Realtors for Ventura | Oxnard | Camarillo

FEMA is proposing changes to boundary areas for 100 year flood zones that primarily affect the Oxnard area. Homes that are in these areas will be required to obtain flood insurance. There will be a community meeting at 7 p.m. on July 8th at the Oxnard High School Performing Arts Center at 3400 W. Gonzales Road. Here is FEMA’s fact sheet, and here is their map (9.5 MG).

HUD yesterday announced that homes can now be “underwater” up to 125% (compared to the previous 105% limit) of value and still qualify for the Home Affordable Refinance program established earlier this year by the Obama administration. This applies to borrowers current on their payments who have loans currently owned or guaranteed by Fannie Mae or Freddie Mac. Read HUD’s press release for more details.

Taking a page from the auto industry, and to help provide first-time home buyers with peace of mind when purchasing a home, the California Association Of Realtors® Housing Affordability Fund (C.A.R.H.A.F.) is offering a free supplemental insurance product for qualified first time homebuyers.  Through this program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments, and qualified co-buyers can receive  $750. Questions? Call and ask me about this!

LA Times chart from June 18

The general media is starting to catch on that home prices have finally turned up. The main article in today’s LA Times business section headlines, “Home prices edge up for 1st time in nearly 2 years”.  Click on the graph to see an uncompressed version showing the upturn.

What regular readers here know from our reporting is that inventory is way down, interest rates are still low, the $8k first time home buyer tax credit is out there, and home prices are still relatively “affordable”. But buyers today (especially at entry level homes) must contend with competition from other buyers, and reminescent of the go-go years, multiple offers on well priced homes are common.

Yesterday had a lot of media talking about the 90 day foreclosure “moratorium” law that officially went into effect yesterday. But it’s a lot of political hot air, scoring points for politicians who want to help “Main Street” vice “Wall Street”. It makes for good populist fodder and sound bites for the 11 o’clock news. Here’s the bottom line. Read the rest of this article »

Most potential first time buyers know they can receive an $8,000 credit if they close escrow on their home by December 1st when they file their income tax return for 2009 (or file an amended return for 2008). But HUD just announced that the credit can be used immediately for closing costs, or towards the down payment in excess of the required 3.5% down currently required for an FHA loan. Read the rest of this article »

Ventura real estate activity is directly reflected in homes pending that have gone into escrow. This data is taken directly from the Ventura MLS and provides a monthly and quarterly summary since January 2007.

Oxnard real estate activity is directly reflected in homes pending that have gone into escrow. This data is taken directly from the Oxnard MLS and provides a monthly and quarterly summary since January 2007.

Camarillo real estate activity is directly reflected in homes pending that have gone into escrow. This data is taken directly from the Camarillo MLS and provides a monthly and quarterly summary since January 2007.

Here are the May sold statistics for Ventura in our newly expanded 14 month format. The homes sold and condos sold data comes from Ventura MLS listings.