Every month my Coldwell Banker Kivett-Teeters Beaumont office has a delicious potluck. We usually have a theme, but people can bring whatever they want. It's a tasty tradition that we've kept up for several years. I should have taken some pictures to share with everyone, but food never lasts long with Realtors around. ;) The real estate news has been more hopeful about the housing market, instead of the usual doom and gloom. Don't expect any miracles, we're still in a pretty slow market, but studies have been showing a pick up in activity.
Los Angeles Is Least Overvalued Real Estate Market. Meanwhile, the Inland Empire is the third most overvalued in the nation, according to a market tracker. While most of the nation's markets "exhibit signs of overvaluation, we are not likely to see massive declines in home prices in most markets." Housing prices in the Los Angeles, Long Beach and Glendale metro area are currently overvalued by 2.7 percent, still suggesting a soft landing, but that figure soars to 16.7 percent in the Riverside, Ontario and San Bernardino county area, according to Laguna Hills-based Geo-stat Advisory, the Daily News reported. This means that prices in these areas could fall by a like amount this year, barring any big shock to the economy, market analyst Nima Nattagh, who prepared the report, said in remarks reported by the newspaper. "I think the extent of overvaluation is not as much as some people have expected," he said of Los Angeles. "I think it bodes well for the market." Click here to read more.
It's amazing how brazen people can be with identity theft! Apparently someone thought it would be a good idea to buy a house with someone else's name and social security number. If they're looking for a place to live, maybe a jail cell would suit them. Unbelieveable!
2 women jailed in ID scam. Stolen data reportedly used to buy desert home. The 23-year-old woman was in for a big shock when she failed to secure a loan to buy her first home. A check of her credit history showed she was already making monthly payments on a home in Victorville. Unbenownst to her, the woman's name and Social Security number had been stolen and used to purchase a single-story home for $177,000. Investigators from the San Bernardino County District Attorney's Real Estate Fraud Prosecution Unit arrested two people Monday in connection with the scam. Fanny Velasquez, 52, and her daughter, Paola Garzon, 31, were taken into custody at their Fontana business and booked into West Valley Detention Center in Rancho Cucamonga on $250,000 bail each. They are charged with three felony counts of identity theft, false impersonation of another person and forgery. Click here to read more.
For those of you who are renting right now, the results from this study might give you some incentive towards home ownership or maybe even becoming a landlord. The New York Times had an article that seemed to say renting was the way to go, but with rents going up, that sentiment may not last.
O.C. residential rents likely to increase. USC Lusk Center sees apartment rents rising up to 5 percent this year, off a bit from past two years. There's one group benefiting from the subprime meltdown: apartment landlords. With a funding crisis under way among subprime lenders and Orange County's home prices still high, more renters will find their home buying options limited, said Delores Conway, director of the USC Lusk Center's Casden Forecast. Fewer people will qualify for home loans, she said. The center sees apartment rents rising in Orange County by 4 percent to 5 percent this year. Still, that would be down a tad from last year's increase of 5.3 percent and 6.5 percent in 2005. The average monthly rent at the end of 2006 was $1,472. 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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