San Mateo County Market Update - November 2011

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The Real Estate Reportlocal market trends

SAN MATEO COUNTY

Keller Williams Realty

505 Hamilton Ave., Ste. 100

Palo Alto, CA 94301

(650) 454-8568

(415) 225-4936

[email protected]

http://www.MenloRealEstate.com

http://homes-for-sale-PaloAlto-today.

DRE #01393647

Gwen Wang

Gwen Wang | [email protected] | (650) 454-8568

be a Fannie Mae or Freddie Mac instrument,

owned or guaranteed by one agency or theother, and you must not have missed anypayments in the last six months (since April 24,at present), or have more than one missed

payment over the last year.

The FHFA, or Federal Housing Finance Agency,which currently controls Fannie, Freddie, and 12other Federal Home Loan Banks – located in

Atlanta, Boston, Chicago, Cincinnati, Dallas, DesMoines, Indianapolis, New York, Pittsburgh, SanFrancisco, Seattle and Topeka - is expected toannounce the final program parameters by

November 15.

This is a much needed expansion of the program.Unfortunately, there are over ten millionhomeowners underwater and this new HARP will

only be available to 10% of them.

MARKET STATISTICS The sale of single-family, re-sale homes were down11% year-over-year. Year-to-date, home sales are

up 6.9%.

Condo sales were up 22.9% year-over-year. Year-

to-date, condo sales are up 2.4%.

he Home Affordable Refinance Program, or

ARP, is being revamped.

was originally aimed at a housing market that hadn estimated 5 million struggling homeowners.nfortunately, HARP’s original terms and limits

were so restrictive that the program, to date, haseached fewer than 900,000 mortgage holders. The

major restriction eliminated any homeowner whosexisting mortgage represented more than 125% of

he loan-to-value of their home.

he revamping of HARP will let borrowers whosemortgages are backed by Fannie Mae and FreddieMac refinance those underwater mortgages,

resumably no matter how far their home’s valueas fallen. In fact, current loan-to-value ratio on the

xisting mortgage must be greater than 80 percent.

And, mortgage holders can’t double-dip; that is, if hey already have an earlier HARP loan, they can’tet another at the even better rate of 4%. The newerms also eliminate the need for yet another roperty appraisal in calculating LTV, and the

rogram’s end date has been extended.

he plan, announced last week still has certainligibility limits. For example, your mortgage has to

Underwater Mortgage Holders Get Help

The median price for homes was down 0.1% yover-year.

The median price for condos was down 6.6% yover-year. That’s eighteen months in a row the

median price has been lower than the year be

Inventory of both homes and condos continuesbe weak. Home inventory was down 20.2%compared to last October. Please note, only aclistings are included in this figure. Numbers fro

the local associations include properties that aalso in a pending status, meaning they have aaccepted offer, but haven’t been taken off themarket.

Condo inventory was down 35.8% year-over-y

Please remember, while statistics are nice, thenot determine the price you pay or get for aproperty. That will come down to you and the bor seller.

NOVEMBER/DECEMBER 2011

Inside This Issue

> LOCAL M ARKET TRENDS..................... 1

> MORTGAGE R ATE OUTLOOK ............... 2

> HOME STATISTICS .............................. 2

> FORECLOSURE STATS ........................ 3

> CONDO STATISTICS ............................ 3

> ANNUAL T ABLES ................................. 4

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San Mateo County Homes: Sales Momentum

Sales Pending Median © 2011 rereport.com

Oct 11 Sep 11 O

Median Pric e: 674, 000$ 645,000$ 67$

Av erage Pric e: 913, 650$ 843,857$ 97$

Home Sales: 325 403

Pending Sales: 675 609

Inv entory : 1,139 1,166

Sale/List Price Ratio: 98.5% 98.3% 9Day s on Market: 56 59

Day s of Inv entory : 105 84

Trends at a Glance(Single-family Homes)



The Real Estate Repo

Page 2

Mortgage Rate Outlook

3.0% 4.0% 5.0% 6.0% 7.0% 8.0%

01-0504-0507-0510-0501-0604-0607-0610-0601-0704-0707-0710-0701-0804-0807-0810-0801-0904-0907-0910-0901-1004-1007-1010-10

01-1104-1107-11

30-Year Fixed Mortgage Rates

The chart above shows the Nationalmonthly average for 30-year fixedrate mortgages as compiled byHSH.com. The average includes mort-gages of all sizes, including conforming,

"expanded conforming," and jumbo.

Nov. 4, 2011 -- HSH.com's broad-market mortgage track-er -- our weekly Fixed-Rate Mortgage Indicator (FRMI) -- found that the overall average rate for 30-year fixed-rate mortgages eased by nine basis points(0.09%) from last week, slipping up to an average

4.36%, the lowest reading in a month's time. TheFRMI's 15-year companion closed the week with aneight basis point decline to 3.66%. Important tohomebuyers and low-equity-stake refinancers, 30-year FHA-backed mortgages shed seven hundredthsof a percentage point to land a 3.93%, a new recordlow, while the overall average for 5/1 Hybrid ARMsdropped by five basis points to 3.11%.

While news about the economy continues to suggestwe will avoid falling into a new recession, there's notmuch to suggest that a strong breakout of growth isimminent, either, and the slow economic slog contin-ues, if at perhaps a better pace. No one knows this

better than the Federal Reserve, which noted in therelease which signaled the close of their two-daymeeting this week that "economic growth strength-ened somewhat in the third quarter" but "recent indi-cators point to continuing weakness in overall labor market conditions, and the unemployment rate re-

mains elevated."

The Fed also released its latest set of economic pro- jections, and marked down the paths for GDP growth

and unemployment while increasing their projectfor inflation for 2012 and beyond. None of this wparticularly good news, but did underscore the Frecent decision to hold short-term interest rates alow levels at least though mid-2013 as it would a

pear the economy may need the additional suppshould the Fed's expectations turn into reality.

Of course, there's nothing that says these forecawill come true. Previous ones predicting a more economy by now never materialized, and just asold ones were wrong to the upside, perhaps thes

new ones will be wrong to the downside, too.

Opportunities to finance or refinance remain stroand if you are so inclined, you might do well to gyour loan in process before month's end, when aleast a minor crush of refinancing is to be expect

due to the expansion of the HARP program.

The slight slip in rates this week will probably honext week, unless a spate of optimism for a Greedeal comes to market. Figure on a couple basis

move upward at most.

Cities Median Average Sales Pend Inven DOI SP/LP Med Ave Sales Pend2 InCounty , , , . % - . % - . - . . % -

Atherton 3,811,250$ 3,749,380$ 4 9 31 233 96.5% 41.2% 9.7% -63.6 80.0% -2Belmont , , . % - . % . % - . - . %

Burlingame , , , , . % - . % - . - . . % -Daly City 448,100$ 458,732$ 40 82 111 83 97.9% -13.5% -11.4 -2.4% 20.6% -2

El Granada , , . % - . % . % . % . % -

East Palo Alto , , . % - . % - . - . - . % -Fos ter City 890,000$ 930,000$ 4 22 16 120 94.5% -11.9% -6.7 -33.3 57.1% -4

Hillsborough , , , , . % - . % - . . % - . % -Half Moon Bay , , . % - . % - . - . . % -

Millbrae 800,500$ 826,722$ 9 14 31 103 97.7% -9.5% -2.7 -25.0 -12.5%Menlo Park , , , , . % - . % - . - . % - . % -

Montara , , . % . % . % . % . %Moss Beach 500,000$ 500,000$ 1 3 10 300 83.5% n/a n/a n/a n/a

Pacifica , , . % . % . % - . . %Portola Valley , , , , . % . % . % . % . % -

Redw ood City 714,000$ 786,314$ 36 76 132 110 99.5% 17.8% 9.2% -29.4 15.2% -1Redwood Shores 947,500$ 1,005,000$ 4 6 11 83 100.0% -3.7% 0.6% -33.3 -40.0% -4

San Bruno , , . % - . % - . - . . % -San Carlos 932,500$ 972,870$ 30 30 38 38 99.2% 16.6% 9.9% 30.4% 3.4% -3San Mateo 707,500$ 811,818$ 40 80 119 89 99.7% -15.3% -2.8 -20.0 -2.4% -1

S. San Francisco , , . % - . % - . . % . % -

Woodside , , , , . % - . % - . . % . % -

San Mateo County - October 2011

Single-Family Homes % Change from Year BeforPrices Prices



Table Definitions _______________

Median PriceThe price at which 50% of priwere higher and 50%were low

Average PriceAdd all prices and divide by t

number of sales.

SP/LPSales price to list price ratio or

price paid for the property dividthe asking price.

DOIDays of Inventory, or how madays it would take to sell all t

property for sale at the currentof sales.

PendProperty under contract to sell

hasn’t closed escrow.

InvenNumber of properties actively

sale as of the last day of the m

Pa

Notices of default, the first step in the foreclosure pro-cess, in San Mateo County were down 26.1% in Sep-tember from August. Year-over-year, notices were off

11.6%.

Notices of sale, which set the date and time of an auc-tion, and serve as the homeowner's final notice beforesale, were down 29.5% from August, and down 33.5%

year-over-year. This is the fourth month in a row noticeshave been lower than the month before.

After the filing of a Notice of Trustee Sale, there areonly three possible outcomes. First, the sale can becancelled for reasons that include a successful loanmodification or short sale, a filing error, or a legal re-quirement to re-file the notice after extended postpone-ments. Alternatively, if the property is taken to sale, thebank will place the opening bid. If a third party, typicallyan investor, bids more than the bank's opening bid, the

FORECLOSURE STATISTICS

property will be sold to the third party; if not, it will goback to the bank.

In August, cancellations were down 11.7% year-over-year, and down 9.8% from August.

Properties going back to the bank were down in Sep-tember from August by 33.6%. Year-over-year, proper-

ties going back to the back were down 48.2%.The total number of homes that have had a notice of default filed decreased by 20.9% in September com-pared to September 2010.

The total number of homes scheduled for sale declinedby 9.7% year-over-year

Unfortunately, the total number of homes owned by thebank was up 12.2% year-over-year. The banks nowown 1,137 properties in San Mateo County.

Cities Median Average Sales Pend Inven DOI SP/LP Med Ave Sales Pend2 InvenCounty , , . % - . % . % . % . % - . %

Burlingame , , . % - . % - . - . - . % - . %

Daly City , , . % - . % - . . % . % - . %oster ty , , . - . - . . - . - .

Menlo Park , , , . % . % . % . % . % - . %

Redw ood City , , . % n/a n/a n/a n/a n/a

Redw ood Shores , , . % - . % - . - . - . % - . %

San Bruno , , . % - . % - . - . . % - . %

San Carlos , , . % - . % - . . % . % - . %

San Mateo , , . % . % . % . % . % - . %

S. San Francisco , , . % - . % - . . % . % - . %

San Mateo County - October 2011

Condos/Townhomes % Change from Year BeforePrices Prices

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i n g l e - f a m i l y H o m e S a l e s

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e d i a n & A v e r a g e P r i c e s

San Mateo County Homes - Prices & Sales(3-month moving average—prices in $000's)

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C o n d o S a l e s

M e d i a n & A v e r a g e P r i c e s

San Mateo County Condos- Prices & Sales

(3-month moving average—prices in $000's)



THE R EAL ESTATE R EPORT San Mateo County

This Real Estate Report is published and copyrighted by http://rereport.com. Information contained herein is deemed accurate and correct, but no warranty is implied or give

Keller Williams Realty505 Hamilton Ave., Ste. 100

Palo Alto, CA 94301

(650) 454-8568

(415) 225-4936

[email protected]

http://www.MenloRealEstate.com

http://homes-for-sale-PaloAlto-today.com

Gwen Wang

This is not intended as a solicitation if your home is currently listed.

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San Mateo County Homes: Year-Over-Year Median Price Change

Documents

San Mateo County Market Update - November 2011