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So what happened with the Grass Valley –Nevada City area sales in the year 2011? Well, Grass Valley saw an increase in sales volume of 26% with 412 single family residences sold at the end of 2011. That compares to 326 sold properties at the end of 2010.

However, median home prices fell to $183,000 a 15% drop compared to a median price of $215,000 at the end of 2010. I believe the lower prices for homes have made the market more affordable for people to get in and start buying again.

In the Nevada City area, 219 single family residences were sold at the end of 2011, an increase of only 4%. The median price was higher than Grass Valley, at $250,000.  However that was a drop from a median price of $292,500 at the end of 2010. Again, a 15% decline in home values.

Need an informed agent in real estate?  I am a licensed real estate broker with a background in civil engineering and general contracting and help my clients with experience and the utmost integrity.

Let me know your needs and desires in buying or selling a home. If you are a buyer, I will find a home for you in your price range, help with the financing with local mortgage brokers and guide you through the buying experience.

Related articles

• Home Sales Nevada County February 17, 2012 (johnodellrealty.com)

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Kamala D. Harris Attorney General

In these days of increasing foreclosures, it’s easy to become emotionally upset and to think that there is an easy fix to the troubles we may be facing. Of course every time people are in a crises mode, there are people out there willing to ponce on other peoples misfortunes. So if you are are having financial trouble, possibly facing foreclosure, here are five things you should be on the alert for.

1. Don’t pay up-front fees. Foreclosure consultants are prohibited by law from collecting money before services are performed.
2. Don’t ignore letters from your lender or loan servicer. Responding to those letters is your best bet for saving your house.
3. Don’t transfer title or sell your house to a “foreclosure rescuer.” Beware! This is a scam to convince homeowners they can stay in the home as renters and buy their home back later. It might also be part of a fraudulent bankruptcy filing. Either way, a scammer can then evict the victim and take the home.
4. Don’t pay your mortgage payments to anyone other than your lender or loan servicer. Mortgage consultants often keep the money for themselves.
5. Never sign any documents without reading them first. Many homeowners think that they are signing documents for a loan modification or for a new loan to pay off the mortgage they are behind on. Later, they discover that they actually transferred ownership of their home to someone who is now trying to evict them.

Source: California Attorney General

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Residential sales increased in Nevada County for the period from January 2011 to December 2011 by 18%. Total volume sold in dollar value  in 2011 was $286,862,616 compared to the year before which was $292,731,648.

The average sales price dropped 17% from  the prior year (2010) of $293,907 compared to the year 2011 average sales price of $244,555.

However sales continue to be increasing and there seems to be somewhat of a shortage in the lower priced homes, especially properties on acreage. Have we bottomed out?  I don’t know, there is still somewhat of a shadow inventory of foreclosed homes that have not come on the market. But if we are not at the bottom, we are sure close to it.

Need an informed agent in real estate?  I am a licensed real estate broker with a background in civil engineering and general contracting and help my clients with experience and the utmost integrity.

Let me know your needs and desires in buying or selling a home. If you are a buyer, I will find a home for you in your price range, help with the financing with local mortgage brokers and guide you through the buying experience.

Related articles

• Home Sales Nevada County February 17, 2012 (johnodellrealty.com)
• Residential Real Estate Prices in Nevada County 2010 – 2011 (nevadacounty.com)
• Buying a Home is Having the Information to Compare Value and Amenities. (johnodellrealty.com)
• Buying a Home is Having the Information to Compare Value and Amenities. (johnodellrealty.com)

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Housing affordability rose to a record high during the fourth quarter of 2011, which means a home buyer’s purchasing power is greater than it ever has been before, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

The index showed that 75.9 percent of all new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,200, according to the index. That marks the highest percentage recorded in the index’s 20-year history.

“While today’s report indicates that home ownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions confronting home buyers and builders remain significant obstacles to many potential homes sales, even with interest rates at historically low levels,” says Barry Rutenberg, chairman of the National Association of Home Builders.

Most Affordable Cities

According to the index, the most affordable major housing market was Youngstown-Warren-Boardman, Ohio, in which 95 percent of all homes sold during the fourth quarter were affordable to households earning the median family income of $54,900, according to the index.

Other top affordable housing markets include:  Lakeland-Winter Haven, Fla.; Modesto, Calif.; Harrisburg-Carlisle, Pa.; and Toledo, Ohio.

Least Affordable Cities

However, some metro areas still remain too pricey for buyers. The least affordable major housing market during the fourth quarter was New York-White Plains-Wayne, N.Y.-N.J., in which 29 percent of all homes sold were affordable to those earning the area’s media income of $67,400.

Other high-priced metro areas at the bottom of the affordability index include: Honolulu; San Francisco-San Mateo-Redwood City, Calif.; Santa Ana-Anaheim-Irvine, Calif.; and Los Angeles-Long Beach-Glendale, Calif.

Source: National Association of Home Builders

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• Home buying: Most affordable in decades (money.cnn.com)

Nevada City, California

Update on sales and real estate for the week ending February 17, 2012.  The Grass Valley –Nevada City area continues strong sales along with the rest of Western Nevada County.  There are now 71 active foreclosed homes for sale as of today. You can click the foreclosed home button above and it will give you a list of foreclosed homes in several areas, including Nevada County.

In the last six days, 45 new properties were listed, 32 properties had price changes (all lowered), 17 properties sold and there are 259 pending sales.  The median price of homes that have been sold as of today is $250,680.

Need an informed agent in real estate?  I am a licensed real estate broker with a background in civil engineering and general contracting and help my clients with experience and the utmost integrity.

Let me know your needs and desires in buying or selling a home. If you are a buyer, I will find a home for you in your price range, help with the financing with local mortgage brokers and guide you through the buying experience.

If you are a seller, I will help you  price your home for a quick sale.

Thinking of buying or selling?

Related articles

• Buying a Home is Having the Information to Compare Value and Amenities. (johnodellrealty.com)
• Distressed Properties Drive Home Prices Down In California (nevadacounty.com)

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John J. O’Dell Realtor® GRI
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February 11, 1012

In the last seven days 40 new home listings came on the market ranging in price from $19,000 to $997,774. Click on the tab above to be informed of new listings by email  in Nevada County free of charge.

Interested in foreclosed homes? This week there are 74 foreclosed homes in Nevada County. They range in price from $54,900 to $1,199,000.  Click on the above tab to view foreclosed homes in Nevada County.

Need an informed agent in real estate?  I am a licensed real estate broker with a background in civil engineering and general contracting and help my clients with experience and the utmost integrity.

Let me know your needs and desires in buying or selling a home. If you are a buyer, I will find a home for you in your price range, help with the financing with local mortgage brokers and guide you through the buying experience.

If you are a seller, I will give you comparable values so that you can price your home for a quick sale.

Comments from my clients:

“As a local non-profit, Habitat for Humanity, we searched for a Broker/Realtor who believed in our mission and our community strongly enough to donate their professional services. Without hesitation, John O’Dell volunteered all of his time and expertise taking no commission from buyer or seller. Despite zero commission, John was thorough and generous with his time, offering guidance and professionalism throughout the entire process.”

Debbie Arakel, Executive Director Nevada County Habitat for Humanity

I have worked with John on two separate occasions, and I would
definately work with him again. He has a wealth of experience, he is
always prompt to call us back, and I know I can trust him.
Sheelah

All moves are hard. Relocating from Hawaii, we felt Nevada Co. was the next and hopefully last landing. We were very lucky to meet John, who guided and helped us in every aspect of the purchase of a home we love more every day. His engineering skills helped us look in all the corners, and his humor made it fun!…Now thats ALOHA…Thanks John, your welcome for dinner any time.

Renee and Jeff Bennett

I wanted to write and thank you for the excellent job you did on our remodel. The quality was such that we were able to sell the house in less than a month and receive over the appraisal.
I would be happy to serve as a reference.
Thanks
John Tidwell

John J. O’Dell
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Civil Engineer
General Contractor
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(530) 263-1091
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More mortgage relief from the White House – but congressional OK doubtful

In his State of the Union Address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery.  Details of that plan were released yesterday.  However, funding for the proposed program must be approved by Congress, lowering the possibility that it will be implemented quickly.

Making sense of the story

• Operated by the Federal Housing Administration, the plan would allow underwater homeowners to refinance into cheaper federally insured loans.  Borrowers with good credit who are current on their loan payments are eligible.
• The measure also streamlines the process of refinancing an underwater mortgage, eliminating the need for an appraisal or submitting a new tax return.
• To qualify, borrowers must be current on their mortgage, have a minimum credit score of 580, and must be refinancing a loan on a single-family owner-occupied principal residence.
• Lenders only need to confirm that the borrower is employed.  Loans that are more than 140 percent of the home value probably would not qualify until banks wrote down part of the balance.
• Congress must approve $5 billion to $10 billion in funding, leading housing experts to praise the plan’s objectives with skepticism of it passing this year.

Read the full story

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• DSnews.com: Obama Details Plan for Mass Refi Program Funded by Largest Lenders (foreclosure-avoidance.com)
• Obama proposes home loan refinancing plan – CNNMoney (money.cnn.com)

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SACRAMENTO, CA—A real estate investor pleaded guilty today in United States District Court in Sacramento to conspiring to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County, Calif ., Sharis A Pozen, Acting Assistant Attorney General of the Department of Justice’s Antitrust Division, and Benjamin B Wagner, United States Attorney for the Eastern District of California, announced.

Kenneth A Swanger pleaded guilty to conspiring with a group of real estate speculators who agreed not to bid against each other at certain public real estate foreclosure auctions in San Joaquin County. The primary purpose of the conspiracy was to suppress and restrain competition and to obtain selected real estate offered at San Joaquin County public foreclosure auctions at noncompetitive prices, the department said in court papers.

According to the court documents, after the conspirators’ designated bidder bought a property at a public auction, they would hold a second, private auction, at which each participating conspirator would bid the amount above the public auction price he or she was willing to pay. The conspirator who bid the highest amount at the end of the private auction won the property. The difference between the price at the public auction and that at the second auction was the group’s illicit profit.

The illicit profit was divided among the conspirators in payoffs. According to his plea agreement, Swanger participated in the scheme beginning in or about June 2009 until in or about October 2009.

To date, nine individuals, including Swanger, have pleaded guilty in United States District Court for the Eastern District of California in connection with the investigation. They are: Anthony B Ghio; John R Vanzetti; Theodore B Hutz; Richard W Northcutt; Yama Marifat; Gregory L Jackson; Walter Daniel Olmstead; and Robert Rose. In addition, four other investors, Wiley C Chandler, Andrew B Katakis, Donald M Parker and Anthony B Joachim, and one auctioneer, W Theodore Longley, were indicted by a federal grand jury in Sacramento on December 7, 2011.

“This type of illegal scheme undermines the transparency and integrity of the competitive market for residential real estate.

Today’s guilty plea sends a clear message that the Department of Justice does not tolerate anticompetitive conduct that harms consumers,” said Acting Assistant Attorney General Pozen. “The Antitrust Division will continue to work with its law enforcement partners to prosecute the perpetrators of anticompetitive schemes in public real estate foreclosure auctions in the Sacramento area and into northern California.”

“The Department of Justice is bringing greater scrutiny to auctions of foreclosed properties as part of our effort to root out fraud in the real estate industry in all its forms,” said United States Attorney Wagner. “The days when a few players could rig these auctions for their own benefit are ending.”

Swanger pleaded guilty to bid rigging, a violation of the Sherman Act, which carries a maximum penalty of 10 years in prison and a $1 million fine. The maximum fine may be increased to twice the gain derived from the crime or twice the loss suffered by the victims of the crime if either of those amounts is greater than the statutory maximum fine.

Swanger also pleaded guilty to conspiracy to commit mail fraud, which carries a maximum sentence of 30 years in prison and a $1 million fine.

These charges arose from an ongoing federal antitrust investigation of fraud and bidding irregularities in certain real estate auctions in San Joaquin County. The investigation is being conducted by the Antitrust Division’s San Francisco Office, the United States Attorney’s Office for the Eastern District of California, the FBI’s Sacramento Division and the San Joaquin County District Attorney’s Office. Trial attorneys Anna Pletcher and Tai Milder from the Antitrust Division’s San Francisco Office and Assistant United States Attorney Russell L Carlberg are prosecuting the case.

Today’s charges are part of efforts underway by President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.

The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes. One component of the task force is the national Mortgage Fraud Working Group, co-chaired by United States Attorney Wagner. For more information on the task force, visit www.StopFraud.gov.

Anyone with information concerning bid rigging or fraud related to real estate foreclosure auctions should contact the Antitrust Division’s San Francisco Office at 415-436-6660, click here:  USDOJ, contact the United States Attorney’s Office for the Eastern District of California at 916-554-2700 or contact the FBI’s Sacramento Division at 916-481-9110.

Soruce: FBI

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The 6,316-square-foot Rancho Mirage, Calif., home belonging to the late President Gerald Ford and First Lady Betty Ford is up for sale at $1.699 million.

The one-story, flat-roof home overlooks a golf course and features his and her offices, five bedrooms, and six-and-a-half bathrooms. The Ford’s moved into the home after leaving the White House in 1978.

The home still contains the original furniture and looks very similar to the way it did when the Ford’s first moved there, says the real estate agent listing the home, Nelda Linsk. The home still has floral patterns in the bedroom and lime and avocado fabrics featured in the dining and great rooms.

“They were very private people,” Linsk told the Gannett News Service. “They didn’t want anything showy.”

President Ford passed away in December 2006, and Betty Ford died in July 2011.

Source: “Fords’ Rancho Mirage Home Goes up for Sale for $1.7 Million,” The Desert Sun (Palm Springs) (Jan. 23, 2012) and “President Ford’s House for Sale,” Gannett News Service (Jan. 25, 2012)

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Fannie Mae and Freddie Mac recently extended their foreclosure forbearance programs to give short-term aid to unemployed homeowners, but housing counselors warn that these borrowers will need to look at longer-term solutions.

Making sense of the story

• In a forbearance program, a lender agrees not to foreclose on a property and gives the borrower several months’ grace from or reduction in monthly mortgage payments.  The programs work best for temporary setbacks, like job loss, health problems, or natural disasters.
• There are drawbacks to the forbearances though. The most-significant drawback is a larger total debt from the smaller payments.  The unpaid balance continues to increase during this time.
• The new temporary mortgage payment is often set to 31 percent of the household income; in some cases lenders agree to accept no payments.  Fannie Mae’s extended unemployment program, first offered in the fall of 2010, limits any nonpayment or other forbearance plans to one year, with the second six months requiring approval by both Fannie Mae and the lender.
• However, even with the program in place, the lender could still report a mortgage as delinquent, which could adversely affect the borrower’s credit score.
• Because some agreements add onerous term and conditions, homeowners should also consult with a housing counselor certified by the Dept. of Housing and Urban Development.

Read the full story

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