Archive for June, 2009Cirios Trends: Getting to the Bottom of the Housing Market – July 2009In this month’s issue, check out: The State of the Markets – 7/1/09 Rising interest rates, flawed appraisals derail hopes for a speedy housing recovery. By The Numbers: The Bottom The “bottom” is an elusive concept that holds no true meaning. Zip Code Spotlight: San Leandro – 94577 Affordability with a convenient commute to San [...] Doing Your Real Estate Homework: Mortgage CalculatorsThis post first appeared in the July edition of Cirios Trends: Getting to the Bottom of the Housing Market One of the first steps in any home buying search is figuring out how much you can afford. This means determining what your monthly income can support in terms of mortgage expenses, taxes, insurance and upkeep, [...] House of the Month: Posh Living in the CastroThis post first appeared in the July edition of Cirios Trends: Getting to the Bottom of the Housing Market As jumbo mortgages continue to be extremely difficult to get, we at Cirios keep asking ourselves: Is it a buyer’s market for borrowers who manage to qualify for a jumbo loan? To answer that question, we [...] Zip Code Spotlight – San Leandro – 94577This post first appeared in the July edition of Cirios Trends: Getting to the Bottom of the Housing Market This month’s spotlight shines on an oft-forgotten portion of the East Bay, San Leandro. While San Leandro lacks the famous name of an Oakland and the semi-swankitude of a Castro Valley, its central location and amazing [...] By the Numbers – The BottomThis post first appeared in the July edition of Cirios Trends: Getting to the Bottom of the Housing Market It’s everywhere these days: In the news, on the streets. The “bottom” is coming. We have toiled long and hard through the dark days of this “Great Recession” and are now coming to the bottom of [...] The State of the Markets 7/1/09This post first Appeared in the July edition of Cirios Trends: Getting to the Bottom of the Housing Market As the infamous summer buying season heats up, hopeful housing market participants are looking for a respite from nearly four years of woe. Reality, however, is throwing a wrench in their plans. Two trends have recently [...] Housing Perspective: April Case Shiller Home Price IndexThis morning, the S&P Case/Shiller Home Price Index, which measures prices in 20 US metropolitan regions, registered an 18.1% decline in prices. And for as bad as this sounds, its actually the best reading in 6 months. According to Bloomberg, one of the index’s designers, Yale economist Robert Shiller said he saw “striking improvement in [...] Price Per Square Foot: Has Redwood City Hit Bottom?One of themes we harp on here at Cirios is how home price trends are becoming increasingly localized as individual real estate markets grope for a bottom. Some areas, particularly the hardest hit by foreclosures, have seen fantastic price declines. Others, mainly the high end, are only recently feeling the ill-effects of job losses and [...] Deal or No Deal RESULTS: Golf Retreat With a TwistCirios Verdict: NO DEAL (Click here for the original Deal or No Deal post) The subject is a unique home in a small golf community in the Santa Cruz mountains. The property would likely only attract buyers who have already visited the community or are current residents. The home only has two bedrooms which we [...] Deal or No Deal: Leering at LafayetteLiving in the Bay Area suburbs can be an expensive proposition. If you’re looking for good schools, proximity to restaurants a big yards, even after historic price declines there aren’t a lot of cheap options. (click to enlarge photos) Lafayette, about 20 miles east of San Francisco, isn’t exactly the first town that comes to [...] Legislators Look to Expand New Home Tax CreditsCalifornia may be broke, but that isn’t stopping legislators from trying to give away more money to try and save our swooning housing market. Qualified buyers of new homes in California can currently receive a $10,000 tax credit for purchasing a newly constructed home. The program, originally capped at $100 million and set to tun [...] Keepin’ It Real Estate: Just How Bad Are the New Appraisal Rules?This post first appeared on Minyanville. Appraisers just can’t get it right. During the housing boom, mortgage brokers, real-estate agents, and even borrowers sought out appraisals supporting the highest possible home price. Appraisers, fearful of losing business, inflated their valuation findings, which exacerbated the run-up in home prices. Now, after nearly 4 years of home-price [...] Housing Perspective: May New Home SalesSales of new homes dropped in May, surprising analysis who had expected a continued strengthening in US housing market data. According to Bloomberg, transactions fell 0.6% from April, but median prices decreased by just 3.4% from last year. This compares to a much bigger 17% year-over-year decline in existing home prices, as reported yesterday. Data [...] Housing Perspective: May Existing Home SalesHome sales in May rose from April, the second straightly monthly increase. According to the National Association of Realtors, or NAR, purchases crept up 2.4% from the prior month, which was less than 3.0% analysis were expecting. Prices continued their decline, falling 17% from a year ago, dragged down by distressed sales. As readers of [...] Higher Rates Strangle Mortgage MarketThe Mortgage Bankers Association, an industry trade group, dramatically cut its forecast for 2009 mortgage originations in the US to just over $2 trillion. The new estimate, down a whopping 27% from the March figure, is said to reflect an environment of rising mortgage rates and an increasing share of purchases going to all-cash buyers. [...] Deal or No Deal: Golf Retreat With a TwistA mere 60 minutes outside the bustle of the Bay Area, nestled in redwood groves and winding mountain byways lies the hamlet of Boulder Creek. The town boasts a casual, yet lively downtown where tourists and locals alike check out local coffee shops, restaurants and art galleries. Just outside of town the golfing inclined can [...] Deal or No Deal RESULTS: Anyone for some Hoops?Cirios Verdict: DEAL (Click here for the original Deal or No Deal post) NOTE: This property is now under contract. The subject is an architect designed custom home in the Berkeley hills. It has views of the Golden Gate bridge and boasts a basketball court in the back yard. The numerous decks, rare flat outdoor [...] Congress Still Working Against Housing RecoveryThis post first appeared on Minyanville. Banks like Washington Mutual (JPM), Wachovia (WFC), and Countrywide (BAC) — along with Fannie Mae (FNM) and Freddie Mac (FRE) — once used mortgage underwriting guidelines that were thin at best, nonexistent at worst. Congress, in turn, pushed for leniency for low-income borrowers and for those with spotty credit, [...] Green Track Homes? Sooner Than You ThinkIt appears the desire to churn houses off an assembly line isn’t just reserved for home builders carving up hillsides. According to the San Francisco Chronicle, Zeta Communities, a prefab real estate developer, is working on an experimental home in Oakland to display its unique building technology. Zeta, or Zero Energy Technology and Architecture, offers [...] Price per Square Foot: Orinda vs. LafayetteLooking for great schools, rolling hills, big lots and a quick BART ride to the city? Orinda and Lafayette, two of the most desirable towns in the East Bay, have all this and much more. Home prices remain in a downward trend, to be sure, but inherent desirability and established neighborhoods should keep these two [...] Deal or No Deal: Anyone for some Hoops?The Berkeley Hills are home to amazing city views, old money and a veritable fleet of Priuses. Oh, and some pretty amazing homes with pretty amazing views. Prices have held up better than most parts of the Bay Area, since the area remains very desirable. Even though affordability isn’t the best in Berkeley, as you [...] Deal or No Deal RESULTS: San Mateo on the MindCirios Verdict: NO DEAL San Mateo is a desirable city that is located within 20 minutes of numerous job centers including San Francisco, Palo Alto and Mountain View. Values have declined at a slow pace over the last three years as the economy started to contract. The subject’s immediate neighborhood is desirable as it is [...] Homebuilders Add New Wing to Housing CrisisThis post first appeared on Minyanville. It appears even the embattled homebuilding industry is getting rosy-eyed, finding enough “green shoots” of economic recovery to stick their shovels back into the ground. In May, US builders broke ground on 17.2% more projects than in April, far exceeding analysts’ expectations. Work on new apartment buildings leaped, while [...] Home of the Day – Livin’ Large in TiburonAddress: 140 Antonette Dr. Tiburon, CA (MLS Listing) List Date: 05/26/2009 Current List Price: $8,500,000 Original List Price: $8,500,000 * 5 bedroom, 5.5 bathroom, 7,123 sqft living area, 1.23 acres * Huge circle drive * At the end of a cul-de-sac, private setting * Agents comments – “Recently compltd w/state-of-the-art technology (inc. elevator … ” [...] |