Sacramento Real Estate Views

Double Dip In Housing Values Imminent?

Report Cites The West Losing 4.5% In Value

I just read a report that we will most likely slip into a double dip housing value loss as soon as next month in our region.

Sweet.

I sit here and am not quite sure whether to laugh or cry.  Ahhh, laughing is the best medicine, right?

Nationwide, prices have leveled out or the losses have been slowed dramatically.

Quoted from the article:

“As prices continued to slide, new record price lows for the West are only 0.7% away (from the double dip) and could be realized as early as next month.”

Additionally:

“On a nation basis, home price declines slowed for the second consecutive month, down 1.4% in February compared to 1.6% in January. Home prices are still up 4.2% from 2009, a fact that Alex Villacorta, director of research and analytics at Clear Capital, considers only a small step in the right direction.

“From a larger perspective, prices are still up 4.2% off of the absolute lows of the housing crash, a sign that long term gains can be realized amidst the volatile behavior of the last two years,” commented Villacorta. “Yet, when comparing this growth to other economic indicators over the same time period, it is clear that the housing market still has a long way to go toward a sustained recovery.”

That’s great for the rest of the nation.

Why am I feeling singled out here?  LOL

For the rest of the article, click here.

Value losses got you down?  I just had a client figure out that even is she got a 1099 after a short sale, it was only going to mean that she would get less back on her tax return.  No money out of pocket to sell her underwater home short and no lender ramifications due to new California state law.

Considering a short sale or purchase of a new home in the Sacramento region?  Please fill out the form below or give me a call.  I’ll get back to you promptly.

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New California Tax Credit Bill Signed

Home Buyers Get $10000 For Purchasing in 2010

Governor Schwarzenegger just signed into law a bill, AB 183, that gives an incentive for home purchases between May 1, 2010 and December 31, 2010.  Buyers will receive a tax credit of up to $10000 distributed equaling over a three year period for purchasing a home in 2010.  The total amount the bill allows is $200 million.

$100 mil is for first time home buyers of existing homes and $100 mil is for anyone purchasing a new construction, unoccupied home or what’s commonly referred to as “standing inventory” in new construction.  These days, there isn’t a lot of standing inventory available but this may prompt home builders to put some people back to work.

The state tax credit is starts where the federal tax credit ends on either April 30th  or June 30th.  The tax credit will be granted on a first come, first served basis until all funds are exhausted or December 31st, whichever comes first.

The home buyer must not be a dependent nor can a home be purchased from a relative.

The last tax credit from the state was approved in February 2009 and ran out just four months later.  While the total amount of the credit has been expanded, demand will still be high. 10,659 buyers were able to take advantage of the last tax credit.

Looking for a new home in the Sacramento real estate market?  Please fill out the form below and we’ll give you a call asap.

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New FHA Guidelines Make It Harder To Qualify

Changes Could Affect Values

The new FHA guidelines, along with the expiration of the first time home buyer tax credit, could adversely effect home values in the Sacramento real estate market.

And let’s not forget the regions 15% unemployment.  This is not a good combination for our region.

Just when we thought it was safe to go back into escrow.

With guidelines changing and loans for first time home buyers, or anyone for that matter, getting tougher to qualify for, a sales decline and resulting inventory increase could depress home values in the region again.

The word on the street is that more homes will be coming on the market soon.  A quick inventory check doesn’t show that there have been any significant increases yet.

Is that hissing sound the air being let out of the nice little recovery we had going?  Or just the ringing in my ears that’s been there since 2007?

Changes In FHA Policy

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