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.