Real Estate Blog - Tracy, Ca

"The Crab Feed Napkin Bill"

2009-10-02T10:50:00.001-07:00

Real estate and crab feeds, two of my favorite things. The Govenator just signed a new law(AB 957) which gives buyers a major advantage when buying a bank owned property. The bill mandates that buyers of bank-owned properties (foreclosed homes) would have the choice of using a local escrow office to handle the transaction. Currently the seller chooses and it was a big problem for transactions for many reasons.

This bill prohibits a seller of residential property from requiring or influencing the buyer to use an escrow service company or purchase title insurance chosen by the seller and would also prohibit a seller of residential property from, without good cause, disapproving the use of a title or escrow company chosen by a buyer.

Future homebuyers take note, this is really good news indeed! We no longer have to go with the bank sellers out of area, over priced, under serviced, no name title company!

I love the nickname of the bill.

The reason why this is called "the crab feed napkin bill" is:

Assemblywoman Galgiani was alerted to the problem by realtors and mortgage industry professionals in the Central Valley. In early January she wrote out the first version of the bill on a napkin while talking with local realtor, Andy Krotik, at the Atwater Chamber of Commerce Annual Crab Feed in her district.

So the hero of the day is local assembly Member Cathleen Galgiani, who trully wrote a bill which will help the people! I am glad she can eat crab and write bills that help people at the same time, that is awsome!

How many offers did this house get???

2009-10-02T10:50:00.000-07:00

2952 Safford Ave might be one of the most popular homes on the market right now in Tracy, Ca. Its in a very nice area and the price is under market value.

Click here to see the MLS data......
(link good for 30 days after post)

Beds 4
Baths(FH) 3 (3 0)
2116 sq.ft Assessor
Lot Sq Ft (approx) 5663
Price/Sq Ft $106.33
Built in 2003

History:
Sold (08/10/2006)Selling Price: 600,000
Sold (05/15/2004)Selling Price: 465,000
Sold (06/30/2003)Selling Price: 439,000

Map:

As of this morning, the bank has not chosen an offer, how many offer do you think they have submitted to the bank ??? its been on the market for about eleven days. (answer below)

A. 10
B. 3
C. 44
D. 21

If you guessed C then you are correct. Each contract will be at least 10 pages long, plus the pre-approval and copys of deposit. All this paperwork for one home and it can only be sold once...... I guess its just to bad they cant sell the home 44 times. What are they waiting for?

<----- asset manager----

What do you think the final price and terms will be? My guess is 300K and cash. only time will tell. Brian Barringer

Wells Fargo's pre-market inventory 9/30/09

2009-09-30T12:02:00.001-07:00

Below is a list of Wells Fargo bank owned homes that are going to be on the market in the near future for Tracy. Homes could be comming on the market 0-60 days from now.

These are homes in pre-marketing stage which means there is a lot of incomplete infomation such as price, size, or pictures. TBD means "to be determined". Below is the addresses and infomation. You can cross refferance zillow.com to get any missing info such as bedrooms or bathroooms.

1476 MONTAUBAN COURT TRACY
TBD TBD TBD N

2168 ASHLEY LANE TRACY
2350 sq.ft, no price yet

721 SAFFRON DRIVE TRACY
2564 sq.ft, no price

1565 GRACE COURT TRACY
2211 sq.ft, no price

2051 BRIDLE CREEK CIRCL TRACY
TBD TBD TBD N

1301 DUNCAN DR TRACY 1210 sq.ft
Single Family TBD

4425 TROPAZ LN TRACY
TBD TBD TBD

All of these homes are going to require a Wells Fargo Pre-approval. If you are interested in one of these let me know and I will get you more info.

Brian Barringer
209.613.8945
brian@tracyhomes.com

3bd/2ba--- nice house for rent in Tracy--$1400/mo

2009-08-18T14:24:00.000-07:00

ADDRESS: 484 Mabel Josephine Dr, Tracy, CA 95377
RENT: $1,400.00 MONTH.
AVAILABLE: NOW.

DESCRIPTION: 3 bedrooms
2 bathrooms
1513 Sq.ft
built in 2002

+Across the street from George Kelly elementary school (k-8) (year round school).
+Open floor plan with 10ft ceilings
+Laminate wood & tile flooring throughout home
+Mirrored closet doors in bedrooms
+Fireplace and built in entertainment nook in living room
+open kitchen with tile counter tops w/ full back splash
+Island in kitchen
+Stainless Steel Stove and dishwasher
+Landscaped backyard with concrete patio.

TERMS: ~MOVE-IN $: SECURITY DEPOSIT IS $1,400 PLUS 1ST MONTH'S RENT ($1,400) = $2,800 MOVE-IN AMOUNT.

~1 YEAR LEASE (no exceptions).

~NO SMOKING IN UNIT.

~TENANT PAYS ALL UTILITIES.

~TENANT IS RESPONSIBLE FOR MAINTENANCE & UPKEEP OF SITE

*** THERE IS NO CONSIDERATION OF HOME BEING SOLD, NOR IS THERE ANY CHANCE OF IT GOING INTO FORECLOSURE OR DEFAULT -

FOR RENTAL APPLICATION and to arrange a viewing please email barringer.public@gmail.com or call 209.613.8945 and ask for Brian.

ADDITIONAL PHOTOS: Master Bathroom with walk in closet.

Entertainment nook.

Kitchen

Kitchen shot #2

Laundry Room

Bedroom #1

Backyard

Two car garage

Bedroom #2

Great room.

Hallway bathroom

Master Bedroom

San Joaquin County was mentioned today on money.cnn.com

2009-08-07T13:51:00.000-07:00

Get your foreclosure now
Source: money.cnn.com

You've heard of speed dating? It's got nothin' on foreclosure buying these days. In many places, anyone who wants to buy a foreclosure better act fast, or they're going to come away with bupkus.REOs, the ...

READ ARTICLE HERE

Tracy's home inventory all price ranges as of July 28

2009-07-28T11:26:00.000-07:00

156 active homes total on the market: 82 of those are short sales. 37 are REO's. 37 of them are regular sales or flip homes.

352 homes under contract:
156 REO's.138 short sales.

142 homes sold in the last 30 days.

Check out my newest tax deduction!

2009-07-15T12:52:00.000-07:00

I am very happy to announce that Sarah and I are having a baby boy in November, our first born!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Andrew W Barringer?

Brian Barringer
912 West 11th Street
Tracy CA 95376
Primary: 209-613-8945 Secondary: 209-833-7777 Other: 800-894-7282
Brian@Tracyhomes.com
http://www.tracyhomes.com/

The California Prevention Act that went into effect on June 16

2009-07-15T12:46:00.000-07:00

California Prevention Act

The California Prevention Act that went into effect June 16th. Filings dropped by nearly 50 percent as soon as the act went into effect. The new law adds 90 days to the existing 3 months between the filing of a notice of default and a notice of trustee sale, but exempts servicers (lenders) who put in place a loan modification program. This law only applies to owner occupied mortgages made between 2003-2007.

Banks with decreasing Default filings for June:

Bank of America -48%

Litton Loan Servicing -41%

Increased filings:

CitiMortgage +69%

Downey Savings +45%.

Complete text of California Foreclosure Prevention Act

Brian Barringer
912 West 11th Street
Tracy CA 95376
Primary: 209-613-8945
Secondary: 209-833-7777
Other: 800-894-7282
Brian@Tracyhomes.com
http://www.tracyhomes.com/

ForclosureRadar.com report is out today

2009-07-15T11:32:00.000-07:00

ForclosureRadar.com report is out today it is a company based in Discovery Bay, that tracks every foreclosure in the California. San Joaquin county sits at number 4 for the rank of forclosures per population. 1 for every 734 people....

ForeclosureRadar.com released its June 2009 CA Foreclosure Report today. While foreclosures were generally trending upward, Notices of Trustee Sale unexpectedly dropped, apparently due to the new California Prevention Act that went into effect June 16th. Despite the majority of major lenders in the state receiving an exemption from the act, filings dropped by nearly 50 percent as soon as the act went into effect. Filings were climbing back toward previous levels by the end of June so we still expect the law to have little long term impact.

From www.centralvalleybusinesstimes.com:

In terms of foreclosure sales per population, counties in the Central Valley lead the state and make up six of the “top ten.”

They are:
• (1st) Merced County, 422 sales in June or one for every 605 residents
• (2nd) Stanislaus County, 748 sales or one per 702 residents
• (3rd) Yuba County, 99 sales or one for every 727 residents
• (4th) San Joaquin County, 934 sales or one for every 734 residents

Brian Barringer
912 West 11th Street
Tracy CA 95376
Primary: 209-613-8945 Secondary: 209-833-7777 Other: 800-894-7282
Brian@Tracyhomes.com
http://www.tracyhomes.com/

July Podcast

2009-07-14T15:13:00.000-07:00

Check out our July pod cast.

http://www.talkrealty.com/billbarringer

Bill Barringer

Tracy Area Market Report 6/1/09 vs. 7/2/09

2009-07-14T15:10:00.000-07:00

The following information is from the local MLS database, as of July 2, 2009 and is compared to (June 1, 2009). If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market.

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 355 (357)

# of REO (foreclosures): 47 (58)

# of Short Sales: 244 (245)

Average # of days on market: 119 (116)

The median price of all homes for sale in Tracy: $241,900 ($280,450)

The average price of all homes for sale in Tracy: $353,817 ($382,315)

Lowest priced home: 1bd/612 sq. ft./$50,000

Highest priced home: 6bd/5,667 sq. ft./$1,350,000

PENDING Status

Number of properties currently under agreement: 359 (371)

# of REO: 189 (222)

# of Short Sales: 127 (116)

Average pending price: $222,201 ($216,774)

Average pending home is 4 bedrooms, 1,980 square feet at a price of $222,201 that stays 47 days on the market.

SOLD Status

Residential property sold over previous 30 days: 168 homes or $36,079,370 in sales (161 homes or $34,488,887 in sales)

REO’s sold in the last month: 123 (129)

Short sales sold in the last month: 30 (20)

Average sale price: $214,758 ($214,217)

Median sale price: $200,000 ($220,000)

High: 735K (6bd/5,030 sq. ft. home)

Low: 55K (2bd/720 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 97 (105)

# of REO (foreclosures): 5 (11)

# of Short Sales: 79 (81)

Average # of days on market: 62 (47)

The median price of all homes for sale in Mountain House: $320,000 ($317,450)

The average price of all homes for sale in Mountain House: $337,136 ($320,171)

Lowest priced home: 2bd/1,262 sq. ft./$196,900

Highest priced home: 5bd/4,082 sq. ft./$549,500

Square Feet
# of homes for sale in Mountain House
Median List Price
Average List Price

PENDING Status

Number of properties currently under agreement: 90 (86)

# of REO: 32 (35)

# of Short Sales: 37 (34)

Average pending price: $303,375 ($304,103)

Average pending home is 4 bedrooms, 2,628 square feet at a price of $303,375 that stays 45 days on the market.

Residential property sold over previous 30 days: 29 homes or $9,262,384 in sales (25 homes or $7,904,200 in sales)

REO’s sold in the last month: 15 (15)

Short sales sold in the last month: 6 (6)

Average sale price: $319,393 ($316,168)

Median sale price: $310,000 ($325,000)

High: $582,381 (5bd/4,290 sq. ft. home)

Low: 162K (2bd/1,282 sq. ft. home)

Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 100 (105)

# of REO (foreclosures): 13 (17)

# of Short Sales: 68 (76)

Average # of days on market: 60 (48)

The median price of all homes for sale in Lathrop: $195,938 ($179,900)

The average price of all homes for sale in Lathrop: $218,163 ($199,967)

Lowest priced home: 2bd/768 sq. ft./$80,000

Highest priced home: 5bd/3,870 sq. ft./$799,900

PENDING Status

Number of properties currently under agreement: 129 (136)

# of REO: 77 (88)

# of Short Sales: 31 (30)

Average pending price: $182,286 ($185,111)

Average pending home is 4 bedrooms, 2,332 square feet at a price of $182,286 that stays 39 days on the market.

SOLD Status

Residential property sold over previous 30 days: 63 homes or $11,506,668 in sales (66 homes or $11,131,088 in sales)

REO’s sold in the last month: 47 (59)

Short sales sold in the last month: 11 (6)

Average sale price: $182,646 ($168,653)

Median sale price: $180,000 ($168,000)

High: 305K (6bd/3,522 sq. ft. home)

Low: 32.5K (2bd/1,040 sq. ft. home)

Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 104 (102)

# of REO (foreclosures): 31 (21)

# of Short Sales: 65 (72)

Average # of days on market: 35 (45)

The median price of all homes for sale in Weston Ranch: $144,200 ($138,950)

The average price of all homes for sale in Weston Ranch: $147,563 ($144,023)

Lowest priced home: 3bd/1,041 sq. ft./$100,000

Highest price home: 6bd/2,905 sq. ft./$249,000

PENDING Status

Number of properties currently under agreement: 119 (147)

# of REO: 78 (105)

# of Short Sales: 29 (72)

Average pending price: $137,009 ($138,622)

Average pending home is 4 bedrooms; 1,973 square feet that stays 32 days on the market.

SOLD Status

Residential property sold over previous 30 days: 77 homes or $10,869,868 in sales (61 homes or $8,607,850 in sales)

Short sales sold in the last month: 10 (4)

Average sale price: $141,167 ($141,112)

Median sale price: $135,000 ($135,000)

High: 218K (5bd/3,376 sq. ft. home)

(220K (6bd/3,000 sq. ft. home))

Low: 98K (3bd/1,214 sq. ft. home)

(85.5K (3bd/1,176 sq. ft. home))

Barringer Team PodCast 6/01/09

2009-05-06T20:00:00.000-07:00

Click on the link above to listen. This is a audio file that is a great reference to our market report.... Listen to the wisdom of my dad(Bill Barringer) speak about our current market activity. :)

Brian Barringer

brian@tracyhomes.com

CENTRAL VALLY REAL ESTATE MARKET TRENDS: May 4, 2009 compared to (April 2, 2009).

2009-05-06T19:57:00.000-07:00

The following information is from the local MLS database, as of May 4, 2009 and is compared to (April 2, 2009). If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market.

Current market conditions are very competitive and fast moving. Our inventory is at approximately 400 homes on the market for sale at the present time. We have an all time high 394 homes pending, meaning they have an accepted ratified contract on them and are going through the escrow and title search process.

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 399 (494)

# of REO (foreclosures): 74 (144)

# of Short Sales: 266 (284)

Average # of days on market: 118 (103)

The median price of all homes for sale in Tracy: $293,000 ($228,155)

The average price of all homes for sale in Tracy: $397,710 ($330,687)

Lowest priced home: 1bd/660 sq. ft./$55,000

Highest priced home: 6bd/7,004 sq. ft./$2,650,000

PENDING Status

Number of properties currently under agreement: 394 (365)

# of REO: 268 (272)

Average pending price: $219,013 ($222,824)

Average pending home is 4 bedrooms, 1,990 square feet at a price of $219,013 that stays 54 days on the market.

SOLD Status

Residential property sold over previous 30 days: 162 homes or $35,210,164 in sales (169 homes or $36,522,500 in sales)

REO's sold in the last month: 122 (142)

Average sale price: $217,347 ($216,109)

Median sale price: $215,000 ($220,000)

High: 585K (6bd, 3,899 sq. ft. home)

Low: 52K (2bd, 800 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 98 (102)

# of REO (foreclosures): 13 (16)

# of Short Sales: 74 (74)

Average # of days on market: 64 (61)

The median price of all homes for sale in Mountain House: $317,400 ($337,400)

The average price of all homes for sale in Mountain House: $321,404 ($321,116)

Lowest priced home: 2bd/1,260 sq. ft./ $184,900

Highest priced home: 5bd/3,706 sq. ft./$477,604

PENDING Status

Number of properties currently under agreement: 80 (70)

# of REO: 40 (40)

Average pending price: $305,481 ($295,465)

Average pending home is 4 bedrooms, 2,614 square feet at a price of $305,481 that stays 36 days on the market.

SOLD Status

Residential property sold over previous 30 days: 26 homes or $7,710,800 in sales (21 homes or $6,427,702 in sales)

REO's sold in the last month: 17 (15)

Average sale price: $296,569 ($306,081)

Median sale price: $275,000 ($315,412)

High: 470K (5bd, 4,051 sq. ft. home)

Low: 200K (3bd, 1,260 sq. ft. home)

Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 117 (149)

# of REO (foreclosures): 29 (61)

# of Short Sales: 78 (79)

Average # of days on market: 77 (72)

The medianprice of all homes for sale in Lathrop: $174,900 ($173,527)

The averageprice of all homes for sale in Lathrop: $197,993 ($195,130)

Lowest priced home: 2bd/1,037 sq. ft./$77,500

Highest priced home: 6bd/4,165 sq. ft/$395,950

PENDING Status

Number of properties currently under agreement: 148 (152)

# of REO: 117 (126)

Average pending price: $177,338 ($185,980)

Average pending home is 4 bedrooms, 2,216 square feet at a price of $177,338 that stays 50 days on the market.

SOLD Status

Residential property sold over previous 30 days: 57 homes or $9,524,177 in sales (63 homes or $11,276,050 in sales)

REO's sold in the last month: 48 (57)

Average sale price: $167,091 ($178,985)

Median sale price: $161,100 ($180,000)

High: 286K (6bd/3,870 sq. ft.home)

Low: 69K (3bd/1,037 sq. ft. home)

Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 121 (153)

# of REO (foreclosures): 34 (48)

# of Short Sales: 80 (95)

Average # of days on market: 53 (81)

The median price of all homes for sale in Weston Ranch: $139,900 ($144,950)

The average price of all homes for sale in Weston Ranch: $144,338 ($154,179)

Lowest priced home: 1bd/1,079 sq. ft./$49,500

Highest priced home: 6bd/43,650 sq. ft./$249,000

PENDING Status

Number of properties currently under agreement: 146 (166)

# of REO: 115 (135)

Average pending price: $140,564 ($136,827)

Average pending home is 4 bedrooms, 2,051 square feet at a price of $140,564 that stays 47 days on the market.

SOLD Status

Residential property sold over previous 30 days: 73 homes or $10,125,476 in sales (57 homes or $7,731,908 in sales)

Average sale price: $138,705 ($135,648)

Median sale price: $135,000 ($130,000)

High: 225K (5bd/3,376 sq. ft. home)

($206,670 (5bd/2,790 sq. ft. home))
Low: 39.9K (3bd/1,085 sq. ft. home)

(85K (3bd/1,234 sq. ft. home))

800.894.7282

Where Home Prices Crashed Early, Signs of a Rebound

2009-05-06T09:04:00.000-07:00

A good article by the NYtimes. I think even the news papers are starting to catch on. The market in Tracy at least for now has appeared to make a turn. The environment has shifted to more of a sellers market. At least in the fact that now sellers are picking who they want to be in contract with from multiple offers. Its pretty normal to see 5-10 offers on a house in Tracy now.

Business / Economy
Where Home Prices Crashed Early, Signs of a Rebound
By DAVID STREITFELD
Published: May 5, 2009
In areas hardest hit by the housing crisis, like Sacramento, and parts of Florida and Nevada, more robust markets suggest the housing sector may be in the early stages of recovery.

What drives the market here, then, are all those foreclosures. Two-thirds of the 2,092 existing single-family houses and condominiums sold here in March were bank repossessions, up from 8.5 percent two years ago, according to MDA DataQuick, a real estate research firm.These cut-rate properties are engendering the same frenzy and frustration that symbolized the boom, as Rebecca and Chris Whitman discovered when they started looking for a house in December. Ms. Whitman’s new job as an athletics director at Sacramento State required an immediate move from Chico, two hours north.In two months the couple looked at 100 houses, nearly all foreclosures priced under $200,000, making verbal offers on 20. Only rarely did they get a response. Banks trying to unload large numbers of properties are less interested in traditional transactions with individuals than all-cash offers from investors.As interest rates fell, the Whitmans were able to increase their price limit. They ended up buying from investors. A syndicate had bought a three-bedroom foreclosure on a cul-de-sac in eastern Sacramento last fall for $172,000, made a few improvements and was flipping it — another boom-era element that is back. The Whitmans bought it three weeks ago for $224,500.

Brian Barringer

brian@tracyhomes.com

800.894.7282

Simple flow chart of a loan

2009-04-05T14:42:00.000-07:00

Starts with the buyer filling out an application..... Brian

Brian Barringer

brian@tracyhomes.com

Signs of life in California real estate

2009-04-05T14:18:00.000-07:00

There's is a lot of activity out on the coast that may indicate a reawakening of the housing market there - and across the country.

By Les Christie, CNNMoney.com staff writer

April 3, 2009: 11:51 AM ET

NEW YORK (CNNMoney.com) -- No state has been harder hit by the housing bust than California.

It has piled up more foreclosures and has endured among the worst home-price declines. The median price of a single-family home sold in February was $247,590, down 41% from 12 months earlier, according to the California Association of Realtors (CAR).

And home construction in the Golden State has nearly vanished: December housing permits shrank to about a quarter of what they were during the boom years, according to the National Association of Homebuilders.

But there are signs that California's housing market may be coming out of this tailspin: Sales volume is increasing, investors are returning and inventory is shrinking.

Low prices have brought out droves of buyers. In February, they purchased more than 600,000 homes, some 80% more than they bought in February 2007, according to CAR. And most of this activity is where prices are off 40% to 60% from their peaks.

In the Sun City area of Riverside County, for example, prices have fallen more than 35% over the past 12 months. Two-thirds of February's sales in the area were of foreclosed properties owned by banks, according to Chuck Whitehead, broker with Coldwell Banker Associated Brokers.

"The sales rebound is largely centered around areas that have experienced the biggest impact from the subprime crisis," said CAR chief economist Leslie Appleton-Young.

In more stable communities, where fewer homes were saddled with toxic mortgages, prices have not crashed as badly and sales are rebounding more slowly. But foreclosures still account for a significant portion of sales, according to Phil Jones, a broker with Coldwell Banker Coastal Alliance in Long Beach.

Most analysts foresee continued price declines in California, according to Nicholas Retsinas, director of Harvard's Joint Center for Housing Studies. "But [there'll be] a slowing of that decline, which portends the end of price drops."

That may already be happening in Long Beach, according to Jones. The measure he uses to judge market trends there, price per square foot, turned up in February, growing 5% to $360.

"Every one of my agents is very busy," Jones said.

Another positive sign that markets don't have much further to fall is that investors are returning to some markets.

"I spoke with one investor who is putting together a group of buyers and they're ready to get back into the market," said Jones. "They're planning to buy single-family homes in bulk."

John Dugan is one such investor. The San Francisco-based medical supplies salesman is using a portion of his Entrust Group-managed IRA to buy townhouses in the Sacramento area.

So far he's purchased three 840-square-foot, two-bedroom, one-bath duplexes. He paid just $35,000 to $80,000 a piece - down from their $180,000 to $200,000 selling prices a few years ago.

He paid cash for the first property and rents it out for $750 a month, a profit of $550 after dues and common charges. That's a 19% return on investment, without figuring on appreciation.

"This kind of pricing is something you only think of as Midwestern, not Californian," he said.

The booming sales have whittled away existing home inventory to just six and a half months - down from 15 months a year ago.

"Typically, I would describe a normal market as having a six to seven month supply of homes," said Appleton-Young. "We have that now."

California's inventory now compares favorably with the rest of the nation, where there's a 9.7 month supply of homes on the market, according to the National Association of Realtors.

One wildcard, however, is that banks have kept many repossessed homes off the market. "Banks are spoon feeding them out very slowly so they don't overload the market," said Whitehead. But, he added, if they release a lot of properties during the heavy spring buying season, they "will be eaten right up by buyers."Could the end be near?

All of those factors add up to a more optimistic forecast for California, which is seen as a harbinger of things to come for the rest of the country.

Appleton-Young said that while home prices should continue to decline for the rest of 2009, she predicts that the pace of decline will slow. In total, she's predicting a total loss of 19% for the year. But, "I think we could see home price stabilization by early next year," she said.

If that happens in California, it could spread to the rest of the hard-hit Sun Belt markets - and beyond.

"California was the pace setter for lots of the mortgage products that went toxic," said Retsinas.

"The sense is if the problems can be addressed there, the rest of the country will follow."

Find this article at: http://money.cnn.com/2009/03/26/real_estate/California_comeback/index.htm

Brian Barringer

brian@tracyhomes.com

800.894.7282

Made by Brian W. Barringer in 2006 for
http://www.tracyhomes.com/ and http://www.blogger.com/www.tracyrealestate.blogspot.com

Leagal Update

2009-02-26T10:39:00.000-08:00

Leagal Update

New California tax credit....
-10K home buyer tax credit if close home after march 1st.
-spread over 3 years .
-200K home=full tax credit, if less 5% of purchase price
-on top of 8k federal tax credit
-100m fund, first come first serve, 10K homes.
-non-refundable(must pay taxes to benifit.)
-dont have to be a first time buyer

For home buyers

The federal and state governments have both created credits for home buyers, but the rules are quite different.

Under the federal plan, if you have not owned a home in the past three years and buy a new or existing home between Jan. 1 and November 30, you could get an $8,000 federal tax credit. This credit is refundable, which means you can get it even if you don't earn enough money to owe taxes. The credit phases out between $75,000 and $95,000 in income for singles and $150,000 and $170,000 for couples.

Under the state plan, if you buy a newly built home in California on or after March 1, 2009 and before March 1, 2010, you will be eligible for a state tax credit equal to 5 percent of the purchase price or $10,000, whichever is less, according to Gina Rodriquez, Spidell Publishing's Sacramento editor. The credit must be spread over three years, and you don't have to be a first-time buyer.

Within one week of the sale, the seller must certify to the California Franchise Tax Board that the home was new and unoccupied. The state has set aside $100 million for this program and will dole it out on a first come, first served basis. There is no income limit on the credit, but it's nonrefundable: You can't benefit from it if you don't pay state taxes.

You'll have to pay back the state credit if you don't live in the home for two years, and repay the federal credit if you move out before three years.

In the weeks ahead, I'll try to explain more details of these plans. If you have questions, drop me an e-mail and I'll answer as many as possible in my column.

Net Worth runs Tuesdays, Thursdays and Sundays. E-mail Kathleen Pender at kpender@sfchronicle.com.

Kathleen Pender

Unique REO: 20 Acre Ranchette (17 acres of 2 year old almonds on drip irrigation).

2009-02-23T10:25:00.000-08:00

Near Patterson California!!!!!!

Priced at $1,200,000 on 12/07/07
Now $449,000

Beds: 4
Baths: 2 (2 0) (FH)
Sq Ft: 3000
Lot Sz: 20.100ac*

Unique central valley foreclosed property. This is a new listing to the MLS which is noteworthy. You might see a REO property with some land but not with a new almond orchard and also a home that is in good condition.

20 Acre Ranchette (17 acres of 2 yr old almonds on drip irrigation). Room to expand. Approx 3000 sq. ft. home (970 sq. feet is a beautifully done garage conversion). 4 Bed/2Ba. Loaded with upgrades: Tile, hardwood, & carpeted floors, granite countertops, & oak cabinets. Large country kitchen w/island.

Its Available feel free to call me to get started!

Brian Barringer
Buyers Agent/Century 21 M&M/Barringer Team
209.613.8945

Location Map

Inside the Meltdown

2009-02-21T19:04:00.000-08:00

http://www.pbs.org/wgbh/pages/frontline/meltdown/
Please watch the video. I found this very educational.

As the housing bubble burst and trillions of dollars' worth of toxic mortgages began to go bad in 2007, fear spread through the massive firms that form the heart of Wall Street. By the spring of 2008, burdened by billions of dollars of bad mortgages, the investment bank Bear Stearns was the subject of rumors that it would soon fail.

"Rumors are such that they can just plain put you out of business," Bear Stearns' former CEO Alan "Ace" Greenberg tells FRONTLINE.

The company's stock had dropped from $171 to $57 a share, and it was hours from declaring bankruptcy. Federal Reserve Chairman Ben Bernanke acted. "It was clear that this had to be contained. There was no doubt in his mind," says Bernanke's colleague, economist Mark Gertler.

Bernanke, a former economics professor from Princeton, specialized in studying the Great Depression. "He more than anybody else appreciated what would happen if it got out of control," Gertler explains.

To stabilize the markets, Bernanke engineered a shotgun marriage between Bear Sterns and the commercial bank JPMorgan, with a promise that the federal government would use $30 billion to cover Bear Stearns' questionable assets tied to toxic mortgages. It was an unprecedented effort to stop the contagion of fear that seemed to be threatening the rest of Wall Street.

While publicly supportive of the deal, Treasury Secretary Henry Paulson, a former Wall Street executive with Goldman Sachs, was uncomfortable with government interference in the markets. That summer, he issued a warning to his former colleagues not to expect future government bailouts, saying he was concerned about a legal concept known as moral hazard.

Within months, however, Paulson would witness the virtual collapse of the giant mortgage companies Fannie Mae and Freddie Mac and preside over their takeover by the federal government.

The episode sent shockwaves through the economy as confidence in Wall Street began to evaporate. Within days, in September 2008, another investment bank, Lehman Brothers, was on the brink of collapse. Once again, there were calls for Bernanke and Paulson to bail out the Wall Street giant. But Paulson was under intense political pressure from conservative Republicans in Washington to invoke moral hazard and let the company fail.

"You had a conservative secretary of the Treasury and conservative administration. There was right-wing criticism over Bear Stearns," says Congressman Barney Frank (D-Mass.), chairman of the House Financial Services Committee.

Paulson pushed Lehman's CEO Dick Fuld to find a buyer for his ailing company. But no company would buy Lehman unless the government offered a deal similar to the one Bear Stearns had received. Paulson refused, and Lehman Brothers declared bankruptcy.

FRONTLINE then chronicles the disaster that followed. Within 24 hours, the stock market crashed, and credit markets around the world froze. "We're no longer talking about mortgages," says economist Gertler. "We're talking about car loans, loans to small businesses, commercial paper borrowing by large banks. This is like a disease spreading."

"I think that the secretary of the Treasury could not fully comprehend what that linkage was and the extent to which this would materialize into problems," says former Lehman board member Henry Kaufman.

Paulson was thunderstruck. "This is the utter nightmare of an economic policy-maker," Nobel Prize-winning economist Paul Krugman tells FRONTLINE. "You may have just made the decision that destroyed the world. Absolutely terrifying moment."

In response, Paulson and Bernanke would propose -- and Congress would eventually pass -- a $700 billion bailout plan. FRONTLINE goes inside the deliberations surrounding the passage of the legislation and examines its unsuccessful implementation.

"Many Americans still don't understand what has happened to the economy," FRONTLINE producer/director Michael Kirk says. "How did it all go so bad so quickly? Who is responsible? How effective has the response from Washington and Wall Street been? Those are the questions at the heart of Inside the Meltdown."

Additional Housing-Related Provisions

2009-02-19T11:38:00.000-08:00

Tax Incentives to Spur Energy Savings and Green Jobs —
This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.

Landmark Energy Savings —
This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.

Expanding Housing Assistance—
This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.

More Help for Homeowners in the Future
Another thing to keep an eye on in the coming weeks is President Obama’s plan to help struggling borrowers before they are faced with a default on their mortgage.

According to reports, the Obama administration is discussing plans to help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments. At this point, details are scarce; however, reports indicate that President Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster.

While this is good news for individual homeowners, it will likely be good for the housing industry as a whole. That’s because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.

The Economic Stimulus Plan is huge, and impacts a number of industries. I’ve highlighted some of the major provisions that may impact you now and in the future.

As always, if you have any questions or would like to discuss how this may specifically impact you, I’d be happy to sit down with you. Just call or email me to set up an appointment.

Tax credit rules update from broker. The American Recovery and Reinvestment Act of 2009

2009-02-19T08:53:00.000-08:00

The 3 changes to the first-time home buyers tax credit program include:

Tax credit has been increased to $8,000.

Homes have to be purchased between January 1, 2009 and December 31, 2009

No repayment/recapture clause for homes sold after 36 months of occupancy and ownership.

1.The Tax Credit is for home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase. Ownership of vacation property or rental property does not disqualify home buyers from this program.

2. The maximum credit is $8,000 or 10% of the home purchase, whichever is less.

3.The credit is available for homes purchased on or after January 1, 2009 and before December 31, 2009.

4.To qualify for the full tax credit, married couples' modified adjusted gross income (MAGI) should be under $150,000 and single filers' MAGI should be less than $75,000. Partial tax credits may be available for married couples with MAGI incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000. If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.

5.Home buyers who qualify for this program, but who do not intend to purchase a home till the end of 2009, may elect to alter their tax withholdings (up to the amount of the of the tax credit) in order to save up money for a down payment. However, if the purchase of the home does not occur, the taxes must be repaid to the IRS.

6.There is no recapture or repayment clause IF the home is owned for at least 36 months.

7.The effective date of purchase for new construction (even if buyer owns title to the lot) is the date the owner first occupies the house. So even if construction began in 2008, as long as the home and buyers qualify for the tax credit, they will be eligible if they take possession any time during 2009. However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.

8.The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.

9.The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes.

First-time buyers get $8000 tax credit in stimulus bill (money in your pocket!)

2009-02-15T14:29:00.000-08:00

The original bill that was passed through the senate was 15K credit. The credit was chopped in half in during negotiations. Unlike a similar credit that Congress provided last year, you don’t have to pay this one back over 15 years.

How the new first-time home buyer tax credit works:

A buyer who has not owned a home in the past three years is a "first-time buyer". To qualify, they must by a principal residence. No second homes or investment properties. The new home can be a new construction or existing home.

The credit is 10% of the value of the home -- up to $8,000.

Unlike the previous credit, it doesn't matter what form of a loan the buyer uses. A buyer can pay cash, seller finance, or use a FHA, VA, conventional or rural development loan. The buyer can participate in a state or local subsidized loan program. Contrary to some press reports, there is no minimum down payment required.

The credit is taken by filing a tax return. The buyer can elect to apply the credit to their 2008 or 2009 tax return. So, a buyer buying right now could close and then file their tax return and take the credit on LAST YEAR'S tax return.

The credit is fully refundable. This is very important. It doesn't matter what the buyer's tax liability is or how much they have paid in taxes. They get the full amount back as a refund limited only by any unpaid taxes. Most buyers will get a U.S. Treasury check back for the full $8,000. Please note: This is NOT a tax deduction where it merely reduces your taxable income.

The credit is limited based on income. A single individual earning up to $75,000 or a couple up to $150,000 gets the full credit. It is phased out in steps above that level of income.

The credit, unlike the previous version, does not need to be repaid. There is one exception. If the home is sold within three years, the credit is recaptured but liability is limited by any gain on the sale.

The new credit applies to sales after January 1, 2009 and through November 30, 2009.

brian@tracyhomes.com

loan regulation change from 4 home loans to 10. (TIme to play Monopoly)

2009-02-11T11:25:00.000-08:00

It looks like Fannie is the first one to pull the trigger and go back to allowing up to 10 financed properties for investors. Note that the reserve requirement will stay at 6 months PITI. This is great news though.
Alex

Fannie Eases Its Investor Loan Rules
American Banker, By Harry Terris
February 10, 2009

Fannie Mae is loosening a restriction to encourage lending to property investors, a group that has been widely blamed for contributing to the housing meltdown but is also seen by many as critical to a recovery.

The government-sponsored enterprise told lenders last week that starting next month it will buy or guarantee home loans made to borrowers that have mortgaged as many as nine other properties. Currently, Fannie will not touch a loan if the borrower has financed more than three other homes.

The change is meant "to bring added liquidity to the investor segment of the market and help hasten the recovery," Fannie said.

However, the GSE, which said it wants to make more loans available to "high-credit quality, bona fide … experienced investors," is tightening other requirements for this type of borrower. Starting in June, an investor will have to hold six months of payments in reserve, rather than two months, to get a
single-family loan approved by Fannie's automated system.

Since they were seized by the government last year, Fannie and Freddie Mac have been directed to put more emphasis on supporting the housing market; like other prospective homebuyers, investors have been dissuaded from making purchases by tightened underwriting standards and forecasts that prices will keep tumbling.

"Investors are often the first sign of a stabilizing market," said Joe Garrett, a principal at Garrett, Watts & Co., a consulting firm in Berkeley, Calif. "One of the things that leads the economy out of a housing crisis is when prices get cheap enough that investors start moving in and buying things. … Then the owner-occupants see that prices have stopped falling — they see how cheap prices have gotten, and they start to jump in."

Fannie also said a desire to expand the range of potential buyers for properties with tenants played a role in the new standards. Last month both GSEs said they would no longer evict tenants living in foreclosed properties and would offer them month-to-month leases instead. Robert Simpson, the founder and president of Investors Mortgage Asset Recovery Co. LLC, an Irvine, Calif., audit and fraud analysis firm, said he was wary of easing restrictions on investor loans.

"The idea that we need to let investors back in" to shore up the housing market amounts to "an artificial bottom," he said. "Let those prices come down to the point where normal people can afford them, and you'll find buyers, but not at these inflated prices."

Basing loans on a reasonable multiple of rent would be a safe way to lend to investors, Mr. Simpson said. Right now such buyers are "catching a falling knife," with prices likely to tumble further. "The government, I think, rightfully has an interest in seeing that people own a home. … But I don't believe the government has any interest in seeing that people are successful real estate investors," he said.

Moody's Economy.com Inc. has projected that prices will decline another 11% from the fourth quarter before stabilizing at the end of this year.

David Zugheri, the co-founder and chief marketing officer of the Houston lender Envoy Mortgage Ltd., said underwriting standards are "very different" today from years past, when a loan on a tenantless property would be granted on the basis of rents in its geographic market.

For refinancings, underwriters today typically look for income from the property "to support itself and then some," he said. They also want to make sure borrowers "can stand on their own feet, even if the property is not bringing in any income at all, if it were vacant."

As a result of such changes and market conditions, Envoy is "seeing less and less investment properties," Mr. Zugheri said. When the private securitization market was operating, there was "no real defined cap" on the number of mortgages for investment homes. "People would come by with 20-plus properties."

Mr. Garrett said that "the biggest problem" in securing loans for investment properties "is the lack of equity."

"A few years ago you could've bought, as an investor, these same properties for 5% down or 10% down. Now it's more like 30% down," and in some cases 40%.

"Prices haven't fallen enough in most places for investors to come in," he said. "In areas where the prices have fallen low enough," and rental income is enough to produce "a break-even or a positive cashflow, underwriters are approving those loans."

During the boom, cash flow often got little attention, under the assumption that properties might be resold within three months, Mr. Garrett said. Now cash flows, debt coverage, leases, and the borrower's experience as a landlord and independent financial strength are scrutinized, he said.

brian@tracyhomes.com

800.894.7282

Update on Senate Bill

2009-02-05T13:55:00.000-08:00

Here is an update on the bill that just passed the senate.....

Provide a direct tax credit to any homebuyer who purchases any home

· Amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less

· Purchases must be made within one year of the legislation’s enactment

· The tax credit would not have to be repaid

· The amendment would allow taxpayers to claim the credit on their 2008 income tax return

· Only purchases of a principal residence

· Recapturing the credit if the home is sold within two years of purchase

· Would sunset the current $7,500 housing tax credit on the date of enactment.

This has passed the Senate, but the entire bill does need to go back to the House, and be signed by the President. There could be many changes before this happens, or not pass at all. But is it a bright piece for us in the Real Estate industry and would help the housing crisis immensely as you can imagine.

Video: Obama: 'Time for Action Is Now'

Bathroom Remodel (Life)

2009-01-30T08:24:00.000-08:00

This is the original bathroom. Its was pink tile with pink wall paper and a shower insert which was made of flimsy material.

Here is the wall behind the shower insert. yuck.

Thats my brother Steven hooking up the plumbing.

Wife testing out new tub. Its a little more deeper then the previous tub.

Brad Looney working on the finish, thanks for all your help man....

ALL NEW EVERYTHING! Even flooring and a door which is not pictured.

Contact me if you would like to have your bathroom remodeled. I could hook up some skilled workers.

Good job hosers!!

Brian Barringer

brian@tracyhomes.com