real estate

California’s housing market started the New Year still bearing the scars of 2014’s tight housing inventory and low housing affordability. Statewide home sales not only fell from December 2014, but from January 2014 as well, the California Association of Realtors (C.A.R.) recently announced. 

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 351,890 units in January, according to information collected by C.A.R. from more than 90 local Realtor associations and their multiple listing services statewide.

Oakmont of Mariner Point, a luxury senior living community, invites the community to view model homes specifically designed to serve Alameda County’s aging population. The community, located at 2400 Mariner Square Dr., is scheduled to open for move-ins this spring and is now accepting reservations. Onsite walk-in and scheduled appointments are welcome from 9 a.m. to 5 p.m., seven days a week.

If things turn out in 2015 as the California Association of Realtors’ (C.A.R.) chief economist Leslie Appleton-Young predicts, the number of homes sold in California will rise while the prices for these homes will remain relatively flat. Appleton-Young expects the median price for a California home to go up by just 5.4 percent — $22,500 — from the $455,500 2014 median home price to $478,000 this year. This rise in prices amounts to less than half of the projected 11.8 percent price increase experienced in 2014.

An improving economy and increasing home sales are keeping mortage rates low. Rates for the both 30-year and 15-year fixed-rate mortgages remain below 4 percent, virtually unchanged at near-historic lows. Freddie Mac’s Nov. 26 Primary Mortgage Market Survey showed that the 30-year fixed-rate mortgage stood at 3.97 percent, down just 2 basis points from Nov 19. In the last week of November 2013, this bellwether rate averaged 4.29
percent.

Street, tract names recall a piece of Alameda’s lost educational history

Homeowners on the 2800 block of San Jose Avenue own property with a chain of title that stretches back to San Francisco Sheriff and Texas Ranger Jack Hays and his deputy and fellow Texas Ranger John Caperton. The pair sold the property to Peder Sather (of Sather Tower and Sather Gate fame), who in turn leased it to Alameda’s Methodist community.

After steep increase in August, September home prices ease up, according to C.A.R. report

California home sales remained firm in September, as home price gains eased back from an unusually high increase in August, the California Association of Realtors (C.A.R.) recently reported.

Mortgage rates for the both the 30-year and 15-year fixed-rate mortgages remain near historic lows.

Freddie Mac’s Oct. 30 Primary Mortgage Market Survey showed that the 30-year fixed-rate mortgage stood at 3.98 percent, up 6 basis points from Oct. 23. In the last week of October 2013, the 30-year fixed-rate mortgage averaged 4. 10 percent.

The 15-year fixed-rate mortgage rose 5 basis points from last week’s 3.08 percent to 3.13 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.20 percent.

With more available homes for sale, California’s housing market will see fewer investors and a return to traditional home buyers as home sales rise modestly and prices flatten out in 2015.

This according to the California Association of Realtors’ (C.A.R.) recently released 2015 California Housing Market Forecast.

Community Meetings Set

The East Bay Municipal Utilities District (EBMUD) has announced special meetings regarding the district’s response to the ongoing drought. The public is invited to these special meetings to hear the latest from EBMUD’s Board of Directors on:

 The status of current and projected water supplies;

 The cost of the drought and potential drought rates; and

 The best water-saving tips from conservation professionals.

Positive news has little effect

Rates for the both the 30-year and 15-year fixed-rate mortgages remain virtually unchanged despite good economic news on two fronts

Freddie Mac’s Oct. 2 Primary Mortgage Market Survey showed that the 30-year fixed-rate mortgage stood at 4.19 percent, down just 1 basis point from Sept. 25.

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