Redding Real Estate » Real Estate Statistics

More Than Refis Needed to Fix Housing Market, Economy

Clint & Mindy — Tue, 20 Sep 2011 15:15:28 +0000

More Than Refis Needed to Fix Housing Market, Economy

Article From BuyAndSell.HouseLogic.com

By: Matt Dornic
Published: September 14, 2011

Last week in his address to Congress, President Obama unveiled a $447 billion plan to create jobs and help stimulate the nation’s struggling economy. But the issue squarely at the heart of America’s economic woes – housing – was mostly absent from the president’s speech. The proposed package instead relied heavily on targeted tax cuts, infrastructure spending, new job training assistance, and a $50 billion extension of unemployment benefits.

Breezing over the housing crisis, the president noted only that his administration will work with federal agencies to help “responsible home owners” refinance their mortgages – hardly a plan to aid the now 25% of property owners (http://www.latimes.com/business/la-fi-housing-economy-20110912,0,7817381,full.story) who are underwater or facing foreclosure. RealtyTrac reported 200,000+ foreclosure filings in July.

Meanwhile, 4 issues continue to threaten the housing market. Moreover, current federal efforts to resolve the foreclosure crisis through refinancing have fallen short. So far, fewer than 1 million home owners have used the HARP program, a refinancing option under the Making Home Affordable (http://www.houselogic.com/articles/making-home-affordable-refinance-option/) program, which the Obama administration predicted would help 4 to 5 million Americans.

The health of the housing market is crucial to job creation and necessary for recovery. Consider how housing and home ownership impacts the U.S. economy:

•Housing accounts for more than 15% of the gross domestic product, making it a key driver in our national economy.

•Housing has led this country out of six of the last eight recessions.

•Every home purchased pumps up to $60,000 into the economy over time for furniture, home improvements, and related items.

•Each home sale touches dozens of different professions.

•Home sales in this country generate more than 2.5 million private-sector jobs in an average year.

For every two homes sold, a job is created.

Over the next few weeks, expect to see pundits and economists take to the airwaves to debate the long-term effectiveness of President Obama’s plan. And rightfully so. Much of the president’s package will do little more than temporarily buffer the blow from our troubled economy. For example, an extension of unemployment benefits – currently at 99 weeks – could face attack because it doesn’t directly correlate to job creation.

Others will wonder how an additional $447 billion in stimulus will be effective when $800 billion in funds from the 2009 Recovery and Reinvestment Act failed to remedy the job market. In short, the efficiency of each proposed tactic outlined in the president’s jobs plan is debatable.

The only surefire way to stabilize the economy and create American jobs is to invest in the recovery of the housing market

Do you think the refinancing proposal will help the housing market long term?

Visit houselogic.com for more articles like this. Reprinted from HouseLogic with permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2011. All rights reserved. Reprinted by Next Generation Real Estate Services DRE license #01314114.

20,000 John Deere Lawn Tractors Recalled

Clint & Mindy — Mon, 19 Sep 2011 17:15:38 +0000

20,000 John Deere Lawn Tractors Recalled

Article From BuyAndSell.HouseLogic.com

By: Lisa Kaplan Gordon
Published: September 15, 2011

More than 20,000 John Deere lawn (http://www.houselogic.com/articles/lawn-maintenance-calendar/) tractors are being recalled by the U.S. Consumer Product Safety Commission (http://www.cpsc.gov) and equipment manufacturer John Deere (http://www.johndeere.com).

The voluntary recalls includes:

•15,500 lawn tractors — D100, D110, D120, and D130. The hardware that holds the mower blade brake assemblies can fail, posing a laceration hazard (http://www.cpsc.gov/cpscpub/prerel/prhtml11/11325.html).

•5,200 D100 lawn tractors in which the brake assembly (http://www.cpsc.gov/cpscpub/prerel/prhtml11/11326.html) to the transmission housing can break and send the tractor out of control.

These tractors were sold at John Deere dealers, Lowe’s, and Home Depot stores nationwide from October 2010 until September 2011. The D100 tractor was not sold in California. No injuries have been reported.

Last October, Deere recalled 6,450 EZtrak Zero Turn Lawn Mowers because the steering lever could lock and remain in drive.

For additional information, call Deere & Company at (800) 537-8233, or visit the company’s recall website.

Do you own one of these recalled lawn tractors? Have you had trouble with it?

“Keep Your Home California” Program

Clint & Mindy — Sun, 18 Sep 2011 17:00:30 +0000

With all of the short sales and foreclosures in our local real estate market, it is good to share some information on other options that might be available to California residents that have had suffered some sort of financial hardship making it hard to make payments on their home.

The “Keep Your Home California” program is a CalHFA mortgage assistance program designed to help low and moderate income homeowners retain their homes if they have suffered a financial hardship. In order to apply, according to the website www.keepyourhomecalifornia.org your financial situation must meet these requirements:

Are You Low or Moderate Income? Check this Income Table and match the county you live in with your household income. Your gross family income should be less than or equal to the amount shown.
Have You Suffered a Financial Hardship? To be eligible, you must be experiencing a financial hardship that puts you at risk of default due to changes in household circumstance such as a death in the family, illness, disability, unemployment or loss of income.

What programs/benefits are offered through the program?

Unemployment Mortgage Assistance Program (UMA) – Intended to assist homeowners who have experienced involuntary job loss. UMA will provide temporary financial assistance in the form of a mortgage payment subsidy of varying size and term to unemployed homeowners who wish to remain in their homes but are in imminent danger of foreclosure due to short-term financial problems. These funds can provide up to six months of benefits with a monthly benefit of up to $3,000 or 100% of the existing total monthly mortgage, whichever is less.

Mortgage Reinstatement Assistance Program (MRAP) – Intended to assist homeowners who have fallen behind on their mortgage payments due to a temporary change in a household circumstance. MRAP will provide limited financial assistance in the form of funds to reinstate mortgage loans that are in arrears in order to prevent potential foreclosures. These funds can provide benefits of up to $15,000 per household.

Principal Reduction Program (PRP) – Intended to assist homeowners at risk of default because of an economic hardship coupled with a severe decline in the home’s value. PRP will provide capital to reduce outstanding principal balances of qualifying borrowers with negative equity. Principal balances will be reduced in an effort to prevent avoidable foreclosures and promote sustainable homeownership. The principal reduction program will most likely be a prelude to loan modification. (Servicers that contribute through matching funds increase the benefit for homeowners).

Transition Assistance Program (TAP) – Intended to promote community stabilization by providing homeowners with relocation assistance when it is determined that they can no longer afford their home. TAP will be used in conjunction with a servicer-approved short sale or deed-in-lieu of foreclosure program in order to help homeowners transition into stable and affordable housing. Homeowners will be responsible to occupy and maintain the property until the home is sold or returned to the servicer as negotiated. Funds will be available on a one-time only basis.

So how do you know if your lender participates in the program? Click Here to view the list of participating lenders and/or call Toll Free 888-954-KEEP(5337) to get more information.

If you would like to talk with a local Shasta County Realtor we’d be happy to assist you with any questions that you may have regarding this program or other foreclosure alternatives. Just call Next Generation Real Estate Services at 530.222.4227. DRE license #01314114.

Redding Real Estate Update 6/29/2011

Clint & Mindy — Thu, 30 Jun 2011 06:30:31 +0000

This Week’s Redding Real Estate Update:

Residential Market Statistics
Active Listings: 1,300 (from 1,265 two weeks ago, 1,262 three weeks ago, 1,274 four weeks ago)
Pending Listings: 544 (543 two weeks ago, 540 three weeks ago and 563 four weeks ago)
Closed so far in June: 171
Closed in May: 222
Closed in April: 189
Closed in March: 194
Closed in February: 131
Closed in January: 140
Total Closed Escrows in 2011: 1,069
Total Closed Escrows in 2010: 2,088
Dec:181 Nov:155 Oct:179 Sept:187 Aug:162 July:168 Jun:201 May:182 Apr:173 Mar:187 Feb:125 Jan: 117
Total Closed Escrows in 2009: 2,065
Total Active Repo/REO’s: 191 (from 185 two weeks ago, 196 three weeks ago, 191 four weeks ago)
Total Pending Repo/REO’s: 194 (from 200 two weeks ago, 198 three weeks ago, 214 four weeks ago)
Total Active Short Sales: 241 (from 240 two weeks ago, 237 three weeks ago, 253 four weeks ago)
Total Pending Short Sales: 164 (from 156 two weeks ago, 153 three weeks ago, 159 four weeks ago)

Information provided by Next Generation Real Estate Services of Redding, California. If you are thinking of buying or selling real estate in the Redding area (or anywhere in Shasta County) we’d love the opportunity to meet with you to discuss the current local market and help educate you on the process if needed! Visit our website at http://www.myreddingrealestate.com or call us at 530.222.4227. DRE license # 01314114.

Redding Real Estate Update 6/7/2011

Clint & Mindy — Tue, 07 Jun 2011 22:00:17 +0000

Residential Market Statistics
Active Listings: 1,262 (from 1,274 last week, 1,279 two weeks ago, 1,286 three weeks ago, 1,265 four weeks ago)
Pending Listings: 540 (563 last week, 553 two weeks ago, 557 three weeks ago and 561 four weeks ago)
Closed so far in June: 30
Closed in May: 222
Closed in April: 189
Closed in March: 194
Closed in February: 131
Closed in January: 140
Total Closed Escrows in 2011: 906
Total Closed Escrows in 2010: 2,088
Dec:181 Nov:155 Oct:179 Sept:187 Aug:162 July:168 Jun:201 May:182 Apr:173 Mar:187 Feb:125 Jan: 117
Total Closed Escrows in 2009: 2,065
Total Active Repo/REO’s: 196 (from 191 last week, 192 two weeks ago, 205 three weeks ago, 199 four weeks ago)
Total Pending Repo/REO’s: 198 (from 214 last week, 203 two weeks ago, 207 three weeks ago, 214 four weeks ago)
Total Active Short Sales: 237 (from 253 last week and 261 two weeks ago, 254 three weeks ago, 257 four weeks ago)
Total Pending Short Sales: 153 (from 159 last week, 159 two weeks ago, 158 three weeks ago, 162 four weeks ago)

Redding Real Estate Update 5/17/2011

Clint & Mindy — Sat, 28 May 2011 02:30:25 +0000

This Week’s Redding Real Estate Update:
Residential Market Statistics
Active Listings: 1,286 (from 1,265 last week, 1,236 two weeks ago, 1,262 three weeks ago, 1,257 four weeks ago)
Pending Listings: 557 (561 last week, 545 two weeks ago, 544 three and four weeks ago)
Closed so far in May: 81
Closed in April: 189
Closed in March: 194
Closed in February: 131
Closed in January: 140
Total Closed Escrows in 2011: 750
Total Closed Escrows in 2010: 2,088
Dec:181 Nov:155 Oct:179 Sept:187 Aug:162 July:168 Jun:201 May:182 Apr:173 Mar:187 Feb:125 Jan: 117
Total Closed Escrows in 2009: 2,065
Total Active Repo/REO’s: 205 (from 199 last week, 188 two weeks ago, 203 three weeks ago, 201 four weeks ago)
Total Pending Repo/REO’s: 207 (from 214 last week, 213 two weeks ago, 202 three weeks ago, 204 four weeks ago)
Total Active Short Sales: 254 (from 257 last week and 258 two weeks ago, 260 three weeks ago, 257 four weeks ago)
Total Pending Short Sales: 158 (from 162 last week, 161 two weeks ago, 172 three weeks ago, 173 four weeks ago)

Redding Real Estate Update 1/19/2011

Clint & Mindy — Thu, 20 Jan 2011 17:30:23 +0000

This Week’s Redding Real Estate Update:
Residential Market Statistics
Active Listings: 1,274 (from 1,289 last week, 1,242 two weeks ago)
Pending Listings: 363 (from 349 last week, 357 two weeks ago)
Closed so far in January: 48
Total Closed Escrows in 2010: 2,069
Dec: 181 Nov:155 Oct:179 Sept:187 Aug:162 July:168 Jun:201 May:182 Apr:173 Mar:187 Feb:125 Jan: 117
Total Closed Escrows in 2009: 2,065
Total Active Repo/REO’s: 255 (from 268 last week, 259 two weeks ago)
Total Pending Repo/REO’s: 127 (from 112 last week, 125 two weeks ago)
Total Active Short Sales: 224 (from 228 last week, 223 two weeks ago)
Total Pending Short Sales: 103 (from 106 last week, 102 two weeks ago)

For more information on our local Real Estate market around Redding call Clint or Mindy Cronic at 530.227.0345 or visit us online at http://www.sellingredding.com to search the MLS database. DRE License #s 01314114/01458166.

Redding Real Estate Update 1/13/2011

Clint & Mindy — Thu, 13 Jan 2011 16:15:26 +0000

This Week’s Redding Real Estate Update:
Residential Market Statistics
Active Listings: 1,289 (from 1,242 last week, 1,346 four weeks ago)
Pending Listings: 349 (from 357 last week, 414 four weeks ago)
Closed so far in January: 22
Total Closed Escrows in 2010: 2,069
Dec: 181 Nov:155 Oct:179 Sept:187 Aug:162 July:168 Jun:201 May:182 Apr:173 Mar:187 Feb:125 Jan: 117
Total Closed Escrows in 2009: 2,065
Total Active Repo/REO’s: 268 (from 259 last week, 249 four weeks ago)
Total Pending Repo/REO’s: 112 (from 125 last week, 143 four weeks ago)
Total Active Short Sales: 228 (from 223 last week, 225 four weeks ago)
Total Pending Short Sales: 106 (from 102 last week, 120 four weeks ago)

2011 California Real Estate Forecast

Clint & Mindy — Thu, 16 Dec 2010 21:30:18 +0000

This week our office got the opportunity to hear the California Association of Realtors’ “Financial Forecast for 2011” so I thought it would be great to share what they have said with everyone. As you know, the government is saying that we are in a “Recovery Period” but many people aren’t seeing any sort of recovery. What we’ve been told is that the recovery period takes longer than usual because of the unemployment rates being where they are (currently in the US it is 9.5 – 10% with California being at 12.4 – 12.5%).

The forecast for 2011 shows an increase in our Gross Domestic Product of 2.4% as well as 1.6% in non-farm job growth. They are estimating that 2011 would bring the unemployment rate down to 11.4% with a disposable income growth of 1.9% and a population growth of 1%. Inflation is fairly stable at 1% and has no projected increase over 2011.

Information provided by Clint and Mindy Cronic of Next Generation Real Estate Services, DRE License #s 01314114 and 01458166. For more information on our local market or to search the MLS database visit our website at www.SellingRedding.com or call us at 530.227.0345.

Redding Real Estate Update 12/14/10

Clint & Mindy — Tue, 14 Dec 2010 20:30:22 +0000

This Week’s Redding Real Estate Update:

Residential Market Statistics
Active Listings: 1,346 (from 1,363 last week, 1,405 two weeks ago, 1,441 four weeks ago)
Pending Listings: 414 (from 422 last week, 420 two weeks ago, 436 four weeks ago)
Total Closed Escrows in 2010: 1,944
Closed so far in December: 59
Nov:155 Oct:179 Sept:187 Aug:162 July:168 June:201 May:182 April:173 March:187 Feb:125 Jan: 117
Total Closed Escrows in 2009: 2,065
Total Active Repo/REO’s: 249 (from 239 last week, 255 two weeks ago, 2262 four weeks ago)
Total Pending Repo/REO’s: 138 (from 143 last week, 137 two weeks ago)
Total Active Short Sales: 225 (from 229 last week, 234 two weeks ago, 229 four weeks ago)
Total Pending Short Sales: 120 (from 121 last week, 123 two weeks ago)

Information provided by Clint and Mindy Cronic of Next Generation Real Estate Services, Lic #s 01314114/01458166. For more information on the local Redding real estate market visit us online at www.SellingRedding.com or call us at 530.524.3060.