Realty World – Dave Thurman

Prices of homes rise in S.J., state

By The Record
April 18, 2012

California home sales slipped in March, declining 4.5 percent from February, but prices were up 9.2 percent in the same month.
“Tight inventory and robust home sales, particularly in the Bay Area, fueled the substantial increase in the March median home price,” said LeFrancis Arnold, president of the California Association of Realtors.
The statewide pattern was essentially flipped in Stockton, where existing home and condo sales jumped by 37 percent in March compared to February, but the median price increased by only 0.8 percent to $120,000.
However, compared with March 2011, Stockton home sales in March fell 10.6 percent while the median price gained 1.7 percent year over year.
Prices in Manteca fell in March but were up from a year earlier; prices in Tracy were up in March but virtually the same as the March 2011 median. Sales in both cities climbed in March but were roughly equal to March 2011 sales.
Statewide, the median home price snapped a 16-month annual price decline and posted its first year-over-year gain, according to CAR figures.  [Read More]
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Here is an interesting story I found in my email inbox recently.  I hope you enjoy it! Hey Investors! Check out the latest from ForeclosureRadar…
Foreclosure Sales Continue to Plummet
For the second month in a row we’ve seen a dramatic drop in the number of properties sold at foreclosure, or “trustee sale”, auctions. Foreclosure sales in California are down 16.7 percent from February to March 2012 and down 53.1 percent from March a year ago. A total of 86,487 sales were scheduled to occur in California, but of those 80.0 percent postponed, and 10.6 percent were cancelled, leaving just 8,392 that were actually sold. Third parties, typically investors, purchased a record 38.6% of the properties that did sell in California.
Foreclosure starts rose in most states, with the largest increases occurring in Washington, California and Nevada. This, at least temporarily, reverses a downward trend, but even with the increase the volume of new foreclosures remains significantly down year-over-year in all the states we cover.
The increase in foreclosure starts is especially interesting in Nevada. Bank foreclosures came to an almost complete halt there after the passage of Assembly Bill 284, which made significant changes to Nevada’s foreclosure laws. The increase this month is directly attributable to new foreclosure starts by Fannie Mae, which is one of very few lenders to have filed any new foreclosures in Nevada since September 2011. Even with the increase by Fannie Mae it is still homeowner associations that are initiating the vast majority of foreclosures in Nevada.
ForeclosureRadar
Has the Market Stabilized?
Stockton Real Estate – Dave Thurman

Location…Location…Location! Have you ever read or heard those 3 words? The real estate market will vary from state to state, from SoCal to Northern California, from the Bay Area to the San Joaquin Valley. Also, every city has it’s best and worst neighborhoods. Finally, my MLS (MetroList) is working with Top Producer’s Market Snapshots. I have been requesting, waiting and hoping for this program for my clients and customers for several years. Get This Week’s Local Market Conditions!

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Stockton Real Estate – Dave Thurman