Interest rates likely to remain low for at least a few months
Good news for interest rates from WSJ.com:
Federal Reserve Chairman Ben Bernanke said the U.S. economy still needs record-low interest rates for at least several months because the recovery from a deep recession is expected to be slow. The jobs market is expected to remain weak and inflation subdued over the next couple of years, Bernanke said in his semiannual monetary policy testimony to Congress.
The Fed chief said the U.S. central bank is actively looking at what tools to use once the economy will need higher rates.
http://online.wsj.com/article/SB10001424052748704240004575085262786298500.html?mod=djemalertNEWS
New Luxury Home website launched
Started a new blog on Luxury Homes in the Bay Area at www.FineEstates.com. Will feed to www.DavidBergman.com soon.
Distressed Homeowner assistance
2/19/10 3:30 am President Barack Obama will announce plans Friday to provide an additional $1.5 billion- of which California is included – for a state-assistance program for homeowners worst-hit by the downturn in U.S. housing values. More to come.
Santa Clara County Real Estate Statistics from David Bergman
Active Listings in Santa Clara County is 1807 as of 2/1/10. 563 homes closed in Last 30 Days. The average days on market for Santa Clara County for single family homes is 47 days.
Incredible Estate in Los Altos Hills – Not on the MLS
New Price – $18,950,000 Not on the multiple listing service – Vinedo Lane is an incredible private gated estate featuring amenities like no other home in the Bay Area. Its location, only 21 miles south of San Francisco, in prestigious Los Altos Hills, at the center of Silicon Valley is centrally located to the Bay Area. With approximately 12,143 square feet of living space plus an additional 1000 square foot guesthouse, the main house includes six bedrooms each with its own bath, plus an additional full and two half baths. The garages will accommodate from six to 10 cars and one garage includes a 2-post lift. The estate includes over 4 acres of resort style living including a gated entry, competition size tennis court, infinity edge pool, putting green with sand trap, outdoor barbecue area and much more. The working Vineyards produce a delectable Cabernet Sauvignon with the estates own label.
Visit www.VinedoLane.com for details and more information.
David Bergman
650-948-1100
DRE 01223189
Palo Alto and Mountain View Real Estate Update
Palo Alto active single family homes on the Multiple Listing Service is at 68. Average days on market for Palo Alto is 48 days. 33 homes have closed in Palo Alto in the last 30 days.
Mountain View has 44 active homes on the Multiple Listing Service. Days on market averages 32 days with 25 homes closed in the last 30 days.
Inventory is expected to remain the same or drop due to the holidays – until next year.
Los Altos and Los Altos Hills Real Estate Update
There are currently 47 homes for sale in Los Altos on the Multiple Listing Service. The average days on market for Los Altos homes is 51 days. 25 homes have closed escrow in the last 30 days – so there are about 2 months of homes available. Inventory will likely remain stable or drop until after the new year.
Los Altos Hills has a total of 42 homes on the market. The average days on market for the Hills is 57. Closed in the last 30 days in the Hills – a total of 8 homes. Inventory will likely remain low into the new year.
Santa Clara County Housing Statistics
Inventory is dropping in Santa Clara County – and that common for this time of year. As of today there are 1880 active single family homes on the Multiple Listing Service in Santa Clara County. 846 homes have closed escrow in the last 30 days. In Santa Clara County the average days on market for those closed transactions is 51 days.
Property taxes are due
Property Taxes are late if not postmarked by December 10th. For Santa Clara County you can use the following link to verify they have been paid and that payment has been received at http://payments.scctax.org/payment/jsp/currentSecured.jsp
You can also pay them online – but there is a high processing fee for that convenience.
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