Thursday, June 26, 2008

Sacramento Area Sales & Foreclosure

May saw 3,420 buyers – the most in 20 months – close escrow for new and existing homes in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties, according to DataQuick Information Systems.

Prices, however, didn't show the same strength. Median prices have dropped in double-digit percentages in all eight counties over the past year.

The May sales burst, coming after a similarly strong April performance, raised hopes that the market is trying to stabilize. Yet as the housing downturn nears the end of its third year, worries remain about the growing pileup of foreclosures overrunning the market.

Since January, banks in the region have foreclosed on 10,224 homes, according to the Web site, based in Fair Oaks. At the same time only about half the number – 5,448 – of repossessed homes were sold, DataQuick reported.

"The sales numbers are great, and if we can keep on that track we could have just a slight decline in value," said Scott Thompson, a partner in Mortgage Resolution Services in Carmichael. "But we're still foreclosing on more than we're selling, and that's the troubling part."

The highlights from DataQuick include:

• Sales rose from 3,163 in April and 3,216 in May 2007 to 3,420. The peak year for May sales during the boom was in 2004, when 6,761 homes sold.

• Slightly more than half the region's sales of existing homes – 51.1 percent – involved repossessed residences owned by banks. That cut the market share for new-home builders to 13.9 percent, down from 24.4 percent a year ago.

• Absentee owners, typically investors seeking rental properties, accounted for an estimated 19 percent of all sales. At one point near the peak of the boom, investor share reached almost 27 percent.

• The number of for-sale signs continued to fall in May across El Dorado, Placer, Sacramento and Yolo counties. Sacramento researcher TrendGraphix reported 12,366 homes for sale, the lowest number in 14 months.

"The Valley for a lot of people is discount central, and Sacramento is in the heart of that," said Andrew LePage, analyst for La Jolla-based DataQuick.

LePage said several inland California counties burdened with foreclosures – San Joaquin, Stanislaus, Riverside and San Bernardino – also saw year-over-year sales gains in May.

Sacramento County, the largest player in the area's real estate market, propelled most of the gains. The county tallied 62 percent of escrow closings, a 30.8 percent gain over the same time last year.

The result: Sacramento County had its strongest year-over-year performance since March 2005, according to DataQuick.

Year-over-year sales were up 15.2 percent in Yolo County, 1.8 percent in Yuba County and 1.4 percent in El Dorado County.

Thursday, June 19, 2008

Commercial Real Estate News.

Nationwide Prices Increase Despite Downturn
Jun 17, 2008 - CRE News
Despite ongoing softness in the Northeast, commercial property prices nationwide rose slightly in March as measured by the S&P/GRA Commercial Real Estate indices.

The all-property composite of the indices, which weighs property values based on completed sales, rose 10 basis points in March versus a 1% drop in February. The composite is up 5.1% from March 2007.

The Northeast has been the worst-performing market with a 1.4% drop in March, which followed a 2.4% decline in February. The Pacific West rose 1.7% in March after a 90 bp drop in February. The Mid-Atlantic South posted a 10 bp drop in March while the Midwest and Desert Mountain West registered gains of 70 bp and 1%respectively.

Warehouse led all property sectors with a 90 bp gain in March, followed by gains of 30 bp for retail, 10 bp for office, and no change for multifamily prices. In February, prices dropped 70 bp for warehouse, 1.9% for offices and 1.3% for multifamily, while they increased 80 bp for retail.

Copyright © 2008 Commercial Real Estate Direct, a service of FM Financial Publishing LLC. All rights reserved.

Lawsuit challenges real estate auctions

Lawsuit challenges real estate auctions

Inman News

A lawsuit filed in California Superior Court challenges real estate auction practices, charging that some auction companies engage in deceptive advertising and violate provisions of federal law related to real estate closing services.

"Many modern real estate auctions are nothing more than a bait-and-switch scheme to lure hopeful buyers to submit offers that can later be accepted or rejected by the lenders/sellers, despite the general public's perception that once the auctioneer declares, 'Sold,' the property is in fact sold," the lawsuit charges.

The lawsuit notes that there has been a boom in the volume of foreclosed, lender-controlled properties -- also known as real estate-owned or REO properties -- sold at auction.

Filed June 12 on behalf of three individuals who attended a real estate auction event in Southern California -- including one individual who is a RE/MAX real estate broker -- the lawsuit also charges that auction companies "direct and require the use of their settlement service providers and shift the cost of sales, including commissions, from the lenders/sellers to the consumers" in auction event signing rooms.

"The lenders'/sellers' representatives are not found in the signing room to sign the contracts; rather they are just there (to) sell loans and other settlement services," the lawsuit alleges.

Several auction companies, lenders Countrywide Home Loans Inc. and GMAC Mortgage LLC, and title and escrow companies are named as defendants in the lawsuit, which seeks class-action status.

Irvine, Calif.-based Real Estate Disposition Corp., an auction company that maintains a real estate broker's license in 21 states and Washington, D.C., and last year sold $1 billion worth of residential real estate at auction, is named in the lawsuit. This year, the company expects to sell $3 billion worth of properties at auction. Representatives for REDC, which operates the Web site, could not be reached for comment about the lawsuit.

Other auction companies named in the lawsuit include, an REDC affiliate; DoveBid Inc., which has a partnership with brokerage company CataList Homes to sell homes at auction; AuctionHouse Real Estate Disposition Services; Kennedy Wilson Auction Group Inc.; and Auction Services International Florida 100 Realty Inc.

Michael Davin, president of CataList homes, a low-cost Southern California-based real estate brokerage company, said in a statement, "I can't comment specifically on the case as I haven't read the documents. However, we will stand firm and defend our auction practices as the reserve auction method is an effective and fully legal sales process utilized for hundreds of years in the sale of many types of assets."

I also thought the winning bidder is the final winner well, this is what
auction is all about but I guess it is not so in the the real estate REO era.

Sunday, June 15, 2008

Buyes Wanted


Should you be giving any thought to moving into your own home, here are a few services I can provide:

• Help you become a pre-qualified buyer to ensure the best financing.

• Assist you in the selection of neighborhoods and price range of homes that meet your requirements.

• Offer you the accessibility to preview as many homes as you wish with the features and benefits your desire.

• Assist and guide you with the proper paperwork for a smooth transaction.

• Guarantee you personal service with knowledge and professionalism.

Let me show you how easy it can be to move into a home of your own. Please give me a call at (phone no.).

Jieranai Maier

Sunday, June 8, 2008

What Is ePro On Your Profile?

A visitor wrote a message and asked me "What Is an ePro? I saw that on your Profile"

Let me explain why there is an ePro logo on my Profile and my web site:

I have successfully completed the REALTOR e-PRO course to become one of a select few real estate professionals to earn the prestigious certification offered through the National Association of REALTORS.®

The REALTOR e-PRO certification course is an educational program unlike any other professional certification or designation course available, comprehensive and interactive. It is specifically designed to provide real estate professionals with the technology tools needed to assist consumers in the purchase or sale of a home.

With more than 70% of consumers beginning their real estate research on the Internet, e-PRO certified agents have the experience and expertise to meet the demands of today’s buyer and seller.

“The real estate industry has undergone a fundamental change over the past several years,” said (Your Name) of (Your Organization). “A majority of consumers are taking the time to conduct their own research prior to contacting an agent. In turn, real estate professionals must be knowledgeable of how technology can assist them in serving the needs of the buying and selling public.”

The exclusive REALTOR e-PRO certification course is presented entirely online and certifies real estate agents and brokers as Internet professionals. Because of its innovative design, students are able to complete the course at their own pace, when and where they want, via any Internet connection. The course is designed to help REALTORS stay at the leading edge of technology and identify, evaluate and implement new Internet business models.

Once completed, the e-PRO certified real estate professional joins the ranks of a special community of highly skilled and continuously trained professionals who provide high quality and innovative online-based real estate services. Consumers can identify the e-PRO through the exclusive e-PRO Internet Professional logo.

Both the content and the delivery platform were created by San Diego-based technology company InternetCrusade®. The course instructs participants in the professional use of e-mail, the development of an interactive Web site, and the use of online research tools. Graduates use the skills they've acquired to provide clients information on properties for sale, local communities, and the local real estate market.

For more information, e-mail me at or call me.