U.S. home prices increased by a slight 3 percent on a quarter-over-quarter basis during the three months ending Nov. 30, Clear Capital reported.
The trend was different in the West, however, where housing prices fell 0.8 percent during the past three months. Markets with high-levels of foreclosed homes, such as the Inland Empire, were not subject to the same kind of price stability that Clear Capital observed elsewhere.
In the Inland Empire, home prices fell 2 percent during the past quarter. Roughly 42 percent of homes on the market in the San Bernardino-Riverside-Ontario area were foreclosures.
In Greater Los Angeles, home prices fell 1.7 percent during the past closure. The area’s foreclosure had a foreclosure saturation of 28 percent.
Clear Capital’s offices are in Truckee.
The Bradco Cos., a Victorville-based real estate brokerage, has hired two new executives with experience in the High Desert’s commercial real estate market.
The new hires are Nick DiCosola and Ron Barbieri, both of whom were founding members of Lee & Associates’ Inland Empire North office. DiCosola and Barbieri will hold the titles of principal and executive vice president at Brado Cos.
Barbieri will also co-edit the Bradco High Desert Report with Brado Cos. president Joseph Brady.
Ron Barbieri Nick DiCosola
The California Association of Realtors announced sending a letter to the nation’s four largest lenders and mortgage servicers asking for help in streamlining the short sale process.
A short sale occurs when a homeowner sells a house for less than the outstanding amount owed on the mortgage. The bank to which a homeowner sends payments is often not the actual owner of the loan.
The owner must approve a short sale and delays in negotiations between several parties is one reason short sales can take a long time to complete.
The Realtors group sent the letter to JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo. Realtors asked for the banks to provide homeowners attempting short sales with such help as realistic time frames, upfront delivery of what conditions are necessary to approve a short sale and making sure homeowners know who has authority to approve a short sale.
“We believe banks, investors, homeowners, and real estate professionals all have a common interest in conducting these transactions expeditiously and efficiently,” C.A.R. President Beth L. Peerce wrote in the letter.
“The housing market recovery is in everyone’s best interests, and your urgent focus on these issues will help achieve that end.”
Banking on a growth in residential real estate in coming years, Lewis Investment Company and Van Daele Development said Monday they have purchased a 35-acre site in north Fontana to develop over the year.
The companies are planned to work with the city of Fontana to build 100 to 150 single-family homes that will be available for sale in 2012. The site, west of the Interstate 15 and north of Duncan Canyon Road, is planned to price the homes from the low $300,000 to mid $400,000 range.
Lewis Investment Company is a member of the Lewis Group of Companies, based in Upland. Van Daele Development is a private real estate development company. The seller was TC-Met Fontana, represented by Doug Jorritsma from Land Advisors in Irvine.