Saturday, December 31, 2005

Real Estate News for Saturday, December 31st, 2005

Midwest is most affordable market. The National Association of Realtors just published its September-October 2005 research on median house prices, and the Midwest region is the least expensive in the country. Compared to other regions, most of the Midwest is well below the national average, which was $216,200 for a single-family home. This is up 16.6 percent from a year ago. The median price in the Midwest was $170,000. Of the major Ohio cities, Columbus was the most expensive, but still 30 percent less than the national average. Many people like to relocate to sunnier weather, especially during the winter months. Prices are reaching record highs in the hot spots. For example, Naples, Fla., was 79 percent above the national average during the second quarter. In California metro areas, prices ranged from $387,000 (Inland Empire east of Los Angeles) to $722,000 (San Francisco). If you're looking for sunny and 70 degrees year-round, you'll pay a pretty penny for it. These prices have remained fairly stable throughout the year. Click here to read more.

Real cost of a home less than in 1980s. A study by research company, Moody's Economy.com, and The New York Times found that nationwide, families earning median incomes have to spend 22 percent of their pre-tax income to buy a house at median prices, well below when in the 1980s the figure topped 30 percent. Despite rising real estate costs, the percent of income needed to buy a home dropped or essentially remained the same in some areas because of declining mortgage rates and fees and higher incomes, the report concluded. These factors compensated for rising housing costs nearly everywhere except major metropolitans such as New York, Washington and Miami and along the coast in California. Because of this, economists generally believe that, despite a cooling in recently booming markets, prices will not drop significantly in 2006. Click here to read more.

Bright outlook. Wild ride in 2005 will give way to another strong year in 2006, say Realtors. The real estate market was booming in Northern Solano County for most of 2005 and began to slow toward September, according to brokers, agents, and industry statistics. According to statistics from Bay Area Real Estate Information Services (BAREIS), residential real estate sales at the beginning and middle of the year consistently out-valued those of 2004 - for example, January had in excess of $109.4 million closed sales while January 2004 had $79.2 million - though by October, numbers began to decline. The most recent statistics released by BAREIS show that November sales fell 27 percent from October to November, and were 29 percent less than last year's November sales. Click here to read more.

In New Orleans, Housing Sales Are Bright Spot. A surprisingly healthy real estate market in the New Orleans metropolitan area is proving to be one bright spot in an otherwise stagnant local economy. The market is not sizzling hot, at least by comparison to New York and San Francisco in recent years. Still, it is stronger than anyone might reasonably expect four months after Hurricane Katrina, with prices for houses in many areas at or above prestorm levels. The market is spotty, to be sure. In areas hit hard by flooding, such as the New Orleans East and Lakeview neighborhoods of the city and other communities that ring the southern edge of Lake Pontchartrain, home sales are down dramatically, as only the bravest speculators are buying in these distressed communities. But there are plenty of buyers, with some seeking investments and others just needing a place to live after losing a home. Most people are buying "high and dry," to borrow the term on every broker's lips since Katrina, but even that seems a surprising vote of confidence in the long-term prospects of New Orleans and the surrounding parishes. In the West Bank area, which lies west of the Mississippi River, November sales were up 99 percent, in dollar terms, over November 2004, according to data provided by Latter & Blum. And in the high-priced Garden and Warehouse districts, the firm's November sales more than doubled. Real estate brokers here view the housing market's comeback as a small miracle in a city where 80 percent of homes were flooded. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Friday, December 30, 2005

Real Estate News for Friday, December 30th, 2005

The big question for real estate in 2006 has to be whether or not the real estate bubble is a real thing. The answer is not nearly as simple as yes or no but the big properties may stay on the market even longer, after all most of the big properties that we saw in 2005 are still on the market. One thing we may see is that the condo market could take a deep dip. Already there are rumors of trouble in Las Vegas due to overambitious condo plans. And some ambitious big-city-style projects slated for smaller towns might not be as successful as they would be if they were in big cities.This was a huge year for condo projects. We will continue to see plenty of fractional vacation home options including even more co-tels in 2006 and, especially if the real estate market gets deeply stagnant, more home auctions. We are also hoping to see more intriguing housing options moving in two different directions, the stripped down minimalist elegant prefab and the luxed-up, teched-up smart home. Click here to read more.

Knowing your home’s value: some tips. Know your market sub-segment - the general price band or locational niche for your property. To stay in touch with movements in multiple sub-segments, study industry data on recently closed sales and time on market, and talk to agents who are grass-roots experts in specific areas and price bands. Agents are in daily touch with active sellers and buyers, and they really have a very good grasp of where things are heading. They also can tell whether particular sale prices were influenced by exceptional circumstances - a divorce, for example, or an estate sale in which the players involved wanted the deal done fast. That fine-grain information gets factored into the appraisal process, giving perspective to price variations within the comparables, or comps, he's selected for an appraisal project. Another piece of advice for sellers and buyers: If you're in doubt about pricing, you can hire a licensed, long-established appraiser as a consultant for an hourly fee. Though most appraisers work on contract for lenders, they are not prohibited from working as consultants for consumers, either to provide a second opinion or to nail down a listing price. Chris Call, of AREAS Appraisers Inc. of Springfield, Va., has this three-word piece of wisdom for sellers and buyers in softening markets: "Just be realistic." Don't be greedy as a seller, unless you want to sit dead in the water for months without an offer. As a buyer, don't expect sellers to bleed for you. Generally they won't unless they absolutely have to. And sellers: Don't blame the messengers - appraisers or realty agents - when your generous, tax-free capital gains turn out to be slightly less than you planned on. Click here to read more.

How real estate can save you money in taxes. As always, before using these tax saving techniques, please consult your personal tax adviser for details. 1. BUY A PRINCIPAL RESIDENCE BY YEAR-END. 2. SELL YOUR PRINCIPAL RESIDENCE BY YEAR-END. 3. USE A HOME EQUITY LOAN TO CONVERT NON-DEDUCTIBLE LOANS INTO TAX-DEDUCTIBLE INTEREST. 4. REFINANCE YOUR HOME LOAN; DEDUCT ANY UNDEDUCTED LOAN FEE. 5. PREPAY YOUR 2006 PROPERTY TAXES IN 2005. 6. PREPAY YOUR JANUARY 2006 MORTGAGE PAYMENT IN 2005. 7. DEDUCT ANY UNINSURED CASUALTY OR THEFT LOSS. 8. DELAY TAXABLE HOME SALES UNTIL 2006. 9. IF YOU CHANGED JOB LOCATION IN 2005, DON'T FORGET YOUR MOVING-COST TAX SAVINGS. 10. A TAX-DEFERRED EXCHANGE AVOIDS TAX ON A BUSINESS OR INVESTMENT PROPERTY SALE. Click here to read more.

As the New Year Approaches, Some Predictions for the Local Real Estate Market. Real estate continued its unbelievable boom this past year. Prices of houses soared. Mortgage interest rates -- albeit moving slightly above 6 percent -- remained steady. Even Federal Reserve Board Chairman Alan Greenspan expressed surprise that the rates stayed low, especially because the Federal Open Market Committee has been raising its target for the federal funds rate, the short-term interest rate it controls. Click here to read more.

Rooms with million-dollar views. In Marin County, an affluent enclave north of San Francisco, nothing is more coveted than a view of San Francisco Bay. And standing on the crest of Belvedere Island, the 19th-century Locksley Hall estate has all but 360-degree views of the area's scenic splendor. To the west, fog banks cascade over the Marin Headlands and spread, fingerlike, under the Golden Gate Bridge. San Francisco stretches across the horizon, from the Presidio to the skyline of the city's center. Just ahead, sailboats round Angel Island and glide steadily through Raccoon Strait. And the two yacht clubs in Tiburon, one of the area's priciest communities, are easily spotted below. The estate, listed at $65 million, is one of the most expensive properties for sale in the United States. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Thursday, December 29, 2005

Real Estate News for Thursday, December 29th, 2005

California real estate prices expected to rise 10% next year. Realtor group forecast also calls for slight dip in sales. Sales of detached, existing single-family homes are expected to reach 635,000 in 2005, an increase of 1.8 percent over last year's record sales of 624,700. Sales are anticipated to decline by 2 percent in 2006. This year will be a record year for home prices. The median price of a single-family home in California crossed the $500,000 threshold for the first time in April 2005. The annual median is expected to reach $523,150 in 2005 and increase 10 percent to $573,500 in 2006. The median price of a single-family home increased by double-digits for the fourth consecutive year in 2005, though the pace of price appreciation slowed from the 18 to 21 percent annual gains of the previous three years to 16 percent in 2005. CAR's Unsold Inventory Index averaged 3.3 months in 2005. Inventory levels are expected to rise moderately in 2006 but will remain low by historic standards, fueling continued price appreciation in the California market, according to the association's forecast. The interest rate for a fixed-rate mortgage remained below 6 percent for much of 2005, only surpassing 6 percent in the last months of the year. For all of 2005, the fixed-rate mortgage averaged 5.8 percent. In 2006, the interest rate for the FRM is projected to increase but remain low by historic standards in the low- to mid-6 percent range. The interest rate for a one-year adjustable-rate mortgage averaged 4.5 percent in 2005, finishing just over 5 percent at year-end. The interest rate for the one-year adjustable-rate mortgage is expected to remain within the low- to mid-5 percent range during 2006. With home prices reaching record levels, more home buyers extended themselves financially in 2005 by utilizing alternative loan products. The share of home buyers who used adjustable-rate and hybrid loans increased from 11 percent in 2003 to 43 percent in 2005, while the share of fixed-rate loans dropped from 89 percent in 2003 to 57 percent in 2005. The last time more than 40 percent of home buyers used adjustable-rate loans was in 1994. Fannie Mae and Freddie Mac increased the single-family conforming mortgage loan limit from $359,650 this year to $417,000 in 2006, which could benefit more than 28,590 families in California. However, the increase in the loan limit is still far too low to benefit most home buyers in California, as the median price of a home in California is 29 percent higher than the new loan limits. Nineteen counties in California have a median home price above the new limit. Internet use by home buyers and sellers continued to climb in 2005. Based on CAR's "Internet Versus Traditional Buyers Survey," the percentage of home buyers using the Internet increased from 56 percent in 2004 to 62 percent in 2005. The share of sellers who used the Internet in their home-selling process surpassed 50 percent for the first time, rising from 47 percent in 2004 to 57 percent in 2005, according to CAR's "Survey of California Home Sellers." Click here to read more.

A buyers' market in real estate: What's that? The nation's housing market is cooling enough that some power might actually be shifting to buyers, the National Association of Realtors reported today. Sales of existing homes dropped 1.7 percent in November compared with the month before to a seasonally adjusted annual rate of 6.97 million, the association said. The number of homes available for sale jumped 1.2 percent to 2.9 million, the highest level since April 1986, and a five-month supply at the current sales pace. "As more listings of homes come on the market during this period of modestly declining sales, more home buyers will find themselves in a better position to negotiate," Thomas Stevens, the association's president, said in a statement. "Most home sellers will see excellent returns on their investment, but should understand that double-digit annual increases will become less common in the coming year," Stevens said. Click here to read more.

Twenty Years Later, Buying a House Is Less of a Bite. Despite a widespread sense that real estate has never been more expensive, families in the vast majority of the country can still buy a house for a smaller share of their income than they could have a generation ago. A sharp fall in mortgage rates since the early 1980's, a decline in mortgage fees and a rise in incomes have more than made up for rising house prices in almost every place outside of New York, Washington, Miami and along the coast in California. These often-overlooked changes are a major reason that most economists do not expect a broad drop in prices in 2006, even though many once-booming markets on the coasts have started weakening. The long-term decline in housing costs also helps explain why the homeownership rate remains near a record of almost 69 percent, up from 65 percent a decade ago. Nationwide, a family earning the median income - the exact middle of all incomes - would have to spend 22 percent of its pretax pay this year on mortgage payments to buy the median-priced house, according to an analysis by Moody's Economy.com, a research company. The share has increased since 1998, when it hit a low of 17 percent before house prices began rising sharply in many places. Although the overall level has reached its highest point since 1989, it remains well below the levels of the early 1980's, when it topped 30 percent. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Wednesday, December 28, 2005

Real Estate News for Wednesday, December 28th, 2005

California real estate construction plummets. Single-family building permits down 18% since November 2004. Housing starts fell significantly in November in most parts of California, but starts for the year are on pace with 2004, the California Building Industry Association reported this week. During November, housing starts as measured by building permits issued for single-family homes totaled 9,405, down 17.2 percent from October and down 18 percent from November 2004, according to figures compiled by the Burbank-based Construction Industry Research Board (CIRB). Multifamily starts were up by 34.1 percent compared to October, to 4,616, but down 36.1 percent from November 2004. In all, builders started construction on 14,021 homes, condominiums, and apartments in November, down 5.3 percent from the previous month and down 23.6 percent from November 2004, according to an association announcement. Click here to read more.

Worst-case scenario for housing next year. Part 2: 2006 real estate forecast. This is the second part of a two-part story looking at housing market conditions for 2006. The scene opens on a devastated landscape, with the voices of a thousand wannabe homeowners crying out in pain. Congress has enacted limitations on mortgage-interest deductions; interest rates have hit 8 percent; creative loan products have been curtailed; investors have fled to the stock market and first-time buyers can't afford a house. At least, that's the worst-case scenario for 2006, according to various possibilities suggested by experts and industry observers consulted by Inman News. Click here to read more.

Want to turn some heads at your next cocktail party? Tell people that buying real estate in Texas is a better bet in the short term than investing in California. It might sound bizarre, but it's what some real estate gurus are telling their investors. Experts suggest that areas like Texas and the Carolinas could be next year's winners. As for next year's stinkers, they'll likely be in areas that rely heavily on manufacturing, such as Detroit, Cleveland, Buffalo, and Rochester, N.Y. Phoenix recently took the nod as the nation's hottest housing market, with prices rising 34% year over year for the quarter ending Sept. 30, according to the statistics from the Office of Federal Housing Enterprise Oversight. Next up were two neighboring southwest Florida coastal communities -- Cape Coral-Fort Myers, which saw prices jump 33%, and Naples, with a rise of 32%. Besides newfound retirement destinations -- like St. George, Utah, Coeur d'Alene, Idaho, and yet another Arizona market, Prescott -- the remainder of the top 20 price-gainers this past year were cities in Florida and California. This growth shows how coastal areas with warm climates continue to see much demand. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Tuesday, December 27, 2005

Real Estate News for Tuesday, December 27th, 2005

Inman News 2005 forecast report card. A year ago, Inman News provided a list of real estate predictions for 2005. Here's how they did with their real estate predictions. Click here to read more.

Top Mistakes of Home Buyers and Sellers in 2005. The 2005 residential real estate market was filled with anticipation of the over- hyped real estate bubble. Though we'll only see a correction, home buyers and sellers made some mistakes that those looking to buy or sell in 2006 can put to good use in their transactions. Click here to read more.

Best-case scenario for housing next year. Part 1: 2006 real estate forecast. "A situation where the U.S. economy continues the modest job growth it has produced over the last year is the best-case scenario," said Mark Dotzour, chief economist at Texas A&M University's Real Estate Center. "Modest job growth creates underlying demand for housing and very little threat in the way of inflation," the economist said. "That's what keeps interest rates at low levels like the ones we've enjoyed for the last five years. If we have moderate job growth resulting in low inflation and in turn a low mortgage interest rate environment, the U.S. will have another successful year." Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Monday, December 26, 2005

Real Estate News for Monday, December 26th, 2005

There was a whole lot of traffic due to the After-Xmas deals at the stores today! I went to Victoria Gardens today and Ontario Mills, and every place was packed! It's good to be back at the computer though with today's real estate news.

Maybe former Microsoft executive Kai-Fu Lee will start feeling lucky in real estate, now that potential buyers of his Bellevue house know he's not coming back to work in Redmond. Lee left Microsoft for Google in July, then put his Bellevue pad up for sale and moved to California. But his job transfer bogged down in a little dispute, settled last week, over the noncompete agreement he signed at Microsoft. Lee's legal limbo didn't affect efforts to sell the home, according to listing agent Tere Foster of Windermere Real Estate. "One is not really related to the other," she said. "I don't think people are aware [that it's Lee's house] other than a neighbor." Listing photos reveal the rooms are bare in the five-bedroom, 6,300-square-foot Lakemont-neighborhood house. The house, with "high-tech cabling," a wet bar and a jetted tub, is priced at $2.1 million and change. Legal filings in the case reveal that Google asked Lee to move south and become a California resident. Lee, in turn, asked the company to pay for the closing costs and commission on the sale of his Bellevue house. Click here to read more.

The Truth: California is a Mecca for Business and Jobs. Recent study showed that while approximately 44,000 California jobs were lost to relocation in the period from 1997 to 2000, about 20 times that many were created by expansion of existing businesses and creation of new ones. Click here to read more.

Raising your value. In increasing net worth, most investors had better be ready to take a chance or two. The poorest man on Forbes' list of the 400 richest Americans has a net worth of about $900 million. Not even a winning Mega Millions lottery ticket would help the average American household - with a net worth of $86,000 - catch up to Forbes' pauper. But if you're serious about sharply increasing your net worth in the New Year, many financial advisers say you'll have to engage in some calculated risk. With real estate prices leveling across the nation, the stock market's direction uncertain and oil prices unpredictable, there are no safe bets on a tidy return on investment these days. Still, the bigger returns will go to those who are able to be a bit creative and take some healthy financial risks, experts say. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Sunday, December 25, 2005

Real Estate News for Sunday, December 25th, 2005

Hi Everyone! Happy Holidays! I'll keep the news short for today.

Housing boomed in North County. The median price of a single-family home in North County, and in California as a whole, has roughly doubled in the last five years. That familiar statistic implies that virtually anyone who bought in 2000 and sold five years later reaped a profit. California and the rest of the U.S. benefited from low interest rates, enabling people to buy more expensive homes than they otherwise would have been able to afford, said Jim Klinge, a Carlsbad-based Realtor. And in San Diego County, price increases of about 20 percent a year became expected, encouraging people to buy at any cost, in the expectation of sure profits. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Saturday, December 24, 2005

Real Estate News for Saturday, December 24th, 2005

Thank you so much to everyone who has been a part of my life this year. My family, friends, coworkers, and classmates have all been so helpful to me. Without their support and patience, I would never have been able to do all that I have. So be sure to thank the people that you love, and let them know they are special!

And a big THANK YOU to all the people who have visited my site!

Signs of Cooling. Investors are shying away from residential real estate in some markets as house-price appreciation slows. Some brokers are advising investors looking to buy and flip properties to put away their checkbooks. More purchase deals on condos are falling through as investors get cold feet. With inventories of homes for sale rising, some investors are seeking renters instead. Click here to read more.

Real estate official predicts robust 2006. Questions and Answers. Bill Jilbert, who has been in the real estate business since 1977, is a top official of one of metropolitan Phoenix's biggest home-sales outfits, Coldwell Banker Residential Brokerage. The company has 40 offices and 2,200 agents. Jilbert talked about the market and the challenges ahead in a conversation with The Republic. Click here to read more.

Real estate flips sometimes flop. If you're looking to turn a quick buck on a real estate transaction, accountant Bill Rucci has some words of warning: "It may be quick, but it also may not be as lucrative as you first thought." With housing prices in many parts of the United States skyrocketing, flipping -- buying a property and then quickly reselling it at a higher price -- has become the hottest investment trend. But if you're not careful with your real estate flips, your investment strategy could produce a sizeable payoff for an unintended partner: the Internal Revenue Service. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Friday, December 23, 2005

Real Estate News for Friday, December 23rd, 2005

Nick's New Cage. Who's buying, who's selling in the world of high-end real estate. Actor Nicolas Cage recently bought a waterfront home in Newport Beach, according to a California real estate source. The Oscar winner reportedly paid a whopping $25 million for the bay-front home in a very quiet deal. He is currently building a 160-foot dock there to accommodate a large yacht, the source says. Click here to read more.

Home market posts small drop. Numbers lead most to believe area will have "soft landing". If the Inland Empire housing market has peaked, it may be that October 2005 will be remembered as the high-water mark. Numbers released Thursday by the California Association of Realtors showed that while month-over-month prices showed a small increase both statewide and in much of the Southland, the median in the Riverside-San Bernardino metropolitan area slipped to $388,650 in November. That's just a 1.6 percent drop, and it's still 20.7 percent higher than November 2004, but it's the first drop of any kind locally in years. "People are being more cautious right now," said Jack Kyser, chief economist with the Los Angeles County Economic Development Corp. "Lenders are being more cautious. I think the housing market is starting to come in for that "soft landing' people have been talking about." If that's true, it's still a soft landing at a very high level. Nine different Inland Valley cities have median prices of half a million dollars or more, and Norco was the first city in the Inland Empire to hit the $700,000 mark. But even though demand remains high, inventories are getting deeper all the time as homeowners try to maximize the potential profit from their equity. Click here to read more.

Median Price of a Home in California at $548,400 in November, Up 16.2 Percent from Year Ago; Sales Decrease 11.2 Percent. The median price of an existing home in California in November increased 16.2 percent and sales decreased 11.2 percent compared with the same period a year ago, the California Association of REALTORS(R) (C.A.R.) reported today. "The California housing market continues to experience year-over-year double-digit price appreciation, which is consistent with our expectation that the statewide median for 2005 will increase by 16 percent over last year," said C.A.R. President Vince Malta. Closed escrow sales of existing, single-family detached homes in California totaled 579,560 in November at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR(R) associations statewide. Statewide home resale activity decreased 11.2 percent from the 652,340 sales pace recorded in November 2004. The statewide sales figure represents what the total number of homes sold during 2005 would be if sales maintained the November pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The median price of an existing, single-family detached home in California during November 2005 was $548,400, a 16.2 percent increase over the $471,980 median for November 2004, C.A.R. reported. The November 2005 median price increased 1.8 percent compared with October's $538,770 median price. Click here to read more.

Midday Business Report: More evidence of housing slowdown. Sales of new homes plunged in November by the largest amount in nearly 12 years, providing the most dramatic evidence yet that the red hot housing market over the last five years is starting to cool down. The Commerce Department reported today that new single-family homes were sold at a seasonally adjusted annual rate of 1.245 million units last month, a drop of 11.3 percent from October, when sales had surged to an all-time high. Last month’s decline was even bigger than the 8.7 percent drop-off that Wall Street analysts had been expecting. Though sales of both new and existing homes are still on track to set records for a fifth straight year in 2005, analysts are forecasting sales will decline in 2006 as the housing boom quiets down. Analysts are looking for home sales to dip by between 3.7 and 6 percent next year under the impact of rising mortgage rates. Analysts believe that house prices, which had been soaring at double digit rates, will moderate as well. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Thursday, December 22, 2005

Real Estate News for Thursday, December 22th, 2005

'Soft landing' runs its course in California real estate market. Sales down 11 percent from November 2004 to November 2005. The median price of an existing home in California in November increased 16.2 percent and sales decreased 11.2 percent compared with the same period a year ago, the California Association of Realtors trade group reported today. "The California housing market continues to experience year-over-year double-digit price appreciation, which is consistent with our expectation that the statewide median for 2005 will increase by 16 percent over last year," said Vince Malta, CAR president. Click here to read more.

People of color pay millions more monthly for home loans. The California Reinvestment Coalition released a new report Thursday finding that people of color, communities of color and rural towns are more likely to receive higher-cost home loans and that people of color in California could be paying $50 million more than white borrowers every month as a result of higher-cost home loans. “What you look like and where you live should not determine how much you pay for a loan,” said Kevin Stein, associate director of CRC. “Higher-cost lenders are draining wealth from families’ pocketbooks and doing so in a way that is having a large and is proportionate impact on certain California communities.” The report documents a high-priced credit system for minority households in 12 California cities: Delano, El Centro, Fresno, Los Angeles, Modesto, Oakland, Oxnard, Sacramento, San Diego, San Francisco, Salinas and Yuba City. People and neighborhoods of color are two to four times as likely to get higher-cost loans. Residents of minority neighborhoods were nearly four times as likely as those in white neighborhoods to get a higher-cost home purchase loan. Rural communities are greatly impacted by higher-cost lending. Delano saw 25 percent of its home loan borrowers receive higher-cost loans. El Centro, Fresno, Modesto and Yuba City had the next highest incidence of higher-cost lending. Click here to read more.

Manufactured housing takes an upscale turn. In fact, new manufactured homes -- the official term, since 1976, for federally regulated transportable structures at least 8 feet wide and 40 feet long -- are nearly indistinguishable from houses built on-site. Yet the most common images of this type of housing are the ones that tend to pop up in the news after natural disasters -- old mobile homes reduced to splinters after being hit by a tornado, rows and rows of identical trailers housing victims of Hurricane Katrina in Louisiana. ''It's a tough image sometimes to overcome," says Richard Norton, executive director of the Massachusetts Manufactured Housing Association. Click here to read more.

Home builders raise money and give food to the needy. The Women's Council of the Home Builders Association of Northern California has donated a record amount of cash and food for the organization's shelter partners. The council raised more than $20,000 - four times the amount raised in 2004 - plus thousands of pounds of food. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Wednesday, December 21, 2005

Real Estate News for Wednesday, December 21st, 2005

Hi everyone, I'm posting from Las Vegas right now! I've seen a lot of new housing developments on the drive over from Southern California. Here's today's real estate news.

Despite holidays, whole 'lotta' real estate shakin' goin' on. Agents make good use of so-called holiday slowdown. Wreaths and wine baskets for clients, strategic planning, new offices, real estate deals and a whole "lotta" 1031s are what a group of agents surveyed by Inman News have going on this time of year. To paraphrase Mark Twain, everyone knows the holidays are slow, but some people do something about it – or at least some real estate agents, especially the ones we talked with. Click here to read more.

Coachella Valley's median home price: $400,000. Valley's inventory rises with cost in November. The Coachella Valley's median home sales price hit a record $400,000 in November, a 23 percent increase from a year ago propelled by buyers of high-end second homes and retirement residences. But potential buyers also made their presence felt by passing over many of the homes available in the valley market. Figures released Tuesday by research firm DataQuick Information Systems showed the November count of 1,070 properties sold was down 11.5 percent from a year ago. The median price - the level at which half the homes sold for a lower price and half sold higher - is accepted as the best measuring stick to gauge home sales, experts say. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Tuesday, December 20, 2005

Real Estate News for Tuesday, December 20th, 2005

Top real estate tech tools of 2005. Opinion: A look at latest innovative technology. Dozens of new technology companies enter the real estate scene every year, and existing companies launch hundreds of new tech applications and gadgets for the real estate business. Here's a list of our picks for the top real estate tech tools of 2005: Google Earth, Homepages.com, wireless home listings data, Trulia, streaming online video, SafeMLS, REDTablet PC, MyPlaceConnection, Relay, and eClosingRoom. Click here to read more.

The median home price in Monterey County declined from $680,000 in September to $675,000 in October, the third consecutive downward month, down from a July peak of $698,000. But even with the dip, homes are still significantly higher than a year ago, when the median price in Monterey County was $578,000 for October 2004. When it comes to real estate, perspective is everything. If you're a buyer, things are looking better by the day. Prices are beginning to inch downward, homes are staying on the market longer, and many of those squeezed out of the chance at homeownership as prices escalated in the past few years are now beginning to dream. For a seller who's watched the homes in his neighborhood selling fast and high, things are a little less clear. Not that homes aren't still moving, and commanding record prices when they do. It's just that the runaway real estate market of the past few years may be finally settling in to a more reasonable jog. Click here to read more.

Second homes on the rise. It came as a big surprise to the real estate industry last year that second homes were accounting for more than one-third of annual sales. Newly accurate or not, the percentages don't tell the whole story: Though baby boomers make up a large part of the second-home market, a growing number of foreign buyers are in it, taking advantage of a weaker dollar. And the opposite is true, too: Many U.S. buyers are finding the dollar purchases more in foreign markets, especially Latin America and Eastern Europe. The second-home market has become so large that 140,000 of the nation's more than 1.6 million Realtors acknowledged specializing in it in 2005, a 30 percent increase over 2004. A clear indicator of its importance came at the Realtors' annual meeting in San Francisco in late October, when the NAR announced a new certification program for the Resort and Second-Home Professional Specialist. Click here to read more.

Wealthy Americans Remain Confident that Home Values will Increase. Amid signs that the runaway real estate market is slowing down, the majority of wealthy Americans remain optimistic that their homes will continue to appreciate in value, according to survey findings released today by The PNC Financial Services Group, Inc. (NYSE: PNC). Sixty-five percent of those surveyed said they expect to see double-digit increases in the value of their primary homes over the next five
years, with nearly one-third (31 percent) anticipating an increase of 20 percent or more. "Our findings indicate that many among the wealthy will not believe there is a real estate slowdown until they see it reflected in their property values, especially in regions of the country where prices have skyrocketed during the past five years," said Nicholas Buss, Ph.D., senior vice president and PNC's real estate economist. Click here to read more.

Data publisher sees rising foreclosure activity. Foreclosures.com reports increasing foreclosures in California, Nevada, New Jersey. Real estate foreclosure activity has edged up in California, New Jersey and in the Las Vegas area of Nevada at the end of the third quarter, according to data from Foreclosures.com, a Fair Oaks, Calif.-based real estate information publisher and investment advisor. "We saw increases in defaults month to month at the end of the third quarter in eight of 13 northern California counties that we cover...and in four of five southern California counties," said Foreclosures.com president Alexis McGee. She added, "We're seeing flat appreciation in San Francisco, and even a slight decline in prices. In Orange County, prices dropped $4,000 in October, for the second consecutive month. Defaults at the end of the third quarter reached 1,000 versus 582 in the third quarter of 2004. That's almost a 42 percent increase." Click here to read more.

Despite Shifting Tides, U.S. Commercial Real Estate Will Remain Unscathed, Thriving into 2006, According to Colliers International. Colliers International, the global real estate services firm, today launched its 2006 Real Estate Forecast, providing an in-depth look at the nation's commercial real estate market with predictions and top trends for the coming year -- specifically, the industrial, retail and office subsets. According to the firm's research, the U.S. commercial real estate sector will enjoy another blockbuster year aided by considerable momentum going into 2006, which will continue to fuel growth in industrial, retail and office real estate. Click here to read more.

Real answers to real estate questions. What would you do? Experts in the world of real estate offer their wisdom to prospective buyers, homeowners and investors. For homeowners in Orange County, it's been a great ride in the past few years, as local home prices recorded double-digit increases. But now what? Is it time to sell? If you were one of the many unlucky ones who couldn't afford to buy, is there any hope? And what should you do if you just want to diversify your portfolio by adding some real estate investments? Ten local real estate experts came to the Register last week to share their views about how readers can best position themselves financially when it comes to property next year. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Monday, December 19, 2005

Real Estate News for Monday, December 19th, 2005

Housing market helps build job growth in state. The still-hot California housing market helped fuel strong job growth throughout the state last month, as homebuilders and mortgage operations continued to hire thousands of new workers, according to a report released yesterday by the California Employment Development Department. But in San Diego County, where the housing market has cooled, construction firms and financial operations shed workers last month, dampening the region's employment growth. "Our economy right now is mostly firing on two engines: construction and financial activity," said Esmael Adibi, director of the Anderson Center for Economic Research at Chapman University in Orange. "Statewide, a large portion of the jobs created over the last five years are related to those two categories. If you take those two categories out of the mix last month, our overall job growth would have been much much lower." Click here to read more.

Dropping the real estate boom in 2005. The real estate market slowed in some markets in 2005. Some real estate professionals may remember 2005 as the beginning of the end of the boom -- the year when the housing market let out some steam and began to fall back toward Earth. Some super-heated markets cooled as interest rates climbed, for-sale inventory grew and home-price increases moderated. The Realtor association's chief economist, David Lereah, said in a statement in late November, "We are returning to more balanced markets between home buyers and sellers, one that places buyers on a more even footing. Housing activity has peaked and is coming down a bit, and we expect further cooling in the coming months." Real estate agents in slowing markets have said that sellers are in some cases unrealistic about the value of their homes and the continuing rate of price appreciation, and this has led to high listing prices, fewer offers and longer time on market. Some buyers, they say, are getting priced out of the market by rising prices and interest rates. Click here to read more.

Title insurers lash out at California competition report. Study says three title insurers control 75% of California market. A California title insurance organization lashed out Thursday at a report on competition in the state issued by California Insurance Commissioner John Garamendi, calling the report "bogus." The California report, "An Analysis of Competition in the California Title Insurance and Escrow Industry," released by the commissioner's office, concludes that three insurers control 75 percent of the state's insurance market. "The bogus report issued by (California Insurance Commissioner) John Garamendi … is not worth the paper it is written on," charged Lawrence Green, executive vice president and counsel for the California Land Title Association, in a statement last week. In response, Garamendi said, "This is the fifth report on this industry since 1977, and they all come to the same conclusion: the title industry does not compete on price." The commissioner said Thursday that he is taking steps to make title insurers cut the rates paid by California homeowners based on the 111-page report. Based on the report, Garamendi expects "in the coming months to issue orders directing rates to be lowered to the levels at which they would be were this a competitive market." The commissioner also plans to hold hearings to examine title insurance premiums. In response, Green issued a statement, saying title insurers were asked to produce information for the study by Dec. 8 while the results were announced mere weeks later. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Sunday, December 18, 2005

Real Estate News for Sunday, December 18th, 2005

Rates Heading Toward Big Test. If short-term yields top long-term, history says recession looms. But is this time different? The question of why long-term interest rates are where they are — and not substantially higher — has mystified many investors, economists and Federal Reserve governors for the last 18 months. The housing market, by contrast, has been less befuddled than simply thrilled with relatively cheap long-term money in the face of the sustained credit-tightening campaign by the Fed. But if long-term rates have been surprisingly low so far, the real test of their mettle lies just ahead. Although the Fed signaled at its meeting last Tuesday that it might be nearly done raising short-term rates, the central bank also said in its post-meeting statement that "some further measured policy firming is likely to be needed." Many on Wall Street figure that means the Fed's benchmark rate, now 4.25%, will rise to at least 4.75% by spring. That might be no big deal, except for this: In the Treasury bond market, even the longest of long-term rates — the annualized yield on 25-year T-bonds — currently is below 4.75%. So if the Fed lifts its rate to 4.75%, and bond yields stay subdued, investors face the prospect of earning less on longer-term securities than they would by keeping their money in very short-term, no-risk cash accounts, such as six-month T-bills. Click here to read more.

Yoo-hoo, looky-loos. For the birds? No, fans say open houses are for buyers, future sellers, do-it-yourself decorators, snoops, sleuths, the lonely, the blasé and anyone who might tell a pal. Curiosity may be real estate's greatest marketing tool. Anything that gets people into a house for sale — open houses, virtual tours, handout CDs — is a good thing from an agent's standpoint. It matters not whether lookers are qualified buyers or even, if they are buyers at all because they may know someone. Following this line of reasoning, some realty agents hold open houses targeted at just the neighbors. A neighbor may have a friend or a relative who they've been trying to get to move to the area. This is a great way of letting them know to get the word out. Click here to read more.

Backup offers' value debated. Realty agents, homebuyers are divided on standby bids if a primary deal falls through. No one likes to play second fiddle. But in the current housing market, there is increasing pressure on buyers to make backup offers - securing themselves the No. 2 position in case the original deal falls apart. For their part, sellers like the bargaining leverage of having other buyers waiting in the wings and the safety net they provide should the house fall out of escrow. Because escrows are confidential and not recorded until a sale closes, there are no numbers on how many deals fall through. Anecdotally, however, Los Angeles-area real estate agents report that fallouts are on the rise - all the more reason to have someone else ready to step in. Click here to read more.

SoCal Home Sales Flat, Though Prices Rise. Southern California's housing boom continued to run in cruise control in November, with the median home price up 15.4% over the year-ago level and 1.3% over the previous month, according to data released today. Strong buyer demand and the anticipation of higher mortgage rates sparked a rise in the median price to a new record of $479,000 for the six-county region. The percentage gain matched the 15.4% year-over-year rise in October, when the median price stood at $473,000. Sales of new and resale homes totaled 27,637, down 3% from October, but up 0.6% from the year-ago month. A sales decline from October to November is normal for the season. The latest data provides more evidence that the area's 5-year-old housing boom, while no longer white-hot like a year or two ago, has settled into a more moderate pace. While homes are staying on the market longer — with sellers in some cases cutting asking prices — there is enough pent-up demand in the market to keep prices from rolling over, analysts said. Click here to read more.

What do they have that the 30-year fixed doesn't? The new 40/30 loan performs like a 40-year loan for the first 10 years, then re-amortizes itself over the next 20 years. As a result, the entire balance is paid off in 30 years. Of course, most people don't pay their loans for 30 years. They either sell the house, pay off the loan and move on to another place with a new mortgage, or they turn in their mortgage somewhere along the line and start over with new financing, perhaps at a better rate, perhaps for a shorter term or perhaps even for a greater amount. Human nature has made pay-option loans and interest-only mortgages popular. Both come with extremely low start rates and permit borrowers to make minimal payments. Click here to read more.

Average Mortgage Rates and Indexes


Ask the Inspector: It may be past time to unplug old system. More questions and answers with Barry Stone. Click here to read more.

Robert Bruss: Mediation may solve dispute over leaky roof. This week's questions and answers with California lawyer and licensed real estate broker, Bob Bruss. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Saturday, December 17, 2005

Real Estate News for Saturday, December 17th, 2005

Hi! The open house went nicely today. More people came this time than last time despite the colder weather, so I was very happy. The hours practically flew by!

Today's top real estate stories begin... now!
Home prices still climbing. November median prices in Newport Beach, Costa Mesa up compared with same month in '04. A recent round of statistics shows that throughout the area, median home prices recorded during November posted gains when compared with the same last year. Newport Beach did not have a ZIP Code where median home prices were less than $1.3 million. Median home values in both of the Costa Mesa's ZIP Codes exceeded $700,000 in November. The numbers were released Thursday by DataQuick Information Systems, a La Jolla-based company that tracks home prices. The figures include sales prices for single-family homes and condos. In Costa Mesa, it is hard to find anything under $650,000. The market in Costa Mesa is steady but not hectic. Click here to read more.


Inland area grows construction jobs. Inland Southern California is still a very good place to look for construction work, but a state report released Friday shows little across-the-board employment gains. There were 19,300 more jobs in San Bernardino and Riverside counties last month than in November 2004, the Employment Development Department reported. The total number of jobs in the two counties -- which has increased every month for more than two decades -- topped 1.2 million in November. Unemployment fell to an estimated 5 percent in November from 5.3 percent in October, and below the year-ago estimate of 5.3 percent. Much of the job growth went to people who put up new structures and workers in the financial industry who are connected to construction. There were 6,000 more construction jobs in November than there were a year ago, and the finance sector, including real estate and insurance operations, has hired 1,600 new employees in the past 12 months. November saw almost 5,000 more people working at retail jobs than in October, as stores began to add holiday help. Other kinds of jobs were lagging in the Inland Empire, and economists are certain the state's system of reporting payroll jobs is lacking. The monthly report uses a survey of 30,000 established employers across the state and often misses new businesses and smaller firms. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Friday, December 16, 2005

Open House Saturday, December 17th, 2005



I'm hosting an open house this Saturday. Everyone is invited! So please stop by if you have a chance. The home is located at 2200 W. Wilson St. #133, Banning, CA 92220. It is from 10:00am to 4:00pm! Click here for a Google Map. If you would like more information on the home, or will not be able to make the open house and would like to make an appointment please call me anytime! Click here for the MLS info. Thank you!

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Real Estate News for Friday, December 16th, 2005

Hi Everyone! I hope you've all had a great week, it's finally time for the weekend. Of course, the weekends are the busiest times for me, so I'll still be working! But I'm still happy to know that everyone else will be relaxing, or mowing the lawn, etc. :) Speaking of working, I'll be hosting another open house tomorrow! It will be located at 2200 W. Wilson #133, Banning, CA 92223 from 10:00am to 4:00pm. Click here for more details! (Please disregard the old date and time, this is from the last time I hosted an open house there!)

Now for today's top real estate stories.
Real Estate Mogul Declares Homeowners Can Prepare for the Burst of the Housing Bubble. While many real estate investors are running scared about the predicted end of the Housing Bubble, one veteran investor and broker has issued a word of advice – there is nothing to worry about if you are prepared. First, limit your equity position. If you or someone you know has a property that is paid free and clear but is somehow destroyed then you lose all of that equity. Rich recommends you diversify your assets. Second, avoid highly speculative investments, place more assets in other income producing properties, mutual funds, bonds and insured CDs. Finally, tailor your financing to your short and long term needs. If you are planning on moving in the next few years look at short term loan products, but if you are planning on remaining for the long haul utilize low-interest fixed-rate products. Click here to read more.

S.F. Bay Area real estate sales slide for eighth month. Annual price appreciation tops 20% in three counties. San Francisco Bay Area home sales slowed in November while prices are still climbing compared to November 2004, a real estate information service reported today. A total of 9,717 new and resale houses and condos were sold in the region last month. That was down 7.5 percent from 10,508 for October, and down 10.8 percent from 10,897 for November last year, according to DataQuick Information Systems. Click here to read more.

Riverside County home prices top $400,000. The price of a typical home in Riverside County topped $400,000 for the first time last month, a sign that the region's real-estate market still has some steam in it, a research firm said Thursday. The median price rose to $405,000, a 4 percent gain from October and 17 percent higher than in November 2004, according to a report by La Jolla-based DataQuick Information Systems. That marks an all-time high for the county. The median is the price at which half the homes sold for less and half sold for more. The gains also came in an unusually busy month of buying and selling, prompting analysts to suggest that a recent upturn in mortgage rates may have convinced "fence sitters" to buy before rates rise more dramatically. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Thursday, December 15, 2005

Real Estate News for Thursday, December 15th, 2005

Real estate sales slow in Southern California. Prices continue to march upward. Southern California home sales dropped from November 2004 to November 2005 in several Southern California counties while prices continue to escalate, a real estate information service reported today. About 27,600 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in November, which was down 3 percent from October and up 0.6 percent from November 2004. So far this year 326,746 Southland homes have been sold, virtually unchanged from 326,880 for the first 11 months of last year. Home sales activity dropped 9.5 percent in San Diego County, 3.6 percent in Los Angeles County, 1.8 percent in San Bernardino County and 1.6 percent in Orange County from November 2004 to November 2005, while jumping 18.6 percent in Riverside County and 12.1 percent in Ventura County in that time.
Meanwhile, median home prices rose 23.2 percent in San Bernardino County, 20.7 percent in Ventura County, 19.5 percent in Los Angeles County, 17.1 percent in Riverside County, 13.9 percent in Orange County and 6.4 percent in San Diego County from November 2004 to November 2005Click here to read more.

Pros see no doom, gloom in slowdown. Bursting of price bubble not in view. A panel of economists and real estate professionals meeting at the University of San Diego said yesterday the county's housing market was returning to normal growth patterns following the boom that began in the late 1990s. The fundamentals of the housing economy remain sound, said Louis A. Galuppo, director of USD's Burnham-Moores Center for Real Estate. "We may see a decline in sales but not prices." Despite rising interest rates, a growing for-sale inventory and a slowing sales pace, the county's shortage of housing will prevent prices from dropping steeply, speakers asserted. Click here to read more.

Bullish on O.C. prices. Real estate experts predict values will stay strong and weigh in on foreclosures, risky financing and housing crunch. Orange County's home prices won't drop next year and could rise 3 percent to 15 percent, according to a panel of local experts. A majority of the 10 experts on a Register-sponsored real estate roundtable predicted Tuesday that prices will increase more than 3 percent next year, while four of them said prices will remain flat. The panelists included economists, real estate executives, consultants, a researcher and a broker – all with knowledge of the local real estate market. Their optimism is more or less in line with the UCLA Anderson Forecast's recent prediction of a 6.9 percent rise in home prices in 2006. The gurus at Chapman University are more bearish; they forecast a 4.2 percent dip in prices next year. Click here to read more.

Rate cut sought for California title insurance. Insurance official says consumers are being overcharged. California Insurance Commissioner John Garamendi is expected to announce today that he is taking steps to make title insurers cut the rates paid by California homeowners. Garamendi plans to hold hearings to examine title insurance premiums and, based on an upcoming study, expects "in the coming months to issue orders directing rates to be lowered to the levels at which they would be were this a competitive market." Garamendi is expected to release the study today, a 111-page report that concludes that three insurers control 75 percent of the state's title insurance market. "The report confirms that California homeowners and home buyers are being systematically overcharged because title insurers refused to compete with one another on the basis of low prices," Garamendi said. The report was authored by Texas insurance economist Birny Birnbaum. "These overcharges operate like a tax on home purchases and refinancing, pricing people out of the market and acting as a drag on the economy," Garamendi said. Garamendi's upcoming report concludes there is little variation among the top six companies' prices. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Wednesday, December 14, 2005

Real Estate News for Wednesday, December 14th, 2005

Why Buy a House When You Can Own a Whole Town? Sales of towns on Ebay attract media buzz, but few buyers. These three for-sale towns are forever joined in eBay notoriety with Langtry, Texas — former home of Judge Roy Bean — the dusty outposts of Amboy and Minkler, Calif.; historic Rocky Ford, Ga.; Monse, Wash.; and the ghost town of Palisade, Nev. Besides being offered for sale on eBay, what do these towns have in common? All are located in isolated rural areas; none has a population over a few hundred. "Fixer-upper" would be a generous way to describe the buildings still standing; in Bridgeville, several of the houses and buildings were deemed by the county to be uninhabitable. The towns are generally owned by older individuals or couples who are no longer interested in the expense and upkeep required to keep the towns operating. And none has what could be called a dominant industry or viable economic engine. There are exceptions: "The bad thing about a lot of them is, they don't generate any revenue — this one does," said David Levi, owner of Tortilla Flat. The town, originally a way station for water and horses, still retains some vitality because of its operating restaurant and shops. Click here to read more.


Brokers say rising mortgages may usher in era of 40-year loans. With predictions of 30-year, fixed-rate mortgages creeping up to 7 percent next year, mortgage and real-estate brokers say 40-year, fixed-rate loans could become commonplace as people try to get into a home. In its annual forecast, the California Association of Mortgage Brokers, based in Sacramento, projected that mortgage rates will reach an estimated average of nearly 7 percent for 30-year, fixed-rate mortgages and that 40-year, fixed-rate loans will become an important option for buyers. Click here to read more.

Tax trap threatens millions in 2006. House, Senate fail to forge AMT relief.
Efforts to slow the spread of the alternative minimum tax have bogged down in Congress, leaving more than 15 million taxpayers potentially susceptible to the ``stealth tax'' for the first time starting in 2006. Both the House and Senate have passed bills that provide another year of relief from the tax, which is particularly troublesome in affluent areas like Silicon Valley. But Senate Majority Leader Bill Frist, R-Tenn., told reporters Tuesday that wrangling over tax policy makes it unlikely Congress will push through narrow legislation addressing the AMT before the current patch expires Dec. 31. That means taxpayers will face roughly $30 billion in extra taxes under the AMT system unless lawmakers approve retroactive changes. Those taxes would be due April 15, 2007. Many taxpayers don't realize that they're supposed to calculate their income tax under both the regular rules and the AMT rules -- and then pay whichever bill is larger. The tax's reach is spreading into the middle class because every cut under the regular tax system forces more middle-class taxpayers instead to pay the AMT, which has never been indexed to inflation. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Tuesday, December 13, 2005

Real Estate News for Tuesday, December 13th, 2005

Housing Costs Lifting Rentals Out of Reach. The cost of rental housing has increased faster than wages, making it increasingly difficult for low-income families to afford even modest apartments, an advocacy group said Tuesday. Hawaii is the state with the most expensive rental costs, followed by California, Massachusetts, New Jersey and New York. California also had eight of the 10 most expensive counties for rental housing, led by Marin County, near San Francisco. West Virginia had the most affordable rents, followed by Arkansas, North Dakota, Alabama and Mississippi. Click here to read more.

Here's some real estate news for Oregon.
Housing prices still on the rise. The median sale price is up 31 percent, but there are more homes on the market. An increase in houses for sale in Jackson County seems to have slowed the bidding frenzy that characterized the real estate market a year ago. But that hasn’t slowed the ever-rising tide of prices. Statistics for November 2004 to November 2005 show the number of single-family residences (including townhouses) for sale rising from 661 to 1,109, an increase of 68 percent. At the same time, there were just 186 transactions reported in November, compared to 288 in the corresponding period in 2004. But that 35 percent drop in activity didn’t stop median sales prices from climbing 31 percent, to $294,000. The median price represents the mid-range in sales, with an equal number of houses selling for more and less than that price. Click here to read more.

Solano residents spending more for their housing. More Solano County residents own their own home than others statewide, but they're also spending more of their income to live in them, a new study shows. Despite higher income levels and lower poverty levels, more Solano County residents spend a larger percentage of their incomes on housing than people do in the rest of the Bay Area or the state as a whole. This may indicate more Solano County families are struggling to get by, and many minimum wage workers can't afford to rent here, let alone buy a home, he said. Housing is out of reach for minimum wage workers in Solano County. This is even more true elsewhere in the Bay Area, but it's worse in Solano County than outside the Bay Area. Seven out of 10 Solano County households own their own home compared to three out of five statewide. But one way Solano County families are making that happen is by spending more of their income on housing. Click here to read more.

Plan would expand solar energy use. State energy officials, seeking to revive a key element of the Schwarzenegger administration's push to expand renewable energy use, on Monday outlined a plan to increase annual spending on new solar energy units to nearly $300 million. The plan, set for formal release today, would shuffle programs among state agencies in order to revive the administration's high-profile program to build 1 million homes with units to make electricity from the sun. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Monday, December 12, 2005

Real Estate News for Monday, December 12th, 2005

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Low-cost housing may get boost. An ordinance would have developers set aside affordable homes or pay a fee. Faced with a need to build enough affordable housing to start a small city, officials have found a way to get it. Fast-growing Fontana is looking at becoming the first city in the Inland Empire to pass an "inclusionary housing" ordinance, forcing developers to set aside a chunk of their new homes for low- and moderate-income residents, or pay a substantial fee allowing affordable housing to be built elsewhere. More than 100 California communities have enacted some form of inclusionary zoning, and cities such as Redlands and San Jacinto are considering charging developers fees to get affordable housing built within their redevelopment areas. But the need in Fontana has pushed officials to consider more -- including compelling builders to set aside 15 percent of their projects for affordable homes. With its wealth of remaining open land, more than 15,000 new homes can still be built within the city, officials said. That availability has Fontana at the top of the most recent state Regional Housing Needs Assessment for cities in San Bernardino County needing affordable housing: 7,297 units, or 13 percent of its current housing stock. Click here to read more.

UCLA forecasts slow housing market, but no recession. The annual UCLA Anderson Forecast said that despite problems in the housing sector, there are "few jobs to lose in an already moribund manufacturing sector, (so) no true recession is foreseen." Despite that, the report sees the slowdown lasting several years, with as many as 500,000 construction jobs and 300,000 financial sector positions lost. In California, the UCLA Anderson report says the housing market will cool off, consumer spending will slow and there may be some job loss in construction and other real estate related industries. It forecasts that the state, however, "probably will not see a full-blown recession." Click here to read more.

High housing prices are driving residents from many U.S. metro areas. Home prices in many American metro areas have soared, and many of their residents are either pulling up stakes and moving to lower priced regions -- many more are thinking about it. The incredible gains made in home prices in California have also resulted in mass exoduses from the main coastal cities to other California towns and to Las Vegas and Phoenix, where houses are much more affordable (although gaining fast). Nearly 70,000 residents of the Los Angeles area moved inland to the Riverside/San Bernardino area in 2004. That was added to by a net outflow from San Diego to Riverside of 16,751. The difference in the price of the median LA home ($553,200) and Riverside ($387,300) helps explain the direction of the flow. And the flow is accelerating. In 1999, the net difference was only about 33,000. The migration has bolstered Riverside prices. They've more than doubled in the past three years. And, in turn, Riverside residents are starting to take their leave for places like Phoenix, where 1,499 more Riverside residents moved to than from in 2004 and where, despite the hottest housing market in the country, a median priced house still sells for just $268,000. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Sunday, December 11, 2005

Real Estate News for Sunday, December 11th, 2005

Rates, Not Home Prices, Worst Enemy In Affordability. With all the talk of softening markets, many buyers have moved to the sidelines hoping to wait out high prices, believing that lower prices will help them along the path to homeownership or to move up into the house they really want. Instead of prices, buyers should really keep their eyes on interest rates -- the most powerful component of the home-buying process. Click here to read more.

2006 Outlook Continues To Be For A Slower, But Still Busy, Housing Market. Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.32 percent, with an average 0.6 point, for the week ending December 8, 2005, up from last week’s average of 6.26 percent. Last year at this time, the 30-year FRM averaged 5.71 percent. Click here to read more.

This story looks vaguely familiar, I don't know if I've already posted a similar one before, and a different news source is repeating it just now, or what the deal is. But I guess it never hurts to repost.
Market flooded with homes for sale. Higher-end homes take the biggest price hit. The number of homes for sale in San Joaquin County has more than doubled in the past six months, causing the prices of some higher-end homes to come down, real estate experts said. But the cost of the homes for the first-time buyer has remained stable as the median price for homes has increased between $10,000 and $30,000 in most cities during the same period. Central Valley Association of Realtors, which represents 16 cities in San Joaquin and Stanislaus counties and is headquartered in Lathrop, released a report Friday showing the number of homes listed for sale in San Joaquin County more than doubled since June. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Saturday, December 10, 2005

Real Estate News for Saturday, December 10th, 2005

I hope everyone has been able to take some time out for themselves and relax for a little bit before the holiday season kicks starts with full force! We're so busy thinking of others that we barely have time to pamper ourselves, so treat yourself this weekend! Here's some news for today.

Landlords getting piece of real estate boom. While rents are up and vacancies down, a weak housing market could hurt if condos become rentals. Vacancy rates are dropping and rents are rising in many parts of the country. Landlords are pegging their hopes on continued job growth and the end of the single-family housing boom in 2006. But a weak housing market could hurt them yet again if unsold condos flood back onto the market as rentals. The national apartment vacancy rate dropped in the third quarter to 5.8 percent, the lowest point since the third quarter of 2002. Click here to read more.

High Yields, Total Returns. Many crystal ball readers are predicting tough times ahead for real estate investment trusts. But not all REITs are the same, and there are opportunities in any industry or asset class. It's just a matter of digging deep to find the right one. As an asset class, real estate investment trusts or REITs have had an incredible run for the past five years. There has been some variation among the different sectors, with REITs that focus on retail and self-storage performing well while office and apartment REITs struggle. Like those in many other industries, REIT returns have historically experienced boom and bust cycles, with rising interest rates often negatively affecting them. REIT's returns, however, have continued to be strong for the past year and a half despite interest rates' upward climb. Many believe that its only a matter of time before gravity takes hold and the highest-flying REITs plunge back to earth. Others, however, think recent gains are here to stay and that any retreat will be brief. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Friday, December 09, 2005

Real Estate News for Friday, December 9th, 2005

Sorry about the missed post yesterday! Here is today's post though!

Golden State real estate gets more costly. Housing affordability in California dropped several notches from October 2004 to October 2005, the California Association of Realtors reported Thursday. The percentage of households in California able to afford a median-priced home stood at 15 percent in October, a 4 percentage-point decrease compared to October 2005. This October Housing Affordability Index was unchanged from September, when it also stood at 15 percent, the state Realtor group also reported. CAR's monthly housing affordability index measures the percentage of households that can afford to purchase a median-priced home in California. CAR also reports housing affordability indexes for regions and select counties within the state. Click here to read more.

10 Most Influential Real Estate People of 2005. Perspective: Leaders, luminaries and notorious names we won't forget. Inman News this year compiled a list of the 100 most influential people in real estate, reflecting the industry's best and brightest, as well as outside figures whose actions influence the home buying and selling business. Erin Toll, Alan Greenspan, Mike Long, Mark Lesswing, Joshua Sharfman, Alphonso Jackson, Lauris Janik, Angelo Mozilo, U.S. Justice Department's Antitrust Division officials, and Stuart Wolff and Peter Tafeen, former Homestore executives. Click here to read more.

Will the notoriously cyclical real estate industry ever go bust? Not very soon. Last week, the National Association of REITs reported that shares of property-owning REITs (Real Estate Investment Trusts) have returned 12.4% this year, including dividends. If things stay on track in December, this will be the sixth straight year that NAREIT's bricks-and-mortar index will have outrun the S&P 500, which is up just 4.4% for the year. (If you add in the meager dividends paid by the stocks in the S&P 500 index, they returned 6.1%.) Click here to read more.

Knowledge is power for first-time home buyers. What is a mortgage? Most people can't hand over a $500,000 check to purchase a home. They must borrow from someone who'll want collateral. The mortgage is a written document that creates a lien on real estate as security for the payment of a specified debt. (In California, this is referred to as a Deed of Trust.) This is accompanied by a separate document called a mortgage note, which is a written agreement to repay a loan. The note states the actual amount of the debt that the mortgage secures and the manner in which it shall be paid. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Wednesday, December 07, 2005

Real Estate News for Wednesday, December 7th, 2005

The nation's housing market is in a "perilous position" that could slow the broader economy, but it is unlikely that a drop in home prices will prompt a recession, according to the latest assessment of the economy from the UCLA Anderson Forecast. In their quarterly economic forecast to be released today, the UCLA economists said that a slowdown in home sales and single-family home construction is a sign that the housing market may be on a decline. The Anderson Forecast, one of the state's most respected panels of economists, has been predicting a housing slowdown for the past couple of years, even as housing prices have skyrocketed. Click here to read more.

Pair Plead Not Guilty in Home Loan Scam. Partners preyed on desperate homeowners facing foreclosure, stealing their equity and cheating lenders, prosecutors say. Prosecutors said the scam worked like this: The suspects located homeowners whose loans were in default and persuaded them that they could avoid foreclosure with a short-term loan to cover their debts. The victims were told that their homes would be refinanced by "co-signers" with good credit. With access to the deed, the suspects took out loans against the property and eventually pocketed the majority of the proceeds, robbing homeowners of their equity by increasing their debt and saddling lenders with bad loans. This type of sham transaction, which was uncovered last month, has become increasingly common and is indicative of a boom in real estate fraud throughout California and the nation, authorities said. Click here to read more.

Hot SoCal Market Warms Up Region's REITs. The Southern California office and industrial markets have been on a tear this year, and real estate investment trusts focused on the region have seen their share prices surge. What's got everyone abuzz about Southern California is that the area's office and industrial markets have been solid performers in a generally lackluster national environment. Job growth in the area has been strong, leading to low vacancy rates and growing rents across the region. In turn, investors who placed bets on REITs focused on the area have been rewarded this year. Click here to read more.

Slow Buying Pace Compared to New Foreclosures Creates a Strong Investment Environment. According to data released today by Foreclosure.com, 85,375 foreclosed residential properties were available for sale in the United States during November -- a decrease of 2.7 percent from October. The total number of new foreclosures listed for sale in November -- 20,951 -- also decreased 2.7 percent. In the states with the highest number of foreclosure listings, including Colorado, Georgia, Indiana, Michigan, Ohio and Texas, only Georgia experienced an increase in new foreclosures from October to November. In addition, Massachusetts, North Carolina and Tennessee recorded a substantial rise in the number of new foreclosures for the second straight month, indicating early signs of a trend in those areas.
CALIFORNIA
Total Properties: 1144
New Foreclosures: 149
Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Tuesday, December 06, 2005

Real Estate News for Tuesday, December 6th, 2005

CalHFA Additional Benefit for Borrowers Makes Mortgage Payments in Cases of Job Loss. A new program that began earlier this year allows borrowers who use CalHFA's conventional home mortgage programs with CalHFA mortgage insurance to have their monthly mortgage paid for up to six months if they lose their job. CalHFA in partnership with Genworth Mortgage Insurance has added the HomeOpeners benefit at no additional cost to all of its conventional loans with mortgage insurance. HomeOpeners may pay as much as $2,500 for up to six payments during unemployment for the first five years of the loan. The benefit, which is subject to certain restrictions, can include principal, interest, insurance and tax payments. The CalHFA HomeOpeners mortgage protection becomes effective 60 days after loan closing. Since the benefit was added earlier this year, over 1,350 new homeowners have gained the coverage on loans totaling more than $384 million. CalHFA's lender partners say first-time homebuyers feel it takes some of the anxiety out of buying a home. Click here to read more.

More and more Americans are moving to get away from overheated housing markets. Many residents of high-priced housing markets around the country are cashing out and moving to more affordable areas. California suffers a net loss of about 100,000 residents a year to other states, according to Economy.com. In recent years, many have cashed out their rapidly appreciated homes and moved to Arizona, Washington, and Oregon. But now that prices have climbed in those states as well, the latest trend is that Californians are turning to the Midwest, where spacious houses are available for half of the cost of similar space in Los Angeles. Click here to read more.

In the U.S. bond market, the housing bubble has burst. Bonds backed by home loans to the riskiest borrowers, the fastest growing part of the $7.6 trillion mortgage market, have lost about 2.5 percent since September on concern an 18-month rise in interest rates may force more than 150,000 consumers to default. The slump in the bonds is one of the first signs the housing boom is ending after the Federal Reserve's 12 interest- rate increases. Real estate has accounted for about half the economy's growth since 2001, according to Merrill Lynch & Co. Click here to read more.

KB HOME and Shaw Form Joint Venture to Build New Homes in Louisiana The joint venture will pursue the building of new homes in Louisiana with the goal of providing permanent housing and increased economic development to Louisiana in the aftermath of the two devastating hurricanes in the state. KB HOME/Shaw Louisiana envisions this venture will generate a significant amount of work in Louisiana over the next few years. This is the first new residential construction program to be announced
in Louisiana since Hurricane Katrina came ashore. This joint venture is designed to provide desperately needed new homes to stricken areas and will attract a broad demographic range of homeowners. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Monday, December 05, 2005

National Do Not Call List

In a few days from today, cell phone numbers will be released to telemarketing companies and you will start to receive sales calls. You will be charged for these calls. These telemarketers will eat up your free minutes and end up costing you money in the long run. To prevent this, call the following number from your cell phone: (888)382-1222, this is the National Do Not Call list. It will probably only take a minute or so of your time. You can also register online at http://www.donotcall.gov and verify that your phone numbers are registered. If you want to verfy your numbers, you will be sent an e-mail verifying when you were added to the registry. When you register your number, it blocks your number from telemarketers for 5 years. Pass this little tidbit of info on to your friends and family!

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com

Real Estate News for Monday, December 5th, 2005

Good morning! It's great to be back in California again. The weather is a bit blustery today, but the sun is out and it's a good day to be working. Here are today's top real estate stories. Enjoy!

Given a choice of simplifying federal tax laws or retaining current housing incentives, Americans prefer to retain current housing incentives over changing federal tax laws. The survey of 1,001 adults found that about 68 percent of participants favor retaining deductions for mortgage interest and state and local taxes over a plan to simplify the current tax code. "The survey offers a cautionary note for those in the administration and on Capitol Hill who may be tempted to endorse the recommendations of the President's Advisory Panel on Federal Tax Reform, which would wipe out popular tax incentives that promote home ownership and affordable housing," said Jerry Howard, executive vice president and CEO of the National Association of Home Builders. Click here to read more.

Zones prone to floods filling with new homes. In recent years, thousands of new houses have mushroomed on the land that was under water then, part of a wave of suburban development in California's vast Sacramento-San Joaquin Valley. An ever-expanding population and sky-high prices near coastal cities are driving a housing boom in the most flood-prone part of the state. The aptly named Plumas Lake development north of Sacramento is one of those new suburbs. When it's completed, it will include 11,000 homes in a filled-in marsh near the former farming town of Olivehurst. The area is framed by the Feather, Bear and Yuba rivers, which overflowed their levees during the epic 1997 flood. Click here to read more.

Taxpayers get billed for affordable housing - Part 2. The $12.6 million Desert Gardens apartments, at Lee Avenue and Bellflower Street, were built by the Foundation for Affordable Housing V, Inc. The 10-acre site was sold on Nov. 22, 2002 for $330,000. It was then immediately flipped and sold for $880,000 to the developer, according to the San Bernardino County Auditor/Controller's Office. The Desert Gardens was then granted nearly $12 million in federal tax credits. A second low-income project to be constructed by the Foundation for Affordable Housing next year recently won $16 million in state and federal tax credits. The average cost of building each apartment of the 81-unit buildings is $156,314 and $197,530, respectively. "The reason we have a lack of affordable housing in Southern California is because of government policies." Jon Coupal, president of the Howard Jarvis Taxpayers' Association, said. "The best thing government can do for affordable housing is get the hell out of the way." Click here to read more.

This article isn't real estate related, but it's beautiful so I included it for those of you who like butterflies.
It's going to be an orange Christmas again along the coast. Some 40,000 monarch butterflies are migrating to the Pismo State Beach eucalyptus groves, an annual trek that peaks in December to bring the Central Coast one of the most beautiful natural displays. The brilliant orange butterflies congregate in the boughs of the trees to ride out the winter, taking flight on sunny days in a dazzling display that looks like burning embers floating in the sky. The insets then mate and die. "It's incredible. They look like jewelry," Marian Taylor of Laguna Beach said as she watched a butterfly cluster. Although Pacific Grove near Monterey has the most famous monarch grove, the Pismo Beach grove hosts the largest congregation of the insects in the United States, park docent Dick Simpson said. During winter of 1990-91, an estimated 230,000 butterflies swarmed the grove. About 15,000 butterflies visited the park in the winter of 1994-95 and this year's population is expected to peak this month at about 40,000. They began arriving in October. "They're kind of like a Christmas gift because they tend to peak at the end of December," park docent Terry Jackson said. Click here to read more.

Mobile Homes Get Second Look as Affordable Option. California law allows manufactured housing in residential zones, but enables local governments to adopt architectural standards to ensure that it blends in. Pitched roofs, facades and landscaping can dramatically change the look of a mobile home, said Michael Thompson, director of the Washington County Planning Department. Click here to read more.

~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com