Want to know the latest housing statistics?

Here are the most recent housing statistics. These are across the US. For statistics in your neighborhood or the area you are interested in moving to, please call me.

 

New homes sales down 8.5%

 

11 month supply of inventory. That is the highest since October 1991.

 

Prices down 13.3%

 

New Homes Sales represent 20% of the homes sold in the US.

 

These numbers do not include any cancellations.

 

Source CNBC

 

______________________________________________________

Alyssa Duggan

Real Estate Broker

 

The Duggan Group Corporation

The Duggan Team

Convenience. Experience. Results.

 

4231 Marketplace ste. 344
San Ramon CA 94583

 

650.678.5050 cell

925.806.9126 office

925.406.0925 e-fax

www.DugganTeam.com

 

Option Arm Re-Sets and HELOC Freezes

Do you have a Home Equity Line of Credit? If so, you may have already received a letter freezing your existing line of credit. Last week Citi Home Equity “has taken steps to limit new draw activity upon these loans. These actions limit new draw activity, and do not impact existing balances. Borrowers are expected to pay their current balances per the terms of their loan, and will receive a letter with the details on their specific line if it has been impacted.”

 

For example, if you have a $100,000 line of credit with a $25,000 balance you may receive a letter that reduces your line of credit down to the current balance of $25,000. Therefore, leaving you no more room to pull cash from. We are seeing a lot of this in the Bay Area so don’t be surprised or feel that it has anything to do with you personally. The bank needs to protect itself as home prices continue to decline in some areas.

 

Now on to Option Arm Re-Sets…http://www.hussmanfunds.com/wmc/wmc080414.htm published the graph below, care of Bank of America. We are finishing the 2nd highest re-set month for ARM’s. The month of May will be the next highest re-set month for sub-prime borrows. What does this mean for Sub-prime borrowers? Well, if they have improved their credit they need to go in and talk to a mortgage professional about refinancing into a better loan. We can help; feel free to call us if you want to discuss your options. For the rest of the market, that could mean more foreclosures down the line (Fall/Winter timeframe) as these home owners are unable to pay their higher monthly mortgage payments. The remainder of the year will be interesting. For buyers it’s a great time. With all the instability in the market, prices are unbelievable low in many Bay Area Cities (except San Francisco, areas on the Peninsula, Berkeley and several others. For questions regarding market activity in a specific city, please give me a call).

 

Source: Bank of America

 

 

 

Condo Inventory is diminishing...Great News for the Market!

Check out this great article on current condo trends!

 

http://realestate.yahoo.com/info/news/condo-trends-market-eats-up-inventory;_ylt=AhLnhC0877213aLmaOputsGkF7kF

 

______________________________________________________

Alyssa Duggan

Real Estate Broker

 

Realty World & Cambridge Residential Funding

The Duggan Team

Convenience. Experience. Results.

 

4000 Executive Parkway, STE 290

San Ramon, CA 94583

650.678.5050 cell

925.277.3500 office

925.406.0925 e-fax

www.DugganTeam.com

 

Want to know how Real Estate Prices and Sales are going in your City?

Here is the most recent release from Dataquick on the Bay Area Real Estate prices and sales statistics:

 

All Homes	Number Sold Feb-07	Number Sold Feb-08	Percent Change	Median February 2007	Median February 2008	Percent Change
Alameda	1,356	753	-44.5%	$585,000	$486,500	-16.8%
Contra Costa	1,160	753	-35.1%	$537,000	$450,000	-16.2%
Marin	228	136	-40.4%	$829,000	$775,000	-6.5%
Napa	93	57	-38.7%	$612,500	$525,000	-14.3%
Santa Clara	1,654	984	-40.5%	$677,000	$658,000	-2.8%
San Francisco	375	431	14.9%	$757,500	$736,000	-2.8%
San Mateo	528	343	-35.0%	$720,000	$646,500	-10.2%
Solano	458	278	-39.3%	$445,000	$350,000	-21.3%
Sonoma	453	254	-43.9%	$515,000	$400,000	-22.3%
Bay Area	6,305	3,989	-36.7%	$620,000	$548,000	-11.6%

Source: DataQuick Information Systems, www.DQNews.com

______________________________________________________

Alyssa Duggan

Real Estate Broker

 

Realty World & Cambridge Residential Funding

The Duggan Team

Convenience. Experience. Results.

 

4000 Executive Parkway, STE 290

San Ramon, CA 94583

650.678.5050 cell

925.277.3500 office

925.406.0925 e-fax

www.DugganTeam.com

 

HAVE PRICES HIT BOTTOM IN REAL ESTATE?

Isn’t that the Million dollar question?! We never know that we’ve hit bottom until it starts going back up. All you and I can do is look at the market facts at the time, glean from past experience and then make the most intelligent decision possible.

 

Here’s what we do know…On a national level the Western states have suffered the biggest 12-month decrease in sales and prices of existing homes, according to this week’s Business Week magazine article entitled “The Recession: Hitting Here, Missing There” on page 017.

 

We in the West rank #1---Sales are down 29% and prices are down 13%. 2^nd in line is the Northeast with a -26% in sales and +.04% prices. Ranking 3^rd is the South with a -22% in sales and -9% in prices. Lastly, 4^th place goes to the Midwest, with a -20% in sales and -7% in prices.

 

Here’s what else we know…IT WILL COME BACK! It always does. Our team has been in Real Estate since 1978. The market came back strong after the early 1980’s and 18+% interest rates. It came back again even stronger after the early 1990’s recession. It is after both of these “down turns” that our team experienced a HUGE increase in our business for over 18 months! This was before the media or analysts got wind of the activity. So, that is why it is very important that I keep you informed of what is going on in our local bay area market. For example; the things our team is seeing, hearing and experiencing every day. That way you can make the best decision on when to buy before prices start going up dramatically again.

 

Call me if you have questions or want to chat about what we are seeing daily in the trenches J

 

______________________________________________________

Alyssa Duggan

Real Estate Broker

 

Realty World & Cambridge Residential Funding

The Duggan Team

Convenience. Experience. Results.

 

4000 Executive Parkway, STE 290

San Ramon, CA 94583

650.678.5050 cell

925.277.3500 office

925.406.0925 e-fax

www.DugganTeam.com