleged online mortgage modification scams that prey on vulnerable homeowners through Web banners and other Web advertisements.
SIGTARP investigates mortgage modification schemes in which companies charge struggling homeowners a fee in exchange for false promises of lowering the homeowner’s mortgage through TARP’s housing program known as the Home Affordable Modification Program (HAMP). Google, in cooperation with an ongoing criminal SIGTARP investigation of these scams, has suspended advertising relationships with more than 500 Internet advertisers and agents associated with the 85 alleged online mortgage fraud schemes and related deceptive advertising.
Fast Facts
Calif. median home price: October 2011: $278,060 (Source: C.A.R.)
Calif. highest median home price by region/county October 2011: Marin: $781,250 (Source: C.A.R.)
Calif. lowest median home price by region/county October 2011: Lake County: $96,500 (Source: C.A.R.)
Calif. Pending Home Sales Index: October 2011: 122., an increase of 3.1 percent compared with a prior year.
Calif. Traditional Housing Affordability Index: Third quarter 2011: 52 percent (Source: C.A.R.)
Mortgage rates: Week ending 11/17/2011 30-yr. fixed: 4.0% fees/points: 0.7% 15-yr. fixed: 3.31 fees/points: 0.7% 1-yr. adjustable: 2.98% Fees/points: 0.6% (Source: Freddie Mac)
Stockton Real Estate – Dave Thurman
Hey Investors! Check out the latest from ForeclosureRadar…
Little Change in California, as Nevada and Washington Foreclosure Starts Plummet
11/14/2011 – Foreclosure Starts in California were little changed this month, after a dramatic increase in August and subsequent fall in September. Other California foreclosure activity was also little changed in October. California foreclosure investors gained traction with 9.9 percent more properties sold to third parties in October, representing a record 28.8 percent of all foreclosure sales. A year ago just 16.9 percent of foreclosures were purchased by third parties. [
Read More]
Stockton Real Estate – Dave Thurman
Number of Homes for Sale vs. Sold vs. Pending
September 2010 there were 1326 homes for sale in Stockton, California in comparison to September 2011 where there was a decrease to 1076 homes for sale. The number of homes sold in September 2010 was 384 and in September 2011 the number of homes sold increased to 402. In September 2010 there were 422 pending sales which increased to 479 in September 2011.
More graphs and charts from our MLS and TrendVision Reports
Stockton Real Estate – Dave Thurman
Realty World – Dave Thurman
On Saturday, October 29, 2011 from 12:00 Noon to 4:00 PM, you are invited to our Open Office at 2652 East Main Street in Stockton. If you are looking for residential, commercial, or investment properties in this area, don’t miss this opportunity to visit and meet with Dave Thurman, REALTOR®. Appointments are not necessary!
- Pick up a free list of homes!
- Foreclosure auction dates & information.
- Get pre-qualified for a home loan.
- Ask questions about foreclosures and short sales.
- Discuss agency and disclosure requirements.
- Become a member & start up your own Shaklee business
- First-time buyers and investors are welcome.
Stockton Real Estate – Dave Thurman
Last year, more than two million people were turned down for homes, according to federal data, often because the applicants didn’t meet certain lender requirements or because their applications were incomplete or otherwise problematic. With lenders’ underwriting criteria becoming more rigorous in recent years, it’s important buyers know the most common triggers for mortgage-loan rejection.
Making sense of the story
- Insufficient income: Lenders want to be sure borrowers can afford to make the mortgage payments. Lenders typically look for at least a two-year track record of income, which could hurt those who have changed jobs recently.
- Cloudy financial picture: Generally, total debt payments, including the mortgage, cannot exceed 45 to 50 percent of a borrower’s adjusted gross monthly income. Overtime and bonuses are included only if the borrower has worked for the same employer at least two years, and has a history of receiving them.
- Poor credit: Lenders typically reject applicants with FICO scores below 620.
- Low appraisal: One of the predominant reasons buyers are turned down for home loans is because the appraisal on the property is too low. A buyer may think he or she is purchasing a house worth $800,000, but if the appraisal comes in less than that, the lender will not loan the borrower the money.
- Property problems: Sometimes issues turn up within a house, like a major repair or safety issue that needs to be addressed, before an application can be approved.
- Information mix-ups: Approximately 12 percent of new mortgage applications were denied because of unverifiable information or incomplete credit applications, according to the Federal Financial Institutions Examination Council.
Read the full story from…The New York Times
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Stockton Real Estate – Dave Thurman
