Ventura County Real Estate Talk » 2008

Ventura County real estate continues to strengthen. Over the last week listing decreased; sales increased; the number of days sold homes were on the market, decreased.

Single family home sales have increased from an average of 329 homes per week in January to 549 homes sold last week alone. Since January, 2008 through 26 April, 6864 homes have sold in Ventura County. This was the total number of homes sold for all of the year 2007.

In four months we have equal or exceeded last years total homes sold in Ventura County. Why isn’t this information being reported in our local or regional papers? Maybe Ventura County is on a separate planet.

Inventory has decreased to 8 months backlog (comparing the total actual listings to total of homes sold). In January, 2008 the backlog was 14.1 months. This approximates a 45% decline in single family homes inventory over the last 2 months.

The variance of list price to sales price is approximately 5%. The largest variances for this past week were in the Santa Rosa Valley and Fillmore.

The proposed 1/4 point cut in the discount rate this week will have no impact on fixed rates in general. Fixed rates continue to hover around 6% despite the Federal Reserves aggressive actions.

Banks are not passing the rate reductions to the consumers. Banks are listening to a different drummer.

Credit card and auto loan defaults appear to be other areas that the banks are attempting to shore up at the expense of home refinancing and new home loans.

New home buyers (as mentioned last week) will be almost none existent in the market place over the next 6 months to a year. Lenders are looking for higher credit scores (FICO score of 700 or more), higher down payments, and strong debt to income ratios (about 36%-38%).

Living cost for food and fuel are added factors which will keep 1st time home buyers out of the market.

Based on recent statistical data expect significant upward pay adustments throughout the County. Individuals pay has not kept up with housing, fuel and food costs. This will be adjusted over the next year.

County fees (they are not called a tax) may increase to offset budget short falls.

Many States are now increasing real estate property taxes significantly to cover budget short falls.

Call me to discuss your real estate needs.

Do let me know what you thought of this weekly post.

Posted by John Duffner | Currently 9 Comments »

Reduced To One Line……

April 19th, 2008 Categories: Neighbor Helping Neighbor

Recently I saw a program of a young man who aspired to become a major league pitcher.

However the United States had entered into the Second World War and his services were required.

He became a pilot, was shot down over Germany, his life saved by a German doctor but he lost a leg and spent the war in a concentration camp (Sta-lag).

A fellow prisoner built him a wooden leg so the young man (Bert Shepard) could re-learn how to walk and get rid of the crutches. However Shepard was not satisfied with learning to walk. His goal was to pitch in the major leagues.

Unknowingly he became an inspiration to his fellow prisoners. His exercising and practice pitching gave them hope for a tomorrow.

Upon his return home he had to undergo many corrective surgeries and got a better leg. And continued on his quest to become a pitcher.

With some pull from others he was able to get a tryout with the Washington Senators and made the team.

However his services were limited to pitching to his team mates (batting practice pitching).

On August 4, 1945, with the Senators behind 15-4 to the Red Sox, Bert Shepard (the only person left in the bull pen) became the first and only person to play major league baseball with a wooden leg.

His career line score reads: 0 wins; 0 losses; innings pitched-5 1/3 innings; earned run average 1.69.

Certainly these stats will not get him into the Baseball Hall of Fame. But he did teach us a lesson. He held onto his dream….and become a major league pitcher.

It is great to see and hear “Rocky” type stories of survivalist. Especially today with the real estate mortgage mess and the general economy apparently going south.

Survivalist demonstrate the grit and resilience of people and Americans in general. These are characteristics not un-noticed by other peoples in various countries (which is one of the reasons why many people want to migrate to the United States).

These characteristics are on displayed today by those who have and will lose their homes. Not a pleasant position to be in but in a few years many will again be home owners without notice of their line score. On display as well is that as a people we are trusting and gullible.

These characteristics will be on display by many who will quietly suffer through the significant increases in food and gas cost.

As individuals we are trusting and gullible and take to heart that we are indeed caretakers.

Once we sense that we are being mislead by self serving, chameleon, pandering and self righteous acts of politicians, non-profit institutions, governmental institutions and agenda seeking individuals and causes a new direction, tone and dream will take hold and reduced to one line.

As Americans we rebound quickly and on top. Better days are ahead and soon what we have to go through today will be forgotten by many tomorrow.

These line scores will go un-noticed but grit, resilience and aspirations will be the glue that adds to our characteristic.

Forward to me your comments.

Posted by John Duffner | Currently Comments Off