17 Jun 08 Bus Tours of Foreclosed Homes

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As more and more homes are reportedly being foreclosed on, there has been an increasing need for banks to deplete their inventories. It appears that several real estate agents have stepped up to the plate and have begun introducing tours of foreclosed homes in their areas. Real estate agents from the east coast to the west coast have adopted some form or another of bus tours that features homes that have foreclosed.

In Massachusetts, DCU Realty charges bus riders for the privilege of viewing homes at bargain prices. The fees range between $20 for members of its affiliated Digital Federal Credit Union, and $25 dollars for nonmembers. Homes are reported as ranging between modest foreclosed homes and more upscale foreclosed homes.

In the Bay Area surrounding the Contra Costa county area of California, foreclosures have been the highest throughout the entire state. This area is also seeing one of the most frequently run tours of foreclosed homes. Foreclosure Finder Tours will bring potential buyers on a tour of foreclosures in Antioch, Byron, Pittsburg, and Brentwood. There is no charge for this service and there are reportedly four tours scheduled every weekend.

While many of these homes are in need of minor repairs, most commonly due to damaged walls and missing fixtures, they are in overall good condition. Most homes will likely end up costing the buyers a considerable amount of money to have the home returned to its original condition, so this is something that buyers should keep in mind when considering buying a foreclosure.

Tags: bank owned, California Real Estate, contra costa county, dcu realty, digital federal credit union, foreclosure, foreclosure finder tours, Homes for Sale, massachusetts real estate, reo

28 May 08 San Francisco Homes Market Update

Home prices in the San Francisco area fell more than five points over the national average, to 20.2 percent during the first quarter of the year. The national average for home prices decreased by 14.1 percent throughout the same time period.

The San Francisco area, defined as San Francisco county, Alameda county, Contra Costa county, Marin county and San Mateo county, only experienced a 3.5 percent decline in home prices between February to March; which is considerably a much more positive indication of the housing trends for home owners in the region.

These latest figures are reported by the S&P / Case-Shiller home-price index, an index that has substantial credibility due to the fact the it measures price changes of the same houses over time; according to Carolyn Said, writer for the San Francisco Chronicle.

“The biggest problems are being felt in outlying regions, while the core of San Francisco is still relatively strong”, stated Said.

Said’s article continues to discuss additional market reports for many other prominent housing markets across the nation, read the article in its entirety by clicking here.

Tags: alameda county, California Real Estate, carolyn said, case shiller, contra costa county, marin county, price index, s&p, san francisco, san francisco chronicle, san francisco county, san mateo county

03 Apr 08 A Changing Market

Real estate experts are suggesting that the housing market around the country is less than two years away from a turnaround. Now I know that everyone has heard this before, but the statistics now show that this may be true. Recently released from the California Association of Realtors, are some facts that I think everyone should know about Orange County real estate buyers and sellers. With the current changes to the lending practices and available jobs continuing to increase, it is believed that the mortgage crisis may be coming to an end or at least beginning to stabilize in Orange County and the rest of the United States real estate market.

• The Federal Reserve has reduced its lending rate six times since September, and did so twice in January by 1.25 percentage points. On March 18 the Fed made another cut of three-quarters of a point.
• With more homes on the market for longer periods of time, buyers have more choices and leverage when choosing a home in today’s market.
• The foreclosure crisis has motivated the government to create more consumer protections against predatory lenders. This led to the drafting of several bills in the works that will make a significant difference in future lending.
• A temporary increase in the conforming loan limit means consumers will be able to borrow money at lower interest rates even for higher priced homes. Prior to the increase, the conforming loan limit was $417,000.

Tags: california association of realtors, California Real Estate, federal reserve, foreclosure, housing market, interest rate cut, Orange County real estate