Jeffrey Tung's Real Estate Blog » Business and Economy

San Francisco healthy?

Jeff Tung — Thu, 22 Sep 2011 22:28:41 +0000

As we are getting into the last quarter of the year, San Francisco and the Bay Area have gone through a lot of changes. They could be good or bad depending on how you look at it. As I have mentioned on another post, what will the city be like in the next 5 years? I believe it should be at a point of recovery. We’ll see.

How is your house doing?

Jeff Tung — Sun, 18 Sep 2011 03:03:06 +0000

In many areas in the nation, there are areas that are cheaper to buy a home then to rent. You now can find a home for $100,000 in New York and through out the country including Hawaii.

It may seem like some areas have not been affected by the economy but that is not true. The properties that sell really quickly are usually the cream of the neighborhood.

The Bay Area has been hit as well but not as bad as other areas. It will be a while before we get out of this mess.

Buying Is Cheaper Than Renting (troyrecord.com)

Is the market really turning around?

Jeff Tung — Sun, 06 Mar 2011 20:44:27 +0000

In January, pending home sales declined however, the data is based on contracts signed in January not closings. According to Lawrence Yun, NAR Chief Economist, “The housing market is healing with sales fluctuating at times, depending on the flow of distressed properties coming on the market,” he said. He expects the recovery will be a straight upward path because there is still an elevated level of shadow inventory of distressed homes and interest rates are still historically low.

According to the Wall Street Journal, there are plenty of signs that the housing market finally bottoming out. If investors and buyers continue to take advantage of the most affordable housing in decades, prices will probably bottom out in 2011.

US home sales in January downturn (bbc.co.uk)
Distressed Home Sales Driving Higher Real Estate Activity In Chicago (chicagonow.com)
“Analysts had expected the pending home sales index to fall by 2.5% in January.” and related posts (dailymarkets.com)
Home sale deals slowed in January, but Realtors remain upbeat (seattlepi.com)
Home sales rebound in 49 states (jefftung.net)
Home Sales Rise as Prices Fall (online.wsj.com)
The Week in Review Wilmington NC February 20, 2011 (tinaabraham.wordpress.com)
December 2010 Existing-Home Sales Jump: Could this be a sign of a housing market recovery? (kimgore.wordpress.com)
House prices edge higher in a ’sluggish’ market (telegraph.co.uk)
Pending Home Sales Down in January (bloggingstocks.com)
Home prices: The double-dip is near (woodonfire.wordpress.com)
Pending Home Sales Rebound Strongly in October (dailyfinance.com)

5 Myths about foreclosures

Jeff Tung — Sat, 20 Nov 2010 03:29:25 +0000

You probably have heard a lot information about foreclosures but don’t know to believe. Well here is some information about foreclosures. This should help you understand what foreclosures are all about.

With interest rates moving up, you should consider purchasing a property soon. There is more pressure for rates to go up then down. We have seen rates at it’s lowest rates historically and may not see them again.

How to Navigate Your Post-Foreclosure Financial Life (walletpop.com)
Everything You Need To Know About Foreclosure (livecrunch.com)
Protester Screams At Foreclosure Hearing [Video] (realestateradiousa.com)
Robo-Signing Foreclosure Mess: Bank of America Vows to Do Better (dailyfinance.com)
Citi May Have to Refile Thousands of Forelcosure Affidavits (dailyfinance.com)

Home sales improving!!!

Jeff Tung — Fri, 05 Nov 2010 23:46:16 +0000

Now that we are in the last part of the year, how is the real estate market? Well for the month of September, existing home sales were up by 10% from the month of August. However, sales are down by 19.1% compared to September 2009. This is a great opportunity for buyers to take advantage of the market. It’s no wonder that Americans still think about owning their own home. 80% of Americans believe in buying a home is a good financial decision.

Pending Home Sales Slump Further In September(realestateradiousa.com)
William Lyon Homes Reports Third Quarter 2010 Results(eon.businesswire.com)
Fed sees West’s housing as ‘unchanged’(lansner.ocregister.com)
REFILE-US Sept pending home sales fall 1.8 pct–NAR(reuters.com)
CREA slashes home-sales forecast(theglobeandmail.com)

Long Short Sale process

Jeff Tung — Tue, 19 Oct 2010 00:08:20 +0000

Ever wonder why it takes so long to finish a short sale transaction? It could take 3 to 4 times longer then a regular sale and there is no guarantee that the sale will be completed. This process is really between the buyer and seller, however there is another party, a lender of record, that has to cooperate with the purchase. They have their own proceedures to approve the purchase and could take a long time.

Short sales – recognizing seller motivation (agentgenius.com)
California Department of Real Estate Issues Consumer Alert (eon.businesswire.com)
Bank of America Offers Tips To Successfully Buy A “Short Sale” Home (prweb.com)
Short Sales 101: Back to the Basics (agentgenius.com)
The Short Sale Approval Letter (findwell.com)
Short Sales, a Juggling Act (agentgenius.com)
Defining a Quick or Short Sale in Real Estate (brighthub.com)
Local Agent Provides Resource on Foreclosure Alternatives, Short Sales (pr.com)
Short Sales, When the Bank BPO Is Out of the Ballpark (agentgenius.com)

CAR home sales report for August

Jeff Tung — Wed, 06 Oct 2010 23:07:49 +0000

Are you wondering what your home is worth these days? The California Association of REALTORS have published the results. Some areas have experienced some appreciation. My guess is that the valueshave bottomed out and are starting to go up. San Francisco and the peninsula home values seem to be doing better then a lot of other areas.

Calif. home sales rebound slightly (lansner.ocregister.com)
Fading Economic Recovery Affects San Francisco Housing Sales (eon.businesswire.com)
California home sales to drop 10% this year (lansner.ocregister.com)
California real estate market: the good and the bad (sfgate.com)
Slump to last 3 to 5 more years (lansner.ocregister.com)
Can You Guess Which American City Tweets The Most? San Francisco, New York or Washington? (socialtimes.com)
Cash paid to homesellers at all-time low (lansner.ocregister.com)
Federal Home Loan Bank of San Francisco Releases August 2010 Cost of Funds Index (eon.businesswire.com)

The best time ever to buy a home

Jeff Tung — Mon, 02 Aug 2010 22:52:19 +0000

Have you been thinking about when it may be the best time to purchase a property? Well, here’s 5 reasons why you might want to make that big step now. Don’t forget, real estate has cycles. We are now in a buyer’s cycle and it’s the best time to take advantage of the market place. Remember, not too long ago, the last seller’s market? Do you remember when prices went through the roof and properties were selling like hot cakes? Does multiple offers to buy a home and bidding over the asking price sound familiar? Well, it’s better now. If you can get into a property today, you’ll be able to ride the wave of the next seller’s market.

So how are you going to get the money to take advantage of the opportunity? Unless you have lots of cash to make that purchase, you should see your banker or loan agent to see how much you can borrow. If you need to scrape up some money for a down payment, here’s 7 ways that may help. Good Luck!

How Much Earnest Money is Enough? Or Too Much? (findwell.com)
A Guide to What Is Included in Closing Costs (brighthub.com)
Summer mark downs: big reductions in Marin (sfgate.com)

Foreclosures are down

Jeff Tung — Tue, 27 Jul 2010 22:41:57 +0000

According to Realty Trac, “A total of 340,740 California properties received a foreclosure filing in the first half of 2010, the nation’s highest total but down 15 percent from the previous six months and down nearly 13 percent from the first six months of 2009.”

It is encouraging to know that the foreclosures are on a decline, however is the real estate market going to survive the next wave of REOs? I think it will as long as the interest rates stay at today’s levels, unemployment declines, and the demand for housing remains strong.

The San Francisco market is a great example. Although the hardest hit areas in San Francisco, are in the lower and medium priced homes, the home sales have increased and spurred on the sales of the more expensive areas of the city. It is expected to continue for the rest of the 2010.

What do you think the market is heading?

Jeff Tung — Fri, 16 Jul 2010 21:23:05 +0000

I believe San Francisco and San Mateo counties’ prices have stabilized in most areas and may stay at this level until something happens with the projected increase of interest rates and foreclosures, defaulting homeowners and unemployment. Based on a study by Homegain, it is not surprising to see that homeowners and agents have different views about the market place.

Firm: California sees decline in mortgage defaults (seattletimes.nwsource.com)
Riskiest Cities For Homeowners (pinkbananaworld.com)
‘The Job Market Is Even Worse Than Many of Us Thought’ (abovethelaw.com)
Homes lost to foreclosure on track for 1M in 2010 (thenewstribune.com)
Foreclosure activity down in first quarter (sfgate.com)
Homes Lost to Foreclosure Could Top 1 Million in 2010 (foxnews.com)

Jeffrey Tung's Real Estate Blog » Business and Economy

San Francisco healthy?

How is your house doing?

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