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Mixed messages

Jeff Tung — Fri, 04 Nov 2011 23:46:00 +0000

In the past few weeks the real estate market showed multiple signs of a rebound of some sort. In 20 metropolitan areas prices rose 0.2% in August but were still down 3.8% year over year. This may all change soon. In September, pending sales were down 4.6%. Could this be another beginning of a triple dip? With Freddie Mac requesting for another $6 billion of your tax money and holding about 60,000 REOs from the market, which will take approx. 15 years to sell off, I don’t think our country’s rebound in a lot of areas will happen anytime soon and hope that the triple dip is not too severe.
Some help is on the way. The Federal Housing Financing Agency is trying to help change the market. They are making a few changes to the Home Affordable Refinancing Program to attract more borrowers and stimulate the mortgage industry and helping more homeowners. The National Association of REALTORS are also concerned with the state of our real estate market and has a 5 point plan that could get us out of this triple dip situation and stabilize the market. With any change, it will take a while for the changes to make a difference. Let’s hope that it won’t be too long.

California sales in 2012

Jeff Tung — Mon, 26 Sep 2011 22:39:00 +0000

California home sales are looking at a 1% increase in 2012 and the sales price may also increase 1.7%. Employment , low interest rates and an increase of affordable homes are going to fuel the sales activity and help get the recovery going. “It will take as long as five years for the state’s inventory of foreclosed properties to be absorbed” according to Leslie Appleton-Young, chief economist for the California Association of Realtors.
Related articles

Calif. homesellers pocketing more cash (lansner.ocregister.com)
Housing experts predict another slow year for real estate (fresnobeehive.com)
Will O.C. home prices go up in 2012? (lansner.ocregister.com)
Realtors forecast ‘tepid’ housing market in 2012 (lansner.ocregister.com)
CA. home sales, median prices, tumble again (lansner.ocregister.com)
Calif. home sales jump may not last (lansner.ocregister.com)
Home sales, prices fall in Bay Area (sfgate.com)
Home sales, prices fall in Bay Area (sfgate.com)
California Students Could Succeed Again With School Choice (thegabriellahoffman.com)
Number of short sales on the rise (usatoday.com)

San Francisco healthy?

Jeff Tung — Thu, 22 Sep 2011 22:28:00 +0000

As we are getting into the last quarter of the year, San Francisco and the Bay Area have gone through a lot of changes. They could be good or bad depending on how you look at it. As I have mentioned on another post, what will the city be like in the next 5 years? I believe it should be at a point of recovery. We’ll see.