Foreclosure Activity and Unemployment

According to the Mortgage Bankers Association the number of households which are behind 30 days or more on their mortgage payments has declined from 14.4% to 13.5%. As for loans which are more than 3 consecutive payments in default or in foreclosure, the number dropped to 8.7% - the lowest since the second quarter of 2009.

Banks continued to report an increase in loan modification approvals - Bank of America saw a 52% increase over the previous month. The moratorium on foreclosures remains in force for most of the major banks.

Housing starts fell by 11.7% in October over the previous month down to a seasonally adjusted rate of 519,000 – an 18 month low.

All the above factors suggest low housing inventories in the months to come.

Bay Area Home Sale Activity

Bay Area home sales generally saw a decline in October sales by more than 20% compared to the same period last year. Prices fell by approximately 2%. The slowdown is attributable in large part to the expiry of the federal tax credit.

Ruby Hill Experiences Seasonal Slowdown

The seasonal slowdown is on. There has been very little movement in the number of homes which have sold or gone pending since last month’s report. Three homes came off the market – one was rented, a couple of them were withdrawn. One expired listing made its way back. Several expired listings have not come back on the market this year as sellers hold back from selling in a declining price market. Another bank owned home came on the market – 1371 Germano Way.


November 30, 2010      Total                Bank owned share             Short Sale Share

Active                             18                        2                                        0

Pending                           12                        0                                        4

Sold to date 2010*         52                        3                                         8

*COE 01/01/10 or later



Last year a total of 43 homes sold/went pending as compared to 64 so far this year – clearly a significant improvement, despite lower prices.

If you would like further information please visit my website http://www.rubyhillliving.com/ or email me at anju@RubyHillLiving.com

California foreclosure activity in 3rd Quarter

Although California home mortgage defaults have fallen 26% from in the third quarter compared to 2009, they climbed 19 percent from the previous three months according to MDA DataQuick.


Homeowners received 83,261 default notices, up from 70,051 in the second quarter. California’s unemployment rate was 12.4 percent in September. Unemployment is the primary reason for the increasing rate of default and foreclosures.

The foreclosure moratorium announced by Bank of America and other major banks due to shoddy paperwork will continue to add to the slowdown of bank owned properties making their way to the housing supply which prevents an additional downward pressure on home prices. Additionally, according to Rich Sharga, an executive at Realty Trac there are approximately 600,000 bank owned properties nationwide which are not being marketed currently but will be released gradually as the market stabilizes.

Please contact Anju Bhatia for further information or comments: Anju@RubyHillLiving.com

Pleasanton home sales in September

In Pleasanton September home sales went down as compared to the same month last year by almost 30%, however home prices went up by 7.47%.  The decline in sales can be largely attributed to the expiry of the federal tax credit for home purchase. The easing of credit for jumbo loans has positively impacted median home prices. At current selling rates there is a 4 month supply of homes in Pleasanton, which is healthy.

Ruby Hill homes for October 2010

Interestingly, the large homes have done quite well with 11 of the homes which sold/or are pending this year being 8,000 s.f. or more. The largest of these is over $12,000 s.f. on over an acre of land! As fewer homeowners choose to sell their home in this market, the inventory is low whilst sales are continuing at a steady pace with 63 homes having sold or gone pending since the beginning of this year.


October 30, 2010     Total        Bank owned share       Short Sale Share

Active                       18                        1                               0

Pending                     11                       0                               4

Sold to date 2010*   52                       3                                8

*COE 01/01/10 or later

1773 Via di Salerno remains the only bank owned property among the 18 active properties in Ruby Hill. A total of 15 homes sold/pending since the start of this year are either bank owned/potential short sales out of a total of 63. The average price per square foot of sold properties this year is $335 and the days on market are approximately 50.

Last year a total of 43 homes sold/went pending. Clearly this year there has seen a significant increase in Ruby Hill sales activity.

Median Home Prices up in 3rd Quarter in Alameda County

Although 3rd quarter sales are down by 25% this year compared to last year in the Alameda county, median prices are up by 14% and the average days on market are down by 8 to 38 days. With the easing of jumbo loans as compared to last year, the demand for higher priced homes began to show greater strenth. Click here to read the full story.

Pleasanton home sales

Median detached home prices in Pleasanton declined compared to July to $752,500. However inventories continued to hover around a 3 month supply at the current absorption rate. The average days on market (DOM) is 58 for the Pleasanton area.
Compared to last year homes priced over $600k have been selling in higher numbers, which is very encouraging despite what is happening nationally. One significant contributing factor for higher home sales improving is that jumbo loans have been easing over the recent months.




































Compared to last year homes priced over $600k have been selling in higher numbers, which is very encouraging despite what is happening nationally. One significant contributing factor for higher home sales improving is that jumbo loans have been easing over the recent months.

Pleasanton Foreclosures in August

In August, of the 216 active properties in Pleasanton, just over 3% were bank owned and 10.65% were potential short sales.

For the 186 detached homes, the average list price for non bank owned/potential short sales was $1.238 million as compared to $640,850 for bank owned and $906,397 for potential short sale properties.

Nationally, homes sold at foreclosure accounted for 24% of all residential sales in the second quarter of 2010, according to RealtyTrac. The average price of properties sold while in some stage of foreclosure was more than 26% below the average for properties not in the foreclosure process. Default, scheduled for auction or bank-owned properties sold to third parties were up almost 5% from the first quarter, but down 20% from second-quarter 2009.

Unemployment rate stays at 9.6%

Despite an increase in private sector hiring, the September jobless rate remained at 9.6% with a net loss of 95,000. Most layoffs were among local government workers and teachers. The jobless rate has been over 9.5% for 14 straight months and many economists predict this could rise to 10%
The private sector added 64,000 jobs in September, weaker than expectations. Despite this the stock market closed over 11,000 for the first time since May, this year.

September End Data for Ruby Hill

The State of the Ruby Hill Market


The inventory remains low compared to previous years and sales remain strong with a total of 57 homes having sold or gone pending since the beginning of this year. Some owners have chosen to rent their homes rather than sell and with attractive rents.

September 30, 2010          Total      Bank owned share          Short Sale Share

Active                                  24             1                                   0

Pending                                10             0                                   5

Sold to date 2010*              47             3                                   7

*COE 01/01/10 or later


One of the 24 homes currently active in Ruby Hill one is bank owned – 1773 Via di Salerno. A total of 15 homes sold/pending since the start of this year are either bank owned/potential short sales out of a total of 57.

Foreclosure moratorium by Bank of America and others

Bank of America announced they will halt foreclosure sales in all 50 states with all the questions surrounding the legality of the paperwork used in the foreclosure procedure. Several other banks have are also following a similar path.

The recent ruling by a Florida court that IndyMac did not have the right to foreclose upon its former cliernt given that the paperwork signed by a so-called "robo-signer" who routinely signs 6000 documents a week, and therefore could not possibly do a thorough review of the case as required by law, has made many banks hold off on their own pending foreclosure proceedings.

This will clearly mean more delays in determinining the fate of homeowners who are not up do date with mortgage payments and the impact on the real estate market when these homes eventually show up as bank owned properties. Does this mean banks might speed up their response to short sales?

Foreclosure/Short Sale Anti-Deficiency Waiver Bill Fails

From C.A.R:


Governor Schwarzenegger vetoed SB 1178 (Corbett), C.A.R.'s sponsored bill that would have expanded anti-deficiency protections. California Association of Realtors sponsored SB 1178 to better protect homeowners going through foreclosure. SB 1178 would have ensured that homeowners keep the same "anti-deficiency" protections they have in the original loan after the loan has been refinanced.

California's anti-deficiency protection for "purchase money" mortgages says that if a homeowner defaults on a mortgage used to purchase his or her home, the homeowner's liability on the mortgage is limited to the property itself. The law has worked well since the 1930s to protect borrowers, ensure the quality of loan underwriting and allow borrowers brought down by financial crisis to get back on their feet.

Unfortunately, the 1930s law hasn't kept up with current times. Current law doesn't apply to loans used to refinance the original purchase debt, even if the refinance was only to gain a lower interest rate. Recent years of low interest rates have induced tens of thousands of homeowners to refinance their mortgages. During those years, almost no one realized that refinancing their mortgage to obtain a lower rate, they were forfeiting their protections and were becoming personally liable on the new note.

SB 1178 would have corrected this injustice by extending anti-deficiency protections to those who have refinanced their loans.

Prudential Ruby Hil lChanges Hands

The Prudential Ruby Hill Office which was formerly the Ruby Hill sales office responsible for all new home and lot sales, will now become the Better Homes and Gardens Real Estate office. Mason McDuffie has owned the Prudential franchise and operated its 36 offices in Northern California under the Prudential umbrella of services. Most of these offices will now switch the franchise relationship to Better Homes and Gardens Real estate brand - a national company with real estate services offered in multiple states across the US. In previous years Better Homes and Gardens Real Estate was represented in Pleasanton under GMAC ownership, a relationship which has since ended.
A major announcement celebration took place on September 29th, 2010 in San Francisco. Click on the video to learn more: http://www.youtube.com/watch?v=Nxwp0HEs_-8

Economic data remains mixed - week ending September 12, 2010

Fewer people applied for unemployment aid last week, suggesting layoffs were easing.
The trade deficit improved as more American goods were sold overseas.
The stock market continues to show improvement and the mortgage rates edged up as a result. However, the rates remain low enough to encourage home buying, if there was greater job security and consumer confidence.

Ruby Hill homes for week ending September 12, 2010

There were 24 homes on the market. Inventory remains low.
54 homes have been sold or are pending since the start of the year. The home on Lozano priced over $2.5m went pending this past week.

August Unemployment Rate inches up to 9.6%

The private sector added 67,000 jobs in August, with some of the strongest gains in health care, food service and temporary help, according to the Labor Department. That was higher than consensus forecasts, and the government upwardly revised its numbers for June and July, suggesting that job creation was slightly stronger over the summer than originally reported.
But the continuing wind-down of the 2010 Census, as well as state and local government layoffs, led to an overall loss of 54,000 jobs in August.
With businesses adding about half the number of positions needed simply to accommodate population growth — much less dent the ranks of the jobless — the unemployment rate ticked up to 9.6 percent, from 9.5 percent.
From the New York Times

Ruby Hill Statistics

Active Propeties: 24
2 have just come on the market:
4131 Parma Court @ $1,799,000 with a 30k sf lot! 4 BR and 3 1/2 baths. Built in 2004
471 Trebbiano Pl @ $99,888. 8,403 sf lot. 4 BR and 3 baths. Built in 1996

Sold or Pending since Jan 2010: 52

Inventory remains low. Sales continue to compare well to last year.

Negative Equity Figures Improve in 2nd Quarter

From CAR newsline: Nearly one quarter (23 percent) of all residential properties with mortgages had negative equity at the end of the second quarter of 2010, down from 24 percent in the first quarter, according to CoreLogic.

Foreclosures, rather than price appreciation, were the primary factor in the change, according to the report. An additional 2.4 million borrowers had less than 5-percent equity. Together, negative equity and near-negative equity mortgages accounted for nearly 28 percent of all residential properties with a mortgage nationwide.
Negative equity remains concentrated in five states: Nevada, 68 percent; Arizona, 50 percent; Florida, 46 percent; Michigan, 38 percent; and California, 33 percent.
Homes with more equity are appreciating faster than underwater homes, the report found. The average values of properties with 50 percent or more equity increased more than 1 percent between Q4 2009 and Q2 2010. Properties with 25 to 50 percent in equity increased an average of 0.2 percent in that period.

Home Values on the Rise

From CAR Newsline:
Home values rose 3.1 percent in the second quarter of 2010 compared with the first quarter, but declined 0.2 percent compared with a year earlier, according to Freddie Mac’s Conventional Mortgage Home Price Index (CMHPI).

Home values rose in all nine Census Divisions, marking the first time since the second quarter of 2009 that all Census Divisions experienced positive changes in home values. In the Pacific Division, which includes California, home values rose 3.1 percent in the second quarter of 2010. Over the last 12 months, home values increased 4.2 percent, and during the last five years, home values have decreased 14.7 percent, according to Freddie Mac.

Fewer delinquencies and foreclosures in second quarter

From the CAR (California Association of Realtors)
The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 9.85 percent of all loans outstanding in the second quarter, down 21 basis points from the first quarter, but up 61 basis points from one year ago, according to the recently released Mortgage Bankers Association’s (MBA) National Delinquency Survey.

The delinquency rate includes loans that are at least one payment past due, but does not include loans in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the second quarter was 4.57 percent, a decrease of six basis points compared with the first quarter of 2010 but an increase of 27 basis points from one year ago.

“Ultimately the housing story, whether it is delinquencies, homes sales, or housing starts, is an employment story,” said MBA Chief Economist Jay Brinkmann. “Only when we see a consistent increase in employment will we see an increase in sales and starts, and a sustained improvement in the delinquency numbers. Until we see the increase in the number of households that comes with an increase in the number of paychecks, all measures of the health of the housing industry will continue to be weak.”

Foreclosure Deficiency Rule Review

Anti-Deficiency Protection Almost There: On Thursday, August 19, the California Senate approved SB1178. This bill extends anti-deficiency protections to homeowners who refinanced their mortgages, but didn't take any cash out, and are now facing foreclosure.
According to C.A.R. under existing law, if a homeowner defaults on a mortgage used to purchase a home, the home owner's liability on the mortgage is limited to the property itself. However, homeowners who refinanced the original purchase debt, even if only to obtain a lower interest rate, were not extended the same protections. C.A.R. sponsored SB 1178 to close this loophole and extend foreclosure protections to consumers who refinance their home loans but don't take cash out as part of the refinance.

SB 1178 still must be signed by Governor Schwarzenegger
Extracted from Bay East Government Weekly Report

Mid August Jobless Claims higher

Initial unemployment claims rose to 500,000 in the week ending August 14th, a spike of 12,000 from the previous week. Economic recovery is critically dependent on creating employment. The level of new claims had fallen steadily from a high of 651,000 in March 2009 to a low of 439,000 in early February this year.

4 More Home Pending for Week ending 8/15/2010

Sales in Ruby Hill seem to be humming along with 4 more being added to the homes which went pending or were sold since the beginning of this year. This brings the total to 52 pending or sold in 2010 for the week ending July 15th. The 4 homes which went pending this past week were 1137 Via di Salerno, 2578 Grappa Ct., 473 Sangro Ct.  and 3906 Vierra St.
Looks like the buyers remain positive about for Ruby Hill values!

July California Foreclosure Status - Mixed bag

From Foreclosure Radar: , August 12, 2010 - ForeclosureRadar issued its monthly California Foreclosure Report for July 2010. Foreclosure activity was again mixed in July. Foreclosure filings and cancellations dropped after rising last month, while foreclosure sales rose after dropping last month. "Despite a tsunami of mortgage delinquencies we continue to see no signs of a foreclosure wave" says Sean O'Toole, Founder and CEO of ForeclosureRadar.com. "Lenders and government intervention continue to delay foreclosures despite their continued failure to find a long term solution to unsustainable negative equity."
For the full report click here.

Weekly Ruby Hill Update

Active           22
Pending          9
Sold YTD     39

Montori Court, 2680 sf., priced at $995,000 went pending in 2 days! There are definitely buyers out there looking to move to Ruby Hill!

2578 Grappa Court ($1.375m., 3,818sf, lot size 24,138sf) and 1907 Zenato Place ($1.89m., 4,576sf, lot size 37,176sf) were new to the market last week.

Unemployment rate - mixed bag

Last Friday's Jobs Report showed that 131,000 jobs were lost for the private and government sectors, versus the 87,000 job losses expected. To add insult to injury, the revisions for June showed nearly 100,000 more jobs lost than had been previously reported. While some of the losses were due to the government laying off temporary census workers, the private sector was also disappointing, showing 71,000 job creations for July, worse than expectations of 83,000... and well short of the market's hope of 100,000. Rounding out the report, the Unemployment Rate remained steady at 9.5%, just below the 9.6% anticipated.

So the rate is not worsening - jobs in the private sector are being created in reasonable numbers.
Hower, the unemployment rate needs to improve considerably faster, before the ripple effects are felt throughout the economy and the housing market is positively impacted.

Some Changes in Pleasanton’s Ethnicity –diversity increases

While waiting for the latest census data, it is interesting to note some figures about Pleasanton’s changing ethnicity included in the final draft of the Youth Master Plan. The ethnic composition according to the 2000 census data showed 74 percent of Pleasanton’s population was Caucasian or white, 10 percent Asian, 7 percent Latino or Hispanic, and 1.4 percent black.

According to figures obtained in 2008, the Caucasian population was 61 percent, Asian - 17 percent, Latinos comprised 9 percent, and 1.9 percent were black. Other races totaled 6 percent in 2000 and 9 percent in 2008.

The State of the Ruby Hill Market

Ruby Hill continued to show a healthy level of activity this past month. The summer inventory is low compared to previous years and sales remain strong with a total of 47 homes having sold or gone pending since the beginning of this year.

July                 Total               Bank owned share          Short Sale Share

Active              22                     0                                        1

Pending              9                     0                                       5

Sold YTD        38                     3                                       5
2010

Only one of the 22 homes currently active on the market is a potential short sale and none are bank owned. Short sale and bank owned properties can negatively impact prices as they are sold at a discount. The number of homes receiving notices of default in Ruby Hill is not significant -the first step of the foreclosure process.

For those of you who are not familiar with this process, foreclosures begin with the Trustor (borrower) not making the monthly payments to the Beneficiary (Lender). The first missed payment is technical default, but in practical terms, most Beneficiaries do not begin the process until the third payment is missed. If the Beneficiary cannot resolve the defaulted payment amount with the Trustor through forbearance or other loss mitigation measures (see HAMP below), the Beneficiary will instruct the Trustee to begin foreclosure proceedings. Many lenders prefer to accept the short sale(where the lender receives less than is owed upon the sale of the property) route rather than foreclose, as this path can be cheaper and less cumbersome. As evidenced by the numbers above, short sales make up approximately 20% of the homes which have sold or are currently pending.

Pleasanton overview

Homes are selling faster in Pleasanton as compared to this time last year, with only a 3 month supply at the current absorption rate. There has been an upward pressure on prices with median home prices up over 20% from this time last year at $822,500.
Compared to last year homes in almost every price point have been selling in higher numbers, which should lead to an optimistic outlook. So why is there such an air of uncertainty about what the future holds?

Air of uncertainty

With headlines such as “40,283 of our neighbors are in mortgage limbo” (Tri-Valley Herald) there is a question in the buyers’ minds about how many more homes might hit the foreclosure market and hence depress future prices, even though all recent trends have shown an upward trend. Many homeowners cannot afford to pay their mortgages or are choosing not to pay because they are upside down with their home values. Government is continuing to work closely with the banks to ensure that homeowners can continue to stay in their homes through the mortgage aid program known as HAMP – Home Affordable Modification Program. The success of this program and the creation of more jobs will determine of many of the homes on the default list will ever turn up as foreclosed homes.

The economy continues to show many positive signs with the stock market ending with the best monthly gain this July since 2009. Many local companies such as Chevron and Intel have had record profits this past quarter. Google has added 2,000 employees in the first 6 months of this year and Cisco Systems and Intel have indicated plans for increased hiring. There are plenty of reasons to be optimistic, but caution prevails nonetheless.

Please contact Anju Bhatia for further information or comments: Anju@RubyHillLiving.com or visit www.RubyHillLiving.com

Pleasanton Schools See Personnel Changes

Many families choose to live in Pleasanton because of the great schools here. The teachers and administration staff strive to consistently deliver high quality education while allowing children to develop their passion in sports, music, drama, speech and debate, business through clubs and extra curricular offerings.

Today some changes in personnel were announced to ensure smooth transitions. Please join me in congratulating the following people on their new assignments with Pleasanton Unified (pending Board approval):
Ben Fobert, vice principal at Amador Valley High, has been selected as the new principal at Mohr Elementary School, succeeding Robin Sehrt who accepted an assignment in another district.
Ken Rocha, vice principal at Hart Middle, has been selected as the new principal at Harvest Park Middle School, succeeding Jim Hansen who is now serving as principal at Amador Valley High.
Both Ben and Ken will start transitioning to their new assignments immediately, and discussion about filling the resulting vacancies is under discussion.
Lisa Hague will move from a teaching assignment at Pleasanton Middle School to the vice principal position there, filling the vacancy created when Aileen Parsons accepted a principalship in Dublin.

Convenient shopping, convenient access for Ruby Hill/Pleasanton residents

Ruby Hill and Pleasanton residents are fortunate for many reasons. Easy access to public transportation is a big plus. The second Dublin Pleasanton BART station is set to open later this year. This is a great alternative to driving even though highways 580 and 680 are easily accessible from most housing developments in Pleasanton, but especially so for Ruby Hill.
Another great plus is the Pleasanton Stoneridge mall with  major stores such as Macy's, Nordstroms, JC Penney and Sears. The mall is also home to some popular restaurants such as PF Chang's and Cheesecake Factory.
Please visit http://www.anju4homes.com/ for more information on Pleasanton/Ruby Hill homes for sale.

A Fun Outing for Ruby Hill Residents

Interestingly, my website and blogsite share the same name as a newly introduced magazine for Ruby Hill residents called Ruby Hill Living! The magazine is a great way to communicate with the neighbors and promote a sense of community. The editor, Carla Butler is always thinking of ways for residents to share common expeirences. Today she organised a fun outing at Michael Brandon's Hair Salon and Spa in the Hacienda complex, Dublin. Quite a treat for all the residents who showed up for hair styling, massages and facials.
One of the residents had this to say: : "I really enjoyed the whole experience. The receptionist was so friendly and welcoming - she got me a cup of tea as soon as I came in and offered some delicious fruit - blackberries, strawberries, grapes with some delicious dip! I was soon led away for my haircut with Michael Brandon himself - a very interesting individual apart from being a great stylist. The salon has a great atmosphere and decor in addition to being very conveniently located in the Haciena complex!"

Foreclosure Sales Account for 31 Percent of All Residential Sales in First Quarter According to New Report From RealtyTrac

Foreclosure Sales Account for 31 Percent of All Residential Sales in First Quarter According to New Report From RealtyTrac

Bernanke says Economic Outlook Uncertain

Fed Chairman Bernanke said that the economic outlook remains uncertain. The good news for real estate is that interest rates are likely to remain low well into next year.
In other economic news, the US Census Bureau said single family housing starts fell by 0.7% in June to a seasonally adjusted rate of 454,000. Compare this to 1.47 million homes in 2006. May and June also saw declines in building permits. A reduction in new homes can contribute to more activity in the resale market if home buyers can afford to purchase a home, which is impacted by the unemployment rate and interest rates.

The Coming Wave of Stealth Foreclosures

The Coming Wave of Stealth Foreclosures

June Home Prices Rise in Pleasanton

The median home price for the 78 single family homes which sold in Pleasanton for June 2010 was $822,500 as compared to $681,000 (total of 62 were sold) a year ago, an increase of over 20%. As of the last day of June there were 196 active homes on the market - approximately 3 month supply based on current selling rates. Such a low inventory places an upward pressure on prices.
In the million plus category, 78 homes have sold year to date as compared to 56 in the comparable period last year. High-end buyers are finding it easier to get jumbo loans and they might be sensing that the more expensive home prices might have bottomed out.
This same positive pattern is reflected in Alameda county which saw the median price increase by 19.4% in one year, even though total sales decreased by 5.1%. The foreclosure sales as a percentage of total sales were 24.3% as compared to 35.4% this time last year.
Please visit my website http://www.anju4homes.com/ for more information or call me.

Pleasanton on Money's Top 100 Places to Live

http://www.sfgate.com/cgi-bin/blogs/scavenger/detail?entry_id=67736

Pleasanton was 1 of 4 California cities to make it to Money magazine's top 100 places to live in. It was the only city in the Bay Area to make it. It came in at no. 63 and is described as a "quaint, outdoorsy, artsy, family friendly" place with one of the strongest school districts in California. "It also boasts 44 parks peppered with sports fields, picnic areas, 22 miles of walking trails and public art displays." The Firehouse Arts Center, scheduled to open by the end of this year will house a new theatre, several art galleries and classrooms. The grocery chain Safeway, which employs over 3,000 employees is also headquartered in Pleasanton.
If you are considering buying a home in Pleasanton, there are many choices, including Ruby Hill which continues to offer a wonderful family lifestyle. Please visit my website at http://www.anju4homes.com/

Banks move toward fewer Foreclosures?

Another interesting fact that was brought up a senior Wells Fargo representative at the seminar yesterday was that their bank was commited to minimizing foreclosures and move toward short sales. This has been echoed elsewhere in the news too.(see http://www.cnbc.com/id/37846778/). The representative stated that short sales and foreclosures would only be considered if loan modification attempts failed. It seemed Wells Fargo is being very proactive in communicating with their mortgage clients who were in trouble during these difficult economic times. Most of the realtors who were attending the seminar were in agreement that the Wells Fargo  short sales division had been efficient in trying to clear hurdles to completing short sales with very good response times leading to timely closings. The other 3 major banks engaged in mortgage loans are also recognising that it is better for all involved to take the short sale route as opposed to foreclosures.
Please visit my website http://www.rubyhillliving.com/ or http://www.anju4homes.com/

Home Improvement Loans Rolled into your Purchase Loan

I attended an interesting seminar presented by Wells Fargo, Lowe's and Rebuild America about FHA loans with the a repair/remodel loan rolled in. FHA loans are limited to $729k in high price areas like Ruby Hill. Repairs up to $35K can be rolled in if certain requirements are met. For conventional loans this amount is much higher. This is definitely worth looking into for buyers who don't want to tie up their own money for repairs.

Is the flip back in Ruby Hill?

Some of you might recall the times when some Ruby Hill residents would live in a house for two years and capitalize their gain by selling it. They would then buy or custom build another house and repeat the cycle. Well the falling real estate market of the last couple of years changed all of that - until more recently that is.

Although it is becoming increasingly common to hear about the flip in places such as Sacramento where investors can pick up distressed properties on the auction floor at cheap prices, that happens less often in higher priced areas like Pleasanton. As auction purchases are normally sight unseen and in addition, an all cash transaction, the risk is far greater.

In Ruby Hill, with property prices being over a million dollars, few investors have been willing to take that risk in a market where future price trends remain unpredictable.
The last couple of months however have seen at least two flip purchases - one on West Ruby Hill Drive and the other on Via di Salerno. Both properties were picked up by investors on the auction floor and put back on market as a regular sale for immediate profit. High risk. Great returns. These opportunities remain rare though. Fortunately for Ruby Hill owners, there are very few properties making their way to the auction floor!

Low inventory in Ruby Hill

This year has the lowest summer inventory seen in Ruby Hill history. With only 21 homes on the market and 45 homes either sold or pending this year, it bodes well for future prices in this exclusive neighborhood which offers a great lifestyle for people in all different stages of their lives.
For the buyers who are thinking that the prices will fall further, it is important to consider inventory. Hearsay and hunches about the liklihood of foreclosure inventory being around the corner is not supported by facts. If you are considering a home and not just an investment, this is a great time to act and purchase a home in one of the best golf course communities in the East Bay.

2168 West Ruby Hill is back on the Market

Almost 5,300 sq.ft of luxurious space, priced at $2,499,000 this property is back on the market. With very limited inventory, this property is well worth taking a look at.
Please visit my website and email me. Www.RubyHillLiving.com

Living in WIne Country

Living in wine country no longer means being on a sabbatical or taking a break from normal day to day living. Ruby Hill in Pleasanton is a place where you can comabine work and play. Immediately outside the gates of Ruby Hill are acres of vineyards with two attractive wineries - the Mitchell Katz Winery and the Ruby Hill Winery. Both offer a wonderful range of wines, large event centers and welcoming tasting rooms. Just a little further afield are another 30 plus wineries of Livermore, including Wente, which offers some fun summer concerts and an award winning restaurants.
For more information on Ruby Hill homes please visit www.RubyHillliving.com

Foreclosure activity in Ruby Hill

There is a lot of talk of foreclosures in Ruby Hill. However, the numbers do not look so grim. So far this year, 44 homes have sold or are currently pending. Of these, only 3 homes were bank owned. 9 homes were short sales. All the rest were regular sales (32 of them) The banks are agreeing to short sales rather than going through the process of foreclosing which can be rather expensive and time consuming. If you are finding it a struggle to make your monthly mortgage payments and are living in Ruby Hill, please do get in touch with me and I can advise you on the steps you need to take for a successful short sale.

What makes Ruby Hill a Great Community

New developments have been cropping up everywhere, transforming the California landscape. The transition from a new development to a community requires time and multi-pronged process. Over the decade that I have lived in Ruby Hill, Pleasanton, my family has been able to take part in muliple activities which make it a wonderful community:
The Ruby Hill gourmet club would bring 5-6 couples together each month at a different home over a 5 course meal, with great wine and conversations and the chance to meet other neighbors.
The Ruby Hill Wine Club was a casual drop in event at a host home, where neighbors could bring a bottle of wine and an appetizer and get to know each other.
The Ruby Hill Swim Team gave a chance for families to meet at swim meets and engage in healthy competition with other local swim teams.
Walking and biking groups, evening bunco, movie and book clubs are just a few of the other interest based groups that have been a lot of fun for the neighbors. Then ofcourse like any other community, the carpools and other need driven cooperative efforts bring neigbors together.
The Ruby Hill Golf club keeps the golf loving residents connected and offers many other family activities. The Ruby Hill Winery immediately outside the gated community is another popular place to congregate.
The Ruby Hill directory of residents is a great tool to keep everyone connected with invaluable information on resident babysitters! The monthly newsletters - the Ruby Hill Grapevine - have become less frequent although a new magazine called Ruby Hill Living has made its debut in an attempt to keep residents informed and connected.
The great thing about Ruby Hill is that each new resident has the tools to start some new neighborhood initiative to bring the community even closer!
Please visit my website RubyHillLiving.com to learn more about this community and all that it has to offer.

Ruby Hill Pleasanton vs Fremont

If you commute to the South Bay. it is definitely worth comparing the Ruby Hill commute to Fremont's. I was speaking to someone who felt Fremont was as far as they would consider for their job commute to San Jose. Ever since the Highway 84 widening, it takes approximately 10 minutes to get to Fremont from the Ruby Hill east gate. At Ruby Hill, families can experience a wonderful lifestyle, beautiful homes, golf course/vineyard setting, a gated entry, community facilities including tennis courts, swimming pool, picnic area and more. Homes in Ruby Hill are more aggressively priced than comparable homes in Fremont. On top of it all your children have access to highly rated Pleasanton schools and the quaint charm of the Pleasanton downtown. Check it out!

Ruby Hill home sales in May

Despite a nationwide slowdown of home sales in May, Ruby Hill home sales did well in May. Of the 44 homes that have already closed or gone pending since the beginning of this year, 9 were sold/pending in May - a big percentage. Most these homes were on the market for less than 2 months and some under 2 weeks! The price of these homes ranged from just over 1 million to just under 3 million. Compare this to the nationwide index for pending home sales which fell by 30% from April.
Last year a total of 42 closed or went pending in Ruby Hill. This year has overtaken last year with just 6 months into the year.

What's happening with Ruby Hill Real Estate

This year has been pretty good so far, with 43 homes sold or pending and 26 active - that is less than a 6-month supply.