KingsburghomeBlog

News from the National level strikes a familiar cord here in Kingsburg.
From Reuter news comes interesting facts that 1/3 of first time home buyers received either a large gift for their down payment or a loan from families to finance home purchases. The mortgage side of our business is seeing a lot of financing help from the “bank of Mom and Dad”.
From the New York Times an article sites that the Federal Reserve and Freddie Mac will maintain long-term interest rates through 2012. I wonder if an election year has anything to do with that decision.
And last but not least ……. CNN Money is reporting that FHA has waived their anti-flipping regulations in an effort to help stabilize the housing market. Now investors can purchase that distressed piece of property, rehab it and sell it on the FHA market. Maybe this waiver will help with some of those Shadow Properties we talked about last month that are expected this spring.
Now on with the housing market here in Kingsburg. In recapping and comparing the sales from 2010 to 2011, the numbers do show that our market here has stabilized somewhat as I have been stating for the past 6 months. In 2010 we had 101 sales and in 2011 we had 126 sales. Even the December 2011 numbers were good compared to most markets during the holidays. Inventory of available homes for sale still continues to stay low right at about 40 listings, give or take a few. Compared to a few years ago, we typically had 85 to 100 Active properties on the market.
The launch of our new “Bullseye Investor” services has been very well received. If you are interested in learning more about investment properties here locally, visit our new website at www.bullseyeinvestors.com or call us at 897-4077 and we’ll be glad to create a profile just for you.
All of us here at The Housing Connection and New Era Financial wish you and your family the very best in 2012!

The latest buzzwords in the real estate industry are …… Shadow Properties. These are bank owned/foreclosure properties that are looming on the horizon.
Following are the national REO (real estate owned) statistics:
1,600,000 homes are currently owned by lenders/banks
3,600,000 mortgages are delinquent and at risk of foreclosure
14,000,000 mortgages are at 125% or greater LTV (loan to value) than the actual home value
Here in Kingsburg we are currently looking at 12 homes pending short sale approval by the Seller’s lender. Since we only sold a total of 10 homes and almost all of them were distressed, the percentage of short sales and foreclosures is pretty high. With the above statistics of Shadow Properties, it looks like we will continue to see the same for a while. You can see by the CMA (comparative market analysis) for the month of November, our numbers are stayin pretty close to the same as previous months.
What an opportunity. NOW is the time to buy! We are seeing some great deals and awesome mortgage interest rates. In fact, it is actually less costly to buy than to rent.
We would like to extend our very best wishes for a Very Merry Christmas. We ask that you take the time to remember those here in our great little town that are less fortunate. KCAPS is in need of donations and sponsors to adopt a family for Christmas. If you are able, please give. Thank you and God Bless.

According to a recent article in the Consumer News and Advice the past several weeks have showcased numerous signals that the real estate market is on the rise. Briefly, these signals include 15% rise in housing start, a surge in builder confidence, an increase in mortgage applications and regional market improvements across the country. Curiously, the weakest market, nationwide, is Bakersfield, California where foreclosures have been a huge problem. The articles wrap up with these words of assurance; while prices aren’t on the upswing in many places, at least they’re not expected to fall that rapidly in the coming year.
Thankfully, we’ve been experiencing a stabilization of the market here in Kingsburg for about a year now.
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EXSITING NEWS! Look for our new venture that will be launched sometime early in January. Our “Bull’s-eye Investor Team” is a pre-screened foreclosure service that will connect local investors to local distressed property. Flipping, rentals, private funds, joint venture; we’ll offer it all!
The CMA (comparative market analysis) to the right of this post still shows our market here in Kingsburg is relative flat. We currently have 38 homes on the market as compared to 43 at the end of September. Our DOM (days on the market) for SOLD properties went up in October to 113 days. We closed escrow on 8 properties in October and in September we closed 15 transactions. So again this month as last month, some of the numbers are good, some not so good.
Leonard, I and our Staff wish everyone a wonderful and happy Thanksgiving with wishes that you are surrounded by your loved ones, whether they are family or friends.

As the rate of foreclosures increase, as noted in the Fresno Bee, 10/13/2011, our goal is to establish a link between potential Sellers of distressed properties and potentials Buyers on a local level. If you are interested in becoming an investor, our Pre-Screened Foreclosure Service can be tailored to meet your needs, whether you are looking for a rental or to restore and flip properties. Let us help you identify properties as they become available, whether they are a short sale, a foreclosure or at auction. Call (559)897-4077 for details today.
According to the word on the street, the MID (Mortgage Interest Deduction) is still on the chopping block by the Super Committee of 12 in D.C. As early as last week, 5 “experts” testified before the Senate Finance Committee (not the Super one) regarding making changes to the existing law. The recommendation of all 5 witnesses before the committee were in complete agreement that now would not be the time to make any changes. The message: DO NO HARM.
And in the Short Sale arena, the new CA law that went into effect on July 15, 2011, expands the protection that a homeowner has from personal liability after a short sale. The general rule is that a mortgage lender is prohibited from pursuing a deficiency for a short sale involving a 1 to 4 residential property. The difference between what’s owed on the mortgage loan and what the lender receives as a payoff is called a deficiency. This new law will let a lot of local homeowners who have to sell their homes through a short sale, sleep a lot better at night.
As you can see by the CMA (comparative market analysis) to the right of this post, our real estate market here in Kingsburg is still holding steady. We currently have 43 homes on the market as compared to 35 at the end of August. Our DOM (days on the market) for SOLD properties decreased from 70 days in August to 58 in September. We closed escrow on 15 properties and in August we only closed 11 transactions. So again this month, some of the numbers are good, some not so good.
Don’t forget, Leonard and I are providing FREE pocket editions of The Constitution of the United States which includes the Declaration of Independence. So far, we’ve given away about 50 of these great little reference guides. You can pick up a FREE copy of it here at our office at 1340 Sierra St., or at the Kingsburg Chamber of Commerce, while supplies last. This is our little way of spreading the word about the importance of our government following the guidelines of the Constitution.

Home prices have been going down in some places …… like right here in our little corner of the world, Kingsburg. Property taxes do not move in lockstep with home values because local governments typically do not measure values every year. This means that your current property taxes might reflect your home’s value when the market was healthier. Homeowners can often get their assessment lowered if they appeal to their local assessor. This can translate into a lower bill, but can be a long and arduous process for the homeowner. There are several How To websites such as this one from the Wall Street Journal: http://online.wsj.com/article/SB10001424053111904070604576514573303531678.html. One of the first steps is for you, the homeowner, to determine the value of your home and this is where we can help. We will be glad to provide, free of charge, an in depth comparative market analysis (CMA) report on your home. Just give us a call at 897-4077, give us your address and we’ll be glad to mail, email or fax the report to you within 24 hours.

Our real estate market here in Kingsburg is still holding steady. As of August 31st, we had 35 homes on the market as compared to 36 at the end of July. Our DOM (days on the market) for SOLD properties increased from 26 days in July to 70 in August. We closed escrow on 11 properties and in July we had only closed 4. So again, some of the numbers are good, some not so good. The number of Pending escrows is now up to 24, which means that the month of September should show a big increase in closed transactions. Comparing the numbers to August of 2010, we are just a little bit better in every category; less homes on the market, more sales and a shorter time frame to sell.

Don’t forget, Leonard and I are providing FREE pocket editions of The Constitution of the United States which includes the Declaration of Independence. So far, we’ve given away about 25 of these great little reference guides. You can pick up a FREE copy of it here at our office at 1340 Sierra St., or at the Kingsburg Chamber of Commerce, while supplies last. This is our little way of spreading the word about the importance of our government following the guidelines of the Constitution.

Here is a great article about the housing market hole that we seem to be in and the current attack on homeownership. Some of these issues will be voted upon by the Super Committee of 12 soon to be in session in Washington, DC.

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  Home Ownership Under Assault: 4 Issues Threaten Housing Market Recovery

  Drowned out by such salacious news as Weinergate and Wikileaks, the very real attack on our nation’s housing market has gone virtually unnoticed by most Americans. But the outcome of this assault will hurt your ability to buy, own, and sell a home, long after the latest scandal fades from the headlines. So mute Nancy Grace, put down your People magazine, and turn your attention, just for a moment, to the not-so-sexy but far more important topic of housing policy. We promise it’s not just for political wonks anymore. Read