Bowling For Fire Victims; BIG Success
August 27th, 2008 categories: Events
Kudos to the Housing Opportunity Committee and the Chico Association of Realtors for pulling off another hugely successful fund raising event to benefit folks in the local community.
- Each fire victim will get a check for $3010.77
- Jodi Budi is the individual who raised the most money (big prize package)
- Bidwell Title in Paradise raised the most as a team (iPod Shuffles)
- Coldwell Banker DuFour raised the most as a large office (Enrico’s breakfast pizzas)
- Aloha Realty raised the most for offices under 15 people (Enrico’s breakfast pizzas)
Thanks to everyone who participated and donated to this great cause! We couldn’t have done it without you!
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Chico Association of Realtors: Bowling for Fire Victims
August 18th, 2008 categories: Events
Supporting two Paradise Realtors and their families who lost their homes in the recent Northern California wildfires…
the Chico Association of Realtors will put on a bowling tournament to be held August 19th at Orchard Lanes in Chico. Teams of four will seek donations from the community to support these two families as they rebuild from their losses. Proceeds will go directly to the families. So, if you would like to help, please contact me or, Peggy Mead at the Chico Association office.
It promises to be a fun and most worthwhile event!
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Help for U.S. Housing Woes Signed
July 30th, 2008 categories: Chico Real Estate, Real Estate 101
After months of debate, congress has finally agreed on a plan designed to assist troubled homeowners and , hopefully, help correct the ailing housing market in the United States. The 300 billion dollar “Housing and Economic Recovery Act of 2008″ was signed into law today by the President.
Here is what C.A.R. (California Association of Realtors) had to say about it:
This morning President Bush signed the “Housing and Economic Recovery Act of 2008.” For the past several years, C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® have aggressively lobbied for Congress to pass numerous provisions found in this historic bill. Many of you participated in these efforts by communicating with your Members of Congress.
Thank you to all of you who responded to these Calls-for-Action. Your efforts have made a difference. This federal housing bill is a significant move in the right direction for California homeowners. It will aid in stabilizing our economy and help stem foreclosures, while also providing support to first-time homeowners.
The legislation will assist an estimated 400,000 homeowners facing foreclosure, many of whom reside in California, by allowing them to refinance their current mortgages with a Federal Housing Administration (FHA)-backed loan. The bill also will permanently increase FHA, Fannie Mae, and Freddie Mac loan limits in high-cost areas.
The bill permanently increases the conforming loan limit to $625,500. C.A.R. has long advocated for higher conforming loan limits. In February, the Economic Stimulus Act of 2008 was signed, temporarily raising the conforming loan limit in high-cost areas to $729,750 from $417,000 until December 31, 2008.
Although we would have liked Congress to make permanent the current $729,750 loan limit, C.A.R. is pleased with the new permanent loan limit of $625,500. It will allow California homeowners to refinance their loans into safe affordable loan products and allow first-time home buyers to enter the market.
The new loan limits for Fannie Mae and Freddie Mac are the greater of either $417,000 or 115 percent of an area’s median home price, up to $625,500. The new FHA loan limit will be the greater of $271,050 or 115 percent of an area’s median home price, up to $625,500. Both new loan limits will be effective at the expiration of the economic stimulus limits on December 31, 2008.
C.A.R. also supports the following bill provisions:
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A temporary increase in mortgage revenue bonds to refinance subprime mortgages.
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New regulator for Government Sponsored Enterprises to restore investor confidence in GSE loans and help the market and economy stabilize.
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First-time home buyer tax credit, which allows first-time home buyers to receive a tax refund worth up to 10 percent of a home’s purchase price, up to a maximum of $7,500. The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years.
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Temporary raise in the loan limit for the Veterans Affairs home loan guarantee program to the same level as the economic stimulus limits until the end of 2008.
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Adjustment to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), allowing sellers to provide the non-foreign affidavit to a qualified closing entity and not just the buyer.
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The setting of minimum requirements for mortgage originators, which mandates fingerprinting of loan originators and establishes a nationwide loan originator licensing and registration system. The requirements do not apply to those only performing real estate brokerage activities unless they are compensated by a lender, mortgage broker, or other loan originator. States will have the ability to implement more stringent laws.
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The creation of a National Affordable Housing Trust Fund to help cover the cost of the FHA rescue plan for the first five years and develop affordable housing in subsequent years.
Other provisions in the legislation:
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The Treasury Department’s proposal to create a federal backstop program to insure the financial well-being of Fannie Mae and Freddie Mac.
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The FHA’s inability to insure loans that utilize a seller-funded down-payment assistance program. Down-payment assistance from family, employers and other nonprofits is still allowed.
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The Community Development Block Grant Programs’ $4 billion allotment for communities to purchase and refurbish foreclosed homes.
C.A.R. wishes to thank those California Members of Congress who supported the bill:
Senator Barbara Boxer, Senator Diane Feinstein, and Representatives Joe Baca, Xavier Becerra, Howard Berman, Mary Bono Mack, Ken Calvert, John Campbell, Lois Capps, Dennis Cardoza, Jim Costa, Susan Davis, David Dreier, Anna Esho, Sam Farr, Bob Filner, Elton Gallegly, Jane Harman, Mike Honda, Duncan Hunter, Barbara Lee, Jerry Lewis, Zoe Lofgren, Dan Lungren, Doris Matsui, Howard “Buck” McKeon, Jerry McNerney, Gary Miller, George Miller, Grace Napolitano, Nancy Pelosi, Laura Richardson, Lucille Roybal-Allard, Linda Sanchez, Loretta Sanchez, Adam Schiff, Brad Sherman, Hilda Solis, Jackie Speier, Pete Stark, Ellen Tausher, Mike Thompson, Maxine Waters, Diane Watson, Henry Waxman and Lynn Woolsey.
Thank you everyone for your efforts in support of this bill!
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Homes Saved; Dozens of Others Lost
July 15th, 2008 categories: This and That
We’ll, by now, if you live anywhere in the North Valley or foothill region and if you are at all like me, you are probably pretty tired of the relentless smoke that seems to stubbornly hang in the air. Although, that inconvenience pales in comparison to the difficulties faced by the dozens of fire victims who lost their homes to the recent fires. It is certainly a tough time for many people in our area.
The good news, however, is that the smoke seems to be lifting with most of the evacuation orders in the fire affected areas of places like Paradise and Concow. Let’s hope that the worst is behind us.
One home that was spared from the fire, was the spec house we had in escrow located just below Paradise on Tuscan Dr. The day after my first fire blog post of June 11th, I found a window of opportunity early in the morning to drive up the Skyway towards the fire and our home. I spent all morning and into the afternoon with a friend from Magalia cutting hand line and laying hose and sprinklers in preparation for the fire that was burning just below us to the West.
My main concern, as the smoke below gradually moved South, was that we would get fire in the brush filled canyon that chimneys up to the road at the end of the Tuscan Dr. cul-de-sac. And, as these pictures show, that is exactly what happened. The total lack of fire resources on our street, prompted me to call the fire information number I somehow remembered from the previous nights local news cast.
It was sometime around 2:00 in the afternoon when the flames started up the canyon and towards the homes on our street and the many others that eventually burned just to our south off of Neal Rd. and adjacent neighborhoods. I advised the gentlemen on the phone that we had fire coming at us and that I was concerned that I had not seen, even a single fire engine in our area. He explained that he did not know where that street or subdivision was, but he would look into it and see what he could do. Within minutes, there was first one state employee, followed closely by about 2 strike teams of OES Fire Engines and Personel.
The last photo seen in this slide show was taken just after the police demanded we evacuate. Stuck in Paradise that night, due to road closures, I spent a long night at friends’ and checked on the house the next morning. It, and each of the others in our subdivision, were all fine. Unfortunately, that was not the case for the many others that were lost that night.
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Chico Home Sales Quarterly Market Report
July 14th, 2008 categories: Chico Real Estate, Market Report
Depreciation slows as sales activity picks up and Chico houses sell faster!
2nd Quarter 2008:
- 242 Single Family Homes Sold
- Average price of $339,282
- Median price of $289,750
- Average Days on Market, 65
1st Quarter 2008:*
- 133 Single Family Homes Sold
- Average price of $341,549
- Median price of $292,000
- Average Days on Market, 92
*Revised slightly from my market snapshot posted on May 23, 2008
Despite a barrage of negative financial and housing news, the Chico real estate market appears strong.
IndyMac Bank may be down the tubes. Fannie Mae and Freddie Mac are getting help from the government in an attempt to stave off investor worries. And, perhaps scariest of all, Budweiser, the all American “King of Beers”, is being taken over by a Belgian company!
But, as the numbers show, the Chico, CA housing market may be settling in at, or near, a bottom.
Average home prices are down only a mere 1% during the second quarter from the previous quarter, while median prices are up about the same percentage. Home sales volume is up 45% from the previous quarter. And, homes are selling 39% faster.
Inventory is down about 8% from 440 available homes as recent as May 27th, to 403 available homes today. In fact, the number of homes sold during the second quarter of this year is down only nominally from the number of homes sold during the second quarter of 2006, when 253 homes sold.
I hope you find this information helpful as you navigate the real estate market and ponder sales and purchase decisions. Check back often. Or, better yet, sign up for new article updates sent directly to your inbox. And, don’t hesitate to contact me with questions and further assistance.
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