This Crazy Real Estate Market – many unfortunate situations, but many opportunities
I don’t know about you, but I have never experienced such uncertainty in the real estate market. Unfortunately, I am talking to at least one person a week that is on the verge of losing their home. In many situations, people bought homes that they should not have or refinanced and got a very risky loan. As you know I have been in the mortgage business for over 15 years. I can remember many times where I advised the client not to purchase a home and they went elsewhere and did it from another mortgage lender. I really wish that those people would have listened to me. Many of them are in trouble today. For many it was gambling with high stakes and now they have to pay the price. The good news is that for some families we are figuring a way for them to keep their home.
The root cause of this is Wall Street creating a huge demand for these sub-prime loans. Many of these loans should not have been done. At the time, we were all reaping the benefit because home prices were increasing tremendously, but now we have a dose of reality.
The chart bellow tracks the amount of loans that are scheduled to reset (adjust), since January of 2007 to December of 2009. THIS CHART IS REALLY SCARY. It shows that many more people are going to have significant increases in their mortgage payments now or very soon. Most likely these people will not be able to afford it and they are going to lose their home. Everywhere I turn I am hearing on the news or reading in the paper about the problems in the real estate market. Right now we are in the 4th inning of this problem.
Notice the lines that are orange. That is what I want us to focus on. If you look at the chart there was $20-$50 billion dollars of sub-prime mortgage loans that their interest rates were going to change each month last year. This year it is even worse. The number is as high as $100 billion in March of this year.
Let me give you an example of some clients I recently did a consultation for. They had a 2 year fixed loan with a 2 year prepayment penalty. Their interest rate was 5.75% interest only with a payment of $1418.33 per month. Now their payment is changing March 1st to a principle and interest payment of $2079.82 per month and in six months it is scheduled to change again to $2265.51 per month. These are huge changes. That is a $661.49 per month change, that will go to a $847.18 per month change. I know that would dramatically affect my family’s budget. The worst part about it is that they are still not going to be in a fixed rate. Now, I might have a way to put them in a better situation, because they still have a little equity. Well, they are lucky. Many people owe 10-50k more on their home and are faced with a very difficult situation.
I personally do not have the confidence that the government will come up with a viable solution to band aid this problem. Most likely many people will be losing there homes to foreclosure. The purpose of this letter is to one, educate you a little, and secondly tell you about an opportunity I see coming up in the near future.
The opportunity I see is to buy real estate. I think this is going to be one of the biggest opportunities to create wealth in the next 10 years. Many people are not going to be able to afford their home and will lose them to foreclosure. Currently the banks are so behind in foreclosing on people, I am hearing that it is taking at least 6 months to do. That means that for about the next 12-18 months there is going to be a huge opportunity to purchase homes at very very low prices. I think we are going to be able to purchase rental property, put 20% down with a 30 year fixed rate and have your renter cover your entire rent payment. These properties will CASH FLOW. I am really excited about the opportunity.
I am currently in the process of purchasing an investment property today, so you do not have to wait until next year. By the summer I will be teaching a class on buying investment property. I hope that you understand a little more about what is happening in the real estate market and you see this opportunity we have in front of us. Please do not hesitate to call me or email me with any questions or comments. If purchasing rental property is something you are interested in and you would like to attend the class, you can email Megan at megan@teamnks.com.
Update on Economic Stimulus Law
By David Olson
February 18, 2008
President Bush signed the “Economic Stimulus Act of 2008” into law on February 13. In it, the Secretary of HUD must establish new conforming mortgage loan limits not later than 30 days after its enactment, which is March 14. I learned from David Rodderer, an analyst at HUD, that the list of MSA’s used to set the new conforming limits is his list created for the Federal Housing Finance Board. There are 30 MSA’s whose median home price is greater than $333,600. The current conforming limit is $417,000. Dividing that limit by 125% is $333,600. The MSA’s are San Jose (CA), San Francisco (CA), Santa Cruz (CA), Los Angeles (CA), Oxnard (CA), San Luis Obispo (CA), Salinas (CA), Napa (CA), San Diego (CA), Santa Rosa (CA), Washington (DC), Santa Barbara (CA), Bridgeport (CT), New York (NY), Vallejo(CA), Honolulu (HI), Ocean City (NJ), Barnstable (MA), Seattle (WA), Baltimore (MD), Riverside (CA), Stockton (CA), Naples (FL), Atlantic City (NJ), Boston (MA), Bend (OR), Sacramento (CA), Charlottesville (VA), Poughkeepsie (NY), and Trenton (NJ). You will note that of these 30 cities, 15 are in California. Ten of the rest are in the BosWash corridor. That leaves only five cities in other parts of the country—Honolulu (HI), Seattle (WA), Naples (FL), Bend (OR), and Charlottesville (VA). So most of the country (about 80%) is unaffected by this increase in mortgage limits. In these cities, the new mortgage limit is calculated at 125% of the median housing price established in December 2007. So, for example, in Washington (DC), the median home price was $475,000. The new conforming mortgage limit will be $594,000. But the maximum amount for any city is $729,750. Only the top three cities are impacted by that maximum—San Jose, San Francisco, and Santa Cruz.
Assuming this is the final list established by the HUD Secretary, then Fannie Mae and Freddie Mac have to decide whether they want to buy these larger loans. Both Fannie Mae and Freddie Mac have publicly stated they want to buy these loans. According to conversations with some mortgage bankers, it may take as long as two months to program their computers to get this new set of limits into their system. That suggests lenders won’t be able to originate these loans until almost July 1. The new law is valid only until December 31, 2008. That means we will get a maximum of six months of stimulus from the portion of the bill lifting loan limits.
However, on February 15, the Securities Industry and Financial Markets Association (SIFMA) announced they would not permit these large loans into their TBA pools. They would be restricted to special pools under unique pool codes on a “specified pool” basis or inclusion in REMIC transactions. These pools wouldn’t trade as favorably as TBA pools and there might be no pricing advantage at all. Currently jumbos trade at around 100 bp higher than conforming pools. That suggests the higher loan limits from the Economic Stimulus Law would have no impact at all other than to cause a lot of reprogramming by the mortgage lenders. Earlier we thought this bill would increase mortgage originations by $500 billion from what it would have been without the bill. Now we think the increased originations will not exceed $100 billion.
Why Fed Rate Cuts Do Not Equal Lower Mortgage RatesBy Barry Habib, CEO
Last Updated: February 28, 2008
The Federal Reserve has been on a rate cutting spree once more. Many mortgage applicants are calling their mortgage representative and expecting a lower interest rate. Others who have been waiting to refinance are puzzled as to why mortgage rates have not moved lower during the recent five Fed rate cuts. This is difficult to explain to consumers who have watched a 2.25% reduction by the Fed with very little benefit in mortgage rates.
Is a Fed rate cut really good news for mortgage rates? The facts may be surprising. The Fed can only control the Discount Rate and the Fed Funds Rate. This is very different from mortgage rates. A mortgage rate can be in effect for 30-years while a rate set by the Fed can change from one day to another.
It is often said history repeats itself. And if history is any teacher, we can learn from what happened to mortgage rates the last time the Federal Reserve was in a rate-cutting cycle.
The last time the Fed was in a lengthy rate cutting cycle was back in 2001 from January 3, 2001 to December 11, 2001. In the span of 11 months, they cut the Fed Funds rate 11 times with eight of those cuts by 50bp. This resulted in a total of 475bp or 4.75% in short-term interest rate cuts taking the Fed Funds Rate from 6.00% down to 1.75%. Now most uninformed people would naturally think because the Fed cut rates by so much during this time that mortgage rates would follow suit and trend lower as well. Not so. Mortgage rates actually moved higher during this time of significant rate cuts because inflation, the arch enemy of bonds, gradually rose.
Now let’s take a look at what happened with the Fed’s most recent cutting cycle, the first since 2001. On September 18, 2007 the Fed cut the Fed Funds Rate by 50bp. The mortgage bond market briefly enjoyed a “knee-jerk” reaction to the Fed move by closing higher that day, but lost 140bp over the following two sessions. Then on October 31, 2007 the Fed lowered the Fed Funds rate by 25bp. The mortgage bond market responded by losing 78bp over the following five trading days. On December 11, 2007 the Fed once again lowered rates by 25bp and the mortgage bond market lost 88bp in the next three days. So far this year, the Fed delivered a surprise 75bp rate cut on January 22, 2008 and mortgage bonds lost a whopping 144bp in just 2 days. Eight days later and as widely expected, the Fed cut rates by 50bp. Within 13 days from that 50bp cut, mortgage bonds lost 269bp.
Please refer to the Table below.
Fed Rate Cut Date
Rate Cut Size
MBS Pricing Change
View Chart
09/18/2007
50bp
-140bp in 2 days
10/31/2007
25bp
-78bp in 5 days
12/11/2007
-88bp in 3 days
01/22/2008
75bp
-144bp in 2 days
01/30/2008
-269bp in 13 days
Community Zip code Sales % Chg Median price % Chg High price Median $ per sq.ft. % Chg SACRAMENTO COUNTY Carmichael 95608 528 -35.4% $364,000 -27.6% $1,600,000 $229 -29.2% Citrus Heights 95610 370 -40.3% $310,000 -30.0% $629,000 $204 -32.9% Citrus Heights 95621 477 -33.5% $273,000 -32.7% $570,000 $201 -36.3% Elk Grove 95624 587 -51.2% $370,000 -32.8% $1,500,000 $195 -35.4% Elverta 95626 48 -63.8% $260,000 -37.0% $700,000 $222 -35.4% Fair Oaks 95628 431 -21.8% $406,750 -19.2% $1,300,000 $230 -29.2% Folsom 95630 815 -28.8% $457,500 -23.5% $1,350,000 $237 -27.0% Galt 95632 270 -40.5% $315,500 -31.2% $2,000,000 $208 -36.8% Herald 95638 10 -62.3% $317,000 -65.1% $737,000 $325 -29.8% Isleton 95641 6 -79.6% $252,500 -42.3% $1,525,000 $269 -29.5% North Highlands 95660 274 -59.0% $201,000 -44.4% $763,000 $186 -45.1% Orangevale 95662 309 -46.1% $329,000 -27.4% $1,240,000 $229 -30.5% Rancho Cordova 95670 415 -44.2% $325,000 -23.2% $950,000 $209 -33.4% Rio Linda 95673 157 -57.0% $260,000 -33.1% $910,000 $201 -42.0% Sloughhouse 95683 101 -40.6% $493,500 -29.9% $1,030,000 $236 -25.2% Wilton 95693 52 -26.8% $622,500 -33.0% $1,395,000 $309 -35.4% Elk Grove 95757 401 -41.0% $405,000 -37.7% $1,060,000 $181 -35.7% Elk Grove 95758 717 -41.8% $338,250 -32.1% $1,175,000 $203 -35.9% Sacramento 95814 26 -44.6% $389,500 -9.1% $1,155,000 $307 -25.3% Sacramento 95815 204 -49.5% $213,000 -34.6% $605,000 $191 -43.7% Sacramento 95816 144 -22.6% $411,500 -23.1% $1,500,000 $356 -19.6% Sacramento 95817 190 -49.1% $255,000 -28.1% $680,000 $241 -27.0% Sacramento 95818 283 -17.0% $450,000 -21.3% $1,575,000 $338 -22.3% Sacramento 95819 280 -29.5% $429,000 -20.2% $1,695,000 $354 -23.2% Sacramento 95820 400 -55.4% $237,000 -30.4% $825,000 $216 -36.5% Sacramento 95821 287 -33.6% $315,000 -26.2% $1,305,000 $237 -27.2% Sacramento 95822 403 -50.1% $275,000 -27.1% $999,500 $218 -31.2% Sacramento 95823 451 -64.8% $260,000 -37.5% $805,000 $186 -39.5% Sacramento 95824 202 -59.2% $215,000 -36.1% $479,000 $187 -43.3% Sacramento 95825 171 -30.7% $329,750 -24.1% $695,000 $225 -29.3% Sacramento 95826 328 -45.3% $295,000 -30.5% $867,500 $207 -33.9% Sacramento 95827 159 -52.5% $290,000 -29.6% $950,000 $202 -32.9% Sacramento 95828 483 -54.4% $269,500 -36.5% $775,000 $185 -38.3% Sacramento 95829 233 -51.9% $340,000 -31.6% $2,450,000 $207 -33.0% Sacramento 95831 325 -32.4% $375,000 -21.4% $906,000 $221 -28.4% Sacramento 95832 93 -61.1% $260,000 -36.1% $600,000 $175 -43.0% Sacramento 95833 299 -49.8% $299,000 -30.9% $1,125,000 $200 -36.9% Sacramento 95834 168 -54.7% $354,500 -30.2% $3,675,000 $197 -37.7% Sacramento 95835 415 -33.4% $386,000 -34.9% $985,000 $195 -33.0% Sacramento 95837 1 -89.9% $1,026,000 6.3% $1,026,000 $214 -82.3% Sacramento 95838 355 -52.5% $223,000 -41.9% $680,000 $185 -42.8% Sacramento 95841 126 -50.9% $290,000 -32.1% $1,000,000 $196 -32.2% Sacramento 95842 252 -52.7% $250,000 -35.5% $420,000 $201 -37.9% Antelope 95843 536 -36.3% $308,000 -33.8% $780,000 $189 -36.0% Sacramento 95864 303 -20.2% $500,000 -13.5% $3,275,000 $288 -23.8% SURROUNDING AREAS Cool 95614 38 -56.4% $350,000 -31.3% $600,000 $229 -23.3% Diamond Springs 95619 35 -37.1% $295,250 -33.0% $545,000 $238 -27.7% El Dorado 95623 28 -49.8% $372,500 -10.2% $650,000 $244 -30.1% Garden Valley 95633 16 -0.6% $320,000 -29.2% $520,000 $259 -17.9% Georgetown 95634 13 47.6% $300,000 -16.4% $1,325,000 $193 -47.0% Grizzly Flats 95636 28 -39.2% $258,500 -21.3% $345,000 $175 -37.2% Placerville 95667 237 -37.7% $342,000 -29.5% $870,000 $238 -28.1% Rescue 95672 33 -28.1% $455,000 -25.0% $676,000 $213 -26.7% Shingle Springs 95682 266 -38.9% $400,000 -29.9% $975,000 $220 -29.0% Somerset 95684 12 -5.8% $364,000 -8.5% $515,000 $202 -26.0% Camino 95709 38 -37.3% $340,000 -25.6% $1,100,000 $222 -32.7% Kyburz 95720 1 n/a n/a n/a n/a n/a n/a Pollock Pines 95726 142 -25.6% $299,500 -25.2% $830,000 $213 -30.7% El Dorado Hills 95762 549 -19.9% $580,000 -27.6% $2,350,000 $222 -29.4% South Lake Tahoe 96150 522 -32.0% $425,000 -25.4% $13,750,000 $312 -29.2% Soda Springs 95728 4 -34.9% $405,000 -40.4% $850,000 $271 -49.3% Truckee 96161 427 -27.9% $590,000 -22.9% $5,050,000 $350 -26.7% Auburn 95602 192 -17.9% $437,000 -26.7% $1,820,000 $260 -23.7% Auburn 95603 259 -39.4% $399,000 -28.2% $1,350,000 $250 -25.9% Foresthill 95631 51 -28.5% $378,500 -20.5% $1,160,000 $249 -24.8% Lincoln 95648 634 -29.7% $400,000 -25.7% $1,650,000 $235 -27.6% Loomis 95650 157 -25.2% $462,500 -33.1% $1,950,000 $272 -29.1% Newcastle 95658 66 12.0% $615,750 -14.4% $1,495,000 $267 -35.3% Roseville 95661 309 -32.3% $425,000 -24.0% $1,150,000 $223 -29.0% Penryn 95663 34 21.1% $600,000 -20.8% $1,250,000 $309 -16.7% Rocklin 95677 236 -39.3% $382,000 -27.8% $4,390,000 $221 -29.7% Roseville 95678 424 -37.8% $348,000 -29.6% $875,000 $211 -35.0% Alta 95701 14 165.1% $301,500 -7.5% $665,000 $259 -23.4% Colfax 95713 95 -26.1% $350,000 -28.4% $1,200,000 $229 -29.4% Emigrant Gap 95715 1 -14.9% $450,000 67.2% $450,000 $268 0.0% Meadow Vista 95722 47 -3.0% $457,500 -22.5% $2,575,000 $277 -29.1% Weimar 95736 2 n/a n/a n/a n/a n/a n/a Granite Bay 95746 310 -20.4% $775,000 -19.6% $4,100,000 $275 -24.7% Roseville 95747 663 -19.5% $409,000 -27.8% $1,200,000 $225 -28.1% Rocklin 95765 378 -40.6% $427,000 -29.7% $1,940,000 $213 -28.7% Carnelian Bay 96140 32 418.4% $618,500 -31.6% $12,500,000 $404 -5.0% Homewood 96141 12 285.1% $675,000 26.4% $7,000,000 $469 10.7% Tahoma 96142 8 285.1% $426,500 -29.8% $2,350,000 $389 17.8% Kings Beach 96143 34 97.6% $517,500 -18.9% $2,700,000 $390 -26.2% Tahoe City 96145 50 301.8% $875,000 -13.9% $5,782,000 $493 -25.1% Olympic Valley 96146 33 28.6% $870,000 -10.0% $3,315,000 $531 1.3% Tahoe Vista 96148 12 n/a $650,000 -25.9% $1,204,000 $382 n/a Broderick 95605 84 -54.0% $280,750 -23.6% $999,000 n/a n/a Davis 95616 247 -22.7% $535,000 -24.9% $1,485,000 n/a n/a El Macero 95618 250 -12.9% $542,500 -27.2% $1,800,000 n/a n/a Esparto 95627 12 -89.4% $379,000 -9.4% $485,000 n/a n/a West Sacramento 95691 284 -39.8% $340,000 -31.6% $780,000 n/a n/a Winters 95694 57 -45.4% $378,000 -29.9% $948,500 $400 -15.3% Woodland 95695 253 -39.6% $350,000 -24.2% $1,200,000 n/a n/a Woodland 95776 136 -49.2% $362,000 -30.9% $930,000 n/a n/a
Community
Zip code
Sales
% Chg
Median price
High price
Median $ per sq.ft.
SACRAMENTO COUNTY
Carmichael
95608
528
-35.4%
$364,000
-27.6%
$1,600,000
$229
-29.2%
Citrus Heights
95610
370
-40.3%
$310,000
-30.0%
$629,000
$204
-32.9%
95621
477
-33.5%
$273,000
-32.7%
$570,000
$201
-36.3%
Elk Grove
95624
587
-51.2%
$370,000
-32.8%
$1,500,000
$195
Elverta
95626
48
-63.8%
$260,000
-37.0%
$700,000
$222
Fair Oaks
95628
431
-21.8%
$406,750
-19.2%
$1,300,000
$230
Folsom
95630
815
-28.8%
$457,500
-23.5%
$1,350,000
$237
-27.0%
Galt
95632
270
-40.5%
$315,500
-31.2%
$2,000,000
$208
-36.8%
Herald
95638
10
-62.3%
$317,000
-65.1%
$737,000
$325
-29.8%
Isleton
95641
6
-79.6%
$252,500
-42.3%
$1,525,000
$269
-29.5%
North Highlands
95660
274
-59.0%
$201,000
-44.4%
$763,000
$186
-45.1%
Orangevale
95662
309
-46.1%
$329,000
-27.4%
$1,240,000
-30.5%
Rancho Cordova
95670
415
-44.2%
$325,000
-23.2%
$950,000
$209
-33.4%
Rio Linda
95673
157
-57.0%
-33.1%
$910,000
-42.0%
Sloughhouse
95683
101
-40.6%
$493,500
-29.9%
$1,030,000
$236
-25.2%
Wilton
95693
52
-26.8%
$622,500
-33.0%
$1,395,000
$309
95757
401
-41.0%
$405,000
-37.7%
$1,060,000
$181
-35.7%
95758
717
-41.8%
$338,250
-32.1%
$1,175,000
$203
-35.9%
Sacramento
95814
26
-44.6%
$389,500
-9.1%
$1,155,000
$307
-25.3%
95815
204
-49.5%
$213,000
-34.6%
$605,000
$191
-43.7%
95816
144
-22.6%
$411,500
-23.1%
$356
-19.6%
95817
190
-49.1%
$255,000
-28.1%
$680,000
$241
95818
283
-17.0%
$450,000
-21.3%
$1,575,000
$338
-22.3%
95819
280
$429,000
-20.2%
$1,695,000
$354
95820
400
-55.4%
$237,000
-30.4%
$825,000
$216
-36.5%
95821
287
-33.6%
$315,000
-26.2%
$1,305,000
-27.2%
95822
403
-50.1%
$275,000
-27.1%
$999,500
$218
95823
451
-64.8%
-37.5%
$805,000
-39.5%
95824
202
-59.2%
$215,000
-36.1%
$479,000
$187
-43.3%
95825
171
-30.7%
$329,750
-24.1%
$695,000
$225
-29.3%
95826
328
-45.3%
$295,000
$867,500
$207
-33.9%
95827
159
-52.5%
$290,000
-29.6%
$202
95828
483
-54.4%
$269,500
$775,000
$185
-38.3%
95829
233
-51.9%
$340,000
-31.6%
$2,450,000
95831
325
-32.4%
$375,000
-21.4%
$906,000
$221
-28.4%
95832
93
-61.1%
$600,000
$175
-43.0%
95833
299
-49.8%
$299,000
-30.9%
$1,125,000
$200
-36.9%
95834
168
-54.7%
$354,500
-30.2%
$3,675,000
$197
95835
$386,000
-34.9%
$985,000
95837
1
-89.9%
$1,026,000
6.3%
$214
-82.3%
95838
355
$223,000
-41.9%
-42.8%
95841
126
-50.9%
$1,000,000
$196
-32.2%
95842
252
-52.7%
$250,000
-35.5%
$420,000
-37.9%
Antelope
95843
536
$308,000
-33.8%
$780,000
$189
-36.0%
95864
303
$500,000
-13.5%
$3,275,000
$288
-23.8%
SURROUNDING AREAS
Cool
95614
38
-56.4%
$350,000
-31.3%
-23.3%
Diamond Springs
95619
35
-37.1%
$295,250
$545,000
$238
-27.7%
El Dorado
95623
28
$372,500
-10.2%
$650,000
$244
-30.1%
Garden Valley
95633
16
-0.6%
$320,000
$520,000
$259
-17.9%
Georgetown
95634
13
47.6%
$300,000
-16.4%
$1,325,000
$193
-47.0%
Grizzly Flats
95636
-39.2%
$258,500
$345,000
-37.2%
Placerville
95667
237
$342,000
$870,000
Rescue
95672
33
$455,000
-25.0%
$676,000
$213
-26.7%
Shingle Springs
95682
266
-38.9%
$400,000
$975,000
$220
-29.0%
Somerset
95684
12
-5.8%
-8.5%
$515,000
-26.0%
Camino
95709
-37.3%
-25.6%
$1,100,000
Kyburz
95720
n/a
Pollock Pines
95726
142
$299,500
$830,000
El Dorado Hills
95762
549
-19.9%
$580,000
$2,350,000
-29.4%
South Lake Tahoe
96150
522
-32.0%
$425,000
-25.4%
$13,750,000
$312
Soda Springs
95728
4
-40.4%
$850,000
$271
-49.3%
Truckee
96161
427
-27.9%
$590,000
-22.9%
$5,050,000
$350
Auburn
95602
192
$437,000
$1,820,000
$260
-23.7%
95603
259
-39.4%
$399,000
-28.2%
$250
-25.9%
Foresthill
95631
51
-28.5%
$378,500
-20.5%
$1,160,000
$249
-24.8%
Lincoln
95648
634
-29.7%
-25.7%
$1,650,000
$235
Loomis
95650
$462,500
$1,950,000
$272
-29.1%
Newcastle
95658
66
12.0%
$615,750
-14.4%
$1,495,000
$267
-35.3%
Roseville
95661
-32.3%
-24.0%
$1,150,000
$223
Penryn
95663
34
21.1%
-20.8%
$1,250,000
-16.7%
Rocklin
95677
236
-39.3%
$382,000
-27.8%
$4,390,000
95678
424
-37.8%
$348,000
$875,000
$211
-35.0%
Alta
95701
14
165.1%
$301,500
-7.5%
$665,000
-23.4%
Colfax
95713
95
-26.1%
$1,200,000
Emigrant Gap
95715
-14.9%
67.2%
$268
0.0%
Meadow Vista
95722
47
-3.0%
-22.5%
$2,575,000
$277
Weimar
95736
2
Granite Bay
95746
310
-20.4%
$4,100,000
$275
-24.7%
95747
663
-19.5%
$409,000
95765
378
$427,000
$1,940,000
-28.7%
Carnelian Bay
96140
32
418.4%
$618,500
$12,500,000
$404
-5.0%
Homewood
96141
285.1%
$675,000
26.4%
$7,000,000
$469
10.7%
Tahoma
96142
8
$426,500
$389
17.8%
Kings Beach
96143
97.6%
$517,500
-18.9%
$2,700,000
$390
Tahoe City
96145
50
301.8%
-13.9%
$5,782,000
$493
-25.1%
Olympic Valley
96146
28.6%
-10.0%
$3,315,000
$531
1.3%
Tahoe Vista
96148
$1,204,000
$382
Broderick
95605
84
-54.0%
$280,750
-23.6%
$999,000
Davis
95616
247
-22.7%
$535,000
-24.9%
$1,485,000
El Macero
95618
250
-12.9%
$542,500
$1,800,000
Esparto
95627
-89.4%
$379,000
-9.4%
$485,000
West Sacramento
95691
284
-39.8%
Winters
95694
57
-45.4%
$378,000
$948,500
$400
-15.3%
Woodland
95695
253
-39.6%
-24.2%
95776
136
-49.2%
$362,000
$930,000
©DataQuick Information Systems This information may not be republished in any form.
Sales Statisticsfor SACRAMENTO County CA
Realist's most recent recording date for this county is 02/13/2008
Single Family Residence
Time Period
Number of Sales
Median Sale Price
Dec 2007
1,114
$304,750
Dec 2006
1,543
$365,000
Nov 2007
1,142
Nov 2006
1,562
$368,500
2007 YTD
14,849
$336,000
2006
21,003
$380,000
Condominium
104
$186,000
149
$251,000
83
$225,000
115
$267,000
1,182
$230,000
1,743
$264,000
Sales Statisticsfor PLACER County CA
489
595
421
$395,000
543
6,020
$430,750
7,029
$469,500
58
$236,000
75
$318,000
45
$226,000
44
$325,250
581
$279,000
613
Sales Statisticsfor EL DORADO County CA
Realist's most recent recording date for this county is 02/11/2008
167
240
$454,000
155
219
$460,000
2,455
$463,000
2,983
$494,500
$220,000
-
$-
18
$452,500
37
$437,500
Valentine’s Day is the day to celebrate those you love, but where did the day originate from? Many experts say that it originated from Saint Valentine, a Roman who was martyred for refusing to give up Christianity. He died February 14, 269 A.D. Legend also says that St. Valentine left a farewell note for the jailer’s daughter, who had become his friend, and signed it, “From Your Valentine”. Other experts say that Saint Valentine was a man who served as a priest at the temple during the reign of Emperor Claudius. Claudius then had Valentine jailed for defying him in 496 A.D. Pope Gelasius set aside February 14th to honor St. Valentine.
Gradually February 14th became the date for exchanging love messages and St. Valentine became the patron saint of lovers. The date was marked by sending poems and simple gifts such as flowers. In the 1800’s the first Valentine’s Day cards were introduced in the U.S. and now the date has become very commercialized.
So, what are you planning for Valentine's Day? Do you need some ideas to make this Valentine's Day a day to remember? Why not skip dinner out and have a picnic in your own living room. Spread out a blanket and light some candles. Buy some wine, cheese and bread and enjoy a romantic night in. How about a scavenger hunt for your loved one? Have each clue eventually lead to a small gift or even dessert. For those of you with great memories try recreating your first date together. Want to get your heartbeat going? Partake in a physical activity like ice skating or go on a hike. You don’t have to go far to go wine-tasting, tour at your local wineries. Whatever you end up doing this Valentine’s Day remember it’s a day to celebrate those you love.
Wishing you and yours a wonderful Valentine's Day!
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