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Foreclosures Halted in all 50 States – TriValley Impact?

Earlier in the week, attorneys general in all 50 states agreed to investigate whether banks and other lenders have used false signatures and documents to substantiate foreclosures. What does this mean for the housing market across the country and in particular right here in our own backyard – the Tri-Valley area?  I believe that this is only delaying the inevitable both locally and nationally.  These homes, at some point, must come on the market.  Are we to believe that during this moratorium of foreclosures that no other homes will fall into a delinquent status and also eventually succumb to foreclosure?  This has been the situation for a few years now and will continue to be the case into the near future.

The answer is analogous to blowing up a balloon to its extreme.  More and more air fills the balloon until eventually the balloon pops letting out an explosion of air.  The only other option for the balloon is for someone to slowly let the air out.  The key is going to be in the management of how the banks distribute the foreclosure inventory to the marketplace once the moratorium is lifted.  If the banks disperse the foreclosures all at once or in heavy loads we can be in for a major impact to the housing market.  If the banks slowly roll out the foreclosures the immediate impact to the market might not be as great.  However, I believe this will only prolong the real estate market’s troubles for years to come.

On CNBC recently, former Fannie chairman and CEO Franklin Raines commented that loans that remain out there should be restructured “so that we can get out of this mess of people who are having a drag on the economy, a drag on confidence by consumers.”

“We need to have a major restructuring of the outstanding mortgages so that we can move forward with confidence and vigor,” Raines said.

Two Cities, One Tale: Danville & San Ramon Joint CityRead 2010

A great concept – two cities enjoying a collective read.  Community members, neighbors, co-workers, friends – all discussing a book that is given away free at local libraries and participating businesses.  That’s the idea behind Two Cities, One Tale – Danville and San Ramon Joint CityRead 2010.  This book-sharing program offers free copies of a chosen book as part of a national campaign to encourage communities to read one book together.  Individuals can read the book, discuss it, and then pass it on to friends, family, co-workers and neighbors. This event is taking place from September 13 through October 18.

This year, you can learn more about the man behind the “Miracle on the Hudson,” with 2010′s CityRead selection, Highest Duty: My Search for What Really Matters.  Highest Duty: My Search for What Really Matters is Captain Chesley “Sully” Sullenberger’s memoir.  Captain Sullenberger was the pilot of Flight 1549 with its emergency landing on the Hudson River in January, 2009. 

You can pick up your free paperback copy of Highest Duty: My Search for What Really Matters at the Danville or San Ramon Libraries or at participating local businesses.

There are also two special CityRead events:

The International Group for Historic Aircraft Recovery (TIGHAR) Expeditions including the Amelia Earhart Project

Thursday, September  30^th, 7PM
Mt. Diablo Room, Danville Library
No registration required, but seating is limited and available on a first-come, first-seated basis.

CityRead Closing Event and Book Signing with Captain “Sully” Sullenberger

Wednesday, October 20^th, 7PM
Dougherty Valley Performing Arts Center
10550 Albion Road, San Ramon

Reserve your seat at 925-973-ARTS(2787) or www.sanramonperformingarts.com beginning on September 14^th only. Tickets are free, but must be reserved prior to the event. Two tickets per person, and you must arrive 10 minutes before the event. 

Click on the following link for more detailed special event information and more information on this year’s CityRead.

Dublin Family Campout

Are you looking for a great opportunity to do some local camping?  Why not in Dublin’s own backyard. Grab your families, sleeping bags and tents.  Emerald Glen Park will play host to this year’s Camp Dublin.

This will be fun for the whole family.  The event will be held on September 11th and 12th.

Activities include:

• Nature based arts and crafts
• Nature hike led by a Naturalist
• Games and crafts
• A campfire with s’mores
• Music, dinner and breakfast.

If you decide to attend, please bring the following:

• Tent & sleeping bags
• Chairs
• Flashlight
• Personal refillable water bottle, snacks, change of clothes & personal items

Check-in 3:00pm • Activities begin at 4:30pm • Check-out Sunday 10:00am

The cost is $15 per person for Dublin residents and $17 for non-residents.
Registration is underway (use Activity Number 24833).

PLEASE, NO PETS
For more information please call 556-4500. To register go online to www.DublinRecGuide.com or visit the Shannon Community Center, Monday through Friday 8:00 a.m. to 5:00 p.m.

Mortgage Rate Update Ending 8/4/2010

Bankrate.com  conducts a weekly national survey on the interest rates for the five most common consumer banking products.  Here’s the outcome for 8/4/2010:

• 30 Year Fixed Rate: 4.66 percent
• 30 Year Fixed Rate Jumbo: 5.34 percent
• 15 Year Fixed Rate: 4.11 percent
• 5/1 ARM (Adjustable): 3.95 percent
• 1 Year ARM (Adjustable): 4.80 percent 

According to the Mortgage Bankers Association:

• Mortgage applications rose 1.3 percent when compared to a week earlier
• Refinance applications shot up 1.3 percent when compared to a week earlier
• Applications for new purchases increased 1.5 percent

According to the National Association of Realtors:

• Pending home sales fell 2.6 percent in June when compared to a month earlier
• Sales were also down 18.6 percent year over year.

Mortgage Rate Update Ending 7/7/2010

Bankrate.com  conducts a weekly national survey on the interest rates for the five most common consumer banking products.  Here’s the outcome for 7/7/2010:

• 30 Year Fixed Rate: 4.74 percent
• 30 Year Fixed Rate Jumbo: 5.48 percent
• 15 Year Fixed Rate: 4.22 percent
• 5/1 ARM (Adjustable): 4.06 percent
• 1 Year ARM (Adjustable): 4.79 percent 

According to the Mortgage Bankers Association:

• Mortgage applications rose 6.7 percent when compared to a week earlier
• Refinance applications shot up 9 percent and are at 13-month highs
• Applications for new purchase dipped 2 percent

According to the National Association of Realtors:

• Pending home sales fell 30 percent in May when compared to a month earlier
• Sales were also down 15.9 percent year over year.

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