Foreclosure Search

The world’s best foreclosure search. Period. Powerful search with 100+ criteria, timely data, exclusive auction updates and exactly the details you need to take action. Whether you’re looking for the latest Notices of Default, want to see exactly which properties the banks still own in a particular area, or are researching past foreclosure activity, this is your tool to get the job done.   Free Foreclosure Search

Dave Thurman Real Estate

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More Money Down Adds to U.S. First-Time Buyer Blues: Economy

 

From C.A.R. ~ C.A.R. Market Matters is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide. Source: Bloomberg

Many prospective buyers of the least expensive homes in the U.S. are facing a variety of challenges that are difficult to overcome on the path to homeownership. Such obstacles, combined with the expectation of having to offer more cash up front, threaten to derail the younger generation from entering the housing market, according to Susan Wachter, a professor of real estate and finance at the University of Pennsylvania’s Wharton School. She stated, “If higher down payments persist, we will have a millennial generation that’s missing in action in homeownership.”

Making sense of the story

  • In addition to stagnant wages, growing student debt, and competition from investors, those looking to purchase moderately priced houses must also provide more cash up front.
  • The median down payment for the cheapest 25 percent of properties sold in 2013 was $9,480, compared with $6,037 in 2007.
  • The higher bar is a symptom of still-tight credit that is crowding out first-time buyers even as interest rates remain near historical lows. Younger adults, who would normally be making initial forays into real estate, are among those most affected.
  • The median down payment for the cheapest 25 percent of homes was 7.5 percent of the sales price last year, up from a low of 3.1 percent in 2006 and compared with an average 4.2 percent from 2001 through 2007.
  • One of the main reasons for the jump is that fewer first-time buyers are applying for loans backed by the Federal Housing Administration, which require smaller down payments, after the government agency boosted mortgage-insurance premiums.
  • Some of those borrowers may be going to private lenders that demand bigger down payments instead. In 2013, 39 percent of first-time buyers used FHA loans, which generally require 3.5 percent down, compared with 56 percent in 2010.
  • First-time purchasers accounted for 28 percent of all sales of previously owned homes in June, compared with about 40 percent historically. A dearth of first-time buyers is pushing down the national homeownership rate, which fell in the second quarter to its lowest level since 1995.

Read the full story

Talking Points …

  • Lower interest rates in the second quarter of 2014 failed to offset continued home price increases, lowering housing affordability statewide and in 19 of 26 counties in California, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
  • The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California fell from 33 percent in the first quarter of 2014 to 30 percent in second-quarter 2014 and was down from 36 percent in second-quarter 2013, according to C.A.R.’s Traditional Housing Affordability Index (HAI).
  • Home buyers needed to earn a minimum annual income of $93,590 to qualify for the purchase of a $457,140 statewide median-priced, existing single-family home in the second quarter of 2014.  The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $2,340, assuming a 20 percent down payment and an effective composite interest rate of 4.32 percent.

I enjoy and take great pride in helping people like you find the homes you want, as well as with completing all aspects of the transaction. So when you decide to buy in the Stockton, Manteca and Lodi areas, please call or email me any time.  Buying a Home?

Dave Thurman Real Estate

 

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Just Listed! Fixer-upper House in Stockton, California

2644 East Main Street, Stockton CA 95205

Older 2 bedroom 1 bath bungalow on East Main Street. This property has commercial zoning with potential for plotting. Several retail stores and restaurants in the area. Also, this home could be a good rental investment. House needs updating or demolishing. Sold in present condition (financing is not available). All cash! Asking $76,900.

Contact Dave Thurman

  

  

Dave Thurman Real Estate

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No Project Left Undone

From C.A.R. ~ One Cool Thing is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 150,000 REALTORS® statewide.

Community Information

Whether you’re buying a home, selling your home or relocating to the Stockton - Sacramento northern California area the following information, resources and tools will help to guide your decision.

Dave Thurman Real Estate

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Affordable Housing Draws Middle Class to Inland Cities

From C.A.R. ~ C.A.R. Market Matters is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide. Source: New York Times

Domestic migration patterns within the U.S. are increasingly being driven by the quest for cheaper housing, so the country’s fastest-growing cities are now those where housing is more affordable than average. The desire for a new, better, or cheaper home and the opportunity to buy instead of rent were among the housing-related reasons people increasingly cited for moving.

Making sense of the story

  • Moving inland to states in the heart of the country is a decisive reversal from the early years of the millennium, when easy credit allowed cities to grow without regard to housing cost and when the fastest-growing cities had housing that was less affordable than the national average.
  • Among people who have moved long distances, the number of those who cite housing as their primary motivation for doing so has more than doubled since 2007.
  • Rising rents and the difficulty of securing a mortgage on the coasts have proved a boon to inland cities that offer the middle class a firmer footing and an easier life.
  • For example, Oklahoma City has outpaced most other cities in growth since 2011. Other affordable cities that have jumped in the growth rankings include several in Texas, including El Paso and San Antonio, as well as Columbus, Ohio, and Little Rock, Ark.
  • Tony Trammell, one of a group of about a dozen friends to make the move from San Diego, paid $260,000 for his 3,300-square-foot home in a nearby suburb. “This is the opposite of the gold rush,” Mr. Trammell said.
  • For those who moved more than 500 miles, the share who said they were chiefly motivated by housing has risen to 18 percent in 2014, from 8 percent in 2007.
  • Glenn Kelman, the chief executive of Redfin, said that when the company started its real estate service in 2006, he expected the business to thrive in coastal centers. “Now we’re growing fastest in the middle of the country; we can’t hire people fast enough in Houston, in Dallas, in Denver. And all of our customers come from the same place — the airport.”

Read the full story

Talking Points …

  • Home prices nationwide, including distressed sales, increased 7.5 percent in June 2014 compared to June 2013, according to CoreLogic. This change represents 28 months of consecutive year-over-year increases in home prices nationally.
  • On a month-over-month basis, home prices nationwide, including distressed sales, increased 1 percent in June 2014 compared to May 2014.
  • At the state level, including distressed sales, only Arkansas posted a decline in June 2014 with 0.4-percent depreciation. A total of 12 states, plus the District of Columbia, reached new highs in the Home Price Index dating back to January 1976, when the index started. These states are Alaska, Colorado, District of Columbia, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, Vermont, and Wyoming.

Dave Thurman Real Estate

 

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HOME PRICES RISE 7.5 PERCENT YEAR OVER YEAR

From C.A.R. ~ C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide.

Home prices nationwide, including distressed sales, increased 7.5 percent in June 2014 compared to June 2013, according to CoreLogic. This change represents 28 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.0 percent in June 2014 compared to May 2014.

“Home price appreciation continued moderating in June with its slight month-over-month increase,” said Mark Fleming, chief economist for CoreLogic. “This reversion to normality that we are finally experiencing is expected to continue across the country and should further alleviate concern over diminishing affordability and the risk of another asset bubble.”

At the state level, including distressed sales, only Arkansas posted a decline in June 2014 with 0.4-percent depreciation. A total of 12 states, plus the District of Columbia, reached new highs in the Home Price Index dating back to January 1976 when the index started. These states are Alaska, Colorado, District of Columbia, Iowa, Louisiana, Nebraska, North Dakota, Oklahoma, South Dakota, Tennessee, Texas, Vermont, and Wyoming.
More info 

As an experienced Realtor® I have helped numerous clients successfully sell their home. I know how to handle every aspect of the sales process – from strategically marketing and displaying your home, to making sure everything is signed, sealed and delivered by the closing date.

Providing you with a comprehensive, high-quality listing service is the top priority for me.

When you decide to sell your home in the Stockton, Manteca and Lodi areas, please contact me. And let’s get started!

Dave Thurman Real Estate

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ZILLOW ACQUIRES TRULIA FOR $3.5 BILLION IN STOCK

From C.A.R. Newsline ~ C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide.

Zillow announced this week that it has entered into a definitive agreement to acquire Trulia for $3.5 billion in a stock-for-stock transaction. The Boards of Directors of both companies have approved the transaction, which is expected to close in 2015.

The combined company will maintain both the Zillow and Trulia consumer brands, offering buyers, sellers, homeowners, and renters access to vital information about homes and real estate for free, and providing advertising and software solutions that help real estate professionals grow their business.  At closing, Trulia CEO Pete Flint will remain as CEO of Trulia reporting to Zillow CEO, Spencer Rascoff, and will join the Board of Directors of the combined company. In addition, at closing, a second member of Trulia’s Board of Directors will join the board of the combined company. Further operational and organizational details will be announced at closing.

Both Zillow and Trulia are primarily media companies, generating the majority of revenue through advertising sales to real estate professionals. Despite continued growth as public companies, significant opportunities of scale remain as the majority of advertising dollars in the real estate sector have yet to migrate online or to mobile. For example, the two companies’ combined revenue currently represents less than 4 percent of the estimated $12 billion real estate professionals spend on marketing their services to consumers each year.
More info

Fast Facts

Calif. median home price: June 2014:

  • California: $451,160
  • Calif. highest median home price by region/county June 2014: San Mateo, $1.12 million
  • Calif. lowest median home price by region/county June 2014:
    Merced, $158,820

Calif. Pending Home Sales Index:
June 2014: Decreased 2.8 percent from 110.1 in May to 107 in June.

Calif. Traditional Housing Affordability Index: First Quarter 2014: 33 percent (Source: C.A.R.)

Mortgage rates: Week ending 7/25/2014 (Source: Freddie Mac)

  • 30-yr. fixed: 4.13% fees/points: 0.6%
  • 15-yr. fixed: 3.26% fees/points: 0.6%
  • 1-yr. adjustable: 2.39% Fees/points: 0.4%

 

Providing you with a comprehensive, high-quality listing service is the top priority for me.  Selling a Home?

When you decide to sell your home in the Stockton, Manteca and Lodi areas, please contact me. And let’s get started!

Dave Thurman Real Estate

 


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Generation Y is Ready to Buy!

From C.A.R. ~ One Cool Thing is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 150,000 REALTORS® statewide.

Buying a home is an exciting and complex adventure. It can also be a very time-consuming and costly one if you’re not familiar with all aspects of the process, and don’t have all the best information and resources at hand.  Buying a Home?

Search Listings

Dave Thurman Real Estate

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The Foreclosure Fade, and What it Means for the Housing Market!

From C.A.R. ~ C.A.R. Market Matters is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide.  Source: Wall St. Journal

An important factor shaping the housing market dynamic right now is that the foreclosure crisis has faded. While foreclosures are not over, so-called “distressed” sales accounted for just 11 percent of sales in June, down from 15 percent last year, 25 percent in 2012, and 30 percent in 2011. The National Association of REALTORS® (NAR) released new data on existing U.S. home sales that show the market appears to be finding its footing.

Making sense of the story

  • Sales of previously owned homes rose 2.6 percent in June to a seasonally adjusted annual rate of 5.04 million units. That’s the third straight monthly gain and the highest level since last October.
  • While total home sales stood 2.3 percent below the June 2013 level, most of that can be attributed to the falling share of foreclosures and other distressed sales.
  • Distressed home sales fell by nearly 40 percent in June from last year, while non-distressed property sales rose 2.3 percent.
  • As foreclosures fade, it’s great news for the housing market, as it means homeowners don’t have to compete with banks to sell homes–and eventually, builders will have to ramp up construction to satisfy new demand.
  • The foreclosure fade also helps explain the eye-popping gains in sales volumes and prices that we witnessed in 2013. These bargains generated frenzied bidding wars, both from investors and owner-occupant buyers, and they’re largely history.
  • The housing market is now going to rely more heavily on traditional drivers of growth, including job and wage gains and demographics. Tighter credit standards, higher levels of student debt, and lower incomes for young adults will keep pressure on homeownership.
  • NAR Chief Economist Lawrence Yun stated, “New home construction needs to rise by at least 50 percent for a complete return to a balanced market because supply shortages – particularly in the West – are still putting upward pressure on prices.”

Read the full story

Talking Points …

  • Equity home sales posted their highest level since the housing crisis began, reaching more than 90 percent of all home sales. Meanwhile, seasonal factors, combined with shrinking affordability cooled pending home sales in June, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
  • Equity sales have been rising steadily again since the beginning of this year.  June marks a full year that equity sales have been more than 80 percent of total sales and the first time they have risen above 90 percent. Equity sales made up 79.7 percent of sales in June 2013.
  • Twenty-three of the 41 reported counties showed a month-to-month decrease in the share of distressed sales, with 17 of the counties recording in the single-digits, including Alameda, Butte, Contra Costa, Marin, San Diego, San Luis Obispo, San Mateo, and Santa Clara counties — all of which registered a share of five percent or less.

Dave Thurman Real Estate

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U.S. Foreclosures Fall to Lowest Level Since July 2006

From C.A.R. ~ C.A.R. Newsline is published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing more than 155,000 REALTORS® statewide.

U.S. properties with foreclosure filings — default notices, scheduled auctions, and bank repossessions — fell 19 percent in the first half of 2014 from the previous six months and were down 23 percent from the first half of 2013, RealtyTrac reported.  One in 214 homes had at least one foreclosure filing in the first six months of the year.

The report also includes new foreclosure activity data from June, when a total of 107,194 U.S. properties had a foreclosure filing, down 2 percent from the previous month and down 16 percent from a year ago to the lowest level since July 2006, before the housing price bubble burst. Total foreclosure activity in June was the lowest since the housing bubble burst in August 2006 in 10 states, including Texas, Georgia, Colorado, Tennessee, Arizona, and Nevada.
More info

BUILDER CONFIDENCE IMPROVES IN JULY
Builder confidence in the market for newly-built single-family homes reached an important milestone in July, rising four points to a reading of 53 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any reading over 50 indicates that more builders view sales conditions as good than poor.

“This is the first time that builder confidence has been above 50 since January and an important sign that it is strengthening as pent-up demand brings more buyers into the marketplace,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del.

Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair,” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average,” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
More info

Fast Facts

Calif. median home price: May 2014:

  • California: $465,960
  • Calif. highest median home price by region/county May 2014: San Mateo, $1.13 million
  • Calif. lowest median home price by region/county May 2014:
    Glenn, $152,500

Calif. Pending Home Sales Index:
June 2014: Decreased 2.8 percent from 110.1 in May to 107 in June.

Calif. Traditional Housing Affordability Index: First Quarter 2014: 33 percent (Source: C.A.R.)

Mortgage rates: Week ending 7/17/2014 (Source: Freddie Mac)

  • 30-yr. fixed: 4.13% fees/points: 0.6%
  • 15-yr. fixed: 3.23% fees/points: 0.5%
  • 1-yr. adjustable: 2.39% Fees/points: 0.4%

Find high ROI flips by previewing a list of upcoming REO listings. Using FORECLOSURE SEARCH, query by bank owned, and get a list of properties that are likely to be listed in the near future. Be first with an offer when listings appear, or hunt down an REO agent and try to get a deal done early.  Search Foreclosures!

Dave Thurman Real Estate

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