Thursday, March 26, 2015
Saturday, February 5, 2011
Monday, January 17, 2011
2010 Archived Files
Members: Don't be alarmed when you log on to your account and don't see your 2010 closings. Just a reminder that all of your closed and canceled files for 2010 will now be to your "My Archive" section of the website. Your active listings and current escrows carrying over to 2011 will remain on your main transaction page.
Please let us know if you have any questions.
Please let us know if you have any questions.
Thursday, January 6, 2011
Tuesday, December 7, 2010
Monday, November 29, 2010
Wednesday, November 24, 2010
ZIPFORMS November 2010 Form Releases
The member review and comment period for the November 2010 forms revisions ended at 12:00 p.m. (noon) on Friday, September 17th, 2010.
Click here for a Quick Summary Guide on the forms to be released in November 2010
Below, you will find the list of forms that are slated for release for November 2010. PLEASE NOTE: this list is subject to change, and we will notify Associations with any changes or additions.
New Form
• Short Sale Information Advisory (SSIA)
Revised Forms
• Buyer Representation Agreement – Exclusive (BRE)
• Counter Offer (CO)
• Lead Based Paint and Lead Based Paint Hazards Disclosure, Acknowledgement and Addendum for Pre-1978 Housing Sales, Leases or Rentals (FLD)
• Homeowner Association Information Request (HOA)
• MHTDS Manufactured Home and Mobilehome Transfer Disclosure Statement (MHTDS)
• New Construction Residential Purchase Agreement and Joint Escrow Instructions (NCPA)
• Residential Listing Agreement- Exclusive (RLA)
• REO Advisory (REO)
• REO Advisory - Listing (REOL)
• Statewide Buyer and Seller Advisory (SBSA)
• Seller Property Questionnaire (SPQ)
• Seller’s Advisory (SA)
• Short Sale Addendum (SSA)
• Real Estate Transfer Disclosure Statement (TDS)
• Water Heater and Smoke Detector Statement of Compliance (WHSD)
Forms will be available from your local AOR and through C.A.R. the week of November 22nd.
zipForm® 6 will be updated the week of November 22nd.
Permission to Reproduce/Sample Forms
Those interested in reproducing the C.A.R. Sample Forms for in-house agent education or for creating a class for profit will need to complete the ‘Permission to Reproduce’ form. Please click here for this form and for details on the permissions to reproduce process.
Important Notes: The November 2010 Forms will not be available until the week of November 22nd when the forms are released. These forms still undergo minor edits/changes up until the print date and for this reason, sample forms are not made available until the form is released. We appreciate your cooperation as this will ensure that you have the latest/proper form to conduct your training.
If you have any further questions, please contact Cecilia Matias at ceciliam@car.org
ZipForm® 6 will be updated the week of November 22nd .
Revised 11/11/10
Click here for a Quick Summary Guide on the forms to be released in November 2010
Below, you will find the list of forms that are slated for release for November 2010. PLEASE NOTE: this list is subject to change, and we will notify Associations with any changes or additions.
New Form
• Short Sale Information Advisory (SSIA)
Revised Forms
• Buyer Representation Agreement – Exclusive (BRE)
• Counter Offer (CO)
• Lead Based Paint and Lead Based Paint Hazards Disclosure, Acknowledgement and Addendum for Pre-1978 Housing Sales, Leases or Rentals (FLD)
• Homeowner Association Information Request (HOA)
• MHTDS Manufactured Home and Mobilehome Transfer Disclosure Statement (MHTDS)
• New Construction Residential Purchase Agreement and Joint Escrow Instructions (NCPA)
• Residential Listing Agreement- Exclusive (RLA)
• REO Advisory (REO)
• REO Advisory - Listing (REOL)
• Statewide Buyer and Seller Advisory (SBSA)
• Seller Property Questionnaire (SPQ)
• Seller’s Advisory (SA)
• Short Sale Addendum (SSA)
• Real Estate Transfer Disclosure Statement (TDS)
• Water Heater and Smoke Detector Statement of Compliance (WHSD)
Forms will be available from your local AOR and through C.A.R. the week of November 22nd.
zipForm® 6 will be updated the week of November 22nd.
Permission to Reproduce/Sample Forms
Those interested in reproducing the C.A.R. Sample Forms for in-house agent education or for creating a class for profit will need to complete the ‘Permission to Reproduce’ form. Please click here for this form and for details on the permissions to reproduce process.
Important Notes: The November 2010 Forms will not be available until the week of November 22nd when the forms are released. These forms still undergo minor edits/changes up until the print date and for this reason, sample forms are not made available until the form is released. We appreciate your cooperation as this will ensure that you have the latest/proper form to conduct your training.
If you have any further questions, please contact Cecilia Matias at ceciliam@car.org
ZipForm® 6 will be updated the week of November 22nd .
Revised 11/11/10
Tuesday, November 9, 2010
NEW: Sign Post Installation Services
We're happy to announce we can now assist you with your sign post installations and removals! Serving Santa Clara County and surrounding area, our posts are 100% beautifully recycled, and no monthly fees!!!
Start placing orders at GoPostUp.com or Trinaddie.com
Start placing orders at GoPostUp.com or Trinaddie.com
Friday, September 24, 2010
Bay Area Home Sales Drop to 1992 Level; Median Price Slips Again
Bay Area Home Sales Drop to 1992 Level; Median Price Slips Again
September 16, 2010
La Jolla, CA.----Bay Area home sales fell less sharply last month than in July but still dropped to an 18-year low as potential buyers fretted about job security or took their time to assess the changing market. The median sale price remained higher than a year earlier but dipped month-to-month again, a real estate information service reported.
A total of 6,698 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 1.1 percent from 6,773 in July and down 10.9 percent from 7,518 in August 2009, according to MDA DataQuick of San Diego.
In August, sales pulled out of the steep descent seen in July, when the market lost most of the boost that had been provided by federal home buyer tax credits. July sales fell 19.1 percent from June and fell 22.8 percent from a year earlier. The now-expired credits spurred many buyers to purchase homes sooner than they otherwise would have, creating a market lull in their wake.
Last month’s sales were the lowest for any August since 1992, when 6,688 homes sold, and were 31.3 percent lower than the average August sales of 9,743 since 1988, when DataQuick’s statistics begin. August sales have ranged from a low of 6,688 in 1992 to a high of 13,940 in 2004.
“Often we’re asked if a report like this is ‘bad news.’ The answer is that it depends on your perspective. Some will find the August sales level disheartening, though at least the declines weren’t as steep as in July. But spectacularly low mortgage rates and today’s lower prices present new opportunities for home shoppers who got discouraged in the past,” said John Walsh, MDA DataQuick president.
“The magnitude of the sales slowdown suggests that, among other things, many would-be buyers are holding off for further price cuts, which would be most likely where an inventory spike meets slackening demand. The trick is to keep one eye on mortgage rates. If they jump, it could erase the benefit of a modest price drop.”
Last month the median paid for all new and resale houses and condos combined in the Bay Area was $385,000, down 4.2 percent from $402,000 in July but up 6.9 percent from $360,000 in August 2009.
Last month was the second in a row to post a month-to-month decline in the median, which so far this year has peaked at $410,000 in May and June. On a year-over-year basis, the Bay Area median has risen for 11 straight months, though before July those increases had been in the double digits – ranging from 10.6 percent to 31.0 percent – since last November.
August’s median stood 42.1 percent below the $665,000 peak in June/July 2007. The post-housing-boom low was $290,000 in March 2009. The median’s peak-to-trough plunge was caused by a decline in home values as well as a huge shift in sales toward lower-cost homes, especially inland foreclosures.
Last month foreclosure resales – homes that had been foreclosed on in the prior 12 months – inched up to 26.7 percent of the Bay Area’s resale market. That was up from 25.3 percent in July but down from 34.3 percent in August 2009. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is about 8 percent.
Government-insured FHA loans, a popular choice among first-time buyers, accounted for 24.2 percent of all home purchase loans in August, up from 23.3 percent in July but down slightly from 24.8 percent in August 2009.
Last month 37.0 percent of all sales were for $500,000 or more, down from 40.6 percent in July but up from 35.9 percent a year ago. The low point for $500,000-plus sales was January 2009, when 22.7 percent of sales crossed that threshold. Over the past decade, a monthly average of 45.2 percent of homes sold for $500,000 or more.
Viewed differently, sales of existing single-family houses in zip codes representing the top one-third of the market, based on historical prices, accounted for 34.5 percent of all sales in August, down from 35.8 percent in July but up from 29.9 percent a year ago. Those higher-end areas’ contribution to regional sales had dropped as low as 18.0 percent in January 2009, while the peak was 44.7 percent in July 2007. The 10-year average contribution is 33.3 percent.
High-end sales continue to be hampered by the credit crunch that struck three years ago, making adjustable-rate mortgages (ARMs) and “jumbo” loans more difficult to obtain.
In August, 9.3 percent of all home purchase loans were ARMs, down from 10.4 percent in July but up from 6.6 percent a year ago. The Bay Area’s average monthly ARM rate over the last decade is nearly 50 percent. ARMs hit a low of 3.0 percent in January 2009.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 33.6 percent of last month’s purchase lending, down from 36.4 percent in July but up from 28.8 percent in August 2009 and a post-housing-boom low of 17.1 percent in January 2009. Before the August 2007 credit crunch, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.
Last month absentee buyers – mostly investors – purchased 17.8 percent of all Bay Area homes sold, paying a median $240,000, which was down from $265,000 in July but up from $237,000 a year ago. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for 25.7 percent of sales in August, paying a median $250,000, which was down from $268,500 in July but up from $233,000 a year ago.
Home flipping had been trending higher over the past year but eased last month. In August, 2.2 percent of the homes that sold on the open market had been bought and re-sold within a six-month period. That was down from a Bay Area flipping rate of 2.6 percent in July but up from 1.6 percent a year earlier. Last month’s flipping rates varied from 1.3 percent in San Francisco to 3.5 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Because of late data availability, sales were estimated in Alameda and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,548, down from $1,641 the previous month, and down from $1,580 a year ago. Adjusted for inflation, last month’s payment was 41.8 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 57.0 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying remains above average, MDA DataQuick reported.
Sales Volume Median Price
All homes Aug-09 Aug-10 %Chng Aug-09 Aug-10 %Chng
Alameda 1538 1351 -12.20% $340,000 $360,000 5.90%
Contra Costa 1,587 1,397 -12.00% $261,500 $278,000 6.30%
Marin 235 205 -12.80% $713,000 $649,000 -9.00%
Napa 120 121 0.80% $350,000 $354,000 1.10%
Santa Clara 1,736 1,556 -10.40% $451,000 $480,250 6.50%
San Francisco 514 451 -12.30% $635,000 $652,500 2.80%
San Mateo 606 591 -2.50% $559,000 $610,000 9.10%
Solano 677 542 -19.90% $200,500 $202,500 1.00%
Sonoma 505 484 -4.20% $315,000 $332,000 5.40%
Bay Area 7,518 6,698 -10.90% $360,000 $385,000 6.90%
September 16, 2010
La Jolla, CA.----Bay Area home sales fell less sharply last month than in July but still dropped to an 18-year low as potential buyers fretted about job security or took their time to assess the changing market. The median sale price remained higher than a year earlier but dipped month-to-month again, a real estate information service reported.
A total of 6,698 new and resale houses and condos closed escrow in the nine-county Bay Area last month, down 1.1 percent from 6,773 in July and down 10.9 percent from 7,518 in August 2009, according to MDA DataQuick of San Diego.
In August, sales pulled out of the steep descent seen in July, when the market lost most of the boost that had been provided by federal home buyer tax credits. July sales fell 19.1 percent from June and fell 22.8 percent from a year earlier. The now-expired credits spurred many buyers to purchase homes sooner than they otherwise would have, creating a market lull in their wake.
Last month’s sales were the lowest for any August since 1992, when 6,688 homes sold, and were 31.3 percent lower than the average August sales of 9,743 since 1988, when DataQuick’s statistics begin. August sales have ranged from a low of 6,688 in 1992 to a high of 13,940 in 2004.
“Often we’re asked if a report like this is ‘bad news.’ The answer is that it depends on your perspective. Some will find the August sales level disheartening, though at least the declines weren’t as steep as in July. But spectacularly low mortgage rates and today’s lower prices present new opportunities for home shoppers who got discouraged in the past,” said John Walsh, MDA DataQuick president.
“The magnitude of the sales slowdown suggests that, among other things, many would-be buyers are holding off for further price cuts, which would be most likely where an inventory spike meets slackening demand. The trick is to keep one eye on mortgage rates. If they jump, it could erase the benefit of a modest price drop.”
Last month the median paid for all new and resale houses and condos combined in the Bay Area was $385,000, down 4.2 percent from $402,000 in July but up 6.9 percent from $360,000 in August 2009.
Last month was the second in a row to post a month-to-month decline in the median, which so far this year has peaked at $410,000 in May and June. On a year-over-year basis, the Bay Area median has risen for 11 straight months, though before July those increases had been in the double digits – ranging from 10.6 percent to 31.0 percent – since last November.
August’s median stood 42.1 percent below the $665,000 peak in June/July 2007. The post-housing-boom low was $290,000 in March 2009. The median’s peak-to-trough plunge was caused by a decline in home values as well as a huge shift in sales toward lower-cost homes, especially inland foreclosures.
Last month foreclosure resales – homes that had been foreclosed on in the prior 12 months – inched up to 26.7 percent of the Bay Area’s resale market. That was up from 25.3 percent in July but down from 34.3 percent in August 2009. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is about 8 percent.
Government-insured FHA loans, a popular choice among first-time buyers, accounted for 24.2 percent of all home purchase loans in August, up from 23.3 percent in July but down slightly from 24.8 percent in August 2009.
Last month 37.0 percent of all sales were for $500,000 or more, down from 40.6 percent in July but up from 35.9 percent a year ago. The low point for $500,000-plus sales was January 2009, when 22.7 percent of sales crossed that threshold. Over the past decade, a monthly average of 45.2 percent of homes sold for $500,000 or more.
Viewed differently, sales of existing single-family houses in zip codes representing the top one-third of the market, based on historical prices, accounted for 34.5 percent of all sales in August, down from 35.8 percent in July but up from 29.9 percent a year ago. Those higher-end areas’ contribution to regional sales had dropped as low as 18.0 percent in January 2009, while the peak was 44.7 percent in July 2007. The 10-year average contribution is 33.3 percent.
High-end sales continue to be hampered by the credit crunch that struck three years ago, making adjustable-rate mortgages (ARMs) and “jumbo” loans more difficult to obtain.
In August, 9.3 percent of all home purchase loans were ARMs, down from 10.4 percent in July but up from 6.6 percent a year ago. The Bay Area’s average monthly ARM rate over the last decade is nearly 50 percent. ARMs hit a low of 3.0 percent in January 2009.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 33.6 percent of last month’s purchase lending, down from 36.4 percent in July but up from 28.8 percent in August 2009 and a post-housing-boom low of 17.1 percent in January 2009. Before the August 2007 credit crunch, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.
Last month absentee buyers – mostly investors – purchased 17.8 percent of all Bay Area homes sold, paying a median $240,000, which was down from $265,000 in July but up from $237,000 a year ago. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for 25.7 percent of sales in August, paying a median $250,000, which was down from $268,500 in July but up from $233,000 a year ago.
Home flipping had been trending higher over the past year but eased last month. In August, 2.2 percent of the homes that sold on the open market had been bought and re-sold within a six-month period. That was down from a Bay Area flipping rate of 2.6 percent in July but up from 1.6 percent a year earlier. Last month’s flipping rates varied from 1.3 percent in San Francisco to 3.5 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Because of late data availability, sales were estimated in Alameda and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,548, down from $1,641 the previous month, and down from $1,580 a year ago. Adjusted for inflation, last month’s payment was 41.8 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 57.0 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying remains above average, MDA DataQuick reported.
Sales Volume Median Price
All homes Aug-09 Aug-10 %Chng Aug-09 Aug-10 %Chng
Alameda 1538 1351 -12.20% $340,000 $360,000 5.90%
Contra Costa 1,587 1,397 -12.00% $261,500 $278,000 6.30%
Marin 235 205 -12.80% $713,000 $649,000 -9.00%
Napa 120 121 0.80% $350,000 $354,000 1.10%
Santa Clara 1,736 1,556 -10.40% $451,000 $480,250 6.50%
San Francisco 514 451 -12.30% $635,000 $652,500 2.80%
San Mateo 606 591 -2.50% $559,000 $610,000 9.10%
Solano 677 542 -19.90% $200,500 $202,500 1.00%
Sonoma 505 484 -4.20% $315,000 $332,000 5.40%
Bay Area 7,518 6,698 -10.90% $360,000 $385,000 6.90%
Tuesday, August 24, 2010
Monday, August 23, 2010
Tuesday, August 3, 2010
Saturday, July 24, 2010
Bay Area June Home Sales Send Mixed Signals
July 15, 2010
La Jolla, CA.----The number of Bay Area homes sold last month inched up from May but fell short of a year ago as the impact of the federal home buyer tax credits began to fade. The median sale price remained 16.5 percent higher than last year, thanks largely to fewer foreclosures re-selling and more high-end activity, a real estate information service reported.
Last month a total of 8,373 homes closed escrows in the nine-county Bay Area, up 1.3 percent from 8,264 in May but down 3.1 percent from 8,644 in June 2009, according to MDA DataQuick of San Diego.
On average, Bay Area sales have risen 3.9 percent between May and June since 1988, when DataQuick’s statistics begin. Last month’s sales were the third-lowest for a June – behind 2008 and 2007 – since June 1995, when 7,780 sold. Last month’s sales were 17.9 percent lower than the average June sales tally – 10,198 – since 1988.
“The next few months should be very interesting: We’re about to see how well the housing market can fly on its own. The tax credits no doubt stole some demand from the rest of this year, and soon we’ll have a better sense of just how much,” said John Walsh, MDA DataQuick President.
“The Bay Area market is getting a boost from super-low mortgage rates and a slightly friendlier lending environment for high-end borrowers,” he added. “But, barring new government stimulus, the housing market will be relying very heavily on improvements in the economy. A lot will depend on how many people find jobs, or stop worrying about losing the one they have.”
Last month the median paid for all new and resale houses and condos combined was $410,000, the same as in May and up 16.5 percent from $352,000 in June 2009.
The median has risen on a year-over-year basis for nine straight months, though in June it was still 38.3 percent below the $665,000 peak in June/July 2007. The post-boom low was $290,000 in March 2009. The median’s peak-to-trough plunge was caused by a decline in home values as well as a huge shift in sales toward lower-cost homes, especially inland foreclosures.
Last month foreclosure resales – homes that had been foreclosed on in the prior 12 months – fell to 26.7 percent of the Bay Area’s resale market. That was the lowest since April 2008 and was down from 26.8 percent in May and 36.7 percent in June 2009. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is 7.9 percent.
Last month 39.2 percent of all Bay Area home sales were over $500,000, down slightly from 40.2 percent in May but up from 34.5 percent last year. Sales over $800,000 rose to 17.2 percent of June sales, up from 15.4 percent in May and 13.9 percent a year ago. Viewed a different way, sales of existing single-family houses in zip codes representing the top one-third of the market, based on their historical prices, accounted for 35.5 percent of all sales in June, about the same as in May but up from 31.3 percent a year ago.
The portion of sales occurring at the bottom of the price ladder also increased last month. Total sales under $300,000 were 34.2 percent of all transactions, up from 31.4 percent in May but down from 39.5 percent a year ago, when low-cost inland foreclosures were more plentiful. Some mid-priced markets slowed last month: Sales between $400,000 and $700,000 were 28.8 percent of all deals, down from 31.6 percent in May but up from 27.2 percent a year earlier.
Sales in higher-cost areas could be stronger if jumbo and adjustable-rate mortgages (ARMs) were easier to obtain.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 33.3 percent of last month’s purchase lending, down from 35.0 percent in May but up from 28.8 percent in June 2009 and a post-housing-boom low of 17.1 percent in January 2009. Before the August 2007 credit crunch, however, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.
In June, 11.9 percent of all home purchase loans were ARMs, down from 13.2 percent in May but up from 4.9 percent a year ago. The average monthly ARM rate over the last decade is nearly 50 percent. ARMs hit a low of 3.0 percent in January 2009.
Last month federally-insured FHA loans continued to fuel much of the first-time buyer activity and some move-up purchases. The low-down-payment loans made up 25.8 percent of Bay Area purchase lending last month, up from 24.4 percent in May and up from 23.9 percent a year ago, and 10.7 percent two years ago.
Last month absentee buyers – mostly investors – purchased 16.3 percent of all Bay Area homes sold, paying a median $255,000, which is up from a median of $209,000 a year ago. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for 21.5 percent of sales in June, paying a median $258,250, which is up from a median $208,250 a year ago.
Home flipping has trended higher over the last year. Last month 2.2 percent of the homes that sold on the open market had been flipped, meaning bought and re-sold within a six-month period. That was up from a Bay Area flipping rate of 2.1 percent in May and up from 1.3 percent a year earlier. Last month’s flipping rates varied from 0.9 percent in San Francisco to 3.3 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Because of late data availability, sales were estimated in Alameda and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,709 last month, down from $1,739 the previous month, and up from $1,585 a year ago. Adjusted for inflation, last month’s payment was 35.9 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 52.6 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying remains above average, MDA DataQuick reported.
Sales Volume Median Price
All homes Jun-09 Jun-10 %Chng Jun-09 Jun-10 %Chng
Alameda 1753 1664 -5.10% $335,000 $400,000 19.40%
Contra Costa 1,817 1,729 -4.80% $250,000 $283,500 13.40%
Marin 271 289 6.60% $710,000 $698,000 -1.70%
Napa 108 143 32.40% $355,000 $367,500 3.50%
Santa Clara 2,090 1,929 -7.70% $445,000 $527,500 18.50%
San Francisco 561 573 2.10% $635,000 $663,500 4.50%
San Mateo 622 696 11.90% $565,500 $600,000 6.10%
Solano 851 763 -10.30% $185,000 $210,000 13.50%
Sonoma 571 587 2.80% $300,000 $322,000 7.30%
Bay Area 8,644 8,373 -3.10% $352,000 $410,000 16.50%
La Jolla, CA.----The number of Bay Area homes sold last month inched up from May but fell short of a year ago as the impact of the federal home buyer tax credits began to fade. The median sale price remained 16.5 percent higher than last year, thanks largely to fewer foreclosures re-selling and more high-end activity, a real estate information service reported.
Last month a total of 8,373 homes closed escrows in the nine-county Bay Area, up 1.3 percent from 8,264 in May but down 3.1 percent from 8,644 in June 2009, according to MDA DataQuick of San Diego.
On average, Bay Area sales have risen 3.9 percent between May and June since 1988, when DataQuick’s statistics begin. Last month’s sales were the third-lowest for a June – behind 2008 and 2007 – since June 1995, when 7,780 sold. Last month’s sales were 17.9 percent lower than the average June sales tally – 10,198 – since 1988.
“The next few months should be very interesting: We’re about to see how well the housing market can fly on its own. The tax credits no doubt stole some demand from the rest of this year, and soon we’ll have a better sense of just how much,” said John Walsh, MDA DataQuick President.
“The Bay Area market is getting a boost from super-low mortgage rates and a slightly friendlier lending environment for high-end borrowers,” he added. “But, barring new government stimulus, the housing market will be relying very heavily on improvements in the economy. A lot will depend on how many people find jobs, or stop worrying about losing the one they have.”
Last month the median paid for all new and resale houses and condos combined was $410,000, the same as in May and up 16.5 percent from $352,000 in June 2009.
The median has risen on a year-over-year basis for nine straight months, though in June it was still 38.3 percent below the $665,000 peak in June/July 2007. The post-boom low was $290,000 in March 2009. The median’s peak-to-trough plunge was caused by a decline in home values as well as a huge shift in sales toward lower-cost homes, especially inland foreclosures.
Last month foreclosure resales – homes that had been foreclosed on in the prior 12 months – fell to 26.7 percent of the Bay Area’s resale market. That was the lowest since April 2008 and was down from 26.8 percent in May and 36.7 percent in June 2009. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is 7.9 percent.
Last month 39.2 percent of all Bay Area home sales were over $500,000, down slightly from 40.2 percent in May but up from 34.5 percent last year. Sales over $800,000 rose to 17.2 percent of June sales, up from 15.4 percent in May and 13.9 percent a year ago. Viewed a different way, sales of existing single-family houses in zip codes representing the top one-third of the market, based on their historical prices, accounted for 35.5 percent of all sales in June, about the same as in May but up from 31.3 percent a year ago.
The portion of sales occurring at the bottom of the price ladder also increased last month. Total sales under $300,000 were 34.2 percent of all transactions, up from 31.4 percent in May but down from 39.5 percent a year ago, when low-cost inland foreclosures were more plentiful. Some mid-priced markets slowed last month: Sales between $400,000 and $700,000 were 28.8 percent of all deals, down from 31.6 percent in May but up from 27.2 percent a year earlier.
Sales in higher-cost areas could be stronger if jumbo and adjustable-rate mortgages (ARMs) were easier to obtain.
Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 33.3 percent of last month’s purchase lending, down from 35.0 percent in May but up from 28.8 percent in June 2009 and a post-housing-boom low of 17.1 percent in January 2009. Before the August 2007 credit crunch, however, jumbos accounted for nearly 60 percent of the Bay Area purchase loan market.
In June, 11.9 percent of all home purchase loans were ARMs, down from 13.2 percent in May but up from 4.9 percent a year ago. The average monthly ARM rate over the last decade is nearly 50 percent. ARMs hit a low of 3.0 percent in January 2009.
Last month federally-insured FHA loans continued to fuel much of the first-time buyer activity and some move-up purchases. The low-down-payment loans made up 25.8 percent of Bay Area purchase lending last month, up from 24.4 percent in May and up from 23.9 percent a year ago, and 10.7 percent two years ago.
Last month absentee buyers – mostly investors – purchased 16.3 percent of all Bay Area homes sold, paying a median $255,000, which is up from a median of $209,000 a year ago. Buyers who appeared to have paid all cash – meaning there was no corresponding purchase loan found in the public record – accounted for 21.5 percent of sales in June, paying a median $258,250, which is up from a median $208,250 a year ago.
Home flipping has trended higher over the last year. Last month 2.2 percent of the homes that sold on the open market had been flipped, meaning bought and re-sold within a six-month period. That was up from a Bay Area flipping rate of 2.1 percent in May and up from 1.3 percent a year earlier. Last month’s flipping rates varied from 0.9 percent in San Francisco to 3.3 percent in Solano County.
San Diego-based MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. Because of late data availability, sales were estimated in Alameda and San Mateo counties.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,709 last month, down from $1,739 the previous month, and up from $1,585 a year ago. Adjusted for inflation, last month’s payment was 35.9 percent below the typical payment in the spring of 1989, the peak of the prior real estate cycle. It was 52.6 percent below the current cycle's peak in July 2007.
Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but below peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying remains above average, MDA DataQuick reported.
Sales Volume Median Price
All homes Jun-09 Jun-10 %Chng Jun-09 Jun-10 %Chng
Alameda 1753 1664 -5.10% $335,000 $400,000 19.40%
Contra Costa 1,817 1,729 -4.80% $250,000 $283,500 13.40%
Marin 271 289 6.60% $710,000 $698,000 -1.70%
Napa 108 143 32.40% $355,000 $367,500 3.50%
Santa Clara 2,090 1,929 -7.70% $445,000 $527,500 18.50%
San Francisco 561 573 2.10% $635,000 $663,500 4.50%
San Mateo 622 696 11.90% $565,500 $600,000 6.10%
Solano 851 763 -10.30% $185,000 $210,000 13.50%
Sonoma 571 587 2.80% $300,000 $322,000 7.30%
Bay Area 8,644 8,373 -3.10% $352,000 $410,000 16.50%
Tuesday, July 6, 2010
Friday, July 2, 2010
Happy Fourth of July!
We will be closed Monday, July 5th in observation of Independence Day. We will be back in business Tuesday, July 6th, 2010.
We wish you all a happy and safe holiday weekend!
We wish you all a happy and safe holiday weekend!
Thursday, July 1, 2010
Home Buyers Get Tax Credit Closing and Flood Insurance Extensions Without Lapse in Coverage; Bills Now Headed for the President
Washington, July 01, 2010
The National Association of Realtors® today commended Congress for timely passage of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both bills, strongly supported by NAR, had cleared the House earlier and were passed by the Senate last night. They now head to the president for his signature.
The tax credit closing deadline and the NFIP reauthorization were extended to September 30. NAR worked closely with congressional leaders on both sides of the aisle to enact these important pieces of legislation. Extending the tax credit closing and flood insurance deadlines will help provide additional stability to real estate markets across the nation, NAR said.
“What a great way to begin celebrating our nation’s most patriotic holiday by opening the door to the American dream of homeownership to thousands of home buyers who would have been shut out of the homes of their dreams through no fault of their own,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz.
“We know that up to 180,000 home buyers eligible for the tax credit are rejoicing this morning. And we all thank both houses of Congress for their work to ensure passage of both bills,” Golder said. She singled out Senate Majority Leader Harry Reid (D-Nev.), Senate Minority Leader Mitch McConnell (R-Ky.), Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.), Senator Johnny Isakson (R-Ga.), House Majority Leader Steny Hoyer (D-Md.), Congresswoman Shelley Berkley (D-Nev.) and Congressman Joe Courtney (D-Conn.) for their efforts to extend the tax credit closing deadline.
The passage of H.R. 5623, the Homebuyer Assistance and Improvement Act, applies the homebuyer tax credit closing deadline extension only to homebuyers who have ratified contracts in place as of April 30, 2010, but could not close before June 30. The legislation is designed to create a seamless extension of the new closing deadline for eligible transactions to September 30. There will be no gap between June 30 and the date the president signs the bill into law.
For more information on the extension, visit www.realtor.org/government_affairs.
Senate passage of the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), reauthorizes extension the NFIP until September 30, allowing currently stalled transactions to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010, to the date of enactment of the extension. Any new policy applications or renewals that were signed and submitted during the lapsed period will be effective from the date of application. In the case of waiting periods, the waiting period will start from the date of application.
“We know that thousands of property owners seeking flood insurance policies will now be able to close transactions. NAR appreciates the extraordinary efforts in both houses of Congress to end the lapse in flood insurance,” Golder said. She singled out Senate Majority Leader Reid, Senate Minority Leader McConnell, Senate Banking Committee Chairman Dodd, Senator David Vitter (R-La.), House Financial Services Committee Chairman Barney Frank (D-Mass.) and Congresswoman Maxine Waters (D-Calif.) for their efforts on NFIP reauthorization.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.
The National Association of Realtors® today commended Congress for timely passage of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both bills, strongly supported by NAR, had cleared the House earlier and were passed by the Senate last night. They now head to the president for his signature.
The tax credit closing deadline and the NFIP reauthorization were extended to September 30. NAR worked closely with congressional leaders on both sides of the aisle to enact these important pieces of legislation. Extending the tax credit closing and flood insurance deadlines will help provide additional stability to real estate markets across the nation, NAR said.
“What a great way to begin celebrating our nation’s most patriotic holiday by opening the door to the American dream of homeownership to thousands of home buyers who would have been shut out of the homes of their dreams through no fault of their own,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz.
“We know that up to 180,000 home buyers eligible for the tax credit are rejoicing this morning. And we all thank both houses of Congress for their work to ensure passage of both bills,” Golder said. She singled out Senate Majority Leader Harry Reid (D-Nev.), Senate Minority Leader Mitch McConnell (R-Ky.), Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.), Senator Johnny Isakson (R-Ga.), House Majority Leader Steny Hoyer (D-Md.), Congresswoman Shelley Berkley (D-Nev.) and Congressman Joe Courtney (D-Conn.) for their efforts to extend the tax credit closing deadline.
The passage of H.R. 5623, the Homebuyer Assistance and Improvement Act, applies the homebuyer tax credit closing deadline extension only to homebuyers who have ratified contracts in place as of April 30, 2010, but could not close before June 30. The legislation is designed to create a seamless extension of the new closing deadline for eligible transactions to September 30. There will be no gap between June 30 and the date the president signs the bill into law.
For more information on the extension, visit www.realtor.org/government_affairs.
Senate passage of the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), reauthorizes extension the NFIP until September 30, allowing currently stalled transactions to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010, to the date of enactment of the extension. Any new policy applications or renewals that were signed and submitted during the lapsed period will be effective from the date of application. In the case of waiting periods, the waiting period will start from the date of application.
“We know that thousands of property owners seeking flood insurance policies will now be able to close transactions. NAR appreciates the extraordinary efforts in both houses of Congress to end the lapse in flood insurance,” Golder said. She singled out Senate Majority Leader Reid, Senate Minority Leader McConnell, Senate Banking Committee Chairman Dodd, Senator David Vitter (R-La.), House Financial Services Committee Chairman Barney Frank (D-Mass.) and Congresswoman Maxine Waters (D-Calif.) for their efforts on NFIP reauthorization.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
# # #
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.
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