Real Estate Information

On our Maui trip last year we went to a restaurant called, Sam Sato's.  Since we go to Maui every year we always try and find places where the locals eat.  Our mailman, in Tracy, was born and raised on Maui and told us about Sam Sato's.  So we went; the food was good and the prices were reasonable.  I had a hamburger and some noodles.  Pat had a salad and some noodles.

As we were eating we noticed this couple with a small child eating at a table across from us.  Pat and I looked and commented on how it reminded us of ourselves many, many moons ago.  So as we were leaving I stopped at the cashiers and paid for their meal.  Pat and I walked out and headed for the car.  Then the wife came out of the restaurant running up to us and said, "Thank you so much, that was very nice of you."

We went on to tell her that her family reminded us of ourselves years ago and we just wanted to make her day.  She introduced herself and handed us her business card.  Her name is Pomai and her grandfather owns and operates the Lavender Farm in Up Country on Maui (which happens to be next door to Oprah's house).  Pomai is the director of marketing for her grandfather's farm, which is getting very famous.

Well, when we went to Maui this year we received a personal tour of the farm by Ali'i Chang himself, Pomai's grandfather.  It was extraordinary to hear the history and see all the different lavender plants and products.  They have lavender soap, ice cream, tea, coffee, cakes and etc.  We were treated like V.I.Ps!

It was amazing what buying a family a simple meal brought in return.  If you have the oppurtunity to visit Maui, be sure to go to the Ali'i Kula Lavender Farm, it is so beautiful and full of Aloha!  Check our their website at, http://aliikulalavender.com/.

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Check out this month's podcast.  It's full of all kinds of information for those of you purchasing or even selling your home!

Tracy will play host this wekend to Portuguese-Americans from throughout Northern California for the annual IPFES Holy Ghost festa.

The two-day event is expected to draw close to 5,000 people to two dances, a parade, Mass, and sopas e carne luncheon.

Activities begin at 8:30 p.m. Saturday, when this year's festa queens and side maids will be introduced at the Tracy Ballroom in the IPFES complex at 430 W 9th St., said John Castro, IPFES president.

This year's queen is Sabrina Rocha, daughter of Joe and Betty Rocha of MOdesto.  The little queen is Amelia Pereira, daughter of Enselmo and Diane Pereira of Livermore.

Dancing to the music of "Zodiac" will follow the queen presentation.

Sunday morning, the festa parade begins at 9 a.m., taking participants, including four bands, north on Central Avenue and Holly Drive to St. Bernard's Catholic Church, where a Mass in Portuguese will be said by Msgr. Ivo Rocha, pastor.

After returning to the IPFES grounds by way of Parker Avenue, festa participants will have their traditional meal of sopas- boiled beef and broth topped by bread.  Some 7,000 pounds of beef will be served.  An auction will follow.

The celebration concludes at 8 p.m. Sunday with dancing to the music of Cern du Vida.

As part of the celebration, bloodless bullfights are sceduled Friday, June 11, at the bullring behind the Tracy Ballroom.

The Holy Ghost festa, a Tracy tradition since 1916, retells the story of Portugal's sainted Queen Isabel's 14th century concern for the poor.

Average rates for 30-year-fixed-rate mortgages (FRM) started the month of June up slightly, but were still near record lows in two weekly surveys.

The Freddie Mac weekly survey put the average rate for a 30-year (FRIM) at 4.79% with an average 0.8 origination point for the week ending June 3, up from last weeks average of 4.78%, ending a seven-week-long run of decreased or steady rates.  A year ago, the 30-year FRM averaged 5.29%.

The Bankrate survery of large banks and thrifts put the average rate for a 30-year FRM at 4.95% with a 0345 origination point, up from last week's record-setting low of 4.92%.  A year ago, the 30-year FRM averaged 5.65% in the Bankrate survey.

"The economy grew at a slower rate than originally reported in the first three months of the year, accroding to the Bureau of Economic Analysis, which suggests inflation will remain tame in the near term," said Frank Nothaft, Freddie mac vice president and chief economist.

"As a result, mortgage rates held at historic levels this week.  In fact, rates on 15-year fixed-rate mortgages set another record low for the third week in a row," he added.

Freddie said the 15-year FRM averaged 4.2% with an average 0.7 point, down from last week's average of 4.21% and last year's average of 4.79%.  It's a new average low since Freddie Mac began following the product in 1991.

Bankrate put the average rate for a 15-year FRM averaged 4.36% with a 0.46 point, up from last week's average of 4.34%

Average rates for five-year adjustable-rate mortgages (ARMs) were down this week.  Freddie said the five-year Treasury-indexed hybrid ARM averaged 3.94% with an average 0.7 point this week, down from last week's average of 3.97% and a year ago, when the average was 4.85%.

Bankrate put the average rate for a five-year ARM at 4.21% witha 0.46 point, down from last week's average of 4.26%

Freddie also said the one-year ARM averaged 3.95% with a 0.7 point, the same as one week ago, but lower than one year ago, when the average was 4.81%.

The following information is from the local MLS database, as of June 1, 2010 and is compared to (May 3, 2010).  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: 369 (346)

# of REO (foreclosures): 48 (44)

# of Short Sales: 266 (254)

Average # of days on market: 67 (66)

The median price of all homes for sale in Tracy: $239,900 ($236,450)

The average price of all homes for sale in Tracy: $263,887 ($273,696)

Lowest priced home: 1bd/792 sq. ft. /$54,900

Highest priced home: 7bd/5,159 sq. ft. /$1,299,000

PENDING Status

Number of properties currently under agreement: 302 (327)

# of REO: 67 (84)

# of Short Sales: 170 (167)

Average pending price: $222,225 ($222,632) 

Average pending home is 4 bedrooms, 1,956 square feet at a price of $222,225 that stays 34 days on the market.

SOLD Status

Residential property sold over previous 30 days: 117 homes or $27,084,863 in sales (115 homes or $27,492,008 in sales)

REO’s sold in the last month: 40 (43)

Short sales sold in the last month: 34 (37)

Average sale price: $231,495 ($239,061)

Median sale price: $235,000 ($241,000)

High: 700K (6bd/5,667 sq. ft. home)

Low: 58K (2bd/800 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 102 (104)

# of REO (foreclosures): 7 (5)

# of Short Sales: 81 (84)

Average # of days on market: 30 (33)

The median price of all homes for sale in Mountain House: $308,888 ($345,000)

The average price of all homes for sale in Mountain House: $318,726 ($339,403)

Lowest priced home: 2bd/1,155 sq. ft. /$167,000

Highest priced home: 5bd/3,858 sq. ft. /$445,000

PENDING Status

Number of properties currently under agreement: 101 (100)

# of REO: 20 (22) 

# of Short Sales: 52 (49)

Average pending price: $312,611 ($311,366)

 Average pending home is 4 bedrooms, 2,579 square feet at a price of $312,611 that stays 38 days on the market.

SOLD Status

Residential property sold over previous 30 days: 28 homes or $8,678,050 in sales (27 homes or $8,459,750 in sales)

REO’s sold in the last month: 8 (7)

Short sales sold in the last month: 11 (12)

Average sale price: $309,930 ($313,324)

Median sale price: $317,500 ($325,000)

High: $414,950 (5bd/3,496 sq. ft. home)

Low: $179,900 (2bd/1,262 sq. ft. home)

Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 134 (118)

# of REO (foreclosures): 21 (15)

# of Short Sales: 92 (85)

Average # of days on market: 42 (42)

The median price of all homes for sale in Lathrop: $200,620 ($199,990)

The average price of all homes for sale in Lathrop: $259,562 ($261,497)

Lowest priced home: 2bd/1,120 sq. ft. /$93,531

Highest priced home: 6bd/4,011 sq. ft. /$2,500,000

PENDING Status

Number of properties currently under agreement: 76 (96)

# of REO: 28 (46)

# of Short Sales: 34 (32)

Average pending price: $186,978 ($183,479) 

Average pending home is 4 bedrooms, 2,207 square feet at a price of $186,978 that stays 41 days on the market.

SOLD Status

Residential property sold over previous 30 days: 41 homes or $7,243,950 in sales (39 homes or $7,310,904 in sales)

REO’s sold in the last month: 28 (18)

Short sales sold in the last month: 6 (8)

Average sale price: $176,682 ($187,459)

Median sale price: $187,500 ($175,000)

High: 300K (6bd/3,433 sq. ft. home)

Low: 50K (2bd/728 sq. ft. home)

Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 114 (105)

# of REO (foreclosures): 24 (24)

# of Short Sales: 77 (73)

Average # of days on market: 43 (38)

The median price of all homes for sale in Weston Ranch: $170,500 ($168,950)

The average price of all homes for sale in Weston Ranch: $175,642 ($169,481)

Lowest priced home: 3bd/1,348 sq. ft./$129,900

Highest priced home: 6bd/2,915 sq. ft./$229,000

PENDING Status

Number of properties currently under agreement: 90 (107)

# of REO: 41 (39)

# of Short Sales: 33 (47)

Average pending price: $148,247 ($149,250)

 Average pending home is 4 bedrooms, 1,949 square feet at a price of $148,247 that stays 37 days on the market.

SOLD Status

Residential property sold over previous 30 days: 36 homes or $5,617,300 in sales (49 homes or $7,666,945 in sales)

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

REO’s sold in the last month: 15 (21)

Average sale price: $156,036 ($156,468)

Median sale price: $154,000 ($155,000)

High: 225K (6bd/3,376 sq. ft. home)

(215K (5bd/2,915 sq. ft. home))

Low: 104K (3bd/1,090 sq. ft. home)

(100K (3bd/1,080 sq. ft. home))

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Sellers,

We recently met with the Northern California short sale manager for Wachovia and Wells Fargo.  He came to our office for a personal meeting in regards to short sales.

We learned that if you or someone you know have a World Savings or Wachovia loan on their home the guidelines are a lot easier now to obtain either a loan modification or to complete a short sale. 

Please contact us for more information by email or by phone, sales@tracyhomes.com or (209) 833-7777.

Thanks

Bill

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Open House!

1732 Duncan Dr. Tracy

$165,000

Open House:

Sunday 11 am- 3pm

New Listing!

Features Include:

4 bedrooms
2 bathrooms
1,527 Square Feet of living space
8,276 square foot lot

Call today to set up an appointment to see it
(209) 833-7777

Tags: tracy real estate, tracy homes, tracy california real estate, duncan dr. 
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30-yr fixed mortgage rates dipped last week thanks to gains in mortgage-backed securities prices.  MBS prices, which drive mortgage rates their opposite, were pushed up by investors seeking the safety of bonds. 

The conforming 30-yr fixed rate is at 4.625%, down from 4.75% according to FreeRateUpdate.com research of wholesale lenders' rate sheets.  This rate is available to well-qualified borrwers paying a standard .07 to 1 point origination.  The conforming 15-yr fixed rate is at 4.125%, down from 4.25.

The conforming 5/1 ARM rate is down to 3.5.  FHA mortgage rates have improved as well.  The current FHA 30-yr fixed rate is at 4.5%, an 1/8 lower than the conforming 30-year fixed rate.  Despite having similar ratesand origination fees, FHA loans come with higher costs and APR due to MI, at 2.25% of the amount financed, and other FHA fees.

The current jumbo 30-yr fixed rate, for jumbo loans exceeding the jumbo conforming loan limit, is 5.5%, down from 5.625.  It's speculated the jumbo mortgage market will thaw now that the first private sale of jumbo mortgage securities in over 2 years has taken place (Redwood Trust).

Today's Mortgage Rates- available to well-qualified consumers at a standard .07 to 1 point origination.

• 30-yr fixed rate- 4.625%
• 15-yr fixed rate- 4.250%
• 5/1 ARM rate- 3.500%
• FHA 30-yr fixed rate- 4.500%
• FHA 15-yr fixed rate- 4.500%
• FHA 5/1 ARM rate- 3.500%
• VA 30-yr fixed rate- 4.750%
• Jumbo 30-yr fixed rate- 5.500%
• Jumbo Conforming 30-yr fixed rate- 4.875%

Aloha from Maui,

The highlight of our trip this year, was our day trip to the Island of Molokai and the Kalaupapa Settlement.  This is the place where people affected with Hansen's disease were banished in the late 1800's.  The Kalaupapa peninsula is located at the northern part of the Island of Molokai.  It measures approximately 3 miles at it's base and 3 miles north to south.  It is seperated from the rest of the island by a wall of cliffs 1,500 to 2,000 feet high.  On the remaining boundary by a relentless ocean- the peninsula was made for exile.  The patients were allowed on the Kalawao side only, where it is cold and windswept.  The sun sets behind the tall cliffs at three in the afternoon. 

The reason we wanted to visit the island was because of the work done by Father Damian (now Saint Damian).  When he came in 1873 the patients that lived there had no law, no doctors and no hope.  Father Damian, through his hard work, built houses for the people, built a church, organized the population so that they could care for themselves and petitioned the bishops for funding for food, clothing and building supplies. In 1884 Father Damian himself contracted the disease.  He was now one of his people.  He continued to work for the betterment of his people until his death on April 15, 1889 at the age of 49.  Father Damian was decalred a Saint in October 2009.

The trip to visit the peninsula was not easy to arrange.  The peninsula is now a National Park, but because some of the patients still live there travel in the settlement is restricted to insure their privacy.  Today, residents (former Hansen's disease patients, Hawaii Department of Health and National Park Service employees) are all that are left.  Over 8,000 patients were exiled there in the island's history and over 7,000 are buried there.

You can only visit if you make an arrangement with a charter flight.  The former mule train that traveled from topside down the 1,200 foot cliff's is closed for repairs.  When we landed at the small landing strip, we felt in awe of the peaceful scenery and thought of all the pain and suffering that went on there in this beautiful place.  The road that led to the settlement was lined with cemeteries.  Our tour guide told us that these were the overflow cemeteries.  We toured the town of Kalaupapa where the people live now and then went the short 3 miles to the Kalawao side where Father Damian's church of St. Philomena and his grave are.  This is being restored by the park service beautifully.  We were able to enter the church and pray at Saint Damian's grace.  Just walking the same ground that he did was such a special and awesome feeling.  You can see a slide show of our trip by clicking here.

For more information on Kalaupapa, visit the National Park's website.

For more information on Saint Damian, click here.

Hope you enjoy!

Bill and Pat

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