ZIP Codes Where Homes Sell Above List Price
Nine of the best-selling ZIP codes in the U.S. during the first quarter of 2010 — where homes sold for more than the asking price — were in California, according to a report released Wednesday by ZipRealty.
The market with the highest percentage of sales above asking price was in Chicago.
In some markets, sellers in move-up neighborhoods are putting homes up for sale, but there is still not a lot of inventory, so the market in those attractive ZIPs can be competitive, says ZipRealty Marketing Director John Oldham.
Here are the 10 ZIP codes where homes sold for more than the asking price in the first three months of 2010:
1. Chicago-Loop, 60603
2. Emeryville-Oakland, Calif., 94608
3. Oakland, Calif., 94621
4. Los Angeles, 90063
5. San Jose-East Valley, Calif., 95122
6. San Pablo, Calif., 94806
7. Los Angeles-Compton, Calif., 90222
8. Lathrop (San Joaquin County), Calif. 95330
9. Oakland, Calif., 94606
10. Oakland, Calif., 94603
Source: San Francisco Chronicle (04/22/2010)
In This Issue:
Conventional Residential Lending Report
Environment Report
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Conventional Residential Lending Report
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| NAR Submits Comments on GSE Affordable Housing Goals for 2010 and 2011 |
| On April 12, 2010, NAR President Vicki Cox Golder submitted a letter to the Federal Housing Finance Agency (the regulator of Fannie Mae and Freddie Mac) commenting on its proposed affordable housing goals for Fannie and Freddie for 2010 and 2011. The letter generally supports the proposed goals as consistent with NAR’s support for reasonable affordable housing goals that are consistent with sustainable homeownership. The goals are designed to avoid encouraging “uneconomic or high-risk activities” by Fannie and Freddie.
NAR’s Comment Letter to FHFA >
Contacts: Jeff Lischer, 202-383-1117
Contacts: Tony Hutchinson, 202-383-1120
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Environment Report
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| Flood Insurance Update |
| On April 15, 2010 Congress passed, and President Obama signed, legislation to renew the National Flood Insurance Program (NFIP) through May 31, 2010. Congress allowed the NFIP to expire on March 28, 2010. By law, flood insurance is required for the purchase of real estate in a 100-year floodplain. The lapse in flood insurance resulted in many delayed, and even cancelled, transactions. During the lapse period NAR worked with Federal agencies, GSEs and bank regulators to clarify what lenders and insurers may and may not do to help work through the program’s expiration. NAR will work closely with our congressional allies to help ensure a lasting reauthorization and extension prior to the May 31 deadline.
Visit NAR’s Homepage on Natural Disaster/Flood Insurance >
Contacts: Austin Perez, 202-383-1046
Contacts: Russell Riggs, 202-383-1259
Contacts: Helen Devlin, 202-383-7559 |
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Now is the time for a very rare opportunity for up to $18,000 in combined tax credits from the Federal and State for homebuyers. To take advantage of both tax credits, a first time homebuyer must enter into a ratified purchase contract for a principle residence by the end of this month of April and close the transaction between May 1, 2010 and June 30, 2010. Buyers who are not first time homebuyers may qualify for up to $16,500 under these same guidelines if they have lived in their home for the last 5 consecutive years out of 8 years and as permitted under Federal Law and they purchase a home as their primary residence that has never been previously occupied as provided under California Law, basically, for the most part, a brand new home.
The $8,000 Federal Tax Credit expires at the end of the month. This credit does have income guidelines for buyers for the full $8,000. If a buyer makes over the income limit, it is possible to get a portion of the credit. Refer to your tax person to find out how much you would qualify for in credits. To receive the full credit, a single homebuyer income limit is $125,000 and married couple limit is $225,000.
For the $10,000 State Tax Credit, there is no income limit and the credit is spread over 3 consecutive years. Also, the homebuyer has to live in the home as a principle residence for 2 years or pay back the credit. Unlike the Federal Tax Credit, the State Tax Credit is on a first come, first serve basis. The State is allocating $100 million to new homes and $100 million to existing homes. Once the money is used up, the program will end.
I love this program, you can use me as a reference! ~ Ann Richards, J. Rockcliff Realtors Danville
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For most people, the hundreds of thousands spent on mortgage interest is the number-one barrier to building wealth. Worse, most “homeowners” will retire with a mortgage. Will you? Will your clients?
Join us as we discuss the revolutionary home loan that could put you and your clients on the road to mortgage freedom faster and more easily than you ever thought possible.
Call Erin or Kathleen and we will be delighted to introduce you to the Home Ownership Accelerator® — an innovative home loan which uses your own cash flow to help you potentially save tens or hundreds of thousands of $$$$
The Meredith Mortgage Team
“We Will Always Have Your Best
Interest In Mind”
Erin & Kathleen
Certified Mortgage Planning Specialist
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The Bay Area’s Premier Banker & Mortgage Team
Erin Direct: 925.918.0585
Kathleen Direct: 925.735.6621
kmeredith@cmgmortgage.com
emeredith@cmgmortgage.com
http://www.homeownershipaccelerator.com
For most people, the hundreds of thousands spent on mortgage interest is the number-one barrier to building wealth. Worse, most “homeowners” will retire with a mortgage. Will you? Will your clients?
Join us as we discuss the revolutionary home loan that could put you and your clients on the road to mortgage freedom faster and more easily than you ever thought possible.
Home Ownership Accelerator® — an innovative home loan which uses your own cash flow to help you potentially save tens or hundreds of thousands of $$$
http://www.homeownershipaccelerator.com
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