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        <title>Straight Talk - Fresno Real Estate News</title>
        <link>http://www.homesinfresno.com/blog/author/harold-penner/</link>
        <description>Central Valley real estate expert, Harold Penner, analyzes the latest local statistics, home buying and selling trends, short sale and foreclosure tips monthly for Fresno and Clovis CA</description>
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            <guid>http://www.homesinfresno.com/blog/bank-of-america-starting-a-new-trend.html</guid>
            <link>http://www.homesinfresno.com/blog/bank-of-america-starting-a-new-trend.html</link>
            <author>hpinfo@homesinfresno.com (Harold Penner)</author>
            <title>Bank of America Starting a New Trend</title>
            <description> <![CDATA[ 


Bank of America recently announced that it is revamping their short sale process and are projecting approvals within 20 days. That is a significant change from the current 3-4 months average for short sale approval. Rumors of other banks joining this movement are also prevelant. Hopefully the tide is finally starting to turn on these challenging sales.


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            <pubDate>Fri, 20 Apr 2012 13:45:40 -0500</pubDate>
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            <guid>http://www.homesinfresno.com/blog/pending-home-sales-climbing.html</guid>
            <link>http://www.homesinfresno.com/blog/pending-home-sales-climbing.html</link>
            <author>hpinfo@homesinfresno.com (Harold Penner)</author>
            <title>Pending Home Sales Climbing</title>
            <description> <![CDATA[ 
Here is a great article from the California Association of Realtors showing that pending sales are increasing in California while the number of bank owned and short sale properties are decreasing.  In fact, this article shows that the bank owned inventory has dropped 24% in February compared to the prior year and that short sale inventory has dropped 17%.  Locally we have seen this lack of inventory begin to bring back bidding wars on desirable properties.  Just this week I called on one house that already had 19 offers in.  Our market is on the cusp of switching back to a seller's market.  The good inventory is not lasting long.  For more information read the full article: 


http://www.car.org/newsstand/newsreleases/2012releases/feb2012phsi 
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            <pubDate>Tue, 03 Apr 2012 11:06:54 -0500</pubDate>
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            <guid>http://www.homesinfresno.com/blog/debt-forgivness-act-and-short-sales.html</guid>
            <link>http://www.homesinfresno.com/blog/debt-forgivness-act-and-short-sales.html</link>
            <author>hpinfo@homesinfresno.com (Harold Penner)</author>
            <title>Debt Forgivness Act and Short Sales</title>
            <description> <![CDATA[ 
Here is an interesting blog from www.bubbleinfo.com on the Mortgage-Debt forgiveness act that is soon to expire.  This act removes the tax consequences on forgiven debts (which normally shows as taxable income) when a seller short sales their home.  The Debt Forgivness act is set to expire at the end of this year.  The article notes "For buyers and sellers alike, to have some assurance that your short-sale escrow will close in time, you should be in process by mid-summer at the latest.  Otherwise, the sellers will be hoping that the N.A.R. lobbyists can pull off a last-minute miracle, or get the new Congress to approve a new version, and back-date it."  Check out the article in full at www.bubbleinfo.com - Blog dated March 14th.


  
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            <pubDate>Wed, 14 Mar 2012 13:48:36 -0500</pubDate>
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            <guid>http://www.homesinfresno.com/blog/fresno-investors-grabbing-real-estate-bargains.html</guid>
            <link>http://www.homesinfresno.com/blog/fresno-investors-grabbing-real-estate-bargains.html</link>
            <author>hpinfo@homesinfresno.com (Harold Penner)</author>
            <title>Fresno Investors Grabbing Real Estate Bargains</title>
            <description> <![CDATA[ 
Fresno Investors Grabbing Real Estate Bargains


Fresno County’s Under-Priced Market:Fresno’s real estate market is currently priced 30% (approximately $50,000) lower than it should be.  That assessment is according to real estate economist Mark Boud, principal of Irvine-based Real Estate Economics, who shared his research findings recently at CSU Fresno.  Boud’s assessment of Fresno county’s real estate market is that the prices bottomed out this past year and the next five years will be a slow road to recovery.  Mortgage interest rates will continue to tick up, the inventory of foreclosed homes will continue to shrink and pricing will slowly rise again.  Boud noted that Fresno’s job market experienced growth in 2010 and that affordable housing will once again attract buyers to relocate from the coastal markets.For more details on Boud’s assessment – Visit The Business JournalReal Estate Investors Recognizing Opportunity:While buyers may still be wary of taking the plunge, investors who follow these trends have begun to buy up discounted homes throughout Fresno County.  According to Fresno tax records, 519 residential properties (single family homes, PUD’s, condos) were purchased as non-owner occupied homes in 2011.  This is a 27% increase from the 378 properties bought during these same months (Jan. 1 - March 17) last year.Yet, the total number of homes sold in Fresno County during this time remained constant. There were 1,518 homes sold by March 17 in 2010 and there are currently 1,530 sold in 2011 according to Fresno MLS.  These numbers show that investors are recognizing the unique opportunity presented to purchase homes at the bottom of market with low interest rates.  They are buying the lion’s share of the homes available at the moment and buyers should be encouraged to see this confidence in the market.If you would like more information about how to invest in Fresno County’s real estate market, please visit www.HomesInFresno.com


MARKET STATISTICS*


MARCH 2011 - Fresno and Madera Counties






Average Price of Sold Homes in February 2010 vs. 2011 – $159,489 vs. $166,245 (4% Increase)






Sold Homes in February 2010 vs. 2011 - 669 vs. 695 (4% Increase)






# of Foreclosures and Pre-Foreclosures Sold in February 2010 vs. 2011 - 431 vs. 458 (6% Increase)  



*Unless otherwise indicated, all stats are based on residential sales in Fresno and Madera counties.Link to HomesInFresno.com


FEATURED LISTING


7669 N. Ann Avenue






$224,000






5 Bedrooms






3 Bathrooms






2,418 sq. ft.



Five Bedrooms! This large Northeast Fresno home offers Clovis North schools.  Enjoy the great room with gas fireplace overlooking the back yard. You will also appreciate the spacious eating area and large kitchen with center island, stainless steel appliances, lots of counter space and walk-in pantry. The downstairs bedroom is also perfect for an office or den. Upstairs, you have entered the bedroom world.  Four bedrooms, including the master bedroom, master bath and hall bath.Visit 7669 N. Ann Avenue


PENNER TEAM NEWS


Austin James Smittcamp!


Life is filled with burp cloths, onesies and diapers at the Penner and Smittcamp homes.  The third grandchild has arrived!On February 27, weighing in at 8 lbs., 4 oz and 21 ¼ inches long, little Austin James decided to finally make his arrival.  Mommy had been sure she was having a second little girl, so this little guy was one wonderful surprise.  Big sister, Aubrey (who is three years old today!), has been a gentle, sweet helper to her little brother.  She is always ready with plenty of kisses, blankets and pacifiers.  And with cousin, Jedidiah, only 4 months older, we can already see that this boy is going to have plenty of family and love surrounding him.  Congratulations Blake and Cherie Smittcamp on becoming a family of four!
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            <pubDate>Fri, 18 Mar 2011 11:10:19 -0500</pubDate>
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            <guid>http://www.homesinfresno.com/blog/the-new-normal-of-fresno-real-estate.html</guid>
            <link>http://www.homesinfresno.com/blog/the-new-normal-of-fresno-real-estate.html</link>
            <author>hpinfo@homesinfresno.com (Harold Penner)</author>
            <title>The New "Normal" of Fresno Real Estate</title>
            <description> <![CDATA[ 


The latter half of 2010, in regards to Fresno County real estate, can be summarized in one word – Steady.  A new “normal” has descended upon the Central Valley in terms of home sales.  After the gulp-inducing rollercoaster ride of highs and lows in home buying during the past five years, this new reality of reliable and predictable pricing offers a certain appeal.


So, what is this new normal for Fresno and Clovis, CA?  Selling prices have barely budged in the past six months with a high of $95 per sq. ft. and a low of $93.  The average property selling today in Fresno County is a 3 bedroom, 2 bathroom home of approximately 1,700 sq. ft. selling for about $172,000.  That is true whether you bought the house today or six months ago.  


The reality of distressed properties dominating sales is also a steady part of today’s market.  This past month (November 2010), 42% of all homes sold in Fresno County were foreclosures.  Adding short sales to the mix equates to well over half (57%) of all homes sold this past month being owned or approved by banks.  Interestingly, these are almost the exact statistics of a year ago.  Prices fluctuated slightly more in 2009 but the ratio of bank owned/short sale properties versus seller owned sales was identical to 2010.  


 


Successful short sales have been gaining ground though.  The number of foreclosures has been steadily declining and short sales are slowly increasing.  This trend is a benefit to buyers as the condition of the home typically improves when owners remain in the home until close of escrow.  With a foreclosure, the home is often vacant for at least six months prior to selling.  Pricing, though, has not been effected by this change.  


There have been, of course, some neighborhoods that have dropped in value more than others.  The neighborhoods with the highest percentage of variance in price are either comprised of new home developments or much older areas of town.  Northwest Fresno (93722 and 93711 zip codes), for example, experienced a drop of 3% in prices during the last six months ($100 per sq. ft vs. $97 per sq. ft.).  Northeast Fresno (93720, 93730 zip codes), in contrast, is a more established area kept a steady selling price of $121 per sq. ft. during the same time period.    


There are a few reasons for this.  Foreclosures and short sales are more common in home developments that were built during the height of the market in 2005/2006.  Some areas may have been developed prematurely during the building boom and there is simply not enough demand to fill all the homes.  The more established neighorhoods are also closer to shopping, grocery stores and commercial development.  


So, what do I predict for 2011?  More steady trends of this new reality.  No real surprises for buyers or sellers in terms of pricing.  Loan rates have been inching upward recently (currently around 4.875% for a 30 year fixed) but are still historically low. Link to my website




MARKET STATISTICS*


DECEMBER 2010 - Fresno and Madera Counties






Average Price of Sold Homes in November 2009 vs. 2010 – $168,344 vs. $165,178 (2% Decrease)


Sold Homes in November 2009 vs. 2010 - 819 vs. 767 (6% Decrease)


# of Foreclosures and Pre-Foreclosures Sold in November 2009 vs. 2010 - 493 vs. 451 (9% Decrease)




*Unless otherwise indicated, all stats are based on residential sales in Fresno and Madera counties.

 

 




FEATURED LISTING


271 E. Portland Avenue








$198,850






4 Bedrooms






2 Bathrooms






1,726 sq. ft.






Near River Park!  Single story, four bedroom home near River Park with easy access to Freeway 41, in super condition. Home includes separate living and family rooms. The Master bath has two sinks, with a shower over the tub and extra storage. The hall bath has one sink and shower over tub. The 4th bedroom could easily serve as an office or bedroom. The kitchen has white counter tops, oak cabinets and filtered drinking water from sink. Mature and cared-for landscaping front and back. 


 271 E. Portland Avenue




PENNER TEAM NEWS


Meet Mr. Jedidiah Jesse Penner




The much anticipated arrival of the second grandchild in the Penner family happened even earlier than expected.  Little Jedidiah decided to arrive about a month early on November 17, 2010 weighing in at an impressive 6 pounds, 12 ounces.  


Bedrest for the active, ultra-efficient mommy, Allie, actually began over a month earlier.  A busy nurse, wife and friend, Allie was suddenly forced to slow down at about 7 months along and was admitted to the hospital 21 days prior to the birth.  Jesse stepped up in a mighty way, though, and in addition to spending most nights at the hospital, he had a crash course in baby showers.  A hilarious and completely unique event, the elegant shower included Allie skyping in from the hospital and Jesse oohing and aahing as instructed over all the "precious" baby treasures.  


Life now is filled with plenty of smiles and very little sleep.  But, the happy parents are thrilled with their first-born son and we are all glad to know the Penner name will be continued for another generation!  


The Penner Team wishes you a joyful New Year!


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            <pubDate>Wed, 29 Dec 2010 16:15:26 -0600</pubDate>
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            <guid>http://www.homesinfresno.com/blog/foreclosuregate-legit-or-a-blip.html</guid>
            <link>http://www.homesinfresno.com/blog/foreclosuregate-legit-or-a-blip.html</link>
            <author>hpinfo@homesinfresno.com (Harold Penner)</author>
            <title>ForeclosureGate - Legit or a Blip?</title>
            <description> <![CDATA[ 
Flooding the news this week are announcements of new and existing foreclosures  being suspended due to national attention regarding the legality of lender’s review of paperwork and transfer of title. Attorney Generals in all 50 states have launched investigations regarding lender’s foreclosure proceedings.


Every state processes foreclosures differently.  Unlike California, many states require judicial review of foreclosure proceedings.  Allegations have surfaced in 23 states stemming from the involvement of the court system and the associated documentation and transfer of title.


So what are the allegations?


Lack of Review of Foreclosure Documentation and Possible Forgery 


Law firms in these 23 states review foreclosure documentation in the course of this judicial process.  Investigations now contend that this documentation was outsourced to “robo-signers” who claim they signed 8,000-10,000 documents per month at a rate of about a minute per document.  Lawsuits are being filed stating that missing signatures were forged and that proper review of documents was impossible under that timetable.  


For more news regarding role of "robosigners," here is a recent New York Times article


California, on the other hand, does not involve the court system in foreclosure proceedings.  There may be “robo-signers” employed on behalf of banks, but that is still to be determined.  Bank of America, to date, is the only bank to halt foreclosures in California and claims there is no wrongdoing.  Other mega-banks such as JP Morgan and Wells Fargo are reviewing the roles of robo-signers in their organizations but have not halted any foreclosures in California to date.  


That hasn’t stopped California lawyers from getting involved however.  Here’s a recent story on California foreclosure


Improper Transfer of Title


In the midst of banks failing and crises occurring, it was common for loans to change between multiple lenders.  The transfer of title was largely outsourced to a firm called Mortgage Electronic Registration System (MERS).  When foreclosures began to build this company was used to initiate proceedings.  Now, the question is whether MERS had a legal right to handle these foreclosures if they didn’t actually own the loans.  Even more alarming, investigations are underway as to whether MERS complied with individual state and municipal requirements regarding registering change of title.    Which means if a loan was sold from Bank “A” to Bank “B” but MERS did not complete all paperwork finalizing the transfer, then when Bank “B” forecloses on the home and an homebuyer buys it and moves in, did Bank “B” actually have the right to sell that home?   


For more news regarding role of MERS, here is a recent USA Today article


What Does This Mean For Fresno, California Buyer and Sellers?


All of these investigations and news are still too early to know where it will go.  California has a clearer transfer of title due to courts not being involved.  But, in our litigious state that does not necessarily mean safety for home buyers.  Here is a recent story of a California attorney advising clients to break into their foreclosed home after it was purchased and rehabbed by an investor:  HousingWatch.com


Now, I believe stories such as these are isolated circumstances.   Logically, I would say that within California this foreclosure investigation will only be a blip in which reviews of foreclosures will extend escrow timelines and homes may be delayed in being foreclosed due to increased paperwork and scrutiny.  But, with the volume of homes and money involved in these types of investigations, frivolous California lawsuits could change that scenario.  It’s too early to say.


Sellers – 


Sellers whose homes are unaffected by this foreclosure investigations have a competitive advantage.  They can offer buyers delay-free, stress-free escrows that are quite attractive.   Nearly half active homes currently for sale in the Fresno area are foreclosures or short sales.  Bank of America is the largest provider of those properties, which makes “seller-owned” homes a hot commodity.


Buyers -  


Fresno, California is currently ranked as one of the “Top Ten Cities”  in the nation to buy a home for a good reason.  Fresno is currently one of the cheapest places to buy in the United States in comparison to rental rates.   Selling prices (except for a brief blip in June due to conclusion of first time home buyer credit) has averaged between $94-$97 per square foot in Fresno County in 2010.  This means that if you bought a house a year ago or today, the average home price would only have varied $5000.  In contrast, between 2007 and 2008, average home prices dropped from $160 to $108 per sq. ft. which equates to about $100,000 difference in price!  So, prices are low and steady in the area and buyers shouldn’t hesitate to buy if the right home comes along.


To view homes for sale visit: HomesInFresno.com
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            <pubDate>Sun, 17 Oct 2010 18:04:52 -0500</pubDate>
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            <guid>http://www.homesinfresno.com/blog/hafa-short-sales-will-they-work.html</guid>
            <link>http://www.homesinfresno.com/blog/hafa-short-sales-will-they-work.html</link>
            <author>hpinfo@homesinfresno.com (Harold Penner)</author>
            <title>HAFA Short Sales - Will They Work?</title>
            <description> <![CDATA[ 
Home Affordable Foreclosure Alternatives (HAFA)


You may have received a letter from your lender notifying you of a new government programs for homeowner mortgage assistance called “Home Affordable Foreclosure Alternatives (HAFA)."   This program appears to hold some promise for streamlining the lengthy short sale process and also offers incentives for homeowners and lenders to participate.  Here's some of the basics for those currently upside down on their home:  


What is a Short Sale?


A homeowner works with a local realtor to sell their property for a current market rate and the mortgage lender agrees to accept the net proceeds of the sale even if the proceeds are less than the total amount due on the mortgage.  


What is HAFA? –  http://makinghomeaffordable.gov/hafa.html


First, the program promises a speedier, smoother process for processing a short sale.  Through pre-approving HAFA participants, pre-determining listing prices with agents and setting a timeline for the active marketing of homes the program attempt to streamline some of the delays and frustrations for buyers and sellers. 


Second, HAFA provides incentives for borrowers and banks to proceed with a short sale.  Borrowers who participate will receive $3000 in relocation expenses at the close of escrow and assurance that they are not responsible for any remaining debt or obligations on their first mortgage.   Lenders such as Freddie Mac also states that your home cannot be foreclosed upon if you are actively complying with the HAFA short sale program.  


If the short sale does not succeed (no offers submitted for an acceptable amount with 120 days) then the homeowner can obtain a Deed-in-Lieu instead of foreclosure proceedings.  A Deed-in-Lieu is where a homeowner voluntarily transfers ownership of the property to the lender instead of the lender legally seizing the property through foreclosure.


Is My Lender a Participant in HAFA?


View comprehensive list at:  http://makinghomeaffordable.gov/contact_servicer.html


What about Freddie Mac and Fannie Mae Loans?


Yes, as of August 5, 2010, Freddie Mac and Fannie Mae federally backed mortgages.  If you're not sure if you have a Freddie Mac or Fannie Mae loan, you can check at the links below.  Either way, you would call the number on your loan statement to start the prequalification process:


Do you have a Freddie Mac Loan?  - http://www.freddiemac.com/mymortgage/Do you have a Fannie Mae Loan?   -  http://www.fanniemae.com/loanlookup/


D﻿o I Qualify for HAFA?﻿﻿


The first step for qualifying is to first request a “loan modification” to determine if it is possible to adjust your current loan to make it more affordable.  This program allows homeowners to continue to own their home at lower monthly payments.  You would call your lender and ask if you qualify for the “Home Affordable Modification Program” (HAMP). 


If you find that you do not qualify for HAMP, here are the  HAFA requirements: 




Be the owner-occupant of a one- to four-unit home. Exception - If the homeowner relocated more than 100 miles from the property AND has not purchased a one- to four-unit property within 90 days prior to the date of a HAFA Agreement.


Have an unpaid principal balance that is equal to or less than: o 1 Unit: $729,750 o 2 Units: $934,200 o 3 Units: $1,129,250 o 4 Units: $1,403,400 


Have a first lien mortgage that was originated on or before January 1, 2009. 


Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31% of your monthly gross (pre-tax) income. 


Have a mortgage payment that is not affordable due to a financial hardship that can be documented. 




If you answered “Yes” to these questions then you passed the basic requirements and you should contact your lender to dive into more of the details on your loan.  


If I Don’t Qualify for HAFA does that mean a short sale is not an option? 


A short sale is still an option for anyone that owes more on their home than it is currently worth.  Not qualifying for HAFA simply means the additional government incentives such as the relocation reimbursement are not available.


Does HAFA work?


Now, that's the big question.  There is certainly a need to streamline the short sale process.  As of today (August 13, 2010) in the Fresno County local market, there are 1,354 active short sale properties for sale.  Those homes have lingered on the market for an average of 137 days.  This past month, a whopping 42% of all sold short sales sold in July (121 properties) had been on the market longer than 120 days before selling.


I’ve listed and closed nearly 50 short sales in the past two years and the review process by lenders, investors and mortgage insurance providers has stretched from 30 days to over a year.   So, consequently I’m skeptical of improvement until I see this program in action.  


So far, I have two HAFA qualified short sales actively on the market with Bank of America and Wells Fargo.   Wells Fargo’s HAFA program currently appears much more automated.  We were able to obtain HAFA pre-qualification for our client by emailing documents on their behalf.  Bank of America, on the other hand, required communication directly with our client through a separate HAFA phone number and could only send documents through US Mail.  In that specific case, the documents never arrived and our client had difficulty understanding the requirement complexities by phone.  So, the frustration of not being able to communicate directly with Bank of America on our client’s behalf is complicating any pre-qualification.  In the midst of those delays, the buyer found another home and we are back to the starting point.


So, no successful HAFA short sales to date, but the program is new.  I would still encourage anyone who believes they qualify to consult their lender and start the process. 


Interested in a Free Assessment of Your Home for a Short Sale?  


 
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            <pubDate>Fri, 13 Aug 2010 17:18:07 -0500</pubDate>
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            <guid>http://www.homesinfresno.com/blog/fresno-condos-a-good-buy.html</guid>
            <link>http://www.homesinfresno.com/blog/fresno-condos-a-good-buy.html</link>
            <author>hpinfo@homesinfresno.com (Harold Penner)</author>
            <title>Fresno Condos: A Good Buy?</title>
            <description> <![CDATA[ 
June 2010 -- 




One of the questions often asked by clients is, "Are condominiums a good investment in the Fresno County area?”  


Current Price:


Certainly, the price is compelling.  Investors, first time home buyers and retirees are currently picking up Fresno County condos for an average of $106,354 (approx. $74 per square foot).  That means mortgage payments hover around $800 for a 1,200 square foot condo.  For many buyers, condos provide an extremely affordable and attractive option. So price isn’t the question right now.  But, should you buy is the question.  The Central Valley is traditionally a single family home environment.  Is there enough demand for condos in Fresno? With volatile real estate swings how does the value of condos compare with traditional homes?


Current Demand:


Well, if there was ever a time to judge the staying power of condos through tough real estate times, it is now!  The statistics are interesting.  Comparing single family home sales from the height of the real estate boom (typically viewed as 2005) to today, the number of homes sold has remained relatively constant.  When viewing Fresno County condo sales under the same parameters, there were 62% less condos sold in the first half of 2010 than in the same months of 2005.  One explanation for this reduction in sales is the relative halt of apartment conversions into condo developments.


Current Bank Owned Sales:


This would seem to suggest that condos are a much more questionable investment than traditional homes.  Yet, when you dig deeper you find that of these 2010 sales, the percentage of single family homes and condos sold as foreclosures and short sales is nearly identical.  63% (2,445 of 3,851 sales) homes sold in 2010 to date were foreclosures and short sales compared to 62% of condominiums (85 of 137 sales).   Also, while the numbers are certainly jarring for those owning homes, the overall worth of these two different types of properties dropped at a similar pace in our area.  The average single family home purchased today would be 54% less in value in Fresno and Madera County than in 2005.  The average condo is close behind with a 58% reduction in value.  


Overall Value:


So, yes, condos plummeted in value within our area.  But, they are keeping pace with traditional home sales in percentage of value.  Prices for both types are currently flattening out.  If you compare sales in January 2010 vs. May 2010, the average price per square foot of both types of homes rose $4 each.  In Fresno County, condos in January sold for an average of $70 per square foot and last month sold for $74.  Single family homes selling for $97 per square foot increased to an average of $101 for May.   So, bottom line, for those who may desire the simplicity of a condo but worry that they aren’t as secure an investment as a home, the numbers should speak for themselves.  There may not be as many condos on the market today as in the past, but they are here to stay!   




JUNE 2010 MARKET STATISTICS* - Fresno and Madera Counties








Average Price of Sold Homes in May 2009 vs. 2010 - $155,311 vs. $159,189 (2.5% Increase)






Sold Homes in May 2009 vs. 2010 - 990 vs. 892 (10% Decrease) 






# of Foreclosures and Pre-Foreclosures Sold in May 2009 vs. 2010 - 711 vs. 503 (30% Decrease)






Avg. Loan Percentage Rate in June 2010 – 4.60% (30 Year Fixed)






*Unless otherwise indicated, all stats are based on residential sales in Fresno and Madera counties.




FEATURED LISTING




8645 N. Ann Ave. Fresno, CA 93720






$300,000






4 Bedrooms






2 Bathrooms






2,290 sq. ft.






Clovis North Schools!  Built in 2005, this 4 bedroom, 2 bathroom home is located near the Clovis walking trail in a quiet neighborhood.  Large, open floorplan with upgraded tile flooring throughout entertaining areas.  Kitchen features granite counters, upgraded cherry-stained cabinets, gas stovetop, walk-in pantry and eating bar overlooking large great room.  Isolated master bedroom overlooking backyard features 8x11 walk-in closet and separate soaking tub and shower.  Freshly painted with high quality finishes in an excellent location, this home is well-priced and move-in ready!




PENNER TEAM NEWS!








Haiti Engineering Escapades!


For the second year in a row, Aaron Quaresma, structural engineer extraordinaire and Harold's son-in-law, headed to Haiti to serve in missions.  Volunteering with the organization Engineering Ministries International Aaron joined a design group comprised of architects, surveyors, land development, wasterwater and other experts to spend a week assisting in Haiti. The task was to complete designs for two new Haitian communities, (including 7 home designs, community buildings and overall master plan layout) in a week.  These professionals donate thousands of dollars worth of expertise to provide designs to organizations in need. Aaron's team was housed at an orphanage for the week which presented the unusual challenge of designing while surrounded by fascinated children who wanted to play!  Adventures included bathrooms with tarantulas, spotty internet connections, jolting 8 hour trips on unpaved roads and running out of shower/bathroom water for the last four days.  While exhausting, it was an experience that Aaron would repeat again in a heartbeat!  Caption:  Bob, an orphan with specials needs, was a constant visitor during the week and is here assisting Aaron with some serious structural work!


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            <pubDate>Mon, 19 Jul 2010 15:32:48 -0500</pubDate>
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            <guid>http://www.homesinfresno.com/blog/craigslist-real-estate-scams.html</guid>
            <link>http://www.homesinfresno.com/blog/craigslist-real-estate-scams.html</link>
            <author>hpinfo@homesinfresno.com (Harold Penner)</author>
            <title>Craigslist Real Estate Scams</title>
            <description> <![CDATA[ 
May 2010 --  


As with any form of free online advertising, Craigslist.org provides a perfect vehicle for scammers to prey upon people searching for real estate.  These scams are now taking on a disturbing level of sophistication.  Scammers are now copying descriptions and pictures of active homes for sale from public real estate sites such as realtor.com, trulia.com, and others.  Those homes are then re-posted as rental properties on Craigslist for low monthly rent.  The actual name of the seller is used (most likely obtained by public tax assessor records) but with a false email address.  


Recently, a client was shocked to learn that his home had been posted for rent on Craigslist when he discovered prospective renters exploring his backyard.  The email explained the presence of the for sale sign by stating that the house had been pulled off the market and the sign would be taken down shortly.  My office also received a frantic call from a renter who wired a large rental deposit for this home to the scammer.  


Here are some ways to avoid being scammed: 




Meet prospective landlord in person - As with the case above, the scammer will typically state they live or are visiting Africa or a European country and are unable to meet in person.  


Confirm that the home is NOT for sale – Visit a real estate site (zillow.com, trulia.com, etc.) to check if the supposed rental property is actually for sale.  You can also go a step further and contact the real estate agent on the listing to confirm that the home is for sale and not for rent.


Tour Inside of Home – Driving by and confirming the location, neighborhood, etc is not sufficient.  Arrange to view the interior of the home prior to any money exchange.


Extremely Low Price – If the price appears too good to be true, it probably is.  Renters eager to take advantage of a great deal let down their guard.  Scammers will also take legitimate homes listed for rent on Craigslist, slash the prices and repost the same home.  Be wary of low rental prices and take the above precautions.




Here are some helpful links:


Craigslist.org


Wikipedia Overview


Rentvine Scam Quiz


 


MAY 2010 MARKET STATISTICS* - Fresno and Madera Counties




Average Price of Sold Homes in April 2009 vs. 2010 - $155,311 vs. $172,004 (11% Increase)


Sold Homes in April 2009 vs. 2010 -1091 vs. 936 (14% Decrease) 


# of Foreclosures and Pre-Foreclosures Sold in April 2009 vs. 2010 - 801 vs. 613 (24% Decrease)


Avg. Loan Percentage Rate in May 2010 – 4.71% (30 Year Fixed)




*Unless otherwise indicated, all stats are based on residential sales in Fresno and Madera counties.


FEATURED LISTING 


 


1914 N. Pamela Ave., Clovis, CA 93619 




$420,000


5 Bedrooms


3.5 Bathrooms


3,060 sq. ft.




Harlan Ranch Beauty!  An exceptional Wathen-Castanos  home built in 2007.  Over 3,000 square feet including downstairs guest suite and expansive (18’x15’) upstairs master bedroom with large walk-through closet.    The kitchen features granite counters throughout, a center island sit-around bar, stainless steel appliances, and gas stove top. The huge family room is open to the kitchen, gas fireplace and has great windows overlooking the back yard.  The back yard is a relaxation retreat, with covered sitting areas, outdoor spa, and wandering paths between tasteful landscaping. This home, its upgrades, and all its interior and exterior touches are irreplaceable at this price. See it today! 


PENNER TEAM NEWS!




Ruth the Realtor!



Ruth Showerman joined the Penner Team in September 2008 and quickly jumped into the role as Short Sale Coordinator.  Ruth spends her days navigating through the complex world of bank negotiations and helping homeowners understand their options.


Always a goal oriented person, this college grad decided to add real estate license to her list of accomplishments.  She quietly set about studying and taking a crash course on the intricacies of real estate law.  We are quite proud to announce that she passed on her first try!  Congratulations Ruth!


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            <pubDate>Sun, 18 Jul 2010 16:48:58 -0500</pubDate>
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            <guid>http://www.homesinfresno.com/blog/2010-short-sale-tips.html</guid>
            <link>http://www.homesinfresno.com/blog/2010-short-sale-tips.html</link>
            <author>hpinfo@homesinfresno.com (Harold Penner)</author>
            <title>2010 Short Sale Tips!</title>
            <description> <![CDATA[ 
April 2010 -- 


As many of you know, one of my specialties is short sales.  For those who have explored all other options and are faced with the unfortunate reality of being unable to continue to own their home, a short sale is much more advantageous than a foreclosure. 


Current Short Sale Statistics


The number of sold short sales (pre-foreclosed homes) in Fresno and Madera county has increased over 30% from last year.  302 homes were sold in 2010's first quarter in comparison to only 206 homes in the first 3 months of 2009.  


The irony of referring to these transactions as “short” still remains however.  Average days on market was 154 days (over 5 months!) in 2009 and a slight drop to 140 days in 2010.  The main reasons short sales fail is due to the delays in banks to review and respond to offers and the subsequent inability of buyers to wait for an answer.  


Currently, short sales represent only 15% of the homes sold in our local Fresno and Madera county market.  For the patient buyer though, there are some excellent deals available. 


To view more regarding the pros and cons of purchasing short sales, visit: 


Buying Short Sales 


Short Sale Tax Information - 


For those of you who experienced a successful short sale of your principal residence this past year, there is good news regarding taxes.  Prior to the housing crisis, if someone were to sell their principal residence (not an investment property) home as a short sale the amount of debt forgiven by the bank would be viewed as taxable income by the state and federal government.  So, if your home sold for $50,000 less than what you owed on the home and the bank agreed to forgive that debt, the government would view that $50,000 as taxable income.  With the recent state of the housing market, the federal government added provisions that if it is your principal residence this rule does not apply to homes sold before 2013.  California had a similar law that expired and those whose homes were sold in 2009 have been in limbo. 


On April 12, 2010, the state of California extended that protection to anyone who sells their home as a short sale between 2009 and January 1, 2013.  For those who already submitted their 2009 taxes, the state is instructing you to file Form 540X to request an adjustment.  


Click here for short sale tax info: Mortgage Debt Relief Law


MARCH 2010 MARKET STATISTICS* - Fresno and Madera Counties




Average Price of Sold Homes in March 2009 vs. 2010 - $158,322 vs. $164,485 (4% Increase)


Sold Homes in March 2009 vs. 2010 - 1010 vs. 842 (17% Decrease) 


# of Foreclosures and Pre-Foreclosures Sold in March 2009 vs. 2010 - 780 vs. 533 (32% Decrease)


Avg. Loan Percentage Rate in April 2010 – 4.95% (30 Year Fixed)




*Unless otherwise indicated, all stats are based on residential sales in Fresno and Madera counties


FEATURED LISTING 


943 Oak Ave., Clovis, CA 93619




$238,000


3 Bedrooms


2 Bathrooms


1,767 sq. ft.




 


Close to Old Town Clovis! A beautiful home in meticulous condition with 3 car garage, within the prestigious Clovis Unified School District. The wood floor entry opens up to a bright living room with vaulted ceiling. The kitchen has black appliances with working countertop that has a great view out to the eating area (with bay windows), back yard and family room. The cozy family room boasts a beautiful brick fireplace. You'll be impressed with the great lighting (cam lights) and the natural light coming through the shuttered windows. The master bedroom has sliding doors to the back yard, vaulted ceiling and 2 windows. Two sinks in the master bath, a shower, no tub. Ceiling fans in all rooms. White interior doors throughout. Wired for security system, but it has never been connected. Long-lasting cinderblock fencing in back yard! What a great place!


Click here to view 943 Oak Ave.! 


PENNER TEAM NEWS! 


Michael Jackson Lives!


Our very own Blake Smittcamp (Harold’s son-in-law) has been a die-hard Michael Jackson fan for as long as we’ve known him.  So, therefore his wife Cherie thought it only fitting that his surprise 30th birthday party should be a Michael Jackson theme party.


Hilarious MJ costumes included pregnant surrogate mothers and Billie Jean impersonators, plastic surgeons, pajama clad stars being escorted to court and even a doll dangling from MJ’s shirt (think showing off baby from hotel room).  And of course there were plenty of silver gloves!  Blake had his own costume provided and showed off his dance skills throughout the night. 


Here’s a picture of Blake and Cherie in all their Michael Jackson and Dirty Diana glory!
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            <pubDate>Sun, 18 Jul 2010 16:15:35 -0500</pubDate>
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