Bay Area Jazz Lines

SF East Bay Housing Statisitics & REO Surprise

2008-01-18T16:51:00.000-08:00

It seems that every day now, we see more and more properties for sale that are listed as REO (Bank Owned Foreclosures), and/or Short Sales.

Our team, has always run numbers as a means to better understand our markets. We researched the EBRD multiple listings service, following a conversation that we had last night. We were not surprised as to which cities had a higher percentage of REOs.

However, we did not expect the number for the entire San Francisco East Bay area to be this high, 21%. That means that roughly one in five houses that are for sale, are Bank Owned in the East Bay area. The interesting factor is that this number does not include “Short Sales.”

When lenders allow a home to be sold for less than the amount still owing on the mortgage loan, that’s called a pre-closure “Short Sale!”

I think you can see where this is going once you add “short sales” into the mix as well. The competition for many houses for sale in the market are from banks.

Here’s our spreadsheet tracking cities in the San Francisco East Bay Area for Months Supply and REOs. Months supply is the ratio of inventory to sales. It tells us how many months the stock of homes for sale would last, if sales continued at their current rate.

For those living in other parts of the country, we’d love to hear what’s happening in your market. We’ve already heard from one Las Vegas agent, that 20.8% of their listings are REOs or short sales.

Bay Area Housing Forcast

2007-12-30T09:53:00.000-08:00

What's in store for real estate in the Bay Area for the coming year? Most in the real estate industry agree that it will get worse before it gets better. However, predictions vary among our "experts." What are we in store for in 2008? When will prices begin to recover? Hear what some of them are saying.

"Don't count on market rebounding in '08, experts say." - Marni Leff Kottle of the San Francisco Chronicle.

"A real recovery in the housing market is probably at least a year off," said Robert Kleinhenz, deputy chief economist for the California Association of Realtors.

California Association of Realtors's forecast for 2008; sales volume will continue to fall, 9% in 2008, as will the median price of a home, at 4%. Take a look at the 2008 California Housing Market Forecast presentation by Leslie Appleton-Young, Vice President and Chief Economist for the California Association of REALTORS® (C.A.R.).

"The best guesstimate most can come up with these days on a residential housing recovery is that 2008 will be more than half over before housing prices even stabilize. Right now, it's anybody's guess as to when they will start to grow positively." - Ryan Fuhrmann, an article printed in The Motley Fool.

It may take until the end of 2008 or beginning of 2009 for the market to hit bottom, said Mark Zandi, chief economist at Moody's Economy.com.

"But the one thing that economists and real estate agents seem to agree on is this: As bad as it may get in the Bay Area, the region is weathering the downturn in the real estate market much better than most other places."

"The housing market is fairly strong in the vast majority of the Bay Area," said Ken Rosen, chairman of the Fisher Center for Real Estate at UC Berkeley. "It's slipping a little, but it's not the free fall you have in some parts of the country."

"When you look at the rest of the state and even the rest of the country, the Bay Area has held up quite well," said Larry Klapow, president of Coldwell Banker's San Francisco Bay Area region. "The market has shown incredible resiliency." - "So Long, '07"

"Builder's expect recovery in second half" - Jessica Saunders, East Bay Business Times.

"At least two builders expect to see some recovery in the East Bay housing market in the second half of 2008, but another expert thinks it will be 2009 before demand and supply balance out."

"Once we get through the credit crunch, and buyers realize the world didn't end, they will come back," said Scott Menard, SummerHill Homes' chief operating officer, who predicts the market will continue down through at least the first quarter. "Next year will probably be a bit of an adjustment year."

Which brings us to the question; Will 2008 be a good time to invest in real estate? See what a recent survey showed taken by the East Bay Business Times. 60% say that now is a good time to buy! Read their comments as to why.

Happy Thanksgiving

2007-11-21T08:17:00.000-08:00

Overpricing House May Boomerang on the Seller

2007-11-04T09:32:00.000-08:00

In an era of falling prices, asking too much might mean your house will sell for less.

If you're thinking of putting your house on the market soon, then I think you'll be interested in taking a look at this article by Kathleen Lynn. Read the entire article HERE.

"Realtors often warn sellers about the danger of overpricing a house. Now they have evidence to show skeptical clients: research by Jeffrey Otteau, a New Jersey appraiser."

"He found that in a market where prices are declining, sellers who "test the market" with a high price usually end up with a lower price than those who price realistically."

Otteau, of Otteau Valuation Group, studied about 4,500 home sales that took place in the first half of 2007.

"He looked at houses that sold in less than a month, and found that they had a median asking price of $599,900 and sold for almost full price - a median of $599,000. When he looked at houses that lingered on the market for more than a month, however, he found that they were priced higher - at a median of $634,900 - but actually sold for less, a median of $585,000. The median is the point at which half the sale prices are above and half below.

"With a high price, the house stays on the market as buyers ignore it in favor of lowered-priced competitors. In an environment of falling prices, a house that sells three months from now is going to command a lower price than one that sells today."

"Houses that are priced right are selling," said Otteau. "Overpricing extends days on the market and guarantees that you will sell your home for less in a declining market."

"Otteau said pricing a house a little below the competition not only catches the buyer's interest - it also reassures them that they won't kick themselves later for overpaying if, as expected, home prices drift lower in 2008."

"Agents should aim to underprice the competition."

"You can't just try for a higher price because you really want it," he said. "The way to get a higher price is to create a sense of urgency by setting a lower price."

Technorati Tags: San Francisco Chronical, Bay Area Real Estate, Overpricing, Housing Inventory, Appraisal, House Pricing, Otteau Valuation Group, Real Estate Cycles,

Halloween in California

2007-10-26T09:18:00.000-07:00

Watching for Signs of a Market Turnaround

2007-10-08T10:33:00.000-07:00

"The housing market is soft. Hard times for some can mean opportunity time for others. Could now be a good time to step into the housing marker and pick up a bargain?" Dian Hymer of Inman News asks.

Her conclusion; "There are good buying opportunities in the current market for well-qualified buyers. Just make sure that you pick your bargains carefully." Read her entire article HERE.

Lew Sichelman, United Media Feature, speaks about how most would-be buyers have taken themselves out of the market until prices "hit bottom."

That could be a mistake for those who plan to stay in their new home for quite awhile. "The common wisdom is that if the house of your dreams comes along, go for it. After all, it may not be available six months from now. As long as you remain in the house, any further drop in prices will be offset by rising prices down the road."

If you look at home prices over the past 40 years, there is a very predictable cycle: Home prices increase for several years, are followed by a slight price drop and then stay flat for the next few years. You can see this pattern on a graph. Although they vary somewhat by location, they usually follow the same pattern.

Lew Sichelman states; It's tough to know the precise moment when prices stop falling and start rising once again. It's not even easy to spot a trend reversal. "If it was so easy to find the bottom," Markstein,(a senior economist with the NAHB), said, "we'd all be millionaires."

He goes on to say that "there are telltale signs that smart buyers can look for, evidence that the housing market has finally firmed and is about to rebound."

His key vital signs include;

Existing Home Sales
Building Permits
Mortgage Defaults
Foreclosure Sales
Mortgage Rates

You can read in detail about his five keys to look for HERE.

There are a few sources that can help your with you research. Your knowledgible realtor of course. DataQuick has some of the most up to date news and statisitics on housing markets. CAR, California Association of Realtors, is another good resource. Inman News always has good articles on Real Estate. On a national basis, you can visit NAR, the National Association of Realtors.

Technorati Tags: Inman News, Bay Area Real Estate, Interest Rate, Housing Markets, NAR, CAR, DataQuick, Real Estate Cycles,

Despite Crunch, Mortgage Money is Still Available

2007-09-30T08:45:00.000-07:00

"The term mortgage meltdown has become so common -- on television, in headlines and even casual conversations -- that you might assume that this is a tough time to get a mortgage."

"But the reality is different: Mortgage money is plentiful, most mortgage products remain unaffected by troubles in the subprime segment, and interest rates for 30-year fixed-rate loans remain in the low 6 percent range for people with reasonably good credit. Even interest rates on loans of more than $417,000 have fallen after spiking during the summer." - Kenneth Harney, Nation's Housing

The main change during the past several months, said Ted Grose, president of 1st Mortgage Advisors in Los Angeles, is that "the products that allowed people to buy houses they couldn't afford have disappeared."

"Larger mortgages, which always have carried higher rates than loans eligible for purchase by Fannie Mae and Freddie Mac, have recently been in the low 7 percent range, down from the 8 percent and higher levels of a couple of months ago."

"Nonetheless, say lenders and brokers, there is a widespread and persistant belief by consumers that the entire mortgage market is in crisis."

"Other than subprime and high LTV (loan-to-value) stated-income" programs, Jim Brown, chief executive officer of Veteran Mortgage said, "we've got pretty much everything now that we did before. We've got a lot of outlets."

"Most lenders and investors are quick to note that while mortgage money is plentiful, underwriting standards are stricter than they were a year ago."

"Similarly, FICO score standards generally are higher than a year ago, stated-income mortgages with no verifications are hard to find, and major investors are on the prowl for anything hinting at fraud."

"Lenders are especially wary of excessive "layering of risk" - combining low down payments with marginal FICO scores and high-to-income ratios - in markets where prices are falling."

"A major legislative development under way on Capitol Hill could expand consumers' range of good mortgage choices even further."

Read the entire Article HERE.

Technorati Tags: San Francisco Chronical, Bay Area Real Estate, Interest Rate, Jumbo Loans, Mortgage Lenders, Subprime Loans, Mortgage Crunch, FICO Scores, Real Estate Cycles,

The Old End Around

2007-09-29T09:12:00.000-07:00

Money's tight these days, so for the first time in many tears, seller financing is making a comeback. To get deals done, people are turning their backs and doing "the old end around." - Marni Leff Kottle, San Francisco Chronicle.

"Seller financing is simple in theory: The buyer and seller settle on a price and then the seller agrees to extend some amount of credit back to the buyer. The loan is secured by the property. Typically, the seller provides financing in the form of a second mortgage after a buyer has obtained a first mortgage from a bank."

"Sellers are still able to push their price points, and buyers are getting interest rates that are lower than the retail market." Heidi Rickerd-Rizzo, Branch Manager for Pacific Union-GMAC in St Helena.

Read the entire article HERE.

Doing the deal
If you're thinking of using or offering seller financing, here are some tips from real estate experts for buyers and sellers:

Buyers
-- Agree on a price with the seller and secure a first mortgage, if applicable.

-- Your agent can serve as the arranger of credit.

-- Terms are typically outlined in a standard three-page form provided by the California Association of Realtors, so you can often complete such a transaction without a lawyer.

Sellers
-- Make sure the buyer is creditworthy.

-- In a typical transaction, you're entitled to review a buyer's credit report, financial statements and other information.

-- You may want to consult with an attorney or accountant to understand the tax implications.

Source: California Association of Realtors, Pacific Union.

Technorati Tags: San Francisco Chronical, Bay Area Real Estate, Interest Rate, Seller Finance, CAR, Subprime Loans, Mortgage Lenders,

Is Your Home a Tax Trap?

2007-09-28T16:40:00.000-07:00

If you've refinanced your mortgage, you may owe the IRS more than you thought. - by Ellen Hoffman, Personal Finance, BussinessWeek.

"Have you refinanced your mortgage and taken a chunk of the equity in cash? Will you do so when your adjustable-rate loan resets its interest rate? If you fail to follow some little-known rules for calculating your home mortgage deduction, you may be writing off too much interest. Instead of saving on taxes, you could wind up owing them."

"In general, the IRS lets you deduct 100% of the interest you pay on one or more home mortgages, up to a total loan value of $1 million. But when you refinance and withdraw cash, the rules change: Only the interest on your ***original mortgage balance***, plus an additional $100,000, qualifies for a deduction. (If you want to take out more cash, use a home-equity loan or line of credit. The law allows a separate deduction for interest on borrowings of up to $100,000.)"

***Acquisition indebtedness is debt that is incurred in acquiring, constructing, or substantially improving the principal or second residence of the taxpayer and is secured by such property.

"There's no sign the IRS is currently hunting down taxpayers who may be miscalculating the mortgage deduction, but the error could trip you up in an audit. Rosica says the best way to protect yourself is to make sure you calculate this year's taxes correctly. If you've taken excessive deductions in past years, you can also file an amended return."

Read the entire article HERE.

For further clarification ask the advice of a good tax attorney or tax accountant.

Technorati Tags: Mortgage Deduction, Bay Area Real Estate, IRS,BusinessWeek

Bill would kill tax on 'phantom income' from foreclosures, workouts

2007-09-27T13:02:00.000-07:00

Losing your house to foreclosure, involved in a "Short Sale?" Not only do you lose your house, your credit and have to deal with all the stress that goes with it, but any debt forgiven by the lender is considered taxable to the IRS. Seems a bit unfair to someone with a financial challenge ahead of them.

"A bill that would give homeowners facing foreclosure a tax break when lenders forgive part of their debt would make up for lost revenue by collecting more capital gains taxes on the sales of some second homes claimed as primary residences."

"HR 3648, the Mortgage Forgiveness Debt Relief Act of 2007, would eliminate a provision of the tax code that allows the IRS to tax debt that's forgiven as part of a foreclosure or loan modification as income."

"NAR said the bill would restore "fundamental fairness for homeowners in financial and economic distress" by eliminating taxes on the "phantom income" generated by foreclosures and workouts."

View the entire article HERE. (Inman News)

"To make up for the bill's $1.97 billion impact on tax revenue over the next decade, it would also tighten the rules for counting a second home, vacation or rental property as a primary residence for tax purposes. Under current law, up to $250,000 (or $500,000 if married filing jointly) of the gain on sale proceeds from the sale of a primary residence are exempt from capital gains taxes."

Technorati Tags: Short Sale, Foreclosure, Bay Area Real Estate, IRS, Trustee Sale,NAR,Inman News

Contra Costa & Alameda County Housing Months Supply

2007-09-13T07:55:00.000-07:00

This is a revision from the July Post as an update for what the months supply is doing on a city by city basis for Contra Costa & Alameda Counties.

What is months supply? Basically, months supply is the ratio of inventory to sales. And what it tells us is how many months the stock of homes for sale would last, if sales continued at their current rate.

See how your City's doing.

We currently have a 8.4 month supply of homes in the entire SF Bay Area. How does this compare historically? "A state of equilibrium" is considered 6 months, a point at which you would have an equal number of sellers and buyers. Considerably less, would be considered a "seller's" market, while anything more than that number would be considered a "buyer's" market. Since 1988, our low in California has been 1.3 months in April of 2004. It was even less than that in the San Francisco Bay Area. Our high was in February of 1991 at 18.8 months. The long run average has been 6.9 months. (Statistics are from C.A.R.)

Technorati Tags: Bay Area Real Estate, Real Estate Market, East Bay Real Estate, Months Supply, CAR, Housing Inventory

Stevie, In a Class by Himself

2007-08-29T20:57:00.000-07:00

Yes, it was worth the wait -- and then some.

"For more than two hours, the vocalist-keyboardist rolled through the years and relived many of his greatest triumphs. That meant such '60s era Motown nuggets as "Signed, Sealed, Delivered, I'm Yours," classic '70s cuts like "Superstition" and even a few '80s hits, notably "Part-Time Lover" and "I Just Called to Say I Love You." - Jim Harrington of the Contra Costa Times. Read his entire review HERE.

"He just seemed so full of life, bursting with the same spirit that has colored so much of his recorded work, and his enthusiasm was as contagious as the first cold of the season at kindergarten."

An older Stevie Wonder - still a full-time performance.
Joel Selvin, Chronicle Senior Pop Music critic

"The entire show was an outpouring from Wonder. If he wasn't snapping off hit after hit, starting the next song right on top of the last, he was talking aimlessly but enthusiastically to the capacity crowd in the balmy night air and under the almost full moon."

Such a joyous celebration, high energy, positive energy, engaging, and enjoyed by fans of all ages, Stevie as always, is so great to see live. I only hope that I have the opportunity to see him once again in my life time. Once a fan, always a fan.

Buyer's Opportunity?

2007-08-17T07:53:00.000-07:00

We've been bombarded by the news; housing inventory glut, price reductions, foreclosures, mortgage crunch, sub-prime lending woes. Some areas are worse than others. As with any real estate cycle, they have their peaks and valleys. This downward trend took it's roots in 2005, moving from one of the strongest seller's markets in history into a strong buyer's market for most areas. Interestingly enough, not all areas. There always seem to be a few areas that do well despite the existing market woes, (some parts of the Berkeley Hills, Albany, Kensington and the El cerrito Hills for example in the San Francisco East Bay Area). It always comes down to numbers, supply and demand.

Have prices hit bottom, or do they have further to go? How long will the housing recession last?

These real estate cycles typically last from two to five years. Most forcasters are pointing towards this winter to be the valley or low point of this down cycle with some relief coming sometime in 2008 or as late as 2009 depending on which source you listen to.

Lawrence Yun, NAR senior economist, said he isn’t looking for any notable changes in sales activity. "Mortgage disruptions will hold back sales over the short term, but long-term fundamentals are favorable. A modest upturn is projected for existing-home sales toward the end of the year, with broader improvement to include the new-home market by the middle of 2008."

"More buyers, and cutbacks in new construction, will eventually draw down the inventory levels and support future price appreciation, but general gains will be modest next year. Serious buyers today have a long-term view of housing as an investment – speculators have left the market."

View the U S Economic Outlook - August, 2007, from NAR, HERE.

"This isn't going to get better until this unsold inventory gets absorbed," said Standard Pacific's Delva, "And this isn't going to happen until the financing issues are resolved; the smart money has the slump ending in the latter half of next year or some time in 2009." Story by Robert Hollis, San Francisco Chronicle. View the full story Here.

Delva and other builders say a key turning point will be when potential buyers return to the market, convinced that the value of what they're buying won't continue to decline.

When that happens, "There's going to be a slew of buyers coming out of the woodwork," said KB Home's Burnstein.

Will this winter be one of the best buying opportunities that we've seen in years?

Interest rates, although much harder to obtain, are still at their lowest levels in decades. Rates on 30 year mortgages sank last week to their lowest point in two months, a dose of good news for people thinking about buying a home. "30-year rates lowest since the end of May.

"As of last week, the market for conforming mortgages was still operating smoothly, and if you qualify for one, you shouldn't have trouble getting a mortgage at a reasonable price." - Kathleen Pender also of the Chronicle.

So far, borrowers with decent credit histories and the ability to document their income - "the majority of the home-buying public" - aren't being shut out from getting a loan. - CNN, "Six Questions Consumers Are Asking About The Mortgage Market," By Amy Hoak

"Sellers can no longer be reluctant to accept offers or reduce prices. Tightening credit and diminishing mortgage products will continue to reduce the pool of qualified buyers. This, along with the increase in national housing inventories, means now is not the time to hold out for the best price possible." - Alexandra Saunders, BGS Financial.

The median price of American homes is expected to fall this year for the first time since federal housing agencies began keeping statistics in 1950.

Should I wait or buy now?

Alexandra goes onto say; "Potential borrowers cannot wait any longer. For those who are considering buying a home, be aware that the volatile credit market can change overnight, leaving fewer options available to borrowers attempting to qualify for a mortgage. With decreases in home values and fewer available mortgage instruments, delaying any longer could get significantly more expensive."

This isn't fully realized until you weigh in the effect of waiting for prices to drop while interest rates continue to increase. So, you have to ask yourself, in the coming months, do I expect interest rates to increase? If so, how much more must home prices drop to counter the effect of rising interest rates?

The buying season typically slows after the summer months with a drammatic drop-off by mid October. With so much inventory and uncertainty in the mortgage & real estate markets, there should be plenty of "bargains" this winter.

"The key theme is that while it may be a different mortgage landscape, it still can be a good market in which to buy - as long as people are buying for the right reasons and are paired with loans that ensure they will be able to keep the home in the future." - CNN

Technorati Tags: San Francisco Chronical, Bay Area Real Estate, Interest Rate, Housing Inventory, NAR, CNN, Subprime Loans, Real Estate Cycles,

11 Things: Studies Have Shown

2007-08-11T08:42:00.000-07:00

In today's SFGATE/96 Hours, weekly entertainment guide, I came accross Tim Sullivan's humorous list and wanted to share it. Here's the full list;

1. People have sex because it feels good
Later studies showed:
We eat because we're hungry.
We sleep because we're tired.
We dress because we need pockets.

2. Gambling is addictive
We're willing to bet the studies are wrong, but first:
Can we borrow some money?
Can we borrow a little more?
OK ... just a little bit more?

3. People want more public services but don't want to pay for them
Follow-up studies confirmed that people also want:
A bigger piece of the pie.
To have their cake and eat it too.
To live the good life.

4. People like to complain about traffic
Further studies revealed that Americans:
Drive large vehicles.
Make oil companies rich.
Don't realize nobody can hear them when they scream inside their cars.

5. Men talk as much as women
Additional studies suggested that:
Men and women disagree with this assessment.
Men and women disagree that they disagree.
Men and women disagree on a good time to discuss this disagreement.

6. Venting of problems can depress girls further
Further studies alluded to the fact that:
Further venting leads to further depression about venting.
Further depression leads to further venting about depression.
It depresses guys further too, but only if they listen.

7. Sex trafficking is spreading HIV
Further studies indicated that STDs:
Are transmitted.
Are transmitted via sex.
Are diseases.

8. A happy workplace leads to more productivity
Too bad:
There's no such thing.
Now stop reading this and ...
Get back to work.

9. There's too much celebrity coverage
Yet:
Celebrity coverage continues to be popular.
Celebrities are covered because they're celebrities.
They're celebrities because they're covered.

10. The word gullibility is not in the dictionary
I checked:
It wasn't.
See?
Exactly.

11. Studies show many things
Further studies:
Verified this.
Contradicted this.
Clearly demonstrated that further studies will be needed.

This article appeared on page G - 3 of the San Francisco Chronicle

Mortgage Crunch

2007-08-09T07:00:00.000-07:00

Money Supply Drying Up - jumbo loan rates soar, even for buyers with excellent credit.

"Need a mortgage this month? It's going to be harder - and more expensive - to get one. In the past week, turmoil in the mortgage markets has caused increasing problems for home buyers in the Bay Area and around the nation." Read the Full Story, by Carolyn Said & Kelly Zito, in today's San Francisco Chronicle.

Fannie Mae's Berson said the tightening mortgage situation is likely to hurt the already troubled housing market.

"There are people who could have qualified for a mortgage a month ago who can no longer get that mortgage," he said. "That means there will be fewer home sales or else people will have to buy less expensive homes. The practical impact is that some people will choose not to buy now. This is an additional negative factor on housing demand. It means home sales are likely to be weaker than we thought they would be just a few months ago."

Technorati Tags: San Francisco Chronical, Bay Area Real Estate, Interest Rate, Jumbo Loans, Ken Rosen, Subprime Loans, Real Estate Cycles,

Bonfire of the Builders - BusinessWeek

2007-08-04T11:38:00.000-07:00

"By rushing into the mortgage business big-time, homebuilders helped fuel the housing crisis. Now they're hurting—and so is Wall Street." by Mara Der Hovanesian, BusinessWeek. Go to the Story.

"Traditional mortgage companies and banks unleashed a barrage of loans, many to borrowers with iffy credit histories who didn't bother to read the fine print about upwardly mobile interest rates. Wall Street egged on the often-reckless underwriting by buying vast quantities of home loans for repackaging as securities. Now that the boom has fizzled and foreclosure rates are rising, the important role of large homebuilders as lenders is also coming into sharper focus."

"Even as the housing supply began to exceed demand last year, builders kept sales brisk by pushing adjustable-rate, interest-only, and other risky loans."

STEALING FROM THE FUTURE
Now it's payback time. It is likely to take two to three years, by various estimates, for the excess supply to be soaked up. The boom stole sales from the future as people bought houses earlier than they might have a few years ago. From the same issue of BusinessWeek, by Peter Coy. Go to the Full Story.

Technorati Tags: BusinessWeek, Real Estate, Interest Rate, Home Builders, Foreclosures,housing+crisis, Mortgage Companies,Real Estate Cycles,

Stevie Wonder - Back in the Bay Area!

2007-08-03T07:52:00.000-07:00

"Stevie Wonder will go on his first U.S. tour in more than a decade, starting next month in San Diego."

What a pleasant surprise. I have to admit, one of the best concerts that I've ever been to was Stevie Wonder at the Mid State Fair in Paso Robles, August of 1988. It was 3 hours of high energy, great music, audience participation, humor, and just an all around good time. I'd love to hear from anyone else who was fortunate to be there to tap into their memories about it. Please leave me a comment. Thanks.

Stephen Holden, of the NY Times wrote in his review that year;

"Stevie Wonder is a pop creator whose concerts are more than just musical events. The concentrated power of his musical personality and his integration of a sweeping variety of idioms into an indelible style, along with his charisma and enthusiasm, combine to make his concerts communal celebrations at which divisions of race, class and nationality melt away."

He's scheduled to play at Concord's Sleep Train Pavilion on August 26th and the Mountain Winery in Saratoga on September 4th. Tickets for both shows go on sale at 10:00 am, beginning August 6th. Call (925) 685-8497 or visit www.ticketmaster.com or www.livenation.com.

Biography by Steve Huey, AMG - All Music Guide
Stevie Wonder is a much-beloved American icon and an indisputable genius not only of R&B but popular music in general.

"Songs in the Key of Life" an all time favorite of mine.

Stevie Wonder's website; www.steviewonder.net

Technorati Tags: Stevie Wonder, R&B, Concord Sleep Train Pavilion, Mountain Winery in Saratoga, Songs in the Key of Life, Bay Area Jazz, San Francisco Jazz,

Jazzlines Pandora Radio Station

2007-07-30T15:20:00.000-07:00

Listen To This!

Technorati Tags: Yoshi's Jazz Club,KCSM, Pandora Radio, Bay Area Jazz, San Francisco Jazz,

Standards Stricter for Borrowers

2007-07-30T09:45:00.000-07:00

Subprime problems mean 100% financing harder to get, by Eve Mitchell, Median Staff.

Thinking about refinancing a mortgage or getting a no-money-down loan to buy a home? Something that was relatively easy to do several months ago may be a lot harder in today's stricter lending environment.

In recent months, many lenders have tightened underwriting standards for no-money-down loans, also known as 100 percent financing, in response to the subprime mortgage mess that has seen foreclosure activity soar this year.

The upshot is that today many borrowers are finding it harder to get a loan than a few months ago even though interest rates are at the same level as last year. To qualify, borrowers may find that they will need to document their income, bolster their savings or find a co-signer.

Those who are getting hit hardest by the tightening loan standards are those with low credit scores, subprime borrowers and people who are unable or unwilling to document their income, mortgage experts say.

So what do people need to get a loan if they are having a hard time in today's lending environment? The Full Story and Tips can be viewed HERE.

A related story from U S News; "Lenders Crack Down After Subprime Collapse."

And from BusineeWeek; "The Subprime Mess, Let the Blame Begin."

Technorati Tags: Contra Costa Times, Bay Area Real Estate, Interest Rate, U S News, BusinessWeek, Subprime Loans, Real Estate Cycles,

Glen's Market Data - Months Supply

2007-07-10T18:30:00.000-07:00

This is a revision from the May Post as an update for what the months supply is doing on a city by city basis for Contra Costa & Alameda Counties.

What is months supply? Basically, months supply is the ratio of inventory to sales. And what it tells us is how many months the stock of homes for sale would last, if sales continued at their current rate.

See how your City's doing.

We currently have a 7.5 month supply of homes in the entire SF Bay Area. How does this compare historically? "A state of equilibrium" is considered 6 months, a point at which you would have an equal number of sellers and buyers. Considerably less, would be considered a "seller's" market, while anything more than that number would be considered a "buyer's" market. Since 1988, our low in California has been 1.3 months in April of 2004. It was even less than that in the San Francisco Bay Area. Our high was in February of 1991 at 18.8 months. The long run average has been 6.9 months. (Statistics are from C.A.R.)

Technorati Tags: Bay Area Real Estate, Real Estate Market, East Bay Real Estate, Months Supply, CAR, Housing Inventory

Happy July 4th

2007-07-05T14:04:00.000-07:00

KCSM

2007-07-02T21:24:00.000-07:00

Welcome to the Jazz 91 online community. KSCM FM has been broadcasting mainstream jazz to the Bay Area for over twenty-five years.

KCSM has been a favorite of San Francisco Jazz fans and considered by many, including myself, as "THE" Jazz station in the area. You can listen anytime Live by installing their program and "button" onto your PC or MAC. Simply follow their online instructions, HERE. Then, if you ever do hear something "special" while playing KCSM live, you can go to their site to an updated playlist and read what's been playing.

Technorati Tags: Yoshi's Jazz Club, San Francisco Chronicle, Jack London Square, Sushi Restaurant, Bay Area Jazz, San Francisco Jazz,

C.A.R. Reports Sales Down, Median Price Up

2007-07-02T20:48:00.000-07:00

C.A.R. Chief Economist Leslie Appleton-Young on KNX 1070 AM, June 25, 2007.

C.A.R. Chief Economist Leslie Appleton-Young discusses the housing numbers for May 2007 and what they mean for the California real estate market. You can listen to the audio interview Here.

And here's the report that she's referring to released from C.A.R. on June 25th;

C.A.R. reports sales decrease 25 percent in May, median price of a home in California at $591,180, up 4.8 percent from year ago.

Here's a look at May's numbers for Contra Costa County;

Technorati Tags: California Association of Realtors, Real Estate, DataQuick, Fisher Center for Real Estate, CAR, San Francisco Chronicle,Contra Costa Times,Continuing Study of the California Economy,Real Estate Cycles,

The Foreclosure "Rescue" Racket

2007-06-18T21:55:00.000-07:00

"As soon as a lender raises the red flag, scammers descend. Here's how they wind up holding the deed."

This is an article by Dean Foust & Brian Burnsed of BusinessWeek.

MILLIONS OF TARGETS
In most states, it's not illegal for one person to persuade another to sign his or her home over. And proving it was done through deceptive means can be tricky if the promises to help the owner were made verbally, as is often the case. So many victims have little recourse except through civil proceedings. But with the number of foreclosures estimated to soar to more than 2 million over the next couple of years, more and more policymakers are scrambling to keep the situation from turning into an epidemic by enacting tougher penalties for such practices.

View the entire article HERE.

California Foreclosure Activity Jumps Again. DataQuick

Foreclosures Hit 37-Year High. Realtor Magazine Online

“Legal Guide to Foreclosure-related Transactions" C.A.R.

The Foreclosure Report from Mike at Patagonia Finance

Technorati Tags: BusinessWeek, Real Estate, Interest Rate, Realtor Magazine, Foreclosures,California Association of Realtors, DataQuick,Real Estate Cycles,

107th U.S. OPEN CHAMPIONSHIP

2007-06-14T08:45:00.000-07:00

When: Thursday-Sunday, June 14-17
Where: Oakmont CC, Oakmont, Pa.
Yardage/Par: 7,230 yards; par 70
2006 champion: Geoff Ogilvy

"The United States Open Championship is the annual men's open golf tournament of the United States. It is staged by the United States Golf Association each June, scheduled such that the final round is always played on the 3rd Sunday of that month (Father's Day). It is one of the four major championships in men's golf and is on the official schedule of both the PGA Tour and the European Tour."

"The U.S. Open is open to any professional, or to any amateur with an up-to-date USGA Handicap Index not exceeding 1.4. Players may obtain a place by being fully exempt or by competing successfully in Qualifying. The field is 156 players."

"Oakmont remains perhaps the most difficult course in North America, with 180 deep bunkers (personified by the Church Pews), hard and slick greens that slope away from the player, and tight fairways requiring the utmost precision. Oakmont was the site of “the greatest round of the 20th century”: Johnny Miller’s final round 63 at the 1973 U.S. Open. Golf Digest ranks Oakmont #5 in its most recent version of America’s Top 100 courses."

View the course Hole by Hole HERE.

"Surprisingly -- considering his shocking loss in the 1962 U.S. Open -- Arnold Palmer loves the place, and he enjoys his honorary membership. During the summers, when he's home in nearby Latrobe, Pa., it isn't unusual for Palmer to drive down for the day and play the course. Last July, teeing off with Ford, he hit his drive on the first hole and received an ovation from the members in the clubhouse and at the swimming pool. Palmer gave the admirers his best presidential wave and thumbs-up sign, and then turned to Ford. "Bob," Palmer said, "that's what keeps me going."

Historical Notes
On Oct. 4, 1895, the first U.S. Open Championship was conducted by the United States Golf Association on the nine-hole course of Newport (R.I.) Golf and Country Club.

Round For The Ages: Miller's U.S. Open Victory
Revisited 30 Years Later

"It arguably was one of the greatest final rounds ever in a major championship. Nobody had ever shot a 63 in the final round of a major prior to 1973 and certainly nobody figured to do it at Oakmont. But the stage had been set two days earlier when unheralded club pro Gene Borek shot a course-record 65, thanks to rains that softened the greens. Johnny Miller then upstaged that performance with a sizzling 8-under-par round on Sunday to win the championship by a stroke over John Schlee."

"Players from world number one Tiger Woods on have been calling Oakmont one of the toughest course they ever played and view the eight-under 63 Miller shot with wonder."

"Seventy-three was just a dream round. I'm out there with Tiger and I'm out with different players and they go, 'how the heck did you shoot 63?'

Technorati Tags: U S Open Championship, United States Golf Association, Arnold Palmer, Oakmont Country Club, Johnny Miller, Tiger Woods,Golf Tournament, USGA,Professional Golf,