This week in Stockton – Real Estate related news summaries 9/19/10 – 9/26/10

This week's news is a mixed bag and more than a little confusing. If you are looking for consistent economic reports ... then you'll have to look at a future week. It's little wonder that home buyers are still sitting on the fence when it comes to making a home buying decision.

Sept 21 - Washington, AP - "Home builders still gloomy" - National Association of Home Builders report home-builder confidence remains at multi-month lows. The report shows August ties the worst showing since March 2009. "Regionally, builders in the West are the gloomiest, with their subindex a miserly 8." Consumer confidence and glut of foreclosed homes are the market's two leading recovery obstacles, according to NAHB chief economist, David Crowe.

Sept 22 - Stockton Record - Market Watch - Washington - "Housing starts rebound" New housing starts launched a 10.5 percent increase in August, the highest level since spring. Digging deep, the highest portion of the increase is in multi-unit, surging 32.2 percent in August and described as "notoriously volatile and represents just a small portion of the housing market." Single-family homes (accounting for 75 percent of the market) rose a much smaller 4.3 percent.

Sept 23 - Stockton Record - Washington AP - "Mortgage assistance program lagging" The Treasury Department said this week that about 51 percent of the homeowners who have applied to get their mortgage payments lowered have been disqualified. Raphael Bostic an assistant secretary with the Department of Housing and Urban Development says "We're certainly not going to stop fighting to turn things around." Some housing experts doubt there is much more the government can do. Howard Glasser, a DC-based housing consultant says that the administration may tweak existing programs, but it is unlikely to make dramatic changes.

Sept 24 - Stockton Record - Washington AP - "Not much to cheer" - The article reports on the overview of economic indicators and indicates "...points to an economy that will continue to recover slowly." National Association of Realtors said sales rose in August over July, but it was still the second-worst month for sales in 15 years.

Sept 25 - Stockton Record - CLOSED listing real estate transaction for Aug 19-Aug 26 from information compiled from County records: Total sales: 187; Sales identified as Banks or REO-type: 88, with 47 different firms selling (top 3: Federal National Mortgage-14; Federal Home Loan Mortgage and Bank of New York - 6 each; Wells Fargo-5 ) New Homes: 8

Side note: 16 of the closings were Private Trust single sale transactions.

Focus on Stockton: Total: 85; REO: 43; New: 1