February 7, 2007

High risk mortgages great for Generation Xers and Ys

Business | PE.com | Southern California News | News for Inland Southern California
Use of nontraditional loans also increased, Appleton-Young said, although changing market conditions started to give an edge to fixed-rate mortgages rather than adjustable rates.

Zero down payments became more prevalent with fixed-rate mortgages, increasing to 16 percent last year from 11 percent in 2005, Appleton-Young said.

“Nontraditional mortgages are not going away. They are just a part of the landscape now,” she said.

While baby boomers facing retirement might shy away from higher-risk mortgages, she said, they can be beneficial “for younger Generation Xers and Ys entering the market with the need to stretch every dollar.”

So remember – if you’re about to retire, maybe ARM Option Payment loans aren’t for you. Maybe.

But if you’re not retiring, you can’t afford not to buy! Option Payment loans may be your only choice.

I hear that at some point in the interview for this article, Appleton-Young suddenly said: “Come with me if you want to live… in California!”

Click here to post a comment -- Posted by: burbed @ 5:20 pm

$949,000 – mi 1092sqft casa is su casa

MLSlistings Property Detail for MLS number 670493
San Mateo, CA 94403


This Single Family Residence has the following features:
MLS#: 670493 Approx Age: Unavailable Approx Sq Ft: 1092
Detached Single Family 1 Story Ranch
3 Bedrooms 2 Bathrooms 2 or More Stall Showers

Alright, so it’s in San Mateo – which makes it especially special. It’s sort of in an ok neighborhood to boot. The name of the street is a little funny. Being able to live on this street is definitely worth the $5,258 a month mortgage this will cost you (10% d/30y fixed).

But come on – $949,000 for a 1092 sqft house and you don’t even get interior pictures?

Booo hiss!!

Click here to post a comment -- Posted by: burbed @ 5:21 am

CAR: Bay Area is special

2006 State of the Housing Market report
Home sales in California fell in 2006 after four years of expansion. Sales in the Bay Area housing market fell at a slightly lower rate than for the state as a whole. After peaking in 2004, Bay Area sales declined 10 percent in 2005 and then 19 percent in 2006. The median price in the Bay Area — the highest of any region in the state — continued to increase by small single-digit increments throughout 2006, in part because of inventories that were well below the statewide levels.

3 words: It’s different here.

This is the Bay Area – and we rock! Highest median price and we continue to inch upwards. BOOYAH!

Here’s some interesting facts about the rest of non-special California:

• More home buyers used 100-percent financing to purchase their home. About a fifth of all homes purchased (21.1 percent) were financed with a zero-down payment mortgage compared with 19.7 percent last year. Recent use of zero-down mortgages has increased significantly since 2000, when they were used by just 4.5 percent of buyers. Two of five first-time buyers (40.9 percent) made a zero-down payment on their home purchase, while just one in 10 repeat buyers (11.3 percent) purchased their home with no down payment.

Not surprising! Housing is the safest investment – that’s why you should use other people’s money whenever possible.

Click here to post a comment -- Posted by: burbed @ 4:35 am

February 6, 2007

"Why buy a condo or pay rent when you can own this charming home?"

San Francisco Bay Area Houses & Homes – 658 11TH AV, Menlo Park County Area/Fair Oaks Ave 94025
8 11TH AV, Menlo Park 94025

Bedroom: 3 Bathroom: 1 Square Footage: 920 $585,000
Year Built: 1954 List Date: 1/18/2007 Lot Size: 2675
Parking Spaces: 1 MLS#: 702612
Email this to a friend Ask a Question Neighborhood Data Comparable Data
658 11TH AV, Menlo Park
The Perfect Starter! Great neighborhood close to shopping and commuting. Updated kitchen, 3 large bedrooms and 1 updated bathroom. Double-paned windows, hardwood floors, just call the movers!

Why buy a condo or pay rent when you can own this charming home? Located in a great Menlo Park neighborhood, this home is convenient for shopping as well as commuting. The bright living room and dining room greet you as you enter this cheerful home. The updated kitchen leads to the garage with laundry area. You’ll find 3 spacious bedrooms and one updated bathroom. The large master bedroom has a sliding glass door that leads to the backyard and patio. This home has updated double pane windows, gleaming hardwood floors, and force air heating. Call the movers, you found your new home!
FEATURES – 658 11TH AV, Menlo Park
Property Type Detached Single Family
Lot Description Lot: 1 to 4,500 Sq Ft

Why pay rent indeed? Let’s see… according to a web calculator, this would require (with a 10% deposit):

  • Fixed 30: $3,232.52
  • ARM: $2,818
  • ARM IO: $2,187.50

We’ll conveniently ignore tax and maintenance – those things take care of themselves.

Oh but wait – you can rent a 3br/1ba duplex for just $2150.

Deal, or no deal?

Click here to post a comment -- Posted by: burbed @ 5:13 am

February 5, 2007

God forbid something slips into that crack…

MLSlistings Property Detail for MLS number 702958
San Jose, CA 95126


This Single Family Residence has the following features:
MLS#: 702958 Approx Age: Unavailable Approx Sq Ft: 910
Detached Single Family 2 Stories 3 Bedrooms

Ignoring the lack of symmetry – what would you do if something fell in between the two houses? Would you have to go to the roof to fish it out?

Click here to post a comment -- Posted by: burbed @ 5:15 am

Guess how many Realtors(R) there are in California?

Press-Telegram – <b>Realty Bites:</b> No. of Realtors at all-time high
About one in 70 Californians is now a licensed Realtor.

As of December there were more than 521,000 licensed Realtors in California, according to the DRE, which issues licenses.
Here are a few ways to look at the state’s real estate populous:

The number of Californians with a real estate license would fill Joe Robbie Stadium in Miami where Super Bowl XLI is being played next month – seven times.

There are more licensed Realtors in California than the population of Long Beach, the state’s fifth-largest city.

Wow. That’s like over 10 Cupertino’s worth of people!

Click here to post a comment -- Posted by: burbed @ 5:08 am

February 4, 2007

1 Year of Burbed! Let’s follow up on 96 Buckingham Ave, Redwood City, CA 94063

Wow! Can you believe that it’s been one year already since the first post on Burbed?

Here’s the house from the first post:

$555k – “Great Potential” in Redwood City — Burbed.com: Your Silicon Valley Home and Mortgage Insanity Blog

Whatever happened to this fine Bay Area house?

Palo Alto Online Palo Alto Weekly: HOME SALES (May 5, 2006)

96 Buckingham Ave. Fong Trust to P for $585,000

Okay. Good to know. So what’s the current zEstimate?



Mr. P, I think you deserve to buy a new 5-series BMW using this hard earned equity that you can extract. You’ve lived in the house – hard work – and now it’s time to reap the rewards!


Click here to post a comment -- Posted by: burbed @ 5:46 am

February 3, 2007

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Click here to post a comment -- Posted by: burbed @ 1:17 pm

February 2, 2007

$479k for .3 acres … where??

So yesterday on Burbed, we featured a 800 sqft house in Gilroy with a mismatched roof for $479,900.

Let’s see what that gets you in Austin, TX:

REALTOR.com: Find a Home – Listing Detail
0000 Whitley Bay Dr
Austin, TX 78717
MLS ID#: 7278491
5 Bed, 4 Bath
4,024 Sq. Ft.
0.3 Acres

Single Family Property, Subdivision: Avery Ranch North Sec 2 Pud Amended, County: Williamson, Approximately 0.3 acre(s), Year Built: 2003, City view, Golf course view, View, Two story, Central air conditioning, Community swimming pool(s), Fireplace(s), Dining room, Laundry room

Yeah that’s pretty nice – but where would you get garlic ice cream?

Have a good weekend!

Click here to post a comment -- Posted by: burbed @ 5:09 am

February 1, 2007

Guess Where: $480k for a 800 sqft house

Did you ever want to live in the “Garlic Capital of the World”?

Well, for a 1br condo in Mountain View, you can buy a same size house in Gilroy!

MLSlistings Property Detail for MLS number 672673
Gilroy, CA 95020


This Single Family Residence has the following features:
MLS#: 672673 Approx Age: 94 Years Approx Sq Ft: 800
Detached Single Family 1 Story Cottage/Bungalow
2 Bedrooms 1 Bathroom 1 Stall Shower

I love the roof! It’s very… post-modern! Like Mad Max!

Here’s another:


Sweet! It’s got trenches so I can reenact scenes from World War I! Fantastic!

Click here to post a comment -- Posted by: burbed @ 5:52 am