Today’s New Investor
March 21, 2011
Today’s new investor, who is helping to save the housing market, is a 36 to 55 year old making $100,000 or less annual income. These are everyday people investing in their local markets, fixing up the properties and intending to rent them until the market improves. Not only does this help revitalize the housing market, it cleans up local neighborhoods, preventing blight and crime. For more information about investment properties, Stockton real estate and homes for sale in Stockton, contact the experts at Your Home Team at 209.471.6516 or complete our Contact Us form.
Government to Decrease Financial Involvement in Freddie and Fannie
February 11, 2011
The Obama administration has announced a ‘winding down’ of financial involvement in Fannie Mae and Freddie Mac at an annual rate of no less than 10% per year. Timothy Geithner predicts it will take three years for the housing market to recover. Then, an additional two to three years for legislators to come to agreement on the government’s role in funding future loans. After an agreement is reached it should  result in new legislation. At this time, the three proposed ideas under consideration are:
1)Â Â Â Â Â private system - where lenders and investors fund new mortgages, with a limited subsidies for the poor and veterans.
2)     private system – where government is involved during market stress to guarantee home loans.
3)Â Â Â taxpayers would insure securities backed by home loans
Forbes Bayonets Stockton and Central Valley Real Estate
February 4, 2011
Each year Forbes magazine analyzes the 200 largest U.S. cities and ranks them into their ‘Top Miserable List’. This year, for the first time Forbes introduced housing as one of the criteria, in addition to the previous criteria which included unemployment, weather, taxes, traffic and violent crime. Stockton, in California’s Central Valley, was number one. Stockton was closely followed by the other California cities of Merced, Modesto and Sacramento. Stockton’s, recent real estate market decline of 58% and unemployment rates hovering around 14.3% were the primary contributing factors for the rating. Bob Deis, Stockton’s City Manager feels this analysis is unfair and misleading. He told Forbes “Stockton has issues that it needs to address, but an article like this is the equivalent of bayoneting the wounded,” “I find it unfair, and it does everybody a disservice. The people of Stockton are warm. The sense of community is fantastic. You have to come here and talk to leaders. The data is the data, but there is a richer story here.”
Stockton Foreclosure Data Shows Potential Optimistic Trend
January 25, 2011
According to CoreLogic the Stockton foreclosure activity last November was higher than the national foreclosure rate. In addition CoreLogic reported that 1.65% of homes were in an REO status which was an .11% increase over the previous year. Despite this, the overall Stockton numbers looked promising. Foreclosure rates in Stockton decreased 5.03% in November 2010, a .51 % decrease from the same period a year earlier. In addition, the mortgage delinquency rate had dropped to 14.43% down 3.05% from last year. This news could represent an optimistic Central Valley housing trend when one specifically focuses on the decrease in the mortgage delinquency rates. For more information about Central Valley housing trends, feel free to call Pat Holkesvig & Your Home Team at 209.471.6516 or complete our Contact Us form.
Short Sales Influence Home Sales In November
January 5, 2011
Home sales had an uptick in November partly due to an increase in short sales driving down home prices. This helped to influence a rise in sales up 9.2 % over October but still down 8.6% over November of last year. The median home price in San Joaquin is down 4.1% from last year. For more information about Central Valley housing trends, feel free to call Pat Holkesvig & Your Home Team at 209.471.6516 or complete our Contact Us form.
Mortgage Rates Up to 6 Month High
December 17, 2010
Thirty year mortgage rates have hit a six month high of 5.09% in response to an increase in treasury yields. This is a dramatic turnaround from where rates were only one month ago at 4.17%. This is sobering news for the housing market where despite the low interest rates buyer demand has been low since tax credits expired last April. This is particularly difficult in areas where the market is still greatly suffering such as the central valley. For more information regarding local central valley housing trends if you have any further questions about central valley real estate or investment opportunities feel free to call Pat Holkesvig & Your Home Team at 209.471.6516 or complete our Contact Us form.
San Joaquin County 8th in AP Economic Stress Index
December 15, 2010
Ten of the twenty most economically stressed counties in the nation are in California according to the Associated Press. San Joaquin ranks eighth followed by Stanislaus and Merced respectively. High foreclosure rates and continued unemployment contributed to the San Joaquin ranking. The ranking is based on statistics for the months of September and October.
Bank of America Restarting Foreclosures
December 11, 2010
Bank of America has restarted 16,000 foreclosures but it is still unknown if judges will be satisfied with their assessment of the pending files. Other banks such as Wells Fargo and Chase have also attempted to restart their foreclosures. The approach focuses primarily on vacant and rental homes in a few states including California. The courts should have an answer in the beginning of the new year.
Investment Fraud Involves 13 From Central Valley
December 8, 2010
Thirteen Central Valley residents were arrested related to a national investigation into investment fraud schemes. These schemes deliberately targeted the investing public. Just the latest headline to remind us that fraud is prevalent in this difficult real estate market. One way to help avoid falling victim to such schemes is to work with a reputable real estate agent. You can determine any property’s value with a quick and easy Eppraisal and if you have any further questions about central valley real estate or investment opportunities feel free to call Pat Holkesvig & Your Home Team at 209.471.6516 or complete our Contact Us form.
California October Foreclosures are Down
November 12, 2010
RealtyTrac, has reported that 66,475 properties foreclosed in California this October. That is down nearly 12% from September and 22% from last October. However even with the drop in overall reported foreclosures, Modesto and Stockton still remain in the top 5 cities nationwide for foreclosures. Although this downward trend has been consistent over the past many months, it is likely to slow down over the winter which is a traditionally slow time for real estate sales.
