Home Prices Decline Nationwide in 4th Quarter of 2008
U.S. home prices posted record declines in the fourth quarter of 2008 according to a Federal Housing Finance Agency's (FHFA's) House Price Index (HPI) report released yesterday. The FHFA seasonally adjusted purchase-only house price index, based on data from home sales, was 3.4 percent lower on a seasonally adjusted basis in the fourth quarter compared with the third quarter. The decrease was greater than the 2 percent decline reported in the third quarter, and the largest in the purchase-only index's 18-year history. Over the past year, seasonally adjusted prices fell 8.2 percent from the fourth quarter of 2007 compared with the fourth quarter of 2008.
Homeowner Affordability and Stability Plan
President Obama unveiled his plan to help stabilize the housing market and keep millions of borrowers in their homes. The Homeowner Affordability and Stability Plan includes two initiatives to help struggling homeowners. One is a refinancing program for homeowners with less than 20% equity in their homes, or who owe more than their home is worth. The second program attempts to lower monthly payments for homeowners at risk of losing their home. In addition, the plan includes a third initiative to support low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac. Many of the plan’s details are still being worked out and will not be announced until March 4.
Increases in FHA Loan Limits
Federal Housing Administration (FHA) single-family loan limits have been revised as a result of the American Recovery and Reinvestment Act of 2009 (ARRA) and are now available online. The new loan limits, reflecting an increase from $625,500 to a maximum of $729,750, are effective for those loans for which credit is approved in 2009 and will remain in effect until Dec. 31.Federal Housing Administration (FHA) single-family loan limits have been revised as a result of the American Recovery and Reinvestment Act of 2009 (ARRA) and are now available online. The new loan limits, reflecting an increase from $625,500 to a maximum of $729,750, are effective for those loans for which credit is approved in 2009 and will remain in effect until Dec. 31. Go to https://entp.hud.gov/idapp/html/hicost1.cfm. for more information.
My 2 Cents - I see lots of movement even with all the "doom and gloom". With all the support going on looking for solutions, I think there will be more real estate activity in 2009 then there was in 2008. People are still cautious, as they should be, but want (and sometimes need) to make movement in their lives.
Thursday, February 26, 2009
Wednesday, February 25, 2009
Another Viewpoint into the Current Market
Working with Buyers!
Sorry I haven't been as attentive as I would like but I've been out working (isn't that the point after all ?). But I do like giving people good information and I find I learn so much when I'm out showing. It gives me a totally different viewpoint than when I represent a Seller. Although it's usually a specific viewpoint.
I have several buyers interested in country property so I have been out and about a lot these days in South County. 2 days ago, the above bank owned property came on the market and my buyer and I ran over there to check it out. There was a buyer there before us and one waiting when we came out. This is a 3/2 1/2 with 2230 Square Feet and about 2.5 Acres with a barn and on the market for $792,900. When I check the recently sold properties for comps, I find out that country property is selling for an average of $334.32 per square feet. This property at 8880 Guibal in Gilroy is on the market for $355.56 per square feet. That tells me there are educated buyers out there (with money and ready to go). I think this property will be sold before too long.
Sorry I haven't been as attentive as I would like but I've been out working (isn't that the point after all ?). But I do like giving people good information and I find I learn so much when I'm out showing. It gives me a totally different viewpoint than when I represent a Seller. Although it's usually a specific viewpoint.
I have several buyers interested in country property so I have been out and about a lot these days in South County. 2 days ago, the above bank owned property came on the market and my buyer and I ran over there to check it out. There was a buyer there before us and one waiting when we came out. This is a 3/2 1/2 with 2230 Square Feet and about 2.5 Acres with a barn and on the market for $792,900. When I check the recently sold properties for comps, I find out that country property is selling for an average of $334.32 per square feet. This property at 8880 Guibal in Gilroy is on the market for $355.56 per square feet. That tells me there are educated buyers out there (with money and ready to go). I think this property will be sold before too long.
Tuesday, February 24, 2009
Monday Morning Update!
Monday Statistics
Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 223 active listings and 71 sale pendings
Gilroy has 266 active listings and 172 sale pendings
San Martin has 39 active listings and 15 sale pendings
Area 1 (all of the above) has 532 active listings and 257 sale pendings.
Inventory is holding steady and sales continue to increase. From my viewpoint, there is a lot of movement going on. I’m getting calls from clients all the time these days. I know there is a lot of people waiting and seeing right now but more and more people are taking action.
I heard a good one the other day – "Only one person buys at the bottom and only one person buys at the top."
Stay tuned for regular updates!
Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 223 active listings and 71 sale pendings
Gilroy has 266 active listings and 172 sale pendings
San Martin has 39 active listings and 15 sale pendings
Area 1 (all of the above) has 532 active listings and 257 sale pendings.
Inventory is holding steady and sales continue to increase. From my viewpoint, there is a lot of movement going on. I’m getting calls from clients all the time these days. I know there is a lot of people waiting and seeing right now but more and more people are taking action.
I heard a good one the other day – "Only one person buys at the bottom and only one person buys at the top."
Stay tuned for regular updates!
Thursday, February 19, 2009
Stimulus Bill and New Plan in the Works!
Last week Congress passed the American Recovery and Reinvestment Act of 2009. which was signed by President Obama at the beginning of this week.
Among other things, the stimulus legislation resets the conforming loan limit cap at $729,750, up from $625,500 and reinstates these 2008 loan limits through Dec. 31, 2009.
The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.
Earlier today, President Obama unveiled the Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners, while attempting to prevent the destructive impact of foreclosures on families and communities.The plan contains three main components, and only applies to primary residences.
1) The first component is directed toward homeowners suffering from falling housing prices who still have equity in their homes, but no longer have the 20 percent equity needed to refinance. Under the plan, homeowners who have conforming loans owned or guaranteed by Freddie Mac and Fannie Mae will be allowed to refinance their homes, even if they do not have 20 percent equity left in the house.
2) The second component, known as the Homeowner Stability Initiative, is designed to assist homeowners who are “underwater” on their mortgages. The $75 billion initiative will bring together lenders, servicers, and the government so that all stakeholders share in the cost of the modification.
3) The final aspect of the Homeowner Stability Initiative is creating clear and consistent guidelines for loan modifications.
Among other things, the stimulus legislation resets the conforming loan limit cap at $729,750, up from $625,500 and reinstates these 2008 loan limits through Dec. 31, 2009.
The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.
Earlier today, President Obama unveiled the Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners, while attempting to prevent the destructive impact of foreclosures on families and communities.The plan contains three main components, and only applies to primary residences.
1) The first component is directed toward homeowners suffering from falling housing prices who still have equity in their homes, but no longer have the 20 percent equity needed to refinance. Under the plan, homeowners who have conforming loans owned or guaranteed by Freddie Mac and Fannie Mae will be allowed to refinance their homes, even if they do not have 20 percent equity left in the house.
2) The second component, known as the Homeowner Stability Initiative, is designed to assist homeowners who are “underwater” on their mortgages. The $75 billion initiative will bring together lenders, servicers, and the government so that all stakeholders share in the cost of the modification.
3) The final aspect of the Homeowner Stability Initiative is creating clear and consistent guidelines for loan modifications.
Monday, February 16, 2009
Market Update as seen by CAR
American Recovery and Reinvestment Act of 2009
Last Friday, the U.S. Senate passed the American Recovery and Reinvestment Act of 2009 by a 60 to 38 vote. Earlier today, the stimulus package passed the U.S. House of Representatives in a 246 to 183 vote. Today’s votes followed several days of negotiations by the House, Senate, and White House, with the final tab for the stimulus bill coming in at $787.2 billion.
On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.
The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.
C.A.R. and NAR have long advocated for higher conforming loan limits. The conforming loan limit provisions and other housing elements in the stimulus package are a step in the right direction for our industry and all Californians.
The stimulus package also contains $308.3 billion in appropriations spending, including $120 billion on infrastructure and science and more than $30 billion on energy-related infrastructure projects. It also allocated an additional $267 billion for direct spending, including increased unemployment benefits and food stamps; and provides $212 billion in tax breaks for individuals and businesses.
Now that the stimulus package is approved and is on its way to President Obama for signature, it is our hope that Congress will turn its attention toward helping homeowners remain in their homes and will take immediate steps directed specifically at stemming the ongoing foreclosure crisis.
My 2 Cents - I like to hear what the "experts" say especially when it is in a consise form. I hope you appreciate this kind of information as well.
Last Friday, the U.S. Senate passed the American Recovery and Reinvestment Act of 2009 by a 60 to 38 vote. Earlier today, the stimulus package passed the U.S. House of Representatives in a 246 to 183 vote. Today’s votes followed several days of negotiations by the House, Senate, and White House, with the final tab for the stimulus bill coming in at $787.2 billion.
On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.
The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.
C.A.R. and NAR have long advocated for higher conforming loan limits. The conforming loan limit provisions and other housing elements in the stimulus package are a step in the right direction for our industry and all Californians.
The stimulus package also contains $308.3 billion in appropriations spending, including $120 billion on infrastructure and science and more than $30 billion on energy-related infrastructure projects. It also allocated an additional $267 billion for direct spending, including increased unemployment benefits and food stamps; and provides $212 billion in tax breaks for individuals and businesses.
Now that the stimulus package is approved and is on its way to President Obama for signature, it is our hope that Congress will turn its attention toward helping homeowners remain in their homes and will take immediate steps directed specifically at stemming the ongoing foreclosure crisis.
My 2 Cents - I like to hear what the "experts" say especially when it is in a consise form. I hope you appreciate this kind of information as well.
Monday Morning Update
Monday Statistics
Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 225 active listings and 74 sale pendings
Gilroy has 269 active listings and 166 sale pendings
San Martin has 39 active listings and 14 sale pendings
Area 1 (all of the above) has 530 active listings and 253 sale pendings
Inventory is holding steady and sales continue to increase. I am definitely seeing more sales in the market these days and more movement in general. With lots of inventory, good interest rates and good prices, I believe now is a good time to get what you want in a home. We are seeing more and more multiple offers, especially when a property is a good deal.
My 2 cents - Don’t wait around just to stand in line.
Stay tuned for regular updates!
Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 225 active listings and 74 sale pendings
Gilroy has 269 active listings and 166 sale pendings
San Martin has 39 active listings and 14 sale pendings
Area 1 (all of the above) has 530 active listings and 253 sale pendings
Inventory is holding steady and sales continue to increase. I am definitely seeing more sales in the market these days and more movement in general. With lots of inventory, good interest rates and good prices, I believe now is a good time to get what you want in a home. We are seeing more and more multiple offers, especially when a property is a good deal.
My 2 cents - Don’t wait around just to stand in line.
Stay tuned for regular updates!
New Homes in Gilroy at Mesa Ridge
New Dividend Homes at Mesa Ridge
There are several beautiful newly built homes on Cajon Way in Gilroy just south of Eagle Ridge off of Santa Teresa. I have been spending some time showing property in this area and I was very impressed with these homes. Especially since they were the similiar to the homes in Coyote Estates in Morgan Hill that were selling around $1,200,000 once upon a time ago. These Cajon homes are on the market for $624,000, $660,000 and $699,000 - around half of what they sold for in the past. And they are nice homes with a decent budget from the builder for upgrades. The risk is the area as they are just in their first stage. But the builder is a known and I thought the hills and the views and the area was lovely. Worth checking out if you are in the market for a new home. You can also go to mesaridgesales@dividendhomes.com or of course, contact me for more information.
Keep posted!
Monday, February 9, 2009
Monday Morning Update!
Monday Statistics
Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 223 active listings and 67 sale pendings
Gilroy has 274 active listings and 156 sale pendings
San Martin has 39 active listings and 11 sale pendings
Area 1 (all of the above) has 533 active listings and 233 sale pendings
We are holding steady with some increase both in inventory and pending sales. I’m seeing a fair amount of activity on all my listings and active interest with my buyers. There is much more movement in the market than there has been for a while.
Stay tuned for regular updates!
Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 223 active listings and 67 sale pendings
Gilroy has 274 active listings and 156 sale pendings
San Martin has 39 active listings and 11 sale pendings
Area 1 (all of the above) has 533 active listings and 233 sale pendings
We are holding steady with some increase both in inventory and pending sales. I’m seeing a fair amount of activity on all my listings and active interest with my buyers. There is much more movement in the market than there has been for a while.
Stay tuned for regular updates!
Saturday, February 7, 2009
Loan Modication Explained
Loan Modifications
Loss mitigation encourages lenders though an attorney-based process to help create the best mortgage solution for troubled homeowners. Through this, homeowners can expect one of the following results to occur:
· Loan Modification
· Short Sale
· Deed in Lieu
What is loan modification?
It is renegotiating the terms of your existing loan. It is by far the most desired result in any loss mitigation process. Every client is assigned a personal real estate attorney and a professional loan negotiator, to effect a successful resolution through loan modification.
Results can include:
· Interest rate reduction
· Extended payment terms (up to 50 yrs)
· Principal reduction
Who qualifies?
You must have at least one of the following criteria:
· High Loan to value (90% or higher)
· Bad credit due to late payments on credit cards, mortgage, medical bills, etc.
· Adjustable Rate (has or will change in the future)
· Option Arm or pick-a-pay loan
· Temporary or permanent financial hardship ( i.e. job loss, divorce, income reduction, medical emergency, etc.)
· High Debt to Net income ratio
· Non-owner Occupied – Ok
The above information was provided to my company by Gary Foydle from The Loan Source. I thought it was good information and consise and hopefully, helpful. Let me know what you would like to hear about in the future.
FYI - If you are currently shopping for a home, rates are up at the moment (around 5.125% for a 30 year fixed). Although there are different lending options, I like to use the 30 year fixed as a sort of "measuring stick" for the lending market. Stay tuned for more updates!
Loss mitigation encourages lenders though an attorney-based process to help create the best mortgage solution for troubled homeowners. Through this, homeowners can expect one of the following results to occur:
· Loan Modification
· Short Sale
· Deed in Lieu
What is loan modification?
It is renegotiating the terms of your existing loan. It is by far the most desired result in any loss mitigation process. Every client is assigned a personal real estate attorney and a professional loan negotiator, to effect a successful resolution through loan modification.
Results can include:
· Interest rate reduction
· Extended payment terms (up to 50 yrs)
· Principal reduction
Who qualifies?
You must have at least one of the following criteria:
· High Loan to value (90% or higher)
· Bad credit due to late payments on credit cards, mortgage, medical bills, etc.
· Adjustable Rate (has or will change in the future)
· Option Arm or pick-a-pay loan
· Temporary or permanent financial hardship ( i.e. job loss, divorce, income reduction, medical emergency, etc.)
· High Debt to Net income ratio
· Non-owner Occupied – Ok
The above information was provided to my company by Gary Foydle from The Loan Source. I thought it was good information and consise and hopefully, helpful. Let me know what you would like to hear about in the future.
FYI - If you are currently shopping for a home, rates are up at the moment (around 5.125% for a 30 year fixed). Although there are different lending options, I like to use the 30 year fixed as a sort of "measuring stick" for the lending market. Stay tuned for more updates!
Friday, February 6, 2009
New Bank Owned Listing in Gilroy
New Bank Owned Property in Gilroy
This five year old home in the North West section of Gilroy has 3314 square feet, 4 bedrooms, 2 1/2 baths and is on a 7405 square foot lot. Large & Spacious Living Room, Separate Dining Room, Granite Counters in Kitchen, Upstairs Loft, Downstairs Bedroom, Corner lot. Priced at $659,900 which is maybe slightly higher than recent comps which have similiar homes sold at the low to mid $600,000's. Worth checking out.
Federal Stimulus Update
On Wednesday the U.S. Senate unanimously adopted an amendment to the tax portion of the stimulus package that would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit, for all purchasers, not just first-time homebuyers, in 2009 for a primary residence. Taxpayers would claim the credit on their 2008 income tax return. It also seeks to prevent misuse by only allowing purchases of a principal residence and by recapturing the credit if the home is sold within two years of purchase. The amendment would sunset the current $7,500 housing tax credit on the date of enactment.
The House-passed version of the bill continues the current $7,500 credit for first-time homebuyers and eliminates the repayment feature of the credit, but only for purchases that occur between January 1, 2009 and June 30, 2009.
The Senate legislation so far does not include the loan limit increase for FHA and GSEs, but NAR is urging its inclusion. The House-passed bill reinstates and makes permanent last year's temporary FHA and conforming loan limits of $729,750, as sought by NAR. Limits currently are $625,500.
Stay tuned for more updates!
The House-passed version of the bill continues the current $7,500 credit for first-time homebuyers and eliminates the repayment feature of the credit, but only for purchases that occur between January 1, 2009 and June 30, 2009.
The Senate legislation so far does not include the loan limit increase for FHA and GSEs, but NAR is urging its inclusion. The House-passed bill reinstates and makes permanent last year's temporary FHA and conforming loan limits of $729,750, as sought by NAR. Limits currently are $625,500.
Stay tuned for more updates!
Wednesday, February 4, 2009
Message from the Morgan Hill Unified School District Superintendent
Dr. Alan Nishino Speaks to Realtors
Today at our County Realtor's meeting we were addressed by the superintendent of our school system. After sharing with us his passion for our kids and education, he addressed his reason for being at our meeting today. The school budget is so bad, it is at breaking point and they don't know how to make it work. We are at the bottom of the list of quality education throughout the United States and we need to change that. How to affect change? Money! His plea was to address the money we receive from property taxes and bonds and to support increasing these costs inorder to raise money for our communities and specifically education.
Guess what? I agree with him no matter how unpopular that might be. I think where we do spend our money (as well as our values) is often misplaced and there is no greater place than education for our kids. "Good schools make good communities" said Dr. Nishino and it has been proven over and over again. This is a growing community (currently there are 9 languages spoken here according to Dr. Nishino) and complicated times for our kids. Our responsiblity is to prepare our kids even better than we were prepared.
One of his points was that out of the 45% earmarked for Special Education, only 17% was received. This is especially poignant for me as I have a special needs kid who is not receiving the services she needs. As I struggle with the school system, I am enough of problem solver to know that they can't perform on the level they need to perform. For more information about this school system, go to http://www.mhu.k12.ca.us/
My 2 cents - We need to meet the challenges of these times and prioritize our values and our futures by supporting our kids and their education.
Today at our County Realtor's meeting we were addressed by the superintendent of our school system. After sharing with us his passion for our kids and education, he addressed his reason for being at our meeting today. The school budget is so bad, it is at breaking point and they don't know how to make it work. We are at the bottom of the list of quality education throughout the United States and we need to change that. How to affect change? Money! His plea was to address the money we receive from property taxes and bonds and to support increasing these costs inorder to raise money for our communities and specifically education.
Guess what? I agree with him no matter how unpopular that might be. I think where we do spend our money (as well as our values) is often misplaced and there is no greater place than education for our kids. "Good schools make good communities" said Dr. Nishino and it has been proven over and over again. This is a growing community (currently there are 9 languages spoken here according to Dr. Nishino) and complicated times for our kids. Our responsiblity is to prepare our kids even better than we were prepared.
One of his points was that out of the 45% earmarked for Special Education, only 17% was received. This is especially poignant for me as I have a special needs kid who is not receiving the services she needs. As I struggle with the school system, I am enough of problem solver to know that they can't perform on the level they need to perform. For more information about this school system, go to http://www.mhu.k12.ca.us/
My 2 cents - We need to meet the challenges of these times and prioritize our values and our futures by supporting our kids and their education.
Tuesday, February 3, 2009
Donate Blood to the American Red Cross
Giving Blood
A lot of us feel like this market is bleeding us anyway, so why not do a good deed and give blood to the American Red Cross? I thought about this yesterday as I gave blood in my town of Morgan Hill and wondered why more people don't give blood. Like a lot of things, we just don't think about it. I do believe people want to help others and would do more with just a little encouragement.
Well, here it is! Give blood to the American Red Cross! They aren't hard to find and they probably come to your area every 8 weeks (that's the time period to give blood). It takes less than 1 hour and you're done. I think these are the times to think about the many ways we can give back to our community and support each other. This one doesn't even cost money. You do have to develop a bit of a thick skin to get through their process of making sure your blood is healthy but it's obviously for the greater good. When the Red Cross comes to my town, I know I'm in for an hour of rock & roll music, some cookies and kind words along with my civic duty.
Monday, February 2, 2009
Monday Morning Update!
Monday Statistics
Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 220 active listings and 61 sale pendings
Gilroy has 273 active listings and 153 sale pendings
San Martin has 39 active listings and 11 sale pendings
Area 1 (all of the above) has 525 active listings and 223 sale pendings
We continue to be down in inventory but holding steady in sales. Interest rates are also holding steady with some fluctuation. Distress properties continue to drive home sales in Santa Clara County and other parts of the state. Countrywide we have about 30 percent of our inventory under contract as compared to the 12 percent at the same time last year. Although when I check the statistics on what is actually closing, the monthly figures are still pretty low. Last month, only 14 homes closed in Morgan Hill, 44 homes closed in Gilroy, 1 home closed in San Martin and 59 homes total closed in Area 1. So what is happening to the rest of the pending sales? Could be they are just taking a long time due to short sales and financing taking longer but it could also be that a lot of these pending sales aren’t closing. However, compared to last year the market definitely has more activity and closed sales.
Stay tuned for regular updates!
Good morning South County! Here are your weekly updates on what is happening in your neighborhoods. Feel free to contact me if you want more specific information. As of this week:
Morgan Hill has 220 active listings and 61 sale pendings
Gilroy has 273 active listings and 153 sale pendings
San Martin has 39 active listings and 11 sale pendings
Area 1 (all of the above) has 525 active listings and 223 sale pendings
We continue to be down in inventory but holding steady in sales. Interest rates are also holding steady with some fluctuation. Distress properties continue to drive home sales in Santa Clara County and other parts of the state. Countrywide we have about 30 percent of our inventory under contract as compared to the 12 percent at the same time last year. Although when I check the statistics on what is actually closing, the monthly figures are still pretty low. Last month, only 14 homes closed in Morgan Hill, 44 homes closed in Gilroy, 1 home closed in San Martin and 59 homes total closed in Area 1. So what is happening to the rest of the pending sales? Could be they are just taking a long time due to short sales and financing taking longer but it could also be that a lot of these pending sales aren’t closing. However, compared to last year the market definitely has more activity and closed sales.
Stay tuned for regular updates!
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