Saturday, June 25, 2005
Community Garage Sale
Mission Palo Alto will be having a community garage sale on July 9 & 10. The gates will be open during the day on both Saturday and Sunday from 8:00 AM to 3:00 PM. Please feel free to open your garage or use your carport and sell your junk or treasures away.
There will be advertising in local newspapers as well as street signage.
For more information, ask Jennifer Jackson (111) or Clara Starr (112).
There will be advertising in local newspapers as well as street signage.
For more information, ask Jennifer Jackson (111) or Clara Starr (112).
Thursday, June 23, 2005
Supreme Court Rules Cities May Seize Homes -- Associated Press
Supreme Court Rules Cities May Seize Homes: "A divided Supreme Court ruled Thursday that local governments may seize people's homes and businesses against their will for private development in a decision anxiously awaited in communities where economic growth often is at war with individual property rights.
The 5-4 ruling — assailed by dissenting Justice Sandra Day O'Connor as handing 'disproportionate influence and power' to the well-heeled in America — was a defeat for Connecticut residents whose homes are slated for destruction to make room for an office complex. They had argued that cities have no right to take their land except for projects with a clear public use, such as roads or schools, or to revitalize blighted areas.
As a result, cities now have wide power to bulldoze residences for projects such as shopping malls and hotel complexes in order to generate tax revenue."
The 5-4 ruling — assailed by dissenting Justice Sandra Day O'Connor as handing 'disproportionate influence and power' to the well-heeled in America — was a defeat for Connecticut residents whose homes are slated for destruction to make room for an office complex. They had argued that cities have no right to take their land except for projects with a clear public use, such as roads or schools, or to revitalize blighted areas.
As a result, cities now have wide power to bulldoze residences for projects such as shopping malls and hotel complexes in order to generate tax revenue."
Tuesday, June 21, 2005
Hazards of option ARMs -- Kathleen Pender, San Francisco Chronicle
Hazards of option ARMs: "Interest-only mortgages have gotten a lot of ink lately, but there's another type of potentially risky home loan that deserves even more scrutiny, according to some in the real estate industry.
Known as an option ARM, it's an adjustable-rate mortgage that typically lets borrowers choose one of four different payments each month. From smallest to largest, they are: a minimum monthly payment, an interest-only payment, full principal and interest amortized over 30 years, or full principal and interest amortized over 15 years."
Known as an option ARM, it's an adjustable-rate mortgage that typically lets borrowers choose one of four different payments each month. From smallest to largest, they are: a minimum monthly payment, an interest-only payment, full principal and interest amortized over 30 years, or full principal and interest amortized over 15 years."
Housing market tumble forecast / Economists see bubble bursting by late next year -- Kelly Zito, San Francisco Chronicle
Housing market tumble forecast / Economists see bubble bursting by late next year: "A long-predicted correction in the high-flying housing market could steer the economy into a recession as early as late 2006, according to a forecast to be released today.
Economists at the prominent UCLA Anderson Forecast have anticipated a real estate downturn for a couple of years, but they have stepped up their warnings in their latest quarterly report.
The reason? Home values simply have flown too high, too fast. In California, for example, home prices have vaulted 70 percent in the past five years, compared with 55 percent in the mid-1970s and 45 percent in the late 1980s."
Economists at the prominent UCLA Anderson Forecast have anticipated a real estate downturn for a couple of years, but they have stepped up their warnings in their latest quarterly report.
The reason? Home values simply have flown too high, too fast. In California, for example, home prices have vaulted 70 percent in the past five years, compared with 55 percent in the mid-1970s and 45 percent in the late 1980s."
Monday, June 20, 2005
Real Estate Speculation Pushing Up Prices -- Associated Press
Real Estate Speculation Pushing Up Prices: "Home builder Marsha Elliott is selling two units in a brand new stucco and stone duplex. But the buyer isn't planning to move in or rent.
Hoping to capitalize on rapidly rising home prices, the buyer intends to sell the units shortly after the July closing, Elliott says. It's part of the speculative activity in the sizzling housing market that is drawing concerns from Federal Reserve Chairman Alan Greenspan and others."
Hoping to capitalize on rapidly rising home prices, the buyer intends to sell the units shortly after the July closing, Elliott says. It's part of the speculative activity in the sizzling housing market that is drawing concerns from Federal Reserve Chairman Alan Greenspan and others."
Friday, June 17, 2005
Home prices in Bay Area set another record in May - Kelly Zito, San Francisco Chronicle
Home prices in Bay Area set another record in May / Pace of appreciation slows, signaling possible cooling in market: "Bay Area home prices in May hit their 10th record in 12 months. But the rate of appreciation is cooling, hinting at a gradual slowdown in the market, according to analysts at a real estate information firm.
As consumers continued to plow money into real estate rather than less attractive investments, the median price for a single-family home in the nine- county region reached $630,000 in May, 1.3 percent above the previous record of $622,000 in April and 18.9 percent above May 2004's $530,000 median, said a monthly housing report from DataQuick in La Jolla (San Diego County)."
As consumers continued to plow money into real estate rather than less attractive investments, the median price for a single-family home in the nine- county region reached $630,000 in May, 1.3 percent above the previous record of $622,000 in April and 18.9 percent above May 2004's $530,000 median, said a monthly housing report from DataQuick in La Jolla (San Diego County)."
Thursday, June 16, 2005
Rates on 30-Year Mortgages Climb -- Associated Press
Rates on 30-Year Mortgages Climb: "Rates on 30-year mortgages rose last week for the first time in five weeks, according to a nationwide survey.
Mortgage giant Freddie Mac said Thursday its weekly survey showed that rates on 30-year, fixed-rate mortgages averaged 5.63 percent, up from 5.56 percent last week.
It marked only the second increase in the past 11 weeks."
Mortgage giant Freddie Mac said Thursday its weekly survey showed that rates on 30-year, fixed-rate mortgages averaged 5.63 percent, up from 5.56 percent last week.
It marked only the second increase in the past 11 weeks."
Calif. home prices hit new highs in May but gains in value slow -- Associated Press
Calif. home prices hit new highs in May but gains in value slow: "Strong demand by buyers amid an inventory crunch helped drive the price of California homes and condos to a new high in May, but gains in value slowed for the fourth month in a row, an analyst said Thursday.
The statewide median price paid for houses and condominiums hit $427,000 — up 16 percent from $368,000 a year ago and nearly 1 percent from $424,000 in April, according to real estate research firm DataQuick Information Systems."
The statewide median price paid for houses and condominiums hit $427,000 — up 16 percent from $368,000 a year ago and nearly 1 percent from $424,000 in April, according to real estate research firm DataQuick Information Systems."
MercuryNews.com | 06/16/2005 | South Bay home prices jump again
MercuryNews.com | 06/16/2005 | South Bay home prices jump again: "Plenty of economists are warning that home prices can't keep rising, but so far no price bubble seems to be bursting in the Bay Area.
The median price of resale houses that changed hands in the Bay Area rose to $630,000 in May, up nearly 19 percent from May 2004.
In Santa Clara County, prices climbed nearly 17 percent, to a median figure of $690,000, the sixth consecutive month of price increases."
The median price of resale houses that changed hands in the Bay Area rose to $630,000 in May, up nearly 19 percent from May 2004.
In Santa Clara County, prices climbed nearly 17 percent, to a median figure of $690,000, the sixth consecutive month of price increases."
A look at future of housing -- Kathleen Pender, San Francisco Chronicle
A look at future of housing: "Five chief economists from the real estate and mortgage industries gave their midyear housing outlook Wednesday. Not surprisingly, they were all bullish on housing, some more than others.
'Yes, there is froth in the markets, but you know froth can be healthy,' said David Lareah, chief economist with the National Association of Realtors. 'It's not a bad word. And unfortunately the media, I think, has really been carried away with the word 'froth,' just like they were with 'irrational exuberance' in the stock markets. ... I could think of froth as effervescence rather than some popping of bubbles.'"
'Yes, there is froth in the markets, but you know froth can be healthy,' said David Lareah, chief economist with the National Association of Realtors. 'It's not a bad word. And unfortunately the media, I think, has really been carried away with the word 'froth,' just like they were with 'irrational exuberance' in the stock markets. ... I could think of froth as effervescence rather than some popping of bubbles.'"
Friday, June 10, 2005
Greenspan wary of mortgages / Easier terms raise prices, create froth -- Joel Havemann, Los Angeles Times
Greenspan wary of mortgages / Easier terms raise prices, create froth: "Washington -- Federal Reserve Chairman Alan Greenspan warned Thursday that new, liberal kinds of mortgages are helping to drive up home prices and fueling the danger of a sharp price decline.
Greenspan said low-interest-rate mortgages also are contributing to 'froth in some local markets.' He said he continues to be bewildered by the decline in mortgage rates and other long-term interest rates even as the Fed is beginning the second year of its campaign to raise short-term rates."
Greenspan said low-interest-rate mortgages also are contributing to 'froth in some local markets.' He said he continues to be bewildered by the decline in mortgage rates and other long-term interest rates even as the Fed is beginning the second year of its campaign to raise short-term rates."
Monday, June 06, 2005
Interest-Only Mortgages All the Craze -- Michael Liedtke, Associated Press
Interest-Only Mortgages All the Craze: "Once a frustrated renter, Chris Economou is now a happy homeowner, enjoying a splendid view of San Francisco and an $80,000 increase in his property's value since he bought the one-bedroom condominium for $435,000 a year ago.
He credits his good fortune to an interest-only mortgage, an increasingly popular — and risky — loan that enables borrowers to lower their monthly payments enough for several years to afford rapidly escalating home prices in expensive markets like the San Francisco Bay area. Economou estimates he saves $1,000 a month by having his interest-only mortgage instead of a traditional 30-year fixed rate loan."
He credits his good fortune to an interest-only mortgage, an increasingly popular — and risky — loan that enables borrowers to lower their monthly payments enough for several years to afford rapidly escalating home prices in expensive markets like the San Francisco Bay area. Economou estimates he saves $1,000 a month by having his interest-only mortgage instead of a traditional 30-year fixed rate loan."
Sunday, June 05, 2005
Selling house at a loss could have nasty tax implications -- Kathleen Pender, San Francisco Chronicle
Selling house at a loss could have nasty tax implications: "Everyone knows residential real estate is a wonderful tax shelter. What's less well known are some of the tax disadvantages that can bite homeowners when they sell at a loss or wind up losing a house that is worth less than they owe on it.
With home prices soaring and foreclosure activity close to nil in the Bay Area, this is not something most homeowners are thinking about.
In the nine-county Bay Area, there were only 39 residential foreclosure sales in April, down from 46 in March, according to DataQuick."
With home prices soaring and foreclosure activity close to nil in the Bay Area, this is not something most homeowners are thinking about.
In the nine-county Bay Area, there were only 39 residential foreclosure sales in April, down from 46 in March, according to DataQuick."
Friday, June 03, 2005
Mission Palo Alto June 2005 News
- Change in tele-entry system: With the new system (new keypad at complex front entry gate), press 9 on your phone when called to open the gate.
- Next HOA board meeting: Wednesday, June 8, 2005 at 7:30 PM. 111 Mission Drive.
Do you have news to publish? Send it to me!
Web tours a boon for burglars -- David Lazarus, San Francisco Chronicle
Web tours a boon for burglars: "Thanks to the Internet, people selling homes may be more likely to be ripped off than ever before.
I wrote last week how open houses and showings can lead to thefts, and how the problem may be more widespread than most people realize.
A number of real estate agents responded by complaining that I'd tarnished their reputations. Others, however, acknowledged the risk and said there was an important wrinkle that I'd overlooked -- online virtual tours."
I wrote last week how open houses and showings can lead to thefts, and how the problem may be more widespread than most people realize.
A number of real estate agents responded by complaining that I'd tarnished their reputations. Others, however, acknowledged the risk and said there was an important wrinkle that I'd overlooked -- online virtual tours."
