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China Investing Billions In U.S. Real Estate Foreclosures Represent 19% of Homes for Sale in Alameda County, CA Latest Foreclosure Listings in Alameda County Weigh Down Home Prices Santa Barbara, CA (MMD Newswire) November 24, 2010 -- RealtyStore (realtystore.com), the nation's premier provider of local residential foreclosure listings, today announced its Alameda County Foreclosures Review reveals 2,926 local home foreclosures. Of the total, RealtyStore determined that 1,187 are available for re-sale to the public. The remaining 1,739 foreclosures are not yet available for re-sale and are considered "shadow inventory". "The foreclosures available for purchase represent 19% of the 6,237 homes currently up for sale in Alameda County," said Peter Ranck, Vice President at RealtyStore. "It is interesting to note these re-sale foreclosures only represent 40% of all foreclosed properties recorded for the county. The other 60% are not yet on the market and remain in Alameda County's shadow inventory of repossessed homes." Shadow inventory includes foreclosed homes which banks are not actively marketing for re-sale to the public. By remaining off the market, this inventory does not increase the number of local homes for sale, causing inventory to remain artificially low. This in turn can influence home prices. RealtyStore also compiled foreclosure pricing and found the average foreclosure list price in Alameda County is $325,225, which is 37% below the county's overall average price of $522,240. "Foreclosure pricing presently offers an attractive opportunity for buyers," said Peter Ranck. While foreclosure prices are generally below the market average, it remains to be seen how and when the impact of shadow inventory could affect prices in the future. "Home prices in Alameda County have started to stabilize, and new listings enter with adjusted prices," said Gina Odom, Realtor and agent with McGuire Real Estate in Oakland. "Banks continue to carefully manage and slowly bring their REO properties to our local market. In addition, banks have become savvier with their list prices which are competitive to market value of each specific area. We do not expect to see a significant new number of REOs hit the market all at once, so prices are not expected to change any time soon. However, we are finding that sellers need to consider the broader availability of discount homes, like foreclosures, and adjust their pricing strategy and expectations accordingly." About RealtyStore Reporting methodology Florida's Existing Condo Sales Up in 3Q 2010 ORLANDO, Fla., Nov. 11, 2010 /PRNewswire/ -- Sales of existing condominiums in Florida rose 15 percent in third quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 16,938 existing condos sold statewide in 3Q 2010; during the same period the year before, a total of 14,793 units changed hands. Fourteen of Florida's metropolitan statistical areas (MSAs) reported higher existing condo sales in the third quarter, according to Florida Realtors. The statewide existing-condo median sales price was $84,000 for the three-month period; in 3Q 2009, it was $106,000 for a decrease of 21 percent. "A healthy housing market is built on the foundation of a robust economy," said Dr. Sean Snaith, director of the University of Central Florida's Institute for Economic Competitiveness. "As the economic recovery continues in Florida – and in particular as the labor market improves – the housing market will follow suit. The price decline in the condo market continues to attract domestic and foreign buyers to Florida to take advantage of this buying opportunity. "The third-quarter single-family and condo Florida resales data reflect a slowdown relative to second-quarter data as the expiration of the first-time homebuyer's tax credit in April pulled future demand into the second quarter," Snaith said, adding that the drop-off was expected. Meanwhile, in the year-to-year quarterly comparison for existing single-family home sales, 41,122 homes sold statewide for the quarter compared to 44,451 homes in 3Q 2009 for a 7 percent decrease. The statewide existing-home median sales price was $135,200 in 3Q 2010; a year earlier, it was $145,300 for a decrease of 7 percent. Sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes, according to the National Association of Realtors® (NAR). The median is a typical market price where half the homes sold for more, half for less. The University of Florida's Bergstrom Center for Real Estate Studies' latest quarterly survey of real estate trends reports that the jobless rate remains a top concern for the future outlook of the state's real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts. Timothy Becker, the center's director, noted that investment in real estate continues to flow into Florida, though investors are wary about the economy. "The apartment sector is the stellar performer," he said, adding that conditions continue to improve in the commercial sector. "We're starting to see stabilization across property types in occupancy, with respondents saying they feel better about what rents are going to look like in the near future." Low mortgage rates continued to be available during the third quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.45 percent in 3Q 2010; one year earlier, it averaged 5.16 percent. Mortgage Rates Return to Record Low Territory NEW YORK, Nov. 4, 2010 /PRNewswire/ -- Mortgage rates revisited record lows this week, with the average rate on the benchmark conforming 30-year fixed mortgage rate returning to 4.42 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points. To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/. The average 15-year fixed mortgage hit a new low of 3.81 percent, and the larger jumbo 30-year fixed rate did as well, sinking to 5.04 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM falling to 3.57 percent and the average 7-year ARM retreating to 3.87 percent. Mortgage rates fell back into record low territory this week. The Federal Reserve has announced another injection of $600 billion over the next 8 months, but it remains to be seen if this is enough to push Treasury yields and mortgage rates lower, and if so, by how much. Even if the Fed is successful in pushing rates lower, it doesn't alter the fact that many would-be borrowers are upside-down, living on a reduced income, or concerned about a lack of job security. The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.42 percent, the monthly payment for the same size loan would be $1,003.89, a savings of $238 per month for a homeowner refinancing now. SURVEY RESULTS 30-year fixed: 4.42% -- down from 4.51% last week (avg. points: 0.37) 15-year fixed: 3.81% -- down from 3.90% last week (avg. points: 0.28) 5/1 ARM: 3.57% -- down from 3.67% last week (avg. points: 0.34) Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets. For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com. The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Nearly half of the panelists, 47 percent, think the Fed will be successful in pushing mortgage rates lower. One-in-three - 33 percent - expect mortgage rates to rise, while 20 percent forecast that mortgage rates will remain more or less unchanged over the next week. Home Values Near Unprecedented Decline as Hints of Stabilization Wane in Third Quarter Percentage of Homeowners Underwater Reaches New Peak; Length and Depth of Housing Downturn Approach Depression-Era Declines According to Q3 2010 Zillow® Real Estate Market Reports SEATTLE, Nov. 10, 2010 /PRNewswire/ -- The United States housing market continued its long decline in the third quarter with home values falling for the 17th consecutive quarter, according to Zillow Real Estate Market Reports(1). With home values 25 percent below their June 2006 peak, the current housing downturn is approaching Great Depression-era declines, when home values fell 25.9 percent in five years. The Zillow Home Value Index(3) declined 4.3 percent year-over-year in the third quarter and 1.2 percent from the second quarter to $179,900. Nearly one-quarter, or 23.2 percent of single-family homeowners with mortgages, were underwater on their mortgage in the third quarter, the highest it has been since Zillow began tracking negative equity in 2009. It rose from 22.5 percent in the second quarter. In some markets, as many as four out of five single-family homeowners with mortgages were underwater on their mortgages in the third quarter. Las Vegas had the highest percentage, with 80.2 percent in negative equity, followed by Phoenix with 68.4 percent. In total, 11 markets tracked by Zillow had negative equity above 50 percent. Home values fell from the second to the third quarter in 77 percent of markets covered in Zillow's report. In five of those markets – the California MSAs of Los Angeles, San Diego, San Francisco, San Jose and Ventura – home values began to fall again after five consecutive quarters of increases. Other markets that showed signs of stabilization in previous quarters also faltered, with home values flattening or becoming negative in large MSAs like Boston and Denver. "While not unexpected, the unceasing declines in home values signal that we're in for a long, bleak winter of continued troubles for the housing market," said Zillow Chief Economist Dr. Stan Humphries. "The length and depth of the current housing recession is rivaling the Great Depression's real estate downturn, and, with encouraging signs fading, will easily eclipse it in the coming months. "The high percentage of homeowners in negative equity continues to be troubling, in that it represents a huge number of people who are not only more vulnerable to foreclosure, but who are essentially trapped in their current homes and are prevented from selling and buying a new home. This has profound implications for future demand and will be a millstone around the neck of the housing market." Additionally, more than one-quarter (27.3 percent) of homes sold in September were sold for a loss, marking a near-peak level. Homes sold for a loss peaked in February 2010, with 27.7 percent. The full national report, in its interactive format, is available at www.zillow.com/local-info. Additionally, in most areas data is available at the state, metro, county, city, ZIP and neighborhood level. About Zillow.com® Zillow.com is an online real estate marketplace where homeowners, buyers, sellers, renters, real estate agents and mortgage professionals find and share vital information about homes and mortgages. Launched in early 2006 with Zestimate® home values and data on millions of U.S. homes, Zillow has since added homes for sale and homes for rent, a directory of real estate and lending professionals, Zillow Advice, Zillow Mobile apps and Zillow Mortgage Marketplace. One of the most-visited U.S. real estate websites, with more than 12.5 million unique visitors per month, Zillow's goal is to help people become smarter about homes and real estate in every stage of their lives -- home buying, selling, renting, remodeling and financing. The company is headquartered in Seattle and has raised $87 million in funding. Zillow.com, Zillow and Zestimate are registered trademarks of Zillow, Inc. Weekly Mortgage Rate Pulse Reveals Rates Dip After Fed Announcement Current Coupon Spreads Widen Providing Lenders with Flexibility in Pricing CHARLOTTE, N.C., Nov. 10, 2010 /PRNewswire/ -- Average mortgage rates dipped following last week's Federal Reserve decision, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders. On November 9, average home loan rates offered by LendingTree network lenders decreased week-over-week to 4.34 percent (4.56% APR) for 30-year fixed mortgages, 3.72 percent (4.05% APR) for 15-year fixed mortgages and 3.24 percent (3.53% APR) for 5/1 ARMs. Average rates for 30-year fixed rate VA loans, home loans offered to veterans and active U.S. military members, were 4.28% (4.52% APR). LendingTree makes finding a VA loan simple by matching veterans with VA-approved mortgage lenders. On the same day, the lowest mortgage rates offered by lenders on the LendingTree network were 3.75 percent (3.94% APR) for a 30-year fixed mortgage, 3.25 percent (3.49% APR) for a 15-year fixed mortgage and 2.625 percent (3.13% APR) for a 5/1 adjustable rate mortgage (ARM). Rates for 30-year fixed home loans and 5/1 ARMS fell week-over-week while the 15-year mortgage rate remained flat. "As expected, the Federal Reserve's decision to pursue quantitative easing has driven mortgage rates down this week," said Cameron Findlay, LendingTree chief economist. "However, the current coupon spread has widened since April from 113 basis points to more than 170 basis points, a 50 percent increase. With spreads this wide, lenders have more flexibility in pricing mortgage rates so borrowers should make sure to shop around to ensure they're receiving a competitive rate before locking it in." Home Prices Increases Slow Down in August According to the S&P/Case-Shiller Home Price Indices NEW YORK, Oct. 26 /PRNewswire/ -- Data through August 2010, released today by Standard & Poor's for its S&P/Case-Shiller (1) Home Price Indices, the leading measure of U.S. home prices, show a deceleration in the annual growth rates in 17 of the 20 MSAs and the 10- and 20-City Composites in August compared to what was reported for July 2010. The 10-City Composite was up 2.6% and the 20-City Composite was up 1.7% from their levels in August 2009. Home prices decreased in 15 of the 20 MSAs and both Composites in August from their July levels. The annual returns of the 10-City and 20-City Composite Home Price Indices show increases of 2.6% and 1.7%, respectively, in August 2010 compared to the same month in 2009. In August, 12 of the 20 MSAs posted negative annual growth rates. This is two more than what was reported in July, as Detroit and Miami posted negative annual rates in August. While still negative, three of the 20 MSAs saw improvement in year-over-year growth rates in August as compared to July. They are Charlotte, Cleveland and Las Vegas with annual growth rates of -3.4%, -0.4% and -4.5%, respectively. Annual growth rates slowed down in the three California cities, with Los Angeles, San Diego and San Francisco posting annual gains of +5.4%, +6.9% and +7.8%, respectively – a significant drop from the +7.5%, +9.3% and +11.2% reported for July. "A disappointing report. Home prices broadly declined in August. Seventeen of the 20 cities and both Composites saw a weakening in year-over-year figures, as compared to July, indicating that the housing market continues to bounce along the recent lows," says David M. Blitzer, Chairman of the Index Committee at Standard & Poor's. "Over the last four months both the 10- and 20-City Composites show slowing growth, after sustaining consistent gains since their April 2009 troughs. "The month-over-month growth rates tell the same story. Fifteen of the 20 MSAs and the two Composites saw a decline in the month of August as compared to July levels. The 10- and 20-City Composites fell 0.1% and 0.2%, respectively. Indeed, the housing market appears to have stabilized at new lows. At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers' tax credits." As of August 2010, average home prices across the United States are back to the levels where they were in late 2003 and early 2004. Measured from June/July 2006 through August 2010, the peak-to-current declines for the 10-City Composite and 20-City Composite are -28.4% and -28.1%, respectively. The improvements from their April 2009 trough are +7.8% and +6.7%, respectively. With August data, we find that 15 of the 20 MSAs and both Composites saw prices fall from their July values. Chicago, Detroit, Las Vegas, New York and Washington DC were the only five cities that recorded marginal improvements in home prices over July. The 10- and 20-City Composites were down 0.1% and 0.2%, respectively, in August versus July. Chicago, Detroit, New York and Washington DC have all posted at least four consecutive months of positive increases in home prices; but none of the MSAs had monthly increases of greater than 1% in August. San Diego, which had posted 15 consecutive months of positive monthly change, recorded a 0.6% drop in average home prices in August. The same is true of Atlanta, Boston, Los Angeles, Miami, Minneapolis, San Francisco, Seattle and the two Composites – they all broke their trend of several consecutive months of positive monthly gains with August's report. New Phase Now Available at Trellis at Windingwalk New opportunities to buy and up to $20,000 in incentives on select home sites have been announced by builder Brookfield Homes at the Chula Vista new-home neighborhood Trellis at Windingwalk. Seven homes in Phase 7A at Trellis were released for sale Saturday. Current pricing starts at $440,900, and California new home tax credit eligibility of up to $10,0000 and a Brookfield incentive of $10,000 are currently available. In addition, the San Diego builder is offering a $5,000 limited time finder’s fee for referring a friend. “There are numerous reasons for new-home shoppers to visit Trellis,” said Lora Heramb, vice president of sales and marketing for Brookfield Homes (www.brookfieldsd.com). “Historically low interest rates, low sales prices, state tax credit and builder incentives are just a few. The ability to personalize the home with cabinet, countertop and flooring selections makes this the right time to buy.” Trellis at Windingwalk features four floor plans ranging from approximately 2,361 to 2,620 square feet. The two-story homes have four to five bedrooms, 2.5 to three baths and two-car garages. Exteriors showcase classic architectural styles, including Spanish, Craftsman and California Cottage details. Trellis interiors, per plan, incorporate formal living and dining rooms, a butler’s pantry, gourmet kitchen island and downstairs bedroom suite. Trellis homes include granite kitchen countertops, maple cabinets and stainless steel appliances. Each home also has a convection oven and microwave. Other standard features included in Trellis homes are: built in security system, front yard landscaping, and side and backyard fencing. For details about incentives and more information about Trellis at Windingwalk in Chula Vista, visit the model homes at 2346 Trellis St. in Chula Vista, or call 888-520-3599. Windingwalk residents have two private recreation centers available. WindingOaks Recreation Center offers upscale amenities such as a resort-style play pool, a Junior Olympic lap swimming pool, a spa, locker rooms with restrooms and showers, and a fully equipped gym. WindingOaks also offers a conference/meeting room, grassy play areas, a covered outdoor pavilion with exterior fireplace and barbecue, and a wedding garden featuring a wide lawn and covered gazebo. Also open exclusively to Windingwalk residents and their guests is the WindingTrails Recreation Center featuring a competitive-sized swimming pool, wading pool, spa, basketball courts, children’s play equipment, picnic pavilions, and a wide-open lawn area. A spacious courtyard with fireplace, multi-purpose entertainment room and large gourmet catering kitchen are ideally suited for special gatherings. “With all of the amenities Windingwalk offers its residents, plus record low interest rates, homes that have been priced to sell and up to $20,000 in incentives, new homeowners will get the most out of their dollar right now,” Heramb said. Among other amenities at Wiindingwalk is the Marketplace, a 9-acre retail center featuring a Vons grocery store, In N Out Burger, Oggi’s Pizza, Achieote Mexican restaurant, Wells Fargo, Bank of America, Happy Nails Salon, Kelleher Cleaners, Keddington Optometry, and more. When completed, the master-planned community of Windingwalk will include approximately 2,300 residences, community facilities, a public park, retail elements, office space, and elementary, junior high and high schools. Just west of Windingwalk is the Otay Ranch Town Center, with popular retail stores, several dining options and entertainment, including the AMC Otay Ranch 12 movie theaters. Brookfield San Diego Builders, Inc. builds homes throughout San Diego and Riverside counties. Brookfield currently is building in the master-planned communities of The Foothills in Carlsbad, Windingwalk in Chula Vista, The Estates at StoneBridge east of Scripps Ranch in San Diego, Old Creek Ranch in San Marcos and Morningstar Ranch in Winchester. For more information about Brookfield communities and to learn about the company’s signature construction differences, visit http://www.brookfieldsd.com. California Introduces New Homebuyer Tax Credit In an effort to stimulate the economy, California is offering first-time home buyers up to $10,000 in state tax credits. June 16, 2010 /24-7PressRelease/ -- In an effort to stimulate the economy, California is offering first-time home buyers up to $10,000 in state tax credits. Two different types of home buyer credit are available: credits for first-time home buyers and credits for home buyers opting for new homes. The credits are alternative credits, such that a home buyer qualifying for both must choose one or the other. Gov. Schwarzenegger hopes the program will "get people off the fence and into homes," Mercury News reported. With a 12.5-percent unemployment rate, the fifth highest in the nation, California plans to spend up to $100 million on the home buyer tax credit programs. These programs operate on a first-come, first-serve basis, and give home buyers 5 percent credit on the purchase price of a home, up to a $10,000 maximum. A similar program last year made home buyer tax credits available to more than 10,000 Californians. To be eligible for the new credit, applicants must close escrow on or after May 1, 2010. It may take up to six months to be notified by the California Franchise Tax Board whether a tax credit is available, and any credit must be applied in three equal annual installments. California Tax Credit for New Home Buyers The California tax credit for new home buyers is intended primarily to encourage jobs in the construction industry. The new home tax credit applies only to purchased single-family homes that have not been occupied previously. The taxpayer receiving the credit must be eligible for the home owner's exemption and must live in the home for two years immediately after purchase. For the new home tax credit, taxpayers may make reservations indicating their intention to apply for a credit upon entering into an enforceable contract after May 1. The reservation expires two weeks after closing. California First-Time Home Buyer Tax Credit The conditions underlying the first-time home buyer credit are identical to the conditions for the new home buyer credit, but for the requirement that the home must never been occupied. Taxpayers may not reserve tax credits under the first-time home buyer program. According to the California Franchise Tax Board, taxpayers had already applied for $2.3 million of the $100 million allocated to the home buyer tax credits by May 4. Those interested in the program would be wise to act quickly, to avoid missing out on the tax incentives. Article provided by The Mellor Law Firm Visit us at www.mellorlawfirm.com
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