Lisa Thompson

PRE-FORECLOSURE: This refers to the period after the lender has filed the original complaint and filed a lis pendens on the property indicating the intent to foreclose. … FORECLOSURE is the legal process in which a bank or lender sells or repossesses a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower.

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February 21, 2009

Late last week, California lawmakers approved a new budget that cut spending by $13 billion in an effort to reduce the state’s $42 billion deficit. Included in the budget is a provision allocating state funds for a $10,000 tax credit for home buyers.

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The $10,000 tax credit is not a loan and if the home remains your primary residence for 2-years, you do not have to pay any portion of the tax credit back. … The construction of a new home generates more tax revenues than the $10,000 tax credit will cost, so the credit is limited to the purchase of new homes .

Areas currently zoned industrial will generally be rezoned to one of following designations: Production, Distribution and Repair Zones (PDR): In these zones, everything that is permitted today would continue to be permitted, except new residential development, which would be prohibited, and retail stores and offices, which would be limited in size. … Based on the affordable housing rules in the proposed new zoning, we expect that the majority of units built would be “market rate,” while 20–30 percent of the units produced would be below market rate, affordable to a range of families and individuals earning from 30–150% of city’s median income.

Each Area Plan articulates a holistic vision for a neighborhood, by promoting areas that are transit, bicycle and pedestrian friendly, by strengthening and encouraging vibrant neighborhood-serving commercial areas; by providing and maintaining community facilities and open space to ensure neighborhood livability and by increasing both the supply and variety of housing for residents, with emphasis on affordable housing. … In addition to the City’s existing Inclusionary Housing Ordinance which requires that market-rate developments larger than five units provide 15–20 percent of their units at below market rate, the Plans require higher percentages of affordable housing in formerly industrial areas, provide new options to develop land for affordable housing, and provide funding for affordable housing production through new fees.

With the worst housing market since the great depression, your chances of finding water in the desert are greater than money at the bank. … But through a little research and knocking on some doors, I have found a few resources if you’re looking to refinance your commercial loan or make a purchase.

It specifically requires newly constructed commercial buildings over 5,000 sq ft, residential buildings over 75 feet in height, and renovations on buildings over 25,000 sq ft to be subject to an unprecedented level of LEED and green building certifications. … Comprised of ten members from San Francisco’s ownership, developer, financial, architectural, engineering, and construction community, the mission of the Task Force was to advise and recommend to the City’s policy makers: mandates, incentives, education, and outreach in order to increase the number and improve the quality of green buildings in San Francisco, and to assess the impacts of the Task Force’s recommendations.

Well, that’s a good question and here’s one answer: You can get a great amount of work for your money and increase your ROI by taking advantage of the current economy and a new approach to home renovation. … People are spending more time in their homes and are spending money improving what they have; there is more of a “stay in” rather than “go out” mentality.

Generally speaking, 4-5 months supply of inventory is considered a balanced market between buyers and sellers; less than 4 months is considered a sellers’ market; and more than 5 months is considered a buyers’ market. By these definitions (as well as others), the home market in many of San Francisco’s neighborhoods is now a strong buyers’ market – which means more choice, less competitive bidding, increased price reductions, more price negotiation.

At current trends, over the next month: • 563 active SFD listings will be joined by over 250 new SFD listings for a total of over 800: less than 1 out of 8 will go contingent sale (and most of them at the low end). • 674 active Condo listings will be joined by over 350 new Condo listings for a total of over 1000: less than 1 out of 10 will go contingent . • 241 active TIC listings will be joined by over 150 new TIC listings for a total of about 400: about 1 in 16 will go contingent. • 234 2-4 Unit listings will be joined by over 80 new 2-4 U listings for a total of over 300: about 1 in 19 will go contingent .

Carmichael said that in California’s foreclosure-plagued Inland Empire, Riverside and San Bernardino counties east of Los Angeles, the average monthly rent for an apartment is $1,157 and the average after-tax monthly mortgage payment on a median-priced single-family detached home is $1,154 — and is projected to decline to $979 by mid-year. … Existing home sales across the United States rose 6.5 percent to an annual rate of 4.74 million units in December from a rate of 4.45 million in November, a National Association of Realtors report showed on Monday.