Fullerton real estate market

March 9, 2010 by · Leave a Comment
Filed under: California 
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The Fullerton real estate market, which is closely linked to the rest of the Southern California real estate market, made some impressive strides during the month of January. According to an article released by EGP News, “In Orange County, the median home price was $325,000, up from $300,000 in the same month a year ago, according to La Jolla-based MDA DataQuick. According to DataQuick, 15,361 homes were sold in the six-county Southern California region – Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties – in January, down 31.2 percent from 22,328 in December and up 0.9 percent from 15,227 in January 2009.” As John Walsh of MDA DataQuick pointed out, “The January stats underscore just how atypical this market remains…A huge chunk of what’s selling is still distressed.”

The price of Fullerton homes for sale substantially increased in the month of January, according to an article in OC Metro. The piece, published on February 16, 2010, found that “Orange County’s median home price jumped 14.9 percent in January compared to the same time last year, according to stats just released by San Diego-based MDA DataQuick.” The article, composed by Kristen Schott, noted that “The price for a home or condominium in the region rose to $425,000 in the period, up from $370,000 in January 2009. But the number declined from December’s $435,000 median. For the entire Southern California region, which includes the Orange, L.A., Riverside, San Bernardino, San Diego and Ventura counties, the median home price rose 8.6 percent to $271,500…”

One problem spot for Fullerton real estate and Orange County real estate was reported in another article by the OC Metro. This piece, composed by Carol Starcevic, noted that “Foreclosure notifications in Orange County rose slightly in January from the previous month, but the number still remains significantly lower than January of 2009’s figure.” The February 16, 2010 article continued to point out that “In addition, 523 properties were returned to banks, up 86 from December but down 193 from January 2009. And 303 homes were sold to a third party, up 81 from December and 183 from the same time last year, according to the report.”

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Palm Desert Real Estate Update

February 2, 2010 by · Leave a Comment
Filed under: California 
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Located just outside of Palm Springs, Palm Desert has faced its fair share of real estate struggles since 2007, even prior to the economic recession that began in 2008, which only worsened the situation for the Palm Desert real estate market.  Nevertheless, recent months have offered optimistic views of the future of the Palm Desert real estate.  Real estate experts have noted that the Southern California region has posted increases in both home sales and median sales prices, with both actually reaching year-over-year gains.  Experts are also confident that the federal tax credit for first-time homebuyers, as well as the greater affordability of housing in the region and the easier access to credit will allow for the recovery of the Palm Desert real estate market in the coming months.

According to DQNews.com, the Southern California region has posted increases in both its home sales and median sales prices, with home sales maintaining year-over-year gains for the 18th consecutive month and median sales prices reaching year-over-year gains for the first time since the summer of 2007.  During December of 2009, Southern California posted a total of 22,238 new and resale houses and condos sold, which was a 16.4 percent increase from the 19,181 sold during the previous months, and a 12.1 percent increase from the 19,926 sold in December of 2008.  The median sales price for homes sold in Southern California during December of 2009 was $289,000, a slight 1.4 percent increase from $285,000 of the previous month, and a 4 percent increase from $287,000 of the December of 2008.

The Desert Sun has also reported that the Palm Desert real estate market for apartments has improved over the past few months as many previous homeowners were displaced from homes that were foreclosed on.  Realtors have reported that many previous homeowners have opted for apartments, increasing the demand for apartments significantly over the past few months.  Realtors have also noted that the affordability of the apartments has also been a major incentive for attracting prospective investors.

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Oakland Real Estate Update

January 13, 2010 by · Leave a Comment
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Real estate experts are optimistic that the recent improvements in the Oakland real estate market provides signs that the Bay Area real estate market is recovering from the struggles it has faced since 2007, prior to the economic recession of 2008, which only worsened the real estate problems.  Over the past several months, the Bay Area has posted gains in both home sales and median prices, and the declines in home values in many markets are stabilizing.  Although foreclosure rates are still high, real estate experts believe that the rate will decline and the smaller inventory of foreclosed properties will result in an increase in the Bay Area median sales price.

According to DQNews.com, the Oakland real estate, as well as the entire Bay Area in California, has shown major improvements over the past few months, with sales and median price levels topping the previous year’s levels, despite a slight dip experienced in October.  In November, the median sales price for new and resale houses and condos in the Bay Area was $387,000, which was a 10.6 percent increase from $350,000 in November of 2008.  Before October, the median sales prices hadn’t risen on a year-over-year basis since November of 2007, but the current median sales price is still41.8 percent below the peak of $665,000 reached in the summer of 2007.  In November, the Bay Area posted a total of 6,878 new and resale home and condo sales, a 19.5 percent increase from the of the same month during the previous year.  Real estate experts believe that the large inventory of “bargain” priced homes has been a major incentive for prospective buyers.

The San Francisco Chronicle has also noted the promising signs of the Oakland real estate market with the slowing decline in property values in the Bay Area real estate markets.  According to the Chronicle, the Bay Area suffered from a $38.1 billion drop in property value in the first eleven months of 2009, however, that’s small in comparison to the $233.1 billion decline seen in 2008.  Real estate experts are optimistic that the general affordability of the Bay Area real estate and the federal tax credit will play a major role in improving the real estate market in the coming months.

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Palos Verdes real estate

December 18, 2009 by · Leave a Comment
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Though the housing market is displaying some signs of health, economists say they could be misleading.  That’s the latest word on various signs of market improvement that have recently surfaced.  In an article in the Los Angeles Business Journal written by David Haldane and published on November 9, 2009, Palos Verdes real estate showed the most dramatic change, “where sales volume increased by 533 percent.”  However, many analysts of real estate in Palos Verdes are not as impressed by this outstanding development.  “Experts viewed the rising prices as further evidence that the real estate market has stabilized, at least temporarily. But some cautioned that it may be falsely propped up by government stimulus programs that eventually will end.”

Muhammed El-Hasan wrote on October 26, 2009, in the Daily Breeze, that the South Bay region also saw an unexpected rise in median home price, perhaps due to the increase in demand for homes in the area.  One reason for the sudden increase in sales and rise of home prices is that “we are showing the month’s inventory is going way, way down, by something like 60 percent from September of last year to September of this year.”  With fewer homes on the marker, there are more bids on each home, thus creating an environment for bidding wars.

Because of its relatively protected community arrangement and the type of properties and Palos Verdes real estate, the premier peninsula area has been largely protected from large foreclosure rates that have doomed many other neighborhoods in Los Angeles and Southern California.  The Los Angeles Times reported on November 12, 2009, that “the number of foreclosures dropped in October for the third consecutive month, a sign that efforts by banks to take back troubled properties may be easing.”  A three-month decline is an unprecedented accomplishment which analysts believe at least show minor signs of market recovery.

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San Bruno real estate

December 2, 2009 by · Leave a Comment
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Real estate in San Bruno has recovered from a slight dip in home property valuation that occurred between December 2008 and June 2009.  During that time, the market value average of homes in the area dropped from over $560,000 to about $540,000.  According to the most recent Yahoo! Real Estate update on November 16, 2009, the 1-year market value change now shows no change, with the value increasing to about $560,000.  The price for foreclosed homes has remained remarkably high and currently sits on a median price of $509,790, just $40,000 lower than the median price of all other homes on the local market.

San Bruno real estate is expected to see a significant rise in home purchase closures following the United States government’s decision to extend and expand the first-time homebuyer’s federal income tax credit.  According to Eve Mitchell’s report in the Oakland Tribune on November 16, 2009, “The law extends until June 30, 2010, the deadline for closing escrow for first-time homebuyers to receive a credit worth up to $8,000. The credit was set to expire Nov. 30. It also adds a credit worth up to $6,500 for taxpayers who buy a replacement primary home provided they have lived in their existing home for at least five of the past eight years. Qualifying income limits were raised substantially for both groups of buyers for homes purchased Nov. 7 or later.”

However, San Bruno homes for sale aren’t completely out of the woods yet.  In fact, J. W. Elphinstone of the Associated Press and Oakland Tribune wrote on November 15, 2009, that buyers are still very cautious in home buying decisions, according to recent survey results.  The uncertainty of the market is still quite visible for all people, the article says.  “Home prices rebounded this summer at an annualized pace of almost 7 percent, according to the Standard & Poor’s/Case-Shiller home price index. But with high unemployment and foreclosures clouding the picture, economists debate whether prices will dip again.”  More shockingly, “Forty-five percent of Americans worry that they or someone they know will face foreclosure in the next year. And almost 30 percent of those with a mortgage have contacted their lender in the past year to reduce their payments.”  Real estate in San Bruno also suffers from an uncertain surrounding community.  With the national unemployment rate topping 10 percent and the local San Bruno numbers matching these staggering figures, it’s no wonder why the market will continue to struggle, although it will begin to ease as the pains of the global recession begin to lessen.  Experts predict that with increasing job placement in San Bruno thanks to local college recruitment events and job fairs open to the community, there will be a larger number of capable home buyers who will help to re-stimulate the neighborhood housing market.

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San Bruno real estate

November 30, 2009 by · Leave a Comment
Filed under: California 
View of San Bruno Mountain from San Bruno Moun...

San Bruno real estate is expected to see a significant rise in home purchase closures following the United States government’s decision to extend and expand the first-time homebuyer’s federal income tax credit. According to Eve Mitchell’s report in the Oakland Tribune on November 16, 2009, “The law extends until June 30, 2010, the deadline for closing escrow for first-time homebuyers to receive a credit worth up to $8,000. The credit was set to expire Nov. 30. It also adds a credit worth up to $6,500 for taxpayers who buy a replacement primary home provided they have lived in their existing home for at least five of the past eight years. Qualifying income limits were raised substantially for both groups of buyers for homes purchased Nov. 7 or later.”

However, San Bruno homes for sale aren’t completely out of the woods yet. In fact, J. W. Elphinstone of the Associated Press and Oakland Tribune wrote on November 15, 2009, that buyers are still very cautious in home buying decisions, according to recent survey results. The uncertainty of the market is still quite visible for all people, the article says. “Home prices rebounded this summer at an annualized pace of almost 7 percent, according to the Standard & Poor‘s/Case-Shiller home price index. But with high unemployment and foreclosures clouding the picture, economists debate whether prices will dip again.” More shockingly, “Forty-five percent of Americans worry that they or someone they know will face foreclosure in the next year. And almost 30 percent of those with a mortgage have contacted their lender in the past year to reduce their payments.” Real estate in San Bruno also suffers from an uncertain surrounding community. With the national unemployment rate topping 10 percent and the local San Bruno numbers matching these staggering figures, it’s no wonder why the market will continue to struggle, although it will begin to ease as the pains of the global recession begin to lessen. Experts predict that with increasing job placement in San Bruno thanks to local college recruitment events and job fairs open to the community, there will be a larger number of capable home buyers who will help to re-stimulate the neighborhood housing market.

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Irvine real estate update

November 18, 2009 by · Leave a Comment
Filed under: California 

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“On the surface, a glimmer of confidence is returning to the battered U.S. housing market, after more than three years of gut-wrenching defaults, price slumps and foreclosures,” reported Al Yoon and Nick Carey of Reuters on October 16, 2009.  They claim that “bidding wars are breaking out in some areas. Sales are now routinely above asking prices in California, from wealthy Orange County towns like Irvine to harder-hit San Bernardino County in the high desert east of Los Angeles.” While this is a step in the right direction, Irvine homeowners and prospective buyers are not out of the woods yet.  Analysts believe “efforts by the government and by banks to help struggling homeowners cut payments and stay in their homes are outpaced by mortgages going bad. The mortgage-modification programs risk being swamped by rising unemployment.”

irvine1The OC Metro also offered hope for people with a vested interest in Irvine real estate.  According to Kristen Schott’s October 8, 2009, article, “Five Irvine homes were among Realtor.com’s list of the top 10 most-searched properties for the week of Sept. 28-Oct. 4.”  This is a step in the right direction for many Irvine homes for sale that have struggled to even entice casual browsers to take a peak.  The National Association of Realtors reported that the most popular areas of Irvine have earned their sellers prices in excess of many recently-sold homes in Laguna Beach and other elite areas.

A recent Yahoo! Real Estate report quoted a relatively stable market for real estate in Irvine, California.  In the last term, updated on October 12, 2009, over a thousand homes were sold at a median price of $580,000, an almost two-percent increase price change from the previous month.  However, foreclosures fell in the opposite direction and dropped to a median price of $491,016, marking a decrease of 1.8 percent.  New homes maintained a median price of $775,000 during the period.

Livermore real estate update

November 12, 2009 by · Leave a Comment
Filed under: California, Home Searches, United States 

LivermoreRecent Yahoo! Real Estate updates show the median price for Livermore homes decreasing 2.7 percent from August to just $510,000 while the price for foreclosed homes dropped 1.5 percent to just over $450,000.  This spells good news for Livermore real estate which has suffered significantly less compared to similarly-sized communities throughout California and the western United States.  In fact, percentage changes below five percent are often regarded as insignificant decreases, according to industry experts.

Livermore homes for sale were also mentioned in a recent Associated Press article published on September 25, 2009, locally by the Oakland Tribune.  The article claims that the Bay Area, including Livermore, experienced much of the same negative change as the rest of the nation.  The report states that “home resales dipped unexpectedly last month, falling 2.7 percent from a month earlier, the National Association of Realtors said Thursday, reversing steady monthly gains since April.”  The author also hypothesized that “the drop in sales last month may reflect delays in completing sales due to tough lending standards and new rules for appraisals.”  Additionally, while low mortgage rates are helping to increase the number of people eligible to purchase homes, uncertainty has certainly played a role in keeping shaky buyers away from signing purchase papers.

However, there is relief for some.  Robert B. Jones’ September 27, 2009 article in the Contra Costa times explained that “even with the significant downturn in the real estate market, some first-time homebuyers can find it difficult to come up with a down payment to buy a home. Others may find it difficult to qualify for a loan at all.”  For people interested in purchasing properties in the Bay Area, including real estate in Livermore, there are programs that may make housing more affordable.  The article claims that “the City of Livermore offers a city program that helps to defray the cost of home ownership or even offers certain properties in designated developments at set prices.”  While this may be attractive for cash-strapped home buyers, these homes typically come with restrictions on resale and valuation attached.

San Clemente real estate update

November 12, 2009 by · Leave a Comment
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San Clemente real estate has followed much of the trends of other Orange County communities in experience a decline in property valuation amidst what could be one of the greatest economic challenges to ever face the modern world.  Luckily, following the trend of the rest of the county is a good thing as the region’s real estate and properties market begins to recover.  For the first time in two years, Orange County home prices rose, according to Jeff Collins, Jonathan Lansner, and Mathew Padilla of the Orange County Register.  Their October 14, 2009, article claims that “a 24-month losing streak ended last month when home prices increased from the year before, although it’s uncertain whether prices will keep on going up or enter a new round of losses.”  According to the most recent reports, “Southern California home prices will be up about 30 percent from the lowest levels by mid-2012.”

S563466_0According to Yahoo! Real Estate statistics, San Clemente homes for sale are not suffering at all.  In fact, as of October 12, 2009, there was only a 0.1 percent decrease in median price property value, settling at $799,000 for 786 sold homes.  The median price of foreclosed properties dropped 0.6 percent to $615,316 while the median price of new homes didn’t change at all.  To make things buyer friendly, estimated California mortgage rates decreased between 0.08 and 0.16 percent depending on mortgage type and term duration.

The effects of the collapse of Lehman Brothers Holding, Inc. has left an indelible mark on real estate in San Clemente.  As a result of, eighteen housing projects, including several oceanside lots in San Clemente, are going through bankruptcy court, according to Edvard Pettersson of Bloomberg News on September 23, 2009.  This is just a small indicate of the larger market worries in the area where this same scenario has been replayed several times owner.  As large capitals continue to see their cash reserves evaporate in light of the current economic climate, housing projects like these are usually the first to suffer.  However, experts close to the situation say that this provides a nice opportunity for potential investors looking to make some money during these hard times.

Pleasanton real estate update

November 5, 2009 by · Leave a Comment
Filed under: California, Home Searches, United States 

PleasantonOn September 17, 2009, reporter Robert Jordan of the Contra Costa Times featured a Pleasanton couple, Hin and Holly Liu, in his Silicon Valley Mercury News article about the economic turmoil and global recession.  The article focuses on the economic uncertainty of many of Pleasanton’s residents who are finding the economic environment even tougher for looking to purchase Pleasanton homes for sale.  In fact, with employers cutting wages and jobs being removed outright from several companies, many people and families are more concerned with maintaining sufficient cash flow to cover their needs.  Jordan believes that economic uncertainty of future jobs or wages might be a secondary explanation of why real estate in Pleasanton and several other similar communities has continued to suffer.  Hin Liu is quoted as saying, “During a poor economy there are good deals that would be nice to take advantage of. On the other hand you can’t take advantage because no matter how cheap it is, it still costs money.”

However, there is relief for some.  Robert B. Jones’ September 27, 2009 article in the Contra Costa times explained that “even with the significant downturn in the real estate market, some first-time homebuyers can find it difficult to come up with a down payment to buy a home. Others may find it difficult to qualify for a loan at all.”  For people interested in purchasing properties in the Bay Area, including Pleasanton real estate, there are programs that may make housing more affordable.  “The City of Pleasanton operates an affordable housing program that has resulted in the development of more than 120 affordable homes in 10 separate developments. The prices of these home have ranged from the low $100,000 to low $200,000 range.”  While this may be attractive for cash-strapped home buyers, these homes come with restrictions on resale and valuation.

James Pethokoukis wrote in his September 15, 2009, Reuters article that real estate in Pleasanton and other Bay Area communities is expected to begin revival by 2012 but also cautions that in the near-term, major rent declines will be in the San Francisco area and Manhattan, “as much as twenty percent.”  He also writes that “Despite falling cash flows and a drought of available financing for sales, owners are still hanging onto their properties as banks extend fixed-rate loans and floating rate loans remain manageable.”  Pethokoukis also warns of significant long-term trends that may impact commercial real estate valuation for a while.

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