You are here: Home / Blog

September Housing Sales Activities

October 1, 2010 by
 
Community # of Closed Sales # of Pending Sales Active Listings Months Of Inventory
Campbell 75 171 295 4
Cupertino 53 65 112 2
Gilroy 66 309 350 5
Los Altos 19 39 70 4
Los Altos Hills 7 12 60 9
Los Gatos 34 61 178 5
Los Gatos Mountains 8 20 82 10
Milpitas 26 92 77 3
Morgan Hill 74 329 432 6
Mountain View 23 35 57 2
Palo Alto  35 54 103 3
San Jose 596 2036 2365 4
Santa Clara 54 100 160 3
Saratoga 21 40 132 6
Sunnyvale 106 150 260 2
 
The sales are for single family houses.
 
Most communities saw the sales slow down in September with less closed sales and more active listings compared with August. Los Gatos, Santa Clara and Sunnyvale are exceptions. However, pending sales in these three cities were less than in August. So October sales are likely to also slow down in these three cities too.
 
If you would like to have sales activity report for your neighborhood, please email me or call me.
Filed Under: Housing Stats Tagged With: , , , , , , ,

High Balance Conforming Loan Limit of 729,500 Extended for One More Year

September 30, 2010 by
On Sept  29, the U.S. Congress extended through fiscal year 2011 the current conforming loan limit of $729,750 for high-cost areas, including many in California.It effectively extend the higher conforming loan limits for Fannie, Freddie, and FHA loans through Sept. 30, 2011.  They were set to expire at year’s end.

The conforming loan limit determines the maximum size of a mortgage that government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or “guarantee.”  Therefore, loans fall into conforming category have much better rates than non-conforming or “jumbo loans”.

Interest rates for conforming and high-balance conforming remain very low due to expectation of further quantitative easing by federal reserve.  
If you would like to discuss further on your refinance or getting a mortgage for buying a house, please feel free to email me or call me.

 

All of our loans are NO COST, NO POINTS and NO PREPAYMENT PENALTY.
 
Filed Under: Mortgage Rate Tagged With: , , ,

Turn Around Time For Mortgage Refinance Gets Longer

September 3, 2010 by

With mortgage rates hitting record low, refinancing volume hits record high lately. As a result, it took longer for lender to give borrower response after application was submitted. The turnaround time went from around 10 days to almost 25 days for many lenders. And this is just an initial decision from the lender. The whole cycle from sending the application to loan close could stretch to 45 to 60 days.

Therefore, it’s important to know how many days your rate is locked for. If your rate is locked for 30 days and it takes lender 45 days to close your loan, you may end up paying fees to extend your rate lock time.

Here a few things you, as a borrower, could control to speed up your refinance process:

  1. Send all documents lender asked for altogether
  2. When appraiser calls you to schedule an onsite inspection of your house value, schedule it as early as possible.
  3. You may choose to lock rate after your loan gets initial approval from the lender if you are not concerned by the daily market fluctuation of the rate. Remember, the shorter the lock period, the better the rate could be for same day comparison.

If you would like to discuss further on your refinance or getting a mortgage for buying a house, please feel free to email me or call me

Filed Under: Mortgage Rate Tagged With:
« Previous Page
Next Page »
All information deemed reliable but not guaranteed. The design of this website & its contents are protected by copyright. Unauthorized reproduction is prohibited.