Mike’s Real Estate Show

Find below a link to the State of California’s official web site on “going solar”. I’ve taken a blurb from the sites mission statement.

http://www.gosolarcalifornia.ca.gov/

“Renewable energy is a natural choice. Harnessing the earth’s own inexhaustible energy - whether from the sun, wind, fuel cells, or other renewable sources - can reduce dependence on fossil fuels and provide clean, affordable electricity.

California has made a bold decision… to place 3,000 megawatts of new, solar produced electricity systems on rooftops by 2017. Governor Arnold Schwarzenegger’s goal is to put solar systems on a million California roofs.

But that’s only part of the big picture. About 10.2 percent of the electricity we use comes from renewable sources - biomass, geothermal, small hydroelectric, solar, and wind (see graph below).

In 2002, California established its Renewable Portfolio Standard Program, with the goal of increasing the percentage of renewable energy in the state’s electricity mix to 20 percent by 2017. The California Energy Commission has recommended accelerating the goal of 20 percent by 2010 and increasing the target of 33 percent electricity from renewable energy by 2020. The state’s Energy Action Plan supported this goal. The Governor’s goal for a million solar roofs is an important part of that “bigger picture.”

 

Here is the latest press release from the Office of Federal Housing Enterprise Oversight or OFHEO. Here’s the link which will take you to the press release:  http://www.ofheo.gov/media/hpi/MonthlyHPI32508.pdf

  This site uses appraisal data which is more relevant to the real market numbers. I talk about this site on the radio show all the time. Kinda dry but usually very indicative of the overall tenor of the marketplace. But remember, if you want local data go to my “Market Snapshot” which is on the home page of this blog and use the data available to you through our local MLS.

I think all the activity we are now experiencing is just indicative of the “spring-market” as this IS when we SHOULD be seeing increased activity. Officially a “recession” is two quarters of negative growth which we’ve yet to see. The recent “uptick” in sales is simply caused by the dumping of REO’s into the marketplace at fire-sale prices. I’m wondering if the families who LOST their homeownership due to bad lending policies will be supplanted by those “qualified” buyers taking advantage of these incredible prices. 
 

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New Hot line: 1-888-995-HOPE (4673).

Under the new plan, lenders can help homeowners by:
•  Refinancing an existing loan into a new private mortgage
•  Moving them into an FHASecure loan (problem is that FHASecure is not necessarily an alternative for the high-cost Bay Area. The limit for an FHA loan is $362,790).
•  Freezing their current interest rates for five years
Eligible homeowners:
•  Must live in their home
•  Loan originated Jan. 1, 2005 to July 31, 2007
•  Missed no more than one payment
•  3 percent or less equity
•  Credit score of 660 or less
Through October, there were about 1.8 million foreclosure filings nationwide, compared with about 1.3 million in all of 2006, according to Irvine, Calif-based RealtyTrac. With home loan defaults still rising, the trend is expected to worsen next year

Could March be moment for housing?

BRAD BOLLINGER,
BUSINESS JOURNAL EDITOR IN CHIEF

After a record runup in prices, the North Bay housing market peaked in the late summer or early fall of 2005, although the downturn wasn’t widely recognized until well into 2006.  Six months or a year from now, experts may point to March 2008 – right now – for when the market bottomed.Yes, this is going way out on a limb given the volatility, pain and uncertainty in the financial markets today. And hard data isn’t available yet. But neither was it available in August or September of 2005. Read the rest of this entry »

I teach a class on interpreting statistics from our local Multiple Listing Service (MLS) for Keller Williams Realty which is MY company. I ran the number of bank owned properties currently on the market or “REO’s”(real estate owned). I found some interesting numbers. The amount of short sales on the market is under 5 months and the amount of homes being sold makes up 25% of our monthly sales. A “balanced” market is usually at 6 months of inventory. With REO’s you are at 5 months which indicates a “Seller’s” market!! We are seeing multiple offers in the REO marketplace. The prices are hitting a point where they are being snapped up! I’m going to post an interesting article from Brad Bollinger from the NorthBay Business Journal where Brad says this just MIGHT be the bottom in Sonoma County. We shall see!

Owe more than what your property is worth? Don’t know if you owe more? Then go to my “Market SnapShot” on the front page of this blog and you can see what your homes value is in today’s market. If you OWE MORE than what your property is worth and have NO assetts left after making payments for months, you might qualify for a “Short-Sale”. Go to the above web site: www.SonomaCountyShortSales.com for information on this process. And if you have any questions feel free to give me a call at: 800-959-7244 or locally at 707-322-8503.

This Easter Sunday we are discussing interest rates and foreclosed properties. Here are some terms you’re hearing everyday which might need clarification. In today’s market we have “pre-foreclosure”, “Foreclosure” and “Post-Foreclosure” properties and events along this cycle. A “Short-Sale” is a Seller who owes more on the property through his loans than the property is WORTH. Read the rest of this entry »