Oakland Ca Real Estate Blog 
Why a Pre-Approval is more important than ever.
Tuesday, January 27th, 2009 at 1:47pm. 390 Views, 0 Comments.
Purchasing real estate is a complex transaction which involves many parties and factors, and therefore is done in a step by step fashion. The very first step in the buying process is to get pre-approved for financing (unless you are paying cash). I speak with a lot of people who are interested in viewing property before they have been through the pre-approval process, and it's important to for perspective buyers to know that it is critical that you sit down with a mortgage professional and have them run your numbers. Until you do so, you are not sure of how much you can borrow, what interest rate you can borrow at, what the monthly payment will be etc.. Of course these are critical factors in your buying process, so it's important that these questions get…
Cal HFA a thing of the past....for now
Friday, January 9th, 2009 at 1:54pm. 383 Views, 0 Comments.
If you are a first time home buyer who's been looking at financing options, you probably are familiar with Cal HFA financing. Cal HFA is a State subsidized program that allows first time home buyers to borrow up to 103% of the purchase price of a home, which means the buyer could finance the closing costs and down payment and basically buy a home for almost no money out of pocket. Basically it was one of the last options for 100% financing that was left after the mortgage meltdown.
Unfortunately, on December 19th the Cal HFA program was suspended. From what I have been told by Mortgage professionals, the administrators of the program aren't sure if they will have the funds to keep lending into the new year. With the ecomonic problems on top of the…
4.5% 30 Year Fixed???
Friday, December 5th, 2008 at 7:42pm. 441 Views, 0 Comments.
Could interest rates really drop to 4.5%? According to news reports, there is talk within the Treasury department of a new program that would allow for mortgage interest rates as low as 4.5%. When I heard this I was shocked, and I just hope that they are actually able to do it. I haven't heard all the details of how this would work, but I do know that would be a great stimulus to the market, and the economy in general.
If it does happen, it will only be available for first time home buyers, not those looking for investment real estate or looking to refinance. With the huge inventory of bank owned real estate on the market, lowering the interest rate would allow thousands of first time buyers who otherwise would not be able to purchase to get into a…
Will The Feds Buy All The Bad Mortgages? Maybe Not...
Monday, November 17th, 2008 at 10:51am. 394 Views, 0 Comments.
On Monday, November 10, the government provided a record bailout of a private company with a new $150 billion financial-rescue package to troubled insurance giant American International Group, including $40 billion for partial ownership.
On Wednesday, Treasury Secretary Henry Paulson said that buying up troubled mortgage assets “is not the most effective way” to use government funding. Purchasing these assets was the cornerstone of the initial financial rescue plan, known as the Troubled Asset Relief Program or TARP. Going forward, some of the money saved from not buying mortgage assets will be used to shore up the market for credit-card receivables, auto loans and student loans, according to Paulson.
The Labor Department reported Thursday that…
Bank Owned Real Estate Fueling The Market
Monday, November 3rd, 2008 at 12:19pm. 411 Views, 0 Comments.
You probably have seen the news reports about how in both Southern and Northern California, home sales are up as much as 65% compared to last year. This is due to the huge inventory of Bank Owned real estate which continues to flood the market.
Buyers are starting to realize that while prices may continue to fall, there are so many well priced homes on the market that it is literally forcing some people to consider buying. It has gottent to the point where you can buy a single family home or duplex, in some areas, and acutally pay a mortgage that would be comparable to renting the same property. It's been years since that has been possible in the Bay Area, but now it's a reality.
Every week I preview homes for clients, and when I look up the sales…
A Little Halloween Humor......
Saturday, October 11th, 2008 at 3:58pm. 417 Views, 0 Comments.
Of course I sympathize with anyone who has lost a home to foreclosure, but you can't deny that this one is a little funny! I've always been one to continue to be able to laugh, even through challenging times. I hope everyone has a fun and safe halloween!
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Market Turmoil Means Great Interest Rates...For Now
Friday, September 19th, 2008 at 3:55pm. 403 Views, 0 Comments.
With all the turmoil in the real estate and financial markets, there is one positive aspect to all...and that is lower interest rates. In the week following the announcement that the Government was going to bail out Fannie Mae and Freddie Mac, we saw mortgage interest rates drop over 1/2 point in some situations. I personally had a client who signed their loan documents last Friday, only to re-sign them again on Monday, which allowed them to realize a 1/3 point drop in their mortgage interest rate.
Just last night we got news that the Government is going to take even further action to help stimulate the depressed housing market, which according to the experts is the root cause of the other other financial problems that the country is facing. We could…
Eastmont Mall Getting a Makeover
Thursday, September 4th, 2008 at 10:53am. 422 Views, 0 Comments.
I was pleased to read this morning that Eastmont Mall is getting a facelift! It was purchased by an Oregon based company last year, and they have now begun a 5-6 million dollar renovation of the entire property. I'm anxious to see how it will look when completed.
I vividly remember the days when Eastmont Mall was bustling, with large scale retail stores, and even a movie theatre at one time. Over the years it's been going down hill, with almost all the well known retail outlets leaving. In recent years, it has become more of a community center, with a health clinic and other social services such as computer training being offered.
In the circle of revitalization, we know that all things that are down must come up at some point, hopefully one day…
Sales Up, But Prices Down as Foreclosures Continue To Flood The Market
Thursday, August 21st, 2008 at 3:54pm. 350 Views, 0 Comments.
You have probably seen a headline or two recently about increased sales activity, and I can personally attest to this as we Realtors are starting to see multiple offers more frequently. In certain price ranges, there are properties that end up receiving 10 offers or more, because the listed price is just too good to pass on for many buyers. In addition to that, I think many buyers are realizing that we are pretty close-if not already at the "bottom". Furthermore, by the time we realize we have hit bottom, we will already be on the way back up! This fact, coupled with low interest rates means that many who can afford to buy are seizing the moment and taking advantage of the opportunities that are out there.
The fact that "short sales" haven't gotten any…
The Grim Reaper Looms For DownPayment Assistance..
Monday, August 4th, 2008 at 5:37pm. 340 Views, 0 Comments.
You may have heard of seller-assisted down payments, and recently there has been much use of this by first time home buyers in particular. Unfortunately, the housing bill that was just signed eliminates seller-assisted down payments with FHA loans. Nehemiah is the largest privately funded down-payment assistance program that the Nation has, and when October 1st rolls around, the program will no longer be available.
Clearly the intent is good, but at the same time it will have a negative effect because there will be less people who can get financing. We are already experiencing a credit crunch, and this aspect of the housing bill doesn't make it any easier. To me, this underscores the seriousness of the situation. According to the Feds, they had to add…
Foreclosures in Oakland aren't Always Easy to Get
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