Short sales abound

short sale

Working with a couple of buyers in the lower price range, I decided to see how many ACTIVE homes were short sale properties, bank owned (REO) and regular homes in homes listed under $300K.   I decided not to check the condo/townhome group – this group has significantly higher overall numbers of available properties, however, there are more restricted loan products to this group which will affect the ability to sell.

In Santa Clara County, the number of homes less than $300K was very few compared to the number of buyers out there.  There are 78 short sales (“for sale” hopefuls), 21 bank owned properties and 13 regular sales.  So less than 10% are regular sales and 15% are bank owned.  The whopping majority are short sales.  I call them “for sale” hopefuls.  The lender has not yet approved the sales price and the owners hope they will.  While a percentage might close some never will.  I have seen properties in escrow since last summer!  Some of those have closed recently though.  So a buyer in this market might get a decent home at the decent price through the short sale process – You just need patience. 

We will see if things change next month when a proposed program to speed up the short sale process comes into being.  I will be back with you when I see how this is really affecting homes in our area.

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Homebuyer Taxes Credit Extended and Expanded

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Now this is good news.  The tax credit that gave the Silicon Valley steam in the real estate market has just been extended!

There are some great new features for those existing homeowners who have lived in their homes for 5 years – they can now get a $6500 tax credit if they buy another home. 

Get all the facts here

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Blossom Valley is on Fire!

Is that possible?

There are currently 74 active listings in Blossom Valley ranging in price from $350,000-$925,000. The current median list price is $513,000. There are 78 pending sales in the last 30 days. List price range for pending sales is $329,900-$829,000. There were 73 closed sales in October.  Last year at this time there were 234 active listings (down to 1/3 of that figure now)!!  Also pending sales and closed sales are up 50%.

The condo/townhome market has 61 active listings. There are 60 pending sales in the last 30 days and 74 closed in October. Closed sales are up 50% over last year at this time. Last year there were also 179 listings (down to 1/3 of that figure)!!

It is so nice to see this area of the market improving so much!  Find out more statistics at RealtyTimes

Can you refinance your existing mortgage if you are under water?

Borrowers hoping to refinance who do not have at least 20 percent equity in their homes may qualify for the Obama administration’s “Making Home Affordable” program.  Through June 2010, borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac may be able to refinance for up to 105 percent of a home’s value.

Homeowners must be current on their mortgage payments and may qualify with credit scores as low as 620.  Borrowers who do not meet the criteria for the refinance program may be eligible for another Obama administration plan that focuses on loan modifications.  See www.makinghomeaffordable.gov.

Good news for California first-time homebuyers

On Thursday, April 2, 2009 the California Association of Realtors Housing Affordability Fund launched a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations. 

To qualify for the Mortgage Protection Program, applicants must: 
1) Be a first-time home buyer – someone who has not owned a home in the last three years,
2) Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009,
3) Use a California REALTOR® in the tranaction,
4) Be a W-2 employee (cannot be self-employed)

more info