About Folsom's American River Canyon

The Pace of U.S. Home Sales is Fastest in Two Years: Sales of previously owned U.S. homes jumped 7.2 percent in July to mark the fastest sales pace in nearly two years in a strong sign that housing is pulling out of a three-year slump. Sales in July rose for the fourth straight month to hit an annual rate of 5.24 million units, the highest rate since August 2007, the National Association of Realtors said, beating market expectations for a 5 million unit pace. Sales in June had been at a 4.89 million pace. July's increase was the largest monthly gain since the series started in 1999. The last time sales rose for four consecutive months was in June 2004, the NAR said. The Realtors group heralded the July sales as a turning point, while some observers offered a more cautious view. "The housing market has decisively turned for the better. We are bouncing back," NAR chief economist Lawrence Yun told reporters. "Overall, these figures may suggest that the recovery in housing activity is gathering pace, but there is a long way to go yet," said Paul Dales, U.S. economist at Capital Economics in Toronto. U.S. Federal Reserve Chairman Ben Bernanke, speaking at a gathering of central bankers and top economists in Jackson Hole, Wyoming, said prospects for a resumption in global economic growth after a deep contraction looked good "in the near term. (courtesy of Reuters news feed 10/21/09)

Regional Snapshot: The inventory of homes for sale in Sacramento County peaked during the "dark days" of October in 2008 at 7,731. In July, 2009, the available inventory of homes for sale in Sacramento County dropped again to 5,626 homes, more than 2,000 housing units below the peak. The number of home sales rose for the 7th consecutive month, closing out July with 1,854 sales. The most interesting trend I am watching these days is the number of short sales available, relative to total active listings. Of the 5,626 homes for sale in July, 3,331 were short sale listings, which was 59% of the total. Add the 661 Bank Owned Homes to the equation and you had nearly 4,000 (71%) of the homes for sale in July being distressed homes.

Folsom: From a statistical standpoint, on the surface, July looked like a great month in Folsom. There were 70 home sales (the best month since July of 2008) and the supply of homes dropped to 3 months. Taking a closer look, inventory rose again to 285 homes, and the average dollar generated per square foot dropped strongly from $184 the previous month to $164 in July. This is a familiar tune being heard across the country, homes sales are up, along with "bang-for-the-buck" for home buyers. Deals are abound...

Written by Aaron Cullen - Brokers Inc. Residential Real Estate - www.BrokersCorp.com

What property management services do REO lenders ask real estate agents to do?

Real Estate agents are often characterized as the "eyes and ears" of reo lenders. They may be called upon to see if a property is occupied,if the lawn needs watering, or if repairs are needed to improve saleability. The agents to do or to hire someone to do include,but not limited to he following:

• Inspecting the property,such as to ascertain whether it's occupied,to assess damage if any,or to check whether appliances and electrical,plumbing,heating other systems are working.
• Evicting existing tenants or occupants: "Cash for Keys"

• Arranging for the disposition of personal property left behind.
• Re-keying vacant properties or getting the locks changed.

• Boarding up properties for safety or winterizing.
• Obtaining repair estates from contractors and others.
• Repairing and rehabbing property to improve marketability.
• Arranging for trash removal.
• Having the property professionally cleaned.
• Attending to regular maintenance and upkeep of the property.
• Turning utilities on or off.
• caring for the landscaping,lawn and grounds
• providing periodic status reports and C.M.A.s
This is a very rewarding and fun adventure..also very expensive! You must have a plan in motion and be will to work a-lot hours. Unfortunately this is going to be are market for the next couple of years. NOW GET OUT THERE AND GET YOURSELF A GOOD DEAL ON A HOME..

John Hayes

RE/MAX Gold

www.johnhayesrealestate.com



Golf Martini Recipe

8 parts gin 3 to 5 dashes Angostura bitters 2 parts dry vermouth Cocktail olive Combine liquid ingredients in a cocktail shaker with cracked ice and shake well. Strain into a chilled cocktail glass and garnish with olive.

Hi Bill

Thanks for the E-mail. Here is what the definition is:

An R.E.O is a commonly-used acronym for "real estate owned" by banks instead of an individual persons owning the property as in a typical resale transaction, a bank owns the property instead. The bank typically acquires title to its R.E.O properties through other means,such as a deed-in-lieu of foreclosure,tax sale,or corporate housing.

After the bank takes possession of the property, the mortgage loan disappears and the financial institution deals with any items owed by the prior borrower, such as homeowner association fees. The financial institution also tries to get the IRS to remove any tax liens against the property. The current owners are usually evicted and often repairs are made to damage on the property in order to make it more attractive to potential buyers

When preparing to make an offer, a potential buyer or agent needs to look at what comparable properties in the area are worth, along with the cost of any needed repairs. Financial institutions usually sell such properties as-is, which makes the buyer's inspection even more important. If they discover damage that they did not anticipate, which the institution will not repair.

If you need some assistance feel free to call or e-mail. Have a Great Day.

John Hayes

RE/MAX Gold

www.johnhayesrealestate.com