Sunday, November 26, 2006

"Good Time to Buy"

The market transition is good news for home buyers, says NAR’s new president, Pat Vredevoogd Combs. “With the supply of homes at the highest level in over a decade and historically low mortgage interest rates, it’s become a great time to buy a home,” says Combs, vice president of Coldwell Banker AJS Schmidt in Grand Rapids. “This window of opportunity will continue into the new year, but inventories are starting to decline and sellers will be less willing to negotiate when conditions begin to balance in most areas around early spring.”

Search the MLS for Ventura County Homes at:
www.VenturaRealEstate.org

Saturday, November 18, 2006

New Listing - Ventura Hillside Home - Ondulando

Just Listed! Wonderful home in the foothills of Ventura on 1/3 acre with 2000 square feet of living space. You'll love the peaceful setting and the schools are award winning - Poinsettia, Cabrillo, and Ventura High School. $819,000

More information and pictures at:
www.VenturaRealEstate.org

Friday, November 17, 2006

Real Estate is a Face to Face Business

The role of the REALTOR® continues to be an important factor in the real estate transaction for consumers, according to NAR's "2006 Profile of Home Buyers and Sellers." Despite the increasing use of technology during the home search process, 81 percent of buyers who used the Internet to search for a home purchased their home through a real estate agent. According to the study, buyers listed several benefits to using an agent, including the agent's knowledge of the home buying process, the property, and the area. Additionally, word of mouth recommendations continued to be the leading way buyers found their agent. The survey also found that more than 80 percent of sellers used a full service brokerage, while 9 percent used limited services. The percentage of for sale by owner transactions has decreased over the last few years, reaching a record low of 12 percent this year.

Search the MLS for Ventura County Real Estate at:
www.VenturaRealEstate.org

Thursday, November 16, 2006

Realty Executives Hosts Annual Client Appreciation Party

Realty Executives Coastal Cities in Ventura will host their annual Client Appreciation Party from 4:30 - 7:30 at 2953 Telegraph Road. The annual event is held in appreciation of clients that buy and sell Real Estate with Realty Executives in Ventura, or may do business in the future. Food, drink, and local vendors will be on hand to jump start your holiday shopping. See you there!

Search the MLS for Ventura County Real Estate at:
www.VenturaRealEstate.org

Friday, November 03, 2006

NCRC Files FTC Compaint Against Zillow.com

The National Community Reinvestment Coalition (NCRC) filed a consumer protection complaint to the Federal Trade Commission (FTC) alleging Internet financial service and real estate provider Zillow.com is misleading consumers, real estate professionals and financial service in on-line home valuations.

According to NCRC, Zillow.com - who represents to offer unbiased valuation to over 67 million homes across the country - knowingly uses an automated valuation model (AVM) that is highly inaccurate and misleading.

"Zillow is placing the American dream of homeownership at risk for countless working families" says John Taylor, NCRC President and CEO. "For a company that represents to consumers that they are the "Kelley Blue Book of Homes," this is a very dangerous situation. We call upon the FTC to intervene and ensure that Americans receive accurate appraisals and valuation information to protest the single most important investment of their lives: their home."

Recently Zillow entered into partnership with Yahoo! to offer home valuations services to a larger market. However, in the FTC complaint, NCRC charges Zillow with falsely representing to the public that its on-line valuations are within ten percent of the home selling price. It further states the Zillow has a less than 30% accuracy rate when offering the valuations for public consumption.

"NCRC and its members are aware of a growing number of real estate and lending processionals who use the misinformation on Zillow.com to perpetrate fraud in our nation's markets, often by targeting consumers in violation of Federal and State Fair Housing Laws." continues Taylor. "During this time in our economy when the real estate market is changing and consumers are already at risk of being over extended due to the increased access to non-traditional loans, Zillow's misinformation exacerbates the situation. Practices like theirs undermines the critical importance of valuation protections that benefit consumers and lenders alike, and guide the actions of all valuation professionals."

The complaint further alleges that Zillow.com's over and under valuations are causing substantial injury to consumers nationwide when they consider selling their home, using their home equity or buying or refinancing property.

Vicky Cassens Zillioux, a member of the Center for Responsible Appraisals & Valuations (CRAV) Partners Council and a respected valuation professional affiliated with Strategic Development Worldwide, commented on the significance of the FTC filing. "Valuing a property for a financial decision is not a game - and should not be treated lightly by the consumer, lender, or the vendor supplying that value. When you consider how much testing and due diligence the banking regulators require for lenders to use AVMs, it seems that a similar level of accuracy should be expected by the consumer at www.Zillow.com"

The complaints can be downloaded in PDF format at www.NCRC.org or www.responsibleappraisal.org . Consumers who believe that they have been victimized by discriminatory and/or predatory lending practices may contact NCRC's fair housing and Consumer Rescue Fund stagg eith on-line at www.NCRC.org or by calling 800-475-NCRC.

Thursday, November 02, 2006

Press Release from the Federal Reserve Release

The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5 1/4 percent.

Economic growth has slowed over the course of the year, partly reflecting a cooling of the housing market. Going forward, the economy seems likely to expand at a moderate pace.

Readings on core inflation have been elevated, and the high level of resource utilization has the potential to sustain inflation pressures. However, inflation pressures seem likely to moderate over time, reflecting reduced impetus from energy prices, contained inflation expectations, and the cumulative effects of monetary policy actions and other factors restraining aggregate demand.

Nonetheless, the Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.