Redding Real Estate

California Real Estate Law Changes Highlighted

October 21st, 2009

By Brad Garbutt

The first half of the 2-year legislative session is in the books and here is a summary of new laws that impact those involved with real estate transactions:

Buyers of REO’s (foreclosures) can choose the escrow or title company. Prior to October 11, 2009 REO lenders routinely dictated where the escrow would be handled. Breaking this [...]

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Banks Eat Loan Principal To Help Borrowers In Trouble

October 13th, 2009

By Brad Garbutt

Borrowers seeking loan modifications are more likely to get a bank to agree to reducing the outstanding loan balance today than earlier this year. The rate of reducing the principal as part of a loan modification has more than tripled from 3.1% to 10% from the first to second quarters of 2009.
According to a new report [...]

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Redding 3rd Quarter Home Stats

October 7th, 2009

By Brad Garbutt

Home values in Redding continue to bounce up and down indicating the market is still searching for a bottom. Home prices averaged $233,500 in the first quarter, then up to $244,700 in the second quarter but down to $232,900 for the quarter that ended in September. The average square footage for a home in Redding [...]

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State Bar Publishes List Of Attorneys Under Investigation

September 30th, 2009

By Brad Garbutt

In a rare move by the State Bar Association of California, a list of attorneys under investigation for misconduct relating to loan modification programs has been released. Typically, the association that is responsible for policing its own ranks refrains from publishing attorneys names in trouble until they have had due process and been disbarred.
According to [...]

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Trading Down May Hurt

September 26th, 2009

By Brad Garbutt

The new reality that currently exists in the marketplace favor move-up buyers more than trade-down buyers. The reason is demand is stronger at the low end of the market. Homeowners wishing to sell their larger, more expensive home so they can purchase a smaller, cheaper home will likely encounter two distinctly different markets.
In Redding, 92% [...]

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Home Price Declines Linked to Foreclosure Sales

September 24th, 2009

By Brad Garbutt

What seems obvious has been confirmed with market statistics published in an article in The Wall Street Journal. Those areas with the highest level of sales of REO’s also had the sharpest decline in home prices. Michigan, a state hard hit by the market downturn and the slumping auto industry, reported 64% of their home sales being [...]

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Credit Damage From Housing Bubble Burst Detailed

September 21st, 2009

By Brad Garbutt

A recent story in THE LOS ANGELES TIMES reported the impact of tough economic times on Americans’ credit ratings. Those that had trouble making their mortgage payments and sought a loan modification actually saw a modest improvement in their credit scores. Others that elected to unload their property by negotiating a short sale were not [...]

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Fix It, Then Disclose It

September 16th, 2009

By Brad Garbutt

Many home sellers get their home ready for sale by fixing, painting and replacing worn out items to get the best possible price. After all, many real estate professionals encourage their clients to do just that prior to placing a home on the market for sale. However, some sellers believe they do not need to [...]

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