by Julie Schmit
USA Today
Major real estate investors are buying fewer homes in some hot markets while expanding in others as they race against rising prices to turn more distressed homes into rentals.
Investor interest may be close to peaking in some California markets where prices have risen sharply because higher acquisition prices cut finacial returns, said John Burns, CEO of Burns Real Estate Consulting.
Foreclosures
Home shoppers are now seeing the multiple offers, bidding wars and shrinking supplies of homes for sale as investors swooped in.
Major institutional investors are amassing a $10 billion pool of money to pursue the single-family rental market, JPMorgan Chase estimated in a recent research report.
They're betting that they can get distressed homes on the cheap, fix them up and rent them out, often to families who lost homes to foreclosure, and make money on home price appreciation in a few years.
The companies generally seek three-bedroom, two-bath homes in the $100,000 to $125,000 range that can rent for more than $1,000 a month, analysts say.
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Your Home to South Bay Real Estate
DeVonna Meyer is a real estate agent that enjoys leading a busy and productive lifestyle. She has called the South Bay Area her home for the last 26 years and is an area expert. DeVonna has been a local business owner in Morgan Hill for the last 23 years, and has grown to love its small town environment and country feel.
Your Certified Negotiation Expert, DeVonna Meyer
One of the top designation courses in real estate taught nationally by the Real Estate Negotiation Institute. DeVonna will make sure nothing is left on the table while dealing for her clients.
Real Estate Meets Reality
Located in the Tennant Station Shopping Center just off Tennant Avenue in Morgan Hill, close to Highway 101.
Tuesday, February 26, 2013
Tuesday, January 29, 2013
December Market Statistics
Sales of single-family, re-sale homes ended the year off 0.4% year-over-year in December.
Home inventory continues to be abysmal. It was off 77.2% from last December.
The median price for homes jumped 28.8% year-over-year. The median price has been higher than the year before for the past eleven months. The sales price to list price ratio has been over 100% for the past ten months: 102.6%.
The average price for homes was up 27.2% year-over-year.
Pending home sales were down 29.8% year-over-year, portending a slow start to 2013.
Sales momentum…
for homes rose 0.6 of a point to +4.6.
Pricing momentum…
has been on the up-swing the past ten months. It rose 2.1 points to +11.3.
Condo Statistics…
The median price for condos was up 32.3% year-over-year. That’s ten straight months of double-digit gains.
Sales were off 19.5%, while pending sales fell 36.4%.
Condo inventory was down 85.8% from last December.
BIG MILESTONES FOR THE FORECLOSURE MARKETPLACE
On November 26, 2012, ForeclosureRadar recorded its millionth California
foreclosure sale since we began collecting the data in January 2007.
While the foreclosure process can be painful and unpleasant, this milestone also means a million underwater homeowners have escaped a prison of debt.
In addition, the California real estate market has made real progress towards eliminating some of the trillions of dollars in excess mortgage debt accumulated nationally during the bubble years. Rather than being the problem, foreclosures are part of the solution and have helped the California housing market make steady strides toward recovery.
While the foreclosure process can be painful and unpleasant, this milestone also means a million underwater homeowners have escaped a prison of debt.
In addition, the California real estate market has made real progress towards eliminating some of the trillions of dollars in excess mortgage debt accumulated nationally during the bubble years. Rather than being the problem, foreclosures are part of the solution and have helped the California housing market make steady strides toward recovery.
Tuesday, January 22, 2013
Coldwell Banker’s International President’s Circle
DeVonna Meyer recently earned her designation into Coldwell Banker’s International President’s Circle for her production achievement in 2012.
“She is devoted to her profession and demonstrates a work ethic second to none.”
-John Agresta
Coldwell Banker Office Manager
Senate ‘Cliff’ Bill Retains Mortgage Cancellation Relief
January 1, 2013,
by Robert Freedman
President Barack Obama has signed the agreement into law that tax rates would remain the same for most households and mortgage cancellation relief is extended in a budget package passed by the U.S. Senate to avert the so-called fiscal cliff.
The “American Taxpayer Relief Act of 2012’’ passed on a bipartisan 89-9 vote in the middle of the night and extends current tax rates for all households earning less than $450,000, and $400,000 for individual filers.
For households earning above these limits, tax rates would revert to where they were in 2003, when taxes were reduced across the board. That means taxpayers in the highest bracket would pay taxes on ordinary income at a rate of 39.6 percent, up from 35 percent.
by Robert Freedman
President Barack Obama has signed the agreement into law that tax rates would remain the same for most households and mortgage cancellation relief is extended in a budget package passed by the U.S. Senate to avert the so-called fiscal cliff.
The “American Taxpayer Relief Act of 2012’’ passed on a bipartisan 89-9 vote in the middle of the night and extends current tax rates for all households earning less than $450,000, and $400,000 for individual filers.
For households earning above these limits, tax rates would revert to where they were in 2003, when taxes were reduced across the board. That means taxpayers in the highest bracket would pay taxes on ordinary income at a rate of 39.6 percent, up from 35 percent.
Thursday, January 10, 2013
Santa Clara County Foreclosures
Morgan Hill Housing Data
Median House Value: $673,400
Average Age: 28
Owner-Occupied: 76%
Median Rent: $1,401
Single Family: 76%
2-4 Units: 6%
5+ Units: 8%
Morgan Hill, California foreclosure listings from November, 2011 to November, 2012.
Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process.
Median House Value: $673,400
Average Age: 28
Owner-Occupied: 76%
Median Rent: $1,401
Single Family: 76%
2-4 Units: 6%
5+ Units: 8%
Morgan Hill, California foreclosure listings from November, 2011 to November, 2012.
Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process.
California Foreclosure Inventory Continues to Decline
November 2012 California foreclosure inventory—the total of Preforeclosures, properties in foreclosure that are Scheduled for Sale, and Bank Owned properties (REO)—fell 7.6 percent from the prior month and is down 31.8 percent compared to last year. While the November decline in inventory is not an unusual event, the significant decline in foreclosure inventory over the past year has contributed to what some are calling an “inventory crisis” of total homes for sale.
The November foreclosure inventory shortage is partially due to the jump in California Foreclosure Cancellations. Cancellations were up 4.7 percent from the prior month, up 69.9 percent in the past two months and up 34.7 percent compared to last year. In taking a closer look at the reason for cancellations, it did not appear the majority were due to statutory time frames or filing errors, but were more likely due to short sales or successful loan modifications.
The November foreclosure inventory shortage is partially due to the jump in California Foreclosure Cancellations. Cancellations were up 4.7 percent from the prior month, up 69.9 percent in the past two months and up 34.7 percent compared to last year. In taking a closer look at the reason for cancellations, it did not appear the majority were due to statutory time frames or filing errors, but were more likely due to short sales or successful loan modifications.
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