Tuesday, August 31, 2010

Home Prices Gain 3.6% in Last Year

Home prices gain 3.6% in past year

chart_home_prices_083110_v2.top.gif
By Les Christie, staff writer


NEW YORK (CNNMoney.com) -- Despite a recent spate of bad news coming out of the housing industry, home prices show signs of stabilizing.

National home prices jumped a substantial 3.6% in the past year, according to the S&P/Case-Shiller Home Price Index released on Tuesday. Prices also climbed 4.4% in the second quarter compared with a 2.8% plunge in the first quarter.

"While the numbers are upbeat, other more recent data on home sales and mortgages point to fewer gains ahead," said David M. Blitzer, chairman of the Index Committee at Standard & Poor's. "Even with concerns about near term developments, we recognize that the housing market is in better shape than this time last year."

Of course, the positive report was buoyed by the government's tax credit program, which refunded as much as $8,000 for homebuyers. With that program now over, markets could cool.

"We all know what happened to housing after the homebuyers tax credit ended," said Mike Larson, real estate analyst for Weiss Research. "It's been an Acapulco-sized cliff-dive."


And because this report is a lagging indicator, Larson adds that "it would be foolhardy to think that this report tells us that prices will continue to rise." Instead, he expects prices to slowly deteriorate over the next several months.

In fact, home prices across the country could be substantially lower a year from now, according to Pat Newport, an analyst with IHS Global Insight. "It's now apparent that the demand for housing is a lot weaker than anyone thought," he said.

That has resulted in a glut of inventory, which a slew of bank repossessions of foreclosed properties is only making worse. Plus job gains are still proving elusive.

"These three factors are enough to bring home prices down," Newport said.

Winners and Losers

A market basket of 20 metro areas tracked by the S&P/Case-Shiller home price indexes showed that prices gained in all markets but one. The index is up 4.2% year-over-year, well above a 3.1% forecast from industry experts as compiled by Briefing.com. The month-over-month gain was 1%.

"Las Vegas was the only city to record a fall in prices during June (-0.6%), compared with a month earlier. All 19 other markets were either up or flat, with Chicago, Detroit and Minneapolis the biggest winners. Each gained 2.5%.

Fifteen of the 20 cities recorded 12-month price rises, with San Francisco leading the way. Its 14.3% increase was one of three cities posting double-digit gains, with San Diego prices jumping 11.2% and Minneapolis 10.7%.

Sunday, August 29, 2010

NEW LISTiNG!

Desirable Alamo Estate

This inviting home located in a gorgeous neighborhood in Alamo boasts of 4 bedrooms, 2.5 baths and 2600 square feet. With a large yard, wading pool, patio, sprawling landscaping, arbor and picnic area, pool shed, putting green, tool shed, work/play house, this is an entertainers dream.




NEW LISTING!


Custom Roundhill North Home in a Naturally Picturesque Setting with Stunning Views of the Alamo Valley

This home is 4,235 square feet, 5 bedrooms, 4.5 bathrooms, stunning custom details, gorgeous master suite, junior suite. 



NEW LISTING!


New listing! 
Elegant Alamo Home Nestled in Roundhill

Superior craftsmanship, luxurious amenities and custom features serve as the framework for this spectacular home. Located among magestic Heritage Oaks on a premium lot, this home provides impeccable combination of elegance and style. Perfect for entertaining family and friends. Large Solar heated pool, sport court, built in meat smoker and patio area complete a stunning and beautifully landscaped yard. The home boasts of a gourmet and custom built kitchen, formal living and dining rooms, a master suite, 4 bedrooms, an office/loft area and a 3 car garage. This is a MUST SEE! 

UPDATES!!!


I am available locally to assist you in purchasing a foreclosure property or another property best suited to your needs. Buying or selling, I am here to act as your local real estate specialist.” - Russ Darby


Thursday, August 12, 2010

WHY IT IS STILL A GOOD TIME TO BUY!



Why it is still a GREAT time to buy!




Low Home Prices
Although there is widespread agreement in the industry that the housing market has reached the bottom, home prices aren’t expected to spike upward. Instead, they’re likely to skip along the bottom into 2011. They will continue to decline in some markets and creep up in others. As long as buyers remain diligent in the home search over the coming months, possible pricing fluctuations won’t have a dramatic effect on their property options.

Low Interest Rates
Interest rates on 30-year, fixed-rate mortgages hit a five-month low of 4.93% in May, and as of early June the rates were holding steady below 5%. Financial concerns over the growing debt crisis in Europe have stemmed discussions in the U.S. of raising rates. The historically low rates will save home buyers thousands and thousands of dollars over the life of a loan, which arguably is reason enough to enter the market.

Other Tax Benefits
The U.S. Home Buyer Tax Credit was temporary, but there are other tax benefits that buyers can continue to count on for the foreseeable future. Property taxes, mortgage interest payments and mortgage insurance premiums are qualified deductions that can help reduce many homeowners’ tax liability. For eco-conscious homeowners, purchasing energy-efficient appliances and making other green upgrades can mean a tax credit up to $1,500. For more information, be sure to visit http://www.irs.gov/ or consult a tax professional.

Focus on today’s favorable home buying conditions, instead of looking back with regret. Tax credit or no tax credit, homeownership is part of the America dream—and it’s alive and well.



Monday, August 2, 2010

New Listing!


Check out my new listing in Livermore... this is a must see home. Stunning Corner lot, great location!



http://311rincon.epropertysites.com/




Home again!


Just got back from a fishing trip in Alaska with my sons... nothing beats a little "man vs. wild" adventure with the boys!