Bay Area Homes More Affordable
Home prices are back to 2002/2003 levels.
C.A.R. First-time Buyer Housing Affordability Index stood at 69 percent in the first quarter of 2009 compared with 46 percent (revised) in the first quarter of 2008
- The median price of an entry-level home in California was $213,040 in the first quarter of 2009
- The estimated monthly payment including taxes and insurance was $1,270 in the first quarter of 2009
- The minimum household income needed to purchase an entry-level home in California in the first quarter of 2009 was $38,090
In Contra Costa County the affordability index for Q1 2009 was 50% as compared to 33% in Q1 2008. Alameda County posted a 62% affordability index an 11% increase over Q4 2008.
The entry level home price in Contra Costa County is now $441,040 while Alameda County is $299,760. Of course, home prices in east CC county are well below the $441K level. Buyers looking for condos, will also find lower entry level prices.
The median price of a home in California at the end of 2008 was $346,610, putting it at a level with home prices in 2002. In the Bay Area the median price of a home at the end of 2008 was $622,030, putting them back at 2003 levels.
California condominium prices, median price now at $310, are back to 2003 price levels.
With interest rates backing away from 6% last week and many financial incentives to help buyers, it's a great time to buy that new home or a fixer upper.
Our FREE In-Depth Real Estate Market Reports updated weekly, break data down by zip code and price point. These are the best "real time"sources of data you can get for your local market.
Contact Craig for more information – 925-984-4910
Save Money on a New Home in Dublin, San Ramon or Pleasanton
First-time buyers are in the perfect situation to purchase a home in San Ramon, Dublin or Pleasanton, CA. In fact, the financial assistance for first time buyers is so good, perhaps we should offer coupons.
Federal Tax Credit Coupon for Home Buyers
The U.S. Department of Housing and Urban Development (HUD) announced that first-time homebuyers using FHA-approved lenders can now get an advance on the $8,000 tax credit created by the stimulus package and apply it toward their down payments or closing costs.
California Financial Assitance Programs for First Time Buyers
CalHFA partners with over 300 localities (cities, counties, housing authorities, nonprofit entities, and redevelopment agencies) to offer the AHPP. This program is intended for low income first-time homebuyers who meet specified income limits and who are purchasing a new or existing home anywhere in California.
The CHDAP offers down payment assistance for first-time homebuyers who meet specified moderate income limits. The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less – to qualified borrowers to be used for their down payment or closing costs. This junior loan may be combined with a CalHFA or non-CalHFA first mortgage loan. This junior loan cannot be combined with the Extra Credit Teacher Program (ECTP).
Our FREE In-Depth Real Estate Market Reports updated weekly, break data down by zip code and price point. These are the best "real time"sources of data you can get for your local market.
Contact Craig for more information – 925-984-4910
More Banks Playing Ball with Loan Modifications
According to Rodney Kennedy, a loan modification agent in the East Bay, more homeowners are benefiting from loan modifications. "More banks are getting onboard with trying to help homeowners avoid foreclosure and stay in their homes."
I'm sure a great deal of this is because of the California Foreclosure Prevention Act, known as SB 1137. It was the first law in the nation to impose a foreclosure moratorium and encourage quality loan modifications. This legislation only applies to foreclosures on loans made between January 1, 2003 and December 31, 2007. It sunsets December 31, 2013.
The Act’s main components are:
- The lender must contact the borrower that is in default at least 30 days prior to initiating foreclosure proceedings in order to assess the borrower’s financial situation and explore options for the borrower to avoid foreclosure. The lender must also inform the homeowner that he or she has a right to an additional meeting that must be scheduled within 14 days, upon request. These requirements effectively increase the advance notice period for a California foreclosure sale from 110 days to 154 days.
- The lender must provide the borrower with the telephone number of a HUD certified counselor. The Act Authorizes the HUD certified counselor to represent the borrower in subsequent discussions with lenders regarding options to avoid foreclosure.
- The lender must maintain a toll-free number providing access to a live representative during business hours.
- The lender must provide any renters on the property with either a 60-day notice to quit or a new lease.
- An owner of a vacant property acquired through the foreclosure process must maintain the exterior of the property or be subject to a fine (by a local government entity) of up to $1,000 per day.
Our FREE In-Depth Real Estate Market Reports updated weekly, break data down by zip code and price point. These are the best "real time"sources of data you can get for your local market.
Contact Craig for more information – 925-984-4910
4250 Fairlands Drive, Pleasanton, California 94588
Pleasanton CA Home for Sale
Offered at $659,000
Gorgeous updated 4 bedroom 2 bath rancher with 1933 sq ft on a 6565 sq ft lot: all new!
New carpet, laminate floors, retextured ceilings, new paint inside & out, new trims, doors, new updated baths with cherry cabs, new fixtures, gorgeous open kitchen with white cabinets, Staron stone counters, new appliances, new landscaping and so much more!
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