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Local Real Estate News

Collapse of Sunnyvale project overshadows dreams for Murphy Avenue
Murphy Avenue, barely saved from the bulldozers a generation ago, is now surrounded by a behemoth commercial project that went bust in the financial crisis.   More Sunnyvale news

Homebuilders hope boomers beat path to their door again
The numbers are certainly there. By 2014, a quarter of the U.S. population '” more than 85 million people '” will be 55 or older.

Mortgage investors try to regroup after meltdown
The financial wizards who concocted the complicated mortgage-linked investments that nearly brought down the world economy are trying to come back from the dead.

Who sold what, published Feb. 6
Residential transactions in Santa Clara County, San Mateo County and southern Alameda County

Santa Clara County new home building permits hit record low
With prices down and plenty of houses still for sale in California, new-home construction dropped to a record low in 2009, with fewer homes being built both statewide and in Santa Clara County than anytime in at least 55 years.

In Santa Clara County, sales of luxury homes down in 2009
Million-dollar-plus sales fell 22 percent, from 3,055 in 2008 to 2,378 last year.

Homebuilder D.R. Horton posts quarterly profit
D.R. Horton posted its first quarterly profit in three years Tuesday and predicted it would stay in the black at least through the first half of this year.

Contracts to buy homes inch up in December
MIAMI — The number of people preparing to buy a home rose slightly in December, a positive sign heading into the spring home buying season.

New rule affects homeowners in foreclosure avoidance program
The Obama administration overhauled its struggling foreclosure avoidance program today, saying it would require homeowners seeking to ease their mortgage terms to document their financial situation before a trial modification is granted.

Who sold what, published Jan. 30
Residential transactions in Santa Clara County, San Mateo County and southern Alameda County
 

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National Real Estate News

Lenders Seize Sillerman Resort
Lenders holding the $180 million mortgage on entertainment mogul Robert Sillerman's luxury resort in Anguilla have taken over the half-built project.

Investors Lost It All in Memphis
The commercial real-estate mess is clobbering investors. Few of them are reeling as much as the 27 owners of 1023 Cherry Road in Memphis, Tenn.

(State) House Rules in Kansas Casino
Gambling in Kansas comes with a twist—the state owns the casino and sets the rules, an unusual arrangement devised by the legislature.

Connecticut, Starwood Hit Bump
Connecticut pulled off a coup when Starwood Hotels agreed to relocate its headquarters there. But now there are questions being raised over how the state sealed the deal.

Mortgage Bankers Sell Building at a Loss
The Mortgage Bankers Association sold its 10-story headquarters building in Washington, D.C., for $41.3 million, well below the $79 million it paid in 2007.

Home Builders See Daylight
Fewer write-downs and cancellations along with improved order rates are putting some lift into the depressed home construction market.

As Banks Balk, Builders Go Elsewhere
Private-equity firms are stepping into the vacuum left by banks' flight from lending to small and midsize home builders.
 

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From The Heart Of Silicon Vallley  (my blog)

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>

good article for buyers on the fence.
> Get rid of ‘buyer’s block’ > REThink Real Estate > BY TARA-NICHOLLE NELSON, THURSDAY, AUGUST 28, 2008. > Inman News > Q: I have always wanted to own my own home. I have been saving money for five years toward a down payment and I have worked hard to maintain excellent credit, with the [...]

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The Week Ahead: Treasury Auctions, Retail Sales, The Fed's Exit, Consumer Sentiment
The week ahead is a particularly slow one. The only major releases are the Trade Balance on Wednesday and Retail Sales report on Thursday. Plus, Friday will see February’s first measure of consumer confidence. With little fresh data to anticipate, the fear is that markets will continue on their downward path this week. Since January 19 the Dow has shed 5.6% while the S&P 500 has lost 6.9%. One hour before the opening bell, however, equity markets are looking stable. Dow futures are up 10 points to 10,012 and S&P 500 futures are up 3.08 points to 1,066. Meantime, WTI Crude oil is starting the week 15 cents higher at $71.34 per barrel and Spot Gold is up $1.90 to $1,068.20. The US dollar, by contrast, is lower against the majors after hitting the highest level since the summer of...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Home Sellers Still See Conditions as Unfavorable. Perspective on Shadow Inventory
A consumer survey conducted by Thomas Reuters and the University of Michigan indicates that it is sellers who are holding the housing market at low levels. In survey results released today, approximately 75 percent of homeowners who participated in the survey viewed current home buying conditions as favorable because of attractive home prices and low interest rates. However, nine out of ten of those home owners viewed the conditions for the sale of their own home as unfavorable, not because of lack of buyers, but because of price declines . The survey authors viewed these responses as predicting a long-term drag on the housing market for both economic and psychological reasons. There is, the report said, a significant barrier to purchasing a new home if the potential buyer's current home...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

The Day Ahead: Employment Situation, Unemployment Rate
Equity futures are deep in the red this morning after substantial losses yesterday. The culprit continues to be European sovereign debt concerns in Greece, Portugal and Spain, which is sending European and Asian stocks rapidly south. Labor data from the US isn’t helping as jobless claims unexpectedly rose to 480k yesterday. The big questions today are how did January employment perform, and what impact can it have on the markets? Yesterday the Dow fell 268 points, or 2.61%, putting the the industrial index into four-digits for the first time since early November. The S&P 500 performed even worse as it shed 3.1% ― its worst single-day decline in nine months ― effectively erasing three months of gains. “The deepening correction in stocks has now cut the Dow 6.7% from its January...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Fed MBS Program Update: 94% of Funding Used
The Federal Reserve today reported on their weekly purchases of agency mortgage-backed securities (MBS). In the week ending February 3, 2010, the Federal Reserve purchased a total of $17.63 billion agency MBS. In those five days the Federal Reserve sold $5.63 billion (supported the roll market) for a net total of $12 billion MBS purchases. The goal of the Federal Reserve's agency MBS program is to provide support to mortgage and housing markets and to foster improved conditions in financial markets more generally. Only fixed-rate agency MBS securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae are eligible assets for the program. The program includes, but is not limited to, 30-year, 20-year and 15-year securities of these issuers. Since the inception of the program in January...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Freddie Mac Survey: Most Rates Up Slightly in Past Week
Rates rose slightly during the week ended February 4 according to data released today by Freddie Mac. The weekly Primary Mortgage Market Survey showed that the average rate for 30-year fixed-rate mortgages (FRM) was 5.01 percent with 0.7 point compared to a week earlier when the rate was 4.98 percent with 0.6 point. The 15-year FRM averaged 4.40 percent, up one basis point from the previous week. Fees and points were unchanged at 0.6. Adjustable Rate Mortgages (ARM) rates were mixed. The five-year Treasury-indexed hybrid ARM had an average rate of 4.27 percent with 0.6 point compared to 4.25 percent with 0.6 point last week while the 1-year Treasury-indexed ARM was down to 4.22 percent with 0.5 point from 4.29 percent also with 0.5 points. Here is a summary of the survey results: Frank Nothaft...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

The Day Ahead: Stocks Weaker Before Jobless Claims, Q4 Productivity
Equity markets are in the red across the globe as investors become increasingly concerned that the Greek debt tragedy could spread to other countries in the euro zone. In the US futures are sharply lower. The Dow looks to open 48 points lower to 10,193 while futures on the S&P 500 are off 5.90 points to 1,090.50. “The US$ index is stronger this morning, as the mood is definitely ‘risk off’ with global equity markets selling off,” said Benjamin Reitzes from BMO. “The major currencies are all weaker against the greenback, except the yen which is also benefiting from the shift away from risk.” Commodities are also clearly heading downwards. WTI Crude oil down 71 cents to $76.27 per barrel and Spot Gold is trading $6.17 lower to $1,103.63. Key Events Today...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

ECON OUTLOOK: Forecasting NFP Using ADP Data. Whispers Explained
The ADP Employment Report was released this morning. 22,000 jobs were lost in Janaury 2010. This was slightly better than the expected print of 30,000 job cuts but not far from consensus. From the release ... Nonfarm private employment decreased 22,000 from December 2009 to January 2010 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change of employment from November to December 2009 was revised by 23,000, from a decline of 84,000 to a decline of 61,000. The January employment decline was the smallest since employment began falling in February of 2008." January’s ADP Report estimates nonfarm private employment in the service-providing sector increased by 38,000, the second consecutive monthly increase. However, this employment...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

The Day Ahead: ADP Employment Report, ISM Non-Manufacturing Index, Treasury Auction Terms
Equity futures are mixed after a steady incline yesterday pushed the Dow and S&P 500 up 1.09% and 1.30%, respectively. 90 minutes before the opening bell, the Dow looks to open 3 points higher at 10,227 while futures on the S&P 500 are down 0.20 points to 1,097.00. Commodities are higher with Crude oil up 18 cents to $77.41 per barrel and Gold up $0.60 to $1,118.60. With equities and commodities on the rise, the US dollar has weakened overnight. Meantime, the euro is modestly higher, trading just below $1.40. Key Events Today: 8:15 ― The ADP Private Employment Survey should be an important look-ahead at what kind of results should be expected in Friday’s official government report. Last month the report posted a loss of 84,000 private jobs, the smallest number March 2008. This...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

FY 2011 BUDGET REVIEW: Housing and Mortgage Related Proposals
The Obama Administration released the Fiscal Year 2011 Budget. To put the size of this document in perspective: the SUMMARY TABLES alone required 36 pages. The main focus of the budget: CREATING JOBS TOTAL 2011 BUDGET TO ACCOMPLISH THIS GOAL : $3.834 trillion THE WHITE HOUSE SAYS: "Having steered the economy back from the brink of a depression, the Administration is committed to moving the Nation from recession to recovery by sparking job creation to get millions of Americans back to work and building a new foundation for the long-term prosperity for all American families. To do this, the 2011 Budget makes critical investments in the key areas that will help to reverse the decline in economic security that American families have experienced over the past decade with investments in education...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Census Bureau: 130.6 Million Housing Units in the US; 18.9 Million are Vacant
The Census Bureau today released the Report on Residential Vacancies and Homeownership . This data covered fourth quarter 2009. From the release... National vacancy rates in the fourth quarter 2009 were 10.7 percent for rental housing and 2.7 percent for homeowner housing. The rental vacancy rate was higher than the fourth quarter 2008 rate (10.1 percent) and not statistically different from the rate last quarter (11.1 percent). For homeowner vacancies, the current rate was not statistically different from the fourth quarter 2008 rate (2.9 percent) or from the rate last quarter (2.6 percent). The homeownership rate at 67.2 percent for the current quarter was not statistically different from the fourth quarter 2008 rate (67.5 percent), but it was lower than last quarter’s rate (67.6 percent...(read more) Forward this article via email:  Send a copy of this story to someone you know that may want to read it.