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Largest Silicon Valley real estate markets during:
Valley focus "º"º commercial real estate COMMERCIAL SPACE FOR LEASE IN SILICON VALLEY SLIPPED IN JUNE AFTER SEVERAL MONTHS REPORTING GAINS; ASKING LEASE RATES DECLINEDFor the first time in several months, the amount of commercial space for lease in Silicon Valley tightened in June,

Mortgage rates hit low: 4.54 percent for 30-year fixed loans
But loans still difficult to come by; applications rise by an anemic 2%

SunPower: SoCal builder includes solar panels on new homes
A Southern California homebuilder is offering rooftop solar panels from San Jose-based SunPower as a standard feature at three developments in Los Angeles and Ventura counties.

Home prices increase 1.3 percent in May from April
If you bought a home in San Francisco in the past year, it might feel as though the housing slump is over. Bay Area home prices have shot up 18 percent in the past year.

Who sold what, published July 31
Residential transactions in Santa Clara County, San Mateo County, San Francisco and southern Alameda County

New-home sales up, but remain slow
Despite bump from May, it's the second-weakest month

Don't hold your breath for a bounce in home prices
WASHINGTON — Thought the housing crisis was over? Not quite. Despite four years of falling prices and recent signs that they were finally bottoming out, homes are expected to lose still more value in many metro areas over the next year.

FTC bans 8 marketers from selling mortgage relief services
WASHINGTON — Federal regulators have banned eight individuals and companies from selling mortgage-relief services, settling charges that they used false advertising to deceive homeowners facing foreclosure.

Many Bay Area homeowners in real estate limbo
Tens of thousands of Bay Area homeowners are living in houses but no longer paying for them, waiting and wondering if someone will help them — or throw them out. More real estate news

Mortgage rates hit a new record low: 4.56 percent for 30-year fixed loans
Many would-be buyers, unable to qualify for a loan, sit out
 

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National Real Estate News

Miami Tower Built for Storms
A Miami-based developer is seeking to capitalize on predictions of a rougher hurricane season, which may be a marketing opportunity for him and his new tower at 1450 Brickell Ave.

LNR Property Gets $417 Million Infusion
Commercial real-estate company LNR has secured a $417 million equity infusion to help pay off a chunk of its debt.

For AvalonBay, Long Island Filled With Risk, Reward
The region near New York City is one of the nation's toughest markets to development properties. AvalonBay is undeterred.

Japan's Toyoko Inn Targets New York
Japanese no-frills hotel operator Toyoko Inn is planning to expand into the U.S. market with a 640-room tower in the New York City borough of Queens, where it plans to offer tiny rooms for rates that are among the lowest in the city.

Office Developers Revive Plans
With Europe's financial sector showing signs of stabilizing, developers have begun to dust off plans. A development boom, however, isn't likely anytime soon.
 

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From The Heart Of Silicon Vallley  (my blog)

Charming Home On Large Corner Lot
Links Kelly Agent Photo Gallery Description Shows great! Charming home with a large corner lot. Great location. Wonderful 2 Bed, 1 Bath Home. Hardwood Floors, Marble Fireplace with mantle. Bright Kitchen with Maple Cabinets and Tile. Separate dining room. Inside Laundry. Walk In Closets. Overhead storage in garage. Great Campbell Schools. Features Bedrooms: 2 Bathrooms: 1 Year Built: 1947 Garage [...]

Gorgeous Summerhill Home
Links KellyAgent Virtual Tour Photo Gallery Description Beautiful newer home in the desirable Campbell area. Situated on a fully landscaped yard with 2,683+/-sf of living space. Views of the hills!! Office or 5th bedroom, Gourmet kitchen, 10 foot ceilings and more!! Features Bedrooms: 4 Bathrooms: 3 Year Built: 2005 Lot Size: 3685 School District: Moreland Square Footage: 2683 Agent Name: Kelly Weimer Broker: Alain Pinel MLS #: 81004575 Location 2059 Heather [...]

Video: Home Crisis Investigation
From: http://agentinnercircle.com “If Timothy Geithner—the current United States Secretary of the Treasury—can’t price his home to sell…what does that say about the ability of your clients to price a home correctly in today’s market?” The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Home Crisis Investigation www.thedailyshow.com Daily Show Full Episodes Political Humor Healthcare Protests

House for Sale: Awesome location in Campbell. Wonderful opportunity to build your dream home.
House for Sale: Awesome location in Campbell. Wonderful opportunity to build your dream home. <script src=”http://www.vflyer.com/home/jsWidget?id=1470045″></script>

House for Sale: Beautiful Cambrian Home
http://eddieclay.vflyer.com/home/flyer/home/2710602 <script src=”http://www.vflyer.com/home/jsWidget?id=1326405″></script>

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USDA Rural Housing Bill Passes; Low-Income Rental Legislation Advances
One government housing program that had run out of funds months ago was revived by Congress yesterday, and another bill targeted at low-income rental housing moved a step closer to approval. The Senate yesterday passed HR 4899 to reestablish the popular U.S. Department of Agriculture Single-Family Housing Guaranteed Loan Program (Section 502 Housing) as a self-sustaining program. Also, the House Financial Services Committee approved H.R.4868 , the Housing Preservation and Tenant Protection Act of 2010 which aims to stem the loss of affordable rental housing units and prevent the displacement of low-income tenants. The Rural Housing program had run through its $13.1 billion funding by early this year and many buyers hoping to finance home purchases using Homebuyer Tax Credits were unable to...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Fannie Mae Preps Investors for Reform. Book of Business Reflects Tight Credit Conditions
In the wake of the passage of Wall Street Reform, which many opponents have criticized Capitol Hill for failing to deal with the future of Fannie Mae and Freddie Mac, the Obama Administration is beginning to present the broad outlines of how the future of the GSEs will be determined. In a letter released Tuesday , David H. Stevens, acting commisioner of the FHA, said that the question of reforming the GSEs is "not if, but when." The Obama administration, he said, has made it clear from the beginning that the current structure of the government's role in the housing finance market is unsustainable and unacceptable, but winding down Freddie and Fannie abruptly would destabilize an already fragile housing industry and put the loans already on the books of these institutions at even...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Vacancy Rate Near Historic High. America Has a "Home Problem"
As we have pointed out over the last few weeks , America has a homelessness problem; over a million individuals and families are temporarily or chronically homeless. While the statistics don't fully address this aspect, there is at least anecdotal indication that some of these people are in shelters or on the street because their own home or one they were renting was foreclosed. There is also purely anecdotal information that a lot more homeowners are hanging on by their fingernails; savings and unemployment exhausted, legal remedies gone, as lenders churn through a backlog of pending foreclosures and subsequent evictions. In other words, the problem could well get worse. It is also clear that the country is deep into what we are going to abuse poetic license to call a "home problem...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

FHA Ready to Reduce Seller Concessions. HUD Invites Industry Comment Before Implementation
HUD is preparing to implement a few new policies that will no doubt affect your pipeline/loan application process. Last week, HUD and the FHA invited public comment on three of those policy changes, which are part of FHA's strategy to "strengthen their capital reserves". The proposed changes which are either tweaks to other recent revisions or have been telegraphed by FHA and HUD in earlier Congressional testimony, notices to lenders, or press releases will: Update the combination of credit and down payment requirements for new borrowers Reduce allowable seller concessions from six to three percent. Tighten underwriting standards for manually underwritten loans FHA has been scrambling to strengthen its financial situation since an audit late in 2009 showed that the capital ratio...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Beige Book: Mixed Reads on Economy. Housing Market Definitely "Sluggish"
The Federal Reserve has released the Beige Book The Beige Book is a compilation of anecdotal information and data on current economic conditions across the country. The findings are NOT THE VIEWS OF FEDERAL RESERVE OFFICIALS ...instead, each Federal Reserve bank interviews key business contacts, economists, market experts, and other sources in their specific district. This report is published eight times a year. They call it the Beige Book because its Beige . This edition was prepared at the Federal Reserve Bank of St.Louis and is based on information collected on or before July 19, 2010. Below is a summary of the findings and a few excerpts on bank lending and housing. I called attention to some of the more important observations. Economic activity has continued to increase, on balance, since...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Refinance Demand Takes a Break While Purchase Apps Search for Bottom
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 23, 2010. The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans. In a low mortgage rate environment, a trend of increasing refinance applications implies consumers are seeking out a lower monthly payment. If consumers are able to reduce their monthly mortgage payment and increase disposable income through refinancing, it can be a positive for the economy as a whole (creates more consumer spending or allows debtors to pay down personal liabilities like credit cards). A falling trend of purchase...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

FHA Penalizes Over 1,000 Lenders for Violating Regulatory Standards
The Federal Housing Administration's Mortgagee Review Board (MRB) has revealed a list of over one thousand lenders against whom it has taken action over the last several months for violations of the agency's program requirements. Infractions ranged from failing to notify the Department of Housing and Urban Development of changes in license status or office closures, improperly displaying FHA seals on company websites or advertising materials, and using non-employees to process loans, to failing to properly process or document credit, employment and appraisal information. The actions taken by the Board included permanent withdrawal of FHA lending authority, suspensions, and fines ranging into the high six digits. "Lenders should know by now that FHA will not tolerate fraudulent...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Housing Finance Reform Now in Focus for Obama Administration
Much to the surprise of many pundits, the recently signed Financial Reform Bill did not outline guidelines for regulators to begin crafting the future of Fannie Mae, Freddie Mac, and Ginnie Mae. Although this was viewed as an oversight by most, it was the right move because it will allow our political and financial leadership to focus on FIXING THE BROKEN HOUSING FINANCE SYSTEM In April, Treasury outlined their "Housing Finance Reform" objectives . The administration's proposals will be designed to achieve four objectives. Mortgage credit should be available and distributed on an efficient basis to a wide range of borrowers. A well-functioning housing market should provide affordable housing options, both ownership and rental, for low and moderate-income households. Consumers...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Data Flash: S&P/Case-Shiller Home Price Index +0.5% in May
Standard and Poor's has released the Case-Shiller Home Price Index .... 09:00 27Jul10 RTRS -US MAY HOME PRICES IN 20 METRO AREAS RISE 0.5 PCT SEASONALLY ADJ (CONSENSUS 0.2 PCT) VS 0.6 PCT IN APRIL - S&P/CASE-SHILLER 09:00 27Jul10 RTRS -US MAY 20-METRO AREA HOME PRICES RISE 1.3 PCT (CONSENSUS 0.3 PCT) VS 0.9 PCT IN APRIL - S&P/CASE-SHILLER 09:00 27Jul10 RTRS -US MAY 20-METRO AREA HOME PRICES RISE 4.6 PCT (CONSENSUS 4.0 PCT) FROM YEAR AGO - CASE-SHILLER 09:00 27Jul10 RTRS -US MAY HOME PRICES IN 10 METRO AREAS UP 0.5 PCT SEASONALLY ADJUSTED VS APRIL - CASE-SHILLER 09:00 27Jul10 RTRS -US HOME PRICES IN 10 METRO AREAS RISE 1.2 PCT IN MAY VS 0.7 PCT IN APRIL - S&P/CASE-SHILLER 09:00 27Jul10 RTRS -US MAY HOME PRICES IN 10 METROPOLITAN AREAS UP 5.4 PCT FROM YEAR AGO - S&P/CASE-SHILLER...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

New Home Sales Rebound from Revised Record Low
The Census Bureau and the Department of Housing and Urban Development have released New Residential Sales data for June 2010. Excerpts from the Release... Sales of new single-family houses in June 2010 were at a seasonally adjusted annual rate of 330,000 . This is 23.6 percent above the revised May rate of 267,000, but is 16.7 percent below the June 2009 estimate of 396,000 . The median sales price of new houses sold in June 2010 was $213,400.... The average sales price of new houses sold in June was $242,900.... The seasonally adjusted estimate of new houses for sale at the end of June was 210,000. This represents a supply of 7.6 months at the current sales rate. Plain and Simple : New Home Sales in June rebounded from historic lows in May. Attention should be given to the fact that May survey...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.