Well, the latest news from the California Association of REALTORS® (C.A.R.) states that sales in December of 2008 increased 84.9 percent compared with the same period last year. On the other hand, median home prices fell 41.5 percent during the same period. The median price in December was $281,100 compared to $480,820 in December 2007 [...]
It seems when people are distressed, there is always someone to help out and someone to take advantage of them. Now there are a lot of swindlers out there trying to take advantage of people who are on the verge of losing their home. If you are like me, I tend to trust people which [...]
In a flash of good news in an otherwise depressing economy, residential sales have increased locally and in most of the State to forty eight percent over this time last year. Although there doesn’t seem to be an end to foreclosures, it has resulted in making home purchases attractive to investors and affordable to first [...]
So why am I so mad at banks? Because they have gotten federal bailout monies to start the lending process for borrowers who are distressed and to create new loans. Instead, they have used the money to fatten their bottom line. Have you tried to get a loan for a home lately? Even if you [...]
We may be all doom and gloom about our real estate market, but foreign investors aren’t. It’s good to remember that real estate always has it’s up and downs. I can remember paying $19,000 for my first house I had built when I moved to Nevada County. It had hardwood floors, a real fire place, [...]
Well, I wish I could say prices are going up, but they are not, they’re going down. There have been 141 price changes this month so far, including 24 today. Price reductions vary, but some have reductions of $225,000. A further example of price reductions is a home in Alta Sierra listed at $250,000. The [...]
The Federal Government is modifying the bankruptcy code to allow cram downs for primary home mortgages. After meeting with lawmakers, Citigroup has agreed to back legislation that would allow bankruptcy judges to alter the amount due on primary mortgage principals, so called cram-downs. (I guess if we want banks to change we have to cram [...]
As foreclosure rates hit record levels, more sellers are asking their banks or mortgage companies to do a short sale. How does that work? In a short sale, the seller arranges for a mortgage lender to accept a price that is less than the amount they owe on the property. In most cases, the lender [...]
What is a person to do? I recently talked to a client who’s daughter wants Countrywide Mortgage (now owned by Bank of America) to refinance her home to a lower interest rate. She has an excellent credit rating. But because she lost one of the three jobs she was holding, she wanted a loan modification. [...]
Prices in Nevada County continued in a downward direction during 2008 compared to 2007. The average price for residential homes sold in 2008 was $407,973 compared to $493,261 in 2007. This is a seventeen percent drop in the average home price sold in Nevada County. The average time on the market in 2007 was 98 [...]
