The Richmond Report

2012-02-16T12:00:00.000-08:00

Some VERY Interesting Stats for Marin County--While inventory is well off levels of the end of August 0f 2008, sales are definitely up and climbing! The graph below gives a very clear dramatic picture of exactly how the market is heating up--and how it is definitely one to think about if you're considering selling!

County	All Listings: As of 02-12-12	Under Contract Increase Since 01-02-2012


Marin	-34.1%	+82.1%

Market dynamics are setting the stage for an amazing post-Super Bowl selling season, absent one critical ingredient. Sellers are now encouraged to join the party! As a seller, this may not be the “perfect storm”, which would include accelerating appreciation, but we have not seen market dynamics like this since pre-2005.

Many of our listings are receiving multiple offers (2-5), tight terms, ultra-competitive closing timelines, pre-approved mortgage commitments with rates at 4.0% - 4.5%, and an ample supply of “all cash”. Buyers are more confident than we have seen in the past 20 months and the Bay Area economic forecast and job markets seem stable if not encouraging.

In fact, research just completed in Marin's MLS shows that properties sold (21 in all) between $1 and $2 million in Marin County in January ’12 with 60 Days On Market or less, achieved closing prices of 98.7% - 101.2% of list price. If that's not a sign that things are looking up, nothing is!

Interested in joining this market? Could you be receiving these results? Call us and let's talk! Call Jane: (415) 531-4091 or Peter: (415) 279-6466. We'd be happy to help you!

2012-02-16T09:57:00.004-08:00

Things are looking up! Today the new unemployment figures were released and they show a continued drop in filings; reaching the lowest level in nearly four years! This means that more folks will be working, which means more of them are likely o be able to buy homes. A good time to consider selling your home? You'd better believe it! Call us for a valuation or suggestions about how to get the most for your home.
While I'm at it, if you already receive our quarterly newsletter on Mill Valley values, perhaps you'd like it by email--less paper in your mailbox and just a couple of clicks on the computer and--there it is! If this idea appeals to you, drop us a line: pjrichmond@pacunion.com or call us: 279-6466/531-4091.

2012-01-27T19:20:00.000-08:00

Two important items this week: interest rates and sewer lateral inspections in Mill Valley.
The first item: interest rates is mixed, but overall very good this week. Mortgage rates still hovered near their all-time lows. Even though 30 year fixed rates increased to 3.98, they remain under 4%--a great opportunity for buyers and sellers alike (as frequently discussed here in the past). What bides well for continued low mortgage rates is the fact that the Federal Reserve, in the person of its chairman, Ben Bernanke, said the Fed plans to keep rates low at least through late 2014--another two years--in order to help the still fragile economy recover. This doesn't necessarily mean that mortgage rates will stay at or near historic lows, but it does meant that even any increases will likely be minimal!
The second item: sewer lateral inspections in Mill Valley. The sewer lateral is the pipe that goes from your home to the city's main sewer line out in the street to get waste from your home into the sewer system. Like anything else, these things age, and many of them being close to, or over 100 years old, they break or leak before breaking. The result is the same. It is unhealthy and damaging to the environment. Unfortunately, it's also fairly unhealthy to your wallet. That's because lateral replacements are at the expense of the homeowner, and depending on how long your lateral is, the more expensive the replacement. Yes, size really does matter! Lateral replacement can easily run into the thousands of dollars. However, there is good news available should you be unfortunate enough to have to replace one. In a new policy by the city, SASM, the sewer agency has two ways to drastically reduce your cost of replacing the lateral. One is a major cut in cost to you (if you meet the income requirements), while the other is a low interest rate loan that makes paying for the replacement comfortable, if not actual fun. Want more info: call the SASM's general manager, Steve Danehy at 388-2402 xt 16, or by email at: sdanehy@cityofmillvalley.org .

Enjoy!

2012-01-23T11:56:00.000-08:00

Not much this week that you haven't heard from us before. Just to update, however, jobs again improved slightly and 30 year mortgage rates again dropped to a new record low from last week's then record low. All of this means just what exactly what I've said before--early and often--whether you're buying or selling, there's no time like NOW to move! Call us for advice--whether it's to help you find a home or to prepare your's for sale.

Peter: (415) 279-6466/Jane: (415) 531-4091.

2012-01-13T16:44:00.000-08:00

Well, if you still need a push, the week's interest rate figures came out yesterday. Even though it hardly seems possible that rates can go any lower, they did. Setting a new record for lowest rate, the 30 year fixed now dropped to 3.89%, while the 15 year fixed followed suit and dropped to 3.16%! I can't predict where these will go, but the feeling in the market is that while rates are likely to begin a slow upward move later in the year, it is quite possible they may first shrink even further if the Fed continues its previously announced policy of buying Treasury paper.

What does this mean for you, the buyers and sellers of the world?

Well, as I've often mentioned here, if you're a buyer, it means, now more than ever before, that it is time to get out and get yourself pre-approved by your lender or mortgage broker and simultaneously call your Realtor and start looking at houses. I mean, in the words of Chubby Checker in Limbo Rock, "How low can you go?" If you need a referral to a lender or mortgage broker, we know the very best and would be happy to pass along a name to you. These are folks we've dealt with successfully for years!

If you're a Seller, these rates mean that more folks can afford your home than ever before. Lower rates allow them to borrow more and pay for more house than before--perhaps yours? Unsure about what your home is worth or how to start the process; should you stage; vacate while on the market; what, if any repairs to do; and so on, call us. We can handle it all. After a combined 45 years experience, who would be better suited to do so? Peter: (415) 279-6466/Jane: (415) 531-4091. You can also email us: pjrichmond@pacunion.com .

2012-01-06T18:06:00.000-08:00

Well, events this week confirm my end of 2011/New Year message of last week. Unemployment continues to reduce itself. The unemployment rate just released this morning is down to 8.5% nationally. Now, I'm NOT suggesting that 8.5% is a good place to be. It's not! However, when compared to where things have been, it's definitely an encouraging thing. Additionally, 375,000 new jobs were created this past week. More jobs and less unemployment means more folks able to buy homes!

Couple that with the 30 year fixed rate mortgage rate dropping to a historically low record tying level of 3.91%, and you definitely have some encouraging news if you're thinking of selling your home. There are buyers out in force with cash in hand looking for properties. If you are thinking of selling, give us a call. We can help you with all aspects of getting your home sold for the highest price in the shortest possible time--everything from documentation to planning to staging to marketing to selling to closing.

If you're a buyer, the aforementioned low rates are, once again, an excellent reason to get out and start looking! These rates will not stay down forever, and once the economy really gets going, that's exactly what the rates will do--get going, probably never to be seen again. Don't miss the boat! Need help? Give us a call. We can find you exactly what you are looking for, and, as part of the process, get you full 24/7 access to the Multiple Listings.

2011-12-30T16:57:00.000-08:00

What's new:

Nothing much here: rates still at or near historic lows; unemployment both nationally and locally down. Indicators for 2012 appear for gradual improvements in both the economy and the housing market, be you buyer or seller. Sooooooo: from here to all of you out there: THE HAPPIEST AND HEALTHIEST OF NEW YEARS!

2011-12-23T12:16:00.001-08:00

Just a brief bit of info and it's all good. The latest unemployment benefits filings nationally are down, now around 360,000, the lowest in 3.5 yrs! Also, in California, jobless rate is down to single digits (too high, but moving in the right direction), and here in Marin in the mid-7%'s! These numbers, coupled with continued historic lows in interest rates, mean that the market is great for buyers. A buyer can afford to pay more for a home as the monthly payment won't be as bad at these rates. For Sellers, although things have slowed a little bit for the holidays, in another couple of weeks, buyers will be back on the market, cash in hand and looking to buy! Don't disappoint them! There is not nearly enough inventory available to keep even a small portion of the buyers happy, and with rates helping them out, what better opportunity to sell your home! Call us for any assistance you may need!

Finally, Hanukkah is here; Christmas arrives in 35 hours and 40 minutes; and the New Year follows in a week. Jane and I want to wish all of our valued friends and clients the happiest of holidays and a healthy and prosperous New Year!

2011-12-09T16:49:00.000-08:00

It's Getting Better--s l o w l y:

That's not meant to be a negative. For quite some time now, I've written here about the good things that will help you, be you buyer or seller, in your housing market needs. These continue. The headline above refers to the fact that we are continuing to get good news, but to also note that the overall economic issues that have affected everyone for the last few years are not yet totally resolved. Fortunately, here in Marin things are, overall, better than many parts of the country and even the state. We have one of the lowest unemployment rates anywhere in the state, under 8%, and housing prices continue to be rising, although that is, as I've cautioned previously, with the condition that they are priced correctly for this market. Priced correctly, they are getting attention and homes are selling. Incorrectly, they will sit on the market.

Rates continue at or near historic lows. This will continue to benefit you as a buyer, and help sellers as sellers will be more likely to achieve their asking price or close to it when buyers can get money relatively inexpensively.

Need personal help? Call us: Peter is (415) 279-6466; Jane's at (415) 531-4091.

Enjoy the Holiday season; looks like 2012 will be a great year!

2011-12-02T15:53:00.000-08:00

The latest news--and it's GOOD! You've heard me talk about good reasons for you to get in on the market whether you're a buyer or seller. Well, today's comments are no different! Just new ammunition to support it. Interest rates continue at or near historic lows. This helps buyers afford more house and sellers get reasonable prices for their homes. For the past 2-3 months we have seen one of the most active buying markets in Marin--lots of folks out there, cash in hand, seeking homes to buy. With that kind of interest, if you're thinking of selling, you should DEFINITELY give some serious consideration to taking full advantage of the market. These buyers are not going crazy--they are looking at prices, but the prices do not have to be 'bargain basement' steals. Quite the contrary--all that is necessary is that they be reasonably priced according to the market circumstances.

If you're a buyer, having the cheap rates available is sufficient reason to get in on the market and buy. While the4 event may not occur for some time, it is certain that rates can't remain this low forever. Why wait. Just as in the stock market, you cannot time interest rates. You have an opportunity now! Grab it and find your dream home!

Questions or help? Call us: Peter: (415) 279-6466; Jane (415) 531-4091; or email us: pjrichmond@pacunion.com . We'd be happy to help.

2011-11-18T18:20:00.001-08:00

Here's the Latest --and it's Good News whether you're a Buyer or a Seller! In monthly statistics just released on sales and prices in Marin, in almost every town in Marin both home prices and numbers of sales were dramatically up in comparison to the same month in 2010. In many cases, the increases were double digit! Does this mean the slump is over? Probably not, as we have a way to go to get back to prices at the 2007 market peak, but the numbers are pointing in the right direction! This, plus the fact that buyers are champing at the bit and buying in vastly improved numbers should tell anyone thinking of selling their house that it's an excellent time to do so! The continued low interest rates are also helping this out.

While I'm on interest rates, if you're a buyer, the opportunity is still there as never before to get a really cheap loan in terms of cost to you in interest. With rates at or under 4% for 30 year fixed loans, you can't miss this opportunity!

Questions on either side of the market? Call us! With over 40 years in combined market experience, we know Marin and can help you make a decision. Our numbers: (I415) 531-4091; (415) 279-6466; or (415) 380-2133. If you prefer, email us at: pjrichmond@pacunion.com .

2011-11-11T15:18:00.000-08:00

Here's the latest! A couple of items in this week ending with Veteran's Day. Before that: a big thank you to all of our vets and present service members. They are why we are able to live in such a great place! I speak both as a Vet myself and as one who supports them. Check below for a special offer for vets and current service members!

Now, for the news:

1.) Interest rates for mortgages dropped this week to their second lowest level ever--3.99% for a 30 year fixed mortgage; taking this one step further, 15 year fixed rates also dropped to near historic lows at 3.39%. If you are looking for a home: first time, moving up or down sizing--it makes no difference--jump on the bandwagon now! These rates can't be beat! Also, my usual note to those of you thinking of selling: with rates this low, you could have a lot of competition among buyers for your home. Need info either way? Give us a call: (415) 279-6466 or 531-4091. We'd be pleased to help!

NOW, for that special Vets & Service Members offer: If you call us by next Friday (11-18-2011), and end up listing your home for sale with us not later than December 31, 2011, we'll reduce our commission by 0.5%! This is a one time only offer (must be a new listing--existing listings are not eligible for this reduction)--so don't delay if you're thinking of selling and are a Vet or current Service member.

2.) Separately, everyone is always looking for good solid information on the state of the housing market. You could add our newsletter to your most reliable sources. Just give us your email and it will come to you regularly--free of charge--and a lot more valuable than all the spam you often have to suffer through. Our email is: pjrichmond@pacunion.com . You can also call to request it.

2011-11-04T17:34:00.000-07:00

Happy November! As we look forward to the Thanksgiving holiday (just 20 days away!), it's time for an update and for the most part, good news. As everyone is aware, one of the keys to a revived housing market is an increase in employment.

Well, the latest numbers just came out and, while they're still a long way from where we want and need to be, they do show a continuation of recent weeks' improvement. Nationally, the unemployment rate dropped to a flat 9%, while here in Marin, it's now down to 7.9%. More folks working means a better opportunity to sell homes, and as this figure improves, it is deemed likely that prices will follow suit. It's going to take some time, but any good news is something to cheer.

Next, we have interest rates. They have inched up a tiny bit, but are still near historic lows. Thirty year fixed rate money is available, fully amortized in the low four percent range. This is good news whether you're a buyer or seller. As a buyer, you can afford more house, or pay less to get the same one. As a seller, more people can afford to buy your home.

Finally, if you'd like to receive our newsletter by email, send us an email with your name and email address, and you'll receive it free in return.

See you next week.

2011-10-28T15:13:00.000-07:00

Well, October's almost gone and we're that much closer to the finish of another year. However, there are some things worth being positive about. First, the latest GDP figures are out as of yesterday (10-27), and they show that, at least in terms of an economic recovery, the country has recovered from the entire recession. The fact that unemployment is still quite high nationally doesn't figure into this. Speaking of unemployment, in Marin, it has dropped to the mid-7 range, probably one of the best of any county in the state. What does that mean? Very simply, more folks are working and possibly able to buy a home. Add to this the fact that interest rates remain near historical lows, and it may, as you've heard me say frequently in recent months, be a great time to consider selling, if you've been holding off fore better news.

If you're a buyer, the low rates also favor your jumping in now. A recent item put out by JP Morgan Chase Bank also strongly favors this as an excellent opportunity to be in the market and buying.

Got your curiosity or, better yet, your interest? Give Jane or me a call! We'll be happy to advise and assist you in your decisions.

2011-10-14T18:21:00.000-07:00

The past three months have seen an active market, although our biggest problem in July and

August was lack of inventory, Buyers were plentiful throughout the summer but the available

housing stock was limited in almost all price ranges. After Labor Day we saw many new listings

come on the market and because of pent up demand, those homes in nice condition and priced

well went into escrow quickly. The fall season is our “mini boom” season and if September is any

barometer of things to come, we could see continued demand throughout the rest of the year.

The Federal Reserve has indicated that interest rates will remain low until at least the middle

of 2013. As we mentioned in the last newsletter, the High Balance Conforming Loan limit of

$729,000 has been reduced, and as of October 1, the new limit was converted to $625,000. The

interest rates are the lowest they’ve been in 60 years - that’s 1951!. The last time interest rates

were this low, gas was 19 cents a gallon, a postage stamp was 3 cents and a prominent DJ, Alan

Freed, had just coined the term “rock and roll.”

Mill Valley is experiencing a “window of opportunity” for sellers that is not being widely exploited. The 33% pending rate of listed

homes in Mill Valley as of October 5th is historically high. Homes that closed escrow in August sold for an average of 97% of the list

price! The problem is that while there is a healthy upward trend in new sales, there is a negative trend in new listings.

Why such strong demand during such perilous economic times? Affordability. So if you’ve been waiting for prices to hit bottom before

placing your home on the market, please email or call us. We will gladly provide you with a detailed analysis of the current marketability

of your property. If you are planning to sell in the next six months, this could be a great time to start preparing your home for

sale. Don’t forget, more now than ever, homes priced competitively and in move in condition are still selling the fastest and for the

highest price.

Add to all of this continued near record low interest rates,and it's time to get busy prepping to sell. Speaking of rates, at these low levels, a buyer can't go wrong jumping into the market. Call us--we'll help you make it happen!

2011-09-30T17:03:00.001-07:00

The latest here as the third quarter of 2011 ends--where has the time gone?! If you can believe it, Thanksgiving is only 54 days away! A few bright spots locally and nationally this week: housing values inched up on average from their levels of a year ago. It wasn't much, but it was up! Also, rates continue to drop. I feel like Chubby Checker in his song, "Limbo Rock". "How low can you go?" Thirty year fixed rate fully amortizing loans were priced at a rate of 4.01%! Not a typo--as the Fed keeps trying to provide support to the economy, rates are sliding down. If that number isn't enough to get your juices flowing, try this one: 15 year fully amortized rates are at 3.28%. At this rate, the banks may soon be paying you to borrow from them. I can dream, can't I?

Seriously, rates like these bode well for both buyers and sellers, as I've been saying for quite some time now. It's obvious why for buyers, but sellers also benefit as more folks thinking about buying jump into the market, and that could be your house they spend this incredibly cheap money on. Why not?

So, whether you're a buyer or seller, or just need some info on what's happening in the market, give us a call. AS always, we're always ready to help.

2011-09-23T16:24:00.001-07:00

Well, here's the latest from this corner. The news this past week was very interesting, and, as with a number of other recent weeks, had something for everyone--pro or con. Interest rates continued downward--a very good thing if you're considering buying a home. A mortgage broker friend of mine just yesterday told me he's doing 30 year fixed conventional loans at or below 3.85%. If that's not enough, the decision by the Fed a couple of days ago to sell long term Treasury securities and then use the funds received to buy up short term paper ($400 Billion in each case), is expected to further drive rates downward for the foreseeable future. Potentially, a great buying opportunity gets better!

Housing prices continue, overall, to head higher on a very gradual basis. While it is true that in some locales in the county, some prices have done just the opposite, overall the trend is a slightly upward one. Nationally, prices were up this past month by 19% over a year earlier. These trends, should they continue, when coupled with downward rates, would bode well for sellers.

That's the positive. The negative is that the economy is still dragging along, with unemployment still a major issue and its rate of improvement a very slow one. Job creation in a major way is necessary to get the housing market--and any other one--to really take off. Stay tuned and we'll let you know as things develop.

2011-09-16T17:57:00.001-07:00

Well, a quick update on the market here in Marin:

Although nationally, there appears to be a sense of uncertainty, bordering in some cases on dire forecasts of a possible double dip recession and a bad housing market, the latest stats, just announced yesterday, show things looking up. BOTH median housing prices and numbers of sales rose this past month (8-11) in comparison to the same categories a year ago in the same month. Yes, there are some cases where prices continue to drift southward, but overall, things have shown a bit of a rise. In some cases, in fact, for properly priced homes in 'done' condition, there have been multiple offers.

Why, you may ask. Well, it's fairly simple. First, there are the continued historically low interest rates that are providing a lot of push to buyers to get out and buy. Second, although current unemployment rates are not great, they are not nearly as severe as the state as a whole, some 3% lower than the state in fact. More employment means a better likelihood of an individual buying. Both of these factors bode well for you if you're thinking of selling. Not sure what your home's worth? Give us a call. We'd be pleased to give you a valuation, or advise on anything else related to the market and your home's relation to it.

2011-09-09T18:21:00.001-07:00

Well, just today I was asked by the guy where I get my weekly supply of bagels where I thought the housing market was going--and hopefully NOT through the hole in the center. I told him that as the economy moves back and forth, it has become very much a town by town and home by home situation. If this sounds familiar, it's because I have been discussing it with some regularity here for awhile. now, his immediate prospects are not as rosy as yours (assuming you live in Marin). He lives in Vallejo and commutes to Mill Valley on a daily basis. In Marin, however, there are at least some areas where we do see some increase in values. To some degree, it's house by house, but more frequently, the direction is up. That's not UP as in there goes the rocket into orbit, but it's more likely up as in slightly more than it was a month ago. Exceptions by town would include Novato and San Rafael. Interest rates are still having an effect on sales, as the rates continue to set new low records almost weekly. A quick call to our in-house mortgage guys at Mortgage Services Professionals confirms this. If you want a quote, give them a call: (I415) 380-2160 and ask for Adam or Dave. As you've heard me preach before, lower rates makes your home more and more attractive to buyers, so it's a good time to consider listing. If you're a buyer, what better an incentive than renting your money for less from the bank? Call us to help value your home for the best deal possible, or, again if you're a buyer, to help you find exactly the home you're looking for.

Separately, one thing that would definitely stimulate the housing market would be a solid upturn in the employment markets. Obama laid out a very cogent plan last night. If you want to get this economy going, get in touch with your reps in DC and tell them to get working on it! The sooner they do, the better for everyone!

2011-09-02T12:22:00.000-07:00

Sorry we missed you last week. Peter was back in New England for his High School reunion--and dodging Hurricane Irene. But it's now Good night, Irene, and on to the present. Very quickly, jobs--what drives this economy came out with mixed results for August. The unemployment rate for the country held steady at 9.1%--good (as opposed to increasing), but net new jobs created was ZERO--not good. In California, there seem to be signs that some new jobs have begun showing up, which is encouraging. Also, homes do seem to be selling a bit better of late. So, as we enter our fall mini-boom selling season, where does that leave us? Buyers are getting loans, although that will be affected somewhat as the conventional maximum limit has now reduced. But folks are buying--if the home is properly priced. Sellers? The fact that buying is going on is reason enough to consider putting your home on the market, if you've been having that yes or no debate with yourself. Not sure of what it's worth? Give us a call and we'll be happy to provide a free valuation.

Have a Happy Labor Day holiday!

2011-08-19T16:13:00.000-07:00

Trends Continue:

Well, when last we spoke, things were up & down on the financial markets, but there were some improvements locally on housing. Interest rates had also plummeted to new all time lows. Well, this week, it's been more of the same. After a good start to the week on the stock markets, things have slid again, concern over European markets being the main source of concern. Meanwhile, interest rates have dropped even further to new 'all time' lows. Rates for 30 year fixed loans are at 4.15%, and for those of your wanting 'freedom' even sooner, 15 year fixed loans are priced at 3.35%. This is good for buyers, which obviously means that sellers will be close behind in receiving the benefits of such pricing.

Locally, sales for the month of July were marginally lower than a year ago, both in terms of prices received and numbers sold. However, most analysts feel that is a monthly blip and should reverse next month. Basically, we are entering our usual early autumn (yes, it's a few weeks early) mini-boom for selling. Buyers are hot, have cash in hand and are seriously looking. If you're a seller, move quickly! If a buyer, what more do you need than these rates?

Call us for assistance: Peter: (415) 279-6466 or Jane: (415) 531-4091.

2011-08-12T14:41:00.000-07:00

So, after a week and change of absolute hysteria, where exactly are we? The stock market(s) have gyrated like someone on a bad acid trip, driven in large part by the machinations in Washington over debt, followed quickly by the S & P credit downgrade (interesting no other rating agency felt the need to do so), and then a benchmark reduction in unemployment claims and a solid increase in retail sales. Sounds kind of confusing when you pause to think about it. The one benefit from the market plunge was a further reduction in mortgage rates. If you recall, when this last happened a week ago, I'd noted that investors fleeing to Treasury securities drove their values up, in turn forcing yields way, way down, which, in turn, caused mortgage rates to drop like a stone. They're still pretty much down there, so if you're a buyer, you still have a great opportunity to score a great deal!

As I also said a week ago, this rate drop can also help out sellers as it increases the number of them on the market, and competition for homes can have a positive effect on prices. Now, there's an additional positive note or notes. This week, both the initial week's jobless claims came out and so did the latest retail sales info. The former only dropped by 7,000 new claims, BUT it got the claims down under the benchmark 400,000 level for the first time in four months! This indicates more folks are working, and if people are actually working, then they are more likely to start to think about buying a home. Also, if retail sales rates increase, and this is the fourth consecutive positive report of this important statistic, it usually means that there will be more hiring. More hiring, as noted just above, means more people who can and will think about buying a house. So, the word from here is to get off the couch and get your home ready to sell. if the trends continue, you'll be very happy you did!

2011-08-05T17:18:00.000-07:00

Well, with the stock market and general economy going the way they have this week, it is still very interesting to see what benefits may yet exist for home buyers and sellers. When the Dow Jones indicator dropped over 500 points on Thursday, its worst single day in over three years, everybody thought that it was the latest end of the world scenario. Well, N O T S O F A S T! Aside form the fact that there will be, likely sooner rather than later, a market recovery (only question is how soon), there was an immediate positive result for home buyers (and as a result for sellers too!). Mortgage rates dropped--make that PLUMMETED! They hit all time record levels. Why, you ask. It's actually very simple. When securities markets sink like the proverbial rock in the ocean, investors exit the market en masse seeking a safer harbor for their money. Even with the recently band-aided debt crisis/debt limit settlement in Washington, that safe haven is US Treasuries, which, just happen to be the main rate base foundation for most mortgage rates. With all of these investors diving into Treasuries, that pushes the prices of said securities up. When a debt security rises in value, its yield drops, in this case faster than aforementioned rock. The rates yesterday for 30 year fixed rate loans dropped to 4.39%, down from the prior week's 4.55%. If that isn't enough to get you running out and buying a home, then try this on for size: 15 year fixed loans hit an all-time low rate of 3.50%. Now, it's obvious what this does to help buyers out. However, with all these newly excited buyers running around, don't you think that it will help you buyers as well? If your home is ready to go, priced reasonably and on the market, you have a much better chance of not only selling, but receiving your requested price--because buyers can better afford it now! Don't wait! Buyer or seller--this is NOT the time to sit by. Get in on this opportunity!

2011-07-29T17:40:00.000-07:00

Well, this is a very interesting week to talk about housing--or anything economic. For the second consecutive month, the Case Shiller report has shown housing prices to be going up, albeit at a very gradual pace. More locally, we have seen numbers of sales, as well as prices doing the same thing this past month. So, are we out of the proverbial woods or not? Well, the answer is "Possibly", but it will still be a while before anyone starts shouting from the rooftops. We have seen a few multiple offers, but many of these have been on distressed properties (REO's and shorts). Overall, the Marin market seems to still be a case by case one, but in a positive sense because more people are taking the plunge.

A few items must be noted however. First, the conventional mortgage limit of $724,750 will cease to exist this fall. So, anyone wishing to avoid having to pay presumably higher interest rates normally charged for "Jumbo" loans will have to move sooner. The new ceiling will be $625,500 and will take effect 1 October 2011. If you want a higher dollar amount for your loan at the 'conventional' rates, you must fund not later than 30 September.

Another item discussed more and more every day is, of course, the debate over the national debt limit and related budget issues in Washington. Will the country default or not; and if not, what will be sliced away as part of the deal? This will definitely have an affect on the mortgage market and housing prices, but how much and how remains to be seen. My investment manager today feels it will be an issue in the overall economy, but doesn't see the country falling off a cliff it isn't settled by the 2 August deadline. He does say it will cause rates to rise to some degree, however.

Now, if you're a potential seller, all of the above affects you as well. This is because without buyers able to finance and buy, you will have difficulty selling. My own personal view is that something will be done to avoid default, whether in time for the 2 August date or shortly afterward. I don't believe that an actual default will occur.

Questions? Call us at: (415) 380-2133 (Peter) or 531-4091 (Jane). Also, check out our web site: www.comehometomarin.com , and get a look at our quarterly newsletter, displayed there. If you like the newsletter, give us your email and you can receive it every quarter--FREE!

All of the above

2011-07-01T15:30:00.000-07:00

Well, a couple of good things in the news this week as we head to the July 4th weekend (watch those fireworks!):
First, interest rates continue at or near record lows as even the Fed has shown no inclination in the near term to raise them. This is definitely a good sign if you're thinking of buying. Prices are still low compared to 3-4 years ago, but they won't remain there for long. If you're thinking about a purchase, call your mortgage broker or banker and start the process by getting pre-approved.

Second, in another seemingly contradictory move, prices as reported by another major industry resource have climbed for the second straight month nationally. According to Core Logic, prices in May rose 0.8% over a month earlier, the second consecutive monthly rise. This on top of a positive Case Shiller report earlier in the week seems to bode well for the market. It also is good news for those of you thinking of selling, but hesitant to do so in a down market. The question now is will this continue, or is it another up move in a constantly up and down market price track? Stay tuned and we'll get you the info as soon as it's available.

Happy 4TH!

2011-06-24T18:01:00.000-07:00

Well, it appears the operative question is "who do you want to believe?" Not to be facetious, but you literally can pick almost any scenario you wish--just choose your latest report, the mortgage rates, Bernanke, jobs or industrial output as a sign of what's happening in the market and base your comments and/or plan on that. Recently, just after a somewhat positive comment by yours truly on the housing market, new monthly stats came out showing both sales and prices were dropping again in a turnaround from a month earlier. Since then (about a week or so ago), a variety of statistics that can and do affect the housing market have been released. Jobless rates nationally seem to have stayed stagnant, with a slight increase in first time jobless claims. Not a good thing for housing. In contrast to that, there has been an increase in durable goods sales, such as appliances and automobiles, and that would bode well for the economy and housing as people don't buy these things if they're unemployed or worried about the economy. If they're optimistic, so the reasoning goes, then they're also likely to be in a home buying frame of mind.
Chairman Bernanke says the economy is overall softer than the Fed expected, but he can neither explain why nor predict how long this situation will continue.

So, it comes down to, "You make your choice and follow that path." So, what choice do you make? Well, rates are still at historic lows and no immediate signs of increasing. Bernanke made it very clear that there will be no rate increases until the Fed is convinced that the economy is on a solid upward move. So, if you're a buyer, this continues to be a great time to get out and buy!

If you're thinking of selling, the low rates will act as a spur for people interested in your home, and will also allow you to give serious thought to buying the replacement for your present home. The only issue for you may be how much you can get for your home. What we're seeing locally on the market is that, even though statistically, prices dropped last month, it is still very much a case by case, home by home situation, and some homes are, in fact, holding up fairly well as compared with their lows of 2-3 years ago.
If you have any questions, please don't be shy. Give us a call--we'd be happy to chat and advise you, not only as to the value of your home, but also about the market in general.

2011-05-20T15:33:00.000-07:00

Rates Drop Again! Where Are You?

Well, for the week just ended, the average thirty year mortgage fixed rate, the bellwether of the market, just dropped again. The drop, as in the past few weeks' drops, was not huge, but it was a drop and is now at 4.625%. This is a drop of just over five basis points (there are 100 basis points for each individual percent of interest). The number of listings coming to market is climbing and, overall, in Marin County, total sales from a year ago in the same month have again risen. However, for the county as a whole, the median price dropped a little bit. But the drop didn't show up across all towns and/or price levels in the county, just as an average. There actually were some increases in price at some value levels and/or in some locales.
I know you've heard it all before. "What does this mean for me?", you likely asking. Well, it means that if you're a buyer, you can still afford more of a home than you could have when rates were higher. Also, with prices where they, for the most part are, it will cost you less on actual purchase price. If you are selling, or thinking about it, it still means that your home is both more affordable to buyers and definitely more attractive to them, not to mention to their lender.
Questions about this or any other aspect of the market? Call us: Peter is: (415) 380-2133, and Jane can be found at: (415) 279-6466.

2011-05-14T10:17:00.000-07:00

Two Different Situations:
Well, at the risk of sounding boring or predictable, I'm going to continue to harp on the benefits of low interest rates. All that I've said before (as recently as last week) still holds true. Lower rates benefit BOTH sellers and buyers, perhaps for differing reasons, but these rates are beneficial nevertheless! As if to emphasize the cheapness of money, the average 30 year fixed rate mortgage dropped again this past week from the prior week's 4.71% to 4.68%. Now three basis points isn't a lot, but when you apply it to a loan of $500,000 or more, these little points DO add up! Thinking of buying or selling? Get moving--before the rates do so in a direction that will leave you wishing.

The title of this week indicated two areas of discussion. The second of these is something you rarely see here--foreclosure and bankruptcy. That's because, in part, there are other blogs and web sites dealing with these. But let's be honest--these twin financial specters can and do affect people at all levels of financial standing. Even those who earn six figures and have homes valued at or above a million Dollars can find themselves in financial difficulty, often not due to something they did on their own.

It turns out that if you are facing foreclosure, a bankruptcy filing may help you more than you ever previously thought. It seems that while a first mortgage cannot be eliminated in bankruptcy if you plan to continue living in the house (it just becomes one of the debts dealt with in your bankruptcy plan), the second mortgage MAY be eliminatable if there is no remaining equity in the property after the first to support the second. The potential elimination would only occur after the successful completion of your court approved bankruptcy plan, usually over 3-5 years' time, when the second could be eliminated. During the period of the plan's coverage, it is, in essence, placed on hold, pending plan completion. If this situation fits yours, give a call to your attorney. You may find this bit of good news applies to you!

2011-05-06T12:02:00.000-07:00

Well, for quite some time now, you've been hearing me say that as rates continue low, it's a good time for both buyers AND sellers. Well, I'm back again with the same serenade. Rates WILL climb, most likely very late this year or early next year, once the recovery has gained some major strength. The obvious questions are, how much will they rise and when. But, in the meantime, rates are STILL low. In fact, in the weekly announcement of where the 30 and 15 year rates are, thirty years dropped this week to 4.71% Fifteens also dropped, and remain under 4%.

So, what does this mean for you? If you are thinking of buying, do two things NOW! Call your Realtor and say you want to seriously start looking--there is a home out there for you; and then, as soon as you finish talking with your agent, call your mortgage broker/lender and get pre-approved. If you don't have one, ask your agent to refer you to one. You can be in a new home by the end of June!

Sellers: more and more buyers are diving into the market and seeking their next home. Why sit on the sideline and let them pass you by? Your home may very well be the one that one of these buyers is looking for--but, if it's not on the market neither you nor they will ever know--and wouldn't that be a shame.

Need advice or guidance? Call us--we'd be glad to help! Jane is at (415) 531-4091; and Peter can be found at (415) 380-2133.

2011-04-29T18:00:00.001-07:00

Well, a couple of weeks pass and what's happening? Sales are still picking up overall here in the County. True, there are some exceptions, but, overall, the picture is good, both in terms of numbers of homes sold and the median price. Some of the notable exceptions are centered in the very high end: properties north of $3 Million. Yet even here, in the past two weeks, four properties have closed and an additional one has gone pending. If that's not enough, in the same time frame, another two have gone pending and three have sold between $2.5 million and $2.999,999. That says better than anything else can that the market is coming back. Is it there yet? Of course not! But it's certainly going in the right direction! Jump on the bandwagon! If you have a question about your home and its value, call us. We'd be happy to help!

2011-04-16T19:27:00.000-07:00

Why Are You Still on the Sideline? Well, as they always do, the monthly stats for sales and prices came out again yesterday. Covering both the median sales price and total number of sales for the past month and the median sales price compared to the same month a year ago, both stats showed an increase for both the county and Mill Valley. For the county, sales rose 11% from a year ago, while median price increased 2.4% to $779,000. This was also the first time in six months that both figures have increased in the same month. Additionally, the total of 171 single family sales in the month of March were 52.7% higher than the number a year ago. A major factor in the increases was the first large jump in several months in the upper end of the market--prices over $2 million. The moderate and lower priced homes continued their recent rises, but at a faster pace than a few months ago. If you have a condo, sales there also increased over 19% for the month, although median prices dropped almost 10%. Similar good news was the rule in Mill Valley, the only difference being on the exact numbers, but the specific figures were just as encouraging in their own right. Thinking of selling or buying? With events like these and rates still below 5%, you still have a fabulous opportunity!Give us a call: (415) 380-2133 or 531-4091. If email is your preferred thing, drop us a note: pjrichmond@pacunion.com .

2011-04-08T18:25:00.000-07:00

Some Interesting News: This past week interest rates rose, but remain under 5% for 30 year fixed rate loans--still a great opportunity to get in and buy a home! If you wait too long and then they've climbed to levels where you no longer qualify for as much as you would now, you've no-one to blame except that guy staring back at you in the mirror. They will climb, likely later this year, assuming the recovery continues, even at its slow pace. No-one's sure how far they'll climb. Another thing that is beginning to circulate is that the regulatory lending agencies will cut back the loan limit from its present $729 plus number to something in the mid-$600's and that this will probably occur in the fall. If this does come to pass, it likely will add additional upward pressure on rates/qualification for a loan. If your basic rate cuts out at something in the $600's, then you'll have to pay more in interest for anything over that. Again, more cost and tougher road to cover to qualify. Sooooo, don't wait! Do it now! Same situation affects potential sellers. Obviously, you don't need to qualify for a loan to sell, but if your buyers have a more difficult time when they try to buy, it makes sense that selling your property will be that much more difficult. Get it prepped, get it ready and get it on the market! Questions?: Call us: (415) 531-4091 or 380-2133. Stay tuned!

2011-04-01T19:19:00.000-07:00

The latest on the market: Homes seem to be selling a bit faster and, in some cases, for increasing amounts of money. The slowest part of the market continues to be homes priced over $2 million, but even here, if buyers perceive value, homes are moving. Rates continue at or below 5% (depending on the type and length of the loan involved) and there conforming limits on loan amounts are set to come down into the $600's this September, so it's definitely a good idea to move sooner than later. If you're a seller, we have a constant stream of requests from buyers and their agents for property, so this is definitely a good time to jump on board, particularly now that we've got some warm weather to get your gardens blooming! Questions? As always, give us a call: (415) 380-2133/531-4091 or email us: pjrichmond@pacunion.com .See you next week!

2011-03-25T15:51:00.000-07:00

Just a quick note about rates of interest:

Once again, the rates held below 5% this past week for 30 year fixed loans. Last few weeks it was Libya (still a factor). But this week the big issue affecting rate markets if Japan. The ongoing crisis, which threatens to make Chernobyl into a Sunday School picnic, is apparently getting worse and this is forcing investors heavily into Treasuries, which pushes up their values and thus forces yields (interest rates) down. What does this mean for you? If a buyer, MOVE AND GET OUT THERE TO BUY! If a seller, get your home ready because with more buyers looking, it may push your values up from where they were a few short months ago.
You heard it here first!

2011-03-13T18:09:00.000-07:00

HOUSE DOES IT AGAIN!
For those of you facing possible foreclosure & loss of your home because you lost a job and thus don't have the money to make your payments, take note & come November 2012, REMEMBER! The program that existed to provide loans for up to 6 months of your mortgage payments came under fire from Republicans who voted on a bill to kill this form of help. If this bill were to pass the Senate and get signed by the President, it would end this very necessary helpful assistance to those of you who are unable to pay your mortgage due to a loss of job. I hate to be political here--I just want to help those of you needing help, but when I see a good program designed to do just that--help those who, through no fault of their own who need the help to pay their mortgages and save their homes--get gutted, I have to do more than just shake my head and say, "Too bad." This is the second vote of this type in two days in the House, and while it is unlikely to pass the Senate, and, if it did, very likely to be vetoed by Pres. Obama, the very fact that your elected reps care so little about your well being DEMANDS that you respond now by writing your elected reps in both houses of Congress, and respond again next year at election time to show them that this game goes BOTH ways!
Get moving NOW!!

2011-03-12T13:58:00.000-08:00

What's Happening?

Lots of folks are asking that question, usually in relation to the economy, the housing market or how one or both relate to them personally. Well, overall, in the 'Big Picture' sense, the economy seems, in fits and starts, to be getting better. Jobs are slowly increasing in number and first time jobless filings are dropping, although even there, this week's report showed a slight increase in filings. The stock market had been climbing and was well over the 12,000 level in the Dow until this past week. However, most analysts feel that the past week's drop was largely due to the events in Libya, and shouldn't last too long, barring a total collapse of the entire Middle East.

In housing, we're seeing a continuation of the recent rise in prices nationally. True, it's small, but it's rising. Locally, this trend has been very much one of price ranges. In cases of homes under $1 million, they definitely have been rising, with even the (dare I say it?) occasional multiple offer situation happening. From $1-2 million, it seems to be case by case and over $2 million, still very sluggish. Still, homes are selling and more people are looking, so it is not a bad idea if you're thinking of selling, to try to take advantage of the market and get moving.
Ditto if you're a buyer. As we're still a little short of inventory at all levels, if you're thinking of moving, it's better to start looking now and beat out your competition for the existing inventory or that which should come on the market as the spring progresses.

Interest rates give another reason to get into the market. The one benefit from the Libyan crisis is, believe it or not, the fact that rates have dropped below 5% again. This is because as financial situations get hairier and less certain, investors seek shelter for their funds. In this case, that means getting out of commodities like oil and into traditional safe harbors for their money--US Treasuries. Increased buying of Treasuries pushed the yield (rate) down, and thus, mortgages drop in cost to you.

Questions? Give us a call: (415) 380-2133/531-4091; or email us: pjrichmond@pacunion.com . We'd love to help you!

2011-03-06T15:16:00.000-08:00

Just a note to show you how important it is to move when you make a decision to buy or sell--As you all know, the purchase or sale of a home is definitely affected directly when interest rates change--up or down. While rates have been rising in the past couple of months, they have remained quite low overall, recently peaking in the low 5's (5.25-5.35%). However, to illustrate how dramatically this can change, the rates dropped a week ago by a few basis points. Even better, this past week, they dropped again to 4.87% for 30 year fixed rate loans. Why the sudden reversal? Look to Libya! That's right--Libya! Due to the instability there by the burgeoning civil war between those who feel that 42 years of Khadaffi is more than enough and those who'd prefer more of the same (God forbid), oil prices have spiked to their highest levels in 2.5 years, passing the century mark to close March 4 at over $104 a barrel. When something like this happens, it drives investors out of commodities and into 'safer' investments--like US Treasuries. As the value of the Treasuries rises, it drives their yield (read interest rate) down, with the result that mortgage rates, which are based on 10 year Treasuries, also drop.

What does this mean for you? If you're a buyer, don't walk--RUN to your lender or mortgage broker and get that loan approved and buy a house! No-one knows how long this bloodshed in Libya's going to continue, but it's fairly safe to say, no matter who wins, it won't last forever. This is an opportunity for all buyers to act on!

If you're a seller, knowing that rates are down should be a spur to you to get your home on the market to have it available for the growing number of approved buyers out there looking to buy.

So what are you waiting for? Get moving! Unsure what to do next? Call us! We'd be happy to assist you with everything from preparing your home to sell, to getting it sold and closed.

2011-02-25T16:59:00.000-08:00

Well, we're still in something of the classic economic two/three step dance. You know the one: take three steps forward, then take two back. Eventually, assuming nothing cataclysmic in the meantime, you get where you want to. The housing market(and the economy, which affects the housing market) are doing just that.
Yes, things are apparently slowly getting better. But not in any great hurry. On the good side, new jobless claims dropped by a larger number than experts expected. That's good, because if someone's working, they're more likely to qualify for a loan and buy a home.
On the negative, the monthly Case-Shiller came out at the end of last week and showed the lowest level of value nationally since 2006. However, what's good for those of us here in Marin is that the report covers 20 metro areas, SF being one. While most areas dropped in value, many up to 20%, the SF area showed what was basically a flat reading. True, we dropped 0.6% in values, but, given the overall scheme of things, that's a truly flat reading, and bodes well compared to much of the rest of the country. Rates are still in the low 5's. So, as I've said before, if you're a seller, all of this means there are more folks able to buy. You should take advantage and get your home on the market--like NOW! If you're a buyer, with rates where they are, get moving! Call your lender or broker and get that loan approved! Then call us for help in buying a home!

2011-02-18T15:01:00.001-08:00

Here's The Latest!

Well, the very slow recovery I alluded to last week continues. Stock market numbers are climbing and continue to look good for folks with cash there. Housing also seems to be moving forward. Nationally, values and numbers of sales continued their overall gradual rise. More importantly, here in Marin, stats just out yesterday showed numbers of sales climbing again compared to a year ago and a month ago. Values are also above their year ago levels, although they did drop overall from last month's averages/medians. We're seeing many buyers out looking with cash literally in hand (in the form of a loan commitment) trying to find and acquire a home. For you sellers, that bodes well as there is not enough supply to satisfy all of their needs and demands. For those of you buying, it is a further reason to intensify your search so when the right house hits the market, you won't miss your shot at it!
Questions? As always, call (415) 380-2133 or email us (pjrichmond@pacunion.com) and we'll be happy to assist you.

Have a happy Pres Day holiday!

2011-02-12T15:44:00.000-08:00

Pluses and minuses ('sort of'):
Well, as the signs of a beginning recovery continue to mount, the housing market more or less mirrored the economy. Job reports continued to show improvement, however slow the rise, as either jobs created rose or new jobless claims dropped. Sales here in Marin continue to show signs of life. While there is not yet a clear across the board rise, prices in the $5-800,000 range are definitely showing some strong activity, to the extent that over 35% of listings in that market are in contract, a seller's market, in other words. The only market where homes are still seeing reductions in any meaningful way is the over $2 Million market. Here, it's truly case by case, some dropping and others rising.

What do these numbers mean? They indicate that we may have actually reached the bottom of the market and be trying to start to climb back out. Although you can still find some experts predicting it'll be at least 3-5 years until a turnaround will begin, more and more real estate experts are feeling that the rebound has begun and that 2011 could well be the baseline for the turnaround to climb from.

How will interest rates affect this? Well, this past week, we had a strong jump in rates with 30 year fixed loans around 5.3%. That's about 3/4% increase in the past month. It's a sign that rates may have left the sub-5's permanently, a cause for concern. However, on the bright side, even at five and a half (where they haven't gone yet), rates are still a bargain, and a definite reason to buy, or, if you're a seller, to jump into the market as buyers are really champing at the bit!

2011-02-05T10:26:00.000-08:00

Some Healthy Signs:
This week has brought a few new signs that the worst may be over--or at least nearing an end. While we can't unconditionally state that everything is over and we're on the way to recovery, we had good news on a couple of fronts this week.
Jobs: A combination of improved reports on the jobs front point to the possible improvement in the economy in general and the housing market in particular. First, there were over 30,000 fewer first time filings for unemployment this week. Fewer layoffs mean more folks staying employed. Second, the national unemployment rate dropped to 9%, which, while still a lot higher than anyone wants to see, is the lowest it's been in over two and a half years. Again, more people employed means more folks who can legitimately consider buying a home. Third, although the figure was a bit lower than hoped for, there were over 50,000 new jobs created. As with the prior two items, more people working means more who can look at a house and legitimately think about buying it.

Interest Rates: Rates have risen to just over 5% for 30 year fixed loans, a pretty good jump over the past few weeks. However, while this is the highest they've been for quite awhile, it's still very cheap money and a great opportunity to give serious thought to purchasing a home. Fed Chairman Bernanke has also reiterated his plans to not raise rates until we have a good strong recovery in the jobs area, something that even the biggest optimists feel is at least 9-12 months away.

Little Signs: This one is my own personal indicator that things may be getting better. It's kind of like the first robin in spring or, and only you folks who've lived in the colder regions of the country can relate to this, the first crocus pushing up through the snow. When Realtors begin catering open houses, it's my experience that they feel things are getting economically better. Well, this past week, I personally saw a couple of agents catering who haven't done so for awhile. Laugh, but we all have our own indicators that go along with what the "experts" and economists tell us.
So my message is that if you're thinking of buying or selling, It's looking like a great time to get moving!
More next week!

2011-01-29T10:44:00.000-08:00

Not much new this week other than the usual news articles trying to relate to all of us which way the economy, housing and interest rates are going --or going to be going. Case-Shiller noted that prices in a majority of its 20 reporting areas are dropping again. Sounds bad, BUT the San Francisco area is one of the minority of cities in the report that showed an increase! Good news for us here in Marin! The key in housing is always going to include the job situation. While this recession "recovery" is still lagging in jobs, Marin County has a jobless rate far below that of the country at large or California. Nationally, the rate hovers above 9% and California's is a worse 12% and change. Ouch! But, here in Marin, the rate is at 8.2%--not something to brag about, but still evidence that, at least to this point, things here are starting to look better.
We are starting to here from corporations regarding their needs for relocation assistance for transferring employees as well. Again, a signal that things are looking up somewhat.
Rates: While climbing a little this week, they are still under 5% for conforming 30 year fixed rate mortgages: 4.82%. Up from a week ago, but still an excellent reason to be house hunting!

2011-01-21T19:53:00.000-08:00

It's Up; It's Down; It's Sideways; It's....Whatever You Make of It!

The headline says it all, and yet leaves a hidden message for anyone prepared to read between the lines. The housing market is finally improving in terms of numbers sold and prices. But then, just as you begin to get excited, it takes a drop! So what's really going on? Well, in the opinion of this observer, the fact that we are having a few weeks of up followed by one or two of down is actually a good sign. It shows that there is some pent up demand for housing, and that folks are starting to act ion their desires--but with varying degrees of caution! Rates are remaining low, even with the occasional jump of a basis point or two in rates, and are still under 5% for fixed conventional 30 year loans. This helps sales. Jobs seem to be getting a hold finally, however slowly, and the stock market is climbing. Is this a major breakout? Well, that's probably unlikely for at least the first 6-9 months of this year. But there are definitely signs in the air that maybe, just maybe we've turned a very important corner.

See you next week!

2011-01-14T17:07:00.000-08:00

RATES DROP & OTHER NEWS:

Well, here we are already two weeks into the second decade of the new millennium and things are happening in the housing market--positive things! Mortgage rates took their second consecutive weekly drop. After they ha descended well into the 4's for thirty year fixed money, they began inching up in December of 2010, leading many folks to get nervous that the party had ended. But, as we predicted, while rates will rise at some point, for now they remain under 5% for conforming fixed rate loans.

What does that mean for you? Well, if you're a buyer, it obviously means you should still be out looking for a house to buy. Combined with the recent lower prices of homes the past couple of years, these rates mean you can possibly get a fabulous deal on that home you've always wanted, but not been able to comfortable afford.

For sellers, this is a good time to put your property on the market, as buyers are out there, fueled in part by the low rates, with money in hand looking for a place to buy. While I'm at it, although some prices are still declining, the pace has slowed, and, even better, there have been some signs of a bottoming and turnaround in values over the past few months. It's very case-by-case, but it is a sign! Things are looking up!

2011-01-01T10:20:00.000-08:00

As we begin a new year (and decade), a few comments about the status of the market are in order.
BUT FIRST: We want to wish you and yours the happiest and most prosperous of New Years!

Now, the market: As 2010 ended, we were still seeing mixed,but hopeful signs of the market and potential recovery. Although there were recent negative reports on the housing market, the monthly Case Shiller being one, there has still been a continuing trail of positive items on the market. Most recently, just at the end of the year, the latest weekly unemployment numbers were release, and they show the lowest number of new claims filings in about two years! Remember, if folks are working, they're much more likely to be home buyers than if they aren't.
Additionally, after about six weeks of very small incremental rises in mortgage rates, the last week shown (a week ago) had a slight drop in mortgage rates. While it is generally agreed that rates "have" to rise at some future point, all signs point to a continuing low mortgage rate level for most of the foreseeable time in 2011. The Fed, in the person of its chairman, Ben Bernanke, have made it explicitly clear that they have no rate increase plans for the foreseeable future so as to not upset the delicate pace of recovery in the economy.

What does all of this mean for you? If you're a buyer, it definitely means get out and start looking for a home to buy! With rates under 5% for 30 year fixed rate money, you're crazy not to! If you're a seller, anything that is a plus for buyers, is also a plus for you, as you'll likely have buyers hot to look at your home, and, if it suits their needs, make you an offer. Also, sellers should be aware that the best time to get their homes out on the market for the large numbers of buyers who are there, cash in hand, is the very early "spring" (a figure of speech). By "spring", I'm not referring to April or May. I'm talking mid-January. True your flowers aren't in bloom, but you'll have far less competition from other homes at this time, and the small army of buyers are there looking to buy. Thus, you have a great chance of getting a good offer for your property!
Why so many buyers so early in the year? Simple! Many are relocation buyers, whose firms have transferred them or just hired them. Why now, particularly on the new hires? They only left for new companies after getting year end bonuses at their old firms. Now, bonus in pocket, they're newly hired and hot to buy! Take advantage--don't wait for them!

2010-12-25T21:42:00.000-08:00

Not much to blog about on this holiday--just to wish all of our friends and clients: A VERY HAPPY HOLIDAY! You are the ones who make it special!
Peter & Jane

2010-12-17T16:55:00.000-08:00

What's Happening--Or Likely to:
Well, as we finish out the third to last week of 2010, a few things are worth noting on the interest rate front. First, last week, rates again rose, making this the fifth week in a row they've risen. Now 30 year fixed rate money is slightly above 4.8% p.a.--quite a bit above where it was in late October/early November. However, even at 4.8% and change, these rates are still way under what we're used to seeing for mortgage financing of this term. Does it cost you more a month than a month ago? Definitely, yes! Is it still better than anyone could predict a year ago, and thus, still a bargain? Also, a definite 'Yes'! So what does one do? If you're a buyer, keep seriously looking for a new home, especially when you again consider the relatively low prices many homes still have and add that to these low rates. You still have an outstanding opportunity for a home that meets many, if not all, of your dreams.

Sellers: what about you? Well, if you want prices of a few years ago, I haven't anything in my bag of tricks for you. But, again, the continued low rates do add up to a number of active buyers who could make offers on your home. Also, as we near the year's end, many of homes come off the market for the duration of the holidays. Most sellers are thinking they'll come back on in the spring when gardens are in bloom and everything's 'gorgeous'. Well, for experienced sellers and their agents, 'Spring' means mid-January/early February. Why? Simple! All buyers are back on the market with a vengeance that soon after the New Year. They want to beat out the competition for the homes that will be available. Equally important, many of these buyers are 'RELO' buyers--people who have been moved or newly hired and moved by their firms; people, in other words, who MUST buy a home and NOW! Grab 'em--they're really hot to trot!

We can help you analyze the market and your home's value and also prep your home to be ready for this hot new year start, thus enabling you to get the best price for your home in the shortest reasonable amount of time. Give us a call! You'll be glad you did!

2010-12-10T17:36:00.001-08:00

Not too much to tell this week--the biggest potential news is the tax cut negotiations the Congress and the President are trying to conclude. Nothing as of this moment has been passed, but talks continue. Meanwhile, interest rates, though still at low levels, again rose this week, with the 30 year rates at 4.46. Many experts feel that the near term trend on rates will be determined at least in large part on the outcome of the tax negotiations. So, stay tuned. We'll get the news to you as soon as we have it.
Meanwhile, if you have a question or need any advice about the real estate market: GIVE US A CALL! We'd be pleased to help. Tel: (415) 380-2133 (Peter) or 531-4091 (Jane) or email us: pjrichmond@pacunion.com. Also, check out our web site: www.comehometomarin.com .

2010-12-03T18:01:00.000-08:00

Are Things Getting Better?:

There seems to be a number of signals going off in different directions about the state of the economy in general, and the state of the housing market in particular. Bottom line: no-one seems to be certain which is the actual direction that the markets are actually pointed to.
Employment figures this week got a couple of good reports in terms of numbers of new jobs created and continuing jobs figures. But just today, at the start of the business day, new unemployment applications increased unexpectedly to put the national jobless rate at 9.8%. (Marin's is substantially lower, and that is usually the case.)

Interest rates have continuously rambled along at or near all time low levels. This week, however, rates jumped to over 4.4% for 30 year fixed rate loans. Is this the start of increases or just a week's aberration? Either way, current rates are still incredibly low and a very good reason to get into the market for a home.

On another front, is the housing market picking up or remaining in the doldrums? You can find a number of analysts saying that it's still got a long way to go to recover. Case Shiller, in fact, just released its latest monthly report showing a drop in sales nationally, with the area having the latest reduction being the SF Bay area with over a 10% reduction. Trend or seasonal adjustment? We'll have to wait and see. Yet, figures just released yesterday showed the highest number of homes for sale under contract in over two years--definitely a good sign. One thing for sure--it is very much a case of house by house and area by area.
In my humble opinion, the market is definitely improving, slowly, but it will take at least until the 3d or 4th quarter of 2011 to show a marked increase.

Meanwhile, if you have questions about the local market or your home in particular, please give us a call: (415/ 380-2133 for Peter and (415) 531-4091 for Jane. We'd be happy to help.

2010-11-29T09:24:00.000-08:00

Mixed Messages:

Well, I hope you all had a fabulous Thanksgiving holiday--lots of friends and family from everywhere. We pared our table from last year's record 30 guests to a mere 23 this year and still had a wonderful time!

Now for housing: The latest stats seem to be throwing mixed messages at us. Nationally, prices dropped, although here in Marin, they showed increases in the under $1 million market and some reductions above that, on average. However, many statistics showed increases in numbers sold over the like period from a year ago.

What does this mean for you? Well, it shows a couple of things. First, many folks are still concerned about the market, and yet are willing, for the right price, to jump in and buy. It also seems to be occurring during the long-traditional holiday slowdown that occurs almost every year at this time, and continues until a couple of weeks past New Year's Day. So, while people are buying, seeing prices flat, or in some cases down, isn't entirely unusual at the present time.

Should you place your home on the market now? That depends on whether you have to sell, or are willing to wait for the start of the 2011 market. Analysts are predicting a slow and very gradual rise in prices overall beginning next year. Does a month really make that much difference? It can definitely have an effect. How much depends on how people feel at that time, and we'll have to wait to see just how things look then to be certain.

Buyers:

still a great time to jump in and grab a home, whether it's a normal sale, a short sale or taking a foreclosed home off a bank's hands. Either way, give us a call--we'd be happy to help!

2010-11-19T16:57:00.001-08:00

THE LATEST:
Well, rates finally jumped this week--up roughly a full quarter point from the prior week's record-equalling lows. However, even at 4.42% for 30 year fixed rates mortgages, we're still near all time lows, and STILL in a range where it pays to be seriously house hunting--and holiday time off be damned! Prices seem to be in a state of flux when compared to recent weeks and months. While there had been a general upward trend--slow but upward, this past week has shown somewhat of a reversal of that compared to the prior month's figures. No-one is yet certain if it is more financial uncertainty or just a reaction to the election's results from a couple of weeks ago.
From this observer's point of view, however, for buyers prices are still bargains as compared with levels of a couple of years ago and, even if they rise, they're still going to be bargains for a while. Rates also are still hovering at very low levels and should be grabbed.
For sellers, we are seeing things very much on a property by property basis. Properly priced, homes are getting offers and closing. However, sellers still dreaming of the days of 2006 and 2007 are getting a rude intro to reality when/if they persist in pricing at those levels. Not saying we'll not get back there, but for now, let's be more reasonable in our pricing goals.
Also, for you followers in Mill Valley and Tiburon, if you're not yet receiving our printed quarterly report on prices and sales, and you want to get it, by email or snail mail, send me an email at pjrichmond@pacunion.com, and we'll be happy to oblige.
Happy Thanksgiving!

2010-11-13T12:56:00.000-08:00

The Latest:

Well, not a lot of new items since last week. However, in weekly figures just released yesterday, mortgage rates again hit all-time low levels. This after a couple of weeks of marginal increases, albeit an increase of two or three basis points (100 bp's to a percentage point) really doesn't mean a whole lot at these historic levels. This week's rates matched those of a few weeks ago: 4.17% for a thirty year fixed rate loan.

I've said it before and I'll say it again, if you've held off buying due to interest rates, there is no time like NOW to jump into the market and BUY! Prices are still relatively low, and, although signs are showing they may have passed bottom and begun a turnaround, they're a long way from the heights of late 2007. Take advantage of this opportunity!

Sellers: my advice to you is to consider this as an opportunity as well. True, you won't get anywhere near what you could have three years ago, but there are hordes of buyers on the market looking at present. Talk with your Realtor and prepare the home for sale to get the best possible price even in today's market. Consider staging, and, most important, price it correctly. If the comps show value at $700,000, don't shoot for $900,000. It ain't gonna' happen, and all you'll do is delay any sale by a number of months, costing yourself Dollars in sale price below what you could have reasonably expected had you priced it correctly to begin with.

Questions? Call us at: (415) 380-2133 or email at: pjrichmond@pacunion.com . Good luck and see you next week!

2010-11-05T18:14:00.000-07:00

A Couple of Things:
This week a couple of interesting things happened. Both should bode well for the housing market as time passes, although how much time will have to pass is something that's open to debate.

First, the Fed announced it is establishing a QE2 policy, and, NO, that isn't the large boat they're talking about. QE2 is quantitative enhancement. IN normal people speak, that means that they will buy another $600 Billion of US Government notes. The net effect of this is that interest rates will likely drop another 25-50 basis points over the next few months. In case you don't recall, there are 100 bp's to one per cent of interest. Lower rates will simultaneously make home purchases easier (if you're a seller, get that house ready to go!); and help stimulate the economic recovery by making it easier for businesses to finance their operations.

Second, the latest jobs report, out just today, shows the creation of over 150,000 new jobs in the private sector. This is where jobs most need to come from, as the private sector runs the economy and is not an artificial type of job category such as temporary government positions like cencus taker. Unemployment is still at 9.6%, but the new jobs number is certainly a step in the right direction--an important one!

2010-10-29T16:27:00.000-07:00

Well, a number of things to mention here:
First, interest rates continue near their all time lows. Although the 30o and 15 year fixed rates did tick up again this week, they are still within a few basis points of historic lows. For the uninitiated, a basis point is 1/100th of one percent. So, this type of change would be as if rates went from 4.21 to 4.23%--negligible. If you're thinking of buying, do it NOW! Sellers should also be encouraged by these rates available to their buyers.

Second, and I don't often talk about this here, but jobs are very slowly appearing to increase. The latest unemployment stats out the middle of this week showed reductions in first time claims, and increases of jobs reported. While I'm not even close to intimating that all is now well in the jobs market, it is an encouraging sign. More important, more people working means more folks able to buy a house. Again, sellers--maybe you should start thinking about moving on that decision to put your home on the market--or prep it so it's ready to go soon after the holidays.

Speaking of which: Happy Halloween!

2010-10-22T13:58:00.000-07:00

Positive News!
Also known as GOOD NEWS! Also known as something to be happy about! In figures announced yesterday (10-21-10), home values in Marin County showed major positive moves, both against the prior month figures and compared to a year ago. For September 30, 2010, homes in Marin showed an average increase in value compared to a year ago of 4%. The median price is $765,000 for the county, up from last year's $734,500 figure. The latest values also show an increase from August 2010, when the median price was $725,000. Do these mean that the housing crisis is over? No, but they definitely indicate a returning enthusiasm from buyers, and that benefits everyone.
Stay tuned.

2010-10-16T15:55:00.000-07:00

Well, this week's news is pretty much more of a little bit of good news. Prices in general (and, yes, there are exceptions based on specific locales) continue to show an upward direction. No, they're not rocketing to the moon as they seemed to do on a daily basis a few years ago, but the general trend appears to continue upward. Forecasts are for an increase in 2011 of 2-4% in values. Better than a sharp stick in the eye--or anywhere else for that matter.

Interest rates; just when everyone thinks the latest record can't possibly be broken, another week goes by and there is a new record low! For this week, thirty year fixed rates are now averaging a new all-time low of 4.19%. If that's not enough to get you excited, how's this--fifteen year rates, fixed, are also at an all-time low of 3.62%. Neither figure is a typo, so get out there and buy if you're looking for a home. If you're trying to decide about selling, what better time? Your buyers can more easily afford your home, and you, likewise, can qualify for a loan to buy your new home!
Good luck!

2010-10-08T17:02:00.000-07:00

The Latest for the week!
Mortgage rates continue heading for the basement, as they once again hit all time record lows (as long as records have been formally kept). For thirty year fixed rate loans, the rate dropped to 4.27%! If that still isn't low enough for you, grab a fifteen year loan. It will only cost you 3.72%! Neither of these is a typo--just where the rates are going. How long can they continue at or below these levels is anyone's guess, but I can't think of a better reason to get out and buy, if you're looking for a home. You sellers out there are also at an advantage with these rates, as it only encourages buyers to get out and look for a home to buy. What better one than yours?!

2010-09-24T18:32:00.000-07:00

Some good news that may begin countering last week's unexpected downer: In figures released yesterday (9-23-10) the National Assn of Realtors (NAR) announced that the values of homes in August rose nationally over 7% from the prior month. The previous month had shown a major downturn nationally, one that was quite unexpected and very troubling to those who had begun to feel that the worst was over. Assuming that July was really an aberration, then August's figures should be of some comfort to all of you, particularly if you're contemplating selling in the coming months.
Locally, September has historically been the kickoff of a very UP period for homes sales here in Marin. The market, second only to the spring, would steam along usually until mid-November, and then go into somewhat of a hibernation through the holidays. So, if you're really thinking about putting your home on the market, now could be just the right time! Don't wait--give us a call! We'd be happy to help you make the correct decision for your particular situation.

2010-09-17T18:39:00.000-07:00

Mixed Signals:
This week things seem to be mixed in the markets. In info just released Thursday, 9-16, home sales and median price in Marin dropped, while the rest of the SF Bay area rose in price &, in some cases, in numbers sold for the month of August (compared to a year ago). What does this mean for Marin? Well, buyers are taking a time out, so to speak, while considering their decisions in the market. Interest rates continue at all time lows, getting more so each week. Nationally, an increasing number of people in the latest survey said they think we've hit bottom and are now about to start a slow climb in the value of homes--78% of those polled, in fact. One thing for sure--with rates this low, you can't help but get a good deal. For sellers the chances are still favorable as these facts may move more folks to make the decision to buy this year.

2010-09-10T18:31:00.000-07:00

More Upward Indications:
Well, while they admittedly are not skyrockets, we are still seeing evidence of some strengthening in the housing market. Each week some analyst or firm that follows the housing market announces an increase in pricing or the numbers of homes sold, no matter how slight that increase may be.
This week it's the turn of Zillow. While Zillow has some limitations in the accuracy of its pricing sue to the fact that it bases its figures on nearby comps, and this accuracy can be very heavily impacted by whether or not the nearby comps are the same style, design and/or age of the subject home (read, tract or not), the fact remains that even in their methodology prices are trending up. As I said at the top of the article, we're not seeing skyrocket increases like those of a few years ago, but still, up is UP!
More next week.

Need help with your home? Thinking now's a good time to buy? Give us a call. We're ready to help no matter what the subject is.

2010-09-03T16:26:00.000-07:00

Sales and Interest Rates: More Good News!:
Well, in the past few days more good information has come out. While it is true, that the economy still needs to show a stronger recovery than it has to date, the following is definitely good news for homeowners and those who would like to be.
First, the monthly National Association of Realtors pending sales index showed a sharp rise in the month of July. Up 5.2%, this is the reversal of a downward trend that had persisted since the end of the housing tax credit program expired earlier this year. Will it continue, and how strong will this upward surge be? Only time will tell, but the fact that it has happened is a good sign as, unlike the early spring, there is nothing artificial such as the credit pushing it along. What is probably helping it this time is the record low interest rates.

Speaking of which, as I have noted in the recent past, just when you think the rates cannot possibly go any lower, they DO! For week ending September 2, rates for 30 year fixed loans are averaging 4.32%, down four basis points from a week earlier. If that's not low enough for you, 15 year fixed loans dropped from last week's 3.86% to another new low of 3.83%!

According to Freddie Mac, adjustables also headed in the same direction. Five year ARM's are now averaging 3.54% and one year ARM's are at an unbelievable 3.50%! Like I said here last week, How Low Can You Go?!
What do you do with these facts? If you're a buyer, call your Realtor and find a house--FAST! If you're a seller, what could be better than having a slew of buyers wanting to buy and having access to cheap financing like this? Call your Realtor and get that house on the market--NOW! By the way, in order to get maximum amounts in your buyers' offers, make sure it's all prepped and ready to go. Your Realtor can help you in this way, from minor decluttering to helping you get the home staged.
Good Luck!

2010-08-27T19:28:00.000-07:00

A Few Bits of Good News:
First, in comments delivered today, the Fed Chairman, Ben Bernanke, made it clear that he and the Fed do not feel that the nation is going to be double dipping back into the recession. In fact, he stipulated that the Fed is prepared to take whatever steps are necessary to prevent such an occurrence. The stock market responded with a very nice jump. But more to housing.

Interest rates continue to seek new record lows, and once again achieved this across the board. I am reminded of Chubby Checker's lyrics in the song, Limbo Rock: "How low can you go?!" Wait and see, but don't wait too long. With rates like these, whether you're a buyer or seller, there is absolutely no time like the present to get into the housing market! If you're selling, your home is more affordable for buyers due to these rates. If you're buying, just think how much you'll save by financing now with rates where they are!

Even in a grimmer subject area, foreclosures, the news appears to be getting a bit better. A number of different sources reported today that numbers of new foreclosures have dropped again this month, and a trend appears in the making that this may continue, albeit very gradually.
Can we help you with your housing needs? By all means, give us a call: (415) 279-6466 or (415) 531-4091; or email: pjrichmond@pacunion.com . We'll be happy to help.

2010-08-20T17:49:00.000-07:00

Rates Continue Down!
Well, if you remember my comments here last week, mortgage interest rates were once again at all time lows. Well, believe it or don't, they dropped a bit further since the, and, if you don't require a jumbo, you can get financing under 4% fixed for a fifteen year loan. Thirty years fixed will cost a bit over 4%, but these rates are still one of the best reasons anyone around can cite for buying a home NOW!
Call us and let us help you in all of your real estate needs.
Have a great week!

2010-08-13T18:22:00.000-07:00

A quick word on buyers and sellers--
For those of you considering selling, while it is true that prices continue well below their highs of a few years ago, they continue, on average, to rise slightly. It remains very much a case by case situation, and it is true that some home price have dropped in recent weeks. However, the overall direction of the market continues up at a very gradual pace. No skyrockets here yet.

On the other hand, if you're a buyer, mortgage rates continue to set new records by the day it seems. As of yesterday, 30 year fixed rates hit a new low of 4.44%, while the rate for 15 year fixed loans also hit a new low: 3.82%. What better reason to jump on the bandwagon and become a homeowner!

Questions:

Give us a call. We'd be pleased to help you in any situation!

2010-08-06T18:49:00.000-07:00

The biggest news for this week is two-fold. First, the Federal government has extended authorization to the states to utilize federal housing foreclosure avoidance money to further the individual states' efforts in the effort. In essence, both the feds and many of he states have been undertaking a variety of programs to help troubled homeowners avoid foreclosure. This extension of approved funding use should help homeowners avoid the loss of their homes.

Second, the general market continues its slow growth in sales and values. As has been mentioned here before, the increases are not by any means explosive or shooting straight up as was the case in the early and mid-200's. However, the fact that they show improvement is an encouraging factor to keep in mind.

If any of you out there have any questions, or need a valuation for your home, please feel free to call us and we'd be happy to assist. Call: (415) 380-2133 or (415) 531-4091.
See you all next week.

2010-07-30T19:24:00.000-07:00

Up or Down:

Well, as the 'recovery' continues its slow, very gradual pace, we have any number of statistical reports to guide us in trying to figure out where we're going, when we're going there, and how long it'll take us to get there. Most still seem to indicate a continuing increase in value in the overall housing market. However, the main difference from one to another is the pace at which we're moving along to better values.
One of our main favorites, as any regular follower of this site knows, is the monthly Case-Shiller report. Covering the 20 largest metropolitan housing markets in the country, including San Francisco (defined in this case as the entire Bay Area), the general feeling is a positive one. According to C-S, trends continue on a general upward direction, with most of the twenty areas analyzed continuing to gradually climb. A few showed minor negative flows. For those of you located here in the Bay Area, the C-S news continues to be good. The SF area had the largest increase again, rising 18%.
So, for sellers, it may be time to again consider possibly putting your place on the market. Buyers also have a pretty good situation, as prices combined with historic low mortgage interest rates still present a very good opportunity to get that dream house for quite a bit less than you'd have paid just three years ago.
Good luck, If anyone following this blog has any direct questions, please feel free to drop us an email: pjrichmond@pacunion.com .
See you next week.

2010-07-23T14:40:00.000-07:00

Some More Encouragement:
Once again, we have seen some statistics indicating a continuing trend of rising prices in homes. As in the recent past when we reported such information, we have to emphasize that it is not by any means a cased of prices rocketing upward. Rather, it is a trend of very gradual and small increases in prices. The trend is being felt nationally, and there are some areas that are not benefiting from the rise. However, here in the San Francisco Bay area, we are in one of those areas experiencing some of the largest gains on average of any metropolitan area in the nation.

So, where does that leave you as an individual buyer or seller. Well, if you're a buyer, you're still in great shape! Even with these rising trends, mortgage rates continue at or near historic lows, and appear likely to continue to do so at least through the 3d or 4th quarter of the year, if no longer. So homes are very affordable.
If you're a seller, while prices remain relatively low even with these recent increases, the fact that these pricing indices are climbing is encouraging news for you and valuable in helping make a decision about selling your property.
If we can help you with your decision, or anything else in real estate, please give us a call! We'd be pleased to assist.

2010-07-19T22:07:00.000-07:00

Some Encouraging News:
We all know how a large percentage of buyers have decided to remain on the sidelines due to uncertainty in the economy. It's understandable that they are concerned if this is the time to buy a home, in many cases not knowing how much further they think the economy will fall, or if they'll remain among the fortunate employed. Well, there is another encouraging sign for those among you who've thought of selling, but held off worried that it isn't yet the 'right' time.

According to a survey just released by Relocation.com, more buyers and potential buyers were resuming the serious search for a new home, or preparing to do so. Those actually taking the plunge increased from 12% of potential mover/buyers in February, 2010 to 18% in June. That's a fifty percent jump in the number of those buying homes after a move to a new area.

There are similar increases in the same period of those who'd originally moved to a new area, but initially decided to rent due to economic fears, but have now begun the search to purchase in earnest.

Admittedly, analyzing those who change addresses because of a job transfer or a transfer to seek employment in a new area is only a segment of the overall market, but it usually is an important one in that once transferring buyers begin to buy in volume, it indicates the overall market is trending in a positive direction. Stay tuned.

2010-07-16T17:00:00.000-07:00

You CAN Afford That Fixer!
Have you been searching for a home that has everything (or almost everything) that you want, only to find that it needs way too much work to meet your standards or needs? Are you one of the many folks who found what they were looking for, only to find out that many of the details either didn't work or need major overhaul, and the resultant repair/replacement cost suddenly took the house out of your budget?
Well, take heart! There IS a way to buy the home, get the repairs done and not break the bank. It's an unfortunately not publicized enough mortgage program called the FHA 203K loan. What this is, is a combination of purchase loan and repair loan, all rolled into one transaction. The basic way it works is you make your offer for the home and, while in escrow, do your inspections and get bids for the necessary repairs from your contractor(s). You then include those bids with your application to your lender, specifically citing the 203K program. If your transaction meets the limits of the FHA's program (including max loan of $729,000 and a 3.5% down payment), you may end up getting your home and the repairs paid for from your mortgage loan. Check with your lender or mortgage broker to verify that your specific situation qualifies. In the event that your purchase is a higher Dollar figure that FHA regs allow, Wells Fargo also has a similar program for such situations. However, you will have to have a larger down payment as part of the qualifications. If any questions in this case, call your local Wells Fargo Home Mortgage consultant. Another source of these Wells loans, as well as the 203K's is Mortgage Services Professionals. The folks at MSP are experienced mortgage experts and can be reached at the following numbers: Adam Wise: (415) 297-9473 or David Grose: (415) 359-4025.
Good luck and enjoy that home!

2010-07-09T18:06:00.000-07:00

Well, today's blurb is, believe it or don't, about a segment of the real estate market that many have believed was dead, or, if not dead, then on serious life support. That segment is investment property. This is going in two directions, just as it had a few years back. One direction is buying and holding properties as rentals with the idea of letting them appreciate over a number of years before selling and moving on the the next one. As a Realtor, I am actually hearing from a small, but vocal number of buyers inquiring about buying such properties, their interest stimulated by the huge drop in the prices of such properties over the past 2-3 years. For folks who are still employed and have cash, or want to cash out an existing property and maximize the potential gains from this supply of cash, a careful acquisition may be the best investment you ever made. We can definitely help if this is your interest.
I said there were two directions investors were looking in. The second one is the traditional one of 'flipping' properties. This is beginning to be seen again in certain areas and price ranges. Unlike the early years of the decade, you have to use far more caution because the huge rapid gains just are not there for a flip. However, in the case of buying something that is well below market due to financial reasons ( foreclosure or short sale) that has good bones, there definitely are opportunities to be had. Keep in mind that lenders are much tougher on the financing for these acquisitions, so you have to really be very solid credit-wise. However, a cheap purchase, some basic cosmetics or small remodels, and you could make a nice profit. Be VERY CAREFUL, THOUGH! THERE STILL ARE NOT AS MANY BUYERS AS THERE WERE 2-3 YEARS AGO. So selling your flip may take longer than you expect and you'll have to carry it in the meantime. Make doubly sure you can afford it. Good luck!

2010-06-18T21:07:00.000-07:00

Well, the moderate good news continues to come in, slowly but fairly steadily. Yesterday the monthly numbers on prices and sales in the Bay Area came in and Marin County was one of the most positive areas. Sales were up again in terms of numbers of homes sold. Also, prices showed an increase of 9% in the median price for the County for the latest month. True, the numbers are a pale shadow of the heights of 2006/2007,but the fact remains that a slow, but positive trend is continuing. Good news for sellers and at the current levels, still some great opportunities for buyers.

Another trend we are seeing in Marin is in higher priced homes. In homes over $1.5 million, we're seeing an increasing number of sellers placing their homes on the market "quietly". They're doing this by having their agents list the homes, but not putting the properties on the Multiple Listings (MLS). While this may place the seller at somewhat of a disadvantage, it does give him/her an opportunity to test the water without having the risk of it later showing up in the MLS as a cancelled or expired listing, thus putting pressure on the price in any future attempt by the same owner to sell it.

If you have any questions about your home or your wants in a home, give us a call at (415) 380-2133 or email us: pjrichmond@pacunion.com --we'd be happy to help you!

2010-06-11T19:58:00.000-07:00

CONTINUED GOOD NEWS--SORT OF

Well, just a quick note from here: things generally seem to be continuing to recover in the Marin housing markets. Prices, IN VERY GENERAL TERMS, are rising. However, this is still to a large degree a house by house thing. True, the average and median prices are again higher than a month ago and at this time last year. However, the continued slowness of the overall economic recovery will still make this housing recovery take its time. Many experts are indicating that it will be anywhere from 2-5 years before price achieve a full rebound to their 2007 highs. Still, if you bought in 2009, you're likely ahead of the game, and if you bought before the collapse and can wait a bit, you should gradually be able to regain a good portion of your former prices.

If you have any questions about the market in general, or want us to come by and evaluate your home, please call us at: I(415) 380-2133/531-4091 or drop us an email: pjrichmond@pacunion.com .

2010-05-13T09:16:00.000-07:00

As the 'recovery' continues, there has been some additional good news on housing values. They continue to show increases in many areas around the country. Admittedly, we're not close to getting back to values of the mid-2000's, but the fact that there are increase at all, and that they are continuing is an encouraging fact.
True, questions still exist. Among them are the fact that some areas have yet to show this continued upward move. Also, there continues to be the issue of the large, some sources say 2.7 million homes, 'shadow inventory' of already foreclosed homes the nation's lenders have in portfolio. What the banks plan to do with this, and when will certainly play a large part in the course of the continued recovery.

2010-04-27T16:29:00.000-07:00

More Good News--Sort of:
Well, time for the monthly Case-Shiller Index of home sales. This one showed the first increase on a YEAR TO YEAR basis in three years--definitely an encouraging sign. However, it was muted by two things: 1.) the numbers didn't increase as much as analysts had predicted; and 2.) a number of the twenty metropolitan areas in the survey actually showed drops from the year earlier figures. The conflicting facts show that a recovery appears under way, but that so far it is still fragile.
Locally, the area with the highest increase was the SF Bay area by far. Definitely good news here.

2010-04-23T15:09:00.000-07:00

NEWS: GOOD AND/OR INTERESTING:
Well, according to figures just released by the National Association of Realtors, sales of existing homes rose in March by 6.8%, reversing what had been a 3 month slide nationally. That slide is contradicted by our own local Marin market, as I have previously noted on this site, where month to month prices have been rising for a number of consecutive months now while still lagging behind their level of a year ago.

On the national figure level, 44% of the sales were due to the soon to expire home buyer tax credit, a factor that may not slow down as much in California for at least the next couple of weeks as the California buyer credit kicks in. Committing $100 million for total credits available at a max of $10,000/purchase, the California credit will last until the earlier of the exhaustion of the $100 mill, or into 2011. Most economists and officials of various Realtor boards are expecting the $100 million to be used up well in advance of the 2011 deadline. In fact, I heard just two days ago that some experts feel that it will be totally depleted as early as the middle of May, 2010.

Nevertheless, the news is still good, and the folks at the National Association of Realtors feel that even the interest in the market by buyers, even with the credit's stimulating effects, will continue to grow as the economy slowly regains its strength.

Separately, Redwood Trust here in Marin plans to go to market with an issue of mortgage backed securities totalling $222 Million. I know you're all saying, "didn't they learn the last time around?" Well, there is a different scenario this time. These are NOT Sub-prime loans or anything close to that. These are, according to Redwood, prime jumbo mortgages (read quality credit), with presumably a much lower likelihood of default than the wave of sub-Primes that tanked the economy a couple of years ago.

So, what does this mean for you? It would seem to indicate that things continue to slowly improve on the housing market. Looks like a good time to consider putting your home on the market if you'd been waiting to see an improvement in the market. The Redwood deal may signal somewhat of a broadening of the mortgage market by helping to strengthen the secondary market.

Questions? Call us. Me at (415) 380-2133; Jane at (415) 531-4091. We'd be happy to help!

2010-04-16T14:13:00.000-07:00

Some more good news this week--home prices are continuing to rise, albeit slowly. In numbers just released yesterday, the average and median for Marin were up again. Although mortgage rates have climbed over 5% for 30 yr fixed money, they still are remarkably low, below 5.5%. With the homebuyer tax credits (fed) still available through 4-30 (close by 5-31), and the California one due to start 5-1, there are still some very good reasons to buy, or, if you already own, to sell if you've been debating that issue.

2010-04-09T17:38:00.000-07:00

Hello, again! We're here to give you the latest around the Marin real estate market! Figures through the end of Quarter 1 (3-31-10) show continued slight improvements in the market locally. While it is true that there are neighborhoods still going down, the overall numbers show an upward trend. Not like 2005 by any means, but up nevertheless. Sales have increased over this time a year ago, and, while prices lag well below those figures, they continue to show month to month increases, which is a good direction to have. In fact, believe it or don't, there have actually been a few multiple offers--not 10 or 15 offers, more like 2 or 3, but still multiples. What we are seeing in this slow rise is that things are very much locale by locale and house by house. However, coupled with the recent stock market increases and a slow start turnaround in job markets, this may mean we're past the bottom. Stay tuned.

2010-04-02T16:09:00.000-07:00

More Positive Signs:

Well, for the eighth consecutive month, the Case-Shiller report has shown increases in home prices. A regular report of the twenty largest metropolitan areas in the country (one of which is San Francisco, including Marin and the East Bay), the report showed that median prices for single family residences again rose over the past month. While they have a long way, and possibly at least a couple of years, to go to return to pre-financial crisis levels, the fact that homes are going for continually rising prices bodes well overall.

Coupled with this is the latest jobs report, which showed an increase of 162,000 jobs nationally in March, the news is cautiously improving. The jobs figure, for example, is the first time in three years that an increase of that size in any month has been experienced. Compare this to this time last year when over 750,000 jobs monthly were being lost, and it shows a definite positive turn.

In the local housing market, numbers of sales are increasing, and we're even seeing a few cases of multiple offers. Stay tuned....

2010-03-26T17:41:00.000-07:00

Home Buyer Credits--
Well, by now I'm sure you've all heard of the Federal Home Buyer Tax Credit of up to a max of $8,000 when you buy a home. Well, although it's scheduled to end in just over a month, unless extended again, California has gone one step further. Yesterday, Gov. Schwarzenegger signed into law California's version of the credit. Usable on your California tax return, it allows a tax credit of up to $10,000 for first time home buyers. Homes, to be eligible, must be purchased between May 1, and December 31, 2010 and, in another group, between December 31, 2010 and August 1, 2011.

The total available for the program, $200 million, will be evenly divided between first time buyers and those who have previously lived in a home for two years. If a buyer takes advantage of the credit, they must remain in the home for at least two years. Those leaving early will be required to repay the credit to the state.

2010-03-19T13:46:00.000-07:00

More Good News! The latest stats for the month of February just came out for the local housing market. In Marin County, they show gains both in numbers of homes sold and in median price for those sold. In February, 153 homes sold, an increase of 37.8% from the year earlier. The county median price was $615,000, up 7.3% from February 2009. Does this mean that the housing crisis is over? Probably not totally, particularly when you remember that prices a couple of years ago were dramatically higher than they are now. However, what these numbers DO mean is that it appears the market has begun a definite push in the positive direction, a move that can only help homeowners, and the general economy as well.

2010-03-12T17:49:00.000-08:00

Market Conditions:
Well, the latest news on the market is encouragingly mixed. That's probably the best way to describe it. In its latest monthly foreclosure/default report, Realty Trak yesterday announced that foreclosures are down 2% from a month ago. This is good news in the sense that it shows a drop in the figures moving forward. However, there are still many homes out there in various stages of default that could ultimately foreclose.

Separately, unemployment, though still at a high 9.7%, has improved. This is the second consecutive month at this level and below double digits, a sign possibly of the start of the recovery. In the same vein, employers have shown an increase in hiring of temp workers, which, after many months of a recession, is often a pre-cursor to a jobs recovery. What's particularly important in this case is that this is the third consecutive monthly increase, the first time that's happened since 2006. More jobs means more disposable income and more home buying ability, which bodes well in the long term for the housing market.

2010-03-10T10:44:00.000-08:00

Nomar: Thanks & All The Best--Peter:
Well, it's official--Nomar Garciaparra has retired--as a member of the Red Sox! Coming home to the team that brought him and his exciting play to the majors, Nomar today signed a one day contract, donned the uniform one final time and announced his retirement. Whether or not he makes the Hall after his five year wait remains to be seen. Once considered a lock, late career injuries took away some of the luster. However, he was AL Rookie of the Year, won consecutive batting titles, including one at .370, and retires with a very good career BA of .313--not too shabby at all!
Nomar: Thanks for all the fun! We'll definitely miss you!

2010-03-05T16:57:00.000-08:00

It's Slow But Things Are Getting Better!

Well, as we continue through the morass of the ongoing recession/housing market, there are a number of signs that things may have past the bottom and begun to move upward. In the housing market specifically, many signs indicate prices are in a very gradual climb out of the abyss. For the second (or third--depends on which report you read) consecutive month average prices and numbers of homes sold has risen from the prior month's levels. True, they have not come anywhere near their height in early or late 2008, not even near where they were exactly a year ago, but the fact that a trend has apparently been established is a very encouraging sign.

Separately, jobs, without which no-one is going to be buying anything at all, much less homes, are also showing some encouraging signs. In numbers just released today, jobless claims dropped from a month ago, and unemployment remained at 9.7%. This is the first time since 2008 that these numbers have shrunk in consecutive months. Even better, for the third consecutive month, employers have increased the number of temp hires, normally a precursor to increases in permanent hiring. This is the first string that long since 2006!

Assuming these trends continue, it can only bode well for the housing market in general, and Marin County's home sales market in particular.

2010-02-15T17:46:00.000-08:00

Well, today's news is good in a sort of relative way. For everyone out there who's contemplating a loan modification, loanmod in real estate lender parlance, a study has just been released reviewing the practice. Released by the Leavey School of Business at University of Santa Clara, the study reviewed over a quarter million recent loan mods for their success and ability to keep the homeowner out of danger of renewed default on the modified loan. His study indicates that the most likely loan mods to succeed are those that combine a reduction in principal with a reduced loan term. In some cases, the lenders are creating modified loans where the lender shares in the long term appreciation in value of the home as a quid pro quo for the principal reduction.

Of course, forgiveness of debt may subject the homeowner to an increased income tax liability, so he/she must discuss the potential mod with their tax advisor. But, as noted above, it may be a relatively good bit of news.

2010-01-27T17:51:00.000-08:00

Lukewarm Good News:

Well, the monthly Case-Shiller report came out, and it shows continued increases in prices in 14 of the 20 metro areas it tracks. These increases are only month to month, NOT compared with a year ago. So, the trend is encouraging, but shows the market is still a long way from its vibrant days of the mid-2000's. The analysts feel that the news is encouraging, but, as with many things at present, must be taken with care. Such things as the huge REO 'shadow inventory' of unmarketed REO homes pose a major question, as do the economy and the jobless rate. But it's a nice trend even with these items to be aware of.

2010-01-20T17:04:00.000-08:00

How Things Change:
In figures just announced by Freddie Mac, the number of purchase first mortgages that are adjustable rate loans has dropped to its lowest level since 1982. In 2009, these loans amounted to no more than 3% of the total home purchase loans. It is believed that the continuing mortgage crisis, coupled with a growing negative reputation about this type of loan has led to this drop. It is expected, according to Freddie, that this direction in the type of loans used to purchase housing will likely continue for the foreseeable future.

2010-01-15T16:59:00.000-08:00

Something Positive:
Figures announced today indicate that housing prices nationally bottomed out in January, 2009, and then began a gradual climb through the first half of the year. Following this, there was a slight decline in the final months of 2009, but an overall higher price level than a year ago. In studies released by two separate analytical organizations, homes around the Bay Area appeared to be one of the two areas nationally that showed the highest rate of recovery, although yearend numbers are still well below their level of 2008.

2010-01-13T19:45:00.000-08:00

Hopeful Signs in the Market

In recent days, there have been more hopeful signs in the market to benefit both buyers and sellers of homes. First, the Fed has stated that it is going to provide more support to both Freddie and Fannie, which should help make mortgages available. Second, although rates have risen slightly in the past two weeks, they are still at historic lows, and there is no time like now to get a 30 year fixed rate loan in the low 5's. Third, home values have again risen for the 4th consecutive month. While still well below a year ago's levels, this movement is encouraging.

While it remains to be seen how long the recovery will take, or whether anything might derail it, it appears that, overall, we are a bit past the bottom. One possible danger to the continuance of the recovery is the shadow inventory of over 7 million foreclosed homes that the banks still have not released into the market. Depending on how, when and in what numbers these come to market could have a major effect on the recovery.

2010-01-06T18:18:00.000-08:00

Things Looking Up--if only a little:

Well, things are continuing to show signs of hope in the housing market. The latest monthly Case-Shiller Housing Report showed value increases in most of the 20 metropolitan areas it covers. The two that rose the most were San Francisco and Phoenix. As these are metropolitan areas, the SF figures include those here in Marin--a positive sign for sure. However, don't go looking for any return to values of late 2005 and 2006 any time soon. There's still a number of hurdles to get over. These include continuing unemployment (though a tiny bit better this month) and the 'shadow' inventory of foreclosed homes that the banks are holding and have yet to market. How, when and in what numbers these hit the market could have a major effect on the market.
However, the combined increases in values, sales and the extended first time buyer credit all point in the right direction.
If you have any questions about the market, buy or sell, give us a call! We'd be happy to help.
Happy New Year!
Peter & Jane

2010-01-05T14:05:00.000-08:00

Important New Home Buying Book:
Today a new book hits the bookstore shelves. It deals with all, and I DO mean all, aspects of buying a home. Called "The Complete Idiot's Guide to Buying A Home", it's published by Penguin's Alpha books. Definitely something you should have as you venture into the home buying market--along with a top Realtor.

2009-12-30T15:10:00.000-08:00

MORE GOOD NEWS FOR BUYERS!
Yesterday (12-29-09) the monthly Case-Shiller report came out. It continues to show a slight improvement in the housing market--both nationally and locally. Discussing housing prices, it noted continuing slight increases in average sale prices in most of the nation. Of particular note for local buyers, the increases were most pronounced in two metropolitan areas: San Francisco and Phoenix. For all of you folks trying to decide whether this is a good time to jump into the Marin housing market, the answer is yes. Given the upward trend in values, coupled with the lowest interest rates in a few years (thirty year fixed below 5%), the opportunity is an excellent one whether you are looking for a home to live in, or just looking at investment property. Even with the upward price move, actual prices are still dramatically below their level of just 1-2 years ago. What more could you want? Low prices and lower interest rates! Give us a call: (415) 380-2133; or email us at: pjrichmond@pacunion.com .

2009-12-23T16:41:00.000-08:00

A QUICK BIT OF ADVICE:

For those of

you thinking of buying real estate, there is NO time like NOW!! I know the economy is still in peril and unemployment is in double digits. BUT, if you are financially secure, and thinking of buying a new home, or some investment property, the facts of the market are strongly in favor of a move as soon as possible!

First, due in large part to the foreclosure situation and the mortgage crisis, housing prices have fallen far from their 2006 peaks. The national median price is now down to $178,000, which means, folks, that not only is THAT price down, but there are a lot of homes in good condition priced below that figure.

Second, mortgage interest rates are way down. Rates for 30 year fixed rate loans are below 5%!

Finally, if you need additional reasons to buy, the so-called "first time Buyer" credit was extended into the spring. You even don't have to be a 1st time buyer in some cases. Check your accountant. Then, start looking, get a loan and buy!! I guarantee that no matter how slow any recovery may turn out to be, prices won't stay this low by the end of 2010.

2009-12-16T14:55:00.000-08:00

A quick note on the so-called "First Time" Buyer's Credit as we head toward the end of this year and the start of a new one: The credit has been extended by Congress until April 30, 2010. Additionally, the maximum income limits for buyers who use the credit have been increased by about $55,000 for married couples to a new level of $225,000.

In addition to this, if you already own a home, you're still able to take advantage of the credit, though for a slightly smaller amount. If you've lived in your home for at least five of the most recent eight years, you can get up to $6500 of the credit for your purchase.

Call your accountant for details--and CALL YOUR REALTOR!! There's no time like the present to move up or in or both!

Happy Holidays,

Peter & Jane

2009-12-10T12:27:00.000-08:00

Down Payment Help:
Many cities in the Bay Area have loan programs to help with down payments for first time moderate income buyers.Included are: Oakland, San Francisco and San Jose. Check with city hall in each case. Separately, there is a program called: Mortgage Credit Certificate, that is run at city and county levels. It converts part of your mortgage interest tax deduction into a direct tax credit through the original lender of the mortgage.Do a web search of your city or county and the words "mortgage credit certificate".

Good luck.

2009-11-18T15:36:00.000-08:00

Here's the latest. While sales are S--L--O--W--L--Y showing increases in both sales and prices, on a month to month basis, they are still way below their peaks of a couple of years ago, and even below one year ago prices. However, an upward direction is something to be encouraged about. Some major builders have just announced a slowdown in their planned numbers of starts, a factor that will key closely to any movement, up or down, in sales of existing homes.

Mortgages are still much more a deliberate process on the part of lenders than they were a few years ago, not a good thing for buyers, but, a positive, the past week the 30 year fixed rate average dropped below five percent again, a number certain to get buyers' attention.

See you next week. If you have any questions, shoot us a line: pjrichmond@pacunion.com .

2009-11-10T13:04:00.000-08:00

A Word to the Wise:

As we continue to move through the tough economy with all of the ongoing news of foreclosures, short sales and loan modifications, a few of things are becoming very clear. It's not going to go away any time soon; you need to be very careful about what terms you agree to if you do a loan mod; and sales appear to be picking up slowly but steadily!

On the first item, there are still many homes that will be foreclosed upon due to a combination of circumstances. Many loans that never should have been made were made and are only now appearing as ogres on the horizon of many owners' lives. What is starting to happen in this regard, is that a sector of the economy up to now largely unscathed by the crisis appears to be falling into it. That is the high end home--those above $1 million. In the past month alone, I have personally witnessed Notices of Sale on at least two homes with over $3 Million owed, both in one of Marin's highest priced communities. This is not a good thing, and for more than the individual owners. If the trend continues, it can affect the market more broadly. If you fit into this category, run-don't walk to your lender and start discussions about loan mods. If he drags his proverbial feet, keep after him until you get into a thorough discussion of what, if anything can be done for you.
Which brings us to the second item mentioned above--mod terms. If you are fortunate enough to be able to obtain a loan modification, be sure the terms are something you can comfortably live with. There is nothing worse than getting a mod and finding out only one or two months into it that you can't afford these terms either. Consult with your accountant and lawyer just to be sure of where you are and where you're likely to end up with the mod.
Third, sales: on an encouraging note, both numbers and prices appear to be continuing their recent slight upswing. We're not talking about increases like we saw in the early few years of the decade, but, largely due to the price reductions absorbed over the last couple of years, and the prices on foreclosed homes that the banks are selling, buyers are out in force and their presence in the market is fueling these encouraging trends.

2009-11-05T18:08:00.000-08:00

2009-11-05T17:59:00.001-08:00

GREAT NEWS! For all of you "first time" home buyers out there, Congress passed and President Obama signed an extension of the $8,000 credit for so-called first time buyers. Actually, you don't have to even be a true first time buyer. If you've previously owned a home, but have not had one in the most recent three years you're eligible to take advantage of the credit. There are additional details for things such as married couples where one has owned more recently than three years but the other hasn't. Check with your accountant or tax advisor to be sure you qualify. Then....BUY!

2009-06-12T22:48:00.001-07:00

Well, it's been awhile and I apologize for that. We've been busy helping people like you with their housing needs in a very challenging market and economy. Here in Marin prices have generally continued to drop, although not nearly as severely as in some other parts of the nation. Numbers of homes sold also went down over the past year, but in the past couple of months, this trend has shown some signs of reversing itself as more buyers have come into the market. Part of this is that buyers, feeling empowered for the first time in several years, have waited for the prices to go down to where the buyers feel like they can really "make a deal". Now that prices have apparently reached those levels in many buyers' minds, sales have started to increase on a month to month basis, albeit at prices not seen in a few years.

We think that the market may be ready for a turnaround in the next quarter or two, but that it will be very gradual. However, with rates at or near historic lows at the same time that prices are down, it seems like a great time to start thinking about buying.

2008-10-03T15:48:00.000-07:00

Well, the bailout has finally passed! Is it perfect? Not really. Will it work and save the economy from any more cataclysmic drops? Too early to tell for sure. The one definite thing about it is: it is doing SOMETHING! Among all of the various things it is set up to accomplish are two thatg will help the housing industry and both homeowners and homebuyers.

First, it will provide funds for the Federal Government to buy up troubled mortgages so that the lenders now holding them can. in effect, provide new lendable cash to the nation's banks to make new loans on a sounder, more intelligent basis than was done over the past five or six years.

Second, it has some increased aid for homeowners facing loss of their homes through foreclosure.

There are various otter items dealt with in the bill, and, contrary to all of the doom-and-gloom folks out there, the sky won't likely be falling as a result of this bill's passage. In fact, in the cases where the government is taking an equity position in mortgages and/or foreclosed properties, it is conceivable that when the individual assets sell, they may sell at a price above what the Feds paid in, thus generating a profit for the taxpayers.

Stay Tuned--it's going to be an interesting ride!