Shasta County Category
Confusion Surrounds Curbside Recycling Program
March 11th, 2010
By Brad Garbutt
Since 2001, Redding residents have been provided blue carts to replace the bins previously used to separate glass, paper and plastic. The “single stream” method allows residents to throw everything in one bin for sorting at the city’s transfer station. However, despite the many years this program has been in place, between a third and [...]
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Redding/Shasta County Real Estate Market Update
March 10th, 2010
By Brad Garbutt
Distress sales continue to represent a significant number of homes selling in today’s market. The second week of March was marked with 465 homes pending. Of these, 133 are bank-owned homes and 157 are short sales or 41% of all homes under contract. These same two segments of the market only account for 31% of the [...]
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Energy Efficient Mortgage Program Discussed
March 9th, 2010
By Brad Garbutt
Jonathon Bell, mortgage banker with US Lending in Redding, briefed Realtors on a loan program that allows home buyers to secure a loan to buy and upgrade a home simultaneously using an Energy Efficient Mortgage (EEM). The investor for the loan allows the borrower to add funds into the loan to complete energy efficient retrofits. [...]
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Nigerian Scams Target Redding Renters
March 8th, 2010
By Brad Garbutt
I walked into the office this morning to a note from our receptionist from a woman who wanted more information about the home for rent in Stanford Hills. The woman was told the owner had to leave in a hurry for South Africa and wanted to rent the luxury home at a bargain rate. The [...]
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Inability To Make Mortgage Payments Tops Reasons To Sell
March 8th, 2010
By Brad Garbutt
A recent survey of California home sellers found that the biggest reason cited for putting their home up for sale was difficulty meeting the monthly mortgage obligations. Two thirds of sellers surveyed sold their home due to financial challenges caused by job loss or increases in their mortgage payment.
Complicating factors included an inability to refinance [...]
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Need A Mortgage? Better Sooner Than Later!
February 24th, 2010
By Brad Garbutt
The Federal Reserve propped up the housing industry last year by buying up $1.25 trillion in mortgage backed securities but has told banks that will end this spring. Investors typically buy these securities but stopped after the housing bubble burst. The Fed’s actions averted certain disaster by keeping money in the loan pipeline as well as keeping mortgage interest [...]
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Home Foreclosures Subsiding Elsewhere
February 22nd, 2010
By Brad Garbutt
RealtyTrac reported its January numbers for foreclosure properties which include notices of default, auctions and bank repossessions. There was a 10% decrease from the previous month however the 315,716 foreclosure filings for U.S. properties was 15% higher than one year earlier.
Nevada has the honor of the highest number of filings for the 37th straight month. [...]
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Housing Affordability Remains High For First-Time Buyers
February 18th, 2010
By Brad Garbutt
Lower home prices combined with low interest rates bumped up the First-Time Buyer Housing Affordability Index (FTB-HAI) for California to 64%. During the bubble, this index bottomed out just over 20%. This number reflects the number of households that can afford an entry-level home assuming a 10% down payment and an adjustable interest rate of 4.5%.
I would prefer this index be [...]
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