U.S. real estate foreclosures soar 45% in January. Georgia activity doubles in a month's time, RealtyTrac reports. California registered a foreclosure rate below the national average despite documenting the third-most new foreclosures of any state. The state reported 9,354 properties entering some stage of foreclosure, a 22 percent increase from the previous month and a 62 percent year-over-year increase. About 103,540 properties nationwide entered some stage of foreclosure in January, a 27 percent increase from the previous month and a 45 percent increase from January 2005, according to RealtyTrac, an online marketplace for foreclosure properties. RealtyTrac's Monthly U.S. Foreclosure Market Report shows a January national foreclosure rate of one new foreclosure for every 1,117 U.S. households, continuing an upward trend in which the national foreclosure rate rose in every quarter of 2005. RealtyTrac's report tracks properties in all three phases of foreclosure: pre-foreclosures, including notice of default and lis pendens; foreclosures, including notice of trustee sale and notice of foreclosure sale; and real estate-owned properties that have been foreclosed on and repurchased by a bank. The company publishes a national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from over 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and AOL Real Estate. Click here to read more.
Real estate investors reading signs that valley rebound near. The reasons behind the sharp rise nationally in property sales values over the past several years are well-known. Buoyed by low interest rates, real estate investment has become far more attractive as returns on other investments such as stocks and bonds have languished. Money has poured into the sector as pension funds, insurance companies and public retirement systems have upped their allocations to real estate, lured not only by its relative attractiveness but by its increasingly transparent markets and the need to keep pace with their rising financial obligations. Click here to read more.
Real Estate Trends by Caroll Yule. 'Cautious optimism' is the new keyphrase. The High Desert continues to receive the most optimistic forecasts for many reasons, but our relatively affordable housing probably ranks first. The inventory of homes through the Victor Valley Association of Realtors seems very high at 2,413 when compared to recent lows. From previous columns, I see there were a total of 1,917 homes in our MLS on Oct. 7, 962 homes in June of 2004 and an unbelievable inventory of 443 homes in the summer of 2003. Just a note for all sellers in the $300,000 to $400,000 price range — there were 1,120 homes in that range recently offered for sale through the MLS. Another indicator people are watching closely is any increase in the foreclosure numbers. Many industry professionals are somewhat concerned regarding the increased use of 100 percent financing and interest-only mortgages over the last couple of years. In some markets this type of financing has been 40 to 50 percent of the market. If you start to feel panicked about your house payment for any reason, please call us right away. Don't wait until you receive the notice of default or, heaven forbid, the notice of sale. So many times people have equity in their homes but they wait too long and we are unable to stall the foreclosure proceedings to facilitate the sale of your home. With the incredible increase in home values for our area these past years you may be surprised at the amount of money you might clear. Even a few thousand dollars can be a great help to many families. Click here to read more from Caroll Yule.
San Francisco Puts Out a Bounty to Bust Property-Tax Cheats. Under a law that Mayor Gavin Newsom is scheduled to sign today, San Francisco can pay as much as $500,000 to watchdogs like San Francisco attorney, Wayne Lesser, who uncover tax evasion by investors who hide the acquisition of property. The ordinance may be the first citizen-watchdog program related to property taxes in the U.S., said Lisa Daniels, the executive director of the International Association of Assessing Officers in Kansas City, Missouri. Under California law, a property reassessment, which usually leads to higher taxes, occurs only after real estate changes hands or is upgraded. That creates an incentive for some owners to hide transactions, Ting said. Tax officials rely on buyers and sellers to declare ownership changes so the higher taxes can be collected promptly rather than retroactively. Click here to read more.
New guidebook for aggressive home buyers. Author takes no sides, reveals tricks of agents, lenders. If you are an aggressive home buyer, especially a "first-timer" who doesn't follow a herd mentality, "The Fearless Home Buyer" by Elizabeth Razzi is an excellent "thinking person's" home purchase guide. The author, former real estate editor for Kiplinger's Personal Finance magazine, plays no favorites as she reveals the pros and cons of doing business with Realtors, mortgage lenders, do-it-yourself for-sale-by-owners, and other realty groups. Chapter topics include, "Getting Ready to Make Your Move"; "Putting Together a Down Payment"; "Mortgages Explained"; "Special Challenges for the Move-up Buyer"; "Home Styles"; "How to Size Up a Neighborhood"; "Buying Out of Town"; "Get an Agent in Your Corner"; "For Sale by Owner"; "How to Tour a Home"; "Making an Offer"; "Negotiating Your Way to a Deal"; "Special Tips for Surviving a Cutthroat Seller's Market"; and "How to Wrap Up the Deal." A handy appendix feature is a summary of all "Razzi's Rules" from each chapter. This is one of the best "how to buy a home" books. It is different because Razzi doesn't hesitate to challenge the established players, especially realty agents and mortgage lenders, by explaining their tricks and techniques, which buyers should anticipate and avoid. On my scale of one to 10, this outstanding book rates a solid 10. "The Fearless Home Buyer," by Elizabeth Razzi (STC Paperbacks, Stewart, Tabori and Chang, New York), 2006, $16.95, 292 pages; available in stock or by special order at local bookstores, public libraries, and Amazon.com. 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
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