> $417,000/3.990%
> $625,500/4.125%
>Jumbos/4.625%

All 30 year fixed, 740+ FICO, 20% down payment. Other loan scenarios are available and at great rates today too! It takes about 15 minutes to lock your rate and then we have 5 days to collect your documents (pay stubs etc.) Please call for more information.

A. The Legislature can maintain all or some of the current revenue by a legislative vote NOW; or
B. The Legislature can approve a special election (public vote) for a later date -- probably November.

NOTE: regarding the timing of passing the revenue extensions: If the revenue is approved by the end of June, (option A above), school districts will not have to act on their "doomsday" budgets. If the revenue is approved later, (option B above), school districts will have to act on their worst case budgets, which will mean larger class sizes, massive lay-offs, shorter school year, program reductions, and much more damage to California's children.

What can we do?

1. Keep the pressure on our Legislature--don't let up!  Two-thirds of the Legislature must vote to maintain current revenue levels or our schools will face huge budget cuts.  Keep sending letters and making calls!
2. Watch for the Educate Our State action plan: We are joining forces with other statewide groups (including CA PTA, PICO and others), to make our voices heard and increase the pressure on our legislators to do what is best for all of the 6.2 million K-12 public school children.

Together, we can save our schools!

For more information about Educate Our State, a list of our partner organizations and our efforts to unite the voices of Californians in support of K-12 public education and demand real change visit the Educate Our State website at www.educateourstate.org. Follow us on facebook, twitter, purchase a car magnet or consider a donation.

Thank you!

The Educate Our State Team
www.educateourstate.org

@ Farmer’s Market – Marina Blvd. & Buchanan St. / Phone: 800.806.3276

The San Francisco Bay Area is home to a wonderfully innovative local street food culture that is

growing extremely quickly through its combination of technology and mobile, sustainable, food.

 Off the Grid is your roaming mobile food extravaganza -- bringing you delicious food, with free

 sides of music, craft and soul.

• A quick sell out at One Ecker. They have one home left and will close the sales office shortly.
• Blu now has 14 two bed/two bath homes remaining plus three penthouses. Prices start at $699k for the E floor plan. The A's and D's are sold out. Penthouses start at $2.5 mil.

AmeriCares
AmeriCares is a nonprofit global health and disaster relief organization whose passion to help is matched by its ability to deliver. In times of epic disaster, daily struggle or civil conflict, AmeriCares restores health and saves lives by delivering donated medicines, medical supplies and humanitarian aid to people in need around the world and across the United States. Donate to AmeriCares’ Japan relief.

Habitat for Humanity International
Founded in 1976, Habitat for Humanity International (HFHI) is an ecumenical Christian housing ministry. HFHI seeks to eliminate poverty housing and homelessness from the world, and to make decent shelter a matter of conscience and action. Donate to HHI’s Japan relief.

UNICEF-USA
The United States Fund for UNICEF was founded in 1947 to support the work of the United Nations Children's Fund (UNICEF) by raising funds for its programs and increasing awareness of the challenges facing the world's children. The oldest of 37 national committees for UNICEF worldwide, we are part of a global effort to save, protect and improve children's lives. Donate to UNICEF’s Japan relief.

World Vision
World Vision is a Christian humanitarian organization dedicated to working with children, families and their communities worldwide to reach their full potential by tackling the causes of poverty and injustice. Donate to WorldVision’s Japan relief.

—Wendy Cole

Read More

Japanese Earthquake and Tsunami: How to Help

Friday, March 11. 12:00pm to 6:00pm / Price: Ticket prices at http://www.creationent.com/cal/stsan.htm

@ Hyatt Regency San Francisco Airport – 1333 Old Bayshore Hwy. Burlingame, CA. 94010 / Phone: 650.347.1234

   Join celebrity guests and fellow fans in honoring Gene Roddenberry's enduring legacy of a positive

future for mankind as Creation Entertainment brings The Official STAR TREK Convention: The Celebration

of the 45th Anniversary to the beautiful city of San Francisco. This San Francisco weekend will feature a fantastic array of Star Trek stars, non-stop events, parties, contests, panels, music, performances, autographing, photo ops and some amazing extra surprises.

Source: “Who’s Buying Homes? The Rich,” CNNMoney (March 7, 2011)

 We need your help today: The "Let Us Vote!" campaign to save public education funding needs your voice, now! Please join us and send an email letter to your legislators telling them that we, the citizens of California, want the right to vote in a special election to extend current taxes that would avoid devastating budget cuts to education. Currently, several legislators are blocking this election from taking place! Take action today! Our kids and our schools cannot sustain losing an additional $5 billion in budget cuts!

The Legislature needs to hear from us by February 28th, prior to the critical vote on March 1st. It takes only two minutes and a few clicks to send our prewritten email letter - it's easy, we promise! 
 
 A parent from San Francisco writes: When my son started kindergarten four years ago per pupil funding was $1,000 more per child then it is today. When my daughter starts kindergarten next year she will experience an increased class size, less support staff, cuts to enrichment programs like music, art and garden, fewer field trips and four less days of school. As parents, we are being pushed to our fundraising limits and teachers are continually stressed about losing their positions and meeting the needs of their students.    

Background Information:  K-12 Public Education has NOT been "spared" in the 2011 budget. In short, the Governor's preliminary budget is contingent on revenue derived from the extension of current temporary taxes which would otherwise expire on July 1, 2011. Without these tax extensions, our schools could lose an additional $5 billion in funding or $900/student. As of today, the legislature has not agreed to allow the people of California the right to vote on the tax extensions that are set to expire July 1st. A two-thirds vote of the legislature is required to bring the vote to the people and we are 5 votes short! We are asking that you join us and send an email letter to your legislators today. Without your support, we may not get the chance to preserve even the minimal funding our schools have today. Please click here to send our prewritten letter.

Thank you for joining the "Let Us Vote!" campaign and letting your voice be heard!
 
For more information about Educate Our State, a list of our partner organizations and our efforts to unite the voices of Californians in support of K-12 public education and demand real change visit our website at www.educateourstate.org. Follow us on facebook, twitter, purchase a car magnet or make a donation.

Thanks!

The Educate Our State Team

www.educateourstate.org

By some estimates, all-cash buyers represent 20-30 percent of homebuyers in the San Francisco market, resulting from more stringent mortgage lending practices, as well as a growing demand for investment opportunities as yields for many common investments remain unattractive.

Single-Family Sales Rise by 20.7 Percent Year-Over-Year in January 2011

Completed single-family home sales in San Francisco rebounded during the month of January by 20.7 percent. Year-over-year single-family home sales rose at a noticeably accelerated pace in Districts 2 (Central Sunset, Golden Gate Heights, Inner Parkside, Inner Sunset, Outer Parkside, Outer Sunset, and Parkside)—72.2 percent and District 10 (Bayview, Bayview Heights, Candlestick Point, Crocker Amazon, Excelsior, Hunters Point, Little Hollywood, Mission Terrace, Outer Mission, Portola, Silver Terrace, and Visitacion Valley)—46.7 percent where the median sales prices in January 2011 were $619,000 and $414,250, respectively. Pending single-family home sales also increased by an impressive 37.5 percent year-over-year in January 2010, leading the Rosen Consulting Group to believe that the upward trend observed in property sales should continue at least through the early part of 2011.

At the current pending sales rate, this equates to a 2.9 months of supply inventory. By price segment, the months of supply inventory for homes priced less than $700,000 remains narrow at 2.3 months, while homes within the $700,000 to $1.2 million price range had 3.6 months and  the supply of homes priced greater than $1.2 million edged upwards slightly from January 2010 to 4.6 months.   

Pending Condominium Sales Increased by 25 Percent Year-Over-Year

The number of condominium sales in January 2011 remained unchanged in comparison to January 2010, with 119 sales completed during the month. In large part, a result of the increase in the number of condominium sales in the higher-priced segments of the market, the median sales price increased by 7.3 percent year-over-year to $665,000 in January 2011. As for-sale inventory levels dropped by 1.3 percent to 753 units for sale, and as pending sales activity jumped by 24.8 percent to 186 units, the months of supply inventory contracted to 4.0 from 5.1 months in January 2010. While the months of supply inventory for condominiums priced greater than $900,000 increased to 6.6 months, the inventory for more moderately-priced condominiums units tightened to 2.9 months in the $500,000 to $900,000 segments and 2.5 months for condominiums priced less than $500,000.

Despite the continued volatility in housing market statistics, the elevated housing affordability rate makes today an excellent time to buy for a qualified, long-term homebuyer. As job growth accelerates and credit availability increases through 2011, demand will respond and drive a continued tightening in market conditions, which should result in a more robust recovery during the coming year. 

###

Real estate data in Market Focus is provided by Terradatum. Market Focus is written by the Rosen Consulting Group.

@ Chinatown SF – California St. and Grant Ave.

 Become immersed in the sights and sounds of Chinatown. The Chinatown Community Street Fair takes place the weekend of the Chinese New Year Parade and is an opportunity for attendees to experience Chinese cutural arts such as latern and kite making, calligraphy, fine arts demonstrations, folk dance,

and puppet shows. More info at http://www.sanfranciscochinatown.com

• Use the long Form 1040 to claim moving costs. Use Form 3903 to figure the costs. You do not have to meet a percentage-of-income threshold for moving deductions.
• Ensure you meet the distance test. The location of your new job must be at least 50 miles farther from your prior address than your last office was. For example, if you lived 10 miles from your old job, your new job must be at least 60 miles from your old home before you can deduct moving costs.

• Check the time requirements. Moving expenses are deductible if they were incurred within one year of starting a new job. You also have to work full time at a new job for at least 39 weeks during the first 12 months. As for self-employed workers, they must meet the year-to-move deadline and work full time at their entrepreneurial enterprise for 78 weeks during the first 24 months.
• Collect all of those moving receipts. To claim the deductions, make sure you have receipts such as for the costs to move your property, storage, or utility connections.

@ Union Street area – Union Street Gough to Steiner and Fillmore Union to Lombard / Phone: 800.310.6563

Union Street from Gough to Steiner and on Fillmore Street from Union to Lombard. The tasting event will

be located throughout Union Street from Gough to Steiner and on Fillmore Street from Union to Lombard and will include restaurants and merchants offering wine samples, finger foods and special treats. 

On display will be some amazing sculptures made out of wine corks. Don’t miss the Eiffel Tower made entirely from cork!  Presented by One Of A Cork, www.oneofacork.com Don’t miss this unique and affordable event - experience the romance of Union Street!

For more info go to http://www.sresproductions.com/union_street_valentine_wine_walk.html

The lawyer admits to breaking into homes at least a half-dozen times on behalf of clients. And he’s gotten into plenty of trouble for his advice: Pines has been fined by a San Diego judge, arrested in Newport Beach, Calif., and threatened with contempt of court -- and jail -- in Ventura County, Calif.

But Pines says violating the law is necessary to force courts to examine how banks are doing business with distressed home owners.

Pines recently voiced his approach at entering the foreclosed home in open court at a hearing for his clients Jim and Danielle Earl, who had been evicted from their six-bedroom home.

"I'm going back there," Pines declared in court. "And I hope I get arrested."

George Lefcoe, a USC real estate law professor, says Pines violates professional ethics in advising clients to break the law. "What (his clients) are doing on his advice is not only going to prove costly to them and completely futile, it could lead to dangerous altercations with the true owners and law enforcement officers," Lefcoe told the Chicago Tribune in an article about Pines.

Pines has been a lawyer for more than 30 years and has had his own foreclosure troubles. At least six of his properties are in foreclosure, and he owes banks more than $2 million. He filed for bankruptcy protection.

"I filed bankruptcy myself because I stopped paying," Pines said. "I followed my own advice. I said I'm not going to let the banks steal from me."

Source: “Foreclosure Hero or Villain? Attorney Who Was Baseball Star’s Lawyer Will Break Into Homes for Desperate Clients,” The Chicago Tribune (Jan. 31, 2011)

About Clear Capital

Clear Capital (www.clearcapital.com) is a premium provider of data and solutions for real estate asset valuation and risk assessment for large financial services companies. Our products include appraisals, broker-price opinions, property condition inspections, value reconciliations, and home data indices. Clear Capital’s combination of progressive technology, high caliber in-house staff and a well-trained network of more than 40,000 field experts sets a new standard for accurate, up-to-date and well documented valuation data and assessments. The Company’s customers include 75 percent of the largest U.S. banks, investment firms and other financial organizations.

Reprinted with permission.

Blu which is now 85% sold is hot these days, selling two of their remaining five penthouses in the last couple of weeks. Remaining Penthouses floor plans are B (listed at $2.5mil) C & F.

Their lowest priced unit is currently 17E at $749k which has a downtown view from the living/dining area. 18C priced at $929k has views to the north and east. One of my current favorites is 20F which has wonderful views to the south and east and is listed at $1.150 mil.

If you have not experienced Blu it is well worth the trip. Located in an excellent Yerba Buena location on the corner of Folsom at Second Street you can easily leave the car parked. The finishes from the lobby to the individual homes are top of the line. 

Here is a link to their current MLS listings. Be sure to contact me for more info.

*Link expires in 30 days.

• Condos - Under $800k (3)
• Condos - Over $800k (6) 
• No new Single Family Home listings.

*Link expires in 30 days.

Bankrate.com offers some of the following tips for mortgage shopping in the new year.

1. Make sure you have the right credit score. Lenders require higher credit scores nowadays. Prior to the subprime fallout, a 720 credit score would suffice; now the best deals often require a 740.

2. Shop around. Interest rate is one key thing to zoom in on, but it’s not the only thing buyers want to consider. They should also heavily weigh discount points and the type of mortgage loan in finding the best rate.

For example, if the buyer plans to live in the house for eight years, they’ll want to compare the total fees and monthly payments that would be required under three or four different loan types. “Ask yourself how much it would cost to pay zero discount points and get a higher interest rate compared to paying discount points in exchange for lower rates? What about a 5/1 or 7/1 adjustable-rate mortgage?” the Bankrate.com article notes.

3. Know your borrowing limit. Use the Federal Housing Administration as a guide to how much debt to take on, even if you’re not getting an FHA-insured mortgage loan, Bankrate.com says. The FHA caps house payments at 31 percent of gross monthly income for most borrowers. The FHA limits total debt payments--which includes first and second mortgages, car loans, credit cards, etc.--to 43 percent of monthly income.

4. See if you qualify for any federal programs for downpayment assistance. Most lenders require borrowers to have down payments of at least 10 percent of the home’s price. There are exceptions, however. FHA requires a down payment of 3.5 percent if you have good credit, whereas the Department of Agriculture's rural development program, which is limited to rural areas, offers mortgage loans with zero down payment. The Department of Veterans Affairs also offers zero-down mortgages for eligible veterans.

Read all 10 tips.

Source: “10 Tips to Snag a Mortgage Loan in 2011,” Bankrate.com (January 2011)

The report cites two factors that convincingly signal a reversal in the direction of the San Francisco housing market: an improvement in the number of completed home sales in 2010, compared to 2009, and a continuation in December of the robust pending sales activity seen in the fourth quarter of last year.

According to Bruce Lyon, president of the San Francisco Association of REALTORS®, “The rise in pending sales activity in recent months, combined with a rebound in job growth and a modest level of newly constructed homes coming to market, indicate that the worst is behind us.”

Although the report concedes that the difficulty some homebuyers are still experiencing arranging for financing and the slow pace of job creation remain major concerns, the Rosen Consulting Group believes the overall economy is strengthening and that 2011 should be a year of robust economic recovery.

Closed and Pending Single-Family Home Sales Trend Upward

Following five consecutive months of year-over-year declines in single-family home sales, sales activity rose 4.4 percent in December 2010. Of the single-family homes sold, approximately 48 percent were homes priced at $700,000 or less. And, while sales trended upwards, the median sale price contracted by 4.1 percent year-over-year to $725,000. Following the trend seen in the fourth quarter, pending sales activity continued to rise, jumping 24 percent in December 2010.

For the year, the total number of single-family homes sales narrowly surpassed total home sales completed in the previous year, increasing to 2,295 sales in 2010 from 2,184 sales in 2009. Sales activity through 2010 was, for the most part, evenly distributed between the first and the second halves of the year with a noticeable concentration of home sales completed during the months leading to the expiration of the federal home buyer tax credit.

Pending Condominium Sales Increase 25 Percent Year-Over-Year

While single-family home sales in December 2010 edged upward year-over-year, condominium sales during the month continued to contract, falling by 20.4 percent. During the year, the median sales price declined by 2.9 percent to $630,000 in December 2010. Although the condominium market recovery fizzled through the second half of the year in reaction to the expiration of the federal tax credit and the growing uncertainty among buyers, a 24.6 percent rise in pending sales activity seen in December validates the expectations of the Rosen Consulting Group that a rebound in condominium sales will occur in 2011.

The total number of condominium sales rose in 2010, surpassing the previous year’s level. Despite the added incentive of the federal tax credit, condominium sales in 2010 remained well below the 3,000-plus condominium sales seen annually during the years preceding the onset of the recession.

Going Forward

While distressed properties sales will continue to effect pricing into 2011, the area’s level of distressed homeowners is mild relative to other metropolitan areas across the State and the country. The number of borrowers holding underwater mortgages in the San Francisco metropolitan area declined to 9.5 percent in the third quarter of 2010 from 10.5 percent in the third quarter of 2009, signaling that the pace of troubled mortgages in the market is slowing.

While decade-low affordability levels and low mortgage rates incentivize home buying, stringent mortgage financing requirements combined with stretched household finances keep many home buyers out of the market. With limited supply-side pressure in the market, as employment levels rebound at an accelerated pace through the coming year and demand from both first-time and move-up buyers returns, the Rosen Consulting Group believes that the San Francisco housing market will improve at an equally impressive pace.

###

Real estate data in Market Focus is provided by Terradatum. Market Focus is written by the Rosen Consulting Group.

• Micro Market Analysis: The Washington, D.C. MSA bucked negative national home price trends, posting positive quarterly and yearly price changes.

• Metropolitan Statistical Area (MSA) drilldown: Local markets exhibited wildly differing sensitivities to the current housing climate: some in the South and Midwest regions are in double-dip territory, while bright spots emerge on the East Coast.

• National/Four Region Overview: National home prices have changed -5.0% quarter-over-quarter. In fact, looking at national home prices since their mid- August peak, price declines are even more dramatic, changing -6.8%.

• Home prices as a nation remain 7.7% above their 2009 lows, but six of the largest local markets are presently experiencing a home pricing double dip (defined as prices dropping below their record lows experienced at the worst of the housing market crash).
  

Of these sales, 48.1 percent were single-family homes priced at less than $700,000—a significant increase when compared with November 2007, when 26.7 percent of pending home sales were in this price segment.

“Robust pending sales activity should lead to a rebound in closed sales activity in the coming months in San Francisco,” says John Lee, president of the San Francisco Association of REALTORS®.

Despite this harbinger of a strong housing market ahead, the report points out that a decline in closed sales during recent months has caused housing inventory levels to rise, with 684 single-family homes on the market at the end of November 2010—a 21.1 percent rise from November 2009. Median sale prices, however, have remained stable.

Stronger confidence among both home buyers and sellers could be the reason for rising pending sales. But, the Rosen Consulting Group believes that ongoing concerns regarding job security, the pace of the economic recovery and stringent lending practices, could cause many qualified buyers to delay home purchases.

Regardless, Lee believes that growing optimism fueled by increasingly positive economic data, the Federal Reserve’s monetary stimulus and the income tax cut extension is likely to drive buyers back into the market—and may have already done so as evidenced by the recent increase in pending sales.

The report blames the expiration of housing tax credit as the likely reason for a 32.9 percent drop in closed condominium sales in November 2010 in comparison to November 2009. But despite of this precipitous decline, it is noted that the median condominium sales price increased by 6.1 percent year-over-year to $679,000. While closed sales remained weak, pending sales activity for condominiums rose by 9.1 percent during this time, following the same pattern as single-family homes.

While Lee concedes that there is volatility in San Francisco’s housing market, he says, “Decade-high housing affordability rates and the historically low interest-rate environment still make it an ideal time for financially-stable households with a long-term perspective on the market to enter the for-sale market. Despite the housing market’s weak performance through the second half of the year, 2010 will be a positive year for the market and a stepping stone to a more robust recovery in 2011.”

Real estate data in Market Focus is provided by Terradatum. Market Focus is written by the Rosen Consulting Group

Friday, December 10. 5:00pm to 10:00pm – Age & Price not specified

@ Mission District – 24th Street. Phone: 415.920.0125

    An evening of parties, food, drink, sales, events, art openings and general fun times. Merchants

have banded together to create an event as a reminder that now more than ever is the time to

support local, home-grown business across San Francisco. Plus help us once again support Tipping

Point Community by buying raffle tickets for a grand prize that includes gift certificates, grab bags,

and more from participating vendors.

@ Downtown San Rafael – Fourth & Lootens Place, San Rafael, CA. 94901

Annual holiday Parade & Winter Wonderland. In its 31st year, the event features a Holiday

Marketplace with arts and crafts, live entertainment, kids activities, free snow sledding, and one

of the largest Holiday Parades in the Bay Area.

Friday:
Snow Sledding Noon to 8 p.m.
Marketplace 3 PM to 8 p.m., Parade at 5:30 PM
Saturday:
Snow & Kids' activities 9 a.m. to Noon
Fourth Street ~ A street to Lootens

For single family homes the percent of bank owned homes that sold is down 17% from 36 to 30 units with overall sales volume dropping 18%. The median sold price is down 3% to $735,000 and the months supply of inventory is flat at three months.

Currently in the city there are 252 bank owned homes (61 are listed as Active in MLS), 642 are going to auction and 619 are in preforeclosure. The number of newly listed bank owned condos/lofts is up 46% while single family homes are down 4%. Drop me a note if you would like a list of foreclosure homes in your neighborhood/building.

But John Lee, president of the San Francisco Association of REALTORS®, believes that higher housing affordability and the low-interest rate environment still make this an ideal time for financially-stable households, with a long-term perspective on the market, to purchase a home.   

Pending Sales Remain Stable

The report indicates that during the second half of the year, the elimination of government incentives and weak job growth continued to test the strength of the housing market’s recovery in San Francisco.

In October 2010, the single-family median sale price declined by 3.0 percent year-over-year to $735,000, while completed single-family home sales fell 18.8 percent during the month. Approximately 44 percent of all completed sales in October 2010 were for single-family homes priced less than $700,000; in October 2007, homes in this price segment represented approximately 23 percent of all completed sales.

Despite the drop in completions, pending sales activity remained relatively stable, with a total of 238 pending sales in October 2010—just a 2.1 percent drop from October 2009. At the same time, inventory levels continued to rise, jumping 26.7 percent in October 2010 to 807 active homes on the market at the end of the month.

The months of supply inventory at the current monthly contract sales rate stood at 3.4 months of supply, an increase from 2.6 months of supply in October 2009 but a decline in comparison to recent months. By price segment, the months of supply inventory for single-family homes priced less than $1.2 million stood at 3.3 months, while homes priced greater than $1.2 million improved to 3.9 months from 4.8 months in October 2009.

Median Condominium Sale Price Rises by 7.8 Percent

Although inventory levels have risen in recent months, the condominium market continued to make headway in October—slowly absorbing the over-supply of condominium units added to the market during the real estate construction boom.

During the month, the median condominium sales price rose by 7.8 percent from October 2009 to $690,000. However, year-over-year completed home sales declined for a fourth consecutive month, totaling 185 sales—an 18.1 percent drop from October 2009.

Driven by the slowdown in closed sales, the number of active condominium units on the market rose 10.6 percent from the same period last year to 1,164 units. The report states that the rapid pace of sales activity in the market during the first half of the year, fueled by the expired tax credit, which pulled forward condominium sales, was a contributing factor to the lull in sales activity, seen during recent periods.

Despite the pullback in completed sales, pending sales activity remained stable, slowing by just 2.0 percent year-over-year, with 240 condominium contract sales in October 2010. The stability in pending sales activity during this period points to stronger closed sales activity in the coming months relative to the months immediately following the expiration of the tax credit.  

At the current contract sales rate, the months of supply inventory reached 4.9 months, up from 4.3 months in October 2010. While the months of supply of condominiums priced less than $500,000 remained steady at 2.8 months, units priced between $500,000 and $900,000 rose to 4.9 months from 4.1 months, and for luxury units priced more than $900,000, the months of supply inventory rose to 5.1 months from 4.4 months in October 2009.

“Despite fluctuations in the data, the housing market’s recovery is well underway in San Francisco. The market’s supply-constrained environment, diverse economic base, and concentration of companies in emerging technology sectors, which continue to lead job growth in the market, place the city’s housing market in a position to recover from the residential real estate correction at an accelerated pace in comparison to the other major housing markets across the country,” says Lee.

Real estate data in Market Focus is provided by Terradatum. Market Focus is written by the Rosen Consulting Group.

KEEP THIS IN MIND

• Jumbo mortgages are mortgages deemed "too big" to be sold by lenders to government-supported agencies such as Fannie Mae and Freddie Mac.

• The loan limit of a jumbo mortgage varies depending on location. In high-cost areas, including many areas in California, jumbo loans are generally considered those that exceed $729,750. In other areas, the jumbo loan limit usually is capped at $417,000. (San Francisco is $729,750)

• Some borrowers applying for jumbo mortgages are finding the processing time at larger lenders can be as long as four months, while some smaller institutions can process a jumbo mortgage as quickly as 30 to 60 days. (45 days is typical these days)

• Additionally, borrowers seeking jumbo mortgages for condos or vacation properties also may be better served using a local lender or contacting a mortgage specialist, as many large lenders have reduced their lending activity. (local lenders are always the best way to go)

• With jumbo mortgages, borrowers still need excellent credit profiles and must provide complete documentation and verification of income. Down payments of 20 percent to 40 percent also tend to be required for a jumbo mortgage. (20% is the norm, unless you are a foreign national)

Source: California Association of Realtors

Insight into local market pricing dynamics is critical to understanding the local markets and quantifying home price risk. Quarter-over-quarter price changes at the national level (currently -5.0%) provide a broad alert that risks may or may not be increasing. Prices vary the more granular you get, with individual micro markets frequently performing much better/worse than their greater metro area, giving credence to the old adage that real estate is local.

• Washington, D.C. and New York stand out with both quarterly and yearly price gains.
• Western markets of Honolulu, Hawaii, and the California markets of San Jose, Los Angeles, Riverside, San Diego, Sacramento, and San Francisco maintain their yearly price gains by solid margins.

Contrary to the national downward trend for home prices, two-thirds of this month’s highest performing markets remained in positive year-over-year territory. This trend is an example of how important it is to receive and inspect local market information, and not just rely on national and regional level information.

Reprinted with permission. Read the full story at Clear Capital.

Santa Clara County Fairgrounds – 344 Tully Rd. San Jose, Ca. 95111

Winter Tapestry. Indoor home & garden show. Hands-on art activities for kids

of all ages. 145,000 attendees expected.

All proceeds fund arts outreach to the community

Concerns Regarding the Economy Continue to Weigh on San Francisco's Real Estate Market

Completed and pending home sales, particularly in the condominium market, declined in comparison to previous months, according to the most recent Market Focus report published jointly by the Rosen Consulting Group and the San Francisco Association of REALTORS®.

According to John Lee, president of the Association, "The decline is attributable to the pull-forward effects of the expired tax credit and lingering concerns regarding the pace of the economic recovery." But he added, "With mortgage rates at their lowest levels since the 1970s, buyers should be motivated to stay in the market for properties meeting their purchase criteria."

Rosen Consulting Group notes in the Market Focus report that while the single most important factor in returning the San Francisco housing market to equilibrium is a sustained rebound in employment, the market is expected to maintain a positive underlying trend through the remainder of the year, although events may impede its trek to a full recovery.

Pending Sales Rise by 19.1% Percent from September 2009

The median single-family sale price in September 2010 increased by 2.1 percent from September 2009 to $730,000. Despite the monthly decline in closed sales, year-to-date sale activity continued to outpace sales during the same nine-month period in 2009, with 1,688 homes sold—a 10 percent increase from the previous year.

Approximately 48 percent of all completed sales in September 2010 were single-family homes priced less than $700,000; in September 2007, homes in this price segment represented less than 28 percent of all completed sales. While completed sales activity trended downward during the month, pending sales activity rose by 19.1 percent from September 2009, with 231 single-family homes going into contract. First-time home buyers remain a major driver of sale activity, particularly at the low-end of the market. The sharp reduction in home equity levels during the recent downturn in the economy has left many potential move-up buyers immobile.

Inventory levels trended upwards as completed sale activity subsided and an increasing number of sellers placed their homes on the market, sensing an improvement in market conditions. The number of active single-family homes on the market reached 817 homes, a 20 percent increase from September 2009. At the same time, the number of new homes placed on the market rose by 22.5 percent from the same time last year, with 462 units offered for sale in September 2010.

Because the increase in single-family homes for sale was met by an equally strong rise in pending sale activity, the months of supply inventory remained unchanged at 3.5 months. By price segment, the months' supply declined for homes at the two ends of the pricing spectrum, while supply inventory for homes priced between $700,000 and $1.2 million rose to 3.5 months from 2.7 months in September 2009.

Condo Sale Activity Stalls, Inventory Levels Rise

The effects of the expiring tax credit had a more noticeable effect on condominium unit demand: the number of completed condominium sales declined by 23.4 percent from the previous year to 177 sales in September 2010. Pending sale activity followed a similar trajectory, contracting by 10.6 percent from the previous year to 211 sales in September 2010. However, with 1,745 condominium sales completed year-to-date, condominiums sales have risen by 22 percent from the same period in 2009. Despite the slowdown in sales during the most recent month, the median condominium sale price continued to stabilize through September 2010, declining by only 2.3 percent from September 2009 to $635,000.

Fueled by a jump in new units coming to market and a slowdown in closed sales, the number of active condominium units on the market in September 2010 totaled 1,187, a 15.5 percent increase from September 2009. Rising confidence among sellers and an increase in the release of bank-owned properties resulted in 573 new condominium units entering the for sale market in September, a 29.6 percent increase from the same month last year. At the current contract sale rate, the condominium supply inventory reached 5.6 months. While the months of supply of condominiums priced less than $500,000 trended downward to 2.9 months, units priced between $500,000 and $900,000 rose to 5.1 months from 3.8 months, and for luxury units priced more than $900,000, the months' supply rose to 7.9 months from 5.7 months in September 2009.

San Francisco Housing Market Outlook Remains Positive

While the recent drop in sale activity has raised questions regarding the sustainability of the current housing recovery, the market's supply-constrained environment, pent-up buyer demand, and numerous economic drivers lead the Rosen Consulting Group to maintain a positive outlook on the San Francisco real estate market.

October 2010

Saturday, October 16. 12:00pm

Fillmore Street – Jackson to Eddy, San Francisco

21 & up - Price to be determined.

Food sampling, wine tasting & jazz. Cooking demonstration stage: chefs from Fillmore Restaurants & a Fashion Show: Fillmore boutiques. Live music by Contemporary Jazz Orchestra between Pine & California.

Potrero Hill Festival

Saturday, October 16. 10:00am

Potrero Hill Neighborhood House - San Francisco

One of SF's most genuine neighborhood Street Fairs capturing a true neighborhood feel. Features live music, entertainment, kid activities, ethnic foods & an eclectic mix of art/jewelry vendors. Free for All Ages

Yerba Buena Neighborhood Fair

Saturday, October 16. 11:00am to 3:00pm

Yerba Buena Gardens, San Francisco

Free for All Ages - Phone: (415) 644-0728

Live music, acrobats, food, interactive games, kid programs, arts & crafts, guided art & history walks.

The 22nd Annual Fiesta on the Hill

Sunday, October 17. 10:00am to 6:00pm

Cortland Avenue, San Francisco

FREE for All Ages - Phone: (800) 310-6563

Alcohol free event emphasizing importance of the well being of children/youth & seniors to the neighborhood. Petting zoo/pony rides, pumpkin patch, non-profit booths, live music, great food & more.

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• South Beach
• South of Market
• Marina
• Lake District
• Russian Hill
• Noe Valley
• Mission Dolores

Saturday, Oct. 2. 11:00am to 11:00pm

Andy’s Local Market, San Rafael, CA.

Price: Daytime festival-Free, Nighttime concert tickets on sale now. For All Ages.

All day family festival w/ games, prizes, barbeque, beer garden, live music, petting zoo & jumpy houses. Nighttime concert features local blues guitarist Tommy Castro, Vinyl, Big Brother & the Holding Company & Frobeck. Includes gourmet food, premier wines and dancing. Adults only for the evening event.

Hamilton Hometown Festival

Saturday, Oct. 2 11:00am to 400pm

Unity in Marin at Hamilton, Novato, CA.

Free Admission for All Ages.

Phone: (415) 475-5000
The theme is "Celebrating Cultural Diversity" and will feature vendors from Sonoma Latina Grill, Cafe Joel, Hamilton Cafe, Pasta Moto, & Homeward Bound. Jump houses, pony rides, games, pie-eating contest, information booths, mono-prints, and other activities for kids and adults. Entertainment by The Hamiltones & Netza Ballet Folklorico

Friday, Oct. 1.  2:00pm to 7:00pm

Golden Gate Park: Speedway Meadow

Free & For All Ages

3 days, 6 stages, over 750,000 attendees & 350 musicians each yr come together for Hardly Strictly Bluegrass in San Francisco's beautiful and historic Golden Gate Park... This year's event is Friday through Sunday, October 1st, 2nd & 3rd, 2010

"Best Music Festival" - SF Weekly 2010 Readers' Poll

16th Annual Arab Cultural Festival

Saturday, Oct. 2. 12:00pm to 6:00pm

Union Square, San Francisco

Price: Suggested Donation: $6, Children under the age of 5: Free.

Phone: (415) 664-2200

The largest celebration of Arab heritage in Northern California Since 1995, this day-long event showcases the arts, entertainment, food, traditions, & most importantly the spirit of the Arab-Americans, reflecting their diversity & contributions to the Bay Area’s cultural landscape.

World Veg Festival

San Francisco, Oct. 2 to 3, 2010

Saturday, Oct. 2 10:00am – 6:00pm

Price: $7 minimum donation

For All Ages

Phone: (415) 273-5481

SF Veg Society 11th World Veg Festival, SF County Fair bldg, Golden Gate Park.

Lectures, cooking, exhibits, & foods.

Castro Street Fair

Sunday, Oct. 3. 11:00am to 6:00pm

Market & Castro Streets, San Francisco

Age: Not Specified

Local artists, vendors, & organizations line the streets & celebrate the diversity of the neighborhood. Stages w/ live entertainment & dance pavilions can be found throughout the fairgrounds.

Fading Economic Recovery Affects San Francisco Housing Sales

Concerns surrounding the fragility of the current economic recovery and persistently high unemployment numbers have slowed San Francisco's housing market in recent months, according to the latest Market Focus report issued jointly by the Rosen Consulting Group and the San Francisco Association of REALTORS®. Sales in August declined by 10 percent year-over-year, while the number of pending sales also dipped from the previous year.

Despite the recent slowdown in sales, 2010 single-family home sales through August showed an 8.5 percent improvement over 2009; and condo sales were up 29.3 percent over the same period.

According to John Lee, president of the Association, "There are reasons to be optimistic about the future direction of the San Francisco housing market. As employment levels rise and consumer sentiment increases, home sales activity should increase and further strengthen the city's housing market."

Median Prices Continue Their Upward Trend

The median single-family sales price rose 4.4 percent in August 2010 from August 2009, rising to $730,000. But close to 60 percent of all sales in August 2010 were for single-family homes priced less than $700,000, whereas in August 2007, homes in this price segment represented less than 30 percent of all sales.

The number of homes listed for sale during the month increased by 21 percent year-over-year, as stabilizing home prices and strong home sales during the first half of 2010 led sellers to perceive a favorable shift in market conditions and as banks began to place more homes on the market.

Higher inventory levels and the slowdown in pending sales in August brought the months of supply inventory to 3.3 months, up from 2.8 months in August 2009. In each price segment, the months of supply inventory increased in comparison to the same month last year. The months of supply for single-family homes priced less than $700,000 rose to 2.9 months, while homes priced between $700,000 and $1.2 million increased to 3.6 months from 2.7 months in August 2009. Waning luxury homes sales brought the months of supply for homes priced more than $1.2 million to 5 months from 3.9 months in August 2009.

Condo Market Also Affected by Economic Slowdown

Following two consecutive months of positive price appreciation, the median condominium sale price slipped 2.3 percent to $649,500. Closed sales also trended downwards, dropping by 12 percent. The expiration of the federal tax credit during the first half of 2010 has had a more noticeable effect on condominium sales as completed sales ease from the flurry of sales completed in May and June. Despite the decline in sales in recent months, year-to-date condo sales through August 2010 outpaced the units sold during the same period in 2009, an impressive 29.3 percent improvement.

Inventory levels remained at similar levels in comparison to August 2009. At the current sale rate, the months of supply inventory reached 4.3 months. The months of supply inventory for luxury condominiums priced at $900,000 and higher stood at 5.8 months, remaining at an elevated level compared to the market average and in comparison to units selling in lower price segments. The months of supply inventory for condominiums priced less than $500,000 edged downwards slightly from August 2009 to 2.7 months, while the months of supply inventory for condominiums priced between $500,000 and $900,000 increased to 3.7 months.

New Tiered Home Price Index to Be Introduced

Lee announced that next month, Market Focus will introduce a new "tiered home price index." The index should provide better insight into price movements in San Francisco's housing market because it will be tiered to reflect properties selling in different price segments. In that way, the index should eliminate the month-to-month volatility sometimes observed in San Francisco's monthly median home prices—volatility that is particularly evident when sales during one month consist predominantly of properties in one price segment and sales the next month consist of properties predominantly in another. "The index should prove to be a highly useful tool in understanding and identifying current sale and pricing trends," said Lee.

• How many homes are for sale in the neighborhood? The more homes on the market, the more important it is to list at the lower end of the scale. "I want buyers to ask why is this house priced so competitively," said NAR President-elect Ron Phipps of Phipps Realty in Warwick, R.I. "I want the answer to be an offer."

• Take short sales and foreclosures into consideration when pricing. If the competing properties are in lousy condition, they are less of an issue, but if they are well taken care of, yet priced 25 percent below market, they can be a serious factor.

• Negotiate decisively. "Buyers are not interested in back-and-forth negotiations these days," Phipps said. "They are less emotional and more disciplined. They will walk away."

• Cut the price when you have to. If no one shows up for an open house, if no one calls and if there are no offers, then the price is too high. That means it's time to make a meaningful price cut.

At Ghirardelli Square, San Francisco, CA

Indulge in chocolate delicacies, sip wine and enjoy chocolate inspired family activities. Proceeds benefit Project Open Hand.

Sample all sorts of chocolate products from all over the United States.  In addition to chocolate sampling, activities include Chef Demonstrations, the Famous Ice Cream Eating Contest, Live Music, Children's Entertainment and more!

Saturday, Sep 11, 12pm
For All Ages
The event is free to attend, however, tickets much be purchased to sample chocolate.
Phone: (800) 310-6563

Each year the festival has expanded to offer international musicians on the main stage and DJ stage, open-air art gallery and live graffiti artists, as well as a kid’s zone & stage offering interaction& play, interactive technology, education & athlete demos on site! PTTP has grown to an international festival attracting attendees from Japan, Europe, Australia, & South America engaging on what it means to engage in the concept of “Power to the Peaceful” globally, in community, in your family and in your mind. By bringing people together through music, art & action- it is our goal to highlight the similarities & celebrate the diversity between us all.

Friday, Sep 10
Festival  4:30 pm

Saturday, Sep 11
1,000 Yogis for Peace
9:00am
Festival  11am – 5pm

KEEP THIS IN MIND

• Some first-time buyers are unaware of the vast amount of paperwork and negotiations that go into purchasing a home. As a result, buyers may think they can save money by forgoing the use of a REALTOR®. However, managing the nuances of offers, inspections, financing, and other pivotal steps when buying a home often causes confusion and anxiety for buyers. Working with a REALTOR®--who is obligated to put the buyer’s best interests first--will help to alleviate buyer concerns during this process.

• Online mortgage calculators can help buyers estimate the amount of house they can afford, but calculators should not be the sole source for mortgage-approval information. Buyers are advised to meet with a mortgage broker or banker prior to beginning the home search to help determine the loan amount for which they are most likely to be approved.

• Although there is a large selection of homes available for sale, home buyers should not assume they can make low offers or unreasonable demands. Even in hard-hit housing markets, homes in desirable neighborhoods are receiving multiple offers.

Source: California Association of Realtors

KEEP THIS IN MIND

• This month, Fannie Mae – the government-sponsored entity that helps set lending standards for most mortgages—started a Web site, KnowYourOptions.com. The site contains elements distinguishing it from those aiming to prevent foreclosure. All of the information on the site is available in Spanish or English.

• KnowYourOptions.com provides video explanations of what users might accomplish in each of the tabbed section of the site. In the "Take Action" section, for example," struggling homeowners are advised that the first step to take in seeking help with their mortgage is to contact their mortgage company.

• Other features of the site include contact information for mortgage companies and loan counselors, calculators to determine if the borrower is eligible for assistance, and information on commencing short sales or deeds-in-lieu of foreclosure.

• Another helpful Web site for consumers is Hope LoanPort, which allows struggling homeowners and housing counselors to submit financial documents to mortgage companies and track the status of their efforts to avoid foreclosure. Hope LoanPort was created by agencies.