San Francisco Real Estate Agent
San Francisco Real Estate Agent
Rates on conforming loans up to $417k and super-conforming loans up to $625k are down about .25% since the big Fed announcement last Wednesday—they were down further but have since retraced. Increases of super-conforming loan limits to $729k have still not been announced by Fannie and Freddie—it’s expected very soon. Rates on Jumbos from $729k to $3.5m are steady.
Last week, the Fed said they’d increase their mortgage bond buying program from $500 billion by June to $1.25 trillion by December. This will help keep rates low because mortgage rates drop when bond prices rise on buying rallies. But consumers shouldn’t assume rates will drop significantly from current levels. Here’s why:
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The market continues to improve for Buyers as inventory increases. For some reason, perhaps just an anomaly, REO sales activity dropped dramatically from the previous 2-week period.
Here are some useful, interesting and/or fun websites for San Francisco and the Bay Area. Hope you enjoy them.
Comparing the past 2 weeks with the 2-week period, 1/30 – 2/13/09:
The number of new listings coming on the market declined by 20%
The number accepting offers (going contingent sale) increased by 35%
Closed sales went up 75%
Properties coming back on market (i.e. deals falling through) fell by 8%
The number of price reductions—already at very high rates—increased by 18%
Expired and withdrawn listings are relatively stable
26% of house sales were bank-owned properties (REO); 10% of condo sales were REOs
The links below show properties in all stages of the foreclosure process and those that are bank-owned or up for auction. Please approach these properties with caution – and call me to discuss.
The Uniform Time Act of 1966 provided the basic framework for alternating between daylight saving time and standard time, which we now observe in the United States. But Congress can’t seem to resist tinkering with it. For example, in 1973 daylight saving time was observed all year, instead of just the spring and summer. The current system of beginning DST at 2 AM on the first Sunday in April and ending it at 2 AM on the last Sunday in October was not standardized until 1986.
In this edition:
Foreclosure Sales in San Francisco
Upper-End Home Market Wilts
New Condo Developments Reduce Prices
Regarding Statistics
Average Dollar per Square Foot in Selected Bay Area Zip Codes
Sales Price to List Price
Financing Conditions & Tax Credits
The following PDFs contain properties that are in pre-foreclosure, recently foreclosed, REO (bank-owned) and up for auction:
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 are also a few notes about properties that buyers are looking for – do you have a property to sell? There is also a place “for temporary rent” – if you or someone you know is planning a remodel soon!
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