Bay Area Home Prices? Gains or declines?

Yesterday, the Case-Shiller Index — considered the most objective index of US home prices — reported, as pertaining to April to May prices: “10-city and 20-city composites reported positive returns for the first time since the summer of 2006…the first time we have seen broad increases in home prices in 34 months. This could be an indication that home price declines are finally stabilizing.” For the SF Metro Area (i.e. greater Bay Area, NOT just SF), C-S reported gains of .6% March to April, and 1.4% April to May. Year over year, C-S reported an overall metro area decline of 26.1%.

The full article is attached and online at:

http://www2.standardandpoors.com/spf/pdf/index/CSHomePrice_Release_072820.pdf

Sold! 98 Tower Road, Camp Meeker

A fixer gem of a cabin in Camp Meeker. 5 minutes to Occidental, 15 minutes to the Sonoma Coast. Peaceful lot and a wonderful place to escape to, towering redwood grove, and seasonal creeks. Put in a new floor, and update your fixtures and you will have a charming 1948 cabin. Priced to sell, with campy furniture included.

Sale Price:  $105,000

List Price:  $99,900
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Playtime Events in Wine Country

July 18 — 23rd Annual Healdsburg Harvest Century Bike Tour

Healdsburg Chamber of Commerce & Visitors Bureau sponsors this annual event with 60, 37, and 23 mile options. This tour is limited to 1,000 riders; pre-paid registration only. Lunch will be provided along with rest stops, sag wagon support.

Fee: Call for information.Time: Check in begins at 6:30 a.m. Phone Number: (707) 433.6935
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What’s coming to the market and what’s missing

This week’s list of upcoming listings, pocket listings, price reductions and needs for buyers:

Upcoming listings:
$1,600,000 // Pacific Heights // Sacramento Street BR/BA: 4/3 PKG: 4 Brief Description: This is a great Victorian SFH, that had a 70’s remodel that opened up the floor plan with an incredible yard and great parking.  It hasn’t sold since the 70’s and needs a cosmetic re-do. Trust sale, no court confirmation.
 
$1,325,000 // Healdsburg // Chalk Hill Rd  BR/BA: 3/2.5  PKG: 6   Brief Description: 2+ acres in Alexander Valley, 1 hour from GG Bridge, 10 minutes to hburg plaza, 15 min to St Helena; pool, gardens, decks, patios and outbuildings. World class wines, dining and cycling.

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17th Annual Catalán Festival

17th Annual Catalán Festival

Saturday, July 18 11:00a to 4:00p

Gloria Ferrer Caves & Vineyards, Sonoma, CA

Celebrate the unique spirit of Catalonia and the heritage of the Ferrer family at the 17th Annual Catalán Festival.  Join us as we rejoice in all things Catalan during a festive day of music, dance, Spanish fare and world class bubbly.  Let your senses be enticed by the melodies of classical guitar, rhythms of flamenco dance, aromas of saffron and spice and taste of delightful bubbly.

Learn more here!

Where the SF Market is Trending: Summer Slowdown?

San Francisco home market trends as of June 30, 2009. The market continues to strengthen, though the typical summer slowdown is starting to take place and will probably be reflected in July’s numbers.

Securing a jumbo: No small task

(Received from the California Association of Realtors)

Qualifying for a jumbo loan—those with loan amounts higher than the conventional conforming loan limit of $729,750 in high-cost areas—is more difficult than it was a few years ago.
 
While rates on jumbo mortgage historically have been higher than rates on conforming loans, jumbo loans still are available, but often come with stringent underwriting requirements.  Prior to the credit freeze, borrowers of jumbo mortgages could qualify for loans with a 5 percent down payment, credit scores of 620 and enough money in the bank to cover two months of payments.  Now, borrowers typically must have six months’ reserves, a 700 credit score, and a down payment of at least 20 percent.

Click here for the full New York Times Story.

10 Pricey Cities That Pay Off – SF is #1

The is an excellent US News & World Report article about cost vs. value in real estate: what you get for what you pay in different cities. This article rated San Francisco #1 in its list of top 10 productive/valuable cities:

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Best way to find a home loan

Distributed today by the California Association of Realtors:

During the height of the real estate market, most borrowers who applied for a mortgage received one.  However, in today’s lending environment, consumers should be more cautious about where they apply for a loan and from which Web sites they receive quotes.

Borrowers should be cautious about sites that request a Social Security number and address upfront.  The site may pull the consumer’s credit report, which could have a negative impact on their FICO score should they not apply for the mortgage.
 
It’s also important that consumers ensure that all fees are clearly disclosed on a site’s rate quote.  Otherwise they may be surprised when receiving the paperwork from the lender.
 
Borrowers who are unsure of which type of mortgage is best for them and their situation should contact a mortgage broker.  Those in the market for a jumbo loan or financing an investment property may best be served by working with an experienced broker.

To read the full story, please click here.