FORECLOSURE SALES JUMP BY 21 PERCENT Despite incease sales are still well below record levels
Discovery Bay, CA, November 12, 2009 - ForeclosureRadar (http://www.foreclosureradar.com/), the only website that tracks every California foreclosure and provides daily auction updates, issued its monthly California Foreclosure Report for October 2009. After 3 months of consecutive declines the number of foreclosure sales taken back by banks rose by 22.24 percent from September and 20.95 percent from October 2008. Despite these dramatic increases, the number of foreclosures taken back by banks remains 42.56 percent below the peak reached in July 2008, from which time the inventory of scheduled foreclosures has grown by 131.36 percent.
The median price for single-family, re-sale homes rose 4.3% compared to September. Year-over-year, the median price was off 15%.
The average price for homes gained 9.8% compared to September, and was down 12.4% year-over-year.
Sales of single-family, re-sale homes were up 21.8% month-over-month. Compared to last October, home sales were down 2.3%. Year-to-date, home sales are up 50.2%.
Inventory was off 62.9% year-over-year.
Our Days of Inventory indicator fell sixteen days last month to land at 75 days.
The sales price to list price ratio for homes stayed over 100% for the second month in a row: 100.7%.
Pending sales, a sign of future sales, was up 47.7% compared to last October.
Condo sales were off 24.2% from September, and were down 32.4% year-over-year. Year-to-date, condo sales are up 65.4%.
The median price for condos jumped 74.3% month-over-month, and was up 26.8% compared to last October.
Condo inventory was down 62.3% year-over-year.
The sales price to list price ratio for condos rose 0.7 of a point to 99.6%.
In September, it took an average of 61 days to sell a condo.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.
For this information broken down by major city in Monterey County, click here.
The Tax Credit Gets an Extension and an Expansion! Existing Homeowners: Now's Your Chance!
I am extremely pleased to share with you an exciting new tax credit, designed for first time homebuyers and existing homeowners.
The new bill calls for an incentive for existing homeowners who have owned their current homes at least five years, making them eligible for tax credits of up to $6,500 when they purchase a new home. First time homebuyers - or anyone who hasn't owned a home in the last three years - would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010 and close by June 30.
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.
As an industry, we are certainly pleased about this new tax credit. The key to returning stability to the economy lies within the housing market, and this is a meaningful credit that will create a strong foundation for future growth and make a measurable difference over the next seven months in our economy.
Furthermore, tax credits like this only work by creating the sense of urgency to take advantage of them. This is said to be the last extension of the home buyer tax credit and I urge people - whether you're a first time home buyer who has always dreamed of having a home of your own or someone who has been gridlocked in the challenges of our move-up market to take advantage of this opportunity.
Remarks:
Have you sometimes driven by this home and wanted to own it? Now is your chance. This old world 1928 French country style home just inside Peter’s Gate is available. Set on a mostly flat large ¼ acre central Monterey lot this home has tremendous charm and curb appeal that is hard to come by with the new construction of today. With its’ story book windows, turret entry, steep-pitched shake roof and ancient oak tree, this home looks like it is right out of a Harry Potter script…Just add the fog!
Inside it is as expected. The original hardwood floors look to be in fine condition. The old plaster walls are still holding up to the years. The living room has a cozy fireplace and the views through the windows are picturesque. There are a total of 4 bedrooms and three bathrooms and just over 2220 sq’ of living space.
If you love older homes, this needs to be on your must see list. Call your Realtor® to schedule an appointment.
Monterey Peninsula Home Team Mark Bruno & Lynda Nichols
Remarks:
You must see this custom built Pacific Grove gem located in the coveted beach tract area with stunning views of Monterey Bay. Ideally located within walking distance to all Pacific Grove has to offer; fine dining and shopping downtown, the craggy coastline, Lover’s Point beach and the Pacific Grove Golf Links.
This home is handsome from the curb and has been impeccably maintained over the years. Its stucco and wood exterior hints at what lies on the inside. Large sheets of glass allow ample amounts of light in, making this split level two story home a joy to spend time in. From the touches of craftsman styling seen in the exposed wood beams, railings, window trim and built-ins to the hint of old Mexico with the Saltillo tile flooring in the entry and living room, this property is a treat to the eyes and feels almost spa-like. And, at over 2200 sq’, with 4 bedrooms and 3 baths, there is plenty of room to accommodate friends and family.
This home is in excellent condition and ready for its new owners to move in. Call your Realtor® for a private showing of this very special property.
Monterey Peninsula Home Team Mark Bruno & Lynda Nichols
Not sure what is going on in your neck of the woods, but out here our biggest battle has been with the banks and there appraisals. Lately I have seen many transactions go south because of an appraisal that is way out of bounds. The new rules seem to be making things worse on buyers instead of better.
Here is a link to a great article about this topic. If it was already posted, my apologies for the repost, but it is worth a second read.
Greetings from the beautiful Monterey Peninsula, CA (Carmel, Pebble Beach, Pacific Grove, Monterey, Seaside, Marina) . Here is our Market Flash for June of 2009.
The market continues to show signs of either being at the bottom or being very close to it depending on what price range you are looking at. Lynda and I continue to work very hard, particularly on the lower end properties (under $350,000) where it has now become a "seller's" market based on a lack of inventory and a bunch of prequalified buyers. If you have good credit, purchasing a property in this price range is finally comparable to renting with interest rates as low as they are. We are still seeing multiple offers on just about every home priced under $350,000! Most end up selling for right around full price and we are even starting to see prices increase slightly. I don't believe this is a trend yet as there are supposedly a glut of foreclosures on the way that the bank has been holding onto.
Our seasonal increase in sales activity materialized this summer, especially in the middle price ranges with the second home buyers, although sales are still way below normal levels in the middle price ranges. The high end is still pretty slow although there has been a flurry of activity over the last 30 days centered in Pebble Beach, Carmel and Pacific Grove. There were even reports of multiple offers on a $10+ million property in Pebble Beach!
We have also been working hard to market our listings and have been getting incredible amounts of exposure for our client's homes utilizing both traditional print advertising and the internet. We have seen a flurry of offers over the past 60 days, but they are very difficult to keep together as buyers are very particular and buyer's remorse seems to be playing a key role. Seller's need to hang in there and remember it is a buyer's market unless you are priced like a distress property. Two of our current listings are in escrow with all conditions removed and we have offers on three others! It has been busy!
Thank you to those of you who have referred your friends and family to us for their real estate needs! We are extremely lucky to have so many great clients who refer us business all year! You are truly the lifeblood of our business and we appreciate you putting your trust in us!
Let's talk about what is going on here.
First, let me define what I mean by a "sale." These are any properties that have an accepted offer and go pending during the specific month. Some of these will fall out of escrow, but most will eventually close. The reason I am using "pendings" as a barometer is that is gives a good snap shot of how many buyers are actually finding properties that they are willing to make an offer on and since most agents are requiring a pre-approval letter with the offer, they are "qualified buyers" as well.
Like the last report, Monterey County is STILL a story of three price points. There are the high end properties, let's call it over $2,000,000, the lower end, say under $400,000, and everything in the middle.
The high end actually slowed a bit in June when compared to May. However, we seem to be seeing things pick up a bit over the last week or so of June and into July. I think the July numbers will show a little uptick.
The story in the middle is much the same as it was in May. If anything there is a lack of quality inventory to choose from and sales have slid just a bit. The middle is a wide range of prices from $400,000 all the way up to $1,999,999 and normally would represent several different market segments. However, this entire range was suffering from the same set of issues which is a lack of loan programs to service a large portion of this price range and a lack of step up buyers due to their inability to sell there property for a profit. Bank of America has come out with a pretty good jumbo loan program and the Feds have allowed the conforming loan limit to increase to $729,750. With these two new programs hitting in March, we saw a flicker of activity here. It seems to have cooled a bit in June again due to a lack of step up buyers in this range.
The overwhelming majority of the sales activity is in the lower price ranges, under $400k. In February and March there was an average of 300 sales per month compared to 646 in April!!! Things have cooled a bit due to a shortage of inventory to only 460 sales in June. Things are still in high gear in this price range. There are a lot of buyers waiting on inventory. Once the banks release the foreclosures they are sitting on, things will pick up here again. The biggest issue Lynda and I are having now is a lack of quality inventory in this price range. Anything nice has multiple offers and is going into escrow almost immediately. It is not uncommon for our buyers to offer on 5-6 homes before getting an offer accepted! Active inventory levels are down to under 2 months supply based on the current rate of sales! Patience is key for our entry level buyers!
The sheer number of properties selling in this lower price range combined with the lack in high end sales is the driving force behind the Monterey County average price and median price steep decline. We are starting to see the average price come up a bit, but with this type of volume in the lower price range it will be awhile before we see any significant changes in either statistics. Just remember the middle price ranges are steady, which can be an indicator of the market getting close to the bottom there as well.
The Monterey County Sales for Junebroke down as follows:
$4M+ - Zero sales $3.99M-$3M - 1 sales (Carmel Highlands) $2.99M-$2M - 6 sales (1 in PB, 4 in CAR & 1 in CV) $1.99M-$1M - 13 sales (7 in CAR, 3 in PB, 1 in CV,1 in MRY & 1 in SS) $999k-$900k - 5 sales (2 in MSH, 1 in MRY, 1 in CAR & 1 in PB) $899k-$800k - 6 sales (2 in CAR, 2 in MRY, 1 in CV, 1 in PG, 1 MSH, 1 PB) $799k-$700k - 13 sales (3 in CAR, 2 in MSH, 2 in CV, 1 in PG, 1 in MRY, 1 in SS, 1 in SAL) $699k-$600k - 14 sales - (4 in PG, 3 in MRY, 3 in SS, 2 in NMC, 1 in CV, 1 in CAR)
$599k-$500k - 15 sales (5 in NMC, 4 in PG, 3 in MRY, 1 in MSH, 1 in SAL, 1 in SS) $499k-$400k - 24 sales (7 in SAL, 6 MAR, 3 in SMH, 2 in PG, 2 in NMC, 1 in MRY, 1 in DRO, 1 in CV & 1 in Big Sur) $399k-$300k - 72 sales (28 SAL, 21 NMC, 7 MAR, 9 SS, 3 SMC, 2 MSH, 1 PG & 1 DRO) $299k-$200k - 137 sales (74 SAL, 27 SMC,18 NMC, 9 SS, 4 MAR, 1 MRY) $199k-$100k - 208 sales (117 SAL, 75, SMC, 10 NMC, 5 SS & 1 MSH) <$99k - 43 sales - (18 SMC, 24 SAL, 1 NMC)
It's a great time to be a first time buyer! Programs are great, interest rates are at historical lows...Many who thought they would never be able to buy a home here are able to purchase one right now! Both Lynda and I have been working with a lot of first time buyers who can now afford to own a piece of real estate here on the Peninsula! The only thing you need to remember is it is now getting very competitive in the lower priced markets. Multiple offers are becoming the norm again! Who would have thought that was possible so quickly?
It is also a great time to purchase investment property here. For the first time in longer than most can remember, there are investment properties that pencil out and either break even or even make a couple of bucks! Give us a call to discuss opportunities.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For detailed history of a particular cities statistics, visit our website's Monterey County RE Stats page. For complete information on a particular neighborhood or property, give us a call.
Both Lynda and I hope this was informative and that you enjoy receiving these monthly updates. If you know of anyone who could benefit from this information or who would just be interested in reading it, please feel free to forward it on or send me their name and email address and I can add them to our list of recipients.
Sales of single-family, re-sale homes were up 77.1% in May, year-over-year. Year-to-date, home sales are up 133.8%. Home sales are at their highest level, through the first five months of the year, since we've been keeping track: 1997.
The median price for homes fell 4.7% from April, and was off 42.2% year-over-year.
The average price for homes dropped 10.6% compared to April, and was down 46.2% year-over-year.
Inventory continued to fall, dropping 54.7% compared to last May. Our Days of Inventory indicator fell seven days last month to land at 99 days.
The sales price to list price ratio for homes rose 1.1 points to 99%.
Days on market fell seven days to 73 days.
Condo sales were down 34.9% from April, but were up 211.1% year-over-year. Year-to-date, condo sales are up 111.4%.
The median price for condos fell 15.3% month-over-month, and was off 76.6% compared to last May.
Condo inventory was off 52.3% year-over-year.
The sales price to list price ratio for condos fell 2.3 points to 93.3%.
In May, it took an average of 99 days to sell a condo.
The real estate market is very hard to generalize. It is a market made up of many micro-markets. For complete information on a particular neighborhood or property, call me.
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.
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.
TAX CREDIT CAN BE USED ON CLOSING COSTS
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban development on so-called home buyer tax credit loans that was released today. Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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