Dublin Ranch Foreclosure Update
This year we have noticed that the banks have changed the way they are handling foreclosures. Instead of dumping them on the market in terrible condition, they are taking the time to clean them up, paint if necessary and add some missing items. For instance the house at 5661 Signal Hill had new window coverings and a new water heater. The banks have finally figured out that they can make more money on a property if they invest some money. They want to sell the homes at market value and it seems to be working. Also they are listing them slowly in order to get maximum return.
The shadow inventory that the media talks about, are homes where the owners are not paying their mortgage for various reasons but the banks are not foreclosing. It is better for the bank if the home is occupied and taken care of. They may be working on a loan modification with the bank or some other program. In the end if the bank chooses to foreclose, they are offering homeowners money to move and turn over the house in good condition.
The other significant change with the banks is that they are approving many more short sales than they have been in the last three years. That is smart because they make more money on a short sale..
Anyway all of this is good for the housing market in general and Dublin Ranch in particular. We don’t expect to see a freefall of prices again. They wave up and down some based on supply and demand and the normal factors like condition, upgrades and location.
In Dublin Ranch there are 45 single-family homes in some stage of foreclosure from pre-foreclosure to auction scheduled. 8 of those homes are currently pending short sales waiting for bank approval and 3 are on the market for sale. These numbers are significantly lower than last year at this time. It says to me that we are working through the inventory.
Dublin Ranch Villages was hit especially hard during this market. There are currently 58 homes in the process of foreclosure. Many of those are on the market or pending.
Everyone asks me when is this coming to an end? I think it all depends on the job market. When people have jobs they can pay their mortgage.
Foreclosure Filings down 32% in California
According to Foreclosure Radar, foreclosure activity slowed in April. Foreclosure filings were down in Arizona, California, Nevada and Washington, with Oregon being the sole exception where filings were up. California filings were down to levels not seen since late 2008, when governmental intervention caused a temporary but massive drop in activity.
DUBLIN RANCH EVENTS
The Mia and Beverly Team had a busy weekend at several events in Dublin Ranch. On Friday we ran a cake walk for the Fallon Middle School end of the year carnival. Ali and Beverly backed dozens of cupcakes and several parents donated deserts as well. It was really windy but the kids showed up anyway. They had a lot of fun and managed to eat most of the cupcakes and cookies right away.
Saturday we attended the Dublin Ranch Verona neighborhood block party. We were invited because we brought “our band.” John, Mia’s husband plays in a band and has played at Karma and at other of our family events. Lots of Dublin Ranch friends have had a chance to see them in various venues and they are really good. Everyone enjoyed their music on Saturday. Thank you for including us.
Mia participated in the pancake breakfast at Dublin High to benefit the Dublin High Cheer leaders. Marina, Mia’s daughter made the competition squad so Mia is supporting the Dublin High team as well as the Fallon Middle School team. Both of the teams are competitive on a national level.
Don’t forget about our 11th Annual Community Garage Sale on Saturday, June 4th.
Visit www.DublinRanch.com for details!
Its Time For Spring Cleaning!! Saturday June 4th 8am-Noon
Join Mia & Beverly and the rest of your neighbors for the 11th Annual Dublin Ranch Neighborhood Garage Sale.
Call Mia & Beverly today with your address and what large items you will be selling. We’ll place ads for you and supply you with signs. Please respond before June 1, and we will bring you some yummy pastries the morning of the sale. Don’t have enough for your own sale? Team-up with your neighbor or organize it with your block.
Call Mia, Beverly, Ali, and Dino today for more information or to sign up.
Leave a message and Start Cleaning Out!!
Dublin Ranch Villages Townhomes and Condominiums
Toll Brothers has 27 new townhomes and condos listed on the MLS. The majority of them are completed or will be soon. The market for new townhomes has slowed significantly in the past few months.
Inventory of resale units remains very low. There are only 16 currently on the market. 70% are short sales or bank owned