"The Crab Feed Napkin Bill"

Real estate and crab feeds, two of my favorite things. The Govenator just signed a new law(AB 957) which gives buyers a major advantage when buying a bank owned property. The bill mandates that buyers of bank-owned properties (foreclosed homes) would have the choice of using a local escrow office to handle the transaction. Currently the seller chooses and it was a big problem for transactions for many reasons.

This bill prohibits a seller of residential property from requiring or influencing the buyer to use an escrow service company or purchase title insurance chosen by the seller and would also prohibit a seller of residential property from, without good cause, disapproving the use of a title or escrow company chosen by a buyer.

Future homebuyers take note, this is really good news indeed! We no longer have to go with the bank sellers out of area, over priced, under serviced, no name title company!

I love the nickname of the bill.

The reason why this is called "the crab feed napkin bill" is:

Assemblywoman Galgiani was alerted to the problem by realtors and mortgage industry professionals in the Central Valley. In early January she wrote out the first version of the bill on a napkin while talking with local realtor, Andy Krotik, at the Atwater Chamber of Commerce Annual Crab Feed in her district.

So the hero of the day is local assembly Member Cathleen Galgiani, who trully wrote a bill which will help the people! I am glad she can eat crab and write bills that help people at the same time, that is awsome!

How many offers did this house get???

2952 Safford Ave might be one of the most popular homes on the market right now in Tracy, Ca. Its in a very nice area and the price is under market value.

Click here to see the MLS data......
(link good for 30 days after post)

Beds 4
Baths(FH) 3 (3 0)
2116 sq.ft Assessor
Lot Sq Ft (approx) 5663
Price/Sq Ft $106.33
Built in 2003

History:
Sold (08/10/2006)Selling Price: 600,000
Sold (05/15/2004)Selling Price: 465,000
Sold (06/30/2003)Selling Price: 439,000

Map:

As of this morning, the bank has not chosen an offer, how many offer do you think they have submitted to the bank ??? its been on the market for about eleven days. (answer below)


A. 10
B. 3
C. 44
D. 21

If you guessed C then you are correct. Each contract will be at least 10 pages long, plus the pre-approval and copys of deposit. All this paperwork for one home and it can only be sold once...... I guess its just to bad they cant sell the home 44 times. What are they waiting for?

<----- asset manager----

What do you think the final price and terms will be? My guess is 300K and cash. only time will tell. Brian Barringer

Wells Fargo's pre-market inventory 9/30/09

Below is a list of Wells Fargo bank owned homes that are going to be on the market in the near future for Tracy. Homes could be comming on the market 0-60 days from now.

These are homes in pre-marketing stage which means there is a lot of incomplete infomation such as price, size, or pictures. TBD means "to be determined". Below is the addresses and infomation. You can cross refferance zillow.com to get any missing info such as bedrooms or bathroooms.


1476 MONTAUBAN COURT TRACY
TBD TBD TBD N

2168 ASHLEY LANE TRACY
2350 sq.ft, no price yet

721 SAFFRON DRIVE TRACY
2564 sq.ft, no price

1565 GRACE COURT TRACY
2211 sq.ft, no price

2051 BRIDLE CREEK CIRCL TRACY
TBD TBD TBD N

1301 DUNCAN DR TRACY 1210 sq.ft
Single Family TBD

4425 TROPAZ LN TRACY
TBD TBD TBD

All of these homes are going to require a Wells Fargo Pre-approval. If you are interested in one of these let me know and I will get you more info.

Brian Barringer
209.613.8945
brian@tracyhomes.com

3bd/2ba--- nice house for rent in Tracy--$1400/mo

ADDRESS: 484 Mabel Josephine Dr, Tracy, CA 95377
RENT: $1,400.00 MONTH.
AVAILABLE: NOW.

DESCRIPTION: 3 bedrooms
2 bathrooms
1513 Sq.ft
built in 2002

+Across the street from George Kelly elementary school (k-8) (year round school).
+Open floor plan with 10ft ceilings
+Laminate wood & tile flooring throughout home
+Mirrored closet doors in bedrooms
+Fireplace and built in entertainment nook in living room
+open kitchen with tile counter tops w/ full back splash
+Island in kitchen
+Stainless Steel Stove and dishwasher
+Landscaped backyard with concrete patio.

TERMS: ~MOVE-IN $: SECURITY DEPOSIT IS $1,400 PLUS 1ST MONTH'S RENT ($1,400) = $2,800 MOVE-IN AMOUNT.

~1 YEAR LEASE (no exceptions).

~NO SMOKING IN UNIT.

~TENANT PAYS ALL UTILITIES.


~TENANT IS RESPONSIBLE FOR MAINTENANCE & UPKEEP OF SITE

*** THERE IS NO CONSIDERATION OF HOME BEING SOLD, NOR IS THERE ANY CHANCE OF IT GOING INTO FORECLOSURE OR DEFAULT -



FOR RENTAL APPLICATION and to arrange a viewing please email barringer.public@gmail.com or call 209.613.8945 and ask for Brian.

ADDITIONAL PHOTOS: Master Bathroom with walk in closet.

Entertainment nook.














Kitchen















Kitchen shot #2














Laundry Room














Bedroom #1














Backyard














Two car garage














Bedroom #2














Great room.

Hallway bathroom















Master Bedroom

San Joaquin County was mentioned today on money.cnn.com

Get your foreclosure now
Source: money.cnn.com

You've heard of speed dating? It's got nothin' on foreclosure buying these days. In many places, anyone who wants to buy a foreclosure better act fast, or they're going to come away with bupkus.REOs, the ...

READ ARTICLE HERE

Tracy's home inventory all price ranges as of July 28

156 active homes total on the market: 82 of those are short sales. 37 are REO's. 37 of them are regular sales or flip homes.

352 homes under contract:
156 REO's.138 short sales.

142 homes sold in the last 30 days.

Check out my newest tax deduction!

I am very happy to announce that Sarah and I are having a baby boy in November, our first born!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!







Andrew W Barringer?














Brian Barringer
912 West 11th Street
Tracy CA 95376
Primary: 209-613-8945 Secondary: 209-833-7777 Other: 800-894-7282
Brian@Tracyhomes.com
http://www.tracyhomes.com/

The California Prevention Act that went into effect on June 16

California Prevention Act

The California Prevention Act that went into effect June 16th. Filings dropped by nearly 50 percent as soon as the act went into effect. The new law adds 90 days to the existing 3 months between the filing of a notice of default and a notice of trustee sale, but exempts servicers (lenders) who put in place a loan modification program. This law only applies to owner occupied mortgages made between 2003-2007.

Banks with decreasing Default filings for June:

Bank of America -48%

Litton Loan Servicing -41%

Increased filings:

CitiMortgage +69%

Downey Savings +45%.

Complete text of California Foreclosure Prevention Act

Brian Barringer
912 West 11th Street
Tracy CA 95376
Primary: 209-613-8945
Secondary: 209-833-7777
Other: 800-894-7282
Brian@Tracyhomes.com
http://www.tracyhomes.com/

ForclosureRadar.com report is out today

ForclosureRadar.com report is out today it is a company based in Discovery Bay, that tracks every foreclosure in the California. San Joaquin county sits at number 4 for the rank of forclosures per population. 1 for every 734 people....

ForeclosureRadar.com released its June 2009 CA Foreclosure Report today. While foreclosures were generally trending upward, Notices of Trustee Sale unexpectedly dropped, apparently due to the new California Prevention Act that went into effect June 16th. Despite the majority of major lenders in the state receiving an exemption from the act, filings dropped by nearly 50 percent as soon as the act went into effect. Filings were climbing back toward previous levels by the end of June so we still expect the law to have little long term impact.

From www.centralvalleybusinesstimes.com:

In terms of foreclosure sales per population, counties in the Central Valley lead the state and make up six of the “top ten.”

They are:
• (1st) Merced County, 422 sales in June or one for every 605 residents
• (2nd) Stanislaus County, 748 sales or one per 702 residents
• (3rd) Yuba County, 99 sales or one for every 727 residents
• (4th) San Joaquin County, 934 sales or one for every 734 residents

Brian Barringer
912 West 11th Street
Tracy CA 95376
Primary: 209-613-8945 Secondary: 209-833-7777 Other: 800-894-7282
Brian@Tracyhomes.com
http://www.tracyhomes.com/

July Podcast

Check out our July pod cast.

http://www.talkrealty.com/billbarringer

Bill Barringer

Tracy Area Market Report 6/1/09 vs. 7/2/09

The following information is from the local MLS database, as of July 2, 2009 and is compared to (June 1, 2009). If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market.

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 355 (357)

# of REO (foreclosures): 47 (58)

# of Short Sales: 244 (245)

Average # of days on market: 119 (116)

The median price of all homes for sale in Tracy: $241,900 ($280,450)

The average price of all homes for sale in Tracy: $353,817 ($382,315)

Lowest priced home: 1bd/612 sq. ft./$50,000

Highest priced home: 6bd/5,667 sq. ft./$1,350,000


PENDING Status

Number of properties currently under agreement: 359 (371)

# of REO: 189 (222)

# of Short Sales: 127 (116)

Average pending price: $222,201 ($216,774)

Average pending home is 4 bedrooms, 1,980 square feet at a price of $222,201 that stays 47 days on the market.

SOLD Status

Residential property sold over previous 30 days: 168 homes or $36,079,370 in sales (161 homes or $34,488,887 in sales)

REO’s sold in the last month: 123 (129)

Short sales sold in the last month: 30 (20)

Average sale price: $214,758 ($214,217)

Median sale price: $200,000 ($220,000)

High: 735K (6bd/5,030 sq. ft. home)

Low: 55K (2bd/720 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 97 (105)

# of REO (foreclosures): 5 (11)

# of Short Sales: 79 (81)

Average # of days on market: 62 (47)

The median price of all homes for sale in Mountain House: $320,000 ($317,450)

The average price of all homes for sale in Mountain House: $337,136 ($320,171)

Lowest priced home: 2bd/1,262 sq. ft./$196,900

Highest priced home: 5bd/4,082 sq. ft./$549,500

Square Feet
# of homes for sale in Mountain House
Median List Price
Average List Price


PENDING Status

Number of properties currently under agreement: 90 (86)

# of REO: 32 (35)

# of Short Sales: 37 (34)

Average pending price: $303,375 ($304,103)

Average pending home is 4 bedrooms, 2,628 square feet at a price of $303,375 that stays 45 days on the market.



Residential property sold over previous 30 days: 29 homes or $9,262,384 in sales (25 homes or $7,904,200 in sales)

REO’s sold in the last month: 15 (15)

Short sales sold in the last month: 6 (6)

Average sale price: $319,393 ($316,168)

Median sale price: $310,000 ($325,000)

High: $582,381 (5bd/4,290 sq. ft. home)

Low: 162K (2bd/1,282 sq. ft. home)



Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 100 (105)

# of REO (foreclosures): 13 (17)

# of Short Sales: 68 (76)

Average # of days on market: 60 (48)

The median price of all homes for sale in Lathrop: $195,938 ($179,900)

The average price of all homes for sale in Lathrop: $218,163 ($199,967)

Lowest priced home: 2bd/768 sq. ft./$80,000

Highest priced home: 5bd/3,870 sq. ft./$799,900

PENDING Status

Number of properties currently under agreement: 129 (136)

# of REO: 77 (88)

# of Short Sales: 31 (30)

Average pending price: $182,286 ($185,111)

Average pending home is 4 bedrooms, 2,332 square feet at a price of $182,286 that stays 39 days on the market.

SOLD Status

Residential property sold over previous 30 days: 63 homes or $11,506,668 in sales (66 homes or $11,131,088 in sales)

REO’s sold in the last month: 47 (59)

Short sales sold in the last month: 11 (6)

Average sale price: $182,646 ($168,653)

Median sale price: $180,000 ($168,000)

High: 305K (6bd/3,522 sq. ft. home)

Low: 32.5K (2bd/1,040 sq. ft. home)



Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 104 (102)

# of REO (foreclosures): 31 (21)

# of Short Sales: 65 (72)

Average # of days on market: 35 (45)

The median price of all homes for sale in Weston Ranch: $144,200 ($138,950)

The average price of all homes for sale in Weston Ranch: $147,563 ($144,023)

Lowest priced home: 3bd/1,041 sq. ft./$100,000

Highest price home: 6bd/2,905 sq. ft./$249,000



PENDING Status

Number of properties currently under agreement: 119 (147)

# of REO: 78 (105)

# of Short Sales: 29 (72)

Average pending price: $137,009 ($138,622)

Average pending home is 4 bedrooms; 1,973 square feet that stays 32 days on the market.



SOLD Status

Residential property sold over previous 30 days: 77 homes or $10,869,868 in sales (61 homes or $8,607,850 in sales)

Short sales sold in the last month: 10 (4)

Average sale price: $141,167 ($141,112)

Median sale price: $135,000 ($135,000)

High: 218K (5bd/3,376 sq. ft. home)

(220K (6bd/3,000 sq. ft. home))

Low: 98K (3bd/1,214 sq. ft. home)

(85.5K (3bd/1,176 sq. ft. home))

Barringer Team PodCast 6/01/09

Click on the link above to listen. This is a audio file that is a great reference to our market report.... Listen to the wisdom of my dad(Bill Barringer) speak about our current market activity. :)



Brian Barringer

brian@tracyhomes.com

CENTRAL VALLY REAL ESTATE MARKET TRENDS: May 4, 2009 compared to (April 2, 2009).

The following information is from the local MLS database, as of May 4, 2009 and is compared to (April 2, 2009). If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market.

Current market conditions are very competitive and fast moving. Our inventory is at approximately 400 homes on the market for sale at the present time. We have an all time high 394 homes pending, meaning they have an accepted ratified contract on them and are going through the escrow and title search process.

Tracy, CA

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 399 (494)

# of REO (foreclosures): 74 (144)

# of Short Sales: 266 (284)

Average # of days on market: 118 (103)

The median price of all homes for sale in Tracy: $293,000 ($228,155)

The average price of all homes for sale in Tracy: $397,710 ($330,687)

Lowest priced home: 1bd/660 sq. ft./$55,000

Highest priced home: 6bd/7,004 sq. ft./$2,650,000

PENDING Status

Number of properties currently under agreement: 394 (365)

# of REO: 268 (272)

Average pending price: $219,013 ($222,824)

Average pending home is 4 bedrooms, 1,990 square feet at a price of $219,013 that stays 54 days on the market.

SOLD Status

Residential property sold over previous 30 days: 162 homes or $35,210,164 in sales (169 homes or $36,522,500 in sales)

REO's sold in the last month: 122 (142)

Average sale price: $217,347 ($216,109)

Median sale price: $215,000 ($220,000)

High: 585K (6bd, 3,899 sq. ft. home)

Low: 52K (2bd, 800 sq. ft. home)

Mountain House, CA

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 98 (102)

# of REO (foreclosures): 13 (16)

# of Short Sales: 74 (74)

Average # of days on market: 64 (61)

The median price of all homes for sale in Mountain House: $317,400 ($337,400)

The average price of all homes for sale in Mountain House: $321,404 ($321,116)

Lowest priced home: 2bd/1,260 sq. ft./ $184,900

Highest priced home: 5bd/3,706 sq. ft./$477,604

PENDING Status

Number of properties currently under agreement: 80 (70)

# of REO: 40 (40)

Average pending price: $305,481 ($295,465)

Average pending home is 4 bedrooms, 2,614 square feet at a price of $305,481 that stays 36 days on the market.

SOLD Status

Residential property sold over previous 30 days: 26 homes or $7,710,800 in sales (21 homes or $6,427,702 in sales)

REO's sold in the last month: 17 (15)

Average sale price: $296,569 ($306,081)

Median sale price: $275,000 ($315,412)

High: 470K (5bd, 4,051 sq. ft. home)

Low: 200K (3bd, 1,260 sq. ft. home)

Lathrop, CA

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 117 (149)

# of REO (foreclosures): 29 (61)

# of Short Sales: 78 (79)

Average # of days on market: 77 (72)

The medianprice of all homes for sale in Lathrop: $174,900 ($173,527)

The averageprice of all homes for sale in Lathrop: $197,993 ($195,130)

Lowest priced home: 2bd/1,037 sq. ft./$77,500

Highest priced home: 6bd/4,165 sq. ft/$395,950

PENDING Status

Number of properties currently under agreement: 148 (152)

# of REO: 117 (126)

Average pending price: $177,338 ($185,980)

Average pending home is 4 bedrooms, 2,216 square feet at a price of $177,338 that stays 50 days on the market.

SOLD Status

Residential property sold over previous 30 days: 57 homes or $9,524,177 in sales (63 homes or $11,276,050 in sales)

REO's sold in the last month: 48 (57)

Average sale price: $167,091 ($178,985)

Median sale price: $161,100 ($180,000)

High: 286K (6bd/3,870 sq. ft.home)

Low: 69K (3bd/1,037 sq. ft. home)

Weston Ranch, CA

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 121 (153)

# of REO (foreclosures): 34 (48)

# of Short Sales: 80 (95)

Average # of days on market: 53 (81)

The median price of all homes for sale in Weston Ranch: $139,900 ($144,950)

The average price of all homes for sale in Weston Ranch: $144,338 ($154,179)

Lowest priced home: 1bd/1,079 sq. ft./$49,500

Highest priced home: 6bd/43,650 sq. ft./$249,000

PENDING Status

Number of properties currently under agreement: 146 (166)

# of REO: 115 (135)

Average pending price: $140,564 ($136,827)

Average pending home is 4 bedrooms, 2,051 square feet at a price of $140,564 that stays 47 days on the market.

SOLD Status

Residential property sold over previous 30 days: 73 homes or $10,125,476 in sales (57 homes or $7,731,908 in sales)

Average sale price: $138,705 ($135,648)

Median sale price: $135,000 ($130,000)

High: 225K (5bd/3,376 sq. ft. home)

($206,670 (5bd/2,790 sq. ft. home))
Low: 39.9K (3bd/1,085 sq. ft. home)

(85K (3bd/1,234 sq. ft. home))

800.894.7282

Where Home Prices Crashed Early, Signs of a Rebound

A good article by the NYtimes. I think even the news papers are starting to catch on. The market in Tracy at least for now has appeared to make a turn. The environment has shifted to more of a sellers market. At least in the fact that now sellers are picking who they want to be in contract with from multiple offers. Its pretty normal to see 5-10 offers on a house in Tracy now.

Business / Economy
Where Home Prices Crashed Early, Signs of a Rebound
By DAVID STREITFELD
Published: May 5, 2009
In areas hardest hit by the housing crisis, like Sacramento, and parts of Florida and Nevada, more robust markets suggest the housing sector may be in the early stages of recovery.

What drives the market here, then, are all those foreclosures. Two-thirds of the 2,092 existing single-family houses and condominiums sold here in March were bank repossessions, up from 8.5 percent two years ago, according to MDA DataQuick, a real estate research firm.These cut-rate properties are engendering the same frenzy and frustration that symbolized the boom, as Rebecca and Chris Whitman discovered when they started looking for a house in December. Ms. Whitman’s new job as an athletics director at Sacramento State required an immediate move from Chico, two hours north.In two months the couple looked at 100 houses, nearly all foreclosures priced under $200,000, making verbal offers on 20. Only rarely did they get a response. Banks trying to unload large numbers of properties are less interested in traditional transactions with individuals than all-cash offers from investors.As interest rates fell, the Whitmans were able to increase their price limit. They ended up buying from investors. A syndicate had bought a three-bedroom foreclosure on a cul-de-sac in eastern Sacramento last fall for $172,000, made a few improvements and was flipping it — another boom-era element that is back. The Whitmans bought it three weeks ago for $224,500.

Brian Barringer

brian@tracyhomes.com

800.894.7282

Simple flow chart of a loan

Starts with the buyer filling out an application..... Brian

Brian Barringer

brian@tracyhomes.com