November 21st, 2009, 12:01 am by Jon Lansner
The federal tax credit extension, lower foreclosure rates, rising home prices, increased revenue and some rosy forecasts. Has real estate — after four years of slumping sales and prices – hit bottom? These thoughts may be some of the things evoking smiles on the recession-weary faces of real estate types this year. Insider Q&A asked some real estate insiders what is there is to be thankful for this in the real estate business this Thanksgiving …
“We are thankful for the message the consumer has provided to us as an industry and as a company. As a 33-year-old company, we have been witness to several business cycles, but nothing like we have experienced in the last four years. The devastation to home values, to people’s lives and to their finances has humbled our industry and our firm. The consumer has drawn the proverbial line in the sand and is demanding much more from us an industry and as a company. It is no longer, get a license, sell a home. It is now, understand the very client you serve, meet their needs and most of all, with education and integrity. I am thankful for the line in the sand and those companies in our industry that miss this wonderful opportunity to assist buyers and sellers of real estate in a new and meaningful way, will not survive the current market. As we look to the future, there is an end to every cycle and we believe that the end to the current cycle is in site.” – Michael Hickman, Seven Gables Real Estate
“I’m thankful that housing in Orange County has become affordable again to first-time homebuyers. After being priced out of the market for so long, prices have dipped to a level that people can again afford to buy their first home and building for the future. Many Realtors have re-discovered the simple joy of handing a first-time homebuyer the keys to their first home and to the American Dream.” – Tom Pelton, Prudential California Realty
“This year gave hope to many folks priced out of the housing market, from the artificial price run up back to the beginning of this century. Some families are grateful they can now qualify for a home in more realistic price ranges. Government intervention with their loan modification efforts have saved thousands of borrowers homes from foreclosure, giving them a chance to preserve their home ownership.” – Tom Moon, Pacific Moon Real Estate Read the rest of this entry »
Posted in: Brokers, builders, etc. • Insider Q&A • industry • Thanksgiving | 14 Comments »
November 20th, 2009, 6:00 pm by Jon Lansner
Real estate news and views from around the globe that make you go, “Really?”
Where else but …
- FUMBLE: Football stadium near Detroit a 99% loss for city (istockanalyst) MORE HERE!
- OUCH! GM job shift would add to downtown Detroit woes (Detroit Free Press) MORE HERE!
- SUPPLY: Fewer homes unsold in Detroit area (Detroit Free Press) MORE HERE!
- BETTER: Michigan foreclosures decline slightly for October (MLive.com) MORE HERE!
- PUZZLE: Michigan’s young people: To stay or not to stay? (MLive.com) MORE HERE!
Posted in: Odds & ends • Detroit • Really | 1 Comment »
November 20th, 2009, 1:53 pm by Jeff Collins
Leonard Ortiz/The Register
About 17,520 Orange County property owners have signed up this year to fight the county’s assessment of their real estate’s value in an effort to lower their property taxes.
That compares to 16,231 as of Nov. 19 last year, said Pat Martinez, head of the county’s assessment appeals division for the county Clerk of the Board of Supervisor’s Office.
The increased pace of tax appeals likely reflects the dismal state of home prices at the start of the year. This year’s tax assessments are based on property values on or around January, when local home values apparently hit bottom.
Leonard Ortiz/The Register
The median home price dropped to $370,000 in January, according to MDA DataQuick. That compares to a median home price of $520,000 in January 2008, the prior year’s “tax lien” date.
Last month, the median was $436,500, up 18% since prices began their upwards stair-step trend in February.
Property owners are entitled to a lower assessment when the market value of their property falls below the taxable value.
The Orange County Assessor’s Office already lowered tax assessments on more than 200,000 of the county’s 897,000 parcels of land. Those who believe their assessments weren’t lowered enough are entitled to appeal their assessment, upon which property taxes are based.
Orange County Clerk of thee Board Darlene Bloom projected earlier this year that tax appeals would be 85% higher, but that increase failed to materialize.
Previous property tax news …
Posted in: Real estate taxes • numbers • property taxes • tax appeals | 2 Comments »
November 20th, 2009, 9:00 am by Jeff Collins
Huntington Beach police are conducting a felony investigation of Golden State Rentals, a troubled rental listing service that’s accused to giving out bogus listings and failing to refund customers’ money.
Investigators served a search warrant on Golden State Rentals in early October after an undercover officer posed as a customer to gather intelligence about the business, according to a search warrant return filed in West Orange County Superior Court.
On Oct. 2, officers found Golden State’s Beach Boulevard office abandoned. Police seized customer files left behind, the court document said. The firm apparently shut down in late September.
The Register reported last June that numerous Golden State customers had complained that the company charged them $195 for weekly listings of homes for rent. If they failed to find a home through the service, they’d get their money back, customers said they were told. Instead they got listings for already rented units, listings outside the areas they wanted to move to or listings outside their price range. When they tried to get refunds, they were put on hold for up to an hour or hung up on.
Read the rest of this entry »
Posted in: Apartments/Rents • Legal issues • Golden State Rentals | 26 Comments »
November 20th, 2009, 12:02 am by Jon Lansner
September sales: Click for details!
 $532,000 |
 $613,000 |
 $1,450,000 |
First American CoreLogic’s computers say …
- Orange County homes prices, in the year ending September 2010, will appreciate 10.94%. Last month, First American projected a 9.53% annual again for year ending August 2010.
- Orange County homes prices — including distressed sales — declined 6.74% in the year ended in September vs. 7.92% rate of annual decline in August.
- Excluding distressed transactions, Orange County homes prices year-over-year fell 6.14% in September vs. August’s -7.07%.
- California prices? Down 12.16% annually (with distressed); down 6.95% (without.) Forecast? Up 9.36% in a year with distressed included; +8.24% without.
- National home prices — including distressed sales — declined by -9.8% annual rate in September. (Excluding distressed sales, national year-over-year prices declined by 6%.)
- In year ending September 2010, forecast appreciation for national home prices — excluding distressed — is 1.1%.
- When distressed sales were included Nevada (-25.5%) was the nation’s worst for year ended September!
Mark Fleming, chief economist for First American CoreLogic: “While the improvement in the year-over-year decline is encouraging, high foreclosure rates and increasing distressed sales are likely to continue to hold prices down.”
Recent outlooks:
Posted in: Outlooks • bottom • First American CoreLogic • numbers | 152 Comments »
November 19th, 2009, 6:00 pm by Jon Lansner
Real estate news and views from around the globe that make you go, “Really?”
… Psst! Smallest SoCal home-price loss in 2 years!
Posted in: Odds & ends • Bay Area • bottom • DataQuick • Really | 15 Comments »
November 19th, 2009, 2:41 pm by Jeff Collins
Vicki Cox Golder, the 2010 president of the National Association of Realtors, told reporters last week that short sales are getting easier because real estate agents now are better educated about the process.
For her complete comment, check out the video:
The 1.2 million member trade group recently held its annual convention in San Diego starting Friday. At the meeting, Golder also said she that Realtors don’t have to do any soul searching about their role in the housing market bust that triggered the global economic meltdown.
More National Association of Realtors convention news:
Posted in: Distressed properties • Top tale • National Association of Realtors • short sales | 16 Comments »
