WOWWHEE

Hey southern California and elsewhere in cyberspace, learn about short sale!

2007-11-28T17:18:00.000-08:00

Hey southern California and elsewhere in cyberspace, learn about short sale!

The following is an email that I've sent back to my client explaining a little bit about short sale:

No, the agent doesn't represent the bank, the listing agent represents the owner of the property but will be asking the bank to reduce their payout for the lien held on the property in order to facilitate the sale. In another word, the property is worth less than what is owed on the property and is usually in distress or special circumstance. Banks can, if they wish, reduce the amount paid back so that instead of foreclosing on such property they get paid short of what they were owed, thus the term short sale. In the particular instance you are referring to, the property was bought for $337,000 in July of last year. They bought with 100% financing, of which $269,600 is the 1st trust deed and $67,400 is the 2nd trust deed. This means that there are 2 different banks that must approve of such sale, including the 2nd, which will get zero in return. I doubt that the banks will take anything close to the $175,000 list price they have put down. They most likely did it just to get a bunch of offers in so that they can submit it to the bank to get the process started. The bank usually takes somewhere between 1 to 2 months to respond to such offers and tactic. Most of the time it is within this time period. Some times it is longer, other times shorter, but usually not shorter. Once the bank is willing to negotiate, then it moves along usually quickly as they will tell the agent what they expect and will do, which is almost always sold in as-is condition with no warranties written or implied along with no closing costs and no termite repairs and no home warranties either. Sometimes it is different, which are kind of odd but does happen. This is pretty much a scenario that you get what you see and what you paid for.Short sales can be a good buy, but you must wait for it and hope that the bank is willing to negotiate or be willing to lose lots of money... that on top of their schedule for foreclosing on such properties prior to it being a completed sale, which makes this a complicated situation most of the time. When they do approve, they'll want you to close it as fast as possible, usually within 30 days or less, so that their calculations are within the numbers that they agreed to and they don't change their minds.Whew, that was a long one. Let me know if you want to know more. It might be easier to talk from here out for the details.Thanks and talk more soon! Best regards,

Chun Liu, Real Estate Consultant for life!
Please refer me to anyone you know regarding real estate!
Team WOWWHEE.com at Keller Williams Coastal Properties

HAPPY THANKSGIVING...

2007-11-21T12:22:00.001-08:00

Hello there!Hope this finds you well and having lots of fun with food this Thanksgiving. I know I'll be sitting around gorging on wonderful food and having family around. I absolutely look forward to that and hope you get to as well!Thanks for being a part of Team WOWWHEE.com. I really appreciate you. Please let me know what I can do for you or your friends and family for real estate! Meanwhile, here are some interesting news about real estate including what the Governor of California has done for loans. Take care and be happy!
Best regards,
Chun Liu, Real Estate Consultant for life!Team WOWWHEE.com at Keller Williams Coastal Properties(562)961-1409 realtoromy@aol.com www.WOWWHEE.com**********************Down night for real estate rates --------------------------------------------------------------------------------30-year fixed rate at 5.9%; 10-year Treasury yield at 4.07% Tuesday, November 20, 2007
Inman News
Long-term mortgage interest rates moved lower Monday, and the benchmark 10-year Treasury bond yield dropped to 4.07 percent.
The 30-year fixed-rate average dipped to 5.9 percent, and the 15-year fixed rate slipped to 5.46 percent. The 1-year adjustable, however, rose to 5.48 percent.
The 30-year Treasury bond yield was down at 4.48 percent.
Rates and bonds are current as of 7:15 p.m. Eastern Standard Time.
Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.
In other economic news, the Dow Jones Industrial Average tumbled 218.35 points, or 1.66 percent, finishing at 12,958.44. The Nasdaq lost 43.86 points, or 1.66 percent, closing at 2,593.38.
Stock figures are current as of 7:30 p.m. Eastern Standard Time.**********************Home prices rise in 33 states since Sept. 2006 --------------------------------------------------------------------------------FALP study: 19 of 31 top metro areas saw price declines Monday, November 19, 2007
Inman News
Home prices fell in 17 states during the last year, but most states "continue to have stable home values," and a half dozen others even showed moderate price growth, according to a new analysis of repeat sales by First American LoanPerformance.
Home prices in five states -- Wyoming, Utah, North Carolina, Alabama and Maine -- grew at between 5 percent and 10 percent between September 2006 and September 2007, LoanPerformance reported, and at more than 10 percent in Hawaii.
Although most states --33 in total -- saw at least modest price appreciation in past year, the trend has already reversed in some states. Prices have been falling for two months in New York, for example. But the state still makes LoanPerformance's list of 27 states where prices are up between 5 percent and 10 percent, because all of the gains made in the last year haven't been erased.
The findings were included in an announcement of the release of First American's September 2007 LoanPerformance Home Price Index (HPI).
A recent First American CoreLogic report estimated that home prices were falling or not keeping pace with inflation in 247 of 381 metropolitan areas tracked. Prices were falling in 88 markets, and appreciating at less than 3 percent in 159 others, according to First American CoreLogic's fourth-quarter Risk Monitor report. With inflation averaging around 3 percent, homeowners whose properties appreciate at a slower rate experience a decline in value in real terms.
PMI Mortgage Insurance Co., in a recent report gauging the risk of price declines in major markets, estimated that housing affordability -- which improves when income growth outpaces home-price appreciation -- showed gains in 297 of 381 metropolitan statistical areas (MSAs) during the second quarter, or 78 percent of those studied.
First American LoanPerformance's analysis of the top 31 "core based statistical areas" showed prices fell in 19 metro areas, or 61 percent of those studied.
Communities in California and Florida held six of the top 10 spots on the list of areas experiencing the greatest price declines. In Florida, Cape Coral-Fort Myers (-11.49 percent), Miami-Ft. Lauderdale (-8.37 percent), Orlando-Kissimmee (-7.66 percent) and Tampa-St. Petersburg (-7.65 percent) topped the list. In California, Riverside-San Bernardino-Ontario (-13.59 percent) and L.A.-Long Beach-Santa Ana (-8.14 percent) made the top 10.
Many of the top 30 metro areas LoanPerformance says experienced price declines during the past year also show a higher-than-average number of foreclosure filings, according to the most recent numbers from data aggregator RealtyTrac Inc.
Riverside-San Bernardino, for example, had the third-highest rate of foreclosure filings per household in the nation -- one filing per 43 homes -- according to RealtyTrac. The rate of foreclosure filings per household exceeded the national average of one filing per 196 homes in Phoenix, Miami, L.A., Orlando, Tampa, Cleveland, Washington, D.C., Detroit, Miami and Atlanta.
Metro areas where prices fell in the last year but the rate of third-quarter foreclosure filings was below the national average included Boston, St. Louis, Minneapolis and Philadelphia.
Foreclosure filings include default notices, notices of auction sales and bank repossessions, and the number of filings may exceed the number of homes in foreclosure because some properties are subjected to more than one filing.
One-year price changes, top 31 metro areas:
Metro area Percent changeRiverside-San Bernardino-Ontario, CA -13.59Cape Coral-Fort Myers, FL -11.49Las Vegas-Paradise, NV -9.80Phoenix-Mesa-Scottsdale, AZ -8.49Miami-Fort Lauderdale-Miami Beach, FL -8.37Los Angeles-Long Beach-Santa Ana, CA -8.14Orlando-Kissimmee, FL -7.66Tampa-St. Petersburg-Clearwater, FL -7.65Cleveland-Elyria-Mentor, OH -7.39Washington-Arlington-Alexandria, DC-VA-MD-WV -6.65Boston-Quincy, MA -4.97New York-Northern New Jersey-Long Island, NY-NJ-PA -3.78Detroit-Warren-Livonia, MI -3.46St. Louis, MO-IL -2.10Miami-Miami Beach-Kendall, FL -1.59Minneapolis-St. Paul-Bloomington, MN-WI -1.55New York-White Plains-Wayne, NY-NJ -0.87Atlanta-Sandy Springs-Marietta, GA -0.40Philadelphia, PA -0.05Chicago-Naperville-Joliet, IL-IN-WI 0.06San Francisco-Oakland-Fremont, CA 0.68Dallas-Fort Worth-Arlington, TX 1.27Houston-Sugar Land-Baytown, TX 2.46Portland-Vancouver-Beaverton, OR-WA 2.83Charlotte-Gastonia-Concord, NC-SC 3.70Seattle-Tacoma-Bellevue, WA 4.25Austin-Round Rock, TX 4.83San Antonio, TX 4.85Raleigh-Cary, NC 5.55Salt Lake City, UT 6.06Honolulu, HI 14.79 Source: First American LoanPerformance****************Economist: Odds rise for economic recession --------------------------------------------------------------------------------Oil prices may determine whether 'hard landing' lies ahead Monday, November 19, 2007
By Glenn Roberts Jr.Inman News
SAN FRANCISCO -- There is a 45 percent chance that the U.S. economy will spiral toward recession in 2008, as real estate foreclosures and gasoline costs continue to escalate, economics professor Ken Rosen said in a presentation today.
Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at University of California, Berkeley, said that if gasoline prices exceed $4 a gallon and oil prices top $100 a barrel, "it's a pretty sure thing that a hard landing rather than a soft landing (will) happen."
He advised attendees of an annual Real Estate and Economic Symposium, organized by the center, to plan for the worst.
Home prices may already have fallen about 5 percent to 7 percent nationally, and those price declines may represent only about half of the declines still ahead. New-home prices may fall about 25 percent in some markets.
"It all goes back to the fact that we had a bubble in housing created by bad lending practices," he said.
While the volume of foreclosures is relatively small thus far, Rosen said that the foreclosure rate may not peak until 2009.
Barring a major intervention to restructure mortgages for those facing foreclosure, Rosen expects the foreclosure rate for subprime mortgages to rise from a current level of about 8 percent to as high as 20 percent to 25 percent, with lower-risk alt-A foreclosures peaking at about 15 percent and the foreclosure rate for prime mortgages reaching 3.5 percent to 4 percent.
The subprime market will be a bad investment for some time, Rosen said, as it had grown to an unsustainable level of about 22 percent of the overall mortgage market in 2005 and 2006.
"Do not go into that (subprime) business," Rosen said. "The market share in subprime should be about 5 percent. Do not catch that falling knife."
The credit crunch "is substantial in residential real estate and it's spreading to commercial real estate," Rosen said.
Credit losses related to the mortgage mess and rising foreclosures could top $400 billion, he said, with about $50 billion to $60 billion in losses already announced. "There's a lot more to come."
Rosen takes issue with those market analysts who say they didn't see any of this coming.
"For these people to say it's unanticipated ... it happens every decade. There's no surprise to this at all," Rosen said.
The securitized system for mortgage financing that the nation had relied upon for the past four or five years, if it doesn't reopen, could prolong the credit crunch "for a lot longer than we think," Rosen said.
The stock market has already been taking hits for the credit problems and anticipated rise in foreclosures, he said.
U.S. job creation and the resilience of the global economy are still sustaining the U.S. economy, though Rosen said that is subject to change.
The dollar has been dropping in value against other major currencies, leading some nations to diversify investments away from the U.S. dollar, and the United States has a huge trade imbalance, he noted.
Because of the rising value of the euro against the U.S. dollar, the nation is effectively "on sale" for Europe and some Asian markets, Rosen said.
The rising stock market in China has created a speculative bubble for that nation's economy, he said. "I really do think China is in a bubble stage. When it bursts, I don't know."
A market decline in China could spell more troubles for the U.S. and the global economy, he said.
Income distribution has become skewed in the United States, Rosen said, and he expects that individual and capital taxes will be rising -- no matter the rhetoric that candidates may offer in this election year. Also, inflation will likely rise, he said.
"Our industrial base has been decimated," Rosen said, noting that Michigan, once strong in manufacturing, is in a recession. "I worry that a lot of central cities in the Midwest are dying."
Southern California, too, is in a recession or at the edge of recession. The fall of the subprime market hit hard in Orange County, Calif., a base of operations for some subprime lenders, he said.
Miami and Las Vegas are among the markets reeling from speculative real estate investments and a subsequent rise in foreclosures.
While New York City has been strong economically, Rosen said he expects a lot of layoffs and cutbacks by financial firms hit hard by the credit crunch.
Rising oil prices highlight a need for the U.S. to reduce dependence on foreign oil, Rosen said. "We have to get away from our dependence on oil."
"We have become addicted to cheap oil. We've become addicted to cheap Chinese goods," he said, though the economy will dictate change. "We're going to have to have a lower relative standard of living compared to the rest of the world, a different quality of life for the next generation."*********************Four servicers agree to streamline California workouts --------------------------------------------------------------------------------Governor says plan based on FDIC chief's proposal Wednesday, November 21, 2007
Inman News
Four companies that service 25 percent of outstanding subprime loans in California have agreed to streamline the loan modification process to allow some borrowers with adjustable-rate mortgages to avoid interest rate resets.
California Gov. Arnold Schwarzenegger said a voluntary agreement with Countrywide Financial Corp., GMAC Mortgage, Litton Loan Servicing and HomeEq Servicing is modeled after a proposal put forward by Federal Deposit Insurance Corporation chief Sheila Bair.
Bair, citing a report by Moody's Investor Services that servicers were engaging in workouts on less than 1 percent of troubled subprime loans, last month urged them to embark on a program of wholesale conversions of adjustable-rate mortgages into fixed-rate loans when borrowers are in danger of default.
In an interview published in today's Wall Street Journal, U.S. Treasury Secretary Henry Paulson said he expects a “significantly bigger” number of mortgage defaults in 2008, and said he is encouraging servicers to develop criteria that would enable large numbers of borrowers to qualify for better terms.
"We're never going to be able to process the number of workouts and modifications that are going to be necessary doing it just sort of one-off," Paulson told the Journal.
Schwarzenegger, who said 500,000 Californians with subprime loans face interest rate resets in the next two years, said loan modifications "can save tens of thousands of people from being added to the foreclosure lists" but “does not involve a government subsidy or bailout."
California had the second-highest rate of foreclosure activity in the nation during the third quarter, second only to Nevada, according to data aggregator RealtyTrac Inc. Half of the 10 metropolitan areas with the highest rate of foreclosure activity during the third quarter were located in California, RealtyTrac said in another report.****************

Hello there, yes you, the one searching for California real estate...

2007-09-27T14:49:00.000-07:00

Hope this finds you well. Team WOWWHEE.com here saying "hi" to those that are searching for California real estate or Long Beach / Lakewood / Signal Hill and vicinity real estate.
Housing market is very interesting right now, with prices going topsy turvy, some investors are plotting their world domination while good buyers are trying to find a loan and a bargain. Sellers and owners are anxious and want to know what is going to happen. The bubble people finally can say that they were right. However, they've been saying it every year and was bound to be right one day. It is the old saying that "the sky is falling" and finally, the skylab came down one day. It only took a few thousand years of saying it, but seems to be real at some point.
I'm just rambling. Let me know what you think. I'd love to hear from you!

Best,

Chun Liu
www.WOWWHEE.com

HAPPY NEW YEAR TO YOU!

2006-12-29T15:58:00.000-08:00

HAPPY NEW YEAR TO YOU!

California real estate affordability drops

2006-11-27T16:45:00.000-08:00

California real estate affordability drops

(Team WOWWHEE.com real estate blog)

24% of first-time buyers can afford median-priced home

Inman News

Housing affordability in California dropped 4 percentage points in the third quarter compared to the same quarter last year, the California Association of Realtors trade group reported today.

The percentage of first-time buyers in California who can afford a median-priced home fell to 24 percent in the third quarter, according to the association's First-time Buyer Housing Affordability Index.

First-time buyers needed a minimum household income of $98,890 to buy a home priced at $478,710 in the third quarter, based on an adjustable interest rate of 6.58 percent and assuming a 10 percent down payment, according to the report.

For the full article on Inman News, please click here.

Thanks for stopping by!
Chun Liu

Please be sure to visit http://www.wowwhee.com/

Team WOWWHEE.com
Long Beach real estate
Lakewood real estate
Signal Hill real estate

C.A.R. REPORTS HOME SALES DECREASED 31.7 PERCENT IN SEPTEMBER

2006-11-22T14:50:00.000-08:00

C.A.R. REPORTS HOME SALES DECREASED 31.7 PERCENT IN SEPTEMBER
(BUT PRICES INCREASED...)

WOWWHEE REAL ESTATE BLOG

The median price of an existing single-family home in California increased 1.8 percent in September and sales decreased 31.7 percent compared with the same period a year ago, C.A.R. reported today. "We expected a fairly steep decline in sales last month compared with a year ago, when sales were near their all-time record," said C.A.R. President Vince Malta. "Unsold inventory is holding steady, and is close to the long-term historic average typical of a more 'normal' market."According to the report, the median price of an existing, single-family detached home in California during September 2006 was $553,050, a 1.8 percent increase over the revised $543,510 median for September 2005. Also last month, closed escrow sales of existing, single-family detached homes in California totaled 444,780 at a seasonally adjusted annualized rate, down 31.7 percent compared with the sales pace recorded one year earlier and up 0.6 percent from home resale activity in August."Overall, year-to-date sales were down 24 percent, in line with our 2006 projection. Regional trends in sales and prices were consistent with recent months," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. "Areas that experienced a lot of homebuilding in recent years or second home activity have experienced larger declines in sales and weaker prices than the state as a whole. These include Northern California, the Northern Wine Country, the Central Valley, San Diego County, and the Lower Desert in Southern California."

For More info and details.

Thanks for stopping by. Hope that you found things interesting. This is Chun saying have a great Thanksgiving! Team WOWWHEE.com

WOWWHEE REAL ESTATE BLOG

source: CAR newsletter

HOUSING STARTS DECLINE 17.9 PERCENT NATIONWIDE IN SEPTEMBER

2006-11-22T14:24:00.000-08:00

HOUSING STARTS DECLINE 17.9 PERCENT NATIONWIDE IN SEPTEMBER

This has been posted to my other sites as well. Source is CAR newsletter....

The seasonally adjusted annual rate for privately owned housing starts dropped for the sixth consecutive month in September, falling to a rate of 1.77 million units, according to a recent report from the U.S. Dept. of Commerce. The September construction pace was up 5.9 percent from August and down 17.9 percent from a year ago. Single-family housing starts decreased 20.3 percent from September 2005, to a rate of 1.43 million units, while starts for buildings with five or more units increased 1.3 percent to a rate of 314,000. The number of building permits issued, which can be an indicator of future building activity, declined 27.7 percent from one year earlier to a seasonally adjusted annual rate of 1.62 million permits.The construction pace for housing units decreased across the nation in September. The rate for privately owned housing starts declined 31.3 percent in both the Northeast and West regions, 28.4 percent in the Midwest, and 3.8 percent in the South.

For more on this article, please go here.

Thanks for stopping by and visiting Chun!

Have a great Thanksgiving!

Team WOWWHEE.com

I'm on MySpace now!

2006-11-13T14:02:00.000-08:00

Hey there,
Just to let you know that besides trying to do everything, am now on MySpace to try and promote more internet connections and just getting out there about WOWWHEE.com. Stop by and check it out, if you want! Thanks for stopping by!

http://www.myspace.com/realtorchunrealestate

Chun Liu, Realtor
www.WOWWHEE.com
Long Beach Real Estate
Lakewood Real Estate
Signal Hill Real Estate

Some meat to chew on this Halloween... lol

2006-10-31T14:56:00.000-08:00

Hello there,Hope this finds you well. By now you should have already turned back an hour on the clock and heading into the wonderful candy day we call Halloween. I know my kids are certainly excited and can't wait.Something else is scary right now. Yes, this market is topsy turvy and the experts keep contradicting each other. May thing is that there hasn't been a bubble bursting... even the media, who is screaming the most about the market, states that there isn't a bubble burst. To keep everyone interested, they say that it may... hint hint... so stay tuned for more news. Majority of the experts are stating that if media just calms down and report that the economy is doing relatively good and that interest rate is doing decent, then people will think differently. However, that doesn't sell the newspapers and magazines and the pay per click on the Internet. So, we'll keep going along and somebody will figure it out.Meanwhile, I've included some articles from Inman News regarding rates and consumer confidence as well as news that Austin Texas just had an awesome September. How about them Cowboys? lolThanks for your continued patronage. I hope that I can earn your business and also be referred to your friends and family. Take care and lets talk more soon! Until then, keep smiling and be happy!Best regards,Chun Liu, Real Estate Consultant for life!Team WOWWHEE.com at Keller Williams Coastal Properties(562)961-1409 www.WOWWHEE.com*************************Mortgage rates rise after Fed meeting --------------------------------------------------------------------------------Economist: Some real estate markets in for bumpy ride Thursday, October 26, 2006Inman News Mortgage rates edged up this week after the Federal Reserve decided it would not cut its key interest rate in the face of inflation worries, according to surveys conducted by Freddie Mac and Bankrate.com.In Freddie Mac's survey, the 30-year fixed-rate mortgage rose to an average 6.4 percent, up from 6.36 percent last week, while the 15-year fixed-rate mortgage inched up to an average 6.1 percent from last week's 6.06 percent. Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans.The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) this week averaged 6.14 percent, with an average 0.6 point, up from last week when it averaged 6.11 percent. The one-year Treasury-indexed ARM averaged 5.6 percent with an average 0.7 point, up from last week when it averaged 5.57 percent. "At it's most recent meeting, the Federal Reserve again declined to raise rates for the third time, citing a slowdown in the housing market," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement. "For instance, the median price of both new and existing homes in September posted significant decreases. And some areas of the country may experience a few bumps up and down as the housing industry corrects itself in the coming months. "On a positive note, new-home sales in September came in at a higher-than-expected pace, while the number of homes for sale on the market dropped. This should help support housing prices going forward."In Bankrate.com's survey, mortgage rates climbed to a two-month high as hopes of any imminent Fed rate cuts were dashed. The average 30-year fixed mortgage rate moved higher to 6.46 percent, the highest since Aug. 29, and had an average of 0.35 discount and origination points.The average 15-year fixed-rate mortgage popular for refinancing increased to 6.16 percent, up from 6.1 percent last week, according to Bankrate.com. On larger loans, the average jumbo 30-year fixed rate stepped up to 6.7 percent. Adjustable rate mortgages were also on the rise, with the average 5/1 ARM gaining to 6.28 percent and the average one-year ARM climbing to 5.99 percent.Bankrate.com said members of the Federal Open Market Committee have talked tough on inflation in recent weeks, and a two-day meeting on Oct. 24-25 raised fears of further jawboning. While the post-meeting statement contained only subtle wording adjustments, the Fed has removed any likelihood of rate cuts coming soon. Bond yields and mortgage rates have increased as this realization has taken hold. Mortgage rates are closely related to yields on long-term government bonds.Fixed mortgage rates remain nearly one-half percentage point below the June peak, Bankrate.com reported. At the time, the average 30-year fixed mortgage rate was 6.93 percent, meaning that the monthly payment on a loan of $165,000 was $1,090. With the average 30-year fixed rate now 6.46 percent, the same loan originated today would carry a monthly payment of $1,039. The following is a sampling of Bankrate.com's average 30-year-mortgage interest rates this week in some U.S. metropolitan areas:New York - 6.45 percent with 0.14 pointLos Angeles - 6.53 percent with 0.48 pointChicago - 6.59 percent with 0.04 pointSan Francisco - 6.46 percent with 0.51 pointPhiladelphia - 6.39 percent with 0.45 pointDetroit - 6.57 percent with 0.03 pointBoston - 6.49 percent with 0.18 pointHouston - 6.41 percent with 0.57 pointDallas - 6.43 percent with 0.5 pointWashington, D.C. - 6.31 percent with 0.61 point********************************Best September ever for Austin real estate --------------------------------------------------------------------------------Steady demand for homes pushes prices higher Friday, October 27, 2006Inman News Austin, Texas, home sales set another record in September as single-family transactions rose 2.7 percent over their year-ago level, the Austin Board of Realtors reported.According to the latest Multiple Listing Service report, 2,341 single-family homes were sold last month, up from 2,280 sales in September 2005. Last month was the ninth consecutive month of year-over-year sales gains, according to statistics.The median price of single-family properties gained 3 percent from a year ago to a September record of $167,000, up from $162,000 in September 2005.The 8,203 active single-family listings in the MLS represent a 5 percent increase from September 2005, and were up from 8,137 in August. At an average of 58 days, the amount of time these listings sat on the market decreased by 15 percent, which is the shortest amount of time single-family listings have waited to sell since September 2001, when the average was 46 days."If you want proof that Austin is a real estate hot zone, all you have to do is look out your window," said ABoR Chairman John Rosshirt. "The construction cranes that have become fixtures around the skyline underscore the city's desirability. In North Austin, for example, the area around the Arboretum is the target of serious commercial development, and the home sales data complements that fact."The 1N section of Austin, which encompasses ABoR's northwest Austin neighborhood, posted particularly noteworthy numbers in September. The area's single-family home sales increased 47 percent to 69 and earned a median price of $240,000, an 18 percent increase from last year. Averaging 38 days on the market, these properties sat for 40 percent less time than they did in September 2005.The Austin Board of Realtors is a nonprofit, voluntary organization representing more than 8,500 licensed Realtors in Central Texas.*****************************Last week's credit market worries all reversed now --------------------------------------------------------------------------------Mortgage market commentary Friday, October 27, 2006By Lou BarnesInman News One week ago, the credit markets were worried by signs of a housing bottom, economic strength, inflation risk and the possibility that the Federal Reserve might have to hit us again. But, that's all reversed now: the 10-year T-note is down from 4.84 percent to 4.68 percent, with mortgages following from a high of near 6.5 percent to now under 6.25 percent.Stay centered here: we'll get the first data from October at the end of next week, and until then I'll be suspicious that this rate decline has room to run.The Fed's mid-week statement was the catalyst for sentiment change: after a recitation of economic and inflation dampers, the key line is, "Some inflation risks remain." (Not significant risks, just "some.") The Fed isn't considering an ease, but isn't going to tighten, either.Caution: the risk of rising inflation has abated, but the core rate is way above the target range. The background debate at the Fed, revealed in deep memoranda on Monday, is whether inflation can decline to the safety range with economic growth in the 2.5-3 percent range, or whether deeper slowing will be required. Also, is the noninflationary economic speed limit lower than thought?Thursday's housing news added to the sentiment switch. The same guys who shouted through September that the blown housing bubble would blast the economy then flipped to "worst-is-over" mode for two weeks, and are now back to blast. Their red flag was a 9.7 percent drop in the median price of homes sold.Be careful out there: the home-price decline came from a change in the mix of sales and says nothing about the value of an individual home anywhere. Stick with the midline of housing: the slowdown has not bottomed, and it's not in a downward price spiral, either. As a national matter, housing is entering a long-term flat patch, one not so much damaging the economy as not adding stimulus -- so far. Today we got the last leg of the bond rally on news that third-quarter GDP had grown only 1.6 percent. Growth that slow has bond optimists/economic ghouls pleased at the thought of rising unemployment, the key element for inflation reduction and Fed rate cuts.Pull on those reins for just a sec: consumer spending in the GDP report rose 3.1 percent, which was better than the prior quarter, and the weakness in GDP was overstated by statistical footsie involving the trade deficit and inventories. Orders for core capital goods rose a solid 1.1 percent in September, 11 percent year-over-year. If the economy has slipped onto a new slope of slowdown, we'll see it in the payroll and unemployment data due next Friday. Surveys show a very cranky nation, with 65 percent saying the economy is lousy, but I think the explanation is acute competition with foreign labor. Businesses are thriving, profits are huge, but the money isn't percolating to the work force. The unemployment rate is all the way down at 4.6 percent -- jobs are plentiful, but households feel they are on a hand-to-mouth edge. One way to interpret the on-edge sensation is that it's fragility. Housing is gone as a stimulus and if anything goes wrong with the consumer, that's all she wrote. At the moment, Federal Reserve Chairman Ben Bernanke's ongoing rate pause (to which I was opposed) looks like genius.Many are asking if the election will have market impact. Not in the slightest. Every bond trader holds all politicians in equal contempt. Two other news items won't move markets, but are worth the historical perspective: First, 90 percent of households in Vietnam today have TV sets, and the national fad is game shows. Second, Saddam Hussein from his jail cell begged all Iraqis to stop killing each other.The virtues of patience are easy to miss, and not just at the Fed.Lou Barnes is a mortgage broker and nationally syndicated columnist based in Boulder, Colo. He can be reached at lbarnes@boulderwest.com.******************************Consumer confidence improves in October --------------------------------------------------------------------------------But price uncertainty keeps home-purchase plans on backburner Friday, October 27, 2006Inman News Consumer confidence recorded its eighth-largest monthly gain in the October 2006 survey from the University of Michigan as consumers looked more positively on the pace of economic growth. "Declines in gas prices sparked the initial gains in late August, but the more substantial October gains were driven by the expectation of an improved pace of economic growth, larger wage gains and a low unemployment rate during the year ahead," according to Richard Curtin, the director of the University of Michigan's Survey of Consumers. Not all aspects of future economic prospects were positive. Although inflation has improved due to declines in gas prices, consumers remain concerned that an elevated inflation rate will persist during the year ahead, and consumers widely anticipate additional hikes in interest rates next year. "Despite a continued downturn in housing during 2007, the data indicate a 3 1/4 percent growth rate in personal consumption spending during the year ahead," noted Curtin.Home-price declines were mentioned by more consumers than any time during the past 15 years."Consumers remain uncertain about how much more home prices might fall and therefore reported their continued reluctance to purchase a home any time soon," Curtin said. While the data indicate continued declines in home sales well into 2007, the extent of the housing downturn may not be as severe as previously anticipated.The Index of Consumer Sentiment was 93.6 in the October 2006 survey, up from 85.4 in September, and nearly 20 points above last October's Katrina-depressed reading of 74.2. The Index of Consumer Expectations, a closely watched component of the Index of Leading Economic Indicators, rose to 84.8 in October, up from 78.2 in September and 63.2 in October of 2005. The Current Economic Conditions Index rose to 107.3 in October, up from 96.6 in September and 91.2 in October of 2005.When asked to describe what news they had heard of recent economic changes, the highest proportion in two years cited favorable developments, with more frequent references to increased employment, lower prices, and a surging stock market. Consumers expected the economy to improve, with the majority expecting good times in the economy during the year ahead, twice the level recorded last October. The renewed economic strength prompted consumers to increasingly abandon their prior expectations that unemployment would rise.Higher interest rates were also expected to result from the renewed economic strength as well as a persistently high inflation rate. "Two-thirds of all consumers now expect interest rates to increase during the year ahead," noted Curtin.Vehicle-buying plans improved in October based on the expectation that vehicle manufacturers would again offer deep price discounts. More consumers made their favorable vehicle-buying plans contingent on price discount than any time since the "employee discount" deals were offered in 2005. "Given current inventory levels, manufacturers will find it hard to avoid a return to deep discounting," Curtin added. This is especially true given the apprehensions among consumers about purchasing vehicles with low fuel efficiency, concerns that are more frequent among households most likely to purchase new vehicles.********************************Chun Liu / Team Wowwhee.Comchun@wowwhee.comwww.wowwhee.com(562) 961-1409(562) 961-1400 ext1409

Just a tidbit thought... really a tidbit...

2006-10-31T14:53:00.000-08:00

While we are here in this lovely market, people have changed and lenders have changed. People are looking to save money one way or another and trying to cut corners. What is going on? Has service become second rate to savings now? It would seem so over and over again... until time comes when it is too late to go back. What a mess of things that people make. Oh well, that is life, I guess. Time to help and figure out how to be even better!
Let us know how we can do so that you can count on us again and again!
Thanks and talk more soon!

Chun Liu

Los Angeles / Long Beach and California real estate market condition September 2006

2006-09-13T14:19:00.000-07:00

Los Angeles / Long Beach real estate median price graph above...

San Diego real estate median price graph above...

Phoenix real estate median price graph above...

Seattle real estate median price graph above...

Hello there,
Just wanted to update that even though sales seem sluggish per the accounts of news media, there are plenty of people that are interested in real estate. People keep approaching to talk about real estate here as well as out of area. It is one of the hottest topics out there.

I believe that the news media is blowing things out of proportion. Many accounts have the real estate sector as doing fine and not really a bubble bursting but rather a soft landing at worst. Forbes Magazine certainly subscribe to this feeling. They wrote an article about it that I just read! If you are interested in it, just go to Long Beach and Lakewood Real Estate and click onto the link.

Also, take a good look at Seattle real estate pricing. It looks like they will probably double in about 10 years! Pretty good looking to me!

Meanwhile, stay happy and good. I'm sure that we will make it through this at the end being very happy about things.

Thanks for stopping and and have a great day!

Chun Liu with Team WOWWHEE.com

Graphs taken from Forbes Magazine from Moody's Economy.com

Monday report from Chun Liu...

2006-07-17T19:45:00.000-07:00

Team... what a concept.

Lets use the Keller Williams acronym:

Together
Everyone
Achieves
More

I like that. Very simple yet telling.

Thanks for stopping by!

Chun Liu
Team WOWWHEE.com

Natalie Harris and the Harris name....

2006-07-14T18:28:00.000-07:00

Hello there,
Chun Liu here with Team WOWWHEE.com. Just noticed today that there are quite a few Harris families around. Part of the team... Natalie Harris, is of the Harris name as well. I guess it is like the Liu name in the Chinese world. We just keep noticing it lately, that's all. Kind of funny how when it happens, you see it so much more!

Thanks for stopping by and checking out the real estate blogs we've been putting together! Please let us know if you need help in real estate! Talk more soon!

Best regards,

Chun Liu, Real Estate Consultant for life!
(562)961-1409

Quick shout to the team...

2006-07-07T16:43:00.000-07:00

Hello team,
This is going to be a blog about the Team WOWWHEE.com. Currently consisting of Chun Liu and Natalie Harris along with Elissa Jackson as support. Look for things coming up. Thanks for stopping by!
http://www.ChunLiu.com
http://www.WOWWHEE.com