Trulia agrees with what we’ve been saying since January. “..Nationally home prices have bottomed and are on the rise…” They are reporting between .5% and 1% per month while we think Lamorinda is much faster. The inventory is finally rising a bit but we’re still seeing multiple offers again. The questions now is whether its back to another steady round of increases or just a “blip”

Superbowl Sunday is soon to be upon us again. In addition to being the traditional start of the spring market, this one is going to be interesting because we are finally past the downturn in Lamorinda housing values. We put 2 properties in contract this week and both had multiple offers and sold over asking price. There is a significant shortage of inventory right now, a large pool of active buyers and really cheap money available.

Much the same as last year, January seems to be taking off with a rush. There are currently only 86 properties for sale in the area. This is extremely low even for this time of year. We recently were in a multiple offer situation where there were 7 offers on a nice home.

Curiously, there are also 70 properties in the pending category. Many of these are subject to lender approval and will take several months to close, but the ratio of available to pending is very low. We think we’re past the bottom for Lamorinda so we’ll see.

The attached link shows foreclosure and NOD activity for each county and zip codes for the past year. Lamorinda has been pretty steady and we expect the same for 2012. Foreclosure activity by City and Zip

As the RoboSigning debacle is mostly behind us now, the number of foreclosure notices of defaults is on the rise again. Take a look at the graphs from Foreclosure Radar.  Foreclosure information

Our really neat new listing in Moraga is at: 158 Selborne Way, Moraga

In the announcement from district superintendent John Nickerson, he says “never has a California high school district had an API above 900.” The Acalanes Union High School district’s composite score is 903.

API scores are based on testing completed last spring. The tests focus on STAR testing of English (called language arts), math, history and science in addition to the high school exit exam.  “Such high achievement and continuous improvement is a reflection of our community’s deep commitment to quality education, but also the ongoing work to refine instructional and assessment practices, and targeted resources to better meet the needs of all students.”  Below are the scores for the individual schools:

•Acalanes High School 910
•Campolindo High School 923
•Miramonte High School 923
•Las Lomas High School 868
•Acalanes Center for Independent Study 679

for more information try: link to API scores

Trulia did a great job addressing the home pricing question in the attached sheet.

Link to the 7 Deadly Sins of Over Pricing

The new SB458 prevents loan holders from pursuing borrowers following a short sale. This will be much easier for those selling short to know that they will not be dragging a big liability around for the future. This does NOT apply to borrowers that go through a foreclosure. Call us if you have any questions about how this works. SB458 info

Since there have been so many foreclosures and short sales the lenders are modifying the time and standards to qualify for a new loan. In some cases, its only 1 or 2 years to be able to get a new loan. Take a look at the attached for the time and qualifications.
time to qualify for a new loan