Jeffrey Tung's Real Estate Blog » San Francisco Real Estate http://jefftung.net Realty World - Success Plans, Inc. Serving you since 1986 Wed, 28 Dec 2011 20:24:36 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 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 How is your house doing? http://jefftung.net/2011/09/17/how-is-your-house-doing/ http://jefftung.net/2011/09/17/how-is-your-house-doing/#comments Sun, 18 Sep 2011 03:03:06 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=546 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.

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]]> http://jefftung.net/2011/09/17/how-is-your-house-doing/feed/ 2 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 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 Delinquencies Continue to Decline http://jefftung.net/2011/03/28/delinquencies-continue-to-decline/ http://jefftung.net/2011/03/28/delinquencies-continue-to-decline/#comments Mon, 28 Mar 2011 22:41:57 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=475 For the third month in a row, mortgage lates, 90 days or more, have declined.  This could be another sign of recovery.  With fewer defaults, the inventory level of REOs and short sales should go down as well.  Could this be the bottom or is it a double dip situation.  Only time will provide us with an answer.  Either way, now is still a good time to purchase real estate. 

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]]> http://jefftung.net/2011/03/28/delinquencies-continue-to-decline/feed/ 0 Increase in pending sales in San Francisco http://jefftung.net/2011/03/25/increase-in-pending-sales-in-san-francisco/ http://jefftung.net/2011/03/25/increase-in-pending-sales-in-san-francisco/#comments Fri, 25 Mar 2011 22:41:50 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=471 In the coming months San Francisco will experience an increase in closed sales because the number of pending sales has increased by 8.9% which represents 2.6 months of the current supply of homes.  If supplies continue to decrease and demand stays strong, maybe a seller’s market might be on the horizon.

The market will change if employment increases and interest rates stays affordable.  However, if more distressed homes come on the market, we may not see a market shift for a long time or we may see a double dip in prices.

]]> http://jefftung.net/2011/03/25/increase-in-pending-sales-in-san-francisco/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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]]> http://jefftung.net/2011/03/21/sales-are-down/feed/ 0 Is the market really turning around? http://jefftung.net/2011/03/06/is-the-market-really-turning-around/ http://jefftung.net/2011/03/06/is-the-market-really-turning-around/#comments Sun, 06 Mar 2011 20:44:27 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=459 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.   

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]]> http://jefftung.net/2011/03/06/is-the-market-really-turning-around/feed/ 0 3rd month of increased home sales http://jefftung.net/2011/02/25/3rd-month-of-increased-home-sales/ http://jefftung.net/2011/02/25/3rd-month-of-increased-home-sales/#comments Sat, 26 Feb 2011 01:28:43 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=423 With January increase of home sales, it could be a sign that things maybe turning around.  Property sales increased 2.7%, nationally, and represents the first time in 7 months that sales were higher then a year ago.  23% of the sales were by investors and there was an increase of all cash purchases representing the highest level ever.  

Even though we are having economic problems, it is still a great time to purchase a property.  Interest rates are still pretty low and there are plenty of inventory.  This will change, but when?  Why not get something now and grow with your investment.  If you are ready, here are 5 affordable areas and 5 very expensive areas.  No matter where you go, the prices are definitely less then the were in 2007. 

Sales in San Francisco has been steady and returning to a healthy pace.  Sales rose by 20.7% from a year ago, January 2010. 

Don’t miss this great opportunity to realize your dream of owning your own home.  You might be surprised to know that it could be cheaper or as much as your rent.     

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]]> http://jefftung.net/2011/02/25/3rd-month-of-increased-home-sales/feed/ 0 Foreclosures are up http://jefftung.net/2011/02/17/foreclosures-are-up/ http://jefftung.net/2011/02/17/foreclosures-are-up/#comments Fri, 18 Feb 2011 01:28:14 +0000 Jeff Tung http://jtung.blogs.rwnetwork.com/?p=419 Lenders have foreclosed on 78,133 properties in January, which is up by 12% from the previous month but it is 11% less then a year ago.  Although there has been an increase in default notices, auctions, and bank repossessions in January, it is encouraging to know that the increase is 17% less then a year ago. 

5 states are responsible for more then 50% of the nation’s total foreclosure activity; California, Florida, Michigan, Arizona and Illinois.  Nevada was the hardest hit state with the highest foreclosure rate in the nation.  Bank repossessions increased 16% from December which is more then  5 times the national average.  Even though we are seeing more foreclosures, they are less then what it was a year ago.  Let’s hope that this is a good sign that we might be on the right track to recovery.   

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