Friday, June 19, 2009

DQNews - "California May Home Sales" (6-19-09)

"An estimated 39,051 new and resale houses and condos were sold statewide last month. That was up 2.9 percent from 37,967 in April and up 18.3 percent from 33,024 for May 2008. Sales have increased on a year-over-year basis the last eleven months. California sales for the month of May have varied from a low of 32,223 in 1995 to a peak of 67,958 in 2004, the average is 47,621. MDA DataQuick's statistics go back to 1988."

Bloomberg - "Obama’s Mortgage Refinancing Program May Be Expanded" (6-19-09)

"
Fannie Mae and Freddie Mac may get permission to begin refinancing mortgages with loan-to-value ratios above 105 percent as the Obama administration seeks to boost participation in its anti-foreclosure programs."

Bloomberg - "Gold May Fall as Investors Leave ‘Cave of Fear,’ Buy Property" (6-19-09)

"
U.S. home resales probably advanced in May for a second consecutive month, the first back-to-back monthly gain since 2005, a Bloomberg News survey of economists showed before a National Association of Realtors report on June 23. Gold rose to an 11-month high in February as investors bought the metal to protect against plunging equities and a deepening recession."

Orange County Register - "Humble Anaheim home draws 63 offers" (6-19-09)

"Agents have been talking for months about how low-cost foreclosures have been drawing multiple bids. In fact, 20 to 30 offers are common these days for a home selling for under $350,000, Johnson said. But 63? But buyers weren’t so much attracted to this home’s features (laminate faux-wood floors, nearly new cherry wood cabinets, granite counter tops). It was the lender’s aggressive asking price of $299,250 and its location in a quiet neighborhood, Johnson said."


Orange County Register - "Hear why Chapman sees no big O.C. housing revival" (6-19-09)

"Chapman U. professors offer some hope for the Orange County economy and its real estate — sometime in 2010! The school’s chief economics professor, Esmael Adibi, tells ocregister.com in a podcast interview that local real estate — despite favorable supply conditions and relative affordability — won’t recover until the job market gets back in gear. And the employment picture isn’t improving anytime soon!"

Orange County Register - "Bookstores in a Real-Estate Bind" (6-19-09)

"Even as Barnes & Noble Inc. cuts the ribbon Friday on a new 55,000-square-foot store on Manhattan's Upper East Side, the chain is scaling back its real-estate ambitions for the rest of the year, posing another problem for the revenue-starved book industry. Barnes & Noble, the nation's largest bookstore chain measured by sales, at one time hoped to open as many as 35 superstores in 2009. Instead, it has 15 in the pipeline, most of which will replace existing neighborhood branches. The retailer will also close 15 superstores this year, five more than earlier forecast."

Realty Times - "Selling Home May Be Influenced by What Buyers Can't See" (6-19-09)

"Allergy problems can be debilitating for sufferers. Many will go to great lengths to avoid any possible influences that might bring on symptoms. Allergies and asthma are increasing, Tringale says, 'some of that may actually be because of the houses we’re living in.' He adds, 'it all comes down to the air quality in the home.' According to AAFA, there are some simple steps that you can take to help clear the air in your home and reduce any harmful fumes—making it more appealing to those with allergies and even those without."

Realty Times - "Avoiding Closing Derailment" (6-19-09)

"Lenders needs to assemble considerable paperwork and complete dozens of documents based on information submitted by the loan applicants. Then they need to verify all information for accuracy by checking the applicant’s employment status, funds on deposit, and income level. The document preparation and information verification process takes time. Counsel your buyers that if they fail to submit the required information on a timely basis, or if they turn it in piecemeal and bit-by-bit, delays are certain to result."

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