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15 Year Loans On The Rise

by The Barringer Team

15 year loans are on the rise according th an article I read in the New York Times.  They have jumped from 42,178 in January to 74,497 in Feruary.  They are a great alternative to the 30 year loan if you want to free up your debt faster.

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Some Markets are coming Back

by The Barringer Team

 

Home sales in major markets around the country have shown dramatic gains in the past month. In the Chicago metro area, sales were up 38 percent in Cook County, 65 percent in Lake County and 51 percent in Kendall County.

The Chicago Tribune interviewed Mark Zipperer, an agent for ReMax Edge in the city, and he said: "I am so thankful. It's like after a drought, it's (suddenly) raining." Shoppers are suddenly out looking at houses again -- and they're making offers!

In Florida, statewide sales jumped by 30 percent in March over year-earlier levels, and were up 33 percent over the previous month. Even condo sales were up by 25 percent.

Similar gains were reported in California markets hardest hit by price declines during the past two years. Statewide sales rose 64 percent in March compared with March of 2008. Unsold inventory is now just five months -- that's down from 12 months the previous March.

And here's a possible indicator of things to come: Median house prices may be bottoming out. The California Association of Realtors reports the median price of homes sold was up by 2.2 percent for the past month. Prices are still down by 40 percent or more from the boom year peak in many areas, so even the slightest increase is a surprise event.

Meanwhile consumers across the country say they're feeling better about their economic futures, which is always an important factor for future home purchases. The Conference Board's Consumer Confidence Index hit its highest point for the year this month, with the "expectations index" component up by 65 percent over February.

What's it all add up to? We call it a turnaround getting underway.

ZERO Down F.H.A. coming Back

by The Barringer Team

 

THAT’S RIGHT!!  Recently I have been researching how a buyer could take advantage of the $8000 federal tax credit to use for an FHA down payment and soon it may be a reality.  On Tuesday, Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.

 

Let me add that we are not yet able to implement this at this time however it looks like, with these changes coming soon first time home buyers could use the tax credit to do zero down up to about $225,000 on an FHA loan.

 

If you have any FHA questions please contact me.

 

 

Tracy Area Market Trends 5/4/09 vs. 4/2/09

by The Barringer Team

Local Market Trends

The following information is from the local MLS database, as of May 4, 2009 and is compared to (April 2, 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.

Current market conditions are very competitive and fast moving.  Our inventory is at approximately 400 homes on the market for sale at the present time.  We have an all time high 394 homes pending, meaning they have an accepted ratified contract on them and are going through the escrow and title search process.

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 399 (494)

# of REO (foreclosures): 74 (144)

# of Short Sales: 266 (284)

Average # of days on market: 118 (103)

The median price of all homes for sale in Tracy: $293,000 ($228,155)

The average price of all homes for sale in Tracy: $397,710 ($330,687)

Lowest priced home: 1bd/660 sq. ft./$55,000

Highest priced home: 6bd/7,004 sq. ft./$2,650,000

PENDING Status

Number of properties currently under agreement: 394 (365)

# of REO: 268 (272)

# of Short Sales: 90 (18)

Average pending price: $219,013 ($222,824)

Average pending home is 4 bedrooms, 1,990 square feet at a price of $219,013 that stays 54 days on the market.

SOLD Status

Residential property sold over previous 30 days: 162 homes or $35,210,164 in sales (169 homes or $36,522,500 in sales)

REO's sold in the last month: 122 (142)

Short sales sold in the last month: 27 (20)

Average sale price: $217,347 ($216,109)

Median sale price: $215,000 ($220,000)

High: 585K (6bd, 3,899 sq. ft. home)

Low: 52K (2bd, 800 sq. ft. home)

 

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 98 (102)

# of REO (foreclosures): 13 (16)

# of Short Sales: 74 (74)

Average # of days on market: 64 (61)

The median price of all homes for sale in Mountain House: $317,400 ($337,400)

The average price of all homes for sale in Mountain House: $321,404 ($321,116)

Lowest priced home: 2bd/1,260 sq. ft./$184,900

Highest priced home: 5bd/3,706 sq. ft./$477,604

PENDING Status

Number of properties currently under agreement: 80 (70)

# of REO: 40 (40)

# of Short Sales: 29 (7)

Average pending price: $305,481 ($295,465)

Average pending home is 4 bedrooms, 2,614 square feet at a price of $305,481 that stays 36 days on the market.

 

SOLD Status

Residential property sold over previous 30 days: 26 homes or $7,710,800 in sales (21 homes or $6,427,702 in sales)

REO's sold in the last month: 17 (15)

Short sales sold in the last month: 4 (5)

Average sale price: $296,569 ($306,081)

Median sale price: $275,000 ($315,412)

High: 470K (5bd, 4,051 sq. ft. home)

Low: 200K (2bd, 1,260 sq. ft. home)

 

Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 117 (149)

# of REO (foreclosures): 29 (61)

# of Short Sales: 78 (79)

Average # of days on market: 77 (72)

The median price of all homes for sale in Lathrop: $174,900 ($173,527)

The average price of all homes for sale in Lathrop: $197,993 ($195,130)

Lowest priced home: 3bd/1,105 sq. ft./$77,500

Highest priced home: 6bd/4,165 sq. ft./$395,950

PENDING Status

Number of properties currently under agreement: 148 (152)

# of REO: 117 (126)

# of Short Sales: 31 (7)

Average pending price: $177,338 ($185,980)

Average pending home is 4 bedrooms, 2,216 square feet at a price of $177,338 that stays 50 days on the market.

SOLD Status

Residential property sold over previous 30 days: 57 homes or $9,524,177 in sales (63 homes or $11,276,050 in sales)

REO's sold in the last month: 48 (57)

Short sales sold in the last month: 5 (4)

Average sale price: $167,091 ($178,895)

Median sale price: $161,100 ($180,000)

High: 286K (6bd/3,870 sq. ft. home)

Low: 69K (3bd/1,037 sq. ft. home)

 

Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 121 (153)

# of REO (foreclosures): 34 (48)

# of Short Sales: 80 (95)

Average # of days on market: 53 (81)

The median price of all homes for sale in Weston Ranch: $139,900 ($144,950)

The average price of all homes for sale in Weston Ranch: $144,338 ($154,179)

Lowest priced home: 1bd/1,079 sq. ft./$49,500

Highest priced home: 6bd/43,650 sq. ft./$249,000

PENDING Status

Number of properties currently under agreement: 146 (166)

# of REO: 115 (135)

# of Short Sales: 26 (11)

Average pending price: $140,564 ($136,827)

Average pending home is 4 bedrooms, 2,051 square feet at a price of $140,564 that stays 47 days on the market.

SOLD Status

Residential property sold over previous 30 days: 73 homes or $10,125,476 in sales (57 homes or $7,731,908 in sales)

Short sales sold in the last month: 4 (5)

Average sale price: $138,705 ($135,648)

Median sale price: $135,000 ($130,000)

High: 225K (5bd/3,376 sq. ft. home)

($205,670 (5bd/2,790 sq. ft. home))

Low: 39.9K (3bd/1,085 sq. ft. home)

(85K (3bd/1,234 sq. ft. home))

Below are links to previous Tracy Area Market Reports:

4/2/09 vs. 3/3/09 http://www.tracyrealestateexpert.com/Blog/Tracy-Area-Market-Report-4209-vs-3309

3/3/09 vs. 2/2/09 http://www.tracyrealestateexpert.com/Blog/Tracy-Area-Market-Report-2209-vs-3309

2/2/09 vs 1/2/09 http://www.tracyrealestateexpert.com/Blog/Tracy-Area-Market-Report-2209-vs-1209

1/2/09 vs. 12/1/08 http://tracyrealestateexpert.com/blog_post.asp?post=20478

12/1/08 vs. 11/3/08 http://www.tracyrealestateexpert.com/blog_post.asp?post=19465

11/3/08 vs. 10/1/08 http://www.tracyrealestateexpert.com/blog_post.asp?post=18625

10/1/08 vs. 9/2/08 http://www.tracyrealestateexpert.com/blog_post.asp?post=17634

9/2/08 vs. 8/1/08 http://www.tracyrealestateexpert.com/blog_post.asp?post=16678

8/1/08 vs. 7/9/08 http://www.tracyrealestateexpert.com/blog_post.asp?post=15614

 4/4/08 vs. 3/4/08 http://tracyrealestateexpert.com/blog_post.asp?post=9503

3/14/08 vs. 2/14/08 http://tracyrealestateexpert.com/blog_post.asp?post=8914

3/14/08 vs. 2/14/08 http://tracyrealestateexpert.com/blog_post.asp?post=8913

2/14/08 vs. 1/11/08 http://tracyrealestateexpert.com/blog_post.asp?post=8227 

 

2/14/08 vs. 1/11/08 http://tracyrealestateexpert.com/blog_post.asp?post=8226

10/30/07 http://tracyrealestateexpert.com/blog_post.asp?post=5779

 

Sales are up 3.2 percent for march

by The Barringer Team

 

Sales are up 3.2% for march check out this article. The bottom could be near.

http://finance.yahoo.com/news/Pending-US-home-sales-up-32-apf-15118441.html?sec=topStories&pos=main&asset=&ccode=

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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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