Redding Real Estate

November Home Sales Dip In Redding

December 7th, 2009

By Brad Garbutt

As expected, the number of homes sold in November declined after two months of sales increases as first-time buyers bought before knowing the federal tax credit would be extended. 163 homes sold in November, up slightly from 152 during the same period of 2008.  84% of these homes sold were priced below $300,000.
Sales and listing activity slows during the holiday [...]

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Redding Real Estate Market Update

November 24th, 2009

By Brad Garbutt

Last year about 1/3 of all homes sold fell in the distress sale category. This year that number has increased to 44%-no big surprise. Next year expect half of all sales to be distressed sales-either bank foreclosures (REO’s) or short sales. So far, 1792 homes have closed escrow on the Shasta MLS for 2009 of [...]

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Key Indicators Home Values Will Increase Highlighted

November 19th, 2009

By Brad Garbutt

Snippets of news cautiously point to positive economic signs indicating the bottom of the real estate market is here. However, an article in Smart Money takes these generalizations a bit further suggesting there are six signs a home you are considering buying is about to rise in value. Here they are:

Unemployment Rate-Common sense, higher unemployment, less potential [...]

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Fannie Mae Offers Foreclosure, Lease-Back Option

November 17th, 2009

By Brad Garbutt

Last week, Fannie Mae announced a new program targeting borrowers that can no longer afford their home. In exchange for expediting the foreclosure process the borrower is offered the right to lease back the home for up to a year. This allows the lender to avoid the more costly and time consuming traditional foreclosure process while the borrower gets to stay [...]

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Fine Points Of Homebuyer Tax Credit Discussed

November 13th, 2009

By Brad Garbutt

An enrolled agent from Southern California once again spoke with local Realtors about the extension and expansion of the federal tax credit for homebuyers. Earl M. Salter, said this tax free credit not only applies to first-time buyers but homeowners who have owned and lived in their personal residence for 5 consecutive years during the last 8 [...]

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E.A. Discusses Tax Implications of Short Sales

November 12th, 2009

By Brad Garbutt

Enrolled Agent, Earl M. Salter, addressed members of the Shasta Association of Realtors regarding what sellers of over-encumbered homes should expect  from the IRS. Homeowners in this predicament should consult with an accountant or enrolled agent prior to pursuing a short sale. It is a viable option for those that took out a purchase money loan to [...]

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What If I Stop Paying My Mortgage?

November 8th, 2009

By Brad Garbutt

Many homeowners across the nation, particularly those that owe more than their home is worth in today’s market, are asking themselves this question before making their monthly mortgage payment. Here is a time line of what to expect:

Expect your lender to report your missed payment to credit bureaus by the first day of the following month.
The [...]

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Redding Home Prices Dip In October

November 3rd, 2009

By Brad Garbutt

For most of this year, Redding home prices have hovered around $135 per square foot but dipped to $129 in October. These averages are for Redding only and do not represent Anderson, Shasta Lake or Shasta County. The average home price dropped accordingly to $212,988, about $30,000 less than the 2nd quarter average of $244,718.
On [...]

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