These properties are either coming into the MLS in the next few weeks or will not be marketed by the agent in MLS. For an opportunity to view them prior to the rest of the market, please contact me.
The Federal Reserve today voted to maintain the current target range for the federal funds rate at 0 percent to 0.25 percent, anticipating that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.
“The economy has continued to contract, though the pace of contraction appears to be somewhat slower,” the Fed said in a prepared statement. “Household spending has shown signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Weak sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories, fixed investment, and staffing. Although the economic outlook has improved modestly since the March meeting, partly reflecting some easing of financial market conditions, economic activity is likely to remain weak for a time,” and inflation will remain subdued.
As previously announced, the Fed will continue to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, and will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve will buy up to $300 billion of Treasury securities by autumn.
Source: California Association of Realtors®
New signs emerge that recession may be easing
By CHRISTOPHER S. RUGABER, AP Economics Writer< ?xml:namespace prefix ="" o />
Thursday, April 16, 2009
(04-16) 14:00 PDT WASHINGTON (AP) –
Housing construction unexpectedly plunged, the number of people receiving jobless benefits grew and JPMorgan Chase & Co. said its first-quarter profit dropped compared with last year.
That was the bad news. But those same reports Thursday included some silver linings suggesting the recession may be easing.
The pace of new-home construction seems to be nearing a bottom. First-time jobless benefit claims fell more than expected for the second straight week and JPMorgan’s profits were larger than analysts had expected. In the past week, two other banks, Wells Fargo & Co. and Goldman Sachs Group Inc., issued positive earnings reports, too.
All told, growing evidence indicates the economy may be stabilizing.
Appreciation & Depreciation of San Francisco Homes since 1995< ?xml:namespace prefix ="" o />
Below, median sales prices are calculated for 2-bedroom condos, 3-bedroom houses and 2-bedroom TICs in a number of SF neighborhoods over a variety of periods beginning with 1995 — when the last, great Sellers’ market began -– and ending with the six months following the financial market meltdown in September 2008. (Its effect began to show up in mid-October sales.) Median price is a relatively crude statistical generality – especially in SF with its huge variety in property type, size, condition, curb appeal and architectural style – but it can be useful in assessing macro trends in the market. However, remember: for a specific home, only a specific market analysis is truly pertinent.
These properties are either coming into the MLS in the next few weeks or will not be marketed by the agent in MLS. For an opportunity to view them prior to the rest of the market, please contact me. There is also a note about a property for rent.
James Temple,Carolyn Said, Chronicle Staff Writers
Friday, April 17, 2009
(04-16) 10:53 PDT SAN FRANCISCO — Bay Area home prices are still falling, but the pace slowed significantly in March, extending a trend that is beginning to foster real hope that the market is approaching the bottom.
The median sales price across the nine-county region stood at $295,000 for existing single-family homes last month, a 46.3 percent drop from a year ago but off just 0.5 percent from February, MDA DataQuick of San Diego reported Thursday.
That month-to-month price change has been narrowing recently. The median declined 2.4 percent in February compared to the previous month and 7.9 percent in January. The biggest recent drop was 11.1 percent in September. Year-over-year price declines have floated around 47 percent for the past five months.
“It’s very meaningful because it means that we’re finding the floor for median home prices,” said Esmael Adibi, director of the Anderson Center for Economic Research at Chapman University in Orange. “I believe now that with the continuation in the strength of home sales and improvement in affordability, we will be very near the bottom in the next few months.”
For the first time in more than a year, the California Association of Realtors in February reported small month-over-month price increases in Alameda, San Francisco and San Mateo.
Hotsheet Statistics for the Past 2-Weeks: San Francisco Houses, Condos & TICs < ?xml:namespace prefix ="" o />
(compared to the previous 2-week period)
New Listings: 315 – slightly up from 306
Back-on-Market: 64 – slightly down from 67
Price Reductions: 207 – substantially down from 273
Went Contingent: 171 – down from 185
Contingent REO: 7 – down from 11
Went Pending: 164 – up from 151
Sold: 104 – down from 133
Sold REO: 9 – down from 20
Expired/Withdrawn: 131 – substantially down from 199
An easy-to-read chart has been provided by the California Association of Realtors outlining both California and Federal Tax Credits associated with homeownership.
Click here for Homebuyer Tax Credit Chart
These properties are either coming into the MLS in the next few weeks or will not be marketed by the agent in MLS. For an opportunity to view them prior to the rest of the market, please contact me. There is also a note about properties that buyers are looking for – do you have a property to sell?
