Bakersfield Real Estate - bakersfieldrealestate's Blog - Bakersfield.com http://people.bakersfield.com/home/Blog/bakersfieldrealestate Bakersfield Real Estate, and people and events in the Real Estate business, such as the Bakersfield Association of Realtors Caravan. Also stray pets needing homes, and Bakersfield community concerns. Bakersfield Real Estate, and people and events in the Real Estate business, such as the Bakersfield Association of Realtors Caravan. Also stray pets needing homes, and Bakersfield community concerns. en-us Zero Down goes Bye Bye! http://people.bakersfield.com/home/Blog/bakersfieldrealestate/32533 http://people.bakersfield.com/home/Blog/bakersfieldrealestate/32533 <p><span style="font-size: large">I just read an article by Gretchen Wenner about Seller Assisted Down Payment Programs going away. I knew this was coming and was watching out for it, but since it is now a topic in the Bakersfield Californian, here is what I think about it.</span></p> <p><span style="font-size: large">An example is the NEAMIAH program. It is a non-profit organization that takes money from the Seller and donates it to the Buyer to cover their downpayment. They also pay a fee to the non-profit organization on top of that, about $500 in some cases. Why would a Seller do that? In a slow market like we are in now, that may be the only way to get a property sold. An FHA loan requires at least a 3% downpayment. </span></p> <p><span style="font-size: large">The sub prime meltdown and the skyrocketing rate of foreclosures has caused the government to act. The thinking is that if a Buyer doesn't have a stake in his investment, he will be more likely to just walk away if he has trouble making the payments. In a perfect world, this law would be a good thing, but with the glut of foreclosures already on the market, it is dragging down house prices. The only way out of the jam we are in is to burn through all of these REOs so the market can stabalize, and perhaps begin to rise again. Though the sub prime meltdown might have been exacerbated by zero down loans, there were other problems that were a more direct cause of the problems, such as allowing non documented stated income loans, and Adjustable Rate Mortgages where the interest rate goes up after an initial introductory period, making the mortgage payment rise to the point where the Buyer can no longer afford it. In a rising market, you could refinance, but in a falling market, if you have no equity, that option is not open to you.</span></p> <p><span style="font-size: large">I see this happening a lot: you have loose or no regulation, but then there is a big melt down, so then there is a knee jerk reaction to over regulate. I don't think&nbsp;ending seller&nbsp;assisted down payment programs right now&nbsp;is a good idea, given that sales are already slow. If you were planning to use a program like that to buy a house, you better hurry up. If you can't get in Escrow before October, you will have to save up the down payment, or have a family member or friend &quot;gift&quot; it to you. </span></p> <p><span style="font-size: large">There might be an extension of the programs, but it is hard to say. I have heard that the programs were ending before, but so far they haven't. This time it looks like the programs will end, but it will have a severe dampening effect on an already soggy market.</span></p> <p>&nbsp;</p> Looking for the "Timber!" point of Bakersfield Real Estate http://people.bakersfield.com/home/Blog/bakersfieldrealestate/24126 http://people.bakersfield.com/home/Blog/bakersfieldrealestate/24126 <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">I was listening to <i>All Things Considered </i>on March 30, 2008 and I heard an interesting exchange. The usual economic truism &mdash; as demand goes down, the prices go down&mdash; doesn't seem to apply in the current troubled housing market. Many homeowners prefer not to sell their home than to take a penny less than their inflated asking price. </span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium"><a target="_blank" href="http://www.npr.org/templates/story/story.php?storyId=89225406">Hersh Shefrin, professor of behavioral finance at Santa Clara University, breaks down the economic conundrum for Andrea Seabrook</a>.</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">You can listen for yourselves on the National Public Radio website by clicking on the link above, or get the gist of the conversation from my paraphrase: Behavioral Finance is the study of how psychology impacts financial decision making. For instance, pricing their home in a declining market. When a homeowner thinks they are going to take a loss if they sell their house, they are inclined, instead, to gamble by setting a much higher asking price, hoping that they can beat the odds and a magic buyer will appear willing to pay at least what they originally paid for it so that they can feel they haven't taken a loss on their investment. That is called the psychological aversion to a sure loss. The psychological pain is something that is difficult for most people to accept, so the pain is deferred.</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">In normal times sellers ask for 12% more than they think is reasonable, and it takes an average of 6 months to sell. In a down market sellers ask for 33% more, not 12%, a third more, and it might take 2 years to sell, if they manage to sell it at all. </span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Sellers who look like they won't negotiate and have priced their houses too high are one of the main reason that transactions don't happen. There are still buyers out there, but they won't buy at the price the sellers are asking. The buyers are also fearful that if they do buy, the prices will decline even more, and they will also face the pain of having made a bad investment. The turn-over rate goes way down. Prices may continue to go down, and as they decline there will be more pain. Some investors will start buying the houses when they can be turned into profitable rentals. Others are waiting for the prices to come down so they can afford them. There will be buyers, there will be bargains, and finally the excess inventory will be sold, and the market will return to normal.</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Getting back to Bakersfield Real Estate, here are some specific examples and other observations relating to Professor Shefrin's findings: Apart from the psychological reasons, there is also a purely financial reason. If the price drops below the amount still owed, then the house is upside-down, under water, and would be termed a short sale and require bank approval for it to be sold for less than the amount of the loan. </span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Banks don't seem to be doing this as much as just waiting for it to go into foreclosure, and then selling it--even if they have to drop the price to get it to move. Perhaps they have less of a psychological barrier to overcome and are just trying to cut their losses and move on. The Asset Managers at the bank aren't the ones who issued the mortgages, and their feelings aren't as wrapped up in the deal. It doesn't hurt their feelings if they are taking a loss. This gives the REO listings an advantage. They are just trying to find the price at which the house will sell, the timber point, if you will. They chop and chop at the price until the house sells, like chopping down a tree. Timber!</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">To illustrate, our office recently sold a house in the Fox Run subdivision on Timberpointe. It was an REO, bank owned foreclosure property. Most of the houses on that street and in the Fox Run subdivision were much larger. It was just a medium sized 3 bedroom. But at $174,900, it enlisted a flurry of offers, and the price was bid up to well over $200,000 when the dust finally settled. There were at least 15 offers, and more people who would have made offers if they thought they had a chance. When I hear that the market is slow, I am reminded of the man who said, &quot;No one goes downtown anymore. It's too crowded!&quot; So, if a house is priced right, it could get multiple offers. It might even go for more than the listing price.</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium"><a target="_self" href="http://www.ChrisCraddockRealtor.com">www.ChrisCraddockRealtor.com</a></span></span></p> <p>&nbsp;</p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium"><br /> </span></span></p>


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Caption: Looking for the "Timber!" Point of Bakersfield Real Estate on Timberpointe
Credit: Chris Craddock


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Caption: Looking for the "Timber!" Point of Bakersfield Real Estate on Timberpointe
Credit: Chris Craddock


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Caption: Multiple Offers on houses when priced below Market
Credit: Chris Craddock


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Caption: Multiple Offers on houses when priced below Market
Credit: Chris Craddock


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Caption: A pretty good house, nothing special, but at the listing price a fantastic bargain
Credit: Chris Craddock


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Caption: A pretty good house, nothing special, but at the listing price a fantastic bargain
Credit: Chris Craddock


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Caption: Fox Run, but not listed by Dennis Fox?
Credit: Chris Craddock


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Caption: Fox Run, but not listed by Dennis Fox?
Credit: Chris Craddock

 timberpointe01.jpg Looking for the "Timber!" Point of Bakersfield Real Estate on Timberpointe Chris Craddock timberpointe03.jpg Multiple Offers on houses when priced below Market Chris Craddock timberpointe04.jpg A pretty good house, nothing special, but at the listing price a fantastic bargain Chris Craddock timberpointe02.jpg Fox Run, but not listed by Dennis Fox? Chris Craddock Spring Has Sprung http://people.bakersfield.com/home/Blog/bakersfieldrealestate/23593 http://people.bakersfield.com/home/Blog/bakersfieldrealestate/23593 <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Today, Friday March 21st, we had a Real Estate Caravan, and who should arrive but The Easter Bunny? Somehow, I never see The Easter Bunny and <b>Sheryl Gallion </b>of <b>Ticor Title </b>in the same place, and this has been going on since <i>1984?!?!?!</i><br /> <br /> The Bakersfield Real Estate Caravan looked at houses in Northwest Bakersfield today, between Allen and Coffee, North of Rosedale Highway.<br /> <br /> In other news, I found out that the <b>LA Times</b> only posts articles on the public website for a week, so all the links I have been putting in my Bakersfield Real Estate blog are getting broken. I am going to rethink my strategy. Also, I think my blog about taking Local Honey to stave off hay fever has had an effect, because when I went back to the store, all of the Sage and Orange Blossom Kern Honey was sold, and only the Buchwheat Honey was left. One of our agents claimed he heard a rumor about Local Honey having a beneficial effect on allergies, and I can claim full credit for spreading that rumor.<br /> <br /> Have a Good Friday, and a good weekend.</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium"><a target="_self" href="http://www.ChrisCraddockRealtor.com">www.ChrisCraddockRealtor.com</a></span></span></p> <p>&nbsp;</p>


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Caption: What's Up, Doc?
Credit: Chris Craddock (c) 2008


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Caption: What's Up, Doc?
Credit: Chris Craddock (c) 2008


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Caption: Bakersfield Real Estate
Credit: Chris Craddock (c) 2008


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Caption: Bakersfield Real Estate
Credit: Chris Craddock (c) 2008


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Caption: Caravan
Credit: Chris Craddock (c) 2008


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Caption: Caravan
Credit: Chris Craddock (c) 2008


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Caption: Which way to the next house on the Bakersfield Real Estate Caravan?
Credit: Chris Craddock (c) 2008


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Caption: Which way to the next house on the Bakersfield Real Estate Caravan?
Credit: Chris Craddock (c) 2008


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Caption: Can you believe that we are in Bakersfield?
Credit: Chris Craddock (c) 2008


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Caption: Can you believe that we are in Bakersfield?
Credit: Chris Craddock (c) 2008


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Caption: Bakersfield Real Estate Agents giving feedback on a Home for Sale
Credit: Chris Craddock (c) 2008


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Caption: Bakersfield Real Estate Agents giving feedback on a Home for Sale
Credit: Chris Craddock (c) 2008


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Caption: Happy Hoppy Easter!!!!
Credit: Chris Craddock (c) 2008


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Caption: Happy Hoppy Easter!!!!
Credit: Chris Craddock (c) 2008

 easterbunnynancychris2.jpg What's Up, Doc? Chris Craddock (c) 2008 cara1454.jpg Bakersfield Real Estate Chris Craddock (c) 2008 cara1457.jpg Caravan Chris Craddock (c) 2008 cara1459.jpg Which way to the next house on the Bakersfield Real Estate Caravan? Chris Craddock (c) 2008 cara1468.jpg Can you believe that we are in Bakersfield? Chris Craddock (c) 2008 cara1469.jpg Bakersfield Real Estate Agents giving feedback on a Home for Sale Chris Craddock (c) 2008 cara1472.jpg Happy Hoppy Easter!!!! Chris Craddock (c) 2008 When the Buyers Return to Capistrano http://people.bakersfield.com/home/Blog/bakersfieldrealestate/23556 http://people.bakersfield.com/home/Blog/bakersfieldrealestate/23556 <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">March 17th, St Patrick's Day, and then two days later, the swallows return to Capistrano. Someone I know has a birthday on March 19th, so I incorporated a little of the Capistrano legend and lore into a birthday greeting. Did you know that the swallows fly all the way from Argentina? Legend has it that they carried twigs in their beaks, so they could rest in the water, using the twigs as little life rafts. Saw a great blog from the Real Estate agents of San Juan Capistrano, who tied the story into their observation that the buyers seemed to be returning along with the swallows. Though the evidence is anecdotal, and may even be apocryphal, here it is:</span></span></p> <p><a target="_blank" href="http://1031netex.wordpress.com/2008/03/16/when-the-buyers-return-to-capistrano/"><span style="font-family: Comic Sans MS"><span style="font-size: medium">When the Buyers Return to Capistrano</span></span></a></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">The next day I went to the luncheon sponsored by REPERs (Real Estate Professional's Educational Resource) and The Bakersfield chapter of The Women's Council of Realtors at the Stockdale Country Club:</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">WCR Bakersfield (They haven't updated their website in a while. I wonder if they would let me in to their events for free in exchange for updating their website?)</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">The speaker was Liz Callihan, and she brought her Texas-sized wisdom and common sense to the subject of technology in Real Estate. Smart Phones, Texting, Blogging, Tablet Lap Tops, Mobile Printers, Miniature Digital Voice Recorders, Mobile Scanners, and 500 gigabyte back-up units were just a few of the devices she demonstrated. </span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Want to scan receipts on-the-go, and have the information automatically entered into your accounting software? Try this neat receipt scanner:</span></span></p> <p><a target="_blank" href="http://www.NeatReceipts.com"><span style="font-family: Comic Sans MS"><span style="font-size: medium">www.NeatReceipts.com</span></span></a></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Use a digital voice recorder to capture ideas--or even write the Great American Novel. Then you can use Dragon Naturally Speaking&nbsp; software to type it up:</span></span></p> <p><a target="_blank" href="http://www.DragonTalk.com"><span style="font-family: Comic Sans MS"><span style="font-size: medium">www.DragonTalk.com</span></span></a></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Want to have a FREE phone number where you can receive faxes and have them sent to your email? Sign up for eFax:</span></span></p> <p><a target="_blank" href="http://www.eFax.com"><span style="font-family: Comic Sans MS"><span style="font-size: medium">www.eFax.com</span></span></a></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Want the latest tech info, and also great how-to videos that show you how to set up and use all these great gadgets? Try cNet:</span></span></p> <p><a target="_blank" href="http://www.cNet.com"><span style="font-family: Comic Sans MS"><span style="font-size: medium">www.cNet.com</span></span></a></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Liz Callihan had many great tips and tricks that would benefit any Real Estate Agent, business person, or entrepreneur. She recommends that you put lanyards on your keys, and all of these gadgets, so you won't lose them. For smart phones, get ones with big keyboards, and big buttons. Not only are they easier to press the buttons without hitting the one next to it, you can also see them better. </span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">The iPhone? More like iCandy--it looks good, but you can't really use it for business. </span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">And Vista? When you buy a new computer they try to force it on you, but they've had so many returns and complaints that you can now demand Windows XP, and Microsoft has backed off and is now committed to supporting XP for at least 2 more years.</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">If your computer is slow and locks up if you try to run more than 2 or 3 programs at the same time, check your RAM (Random Access Memory). Right click on the My Computer icon, and then choose Properties. It will show you how much RAM memory you have. You might have a gazillion gigs of memory on your hard drive, but then you skimped on RAM memory. Liz compared the hard drive memory to a storage unit, and the RAM was a truck. When you want to use a program, it is loaded into RAM much like a truck picks up your stuff from the storage unit. If you have tons of stuff, but then try to move it with a little tiny truck, there is a bottleneck. You need a BIG RIG!!! 2 gigabytes of RAM memory will dramatically increase your computer's speed.</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Liz Callihan dropped by our office after the luncheon to talk tech (minus the geek speak) with our sales manager, Nancy Harper, and I. She really has a gift for explaining how to use technology in plain English. Her engagement for the WCR is an annual event. Here is Liz Callihan's web site:</span></span></p> <p><a target="_blank" href="http://www.pfmGurus.com"><span style="font-family: Comic Sans MS"><span style="font-size: medium">www.pfmGurus.com</span></span></a></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Another National Speaker on useful technology is Dick Betts. His website has a lot of useful information as well:</span></span></p> <p><a target="_blank" href="http://www.DickBetts.com"><span style="font-family: Comic Sans MS"><span style="font-size: medium">www.DickBetts.com</span></span></a></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Remember, The Key to Bakersfield Real Estate is Chris Craddock, Realtor.</span></span></p> <p><a href="http://www.ChrisCraddockRealtor.com"><span style="font-family: Comic Sans MS"><span style="font-size: medium">www.ChrisCraddockRealtor.com</span></span></a></p> <p>&nbsp;</p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium"><br /> </span></span></p>


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Caption: Nancy Harper, Liz Callihan, and Chris Craddock, Real Estate Agents, talk tech--minus the geek speak!
Credit: Cheryl Pauley


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Caption: Nancy Harper, Liz Callihan, and Chris Craddock, Real Estate Agents, talk tech--minus the geek speak!
Credit: Cheryl Pauley


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Caption: Bakersfield Real Estate Agent Chris Craddock's Blackberry
Credit: Chris Craddock


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Caption: Bakersfield Real Estate Agent Chris Craddock's Blackberry
Credit: Chris Craddock

 harpercallihancraddock.jpg Nancy Harper, Liz Callihan, and Chris Craddock, Real Estate Agents, talk tech--minus the geek speak! Cheryl Pauley blackberrynancylizchris.jpg Bakersfield Real Estate Agent Chris Craddock's Blackberry Chris Craddock Home Tours, the Stock Market, Auctions, and Mortgages http://people.bakersfield.com/home/Blog/bakersfieldrealestate/23495 http://people.bakersfield.com/home/Blog/bakersfieldrealestate/23495 <p> <table width="100%"> <tbody> <tr valign="top"> <td> <div class="blog_entry_wrapper"> <div class="blog_entry "> <div style="overflow: auto; width: 100%; position: relative"> <p><span style="font-size: medium"><strong>Home Tours</strong><br /> <br /> </span><a href="http://www.bakersfield.com/137/story/388543.html" target="_blank"><span style="font-size: medium">http://www.bakersfield.com/137/story/388543.html</span></a><span style="font-size: medium"><br /> <br /> In the Bakersfield Californian, there was a story about home tours. That is where an agent rents a bus or van and then takes a group of buyers out to look at houses. I have noticed a lot of activity lately, with buyers out there looking for bargains. Some are waiting to see when the market hits the bottom, but others are out there now, getting great deals, and having a lot of options to choose from, with so many houses on the market now. <br /> <br /> I am reminded of the joke about, &quot;No one goes downtown anymore. It's too crowded.&quot; We are seeing multiple offers now, mostly on aggresively priced REOs, but still. Multiple offers. There is a lot of demand in the $200-$250 range, and I would expect that is because they are first time home buyers who don't have to worry about selling their own house first. I wouldn't be surprised if the low listing price was used as a strategy. It looks like a great deal, so it gets multiple offers, and the price gets bid up, much like what happens in an auction. They end up paying more for the house than other houses that were originally listed higher. <br /> <br /> <strong>Stock Market Tumble<br /> </strong><br /> </span><a href="http://www.latimes.com/business/la-fi-world18mar18,0,5869457.story" target="_blank"><span style="font-size: medium">http://www.latimes.com/business/la-fi-world18mar18,0,5869457.story</span></a><span style="font-size: medium"><br /> <br /> Here is an article from the <strong>LA Times</strong> about the stock market tumble, I think as a reaction to the news about <strong>Bear &amp; Stearns</strong> being sold at fire sale prices.&nbsp;The stock market is up, then down, then back up. It is like a roller coaster. Same thing with the mortgage rates. For the most part, the rates if graphed would be a soft curve, but lately, it looks like a roller coaster. Up and down, a jagged lightning bolt--some days they couldn't even set a rate, it was all in a state of flux. This is a highly unusual market. <br /> <br /> <strong>Sub-prime mortgage watchdogs kept on leash</strong><br /> <br /> </span><a href="http://www.latimes.com/business/la-fi-subprime17mar17,1,1725852.story" target="_blank"><span style="font-size: medium">http://www.latimes.com/business/la-fi-subprime17mar17,1,1725852.story</span></a><span style="font-size: medium"><br /> <br /> Here is another story from the <strong>LA Times</strong>, about the sub-prime watchdogs. It seems that the lenders weren't interested in hearing about potential problems coming down the pipeline. No wonder we are in such a mess now. This is a pretty good article if you are interested in hearing about how we have gotten ourselves into this situation.<br /> <br /> <strong>Notes from a foreclosure auction</strong><br /> <br /> </span><a href="http://latimesblogs.latimes.com/laland/2008/03/notes-from-a-fo.html" target="_blank"><span style="font-size: medium">http://latimesblogs.latimes.com/laland/2008/03/notes-from-a-fo.html</span></a><span style="font-size: medium"><br /> <br /> Here is a blog from the <strong>LA Times</strong> about what goes on at a foreclosure auction. Some of our REO listings are offered at these auctions, but I have heard that you might win the auction, and think you have a house, but the banks won't approve it, and will counter offer. This doesn't seem fair, if they only sell the houses that are market value or over bid. The whole point of an auction is to get a great deal. <br /> <br /> A lot of the REO listings that went to these auctions didn't sell, and were back on the market a month later. Also, if they did sell at the auction, the commission paid to the sales agent was so small that it wouldn't be worth it. But that isn't a concern to the sort of person looking for a deal at one of these auctions. Just don't expect a Real Estate Agent to help you with it. You might think I am just talking it down because of self interest, but while sitting an open house for one of these auction properties, an investor came and told me that he had put in a low bid, the highest bid, so he should have gotten it, but then the bank backed out. Now, if he had gone overboard, swept up in &quot;auction fever&quot; and bid too much, they would have held him to it. In the case I was told about, it was a bid of $100,000 on a property that was listed at $160,000.<br /> <br /> <strong>Bidding for a bargain on the foreclosure auction block</strong><br /> <br /> </span><a href="http://www.latimes.com/business/la-fi-auction17mar17,1,2340922.story" target="_blank"><span style="font-size: medium">http://www.latimes.com/business/la-fi-auction17mar17,1,2340922.story</span></a><span style="font-size: medium"><br /> <br /> Here is a related story in the LA Times about the old auction block.<br /> <br /> Finally, I just want to say that FHA Loans are looking better these days. Some lenders don't like to do them because of the extra work involved, but they offer a lot of advantages to the borrower. FHA loans have changed, and a lot of the reasons why people disliked them are no longer true. <br /> <br /> If your credit score is not so high, and if you have a high debt to income ratio, and if you need some assistance with the down payment, then FHA might be the loan for you. Anyway, consider it as an option, and if your lender bad mouths it, it could be because they are not set up to do FHA loans. There is still some extra work and forms required, but if you get a lender who knows how to do FHA loans, they could have a lot of benefits for you, the borrower.<br /> <br /> There are also some great VA loans out there for you veterans! </span></p> <p><span style="font-size: medium">&nbsp;</span></p> </div> </div> </div> </td> </tr> </tbody> </table> </p> Financial Forecast http://people.bakersfield.com/home/Blog/bakersfieldrealestate/23002 http://people.bakersfield.com/home/Blog/bakersfieldrealestate/23002 <p><span style="font-size: large"><span style="font-family: Times New Roman">I am constantly scanning the media, looking for signs about which direction our economy is going, and wondering how that will affect the housing market. They say that Economics is &quot;the dismal science&quot; but I find it exciting--especially when you translate all the numbers, graphs, and trends into cold, hard cash. It's all about the Benjamin's (as in Benjamin Franklin, the face on the $100).</span></span></p> <p><span style="font-size: large"><span style="font-family: Times New Roman"><img title="It's All About the Benjamins!!!" height="393" alt="Benjamin Franklin" hspace="5" width="391" align="right" vspace="5" border="0" src="http://a347.ac-images.myspacecdn.com/images01/29/l_3e9a5e9866bdb4d22bab368bc63f5322.jpg" /></span></span></p> <p><span style="background-color: #000000"><span style="color: #ffff00"><span style="font-size: x-large"><span style=""><span style="font-family: Times New Roman">Here are a few articles I have found, and not all the news is bad. </span></span></span></span></span></p> <p><a title="Playing the Housing Slump" target="_blank" href="http://online.wsj.com/article/SB120528130232928811.html?mod=fpa_editors_picks"><span style="font-size: large"><span style="font-family: Times New Roman">Playing the Housing Slump: <br /> Is It Time to Make Your Move?</span></span></a></p> <p><span style="font-size: large"><span style="font-family: Times New Roman">The article in the Wall Street Journal actually says that NOW is a good time to buy a house. But not so good to sell a house. It is a buyer's market, but if you must first sell your current house before you can buy, then it is a little harder to take advantage of the housing slump. But if you want to trade up to a bigger and better house, now is still a good time. Though you would lose a bit on the sale of your current house, you would make up for it on the other end. Or if you want to buy a second house as a vacation home, now is also good. Finally, if you want to help your kids get their first home, now would be a great time.</span></span></p> <p><a title="UCLA doesn't buy recession" target="_blank" href="http://www.latimes.com/business/printedition/la-fi-ucla11mar11,0,2672307.story"><span style="font-size: large"><span style="font-family: Times New Roman">UCLA experts don't buy recession</span></span></a></p> <p><span style="font-size: large"><span style="font-family: Times New Roman">Those whacky, contrarian economists over at UCLA are saying that 2008 will be disappointing, but not a recession. They claim that they predicted the last recession, when the conventional wisdom was that we weren't headed for one. If they are right again, that could be good news. Read all about it in the LA Times.<br /> <br /> </span></span><a title="Bernanke Seeks to Avert Deeper Slump" target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601103&amp;sid=a6aFI7RKVhEA&amp;refer=news"><span style="font-size: large"><span style="font-family: Times New Roman">Bernanke Seeks to Avert Deeper Slump by Accepting Mortgage Debt</span></span></a></p> <p><span style="font-size: large"><span style="font-family: Times New Roman">Bloomberg reports on that other Benjamin, Bernanke, and his vigorous efforts to shore up our economy. Again, it's all about the Benjamins. <br /> <br /> </span></span><a title="Feds pump up economy" target="_blank" href="http://www.npr.org/templates/story/story.php?storyId=15055455"><span style="font-size: large"><span style="font-family: Times New Roman">Stocks Rise on Fed Lifeline to Wall St.</span></span></a></p> <p><span style="font-size: large"><span style="font-family: Times New Roman">This is a related story about the same thing, the Benjamins, i.e. Bernanke and the feds. This time it is from NPR (National Public Radio) instead of Bloomberg.</span></span></p> <p><a title="Hugh Johnson, investment strategist" target="_blank" href="http://www.npr.org/templates/story/story.php?storyId=88091849"><span style="font-size: large"><span style="font-family: Times New Roman">Credit Proves Tough Even for Good Borrowers</span></span></a></p> <p><span style="font-size: large"><span style="font-family: Times New Roman">For people who don't like to read that much, this is a pod cast from NPR's Morning Edition of March 11th, 2008: Renee Montagne gets a firsthand account of the paralysis in the credit markets with Hugh Johnson, chief investment strategist at Johnson Illington Advisors. Johnson says borrowers are reluctant to make loans these days even to people with good credit.<br /> </span></span></p>


Title: bakersfieldrealestatecaravan022908.jpg
Caption: Bakersfield Real Estate Agent's on a Caravan
Credit: bakersfieldrealestate


Title: bakersfieldrealestatecaravan022908.jpg
Caption: Bakersfield Real Estate Agent's on a Caravan
Credit: bakersfieldrealestate

 bakersfieldrealestatecaravan022908.jpg Bakersfield Real Estate Agent's on a Caravan bakersfieldrealestate Countrywide may be under Federal Investigation for Securities Fraud http://people.bakersfield.com/home/Blog/bakersfieldrealestate/22832 http://people.bakersfield.com/home/Blog/bakersfieldrealestate/22832 <p><span style="font-size: large"><span style="font-family: Times New Roman"><a target="_blank" href="http://www.nytimes.com/2008/03/09/business/09lend.html?em&amp;ex=1205208000&amp;en=60f028757bc513ac&amp;ei=5087%0A">The New York Times</a></span></span><span style="font-family: Times New Roman"><span style="font-size: large"> and other </span><a target="_blank" href="http://www.bakersfield.com/898/story/384884.html"><span style="font-size: large">media outlets</span></a></span><span style="font-size: large"><span style="font-family: Times New Roman"> have reported that Countrywide may be under investigation for misrepresenting their financial position at a time when the sub prime mortgage melt down was looming.</span></span></p> <p><span style="font-size: large"><span style="font-family: Times New Roman">Meanwhile, Countrywide CEO Angelo Mozilo was one of three mortgage industry executives brought before a </span></span><span style="font-family: Times New Roman"><a target="_blank" href="http://www.nytimes.com/2008/03/07/business/07cnd-pay.html?em&amp;ex=1205125200&amp;en=65e1ad0c752315a1&amp;ei=5087%0A"><span style="font-size: large">Congressional committee on Friday</span></a></span><span style="font-size: large"><span style="font-family: Times New Roman"> to defend their exorbitant pay at a time when their companies were booking huge losses. </span></span></p> <p><span style="font-size: large"><span style="font-family: Times New Roman">Does this mean that if I have a mortgage with Countrywide I might not have to pay it?</span></span></p> <p><span style="font-size: large"><span style="font-family: Times New Roman">No, silly. Countrywide is in the process of being acquired by Bank of America, and all of this investigating and Congressional committee business should have no effect on you. </span></span></p> <p><span style="font-size: large"><span style="font-family: Times New Roman">The share of all home loans with payments more than 30 days late, both prime and fixed-rate loans, rose to a seasonally adjusted 5.82 percent, the highest since 1985, the </span></span><span style="font-family: Times New Roman"><a target="_blank" href="http://www.mortgagebankers.org/NewsandMedia/PressCenter/60619.htm"><span style="font-size: large">Mortgage Bankers Association said in its report</span></a></span><span style="font-size: large"><span style="font-family: Times New Roman">.</span></span></p> <p><span style="font-size: large"><span style="font-family: Times New Roman">Forty-two percent of new foreclosures in the fourth quarter were people with adjustable-rate subprime mortgages, given to borrowers with limited or tainted credit records, according to the report. Those types of loans accounted for about 7 percent of all mortgages.</span></span></p> Local Honey, Spring Forward! http://people.bakersfield.com/home/Blog/bakersfieldrealestate/22723 http://people.bakersfield.com/home/Blog/bakersfieldrealestate/22723 <p><span style="font-size: large"><span><a target="_blank" href="http://www.melodyduncanrealestate.com"><img alt="Melody Duncan is All A'Buzz 'Bout Local Honey" hspace="10" align="right" vspace="10" border="0" src="http://a817.ac-images.myspacecdn.com/images01/60/l_3d727c4ee73e655f86357a4bc62076a0.jpg" /></a></span></span><span style="font-size: small"><span style="font-size: large"><a target="_blank" href="http://www.melodyduncanrealestate.com">Melody Duncan</a></span> was suffering from spring fever. Hay fever actually. An allergy to pollen that was making the prospect of spring less than inviting. Medications had the unfortunate side-effect of making her drowsy. Someone suggested a folk remedy, and she tried it with great results. <b>Local honey. </b>Honey produced locally contains the pollens from the same flowers that were making her sneeze, and something about taking a spoonful of local honey every day was inocculating her against the pollen in the air.</span></p> <p><span style="font-size: small">She found some local honey, from Kern County, at <a target="_blank" href="http://www.lassens.com">Lassen's Groceries</a> at 4308 California Ave, next to Long's Drugs. It wasn't cheap, but she isn't sneezing, and she isn't drowsy. And I always thought local honey was something musicians on the road had in every town they played.&nbsp; </span></p> <p><span style="background-color: #000000"><span style="color: #ffff00"><b><span style="font-size: medium">Speaking of Spring, this Sunday, March 9th, is time to Spring Forward (Remember Spring Forward, Fall Back? Remember to set your clocks forward one hour on Sunday Night to adjust for Daylight Savings Time.</span></b></span></span></p> <p><span style="font-size: medium">But getting back to honey</span><span style="font-size: small">, this morning on the <a target="_blank" href="http://www.californiareport.org">California Report</a> on NPR I heard a piece about the theft of honey. It has become very valuable lately due to Colony Collapse Disorder. Colony Collapse Disorder (CCD), formerly called Fall Dwindle Disease, refers to the unexplained disappearance and dying off of many honey bee colonies being observed across the United States. Brian Beekman, a third generation bee keeper in Fresno, recovered about 128 beehives that had been branded inside with his logo. That is a great name for a bee keeper, Beekman, and I remember a bee keeper with that last name who lived around San Francisco. His nickname was &quot;B&quot; Man, and he wasn't the same guy, but I'll bet he was from the same family.</span></p> <p><span style="font-size: small">Another branch of the <a target="_blank" href="http://www.beekmanandbeekman.com">Beekman</a> family has a great website. They also make honey wine, or mead. Another source of local honey, produced right here in Bakersfield, is <b><span style="color: #ffcc00">Wilson's Pollination &amp; Honey</span></b>. If you want local honey, go to the <a target="_blank" href="http://www.honeylocator.com/">honey locator</a> website, and there you can search for honey producers by state. Wilson's is on their list. Another great source of information and recipes about honey is <a target="_blank" href="http://www.honey.com">honey.com</a>.</span></p> <p><span style="font-size: small">Did you realize that honey is available in many different varieties? When bees visit mostly one kind of flower as they gather nectar, the honey they produce has a unique taste, aroma and color from that particular flower. </span></p> <p><span style="font-size: small">The main varietals of honey are Alfalfa, Alfalfa/Clover, Basswood, Black Locust, Blackberry, Blueberry, Buckwheat, Red Clover, Sweet Clover, White Dutch Clover, White Sweet Clover, Cotton, Gallberry, Goldenrod, Mesquite, Mixed Flower, Orange Blossom, Palmetto, Raspberry, Star Thistle, Sunflower, Tallow, Tulip Poplar, Tupelo, and Wildflower.</span></p> <p><span style="font-size: small">Mesquite honey would sure go good with mesquite barbeque. Bass players might enjoy Basswood honey. Van Morrison sang about Tupelo honey. Bobby Goldsboro sang about honey, too, but that song is just about the sappiest song ever written.</span></p> <p><span style="font-size: small">I asked <a target="_blank" href="http://www.melodyduncanrealestate.com">Melody Duncan</a> about her local honey experiment, and she said it was still working. When I told her about the bee hive theft in Fresno, she said there was a sign at Brimhall and Renfro offering a reward for information about another bee hive heist. Winnie the Pooh was seen fleeing the area, with Piglet, Yogi Bear, and Boo Boo close behind.</span></p> <p><a target="_blank" href="http://www.honey.com/"><span style="background-color: #ffff99"><span style="font-size: small">http://www.honey.com/</span></span></a><span style="background-color: #ffff99"><br /> <span style="font-size: small"><br /> </span></span><a target="_blank" href="http://www.lassens.com/"><span style="background-color: #ffff99"><span style="font-size: small">http://www.lassens.com/</span></span></a><span style="background-color: #ffff99"><br /> <span style="font-size: small"><br /> </span></span><a target="_blank" href="http://www.honeylocator.com/"><span style="background-color: #ffff99"><span style="font-size: small">http://www.honeylocator.com/</span></span></a><span style="background-color: #ffff99"><br /> <span style="font-size: small"><br /> </span></span><a target="_blank" href="http://www.beekmanandbeekman.com/"><span style="background-color: #ffff99"><span style="font-size: small">http://www.beekmanandbeekman.com/</span></span></a><span style="background-color: #ffff99"><br /> <span style="font-size: small"><br /> </span></span><a target="_blank" href="http://www.melodyduncanrealestate.com/"><span style="background-color: #ffff99"><span style="font-size: small">http://www.melodyduncanrealestate.com</span></span></a><span style="background-color: #ffff99"><br /> <span style="font-size: small"><br /> </span></span><a target="_blank" href="http://www.californiareport.org/"><span style="background-color: #ffff99"><span style="font-size: small">http://www.californiareport.org</span></span></a><span style="background-color: #ffff99"><br /> <br /> </span><span style="font-size: medium"><a target="_blank" href="http://www.chriscraddockrealtor.com"><span style="background-color: #ffff99">http://www.chriscraddockrealtor.com</span></a><span style="background-color: #ffff99"><br /> </span></span></p> <p><span style="font-size: medium">&nbsp;</span></p> 35.366616 -119.052056


Title: melodyduncanlocalhoney.jpg
Caption: Melody Duncan is All A'Buzz 'Bout Bakersfield Real Estate and Local Honey
Credit: bakersfieldrealestate


Title: melodyduncanlocalhoney.jpg
Caption: Melody Duncan is All A'Buzz 'Bout Bakersfield Real Estate and Local Honey
Credit: bakersfieldrealestate

 melodyduncanlocalhoney.jpg Melody Duncan is All A'Buzz 'Bout Bakersfield Real Estate and Local Honey bakersfieldrealestate Bakersfield Real Estate Sales Data Charts http://people.bakersfield.com/home/Blog/bakersfieldrealestate/22518 http://people.bakersfield.com/home/Blog/bakersfieldrealestate/22518 <p>&nbsp;<span style="font-family: Comic Sans MS"><span style="font-size: small">As can be seen by these charts and tables, of the almost 4,000 homes for sale in Bakersfield, one quarter are Short Sales, and one quarter are REO. <br /> But of the homes that sold, more than half are REO, there are very few Short Sales that actually close escrow, and the rest are regular sales. If the short sale trend continues, a lot of the short sales will end up as REO. </span></span></p> <p><img alt="Bakersfield Real Estate, Homes for Sale in March 2008" hspace="5" align="middle" vspace="5" border="0" src="http://a831.ac-images.myspacecdn.com/images01/112/l_6494c52f2d422298c1d21ffdc409373e.jpg " /><br /> &nbsp;<br /> <br /> <img alt="Homes Sold in Bakersfield in February 2008" hspace="5" align="middle" vspace="5" border="0" src="http://a520.ac-images.myspacecdn.com/images01/60/l_88d6cfb1f4e606bd44485de93530e16f.jpg" /><br /> <br /> <span style="font-size: x-large"><b><span style="font-family: Courier New">So what does that mean? </span></b></span></p> <p><span><span>Lot's of places for kids to throw ragers and trash vacant houses!!!</span></span></p> <p><span><span><a target="_blank" href="http://www.bakersfield.com/102/story/378437.html">Police break up party raging in foreclosed home</a></span></span></p> <p><span><span><a target="_blank" href="http://www.bakersfield.com/hourly_news/story/378988.html">Partyers trash second home</a></span></span></p>


Title: Vacant House in Bakersfield
Caption: This house was identified as vacant by a Bakersfield Party Crew, who then broke in and held a party
Credit: Chris Craddock, Realtor


Title: Vacant House in Bakersfield
Caption: This house was identified as vacant by a Bakersfield Party Crew, who then broke in and held a party
Credit: Chris Craddock, Realtor

 Vacant House in Bakersfield This house was identified as vacant by a Bakersfield Party Crew, who then broke in and held a party Chris Craddock, Realtor Money Talks, Bakersfield Real Estate Listens http://people.bakersfield.com/home/Blog/bakersfieldrealestate/22191 http://people.bakersfield.com/home/Blog/bakersfieldrealestate/22191 <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">A really good way to keep up with the articles in The Bakersfield Californian about Bakersfield Real Estate is by reading the <a target="_blank" href="http://people.bakersfield.com/home/Blog/MoneyTalks/">Money Talks</a> blog. This is a staff blog for all the writers who cover Bakersfield Real Estate, and other aspects of business and commerce in Bakersfield. Sometimes it is hard to find the online articles, even when I have the paper in hand. And if you wait too long, it is archived, but you have to pay to see it. But if I go to the Money Talks blog, then not only can I find the article for free, but can make comments on it as well.&nbsp;</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">They have added a great new feature that is a map that shows the Bakersfield Real Estate sales with different colored pins in a map.&nbsp;</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">Here are the links to&nbsp;<a target="_blank" href="http://www.zeemaps.com/map.do?group=69433">January</a> and <a target="_blank" href="http://www.zeemaps.com/map.do?group=67735">December</a>, 2008.&nbsp;Check it out. </span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium">One more interesting article on a Mortgage Fraud investigation is also worth seeing. I have blogged about the kind of Mortgage Fraud that is being investigated here before, so I will be interested in the outcome. <a target="_blank" href="http://www.bakersfield.com/hourly_news/story/370539.html">Read all about it here</a>.</span></span></p> <p><span style="font-family: Comic Sans MS"><span style="font-size: medium"> <p>If you want to contact the <b>Money Talks </b>crew, contact info is below.</p> <p><span style="font-size: small">Team Leader:</span></p> <p><span style="font-size: small">Christine Peterson, </span><a href="mailto:cpeterson@bakersfield.com" target="_blank"><span style="font-size: small">cpeterson@bakersfield.com</span></a><span style="font-size: small">, 395-7418</span></p> <p><span style="font-size: small">Assistant team leader:</span></p> <p><span style="font-size: small">John Cox, </span><a href="mailto:jcox@bakersfield.com" target="_blank"><span style="font-size: small">jcox@bakersfield.com,</span></a><span style="font-size: small"> 395- 7345</span></p> <p><span style="font-size: small">Reporters:</span></p> <p><span style="font-size: small">Vanessa Gregory, </span><a href="mailto:vgregory@bakersfield.com" target="_blank"><span style="font-size: small">vgregory@bakersfield.com,</span></a><span style="font-size: small"> 395-7379</span></p> <p><span style="font-size: small">Jenny Shearer, </span><a href="mailto:jshearer@bakersfield.com" target="_blank"><span style="font-size: small">jshearer@bakersfield.com</span></a><span style="font-size: small">, 395-7234</span></p> <p><span style="font-size: small">Gretchen Wenner, </span><a href="mailto:gwenner@bakersfield.com" target="_blank"><span style="font-size: small">gwenner@bakersfield.com</span></a><span style="font-size: small">, 395-7368</span></p> </span></span></p>