I had the pleasure of closing two short sale transactions last week, 108 Mt. Whitney Way in Clayton and 4805 Clayton Road #9, Concord.  I represented the sellers in both of these transactions which took over 6 months once the purchase offer was received by the short sale lien holder.  Each property had one loan and each of them had three different buyers before we closed.

The work of a realtor is challanging these days.  We are hoping for faster responses from the banks in the future due to the new government regulations that were released 12/1/09.  Read more about it here: New Gov’t Regulations to Speed Up Short Sale Transactions.

Today there are 547 short sale (single family residences, SFR) for sale on the Contra Costa MLS.  For those of you who don’t know, a short sale is a pre-foreclosure in which the seller is trying to sell their property for less than what is owed.

Pending short sales are currently at 1,693 (SFR) on the Contra Costa MLS.

There are 429 closed short sales (SFR) after 11/1/09 on the Contra Costa MLS.

The list below shows all of the REOs (bank owned properties) on the Contra Costa MLS.  This current list includes average list price and average square footage of single family homes for sale.

• 3 - ALAMO BANK OWNED HOMES - $2,055,000 - 4,964 square feet
• 60 - ANTIOCH BANK OWNED HOMES - $164,273 - 1,543 square feet
• 19 - BAY POINT BANK OWNED HOMES - $160,479 - 1,245 square feet
• 3 - BETHAL ISLAND BANK OWNED HOMES - $77,567 - 825 square feet
• 21 - BRENTWOOD BANK OWNED HOMES - $310,596 - 2,233 square feet
• 4 - CLAYTON BANK OWNED HOMES - $798,763 - 3,452 square feet
• 30 - CONCORD BANK OWNED HOMES - R301,010 - 1,564 square feet
• 3 - DANVILLE BANK OWNED HOMES - $822,977 - 2,810 square feet
• 14 - DISCOVERY BAY BANK OWNED HOMES - $310,071 - 2,259 square feet
• 4 - DUBLIN BANK OWNED HOMES - $487,733 - 1,891 - $258 square feet
• 1 - EL SOBRANTE BANK OWNED HOMES - $300,000 - 1,297 square feet
• 1 - KNIGHTSEN BANK OWNED HOMES - $1,200,000 - 5,152 square feet
• 2 - LAFAYETTE BANK OWNED HOMES - $874,700 - 2,598 square feet
• 22 - MARTINEZ BANK OWNED HOMES - $319,693 - 1,803 square feet
• 2 - MORAGA BANK OWNED HOMES - $802,725 - 2,231 square feet
• 31 - OAKLEY BANK OWNED HOMES - $233,042 - 2,016 square feet
• 2 - ORINDA BANK OWNED HOMES - $1,102,850 - 3,534 square feet
• 1 - PACHECO BANK OWNED HOMES - $286,000 - 1,224 square feet
• 38 - PITTSBURG BANK OWNED HOMES -$200,955 - 1,810 square feet
• 3 - PLEASANT HILL BANK OWNED HOMES - $324,600 - 1,292 square feet
• 61 - RICHMOND BANK OWNED HOMES - $169,831 - 1,395 square feet
• 2 - SAN RAMON BANK OWNED HOMES - $426,950 - 1,563 square feet
• 6 - WALNUT CREEK BANK OWNED HOMES - $710,008 - 2,356 square feet

January 5th was the first weekly meeting of the year for Contra Costa Realtors in Motion (CCRIM).  Returning as the tour captain again this year, I was pleased with the large turn out for the meeting at our new location, the Elks Lodge in Walnut Creek.  We had five properties featured on caravan tour:

• 1863 Lamplight Court, Walnut Creek, $649,900
• 1671 Alvarado Avenue, Walnut Creek, $286,000
• 400 Orchard View Avenue, Martinez, $449,000
• 4161 Cobblestone Drive, Concord, $325,000
• 713 Tonstad, Pleasant Hill, $759,700

Whether you’re in foreclosure now or worried bout it in the future, here is some information that can help.

The U.S. Dept. of Housing and Urban Development (HUD) offers an on-line guide  to prevent foreclosure.  This guide provide consumers with information such as how to contact a housing counselor; when and how to talk to their mortgage lender; how to find foreclosure resources; tips on avoiding foreclosure and foreclosure scams, as well as information for consumers who are unable to keep their home.  The guide to preventing foreclosure is available at http://www.hud.gov/foreclosure/.

Government update of the Real Estate Settlement Procedures Act takes effect 1/1/2010, mandates a standard, 3 page Good Faith Estimate that urges consumers to comparison shop for the best loan and helps them compare lenders’ fees.

HOW THIS EFFECTS CONSUMERS

1. Although the Good Faith Estimate has been in use for many years, it has never been standardized. Under the new rules, lenders and mortgage brokers are required to give consumers the new standard estimate forms within 3 days of receiving a loan application.

2. The New Good Faith Estimate form requires lenders to combine all of the bank’s fees into one “origination charge,” enabling consumers to compare lender’s fees. Lenders are forbidden from increasing the origination fee from the estimate. Some of the other fees, including title services and recording fees, can increase by as much as a combined 10 percent. Estimates for other fees, such as homeowner’s insurance and other services provided by third parties selected by the borrower, are not subject to such limits.

3. A finance professor emeritus at the University of Pennsylvania’s Wharton School advises that borrowers focus on two items as they comparison shop: the interest rate and the “adjusted origination charge,” which includes any points paid to lower the rate.

4. Another modification includes the HUD-1 form used by settlement firms in closing escrow. The new HUD-1 includes a comparison of the estimated and final costs, as well as a summary of the loan terms.

Today there are 363 single family homes in Contra Costa County on the MLS.  This number is on the rise compared to 12/09/09’s number of 314.  The new listings in the last week total 69 single family homes.  Click here for a list of the new bank owned properties in Contra Costa County.

The median price home in California continued to increase in September, driven by slim inventory levels. Inventory numbers have averaged just over 4 months for the past 3 months, suggesting that the California real estate market may be climbing back toward normalcy. A look behind the top-line numbers indicate that current conditions have resulted from a heavy dose of policy intervention and from efforts by lenders – who currently dominate the supply side of the market – to manage the flow of troubled mortgages and properties at all stages of the ‘foreclosure pipeline’ from delinquencies to REOs.