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Saturday, June 11, 2011

Double-Dip in Home Prices?

This month’s Market Snapshot, “Possibilities of a Double-Dip in Home Prices,” features:
  • California Market: The California median home price fell by nearly 60 percent from peak to trough, hitting bottom more than two years ago in February 2009 at $245,230. Although the median declined in February of this year to $271,320, it stood at $293,570 in April, nearly 20 percent higher than the February 2009 trough. The February 2011 median was likely the low for this year, given the seasonal behavior of home prices and the likelihood that market fundamentals will improve somewhat as the general economy continues its slow recovery.
  • National Market: By comparison, the U.S. median home price fell 32 percent from peak to trough – about half of the decline experienced by the California market.  However, prices nationally only hit bottom this past February at $156,900. The national median rose to $163,200 in April, and should climb as the market moves through the peak season, but it remains precariously close to this February’s trough.
According to C.A.R.

Thursday, June 9, 2011

Home improvements that boost resale value

Home improvements that boost resale value

When deciding which home improvements to make, many homeowners consider the amount of resale value the improvement may or may not make and compare that against the cost of the renovation.   Homeowners concerned with making home improvements that will pay off when it’s time to sell the property, should consider the following tips.
Making sense of the story
  • The first improvement/repair homeowners should consider are those that impact the home’s basic structures and systems.  Potential home buyers generally do not want to face expensive repairs, and if items such as the foundation, roof, air conditioning, water heater, or other basic structure need to be fixed, the property will be considered a fixer-upper and its market price will be discounted accordingly.
  • Some minor replacements will produce big results for minimal cost.  Replacing and coordinating bathroom and kitchen hardware and fixtures are generally inexpensive, but tend to make a big difference.  The same can be said for getting rid of any dated finishes, such as old wallpaper and brass light fixtures.
  • Homeowners who don’t know when or even if they will be able to sell their home are advised to choose home improvement projects carefully.  Unless the home is located in an upscale neighborhood and the property already is immaculate, owners can skip expensive upgrades – such as remodeled bathrooms – and focus on the fundamentals.
-according to The San Francisco Chronicle

Friday, June 3, 2011

Banks hit hurdle to foreclosures

Banks hit hurdle to foreclosures

Banks trying to foreclose on homeowners are hitting another roadblock, as some delinquent homeowners are successfully arguing that their mortgage companies can’t prove they own the loans, and therefore don’t have the right to foreclose.

-according to the Wall Street Journal

Short sales getting faster

Short sales getting faster

When it comes to short sales, the real estate transaction involving a mortgage that is worth more than the home it is tied to has long belied its name as a quick deal.   That is starting to slowly change, thanks to increased bank staffing, a Department of Treasury program that aims to speed up the transactions and more of a general acceptance of the deal.

-according to the Contra Costa Times



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