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Home sales in Santa Cruz County in December were brisk as median price, the midpoint of what sold, was $475,000, remaining less than $500,000 for 11 of the past 12 months. The figures come from Gary Gangnes of Real Options Realty, who noted the December volume was up 24 percent from a year ago. It was the highest since 2004, when the boom was on and the median was on its way to $775,000. About 40 percent of the December sales involved distressed property, a little less than November, when the median was $410,000. Agents have been pressing banks to

Has the U.S. housing market hit a bottom? Do we have further to go? When will a recovery start? These are the questions every homeowner and real estate investor are currently asking themselves — or should be. Wall Street firms have optimistically been betting that the bottom’s here. Research firms like Zelman & Associates predict the sector will pick up this year and hedge funds have been jumping into real estate-related investments from brick-and-mortar building purchases to shares of home builders stocks. In December Goldman Sachs Group released a report stating that “The home price bottom [is] in sight,” according

Bay Area homes have lost more than a third of a trillion dollars in value since the housing bubble burst about four years ago. And in the process, they have taken a big chunk of the economy with them. During the boom, homeowners borrowed against that mountain of money, fueling a huge surge in everything from yacht sales in Silicon Valley to home heating upgrades in Antioch. Later, when home prices collapsed, their loss of money and confidence crushed those same businesses. Adding more strain, while the equity went away, the debt remained, further hobbling those who hung on to

Home prices in 20 U.S. cities probably declined at a slower pace and consumer confidence improved, signs the economy gained strength heading into 2012, economists said before reports this week. Property values dropped 3.2 percent in October from the same month in 2010, the smallest year-over-year decrease since January, according to the median forecast of 20 economists before a Dec. 27 report from S&P/Case-Shiller. Consumer confidence rose to a five-month high in December and more people signed contracts to buy previously owned homes than a month earlier, other data may show. Rising builder confidence, fewer unsold new properties on the

Pending home sales in California fell in November but were up from the previous year for the seventh consecutive month. Additionally, distressed home sales dropped in November from both the previous month and year, the CALIFORNIA ASSOCIATION OF REALTORS(R) (C.A.R.) reported today. Pending home sales: California pending home sales fell 9.1 percent in November but were up from a year ago, according to C.A.R.’s Pending Home Sales Index (PHSI)*. The index was 109.8 in November, based on contracts signed in that month, down from October’s index of a revised 120.9. However, the index was up 11 percent from November 2010,

Within the last year conventional lending programs have lessened their strict lending requirements, but that doesn’t mean that obtaining a conventional home loan has become any easier. In fact, conventional lending is just as unaffordable and inaccessible as it has ever been to the average American which has led many to either avoid homeownership altogether or seek the aid of government program. For veterans and active duty service members, a unique government lending option is available through the Department of Veteran Affairs – the VA Home Loan. Catering to the distinct financial needs of service members, the VA home loan

Since the beginning of the house-price crash in 2007, analyst after analyst has predicted that “the bottom” in house prices is just around the corner – only to be wrong every time. But now, finally, it looks as though house prices may actually be nearing a bottom. Why? Because, after falling nearly 35% from their 2007 peak, nationwide house prices are finally approaching “normal” levels on two key valuation measures: The “price-to-rent ratio,” which measures house prices relative to what the houses might rent for, and the “price-to-income ratio,” which measures house prices relative to average incomes. Using the first

Commercial real estate markets have been relatively flat this year, but improving fundamentals mean a more positive trend is expected in 2012, according to the National Association of Realtors. Lawrence Yun, NAR chief economist, said there is little change in most of the commercial market sectors. “Vacancy rates are flat, leasing is soft and concessions continue to make it a tenant’s market,” he said. “However, with modest economic growth and job creation, the fundamentals for commercial real estate should gradually improve in the coming year.” The commercial real estate market is expected to follow the general economy. “Vacancy rates are

Watching the U.S. home market struggle to rebound is like listening to children in the back of a car. No, we’re not there yet. The National Association of Realtors reported that ten real estate markets are “leading the nation toward a general recovery and stability of the housing sector,” but myriad problems are going to weigh down the housing market for months to come. The lingering malaise in the economy has triggered a new wave of defaults and foreclosures. After five straight quarterly drops, foreclosures nationwide shot up 14 percent from the second to third quarter this year, according to

SAN JOSE, Calif. (KGO) — Here’s the best news you’ve heard in years about Bay Area real estate. A new report offers not just a glimmer of hope in California’s housing market, but predicts a roaring comeback over the next six years. We could be poised for a dramatic comeback. ABC7 spoke with the California director of the Economic Forecast and he’s predicating a rise in home prices is going to be the convergence of a number of factors. He is suggesting that more jobs, fewer distressed properties, and those historic low interest rates will all play a role in