Hello Friends and Neighbors

As we get closing to saying so long to 2009 who knows what is in store. Although there may be some conflicting stats I prefer to keep my glass half full and anticipate a brighter 2010.

 
Sales in new-home communities of 10 units or more in California rose 25 percent in October compared with a year ago, according to the monthly California Building Industry Association (CBIA)/HanleyWood Market Intelligence report.  The increase marked the first year-to-year sales appreciation since December 2006, according to CBIA.  Sales of single-family homes increased 4 percent, while sales of townhomes and multiple-unit homes rose 36 percent.  Condominium sales increased 94 percent compared with a year ago, according to the report.

“While this month’s figures are encouraging, we must keep in mind that we’re comparing the figures to October of 2008, which was the second lowest month of nominal sales we’ve seen during the downturn,” said Jonathan Dienhart, director of published research for HanleyWood Market Intelligence.

 

Whoa there now wait a minute…News from The Wall Street Journal says Sales of new single-family homes sank 11.3% in November to a seasonally adjusted annual rate of 355,000, the Commerce Department said. Economists expected only a 1.2% drop to a 425,000 annual rate. The big drop in new-home sales comes a day after the National Association of Realtors reported strong sales of existing homes in November. 

Life is like a roller coaster up, down and then back up again. It’s a wild ride! Foreclosure activity declines 8 percent nationwide. A report by RealtyTrac shows that foreclosure filings, including notices of default, scheduled Foreclosure auctions, and bank repossessions, decreased nearly 8 percent in November compared with the previous month, but were 18 percent higher compared with a year ago.
November marked the fourth consecutive month that California Foreclosure activity has declined on a month-over-month basis.
California also had the top three metro Foreclosure rates.

 

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Median Sold Price Graph

Median sold price ytd

Woof, something tells me this office is going to be a busy one…

U.S. House approves consumer financial protection watchdog Consumers would gain an advocate, a single place to file credit card complaints

Credit cardholders who want to complain about unfair interest rate hikes or questionable credit card terms would have a single government agency to turn to rather than six under a sweeping Wall Street reform bill passed Friday by the U.S. House of Representatives

Read the full story here

 

New 'Good Faith Estimate' will help borrowers save nearly

WASHINGTON - For the first time in more than 30 years, the U.S. Department of Housing and Urban Development today issued long-anticipated mortgage reforms that will help consumers to shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers. HUD will require, for the first time ever, that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. HUD estimates its new regulation will save consumers nearly $700 at the closing table.  

Having troubles with your short sale listings? Let me help you and your seller!. Call or email me at 530-872-5444, Steve@SteveWilliamsTeam.com

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