news: Should you walk away?
- 03/17/09 05:58 AM
If your home is worth less than you owe, the payments are killing you and have a lender who refuses to help what will happen if you walk away? Walking away is letting the bank foreclose, giving them the keys or avoiding a foreclosure by doing a short sale. If you do one of these things how bad will it be for you? Will you get sued by your bank? Will you ever be able to get credit again? How much will Uncle Sam and the IRS want from you? It may not be as bad as you imagine. Check out … (1 comments)
news: Call it What You Will
- 02/24/09 03:00 AM
In the past two weeks we have seen the Federal stimulus bill, the Homeowner Affordability and Stability Plan and our new California budget which as some provisions to help the housing market. What are these, how do they work and have we finally got all the players headed in the same direction? Take a look at my local real estate column, "Stimulus, Recovery, Stability coming to Sacramento?" over at Rocklin & Roseville Today. I have had a number of emails in the past few days from some of my readers and I apologize for dropping off a bit in the past … (0 comments)
news: Important Information for Struggling Sacramento Area Homeowners
- 02/07/09 02:38 AM
There have been some significant changes with lenders that are catching financially strapped homeowners unaware and reducing their alternatives to avoid a foreclosure. If you or someone you know is not making their monthly mortgage payments and thinking they can wait several months before asking for a loan modification or doing a short sale, those days are over. Check out my column over at Rocklin & Roseville Today or at Sacramento Today, "Short Sale Market Changes in Sacramento." … (0 comments)
news: Stop Sacramento Foreclosures
- 01/23/09 04:02 AM
A total of 523,624 California properties received foreclosure filings, including default notices, auction sale notices and repossessions in 2008. This was a 110 percent increase from 2007 and almost five times as many compared to 2006. The city Stockton registered the highest foreclosure rate in California and the nation with a 9.46 percent of its housing receiving a foreclosure filing during the year. Other California cities in the nation's 100 largest metropolitan areas in 2008 included Riverside-San Bernardino at number 3, Bakersfield at number 4 and our own Sacramento at number 9. Sacramento foreclosure filings impacted one in 19 properties or … (2 comments)
news: Sacramento Predictions
- 01/19/09 04:59 AM
I was looking at the number of homes currently on the Sacramento area market, how inventory has changed in the past year and the impact on prices and value with so many homes for sale in preparation for writing my weekly columns for Rocklin & Roseville Today and Sacramento Today. I had promised myself I would avoid making predictions in such turbulent times but somehow when you write about how many Sacramento homes for sale last year and this year it seems impossible not to say where you believe this number will go by year-end. If you are interested in seeing … (0 comments)
news: Positive News in Sacramento Forecast
- 01/13/09 12:58 AM
As soon as the holidays were behind us it seems like the media has again focused on the economy and in particular the negatives. I don't know about you but when I hear too much negative news it impacts my mental attitude and slows me down. There are some bright spots in regards the Sacramento and the real estate market. I think we should understand the overall situation but take the time to remind ourselves of what is positive. In my weekly real estate column over at Rocklin & Roseville Today, "Sacramento Economic Forecast," I highlight some of the strengths of … (1 comments)
news: Nothing new in Sacramento or Roseville
- 01/03/09 05:19 AM
I started to blog about some of the November results for our local Sacramento real estate market and quickly became bored. For anyone who reads a newspaper or listens to the news there is nothing new to report. Generally sales are up, median prices and average price per square foot are down. About the only thing of much interest is the number of default filings have dropped, but may be the result of a new state law requiring lenders to contact homeowners who are delinquent on the payments, then wait 30 days before filing a default notice. As we move into … (0 comments)
news: There are fewer homes for sale in Sacramento
- 10/22/08 07:33 AM
With September sales volume of up in all counties in the Sacramento region from last year and for most counties up even from August we are finally seeing a decline in homes for sale. Check out my weekly column, "Six Months of Increasing Homes Sales in Sacramento," over at Rocklin & Roseville Today for the details and a prediction. With this great "Indian Summer" weather even October continues to show some good levels of activity. Homes priced right are getting a fair number of showings and most of our short sales all have solid offers being reviewed by the seller's lenders. … (0 comments)
news: Potential Loan Woes in Sacramento
- 10/21/08 08:08 AM
I received word this morning that some lenders are not providing pricing on FHA Plus which are loans in excess of $368,231 and conforming Plus which are conforming loans above $417,000. Remember these were temporary limits with an end date of December 31, 2008. Because these loans must be closed before the end date and since there is no extension yet moving these increased limits into 2009 lenders are starting to pull away from these products now. I know, we just passed a $750 billion bailout; the government is buying bank stock and commercial paper but can't extend these limits … (0 comments)
news: Good News for Sacramento Real Estate
- 10/14/08 06:50 AM
We have finally slipped below 14,000 homes for sale in Sacramento. According to HousingTracker there were 13,958 homes on the market as of October 13. This is the first time since March of 2007 since we have been this low. It is still higher than it should be and the uncertainties of foreclosures and the credit crisis loom but check out my column, Good News for Sacramento Real Estate, over at Rocklin & Roseville Today and see what I have to say about prices. … (1 comments)
news: Bailout and the Sacramento real estate market
- 10/01/08 04:55 AM
After the failed vote on the financial rescue plan on Monday the Senate takes the spotlight today and is likely to pass a slightly revised plan to provide liquidity back to the credit markets. I predict an embarrassed House of Representatives will place their rubber stamp on the bill and we will have legislation by the end of the week. How will this impact the Sacramento real estate market and the recovery that is taking place? Take a look at my column, "Bailout may slow Sacramento real estate recovery," over at Rocklin & Roseville Today. … (1 comments)
news: Sacramento's real estate market is not frozen!
- 09/25/08 11:35 AM
Is the only way to get anything done in politically partisan Washington to declare an emergency, tell the world the sky is falling and create a three day "bipartisan period" to pass back room brokered deal that may cost the American taxpayer a trillion or more dollars? We thought getting a budget passed in Sacramento for California was ugly! I clearly have my opinions about the bailout and you can read more about that in my Rocklin & Roseville Today column, "Bailout will be felt in Sacramento" but my main message today is to motivate you to let your Senators know … (0 comments)
news: Sacramento Real Estate News
- 09/19/08 07:49 AM
While congressional leaders and the Bush administration work preparing a massive bailout of the US Financial system including a plan to allow banks to sell bad loans to a Resolution Trust like company, mortgage rates have dropped in Sacramento. The decline from 5.93 percent for a 30-year fixed to 5.78 percent for the week ending September 18 marks a seven month low. As bank stocks are going up and their senior executives are anxiously waiting to sell their mistakes, I mean bad loans to the government. Some of these same bankers have instituted a policy of denying short sale applications that … (1 comments)
news: Now Serving Sutter, Yuba and Colusa Counties
- 09/15/08 08:32 AM
Check it out! We have officially opened an office in Plumas Lake with Stephanie McLaughlin to better serve clients in Sutter, Yuba and Colusa counties. Stephanie has now been with us for a few months and is ready to take the next step in building her business and expanding the MagnumOne Realty brand in these counties. We are continuing to provide individual customized services to buyer and seller ranging from those looking to buy their first home all the way to working with sellers who are trying to avoid foreclosure. We are pretty excited about this new development and if any … (0 comments)
news: Goodbye March
- 03/30/08 04:25 AM
That was the month that was! I know we still have tomorrow but where did March go? Regardless of the current situation in the real estate market, weather it is on fire like it was in the early 2000's or suffering like it has been now for almost 3-years the seasonality of it remains predictable. There is always a flurry of activity as cold winter days change into sunny spring ones. This year has been no exception. See the rest of this post on my website blog, "Keep it Real in Sacramento."
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news: Foreclosure Landslide
- 03/08/08 06:23 AM
I just read an email from a credit repair specialist and he claims 1 in 200 homes will be foreclosed on. That is a lot of foreclosures especially when it means a much higher ratio for areas like mine around Sacramento. Has anyone heard about lenders canceling their home equity lines of credit. I know of two people who got theirs pulled last week. Without some of the tools we have had in the past the slightest financial shock could send homeowners into foreclosure. … (3 comments)
news: Nothing Good - Sacramento Report
- 03/04/08 04:54 AM
If you have been a long time reader of my blog you may well remember I used to spend a fair amount of print writing about the monthly statistical reports. I can't remember when was the last time I posted something to my blog or wrote an article on the monthly results. I suspect there are several reasons, including the media spotlight on real estate and the "downturn," "crisis" or "meltdown" stories in the Sac Bee and other outlets almost daily. Other blogs, especially the bubble blogs like Sacramento Land(ing) focus almost every post on the market and do a good … (2 comments)
news: Closed for 3-hours!
- 02/27/08 01:35 AM
From the amount of publicity Starbuck's received for closing their stores for 3-hours yesterday you would think the result was world peace! What they apparently did come up with, "Your drink should be perfect, every time. If not, let us know and we'll make it right." Wow, that is something, right? Maybe Realtors could take a lesson from Starbuck's example. Just imagine, all Realtors in training for the same three hours. No showings, no open houses, no contract negotiations, no one on MLS, and no blogging. We could all come out of our self-imposed collective training and claim, "We will find you … (4 comments)
news: Still possible to Sell!
- 02/08/08 05:49 AM
As I mentioned yesterday, the Sacramento real estate market appears to be experiencing some increased activity which is good for my business and hopefully for some of the sellers out there. I enjoy helping clients buy or sell and being busy sure beats waiting for the phone to ring. Unfortunately the Sacramento area real estate market is still overburdened by the large number of homes on the market. Typically, February is the month we start to see inventory starting to grow after five months of declines. As expected we have seen an increase in homes on the market in the past … (0 comments)
news: Getting Warm
- 02/07/08 04:53 AM
From Keep it Real in Sacramento - February 7, 2008 Even in a slow downward pointing real estate market like we have here in the Sacramento area you still experience the normal seasonal ups and downs. Just from what we have going on at MagnumOne Realty and the way my phone has been ringing the past few days I can tell we are starting to see a surge of activity. This is exactly what you would expect. We are through the long winter month of January and as we move rapidly through February people are starting to think about spring and making … (2 comments)
If your home is worth less than you owe, the payments are killing you and have a lender who refuses to help what will happen if you walk away? Walking away is letting the bank foreclose, giving them the keys or avoiding a foreclosure by doing a short sale. If you do one of these things how bad will it be for you? Will you get sued by your bank? Will you ever be able to get credit again? How much will Uncle Sam and the IRS want from you? It may not be as bad as you imagine. Check out … (1 comments)
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