Antioch, CA

I received a call this morning from Carol Lloyd, who is writing an article for the San Francisco Chronicle Business section regarding the real estate market conditions in Antioch, CA. She found my web site because I have been reporting real time market stats (example to the left). She asked me to analyze the data in more detail for her article. I went to the Contra Costa County MLS and searched all single family homes sold since 1/1/05 through 3/31/08.

The number of homes sold in the 1st quarter of 2008 has increased to 204 compared with the 1st quarter of 2007 at 176. However the price per square foot has decreased dramatically with $154 in the 1st quarter of 2008 compared to $260 in the 1st quarter of 2007.

I just finish reading an article on Inman news talking about a "huge decline" in home sales. There was a lot of other bad news that you could have fallen into and started a pity party with. However I am one to always see the glass half full. While I am optimistic I am not foolish.

There is still a lot that needs to happen before I jump up and scream "Hallelujah! The Market has recovered!" The first is that the foreclosure market has to stop hemorrhaging. The increase in the FHA guidelines has done little to prevent this from happening. Nor have I experienced any help in the recovery from FHA adding new buyers.

I am not well versed and may seem a little naïve however it appears to me that they (Congress & Senate) failed to realize is that it takes investors to buy the loans. Regardless of how they are backed if there is little confidence in the housing industry then few investors will be backing those notes, regardless of what guarantees they have. Am I missing something here?

Anywho ...Antioch is doing alright. I see the glass half full because while home sales have gone down the listing count for the same period has gone down also. So while fewer inventories are being sold there is less inventory coming on the market. So slowly but surely our plethora of homes are being reduced.

2007 showed a reduction in homes being listed a drop of approximately 300 homes from 2006. However, it is too soon to say if we will be deluged with more foreclosed and short sale listings in 2008. The charts show a slow downward trajectory.

Another insight is that I continue to see multiple offers on REO listings that have been cleaned up. It would do a bank well to spend a few thousand to make a home presentable before selling them. Wachovia Bank listings seem to be doing that and my present experience is that they are the ones to get the multiple offers which usually drive the price up.

BTW : The average home price for a home in Antioch is the same it was back in February of 2003.

Nuff said...

Robert Moreno

Get up to $40,000 to help you buy your first home in Antioch, Contra Costa County, California.

In this issue of Golden Nuggets we will take a look at Down Payment Assistance in the City of Antioch, California.

Summary: The City of Antiochoffers First Time Home Buyer's Down Payment Assistance up to a maximum of $40,000. The assistance is a 0% interest loan bound with an equity share clause. To be eligible for the assistance the home must be in the incorporated areas of Antioch and you must meet the income guideline restrictions, based on the number of persons living in the home.

Contra Costa County offers the American Dream Down Payment Initiative (ADDI) to assist eligible buyers with up to 6% in down payment assistance.

The State of California offers up to an additional 6% in assistance through several programs designed to help First Time Home Buyers, plus a bonus of $7,500 because Antioch is a high cost area.

Special financing may also be available, including additional Down Payment Assistance and Below Market Interest Rates. Restrictions Apply.

To see if you are eligible for assistance contact Nate Ellis.

or Call 925-337-8489

Nate Ellis " Mr. Danke Schoen " is the Vice President of the Contra Costa Realtors in Motion (CCRIM) real estate marketing group. Nate Ellis specializes in assisting First Time Home Buyers with no money down by leveraging Down Payment Assistance in the form of grants and "silent seconds". Nate Ellis is a certified lender for the City of Walnut Creek , City of Concord and City of Pittsburg First Time Home Buyer program, as well as several other San Francisco Bay Area Cities. Nate Ellis is also the Chairman of the Mt Diablo Housing Opportunity Center (MtDHOC) steering committee. The MtDHOC acts as the central resource for Contra Costa County 's housing needs and education regarding: First Time Home Buyers, Foreclosure Prevention , Senior Housing and Landlord and Tennant resources. Nate Ellis is also a Certified Money Management Volunteer (CMMV) for Money Management International and assists people with credit evaluation and financial education. Nate Ellis is a certified CalHFA , CalPERS and FHA Lender. Nate Ellis is a Loan Officer for Residential Pacific Mortgage 3201 Danville Blvd, Alamo, CA 94507. Equal Housing Lender. Any rates or programs quoted or referenced are not guaranteed and are subject to terms and conditions. All offers and programs may be withdrawn at any time. ©Copyright 2008 MrDankeSchoen Nate Ellis http://www.cahousingblog.com/ Nate@BuilditBuyitRefiit.com Help a Teacher, Cop, Firefighter or EMT be a Good Neighbor .

You will be the envy of the block if you purchase this home. With 4 bedrooms configured to not be a box, and 2.5 baths, you will enjoy sitting in your beautifully landscaped backyard watching the sun set or the sun rise. You really have to see this home.

Linda Walling-Stone

Realtor

Coldwell Banker Coon & McCreary

925-969-0616

www.LindaWallingStone.com