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With prices continuing to decline in the Fresno Real Estate Market buyers are shuffling into the market. Anyone who has read my blog in the past (say since this time last year) knows that I have advised extreme caution and repeatedly stated I believed prices were going lower.

At this time last year sales were abysmal, inventory was peaking (it actually hit a peak in Sept of 07) and prices were substantially higher.

Here are couple of graphs taken from the FAR Grapevine that will help you to see what is taking place in the Fresno Market.

I don’t think anyone really knows where the bottom is with respect to prices but statistics indicate to me — AGAIN, as I have previously stated in other blogs — we are bouncing along a bottom. The only thing I dont know is if this is THE bottom. I certainly hope that it is and that the market is able to mend from here.

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Here’s a tidbit gleaned from a recent publication of the Grapevine:

A FAR survey of 1,800 single family residences in an equal amount of homes from high, medium, and low income in the Fresno Clovis area found that 43 out of 1,800 homes had active notices of default. Translation:

97.5 % of the Fresno/Clovis homes are NOT in default

Which means the GLASS IS MORE THAN HALF FULL!

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I’m looking at the marketing remarks on one of the listings on our MLS.  Now, just so you know, Marketing Remarks are the remarks that EVERYONE CAN READ: not just agents — but the public as well. (We have another box called AGENT REMARKS and in that box ONLY agents can read what you say.)

On the listing I am looking at the agent says in the Marketing Remarks:

Must See!!! Gate Code (key key 1906) Please Do Not give your clients the gate code.

Well, No worries. I wont tell my clients, but you have published the code for everyone and their brother to see.

Go Figure

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Highlights of the Housing and Economic Recovery Act.

Got some time on your hands? You can read the recently passed Housing and Economic Recovery Act of 2008 HERE.

It’s 260 pages long so its definitely not a quick read. You can read summary of the bill here.

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Today I went to a presentation given by a Fresno Deputy District Attorney on MORTGAGE FRAUD in our local market.  Listening to the kind of schemes that people use to defraud others was enlightening.  Criminals are just that: Criminals.  And they don’t give a second thought to lying, cheating, or stealing.  If they can do it and get away with it - THEY WILL, or at least they will try.

One of the more interesting topics the DA  spoke about was a woman in town who is actively engaged in seeking to gain property by adverse possession.  Now there is a ligitimate means by which this can be done but this gal is not playing by the rules.  According to the DA one of her victims was a woman who has a home in which a relative commited suicide.  She was so distraught by the event that she did nothing with the home for a couple of years.  In the mean time the aformentioned schemer has moved in tenants and is collecting rent on the property as though it is hers.  When the owner visits the property and confronts the gal she says “oh, so this is yours, and just picks up and moves on as though she just made an innocent mistake.  CREEPY!

Another case, which she already prosecuted, involved a 77 year old man, sher described as very charismatic, who bilked his friends and associates out of nearly 700 thousand dollars.  He was supposedly putting their money into a real estate investment but as it turned out all but 25 thousand dollars went into his personal account.  With friends like that, you really dont need enemies.  He is serving a 4 year sentence.

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I had to laugh when I watched this video because although I am not familiar with Sam Leccima and this particular series I am fascinated when I watch these guys on TV and usually am left wondering how it is the producers figure that money was actually made.  Trust me, there is nothing easy about flipping homes, or we would ALL being doing it.

How in the world did A & E manage to get hoodwinked by this humbug?

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Attention Realtors! When posting your pics to the MLS make sure they are least 400 X 300 pixels in size (MLS format size). It’s ok if they’re larger because the system will automatically resize them. But if you upload them at this size …

(actual size of the pic taken from the Fresno MLS)

people viewing them won’t know what they are looking at
Looks to me like the this might be a contributing factor to the home being on the market over 200 days. Also looks like the seller is offering nearly $20,000 commission to have a Realtor market their property.
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Selling real estate in Fresno? What is your Realtor doing for you?

Looking to Buy real estate in Fresno - SEARCH THE FRESNO MLS

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I think the most significant aspect of lower prices is that for the first time in many years I am seeing homes that would actually pencil out as rentals and give the buyer a return on investment. If the bank cant attract a retail buyer for a particular property, or the property is in such poor condition that banks will not lend on it, then the bank is forced to sell to an investor and the smart investor does not want to buy unless he can get a decent return on his money invested.

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Anyone who knows anything about the Fresno Ca real estate market knows that we have substantial supply of lender owner properties for sale. Here is one listed by Lazarus Realty that just had a substantial price reduction. The ask price was 118,500 and was recently reduced by the lender to $95,900.

If you would like to preview this home or make an offer on it - Call me @ 559-301-1647

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I haven’t done this for awhile and should probably do it more regularly. It does take time but I expect its the kind of information I would like to see if I was going to a Realtor’s® website looking for information on a particular market.

I’m not going to add much in terms of analysis, I will just let the numbers speak for themselves. What you need to know is that these are the numbers for the last 24 hours as of 10:00 P.M on June 16 2008.

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