The Real Folsom Blog

What Happens When You Leave Usually Sunny California

Today I'm headed back to California after a week on the East Coast visiting family. Certainly didn't expect to get caught in a record snow storm  in Washington, D.C. (16.8 inches reported at Reagan National Airport). See below for proof!

Barbara, my guest blogger, and I are planning to take the rest of the year off from blogging (unless something newsworthy happens in the world of real estate that just can't wait for the new year). Until 2010, Happy Holidays to all!

Taken along Connecticut Avenue during the early hours of the blizzard.
 

Recent Folsom Home Sales Nov 22-30 '09

From November 22-30, 17 Folsom home sales were recorded by MetroList, our local multiple listing service. Sales of distressed properties are indicated by an "S" for a short sale and REO for a bank-owned property (REO, which stands for Real Estate Owned). The properties were listed and sold by various multiple listing service brokers. DOM stands for days on the market and cumulative DOM reflects how many days the property has been on the market, whether with the current agent or previous listing agent. Only a sale or the property being off the market for 30 days will reset the DOM number. Here are the details of those sales:

* 206 Willowmere Dr, 3 bed/2 bath, 1198 sq ft, sold 11/30/09 for $232,000 (103% of list price) after 72 DOM for $194 sq ft (S)
* 104 Jedediah Rd, 3 bed/2 bath, 1075 sq ft, sold 11/23/09 for $235,000 (102% of list) after 219 cumulative DOM for $219 a sq ft (S)
* 105 Burnham Ct, 3 bed/2 bath, 1371 sq ft, sold 11/24/09 for $235,000 (109% of list) after 7 DOM for $171 per sq ft (REO)
* 608 Humbert St, 3 bed/2.5 bath, 1573 sq ft, sold 11/23/09 for $263,000 (96% of list) after 35 DOM for $167 per sq ft (REO)
* 136 Goodell Rd, 4 bed/2.5 bath, 2173 sq ft, sold 11/30/09 for $303,000 (98% of list) after 30 DOM for $139 per sq ft
* 106 Grimes Wy, 4 bed/2 bath, 1787 sq ft, sold 11/24/09 for $320,000 (109% of list) after 8 DOM for $179 per sq ft (REO)
* 161 Buckingham Wy, 3 bed/2 bath, 1876 sq ft, sold 11/23/09 for $335,000 (105% of list) after 66 DOM for $179 per sq ft (S)
* 604 Plum Creek Ct, 3-4 bed/3 bath, 1979 sq ft, sold 11/25/09 for $362,000 (97% of list) after 48 DOM for $183 per sq ft (REO)
* 1133 Buckbrush Dr, 4 bed/2 bath, 2098 sq ft, sold 11/25/09 for $390,000 (97% of list) after 4 DOM for $186 per sq ft
* 139 Teceira Wy, 4 bed/3 bath, 2436 sq ft, sold 11/25/09 for $410,000 (96% of list) after 13 DOM for $168 per sq ft
* 1521 Thurman Wy, 3 bed/2.5 bath, 2436 sq ft, sold 11/24/09 for $415,000 (98% of list) after 5 DOM for $170 per sq ft
* 1213 Darling Wy, 4 bed/3 bath, 2347 sq ft, sold 11/24/09 for $420,000 (99% of list) after 3 DOM for $179 per sq ft
* 158 Cruickshank Dr, 4 bed/2.5 bath, 2436 sq ft, sold 11/23/09 for $425,000 (98% of list) after 203 cumulative DOM for $174 per sq ft
* 1860 Swinton Dr, 4 bed/4 bath, 3560 sq ft, sold 11/24/09 for $493,000 (101% of list) after 47 DOM for $138 per sq ft (REO)
* 1517 Freswick Dr, 4-5 bed/3 bath, 3162 sq ft, sold 11/30/09 for $512,000 (99% of list) after 503 DOM for $162 per sq ft (S)
* 274 Sprig Cir, 5 bed/4 bath, 3743 sq ft, sold 11/23/09 for $600,000 (100% of list) after 27 DOM for $160 per sq ft
* 652 Glen-Mady Wy, 5 bed/3 bath, 3669 sq ft, sold 11/23/09 for $625,000 (96% of list) after 75 DOM for $170 per sq ft (REO)

Of the 17 homes sold, 4 were short sales and 6 were bank-owned. The median sales price for all 17 homes was $390,000 (average days on the market: 68).

 

November Stats Point Towards Stabilization of Home Prices in Folsom

Another rally in November 2009 when the median price of homes sold in Folsom hit $365,500 (64 homes sold), up from $343,000 in October (76 homes sold). This rally is keeping with a pattern of one month up, one month down that seems to have characterized much of 2009. In the end, the price change was up just .04% from November 2008 when the median price of Folsom homes sold was $364,000. It is clear that despite the ups and downs from month to month, prices of residential properties overall have stabilized this past year in Folsom. This pattern may very well continue for a few years as typically prices don't rebound quickly after a bust. But then again nothing about this real estate bust has been typical so who knows how it will ultimately play out.

As for the other monthly Folsom market statistics, inventory is still tight (just 4.9 months versus 7 months of inventory back in November '08). Oddly enough, although the stats show a slight increase in supply during the past three months, the number of homes for sale on the last day of November (296) is the lowest since Jan. of '09 (288). In another interesting set of stats, the number of homes for sale was down 6.4% from a year ago, yet the number of homes sold was up 28% from a year ago and the number of homes under contract was up 27.7% over '08. That's all for today. Make it a great day!

Finally, Has the Government Gotten It Right on Help for Struggling Homeowners?

Here is news from guest blogger Barbara Van Duyn that many struggling homeowners will be happy to hear. Barbara is a certified mortgage planner with First Priority Financial. If you have any mortgage questions, you can reach Barbara through her Web site, www.BarbaraVanDuyn.com. 

Has the U.S. Treasury actually designed a program that will help at risk homeowners avoid foreclosure? On November 30, 2009, the Home Affordable Foreclosure Alternatives (HAFA), a supplemental program to HAMP, was announced. I have to admit that inside the 43 pages of guidelines and sample forms is information that homeowners, real estate agent, and buyers should like. It sounds good on paper but like all the housing rescue programs that have come before, getting banks and loan servicers to voluntarily participate will be key to its success … even with the financial incentives being offered. The program takes effect on April 5, 2010, but banks and loan servicers have the option to implement sooner if they choose. Here are some highlights of what qualifies for HAFA:

• homeowners who were unsuccessful in obtaining a HAMP loan modification could be considered for a short sale or deed-in-lieu foreclosure program utilizing HAFA guidelines
• the borrower’s monthly mortgage payment exceeds 31 percent of their gross income
• loan servicer must offer HAMP ineligible borrowers the HAFA program within 30 days of ineligibility
• loan does not have to be owned by Fannie Mae or Freddie Mac
• loan must have been originated on or before January 1, 2009
• loan is for the homeowner’s principal residence
• the mortgage is delinquent or default is likely
• only for a first mortgage that does not exceed $729,750

 
Some features that make the HAFA program unique compared with what sellers, buyers, and real estate agents are experiencing in today’s short sale market is: 

1. HAFA uses the borrower’s financial and hardship information collected during eligibility for HAMP, eliminating the need for additional eligibility analysis
2. allows the borrower to receive pre-approved short sale terms prior to the property listing
3. prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement
4. requires the borrower to be fully released from future liability for the debt
5. standardizes the process, documents and timeframes
6. provides financial incentives to borrowers (seller), servicers and the bank

There is more information including the DIL program, so if you have questions about how HAFA could help you avoid foreclosure, I’ll be glad to answer them. Keep in mind, a short sale is a lot more forgiving on your credit than foreclosure and the waiting period to qualify for your next mortgage will be much shorter. Until the next time, take care. Barbara

 

Recent Folsom Home Sales Nov 15-21 '09

Sales of Folsom homes kept pace the third week of November with 15 sales recorded by MetroList, our local multiple listing service. Sales of distressed properties are indicated by an "S" for a short sale and REO for a bank-owned property (REO, which stands for Real Estate Owned). The properties were listed and sold by various multiple listing service brokers. DOM stands for days on the market and cumulative DOM reflects how many days the property has been on the market, whether with the current agent or previous listing agent. Only a sale or the property being off the market for 30 days will reset the DOM number. Here are the details of those sales:

* 103 Rivage Cir, 3 bed/2.5 bath, 1501 sq ft, sold 11/18/09 for $209,000 (87 percent of list price) after 257 days on the market for $139 per sq ft (S)
* 584 Given St, 4 bed/3 bath, 1998 sq ft, sold 11/20/09 for $305,000 (100% of list) after 224 DOM for $153 per sq ft (S)
* 111 Lembi Dr, 3 bed/2 bath, 1693 sq ft, sold 11/17/09 for $317,000 (99% of list) after 22 DOM for $187 per sq ft
* 178 Winding Canyon Ln, 3 bed/2.5 bath, 2153 sq ft, sold 11/18/09 for $320,000 (91% of list) after 51 DOM for $149 per sq ft
* 754 Agostini Cir, 4 bed/2 bath, 1810 sq ft, sold 11/16/09 for $322,000 (100% of list) after 25 DOM for $178 per sq ft (REO)
* 261 Cimmaron Cir, 4 bed/3 bath, 2207 sq ft, sold 11/17/09 for $340,000 (105% of list) after 84 DOM for $154 per sq ft (S)
* 437 S. Lexington Dr, 3-4 bed/3 bath, 2125 sq ft, sold 11/18/09 for $375,000 (100% of list) after 116 DOM for $176 per sq ft
* 469 Ebi Way, 4 bed/2.5 bath, 2180 sq ft, sold 11/19/09 for $377,000 (97% of list) after 164 cumulative DOM for $173 per sq ft
* 1456 Haddington Dr, 4 bed/2.5 bath, 2584 sq ft, sold 11/19/09 for $410,000 (99% of list) after 30 DOM for $159 per sq ft
* 988 Patrick Cir, 3-5 bed/3 bath, 2750 sq ft, sold 11/18/09 for $441,000 (98% of list) after 96 cumulative DOM for $160 per sq ft
* 988 Hildebrand Cir, 4 bed/2.5 bath, 2462 sq ft, sold 11/20/09 for $455,000 (97% of list) after 37 DOM for $185 per sq ft
* 1001 Smith Way, 5 bed/3 bath, 3098 sq ft, sold 11/20/09 for $462,500 (97% of list) after 82 cumulative DOM for $149 per sq ft
* 107 Pomine Ct, 4 bed/2 bath, 2097 sq ft, sold 11/20/09 for $465,000 (97% of list) after 57 DOM for $222 per sq ft
* 736 Sturbridge Dr, 4 bed/3 bath, 2784 sq ft, sold 11/20/09 for $535,000 (97% of list) after 15 DOM for $192 per sq ft
* 388 Carpenter Hill Rd, 5 bed/3.5 bath, 3160 sq ft, sold 11/20/09 for $549,000 (102% of list) after 3 DOM for $174 per sq ft

Of the 15 homes sold, 3 were short sales and 1 was bank-owned. The median sales price for all 15 homes was $377,000 (average days on the market: 67).

p.s. The IRS has released its 2009 tax guide featuring new tax-saving opportunities, including information on: energy credits for homeowners going green and first-time home buyer tax credits. Make sure you check it out, especially if you do your own taxes.