Jeffrey Tung's Real Estate Blog » prices http://jefftung.net Realty World - Success Plans, Inc. Serving you since 1986 Mon, 30 Apr 2012 22:27:48 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 More forclosures are coming http://jefftung.net/2012/04/02/more-forclosures-are-coming/ http://jefftung.net/2012/04/02/more-forclosures-are-coming/#comments Tue, 03 Apr 2012 01:48:41 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=612 Home sales have declined in some areas and its due to high demand, low interest rates and a shortage of homes to buy.  This creates a change in the market place.  Not good for buyers but good for sellers.

Buyers around the bay area are going to be happy to see more homes on the market.  Currently homes that are under $400,000 are experiencing a seller’s market.  Most sellers are receiving multiple offers for their home.  Every home that I have made offers for my clients have had more then 1 offer.  One house in Hayward had 18 to 20 offers.  Another house in San Bruno had 6 offers. My listing in So. San Francisco received 2 offers above the asking price, right after my open house, and 1 was all cash.   My other listing in Pacifica received 8 offers, all over the asking price.  It’s like that all over the Bay Area.  It’s pretty discouraging for buyers today.

Maybe there is some relief coming soon.  There is a shadow inventory due to be release around summer.  I hope this will help the buyers that are trying to get into their home.

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]]> http://jefftung.net/2012/04/02/more-forclosures-are-coming/feed/ 0 Foreclosures are up in the third quarter!! http://jefftung.net/2011/10/24/foreclosures-are-up-in-the-third-quarter/ http://jefftung.net/2011/10/24/foreclosures-are-up-in-the-third-quarter/#comments Mon, 24 Oct 2011 23:11:37 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=564 There has been more then 610,000 foreclosures last month and represents a 1% increase then the previous quarter.  On average it took 336 days to complete the foreclosure process nation wide.  New York took 986 days to complete the process while Texas only took 86 days.  Wow, Texas seems to be doing something different. 

President Obama is expected to help struggling homeowners with their mortgage payments.  The Wall Street Journal reports,  ”The administration’s plan is expected to eliminate “appraisals and extensive underwriting requirements for most borrowers” who are up-to-date on their mortgage and want to refinance at a lower rate”.  This should help those who have been keeping up with their payments and were looking for assistance in avoiding foreclosure. 

While most the country is having foreclosure problems, there are areas that are still doing well.  These areas are the most expensive areas in the United States.  The economy today doesn’t seem to hurt these types of properties.  In fact, it seems to have increased the sales activity  in this  price range.

]]> http://jefftung.net/2011/10/24/foreclosures-are-up-in-the-third-quarter/feed/ 7 California sales in 2012 http://jefftung.net/2011/09/26/california-sales-in-2012/ http://jefftung.net/2011/09/26/california-sales-in-2012/#comments Mon, 26 Sep 2011 22:39:17 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=558 California home sales are looking at a 1% increase in 2012 and the sales price may also increase 1.7%.   Employment , low interest rates and an increase of affordable homes are going to fuel the sales activity and help get the recovery going.  “It will take as long as five years for the state’s inventory of foreclosed properties to be absorbed” according to  Leslie Appleton-Young, chief economist for the California Association of Realtors. 

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]]> http://jefftung.net/2011/09/26/california-sales-in-2012/feed/ 0 San Francisco healthy? http://jefftung.net/2011/09/22/san-francisco-healthy/ http://jefftung.net/2011/09/22/san-francisco-healthy/#comments Thu, 22 Sep 2011 22:28:41 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=552 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.

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]]> http://jefftung.net/2011/09/22/san-francisco-healthy/feed/ 0 Senate proposing to make financing harder http://jefftung.net/2011/05/29/senate-proposing-to-make-financing-harder/ http://jefftung.net/2011/05/29/senate-proposing-to-make-financing-harder/#comments Sun, 29 May 2011 19:47:21 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=518 The Senate is proposing to change the FHA down payment to 5% and decrese the loan limits.  Why make it harder to qualify for a loan when FHA is critical in providing affordable financing to help decrease the growing foreclosed properties.  Currently the nation’s largest lending institutions own more then 872,000 homes which is twice that of 2007.  It will take 400 days for lenders to foreclose on the home and 176 days to sell it.  This will make our recovery even slower.  Although financing isn’t the only factor to a recovery, it is one of the most important factor to decrease the ever growing inventory.

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]]> http://jefftung.net/2011/05/29/senate-proposing-to-make-financing-harder/feed/ 0 Prices have fallen again!!! http://jefftung.net/2011/05/20/prices-have-fallen-again/ http://jefftung.net/2011/05/20/prices-have-fallen-again/#comments Sat, 21 May 2011 01:10:57 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=510 Although home sales have increased, the prices have decreased in 118 markets across the country.  Prices have declined approx. 7.5% in March from a year ago.  This is the eighth straight month of declining prices.  So what’s keeping the sales going?  I believe that the low interest rates and affordable prices are keeping sales alive. 

San Francisco is showing signs of recovery along with San Mateo county.  With gas prices continuing to rise, many buyers are moving back to big cities where they don’t have to use their car.  This may be one reason why San Francisco has been experiencing a brisk recovery.        

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]]> http://jefftung.net/2011/05/20/prices-have-fallen-again/feed/ 0 How are we doing??? http://jefftung.net/2011/05/13/how-are-we-doing/ http://jefftung.net/2011/05/13/how-are-we-doing/#comments Fri, 13 May 2011 23:56:49 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=506 If our government continues to ignore our budget problems that we have today, we will be in the same credit classification as Greece.  Once we loose our credibility, things will be more expensive.  Something has to be done.  

Although our budget is operating at a 60 % deficit, home sales have increased and is on track to out perform last year.  This increase is fueled by homes being more affordable, historically low interest rates, and lower unemployment, according to Lawrence Yun, NAR Chief Economist.  April did show signs of  our economy improving but the housing industry is still fragile. 

Even though we have an increase in sales, the values of the homes have dropped 3% in the first quarter of 2011, which makes this decline the largest since 2008. 

With all this going on, it’s still a great time to make that investment in the “Great American Dream”.     

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]]> http://jefftung.net/2011/05/13/how-are-we-doing/feed/ 0 REO inventory All-Time High http://jefftung.net/2011/05/05/reo-inventory-all-time-high/ http://jefftung.net/2011/05/05/reo-inventory-all-time-high/#comments Thu, 05 May 2011 23:52:38 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=502 Bank owned inventory nationally grew to a record high of 2.2 million in March and foreclosures starts increased by 33% month over month.  This may sound bad but foreclosure sales have increased and delinquencies are down by 11% which is the lowest since 2008. 

Pending sales have increased which is a good sign that the demand is strong and the inventory will decrease hopefully faster then any increase.  The U.S. is expected to add  at least 750,000 new households in 2011 which is a healthy demand.  A lot of these new homeowners are a result of lower home prices that are cheaper to buy then to rent, low interest rates, and more confidence in the recovery of the economy. 

“The good news is that recent home buyers are staying well within budget, leading to exceptionally low loan default rates among home buyers over the past two years,” Yun added.

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]]> http://jefftung.net/2011/05/05/reo-inventory-all-time-high/feed/ 0 Preserve Mortgage Interest Deduction http://jefftung.net/2011/04/02/preserve-mortgage-interest-deduction/ http://jefftung.net/2011/04/02/preserve-mortgage-interest-deduction/#comments Sun, 03 Apr 2011 00:03:55 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=479 There are about 78,000 homes that are either vacant and for sale, or under construction.  This is an improvement and with a normal level of buying, the homes would sell in 2 1/2 months.  The study shows that there is a housing shortage brewing.  If this happens, then it would change the market to a seller’s market and buyers will have a hard time purchasing again.  The market today is still considered a buyer’s market and there are more bargain hunters out looking for deals.  More investors are also very active making all cash purchases.  There are 6 cities that are considered to be cheaper  then renting the same house.   All this may be  history if unemployment rises, which it is decreasing today, interest rates continue to rise and become non deductible.

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]]> http://jefftung.net/2011/04/02/preserve-mortgage-interest-deduction/feed/ 0 Sales are down http://jefftung.net/2011/03/21/sales-are-down/ http://jefftung.net/2011/03/21/sales-are-down/#comments Tue, 22 Mar 2011 01:02:29 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=466 Home sales have fallen in February and is normal for a uneven recovery.  According to Lawrence Yun, NAR chief economist, even though properties are more affordable and the economy is improving, we will continue to see a rocky recovery as long as we have problems with tight credit and lower prices. 

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