Currently in San Diego, 15% of the active single family listings are bank owned. An increase from the previous month, these bank owned properties are concentrated mostly in zip codes 92114 and 92115 and typically have price points below $400,000. Additionally, of the active properties currently available, approximately 29% are short sale. These are primarily concentrated in zip codes 92102, 92105, 92114, and 92115 also with price points typically below $400,000. These zip codes also show a higher concentration of fixer properties that have been renovated for the purpose of reselling.

In December the San Diego real estate market continued to follow the trend of declining year over year sales, declining inventory levels, increasing days on market and

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Welcome to The Cascade Team Scott Wallingford.

Scott has a strong background in the banking industry and in Sales/Customer service. He will be working with Matt Jensen out on The Issaquah Highlands office. Scott has a lot of energy and is excited to get things going.

Laura Flodin will be Scott's Transaction Coordinator with The Cascade Team.

Contact info: scottw@thecascadeteam.com 425-395-6330

Banks repossessed more than 1 million homes in 2010 and this year is expected to get even worse, according to RealtyTrac, a foreclosure tracking resource. About 5 million borrowers are at least two months behind on their mortgage payments, which industry analysts say will likely lead to lenders taking back even more homes this year as borrowers continue to struggle with job losses and dropping home values.

"2011 is going to be the peak," says Rick Sharga, a senior vice president at RealtyTrac Inc.

One in 45 U.S. households received a foreclosure filing last year, a record high and a 1.67 percent increase from 2009.

Some states are harder hit than others. In Nevada alone, one in every 11 households received a foreclosure filing last year. The

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The National Weather Service is predicting up to two feet of snow for the Puget Sound area next week!

 

Rents have surged as home prices have dropped, which have prompted some to ponder whether homeownership is really worth it. Moody’s Analytics data has suggested that it makes more financial sense to rent than buy in many U.S. cities, but Moody’s chief economist Mark Zandi now says that is about to change.

"By mid 2011 and certainly by end of 2011, buying will be superior to renting in most parts of the country," Zandi says.

Home prices are expected to fall further, making more homes affordable, whereas rent prices are expected to continue to rise this year.

The following are a few of the top cities where it makes more sense to buy than rent, according to Moody data. (Experts often recommend buying when the price-rent ratio is below 15 and rent when

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Bank of America (BOA) said that it paid nearly $1.3 billion to Freddie Mac and more than $1.3 billion to Fannie Mae on Dec. 31 to resolve a faulty mortgage loan dispute involving Countrywide Financial Corp.  The $2.6 billion worth of payments to Freddie and Fannie, combined with potential losses on future repurchases from government-sponsored enterprises, adds up to $3 billion in expenses, according to BOA. Bank of America also expects to take an additional $2 billion charge to fourth-quarter results from the decline in the mortgage business, bringing the total impact to the company to $5 billion.

 "Our goals remain the same: put these issues behind us; focus on serving customers and clients; and continue to help distressed homeowners facing difficult

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Home owners can trim their monthly mortgage payments by “recasting” or “re-amortizing” their loan, without having to refinance and face hefty closing cost fees, experts say.

When recasting, the borrower pays off a lump sum of the loan’s principal and then resets monthly payments at the loan’s original interest rate and terms.

Here’s one scenario: $230,449 is left on a 30-year fixed rate loan for a $300,000 mortgage taken out at 7.93 percent in 1995. The borrower pays $20,000 toward the principal and asks the lender to reamortize their payments over the remaining 15 years of the loan. The monthly payment then drops by $52, from $2,187 to $2,135 per month. ($100,000 toward the lump sum would save $730 a month.)

Since borrowers are not asking for a new

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*Prices drop a modest 3% Year over Year
*Sales Volume increases by 3%
*Average Day on Market come down by 21 Days.

In comparing 2010 Residential Sales at Snoqualmie Ridge to 2009 overall prices were fairly flat with volume and average days on market showing slight signs of improvement.

In 2009 Snoqualmie Ridge saw 179 Single Family Home Sales. In 2010 that number increased to 185. The Average Single Family Home at Snoqualmie Ridge sold for $493,569 in 2010. That is down for an average of $509,794 in 2009. (A drop of $16,370 for the average home or just over 3%)

In 2009 the average home was: 2,823 sq ft, took 142 Days on Market to sell, had an average starting list price of $559,424 and a final SALES price of $509,795

In 2010 the average home was: 2,876 sq ft,…

We are happy to announce a new location for the Main office of The Cascade Team Real Estate. We have secured the western side office in St George Square in Gillman Village in Issaquah.

We will be opening our doors in the new location on January 1st, 2011. The address is: 355 NW Gilman Blvd., Suite 101, Issaquah, WA 98027

In celebration of the new location we are hosting a public Open House on Friday January the 7th from 4:00 until 7:00. Please feel free to stop in and say “Hello”. We will have appetizers, champagne on hand and also gifts for the public and for agents who stop in.

 

 

 

 

 

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