San Luis Country Club Estates (San Luis Obispo, CA)
By Mike Hendrickson, Fine Homes, Short sales, excellent client services
(Premier Agent Network)
$85 Billion in budget cuts due to Congress and the Presidents inability to come up with a budget!  I think we need to cut the budget, but too bad it wasn't thought througn better.  Check out the sequester pie cartoon below that compares the 2007 budget to todays. Visit my web site at www.myslohomefinder.com for all your housing needs in San Luis Obsipo California. The past weeks data,             Personal income dropped a monthly 3.6 percent, following a 2.6 percent surge in December. December was boosted by attempts to avoid January income and payroll tax increases. Market expectations were for a 2.1 percent drop in income.Personal spending rose 0.2 percent, following a 0.1 percent rise in December. Strength was in the services component. Analysts expected a 0.2 percent gain.Growth slo...
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By Mike Hendrickson, Fine Homes, Short sales, excellent client services
(Premier Agent Network)
I have been out with buyers and the inventory is shrinking!  We are looking at multiple bids on properties, and bids going at over asking price.  We have seen a few more releases of foreclosed homes, but the quality is low and some need tons of work.  No real building is going on here since it is extremely hard to get loans and the regulations and fees are prohibitively high, so we won't be able to build our way out of this. So go out and get your clients that home now since prices are going up! Also with food, energy, and now housing going up, one has to wonder when higher inflation is going to kick in?  I suspect we will see it towards the end of the year. Go to my web site at www.myslohomefinder.com for all your San Luis Obispo home search needs.   The Week Ahead: International Trade...
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By Mike Hendrickson, Fine Homes, Short sales, excellent client services
(Premier Agent Network)
Rates are creeping up!  We have been watching for all the signs that inflation is on the horizon and we are starting to see the commodity and labor costs rising.  Get those low interest rate now, since we are looking at 4% coming up! Visit my web site at www.myslohomefinder.com for all your home needs. The Day Ahead:No substantial Data   Bond markets are still struggling to identify the next significant source of inspiration for the next move higher or lower.       Dow is trading at 13,949-29.08, the 10 yr bond is at 1.99 from 2.01 Yesterday, . Currently mortgages areunchanged from Yesterday   Conv. - 3.625% FHA. -  3.25%             Have a great day and be positive!   
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By Mike Hendrickson, Fine Homes, Short sales, excellent client services
(Premier Agent Network)
Per the Central Coast News blog, the trial of former "Atascadero Man of the Year In 2006" Kelly Gearhart’s trial delayed again.  Special thanks to Karen Velie for her coverage of this ongoing drama which has over 1,200 victims with losses totally about $100 million. February 3, 2013 For the second time, onetime Atascadero “Person of the Year” and prominent North County land developer Kelly Gearhart’s trial has been delayed. Gearhart’s public defender, Kim Savo, requested the delay that has postponed the trial from Jan. 29 to June 11 for a variety of reasons including the need to have more time to review financial documents, recordings of a radio interviews from the Dave Congalton Show and phone recordings, according to court records. In August, Gearhart pleaded not guilty to 16 charges ...
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By Mike Hendrickson, Fine Homes, Short sales, excellent client services
(Premier Agent Network)
There is a great article that caught my eye in the L.A. Times by I. Scott Rechards that talks about a new subprime type loan product that could hit the market in the near future.  My view is that the home buyer should have some "skin in the game!"  By this I mean they should have at least 3.5% down payment, and I would prefer to see at least 10%.  In some cases in rural areas there are 0% down USDA loans already. We all know what happened in the go go 2001 to 2006 market.  People were putting down 0% and had no problem walking away when under water.  The problem is they took the rest of the neighborhood down with them.  We'll see if this product comes out! Housing advocates push for new type of subprime loan The Dignity Mortgage would have a higher rate for higher-risk borrowers but inc...
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By Mike Hendrickson, Fine Homes, Short sales, excellent client services
(Premier Agent Network)
California housing inventory is disappearing into the sunset per Dr. Housing Blog.  Thanks to the blog for the great article below.  We have been feeling the inventory dropping for the last year, but you don't miss it until it's gone.  Now it's almost gone, and their is a lot of buyer's remorse out there. Since 2009 all cash buyers have purchased roughly one third of all Southern California home sales.  This is a significant number and unlike the early 2000s, many of these buyers are looking to hold onto properties as rentals.  A good portion of buying has come from larger hedge funds and an increase of foreign money has caused competition on an already low selection of homes to become more pronounced.  The latest inventory report for California is telling in many ways.  Many of the lar...
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By Mike Hendrickson, Fine Homes, Short sales, excellent client services
(Premier Agent Network)
Happy Monday January 14, 2013!  America is open for business again!  Actually most real estate professionals are open for business 24/7!  I got a call from a Chinese businessman this morning at 1:00 AM or the real 0 dark thirty!  He wanted to ask about a multimillion dollar apartment complex!  American property is on sale and the price is cheap compared to a lot of the world. Visit my web site at www.myslohomefinder.com for all your San Luis Obispo home needs.   The Week Ahead: Retail Sales, Housing Starts and Fed Speakers   No economic data today.   Tuesday: Producer Price Index, prior -0.8% consensus -0.1%. Retail Sales, prior 0.3% consensus 0.2%.   Wednesday: Consumer Price Index, -0.3% consensus 0.0%. Industrial Production, prior 1.1% consensus 0.2%.Housing Market Index,prior 47 con...
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San Luis Obispo, CA Real Estate Professionals