We’re urging everyone to join in helping to raise the $100,000 Open Heart Kitchen needs to continue feeding underprivileged kids and families in the Tri-Valley area. By donating, Open Heart Kitchen can provide warm, nutritious meals free of charge to those in need in a dignified, no-questions asked environment.

Open Heart Kitchen currently serves 160,000 meals a year to people living in Pleasanton, Livermore, and Dublin and has been the Tri-Valley’s only soup kitchen since 1995.  Without the community’s support, Open Heart Kitchen may have to close its doors just when guests need support the most.

Call 925-580-1616 to donate or better yet, go online @ www.openheartkitchen.org and donate using Pay Pal.                                                  

Nationwide foreclosure rates increased 5% from last month and 25% from this same time last year. Nevada, Arizona, and Florida had the highest rates of foreclosure. Even though California was ranked fourth in foreclosures in October, the rate of foreclosures was actually down due in part to the most recent law mandating that lenders contact borrowers 30 days before filing a notice of default. In addition, some lenders are postponing foreclosures and others are voluntarily offering loan modifications to homeowners. Read the Inman News article by clicking here.

So what should you do if you are having trouble paying your mortgage? First, contact your lender and try to work out a modification of the interest rate or the term of your loan. Many lenders are more willing to work with homeowners because they understand that a foreclosure is much more costly to them than a loan modification.

However, remember that lenders are still working in their best interest.

If you are unable to negotiate a workout with your lender, or the workout is not satisfactory to you, contact us. We have partnered with the Mortgage Modification Center in Stockton. They are experts at negotiating with banks and lenders on the home owner’s behalf. With over 30 years in the mortgage business and a 90% success rate modifying loans, they will deal with your lender so you don’t have to. They have your best interest in mind and will work diligently to get you a modification that works for your situation.

Don’t wait for your lender to contact you. Reach out to them - or to us. We’re here to answer your questions and help you make the best decision for you and your family.

It’s easy to let all that negative news out there get you down. It’s alot harder see through all the negativity and focus on the positives that are also out there. Lately, in the real estate world, that is certainly a challenge. But as we’ve talked about many times here, the Pleasanton real estate market is holding up much better than some other markets just down the road from us. With fewer foreclosures and less inventory on the market, Pleasanton’s desirability has endured.

This article, entitled Why I Continue to be Hopeful, from an long time real estate professional highlights some real postives in the current market:

“With the volatility of the stock market of late, there’s understandably some uncertainty about how all of this will impact the real estate market. I’ve had the opportunity to listen to several economists recently, including Lawrence Yun from the National Association of Realtors, and believe it or not, I feel good about what I’m hearing.

Here’s why:

The bottom line is that the situation is manageable and things will improve.

The most recent decline is due to the psychological impact of the stock market.

People are still buying and selling homes, just not at the same levels.

The passage of the “bailout” bill (see Inman News) is a step in the right direction, but it will take time to see the results work their way into the economy.

The volatility of the financial markets is causing many home buyers to pause, but the truth of the matter is that market conditions are ideal for some first-time buyers, move-up buyers and investors.

Recent actions by the federal government are starting to thaw the credit freeze.

We’re starting to see some stabilization in the more affordable markets and markets that are close to major job centers.

Interest rates are at historic lows for conforming and FHA loans and there are a variety of great mortgage options available, despite perceptions to the contrary.

Consumer confidence will take time to rebuild, but in the meantime it’s important to understand that advantageous market conditions currently exist for those who are motivated to buy.

With the end of election season, consumers should be less distracted by political campaigning.”

(Source: Inman News. J. Lennox Scott is third-generation chairman and CEO of John L. Scott Real Estate, a Seattle-based brokerage company founded by his grandfather in 1931.)

How many homes are on the market in Pleasanton?

As of 10/31/08, there were 249 single family homes available for sale in Pleasanton.  The inventory levels have been increasing steadily through July of this year and appear to have leveled off since then as you can see from the table below.

How many homes have sold in Pleasanton in 2008?

Although the year started out slow with 105 sales in the 1^st quarter, the 2^nd quarter and 3^rd quarter saw significant improvement with 170 sales and 154 sales respectively.  September ended with 58 sales.  With the available inventory at the end of September equaling 252, we stood at 4.96 months of inventory, a very good number in this market environment.

How many homes have sold recently in Pleasanton?

October sales have dropped significantly.  As of this writing, there were 28 homes reported as “PENDING” in Pleasanton during the month of October.  That is greater than a 50% decrease from the monthly average of 54 sales over the 2^nd and 3^rd quarters of 2008.

Where is the Pleasanton real estate market headed right now?

It would appear that the slowdown in Pleasanton home sales activity is a direct result of the stock market correction that occurred at the beginning of the month. There were only slight decreases in sales activity during the month of October 2006 and October 2007. 

As I speak to fellow Realtors it seems as though fear of a pending recession has caused many prospective buyers to postpone their home purchase decisions.  There is a general sense that the buying activity will increase once the buyers’ confidence is restored.  Many buyers have recognized that this housing correction has created a buyers’ market of historic proportion.

First time buyers are back in the market with affordable homes back in reach. Investors are back in the market with demand for rentals at all time highs.  Move up buyers are back in the market recognizing that the loss of equity in their current homes will easily wash out with the purchase of a replacement property.

Have we hit bottom and when will prices go back up?

It’s a reasonable question that unfortunately no one can answer.  One indicator that is useful to measure the stability of our market is the percentage of homes for sale and homes sold that are short sale or REO properties.  Short sale properties involve sellers where their mortgages exceed the value of their home.  REO properties are homes that have been repossessed by the lender through the foreclosure process.

This table was prepared on 10/24/2008.  As you can see Pleasanton has the smallest percentage of distress properties on the market. At least for now this should help us keep our home prices relatively stable compared to some of our neighboring markets.

Unique Opportunity for Contractor or Business Owner

Flat, rectangular lot measuring over 21,000 sq. ft. with 1 bedroom, 1 bath single story home in need of repair. Workshop on site. Former location of gate building business. Ideal site for commercial, industrial, or agricultural business, storage facility for similar business or conversion to public storage facility. Perfect for contractor or trucking business with large equipment. Private, rural location with easy access to 580/5 and 205 freeways. Not a short sale or bank owned property.

Call us to see this property or for addidtional details.