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