Redding Real Estate

Fannie/Freddie Deliver Unwelcome News

February 22nd, 2009

By LaDonna Dennett

Politicians agree that solving the housing crisis is key to turning the economy of our country around, yet the top two government sponsored enterprises (GSE’s) announced guidelines that penalize all but the most creditworthy and cash flush borrowers. Whether you are a home buyer, seller, real estate agent or lender, the new rules will impact [...]

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REDDING HOME SALES IN JANUARY ON PAR BUT PRICES STILL FALLING

February 18th, 2009

By Brad Garbutt

108 homes sold in the area served by the Shasta MLS including 54 in Redding during the month of January. The units sold is on par with January 2008 when 107 homes sold. However, the average price and average cost per square foot continues to slip.
All but 12 of the homes that sold in January [...]

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FED TAKES ACTION TO STOP FORECLOSURES

February 16th, 2009

By Brad Garbutt

When the Federal Reserve bailed out Bear Stearns and AIG they assumed responsibility for a large portfolio of toxic mortgages.  According to a recent article in the Washington Post, Chairman Ben Bernanke is poised to renegotiate the billions in mortgages it now owns to prevent an avalanche of foreclosures.
One key element of the plan is [...]

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HOMEBUYERS ON THE FENCE DETAIL WHAT THEY WANT

February 6th, 2009

By Brad Garbutt

An article recently published in the San Fransisco Chronicle listed incentives that would need to exist before buyers waiting on the sidelines will make the plunge into home ownership. A poll of more than 700 “on-the-fence” buyers finds that:

44% are holding out for lower interest rates
41% are uncertain they would be approved for a loan
38% [...]

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CAR REPORTS DECEMBER SALES UP 84.9% AND PRICES DOWN 41.5%

January 31st, 2009

By Brad Garbutt

The California Association of Realtors (CAR) reported a strong increase in the number of homes sold year-to-year for December 2008. Reasons cited for the dramatic increase were higher loan limits for high-cost areas, lower prices and lower interest rates. More than 544,000 homes closed escrow in December alone.
The median price statewide has dropped to $281,100 [...]

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MORE BORROWERS BEING REJECTED FOR LOANS

January 25th, 2009

By Brad Garbutt

For many months I have blogged about the need for homeowners and buyers to get their financial house in order before applying for a loan or refinance. An article in Friday’s Washington Post cited anecdotal evidence that the rate of turn-downs has increased significantly from the last refi boom. In response, increasing numbers of borrowers [...]

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REAL ESTATE COMMISSIONER WARNS OF “OPPORTUNISTIC PREDATORS”

January 24th, 2009

By Brad Garbutt

Jeff Davi, California’s Department of Real Estate (DRE) Commissioner wants homeowners experiencing tough financial times to not “jump at the first opportunity for a financial remedy” out of desperation. He cautions that there are many predators who “are looking to take advantage” of homeowners that have suffered a job loss or other personal circumstances that [...]

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WATER WELLS SHOULD BE TESTED FREQUENTLY

January 22nd, 2009

By Brad Garbutt

Representatives from Basic Laboratory in Redding addressed Realtors regarding their water testing services. Real estate agents are concerned new statewide septic regulations that require private well owners test their wells regularly will create added expense and disclosure issues for sellers.
Basic Lab has several types of tests packaged for saving their customers money. They include:

Total coliform [...]

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