Brentwood Glen Market Update…

Brentwood Glen had a good 90 days to wrap up 2009.

12 Sold Houses and 3 Currently in Escrow.  Plus, only 3 houses currently for sale.

See  special report: Glen – Dec 09

Green Tip of the Week: Rechargeable batteries…

Want an alternative to using disposable batteries, which leak toxic wastes into landfills and ground water? Switch to USB rechargeable AA batteries that do not require adapters or cables, but instead can be inserted into your laptop’s USB port—or other USB port—and be recharged hundreds of times. Visithttp://www.usbcell.com/ for more info.

Foreclosure activity declines 8 percent nationwide…

A report by RealtyTrac shows that foreclosure filings, including notices of default, scheduled foreclosure auctions, and bank repossessions, decreased nearly 8 percent in November compared with the previous month, but were 18 percent higher compared with a year ago.

California posted the nation’s third highest foreclosure rate, with one in every 180 housing units receiving a foreclosure filing in November.  Despite a 13-percent decrease in foreclosure activity from the previous month, California continued to post the highest total of any state, with 73,995 properties receiving a foreclosure filing in November.  Foreclosures in California rose 22 percent from November 2008, but were down nearly 32 percent from a July peak of 108,104. November marked the fourth consecutive month that California foreclosure activity has declined on a month-over-month basis.

California also had the top three metro foreclosure rates:  Merced, with one in every 83 housing units receiving a foreclosure filing in November; Stockton, with one in every 85 housing units; and Modesto, with one in every 87 housing units.

Other California metro areas with foreclosure rates in the top 10 included: Riverside-San Bernardino-Ontario at no. 6, with one in every 102 housing units; Bakersfield at no. 7, with one in 111; Vallejo-Fairfield at no. 9, with one in 126; and Sacramento-Arden-Arcade-Roseville at no. 10, with one in 132.

More info

Survey finds most agents see home prices stabilizing…

A fourth-quarter survey conducted by HomeGain showed that 72 percent of HomeGain members believe that home prices will remain the same in the next six months, an increase from 69 percent in the third-quarter survey.

According to the recent survey, HomeGain members said that 37 percent of home buyers believe that homes for sale are fairly priced or under priced, compared with 36 percent in the third quarter.  Conversely, 41 percent of homeowners think their homes should be listed 10 percent to 20 percent higher than what their agents recommend, up from 38 percent in the third quarter.

The first-time home buyer tax credit has helped drive sales, with 21 percent of respondents saying half of their transactions involved a first-time home buyer, with only 11 percent noting that none of their transactions involved a first-time home buyer.

More info

House Flipping Makes a Comeback…

Four years after the collapse of the U.S. housing bubble, flipping homes is back in fashion.

To read the full story, please click here

Gov’t unveils rules to speed up “short sales”…

The Treasury Dept. unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can’t get a price high enough to pay off their mortgages.  Homeowners will even get $1,500 to help cover their moving costs.

To read the full story, please click here.

If You Don’t Buy a House Now, You’re Stupid or Broke…

Interest rates are at historic lows but cyclical trends suggest they will soon rise. Home buyers may never see such a chance again

read more…

State ruling to cut most property taxes…

State officials say that property taxes will probably fall for most California property owners next year due to deflation, the first such property tax cut since Prop. 13 took effect three decades ago.

To read the full story, please click here.

Home sales rebound to early-2007 level…

Economist and policymakers got what they were looking for Monday: a clear uptick in the housing market.  The catch is few believe it’s sustainable.

Read more…

FHA to toughen rules for borrowers…

The Federal Housing Administration (FHA) is proposing raising minimum credit scores for borrowers who receive FHA-backed mortgages, increasing down payment requirements, and limiting the amount of money sellers can provide toward closing costs.  The proposed changes are part of an effort to shore up the agency’s finances, which have been hit with rising defaults to its mortgage insurance program.

To read the full story, please click here.