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New Listing

by The Barringer Team

Take a look at this spectacular listing!  Simply click on the link below.

http://www.tracyrealestateexpert.com/property/904-Sanddollar-Cir-Stockton-California

 

Important Information on Trees

by The Barringer Team

Here is an important message from our home inspector on removal of trees in the Tracy California area.

Bill

Friends...

With all the recent news regarding fallen trees from wind and rain, here is some information for all of you to consider if you or someone you know has a tree fall in their yard.

Last year the insurance industry paid out $4.5 billion in tree related claims.  In response, insurance companies are creating formal tree-removal programs and demanding that only "qualified" professional tree companies perform the removals for their clients.  They do this when someone tries to cut a tree up or remove it from where it fell.  Many times, the person doing the tree removal causes further damage than that caused by the tree falling.  A qualified tree removal service has the appropriate training, equipment, licensing, and insurance to remove fallen trees.

Each state and many local municipalities have licensing requirements for contractors and may impose fines or penalties against the contractor and or property owner for unauthorized work.  Many states require that a certified arborist be on the staff of any company performing tree removal.

Many municipalities also require permits for tree removal...including damaged or dying trees.  Failure to obtain a permit may result in fines to the contractor and or property owner.

Most contractors are not properly insured to perform tree removals to cover the costs of damage that may result from damages that occur as a result of removing a fallen tree.

If you or someone you know has had a tree fall on their property, be sure to think twice before pulling out the chainsaw and hacking it up into future firewood.  It is best to contact your insurance agent first and let them take care of hiring the appropriate professional.  If you are determined to remove the tree yourself or hire someone yourself, please be sure you ask them for proof of insurance and check with the city you live in to see if there is a permit requirement for removing a tree from your yard.  Remember, just because a tree is located on your property doesn't mean you are exempt from obtaining permits for proper removal and replacement.

If a tree is planted in your front yard, it may be a City Owned tree and removal and replacement is not only the resposibility of the city, but a requirement.

Be sure to check before removing any fallen trees so you don't get strapped for fines or legal fees.

 

HUD Takes Actions

by The Barringer Team

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

Measure to help bring stability to home values and accelerate sale of vacant properties

WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.

"As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers," said Donovan. "FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization."

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

"This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said.

In today's market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

  • All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
  • In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
  • The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website.

HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development ad enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

New Listing and NOT a Short Sale

by The Barringer Team

Check out our new listing.  Its a beautiful and perfect for a first time buyer.  AND the biggest plus is that it's NOT A SHORT SALE!! YAY Laughing

http://www.tracyrealestateexpert.com/property/1803-Rochester-St-Tracy-California

Tracy Area Market Report 1/4/10 vs 12/1/09

by The Barringer Team

The following information is from the local MLS database, as of January 4, 2010 and is compared to (December 1, 2009).  If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market.

 

Tracy, CA

 

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 387 (375)

# of REO (foreclosures): 52 (42)

# of Short Sales: 255 (262)

Average # of days on market: 80 (91)

The median price of all homes for sale in Tracy: $250,500 ($279,900)

The average price of all homes for sale in Tracy: $356,954 ($394,949)

Lowest priced home: 1bd/637 sq. ft./$49,500

Highest priced home: 5bd/5,667 sq. ft./$2,650,000

 

 

Square Feet

# of homes for sale in Tracy

Median List Price

Average List Price

1,000 to 1,400

24

$159,950

$364,543

1,500 to 2,000

42

$219,950

$243,294

2,000 to 4,000

48

$329,900

$399,562

 

PENDING Status

Number of properties currently under agreement: 234 (319)

# of REO: 90 (95)

# of Short Sales: 129 (167)

Average pending price: $217,287 ($224,088)

 

Average pending home is 4 bedrooms, 1,973 square feet at a price of $217,287 that stays 40 days on the market.

 

Square Feet

# of homes for pending in Tracy

Median Pending Price

Average Pending Price

1,000 to 1,400

38

$135,975

$139,243

1,500 to 2,000

70

$199,900

$194,668

2,000 to 4,000

105

$270,800

$276,873

 

 SOLD Status

Residential property sold over previous 30 days: 127 homes or $31,140,301 in sales (102 homes or $23,869,404 in sales)

REO’s sold in the last month: 54 (43)

Short sales sold in the last month: 38 (24)

Average sale price: $245,199 ($234,014)

Median sale price: $245,000 ($223,000)

High: 475K (6bd/3,882 sq. ft. home)

Low: 85K (2bd/961 sq. ft. home)

 

Square Feet

# of homes sold in the last month in Tracy

Median Sale Price

Average Sale Price

1,000 to 1,400

19

$171,000

$167,626

1,500 to 2,000

25

$220,000

$210,880

2,000 to 4,000

72

$277,500

$289,875

 

Mountain House, CA

 

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 82 (83)

# of REO (foreclosures): 10 (8)

# of Short Sales: 62 (70)

Average # of days on market: 36 (32)

The median price of all homes for sale in Mountain House: $287,894 ($285,900)

The average price of all homes for sale in Mountain House: $297,567 ($284,430)

Lowest priced home: 2bd/1,262 sq. ft. /$164,900

Highest priced home: 5bd/4,082sq. ft. /$449,900

 

Square Feet

# of homes for sale in Mountain House

Median List Price

Average List Price

1,000 to 1,400

1

$164,900

$164,900

1,500 to 2,000

4

$202,075

$205,988

2,000 to 4,000

13

$314,900

$335,354

 

PENDING Status

Number of properties currently under agreement: 86 (99)

# of REO: 26 (32)
# of Short Sales: 48 (48)

Average pending price: $291,893 ($287,586)

 

Average pending home is 4 bedrooms, 2,562 square feet at a price of $291,893 that stays 47 days on the market.

 

Square Feet

# of homes pending in Mountain House

Median Pending Price

Average Pending Price

1,000 to 1,400

5

$170,000

$174,900

1,500 to 2,000

11

$224,900

$232,459

2,000 to 4,000

65

$310,000

$310,932

 

SOLD Status

Residential property sold over previous 30 days: 29 homes or $8,630,236 in sales (28 homes or $8,754,900 in sales)

REO’s sold in the last month: 13 (12)

Short sales sold in the last month: 4 (7)

Average sale price: $297,594 ($312,675)

Median sale price: $300,000 ($328,000)

High: $441,750 (6bd/3,496 sq. ft. home)

Low: 138K (2bd/1,275 sq. ft. home)

 

Square Feet

# of homes sold in the last month in Mountain House

Median Sale Price

Average Sale Price

1,000 to 1,400

3

$166,000

$184,250

1,500 to 2,000

4

$267,500

$255,000

2,000 to 4,000

19

$317,000

$336,887

 

Lathrop, CA

 

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 90 (93)

# of REO (foreclosures): 16 (13)

# of Short Sales: 67 (69)

Average # of days on market: 64 (24)

The median price of all homes for sale in Lathrop: $199,900 ($203,950)

The average price of all homes for sale in Lathrop: $223,102 ($227,442)

Lowest priced home: 2bd/1,092 sq. ft. /$105,000

Highest priced home: 5bd/4,165 sq. ft. /$699,000

 

Square Feet

# of homes for sale in Lathrop

Median List Price

Average List Price

1,000 to 1,400

6

$141,400

$137,950

1,500 to 2,000

3

$193,500

$197,767

2,000 to 4,000

12

$215,400

$275,879

 

 

PENDING Status

Number of properties currently under agreement: 88 (100)

# of REO: 42 (30)

# of Short Sales: 30 (34)

Average pending price: $185,279 ($176,778)

 

Average pending home is 4 bedrooms, 2,219 square feet at a price of $185,279 that stays 33 days on the market.

  

Square Feet

# of homes pending in Lathrop

Median Pending Price

Average Pending Price

1,000 to 1,400

12

$110,950

$113,148

1,500 to 2,000

20

$150,000

$154,412

2,000 to 4,000

53

$207,900

$217,276

 

SOLD Status

Residential property sold over previous 30 days: 33 homes or $5,888,060 in sales (32 homes or $5,799,250 in sales)

REO’s sold in the last month: 14 (17)

Short sales sold in the last month: 4 (2)

Average sale price: $178,426 ($181,227)

Median sale price: $169,000 ($180,500)

High: 290K (5bd/3,714 sq. ft. home)

Low: 70K (3bd/1,040 sq. ft. home)

 

Square Feet

# of homes sold in the last month in Lathrop

Median Sale Price

Average Sale Price

1,000 to 1,400

4

$120,950

$112,038

1,500 to 2,000

15

$157,000

$153,007

2,000 to 4,000

14

$215,505

$224,629

 

Weston Ranch, CA

 

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 111 (114)

# of REO (foreclosures): 19 (19)

# of Short Sales: 74 (71)

Average # of days on market: 31 (28)

The median price of all homes for sale in Weston Ranch: $175,000 ($189,900)

The average price of all homes for sale in Weston Ranch: $175,662 ($171,610)

Lowest priced home: 3bd/1,090 sq. ft./$104,900

Highest priced home: 6bd/2,905 sq. ft./$235,000

 

Square Feet

# of homes for sale in Weston Ranch

Median List Price

Average List Price

1,000 to 1,400

3

$110,000

$118,267

1,500 to 2,000

10

$151,450

$153,530

2,000 to 4,000

24

$189,900

$192,059

 

PENDING Status

Number of properties currently under agreement: 86 (103)

# of REO: 41 (47)

# of Short Sales: 32 (40)

Average pending price: $147,819 ($148,124)

 

Average pending home is 4 bedrooms, 1,965 square feet at a price of $147,819 that stays 34 days on the market.

 

Square Feet

# of homes pending in Weston Ranch

Median Pending Price

Average Pending Price

1,000 to 1,400

9

$106,900

$108,828

1,500 to 2,000

37

$139,900

$139,930

2,000 to 4,000

35

$170,000

$172,052

  

SOLD Status

Residential property sold over previous 30 days: 44 homes or $6,569,880 in sales (37 homes or $5,511,200 in sales)

Short sales sold in the last month: 9 (11)

REO’s sold in the last month: 26 (21)

Average sale price: $149,315 ($148,951)

Median sale price: $147,500 ($150,000)

High: 238K (6bd/3,153 sq. ft. home)

(210K (5bd/2,915 sq. ft. home))

Low: 82K (2bd/1,070 sq. ft. home)

(97K (3bd/1,070 sq. ft. home))

 

Square Feet

# of homes sold in the last month in Weston Ranch

Median Sale Price

Average Sale Price

1,000 to 1,400

8

$108,000

$108,813

1,500 to 2,000

18

$142,500

$141,217

2,000 to 4,000

15

$183,500

$186,107

 

Treasury Policy Change

by The Barringer Team

The Obama Administration announced a blockbuster policy change over the holidays that didn't get a lot of press attention, but will affect the housing market for years.

The Treasury department said it is now committed to support Fannie Mae and Freddie Mac with as many billions of dollars as is necessary to get them through the next three years.  There'll be no limit whatsoever anymore.

Previously the Treasury had limited its support to $200 billion apiece for the two formerly-private, now government-controlled, mortgage finance giants.

From here on, the Treasury said in its policy announcement, there will be no "uncertainty about the (government's) commitment to support the firms as they continue to play a vital role in the housing market during the current crisis."

Though some critics howled that the Obama administration is writing a blank check, the significance of the move for real estate is potentially huge, for several reasons.

Number one:  Fannie and Freddie provide funding for well over half the U.S. mortgage market-- making home sales and purchases possible for hundreds of thousands of consumers.

Number two:  The fact that two companies have an explicit, full faith and credit backstop from the U.S. Treasury means that Fannie and Freddie can borrow in the capital markets at more favorable rates.  Those lower costs of capital can then be passed along- at least in part- to home loan borrowers in the form of lower interest rates.

Finally, a key reason for the policy change- which also included permissions for the firms to retain larger mortgage-asset portfolios- is to help Fannie and Freddie provide deeper loan modification assistance to greater numbers of seriously troubled borrowers.

Both companies are now expected to reach out and offer loan principal forgiveness to delinquent and underwater home owners- something that the current Obama loan modification program does not permit.

Partly as a result, Obama's "Home Affordable Modification Program," or "HAMP," has been only minimally successful in attracting the participation of borrowers in the deepest trouble- especially those so far behind and underwater that they are walking away from their houses, sending back the keys to their lenders- and ultimately losses to Fannie and Freddie.

If the revised policy helps keep larger numbers of home owners out of foreclosure and out of walkaway mode, the impact on local real estate markets and home values could be significant over the coming couple of years.

Realty Times. Washington Report: Treasury Policy Change. Realty Times. Kenneth R Harney, 4 Jan. 2010. Web. 5 Jan. 2010. http://realtytimes.com/rtpages/20100104_washingtonreport.htm.

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The Barringer Team
Century 21 M&M and Associates
912 W 11th Street
Tracy CA 95376
209-833-7777
800-984-7282
Fax: 209-229-7426
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