WOW -- Mountain House, California makes the New York Times. Click here to read the full article.
City in Despair - this is not surprising to those of who live and work in this area. This is a master planned community that was BOOMING in the early 2000. Most people bought in 2004 - 2006, and guess what kind of loans they have.
While I undertand the predicament - homeowners who can afford what they are paying need to sit tight.
Susan
According to the Tracy Press the prospective economic center that was to be built in Mountain House is on hold for a while -- most likely a long while.
Read the story here: Tracy Press
So what's to happen in Mountain House? Well, this is a master planned community that started in the hay day of the housing boom had big plans for a fast growing fully inclusive area. To date there are 3 elementary schools that house K-8 students, a mini market, and a few other professional offices.
If you kids want McDonald's, Pizza or ice cream you'll have to drive to town -- Tracy that is.
While the community of Mountain House has some great positive attributes, don't buy a home there hoping to shop or work there anytime soon. Buy a home in Mountain House because of the community atmosphere, the newer homes and the great opportunity for future development.
Call today for more information on Mountain House.
I'm hope I'm not the only one who has done something really stupid -- today took the cake! Someone please 3rd time out with these buyers-- thank goodness... we're on house 8 of 15. We go outside, I lock the front door, I put the key in the bottom of the lockbox and push the key thingy back up into the electronic box. That is the exact second I realize that MY CAR key and my electonic lock box key are BOTH inside the house on the railing. Now I do have my phone, so I call the agent. This is an REO property so there is a combination lock... no answer.... ok next call agent's office... whew there actually is a person who answers the phone and they were able to give me the combination to the lock box. Crisis averted, key and electronic lock box safely back in my possession. 
top this!
Are you are first time home buyer? Here are some answers to the questions I hear frequently...
First thing you should do -- contact a great Realtor and they should put you in touch with an equally GREAT lender. Why? So you know exactly how much you can afford to purchase.
In today's REO - Foreclosure ridden housing market you should also be prepared to get a pre-approval from several lenders depending on how many homes you decide to write offers on . Why is this necessary?
Most large institution banks (Countrywide, Chase, Wells Fargo, Indymac, etc) will require a pre-approval from their bank. The reason for this is 2 fold. 1) They want to be certain the buyer is viable to purchase the asset they just acquired. 2) The bank would love to recover some of their loss by suppling the new buyer with a new loan. Usually the buyer will be offered special options for purchasing and financing through the lender that is selling the home.
Be prepared for a bumpy road - nothing in this market is clear cut, find someone you can trust to help you through it all.
Here is what I see in the Tracy and Mountain House, CA housing market.
We have 90% of the homes for sale in our market are distressed, either short sale or foreclosed homes. In order to capture the buyers homes are coming on the market priced lower and lower every day.
Once the property is on the market, the home gets multiple offers and sells for over asking.
Then for the appraisal -- the home doesn't appraise, because everything else is priced lower.
Example:
Home Priced at $210,000
Price accepted $221,000
Appraised at $208,000 -- the bank sells the property for $208,000.
We are now in a situation when short sale clients are calling appraisers hoping for a property to appraise as low as possible, and REO properties not being able to appraise any higer than the list price.
So where does the spin stop?
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Tracy is my home. I've watched it grow & expand, into the new community of Mountain House. It is an honor when people choose me to help them sell or purchase thier home. 1st Time Buyer, Short Sale....
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