New Listing!! 817 Cherrystone Dr – Los Gatos CA 95032
Come see this gorgeous Blossom Hill Manor Home in an incredible family orientated neighborhood! So many upgrades you won’t believe it. Exquisite attention to detail and design with neutral finishes throughout. The comfortable, spacious floor plan includes a separate family and living room, 4 bedrooms and 2 baths. Remodeled kitchen boasts granite counters, cherry cabinets, stainless steel appliances and a built-in island with table. Enjoy outdoor living in the peaceful, private yard featuring a swimming pool and sport court. Top rate Los Gatos schools and near all the awesome amenities that the town of Los Gatos has to offer. Welcome home to 817 Cherrystone Drive!
$1,299,000
Click for Virtual Tour : 817 Cherrystone Dr – Los Gatos_CA_95032.
New Listing -2643 Villa Cortona San Jose, CA $365,000
Great Condo located at Villa Cortona in Willow Glen. Situated neatly on the low hills near 87 and Almaden Expressway.
- Lot Size: 1162
- Type: Condo/Townhouse for Sale
- Floors: Two or More Stories
- Bedrooms: 3
- Baths: 2
- Half Baths: 1
- Square Feet: 1622
- Year Built: 2005
New Listing -1010 Stanford Way Ben Lomond, CA $610,000
NEWER CRAFTSMAN STYLE HOME SITUATED ON 4.35 ACRES.HARDWOOD FLOORS THRU-OUT,WALL TO WALL CARPET UPSTAIRS.VAULTED CELINGS,LARGE PICTURE WINDOW IN LIVING ROOM W/FIREPLACE,SKYLIGHTS.
•Lot Size: 5 ACRES
•Type: Single Family Residential for Sale
•Floors: Two or More Stories
•Bedrooms: 4 Baths: 3
•Square Feet: 2800
•Year Built: 2002
New Listing -180 Maricopa Los Gatos, CA $829,000
Welcome home to Live Oak Manor!! As you drive to your new home, the lush and mature landscaping welcomes you. Open the door to a sense of warmth and inviting living. Hardwood floors, updated kitchen with tons of cabinets and counter space, flowing floor-plan, converted artist studio and more…All of this, with Top Rated Los Gatos Schools and all of the amenities that the awesome community of Los Gatos offers, makes this the perfect house for family living and entertaining.
• 3 bedroom
• 2 bath
• Dual Pane Windows
• Hardwood Floors
• Updated Kitchen
• New Paint
• Air Conditioning
• Low Maintenance Rear Yard
• 1296+/- sf
• 6800+/- sf corner lot
• Converted garage to artist studio
For more information please visit:
http://vkaa.com/San_Jose_CA_listings/A8ECFB62-F47B-7251-84CE17BF75CCCC8F.shtml
New Listing- 415 Oso Viejo Boulder Creek, CA
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Shadow Inventory will prolong slump: Economists
Economists, during an annual meeting of the National Association of Real Estate Editors, shared that continuing foreclosures and an “overhang” in housing inventory will likely prolong the housing slump for several more years. Home values in many markets are still in decline, said Stan Humphries, chief economist for online real estate search and information company Zillow. And housing demand may not see a normal balance with new household formation and housing starts until 2013, said Doug Duncan, chief economist for secondary mortgage giant Fannie Mae.
The “overhang or shadow supply” of housing inventory has a lot to do with the drawn-out recovery for the housing market, he noted. Zillow also forecasts a bottom in home prices during the third quarter. The “tremendous amount of shadow inventory,” which Humphries defined as properties that are in foreclosure and not yet on the market or are seriously delinquent and not yet in foreclosure, is definitely a contributor to the stalled real estate recovery, he said. Negative equity, combined with high unemployment is the other key factor. The federal tax credit programs offered to first-time and existing homebuyers do not appear to have had a major impact in driving sales, he also said Humphries. Also, the tax credits appeared to just be “stealing demand” ahead in time, and July and August are the months to watch out for.
Here they come…!!!
The long anticipated wait for the release of a second round of REO’s appears to be coming through. Here is a list of our new listings that will be coming to you soon:
1489 De Rose #107 San Jose, CA
1053 Fair Avenue San Jose, CA
1079 Hazel Dell Road Aptos, CA
295 Ridge Dr Boulder Creek, CA
415 Oso Viejo Boulder Creek, CA
The Band-Aid Fix is hard at work!!
Here is a great article at how our government sponored programs continue to waste time and money!!
http://www.usatoday.com/money/economy/housing/2010-05-17-drop-outs-in-modification_N.htm
What is going on in my neighborhood?
Get local market conditions, homes for sale in your neighborhood and other important information for your address by following this link…
Get ready for a runaway recovery??!!
As we continue to have everyone and their brother try and predict the future, here is another one for your reading enjoyment:
From where I sit, we are starting to see the exact same indicators that preceded the last influx of increased foreclosure listings, however with one major change, most of these homes are in the middle to upper-middle class markets. I tend to beleive we will see another dip in values, as inventory levels increase. We have a wave of properties out there, from short sales to foreclosure and even traditional sales that are waiting for a rebound that may not happen for a couple more years or more…read on
SAN FRANCISCO — The financial crisis is over and the economy is growing at a fast enough clip that the Federal Reserve and other policymakers have already fallen behind the curve in preventing the next asset bubble, economist Ken Rosen said today.
Rosen, the chairman of the University of California, Berkeley’s Fisher Center for Real Estate, acknowledged that most economists are still more worried about deflation than inflation.
In an hour-long presentation as the keynote speaker at the Fisher Center’s 15th annual real estate conference, Rosen clicked through a stack of statistics and forecasts to make his case that it’s time for the Fed to raise short-term interest rates.
“The financial crisis is over,” Rosen said, but the Fed appears to be committed to keeping short-term rates at or near zero for at least six months. “I think short-term rates should be 2 to 3 percent today — we are encouraging asset bubbles in the stock market, bond markets and global real estate.”
While emergency measures taken by the government to head off a collapse of the financial system were warranted, Rosen said, there’s been “a very big bounce off the bottom,” and the low cost of borrowing is encouraging risk-taking.
Rosen predicts inflation could quickly rise to 3 to 5 percent, forcing the Fed to play catch up and raise short-term interest rates to between 3 and 4 percent within two years. The delay in raising short-term rates is “a huge mistake in monetary policy — the same mistake we made in the last cycle,” he said.
Rosen sees only a 10 percent chance of an L-shaped recovery in which the economy slips back into a mild recession, but a 35 percent chance of a U-shaped rebound with 3.5 percent growth. The most likely scenario is a W-shaped recovery, with further ups and downs, he said.
Rosen is projecting 2.2 percent economic growth this year, with unemployment falling to 9.8 percent. By 2012, he expects “more sustainable” 3 percent growth and 8.1 percent unemployment — along with higher interest rates, inflation, and taxes.
“Exploding” federal and state budget deficits and unfunded liabilities are “shocking,” he said, and are likely to lead not only to spending cuts but tax increases.
While it typically takes up to two years for the economy to start adding jobs after a recession, employers cut so deeply they can’t provide the minimum level of services and will bring 1 million workers back on their payrolls this year, Rosen predicted.
To the average person on the street, the recovery may seem weak, Rosen acknowledged. It will take three to four years to replace the 8.4 million jobs lost during the recession, he predicted.
But global demand is already putting pressure on commodities prices, and China is in the midst of a speculative real estate bubble of its own, he said.
The outlook for U.S. housing is promising — falling prices and low mortgage rates have produced dramatic improvements in affordability in many markets, and household formation is likely to drive demand for homes.
But with the Federal Reserve winding up its ongoing purchases of $1.25 trillion in mortgage-backed securities last month, mortgage rates are expected to go up.
If mortgage rates stay in the 5 to 6 percent range, that will help keep housing affordable, “but if we go to 7 or 8 percent quickly, that won’t be good,” Rosen said.
While there’s been no dramatic increase in the “spread” between mortgage-backed securities and Treasurys, “that’s the big worry — can we keep rates low?”
Demand for housing should pick up as employers hire more workers, with immigration and demographic trends also significant drivers, Rosen said.
Many unemployed workers who moved back in with their parents or are living in apartments with roommates will strike out on their own again once they find jobs.
There’s a huge wave of “echo boomers” — children of baby boomers — coming into the workforce in coming years, he noted, and immigration in this decade is expected to outpace the last.
Re-regulation of mortgage securitizations will promote conservative, sensible underwriting, Rosen predicted, meaning homeownership is unlikely to rebound to its peak of 69 percent during the boom — settling in at something closer to 66 percent, he said.
On the supply side of the equation, Rosen expects new housing production will remain below the historical norm of 1.1 million homes a year, and will take two to three years to bounce back. But he expects foreclosures to set new records in 2010 and for problems to drag into 2011.
“The shadow inventory is real,” Rosen said, and the threat is not only from foreclosures (see Inman News article: “Fears of an REO glut persist”).
There’s also the issue of pent-up supply — homeowners who are waiting for prices to stabilize before putting their homes on the market.
In the short term, the looming expiration of the homebuyer tax credit will also produce “some weakness in the second half of the year” by pushing demand forward, Rosen said.
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