Mountain House & Tracy Housing Blog

Mountain House Short Sale Market Trends January 2011

2011-03-01T23:46:00.000-08:00

Short sale listings are trending up. Sales are trending down.
Average price per square foot is $121 per foot.
Days on market is 92 which is a downward trend.
Sold price vs. list price is 103%.
Inventory is 11.5 months vs. 4.1 months in December.

2011-01 Mountain House For Sale vs Sold Short Sales

2011-01 Mountain House Average Price per Square Foot Short Sales

: 2011-01 Mountain House Average Price per Square Foot Short Sales

2011-01 Mountain House Days on Market Sold vs List Price Percent Short Sales

2011-01 Mountain House Average Price for Sale and Sold Short Sales

2011-01 Mountain House Months of Inventory Short Sales

Patrick.net video

2010-11-07T18:51:00.000-08:00

2010-06-05T22:10:00.000-07:00

Tracy foreclosure maps as of Jan 2009

2010-01-14T14:54:00.000-08:00

95377 Zip Code:

95376 Zip Code:

95304 Zip Code:

95304 Zip Code: West of Tracy

Mountain House foreclosure map

2010-01-14T12:31:00.000-08:00

removing affordable housing requirement for new development in San Francisco

2010-01-12T23:41:00.000-08:00

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Men Who Jump the Picket Fence

2010-01-07T21:43:00.000-08:00

Men Who Jump the Picket Fence
By MICHAEL TORTORELLO
Published: January 7, 2010
A growing cohort of men are falling out of love with the holy institution of homeownership.

Max Whittaker for The New York Times

CHANGING VALUES For Nathan Quevedo, home ownership is no longer a vital part of the American dream. His house’s value has tumbled; his pool has gone unused since the pump filters died.

2009-12-25T22:32:00.000-08:00

2009-12-25T10:06:00.000-08:00

REALTOR® Magazine-Daily News-Government Announces Short Sales Guidelines

2009-12-04T23:35:00.000-08:00

REALTOR® Magazine-Daily News-Government Announces Short Sales Guidelines

Homeowner, don't just walk away. You might get cash for your short sale!

2009-11-21T16:53:00.000-08:00

HOUSING: Wachovia offers cash to spur homeowners into 'short sales'
Lender quietly giving $2,500 or more in incentives to avoid foreclosure

By ERIC WOLFF - http://www.nctimes.com/business/article_67ca6d4b-ba5f-5d55-9231-ef852d086e27.html Posted: Saturday, November 14, 2009 7:15 pm

Font Size:Default font sizeLarger font sizeWachovia Corp. is offering its borrowers money for selling their houses short, rather than going into foreclosure.

Homeowners with Wachovia mortgages who are upside down on their property can get 1 percent of the price of their short sale, with a minimum of $2,500. The incentives only kick in once the deal closes.

In a short sale, borrowers get their lenders' permission to sell their property for less than they owe in loans.

Such sales used to be rare, but last summer, these deals made up 20 percent of all home sales in California, and they're expected to make up a larger part of the market in the next two years, according to an analysis by market research firm Campbell Communications.

Homeowners are often unfamiliar with the concept of a short sale, and the deals have a well-earned reputation for causing heartburn ---- often taking nine months or longer to get approved by lenders. As a result, many homeowners allow themselves to fall into foreclosure.

Lenders typically say a short sale is quicker and less costly for them than a foreclosure, but Wachovia is being unusually aggressive in converting potential foreclosures into short sales.

The program was originally intended to be temporary, but there's no fixed end date for it yet. A source in Wachovia's short sale unit said the program will definitely run through November, and probably beyond. The source preferred not to be named for fear of getting fired.

In Southern California, many of Wachovia's mortgage customers originated their loans with World Savings Bank, which Wachovia took over in 2006. Last year, Wells Fargo & Co. took over Wachovia, but the integration is not complete. While the short sales unit is still operating as Wachovia, the communications are through Wells Fargo.

A spokeswoman from the Wells Fargo mortgage unit, Debora Blume, would not confirm the details of the incentive program.

"Depending on the situation, we may offer a small sum of money –--- generally an amount that can help with moving expenses. In exchange, the former owner agrees to leave the house by a specified date and that the property will be left in a good and clean condition," she wrote in an e-mailed statement.

Wachovia is promoting the program quietly by inviting real estate agents to seminars run by employees from the bank's short sale unit. At the moment the only seminars available in California are taking place in the San Francisco Bay Area, but they will be coming to Southern California early next year, the Wachovia source said.

Another key feature for borrowers is that Wachovia's program leaves them with no lingering mortgage debt. Across the nation, attorneys have reported that the fine print on short-sale contracts from major lenders hold borrowers responsible for the unpaid mortgage balance, and lenders have pursued collections in court after the sale.

Oceanside real estate agent Joe Yobaccio heard about the incentives through a professional organization. He called Wachovia, confirmed what he'd heard, and began seeking out Wachovia customers through his title company.

Yobaccio gave the North County Times a sample mailing for homeowners that had Wachovia letterhead and described the program. The letter also had a phone number for Wachovia's loss mitigation unit. Multiple customer service representatives confirmed the details of the program.

Yobaccio thinks it will be a boon for homeowners.

"It's a big deal," he said. "Most people who are short selling don't have money to get another place. At least they'll have some money to get a mover or get a rental."

The cash incentive is only one of several steps Wachovia is taking to promote and streamline short sales. The lender dramatically curtailed the amount of paperwork short sellers must provide to get a sale approved, allowing them to get a short sale closed in as little as 10 days.

Wachovia is planning to shorten that time further by asking real estate agents to alert it to short sale listings so it can order an appraisal before a bid is made. When a bid comes in, Wachovia will know whether it's in the range of negotiation.

Call staff writer Eric Wolff at 760-740-5412.

5 Tips For Recession House Hunters

2009-11-20T14:25:00.000-08:00

5 Tips For Recession House Hunters

It may be a good time to buy

2009-11-11T17:55:00.000-08:00

It’s OK to Walk Away, A Law Professor Argues

2009-11-02T18:24:00.000-08:00

Read Post here:

http://blogs.wsj.com/developments/2009/10/30/its-ok-to-walk-away-a-law-professor-argues/

http://online.wsj.com/public/resources/documents/WalkingAway1029.pdf

Sunset at the Mountain House Dry creek

2009-09-05T20:46:00.001-07:00

Light The Way, originally uploaded by jeepskate.

MMIV

2009-09-05T20:44:00.001-07:00

MMIV, originally uploaded by jeepskate.

Stunning picture of Mountain House dry creek.

New High school coming for Mountain House

2009-08-30T23:08:00.000-07:00

MOUNTAIN HOUSE — As Lammersville Elementary School District plans to break ground on its fourth elementary school next month, things are looking good for a high school by 2014.

Superintendent Dale Hansen submitted on Aug. 19 a phone-book thick proposal to the San Joaquin County Office of Education for the 1,825-student district to break away from Tracy Unified School District. If this goes through, Lammersville can start working on a high school in Mountain House.

Mountain House July 2009 housing data

2009-08-12T23:12:00.000-07:00

2009-08-09T20:27:00.001-07:00

New California foreclosure law in effect

2009-06-16T10:51:00.001-07:00

Tracy June 2009 housing data

2009-06-07T23:42:00.000-07:00

Mountain House June 2009 housing data

2009-06-07T23:35:00.000-07:00

One day with a REO agent

2009-05-15T12:08:00.000-07:00

Mountain House March 2009 housing data

2009-04-12T17:53:00.000-07:00

Date	1/08	2/08	3/08	4/08	5/08	6/08	7/08	8/08	9/08	10/08	11/08	12/08	1/09	2/09	3/09
For Sale	29	31	25	22	16	18	22	26	19	22	21	19	23	13	10
Sold	5	5	9	14	10	15	14	20	23	21	13	22	15	15	18
Pended	9	10	12	19	14	19	18	28	19	18	19	16	17	22	28
Months of Inventory based on Closed Sales	5.8	6.2	2.8	1.6	1.6	1.2	1.6	1.3	0.8	1.0	1.6	0.9	1.5	0.9	0.6
Months of Inventory based on Pended Sales	3.2	3.1	2.1	1.2	1.1	0.9	1.2	0.9	1.0	1.2	1.1	1.2	1.4	0.6	0.4
Avg. Active Price	452	439	414	418	362	361	336	340	345	337	329	333	299	305	330
Avg. Sld Price	399	355	359	378	353	368	378	361	369	341	342	322	318	311	299
Avg. Sq. Ft. Price	175	167	156	153	151	141	137	134	130	140	134	128	119	122	114
Sold/List Diff. %	98	93	98	98	99	101	100	102	102	102	104	102	100	100	99
Sold/Orig LP Diff. %	93	75	90	86	93	92	97	102	100	102	103	100	95	98	96
Days on Market	60	105	48	76	30	55	47	12	25	22	25	20	42	40	31
Avg CDOM	0	0	1	94	56	113	68	22	44	37	35	33	42	56	47
Median Price	412	330	347	364	360	376	391	370	370	349	330	332	325	299	318

*All reports are published Apr. 2009, based on data available at the end of Mar. 2009.
All reports presented are based on data supplied by Metrolist MLS. Metrolist MLS does not guarantee or is in anyway responsible for its accuracy. Data maintained by Metrolist MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

Foreclosure Bus Tour

2009-04-04T10:21:00.000-07:00

You heard about it, but have you actually seen a video of a foreclosure bus tour? Here is:

Real Estate Investor Bus Tour - Sacramento, CA 2008 from RealWealthNetwork on Vimeo.

But with the shrinking foreclosure inventory, buyers are competing for properties. Good Bank owned homes usually go pending within two week. I don't think it is particle to do a bus tour anymore because it is no longer a buyers market.

March 2009 Mountain House Bank Owned Market Trends

2009-03-21T21:12:00.000-07:00

To my valued customers, inventory is extremely tight this month. If you need to buy within the next three months, I strongly advise you to make your highest and best offer. Do not expect the banks to counter-offer, they will simply move on to the next higher offer. Price per Sqft is creeping up again, from $119/sqft in Jan to $122/sqft in Feb. I think this is due to heavy biddings on multiple offers situation. Please contact me if you need more info.

	1 year			15 months
	Feb 08	Feb 09	% Change	Dec 07	Feb 09	% Change
Months of Inventory (Closed Sales)	6.2	1	-83.9%	18	1	-94.4%

Date	12/07	1/08	2/08	3/08	4/08	5/08	6/08	7/08	8/08	9/08	10/08	11/08	12/08	1/09	2/09
For Sale	36	29	31	25	22	16	18	22	26	19	22	21	19	23	13
Sold	2	5	5	9	14	10	15	14	20	23	21	13	22	15	13
Pended	3	9	10	12	19	14	19	18	28	19	18	19	16	17	26
Months of Inventory based on Closed Sales	18.0	5.8	6.2	2.8	1.6	1.6	1.2	1.6	1.3	0.8	1.0	1.6	0.9	1.5	1.0
Months of Inventory based on Pended Sales	12.0	3.2	3.1	2.1	1.2	1.1	0.9	1.2	0.9	1.0	1.2	1.1	1.2	1.4	0.5
Avg. Active Price	464	452	439	414	418	362	361	336	340	345	337	329	333	299	305
Avg. Sld Price	480	399	355	359	378	353	368	378	361	369	341	342	322	318	303
Avg. Sq. Ft. Price	172	175	167	156	153	151	141	137	134	130	140	134	128	119	122
Sold/List Diff. %	101	98	93	98	98	99	101	100	102	102	102	104	102	100	100
Sold/Orig LP Diff. %	82	93	75	90	86	93	92	97	102	100	102	103	100	95	98
Days on Market	155	60	105	48	76	30	55	47	12	25	22	25	20	42	39
Avg CDOM	0	0	0	1	94	56	113	68	22	44	37	35	33	42	57
Median Price	480	412	330	347	364	360	376	391	370	370	349	330	332	325	299

*All reports are published Mar. 2009, based on data available at the end of Feb. 2009.
All reports presented are based on data supplied by Metrolist MLS. Metrolist MLS does not guarantee or is in anyway responsible for its accuracy. Data maintained by Metrolist MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

Patterson home price update.

2009-03-18T18:06:00.000-07:00

Check out the latest trend, it seems like inventory is shrinking & price is stablizing at the current level.

Date	12/07	1/08	2/08	3/08	4/08	5/08	6/08	7/08	8/08	9/08	10/08	11/08	12/08	1/09	2/09
For Sale	316	342	347	335	329	320	309	304	294	286	281	286	247	218	207
Sold	10	16	21	31	32	48	58	70	69	76	75	73	82	65	65
Pended	26	30	36	40	84	71	81	88	87	91	90	64	82	87	92
Months of Inventory based on Closed Sales	31.6	21.4	16.5	10.8	10.3	6.7	5.3	4.3	4.3	3.8	3.7	3.9	3.0	3.4	3.2
Months of Inventory based on Pended Sales	12.2	11.4	9.6	8.4	3.9	4.5	3.8	3.5	3.4	3.1	3.1	4.5	3.0	2.5	2.3
Avg. Active Price	312	296	288	272	246	235	224	218	192	182	181	181	180	173	174
Avg. Sld Price	254	239	237	204	230	207	200	179	184	192	151	148	148	123	163
Avg. Sq. Ft. Price	133	135	129	119	121	118	110	107	107	108	95	92	88	81	90
Sold/List Diff. %	92	98	96	98	97	98	97	100	101	99	101	101	99	99	101
Sold/Orig LP Diff. %	85	88	89	87	86	87	86	91	97	90	93	96	95	94	94
Days on Market	103	71	65	82	87	66	71	48	40	52	40	35	36	43	43
Avg CDOM	0	0	0	0	130	115	105	81	58	84	55	61	65	68	70
Median Price	248	216	228	190	203	184	178	169	177	178	140	140	131	110	150

Mountain House Housing Trends

2009-03-16T15:06:00.000-07:00

To my clients, a quick Update on Mt. House. Inventory is still tight due to the foreclosure moratorium from various banks. Some banks are very slow in responding to offers even for REOs. However, I see more short sale listings getting close. That's a good sign because I am working on some of them :) Please ping me if you have any questions. Thanks for visiting my blog.

Mortgage Meltdown

2009-03-04T23:52:00.000-08:00

Another 60 minutes show:

Watch CBS Videos Online