Rates are down again.30yr fixed @ 5.87%
0 Comments Published by Brian W. Barringer on Tuesday, March 25, 2008 at 6:43 PM.
LONG-TERM MORTGAGE RATES PLUMMET
The principal and interest payment on a $250,000 loan has dropped by $88.99 per
month since September 28th on the 30 yr fixed.
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.87 percent with an average 0.5 point for the week ending March 20, 2008, down from ast week when it averaged 6.13 percent. Last year at this time, the 30-year FRM averaged 6.16 percent.
The 15-year FRM this week averaged 5.27 percent with an average 0.5 point, down from last week when it averaged 5.60 percent. A year ago at this time, the 15-year FRM averaged 5.90 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.56 percent this week, with an average 0.9 point, down from last week when it averaged 5.58 percent. A year ago, the 5-year ARM averaged 5.91 percent.
One-year Treasury-indexed ARMs averaged 5.15 percent this week with an average 0.8 point,
up from last week when it was 5.14 percent. At this time last year, the 1-year ARM averaged 5.40 percent (Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage.)
"Mortgage rates fell this week as various actions were taken to improve market liquidity," said Frank Nothaft, Freddie Mac vice president and chief economist. "In addition, the inflation report from the Consumer Price Index (CPI) reflected weaker price increases than consensus expectations. Unchanged in February both including and excluding food and energy costs, it is the first time the core CPI did not report a monthly increase since November 2006.
"Meanwhile, retail sales fell by 0.6 percent in February, contrary to the consensus forecast of a 0.2 percent increase, signaling that the condition of the economy might be weaker than previously thought. Slowing consumer spending and weak employment conditions are among the concerns behind the Fed's decision to lower the target federal funds rate by 0.75 percentage points in the most recent Federal Open Market Committee meeting."
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million rentersScott Schumacher
Century 21 Mortgage
Brian Barringer
Byron Hotsprings revisited......
0 Comments Published by Brian W. Barringer on Wednesday, March 19, 2008 at 11:38 PM.
Read up first......I was browsing the Internet for images of the Byron Hot Springs in the
1970's. I used to live out there and knew John, Dixie and their little
girl Love. We lived in what was once the hospital, a sink in the corner of
the bedrooms and a wonderful enclosed front porch that we slept on in the
summer. I loved that place. We all seemed to be in the right place
at the right time back then. It was communal living at it's best. I
did make a trip there in the late 1990's and was so sad to see just about
everything gone. But the history, whether good or bad should be
preserved. All of us who were lucky enough to live there, raise our
animals and learn more about ourselves will forever remember the
Springs.
Weston Ranch(South West Stockton) Market Report for Friday March 14th 2008
0 Comments Published by Brian W. Barringer on Friday, March 14, 2008 at 1:14 PM.
The following information is from the local MLS database, as of March 14th as compared to February 14th 2008.
ACTIVE Status:
Total # of Residential properties for sale in Weston Ranch: 346 337
Average # of days on market: 79 82
The Median price of all Homes for sale: $236,000 $249,000
The Average price of all Homes for sale:$250,698 $267,919
Highest priced home: 6bd/4ba/3,376/$519,800
PENDING Status:
Number of properties currently under agreement: 90 60
Average pending price: $222,845 $236,562
Avr. pending home is 4bd, 3ba, 1908 sq. ft at a price $222,000 and 36 days on the market.
SOLD Status:
Residential property sold over previous 30 days:22 units or 4,963,900 16 units or $3,586,000 in sales volume.
Average sale price:$225,825 $218,100
Median sale price:$212,100 $213,098
High: $270,000 (4bd/3ba 2300 sq. ft home).
Low: $259,000 (2bd/2ba 1372 sq. ft home)
Summary: Prices still going down but sales arepicking up. This is a REO Market at its strongest.
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Weston Ranch(South West Stockton) Market Report for February 14th 2008 (not previously archived in the blog):
The following information is from the local MLS database, as of February 14th as compared to January 11, 2008.
ACTIVE Status:
Total # of Residential properties for sale in Weston Ranch: 337 331
Average # of days on market: 82 86
The Median price of all Homes for sale: $249,000 $275,000
The Average price of all Homes for sale:$267,698 $283,431
Lowest priced home: 3bd/2ba/1,023 sq. ft /$179,900
Highest priced home: 6bd/4ba/3,376/$519,800
PENDING Status:
Number of properties currently under agreement: 60 43
Average pending price: $236,845 $243,562
Avr. pending home is 4bd, 3ba, 1908 sq. ft at a price $239,000 and 36 days on the market.
SOLD Status:
Residential property sold over previous 30 days:16 units or 3,586,848 10 units or $2,401,000 in sales volume.
Average sale price:$218,825 $240,100
Median sale price:$213,100 $219,098
High: $270,000 (4bd/3ba 2300 sq. ft home).
Low: $259,000 (2bd/2ba 1372 sq. ft home)
Summary: Weston Ranch is still a little sluggish. But there is a big overall increase in activity.
The Weston Ranch Market went up Faster than all of the surrounding markets in the past 4 years. This is why the prices there are going down faster than the surrounding markets at present { surrounding Markets} Tracy, Lathrop, Manteca, Modesto, ect... If you are wanting to sell in this Market you have to compete with Bank owned homes as well as short sales. If you are a Buyer it is the BEST time in years to buy all things are in your favor Low interest rates and a huge amount of inventory to choose from. Which ever you are call the local EXPERTS to show you the way. The BARRINGER TEAM 1-800-894-7282
Real Estate Market Report For Lathrop, Ca: Friday, March 14th 2008
0 Comments Published by Brian W. Barringer on at 1:05 PM.
The following information is from the local MLS database, as of March 14th 2008, as compared to February 14, 2008
ACTIVE Status:
Total # of Residential properties for sale: 275 270
Average # of days on market: 90 97
The Median price of all Homes for sale: $299,000 $328,000
The Average price of all Homes for sale: $320,000 $344,063
Lowest priced home: 2bd/2ba/923 sq. ft /$140,000
Highest priced home: 6bd/5ba/3,900 sq. ft/ $1,600,000
Pending Status:
# of properties currently under agreement: 70 40
Average pending price: $317,000 $313,562
Avr. pending home is 4bd, 3ba, 2400 sq. ft at a price and 68 days on the market.
SOLD Status (for previous 30 days):
Residential property sold over previous 30 days: 10 units or $3,104,990 11 units or $3,468,900 in sales volume.
Average sale price: $331,000 $315,100
High: $474,000(5bd/4ba 3300 sq. ft home).
Low: $239,000 (3bd/2ba 1672 sq. ft home)
Summery: Foreclosures are being priced right and picked up by buyers taking advantage of the low prices.
_________________
Real Estate Market Report For Lathrop, Ca: Valentines Day (2/14/2008) (Previous Month not archived yet in blog but on other website): The following information is from the local MLS database, as of February 14 as compared to January 11, 2008.
ACTIVE Status:
Total # of Residential properties for sale: 270 263
Average # of days on market: 97 94
The Median price of all Homes for sale: $328,000 $340,000
The Average price of all Homes for sale: $344,000 $261,063
Lowest priced home: 2bd/2ba/923 sq. ft /$154,000
Highest priced home: 6bd/5ba/3,900 sq. ft/ $650,800
PENDING Status:
Number of properties currently under agreement: 40 21
Average pending price: $313,000 $381,562
Avr. pending home is 4bd, 3ba, 2200 sq. ft at a price and 79 days on the market.
SOLD Status (for previous 30 days):
Residential property sold over previous 30 days: 11 units or $3,468,990 6 units or $1,878,900 in sales volume.
Average sale price: $315,000 $318,100
High: $$479,000(6bd/4ba 3400 sq. ft home).
Low: $147,000 (3bd/2ba 1172 sq. ft home)
Summery: Its like a light bulb came on. The market activity for sold homes has gone up by 2X. Values are still decreasing but inventory is moving. The market is beginning to stabilize. There are still at least 4 or 5 builders still competing for buyers in this small boom town of 10,000 people. Its hard to tell what all of the builders out there are doing because some post there sales to the MLS, some don't. I am guessing that the builders do have more sales then what is represented. The majority of all homes pending and sold are Bank owned properties. These sellers are the only ones who can compete on the same cooperate level some builders such as KB and Pulte . If you are a seller you have to Compete with these big boys. If you are a Buyer it is the Best time in years to buy. Interest rates are at a all time low and there is a ton of inventory to choose from. Which ever one you are call the Local EXPERTS to Show you the way. We also can negotiate with the new home builders for you. So call us or e mail us and we will bring you to the new homes and represent you. The builder pays us but we act as your BUYERS AGENT! Call or e mail 1-800-894-7282 or e mail us at Tiger@bpbarringer.com
Contractor's Delight....
0 Comments Published by Brian W. Barringer on Monday, March 10, 2008 at 9:40 PM.
Brian Barringer
209.613.8945
brian@tracyhomes.com
1) 133 W Magnolia St, Stockton, CA 95202
4-PLEX
MLS Marketing Remark:Perfect for contractor-submit your as is offer. (seriously just the way it is.)
Listing Price: $159,900
2) 424-430 N Stanislaus St Stockton, CA 95202
Marketing Remark: Bank-owned foreclosure. Calling all investors & contractors...SUPER-FIXER FOURPLEX or perhaps a TEAR-DOWN! Not for the faint at heart. Numerous City code violations & civil penalties. Sold AS-IS. Listing Price: $159,900 reader comment: Is that a dead body in mow strip?
me: maybe. thats the bank for you, they dont move the bodies just work around them.....
3)914 N San Joaquin St Stockton, CA 95202
4-PLEX
Marketing Remark: Huge Price Reduction!!! come to check it out. REO. Investor Dream.Great Location. Bring your offer for this fixer upper, it could be once again a nice fourplex for good cash flow. sqft unkown, don't know of any code violation from the city but you can find from the city. Sold As Is. Listing Price: $175,0004)117 W Flora St Stockton, CA 95202
4-PLEX
Marketing Remark: This property needs some TLC! Listing Price: $175,000Tracy, ca Real Estate Market Report for March 3ed 2008
0 Comments Published by Brian W. Barringer on Monday, March 03, 2008 at 2:53 PM.
ACTIVE Status:
Total # of Residential properties for sale in the city of Tracy: 883 902
# of Short Sales: 251 221
The Median price of all Homes for sale in Tracy: $349,900 $369,975
The Average price of all Homes for sale in Tracy: $375,854 $398,734
Highest priced home: 7bd/6ba/6500 sq.ft/$1,699,000
PENDING Status:
Number of properties currently under agreement: 171 111
# of REO: 122 76
# of Short Sales: 14 12
Average pending price: $335,102 $386,227
Avr. pending home is 4bd, 3ba, 2089 sq.ft at a price $329,450 and 49 days on the market.
SOLD Status:
Residential property sold over previous 30 days: 42 homes or 14,413,463 in sales; 46 homes or $16,666,252 in sales.
Low: 150K (440 sq.ft home)
What it looks like from my prospective is in the last year the banks have been slowly testing the waters as they went lower and lower in price and now we have seemed to come to some sort of agreement between buyers and sellers on fair market for a home. Banks are putting prices slightly below market value and getting muli-offer situations. Its like buyers have been waiting for a good deal and the banks have caved to the market.
From the desk of Alex Alverez (National City Mortgage Banker) regarding interest rates:
Don't miss the boat. Mortgage bankers are always struggling with the mis conceptions of the media with respect to the mortgage rates. Bottom line is that the Federal government does NOT control our mortgage rates. When the Federal Reserve drops their rates they are dropping rates that they charge banks. Banks in turn drop their "prime" rate which immediately helps customers that have lines of credit, some credit card holders and business lines of credit and loans. The regular residential loans however drop, or increase, in reaction to what the Federal Reserve did. As of late there has been much volatility in our mortgage markets. My staff and I have found ourselves telling borrowers that rates are pushing UP while the media is telling them the rates are coming down.
Here is a scenario:
Three weeks ago a borrower was looking at a $300,000 loan at 5.375% P&I would be $1681.67. They really needed to bid up the price and take a loan of $330,000 to get the home they wanted. P&I would be $1821.67. They waited.
If they were to find that home today at the price they wanted they would get their $300,000 loan. Rates have moved up though. $300,000 at 6.375% is now $1873.06.
This means if they would have purchased that house 3 weeks ago and received a $330,000 loan they would have been better off than waiting! This is how the rates can come into play.
Now I believe rates will ease again. Not sure if they will reach the levels we had three weeks ago but the bottom line is this. We have great homes prices, we have low rates. The combination of the two is creating extraordinary opportunities for homebuyers. Beware though, if you wait for the perfect storm (low interest rates and low purchase prices) the boat will be history!! Get on that boat before the storm hits!!
Alex Alvarez
Branch Manager/ Mortgage Banker
Construction Mortgage Specialist
National City Mortgage, a division of National City Bank
2880 N Tracy Blvd Ste 2
Tracy, CA 95376
(209) 839-2880 Office
(209) 839-2889 Fax
(800) 399-1820 24 Hr Service
Alex.Alvarez@ncmc.com
www.TracyHomeLoans.com
A Hot List:
Here is a link to all of the REO(bank owned homes) I think are an excellent investment. I have seen most of these with other clients and some have offers on them already. It will be totally different next week. (link)
Century-21 M&M/Barringer Team/Buyers Agent
209.613.8945
800.894.7282
www.TracyHomes.com
800.894.7282
http://www.tracyhomes.com/ and www.tracyrealestate.blogspot.com
