The Barringer Team's Blog by The Barringer Team

Our Own

The Nightline program from ABC National News interviewed Our own Team Leader Bill Barringer because he is the REO/ Foreclosure Specialist for the entire Area. Not a better time to buy. Click on link below: Town Drowning in Foreclosures http://abcnews.go.com/Video/playerIndex?id=6234419 The Barringer Team

Foreclosure Freeze?

Foreclosure Schwarzenegger Calls For 90-Day Foreclosure Freeze California Governor Arnold Schwarzenegger unveiled an aggressive proposal yesterday that he says will bring down foreclosure rates in the state by helping both borrowers and lenders modify existing home loans in ways that benefit both parties, and at the heart of his plan is a state-wide 90-day halt on foreclosure proceedings. Earlier today, Schwarzenegger called a special session of the state legislature to immediately address his foreclosure relief plan, as well as other economy and budget issues.

“The single most powerful action our state can take to shore up its economy is to help Californians stay in their homes - and I am presenting a plan to do just that,” said Governor Schwarzenegger. “Curtailing foreclosures will stop the downward spiral of home prices, free up needed cash for homeowners, help save jobs and make an immediate positive impact on our ..(read more)

Local Market Trends

Local Market Trends The following information is from the local MLS database, as of November 3, 2008 and is compared to (October 1, 2008). If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market. Summary: The current market has slowed down some. All of the bad press is really scaring everyone. The stock market appears to be getting more stable and we are starting to see more buyers and investors starting to come out from the shadows. With all the election hype, people are waiting to see what, and if, the lenders are going to really try and help people stay in their homes through numerous different ways (NOTE: re-structuring and loan modification). I think the banks are going to have to cooperate more than they have been. The government is getting involved to help make the banks cooperate more so that we can get back to a "somewhat normal" market. Let's hope it ..(read more)

A Path to Prison

I personally have talked with people thinking of doing this and have given them the same advice. People think this is a BIG GAME they do not realize they are committing Fraud a prison offense here is a recent article on Inman News. DEAR BENNY: I know someone who has qualified to obtain a second house by stating that he will rent his first house; however, he has no intentions of actually renting it. Upon obtaining the new house, he plans to walk away from the first house, letting it go into foreclosure. He will already own his new house before his credit is hurt by the foreclosure, and he plans to live in the new house until the foreclosure is removed from his credit report in seven years, so he sees it as the perfect plan. Is that legal, especially since he qualified for the new loan with false information? Is there anything I should warn him about? --Kevin DEAR KEVIN: What a clever approach. Your friend will be the head of his class when he is incarcerated. Falsifying ..(read more)

Local Market Stats

Local Market Stats The following information is from the local MLS database, as of October 1, 2008 and is compared to (September 2, 2008). If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market. Tracy, CA ACTIVE Status Total # of residential properties for sale in the city of Tracy: 646 (675) #of REO (foreclosures): 278 (289) # of Short Sales: 293 (318) Average # of days on market: 65 (71) The median price of all homes for sale in Tracy: $249,900 ($264,900) The average price of all homes for sale in Tracy: $280,302 ($286,569) Lowest priced home: 1bd/1ba/594 sq. ft./$69,500 Highest priced home: 6bd/4,472 sq. ft./$1,249,000 PENDING Status Number of properties currently under agreement: 404 (390) # of REO: 325 (328) Average pending price: $254,526 ($253,430) Average pending home is 4 bedrooms, 2,034 square feet at ..(read more)

Goverment Takeover

Good Morning, Fannie and Freddie have been taken over by the Feds. The good news rates have come down to low 6%. Mortgage Industry and Economic News: U.S. Seizes Control of Mortgage Giants; Washington Post The federal bailout of Fannie Mae and Freddie Mac involves putting the companies under conservator ship and placing the Federal Housing Finance Agency in charge of their operations and appointment of senior managers. The government has dismissed Fannie Mae and Freddie Mac's CEOs--who will, however, assist in the transition--and will provide capital, if necessary. The plan also calls for a cut in the stake of current shareholders to 20 ..(read more)

Local Market Stats

Local Market Stats The following information is from the local MLS database, as of September 2, 2008 and is compared to (August 1, 2008). If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market. Tracy, CA ACTIVE Status Total # of residential properties for sale in the city of Tracy: 675 (705) #of REO (foreclosures): 289 (281) # of Short Sales: 318 (338) Average # of days on market: 71 (82) The median price of all homes for sale in Tracy: $264,900 ($275,000) The average price of all homes for sale in Tracy: $286,569 ($289,970) Lowest priced home: 1bd/1ba/594 sq. ft./$89,000 Highest priced home: 6bd/4,472 sq. ft./$1,249,000 PENDING Status Number of properties currently under agreement: 390 (440) # of REO: 328 (354) Average pending price: $253,430 ($279,586) Average pending home is 4 bedrooms, 1,988 square feet at a price of $253,430 ..(read more)

New Tax Law Investors can Take advantage of.

Some Rental Home investors may have a Temporary Window to take advantage of a Rare Tax Law just put in place by the I.R.S. http://realtytimes.com/rtpages/20080829_investorreport.htm

Government Affairs Update

Here are NEW Government Incentives for First-Time Home Buyers: HOUSING AND ECONOMIC RECOVERY ACT OF 2008 First-time Homebuyer Tax Credit FEATURE H.R. 3221 Housing and Economic Recovery Act of 2008 Amount of Credit Ten percent of cost of home, not to exceed $7500 Eligible Property Any single-family ..(read more)

NEW HOUSING BILL JUST PASSED

Washington Report: New Housing Bill by Kenneth R. Harney The massive, 600-page housing bill heading to the White House is loaded with billions of dollars of new programs, financial assistance for troubled home owners, home buyer tax credits and even a new regulatory structure to oversee Fannie Mae and Freddie Mac. The Bill is missing things that could prove significant for certain home buyers -- primarily those who want FHA mortgage money. Tops on the list: The final bill effectively kills the popular "downpayment assistance" programs run by companies such as Nehemiah Corporation and Ameridream, Inc. The Bush administration had sought to ban seller-funded "gift" plans for more than two years, and finally got its wish last Wednesday when the House accepted Senate bill language making them illegal when used with FHA loan insurance. Downpayment assistance works like this: When a buyer doesn't have enough cash for a downpayment, the home seller ..(read more)

Tracy Market Stats

Local Market Stats The following information is from the local MLS database, as of August 1, 2008 and is compared to (July 9, 2008). If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market. Tracy, CA ACTIVE Status Total # of residential properties for sale in the city of Tracy: 705 (712) #of REO (foreclosures): 281 (283) # of Short Sales: 338 (329) Average # of days on market: 82 (84) The median price of all homes for sale in Tracy: $275,000 ($279,000) The average price of all homes for sale in Tracy: $289,970 ($295,631) Lowest priced home: 1bd/1ba/502 sq. ft./$89,000 Highest priced home: 7bd/5ba/4,508 sq. ft./$1,295,888 PENDING Status Number of properties currently under agreement: 440 (426) Average pending price: $279,586 ($290,236) # of REO: 354 (334) Average pending home is 4 bedrooms, 2 baths, 2,093 square ..(read more)

Foreclosure GLUT Leads to Intense Competition

"Finally hitting the Stockton AreaThis has been the Happening in the Tracy Market for the Last 3 months" By Bruce Spence Record Staff Writer July 21, 2008 6:00 AM The housing downturn, now permanently embossed with a "foreclosure" icon, is offering many the chance to buy when only a few years ago soaring prices had put owning a home well out of reach. For many, buying a home still seems out of reach these days, although for different reasons. J.P. Wheeler, a 31-year-old elementary school teacher, and his wife, Amanda, a Social Security claims representative, have been actively looking to buy their first home, going out to house hunt once or twice a week for the past four months. Most houses on the market are foreclosures, and that's where the best possible prices appear to be, he said. But there are also lots of people who see this as a good time to buy, he now knows. The two have made offers - all over asking price - on three ..(read more)

Legal Update as of 7/11/08

Here is recent changes in the law. We always want keep our clients on the cutting edge. If we can be of service please do not hesitate to e mail or call. E-mail Tiger@bpbarringer.com ph# 1-800-894-7282 Local 209-833-7777 FORECLOSURE RELIEF BILL BECOMES LAW
This week, the State Legislature enacted foreclosure reform law to address the adverse effects of high foreclosure rates in California. The new law requires lenders to contact homeowners to explore options for avoiding foreclosure at least 30 days before filing a notice of default. It also requires owners acquiring property through foreclosure to maintain the exterior of vacant residential properties. The new law also extends from 30 to 60 days the time for residential tenants to move out of properties that have been foreclosed upon, unless other laws apply. These requirements will remain in effect until January 1, 2013. The full text of Senate Bill 1137 (Perata) is available at www.leginfo.ca.gov.
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Wow he says it like I would like to say it!

Lee Iacocca, the man who rescued Chrysler Corporation from its deaththroes. He's now 82 years old and has new book, and here are some excerpts:

'Am I the only guy in this country who's fed up with what's happening? Where the hell is our outrage? We should be screaming bloody murder. We've got a gang of clueless bozos steering our ship of state right over a cliff, we've got corporate gangsters stealing us blind, and we can't even clean up after a hurricane much less build a hybrid car. But instead of getting mad, everyone sits around and nods their heads when the politicians say, 'Stay the course'

Stay the course? You've got to be kidding. This is America , not the damned 'Titanic'. I'll give you a sound bite: 'Throw all the bums out!'

You might think I'm getting senile, that I've gone off my rocker, and maybe I have. But someone has to speak up. I hardly recognize this country anymore.

The most famous business ..(read more)

It could be the begining of the end

Foreclosures dip of 3.4% this month. Read this article its the first GOOD NEWS we have seen for a while. Also with the amount of buyers we are seeing coming into the market place we are hoping the inventory will be starting to go down. This will be the key in starting to see prices start heading up. http://www.inman.com/news/2008/07/10/foreclosure-related-filings-dip-34-in-june