Wednesday, February 27, 2008

California Market Analysis

Existing Home Sales are up this month in the State of California from 287,600 last month to 301,040 this month. That is a 4.7% increase in sales. Good News for real estate for 2008! The Economic Stimulus Package passed earlier this month will raise conforming loan limits. The California Association of Realtors estimates this change will result in more than 300,000 additional home sales and strengthen home prices by 2-3%. With the current low interest mortgage rates, an unprecedented increase in the conforming loan limits, and buyers coming off the sidelines to buy, 2008 should prove to be the start of the housing rebound.

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Sunday, February 24, 2008

Increased Loan Limits for Ventura County

The Economic Stimulus Package was signed around the middle of February. The package includes a provision to increase conforming and FHA loan limits in high cost areas temporarily through the end of 2008. Ventura County Real Estate will be impacting positively by this increase. HUD has 30 days from the signing to determine the new loan limits for each area. The new limits will be determined by increasing them to 125% of the areas median home price. Ventura County's median home price in December, according to the California Association of Realtors, was $523,000. If we were to estimate, we should get an increase to the $650,000 range, however, a recently released communication from the California Association of Realtors would only say that Ventura County is estimated to see an increase in excess of $575,000. Stay tuned here for more updates as they come in.

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Saturday, February 23, 2008

Ventura Condo Just Sold!

3 Bedroom, 2 Bath Ventura Condo
Centrally located condo with pool, spa, and tennis courts just closed escrow!

Sold for $215,000

Good time to invest? Maybe.

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