Home Inventory in Corona

Inventory has decreased again but only slightly! Multiple offers and overbids are the norm ... especially in the lower price ranges. 20-50 offers on one property are not unusual!
The Corona Market has reached the point where sales probably will not continue to increase significantly ... unless inventory increases also!
We have been hearing for about 18 months about the huge wave of REPOs that are about to hit the market! Bring them on! There are plenty of Buyers for them. We need more inventory!

Big Rebound in Existing-Home Sales

Despite spectacular gains in the stock market, principally from the financial sector recovery, most of the 75 million home-owning families have more wealth tied to their homes. Home values could soon turn consistently positive and help the broad base of middle-class families, but we are not there yet.

Home depreciation

How big of a problem will the foreclosures be….how much further home depreciation will there be? Watch this CNBC Video now.

Foreclosure stats

Mortgage foreclosure filings declined in September for the second-straight month, but September was still the third-highest monthly total behind July and August since real estate data firm RealtyTrac began keeping count in January 2005.September filings were down 4 percent from August, according to a report released Thursday, but they were up 29 percent compared to August 2008. Third-quarter filings were 5 percent higher than the second quarter.One in every 136 U.S. housing units received a foreclosure filing during the third quarter. "Bank repossessions, or REOs, jumped 21 percent from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters," James J. Saccacio, CEO of RealtyTrac, said in a statement.Nevada’s foreclosure rate led the nation, followed by Arizona, California, Florida, Idaho, Utah, Georgia, Michigan, Colorado, and Illinois. Unemployed homeowners are driving the increase.

Homes Sales to Rise 11 Percent / FYI

Sales of existing homes will rise 11 percent in 2010, and sales of new homes will climb 21 percent over this year, Mortgage Bankers Association Chief Economist Jay Brinkmann predicted in a speech Tuesday at the organization’s annual meeting."We still see a concentration in the lower end of the market," Brinkmann said. "The entry level homes are in demand."Brinkmann also predicted further declines in existing home prices, with the median falling to $164,200 in the first quarter of 2010.David Stevens, commissioner of the Federal Housing Administration, concurred, adding that mortgage rates will rise to 5.6 percent by the end of 2010, though not enough of an increase to discourage a 12 percent increase in mortgage applications next year.

Source: Associated Press, Alex Veiga (10/13/2009)

Corona Housing market

Wow! Corona is going crazy! The market is not only heating up ... it is already HOT-HOT-HOT all the way up through the $700,000's! Homes are selling faster than they can be listed!