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FHA & Conventional Loans About To Evaporate For Some Benicia, Vallejo Homebuyers?

Rod Herman — Sat, 18 Jun 2011 15:15:22 +0000

Unless Congress steps in soon, some Benicia, Vallejo homebuyers may find it impossible to get an FHA or conventional loan by early Fall.

That’s because loan limits for the two loan programs that cover probably at least 90% of the loans originated in Solano County are set to change come Oct. 1.

And barring Congressional action, the maximum you can borrow under both programs is going to drop substantially, which means that many Benicia, Vallejo and Solano County home buyers could suddenly find themselves needing to come up with tens of thousands more in down payment or accept a costlier “jumbo” loan.

Right now, the maximum you can borrow with an FHA or conventional loan is $557,500. But as it stands right now, after September 30, the conforming loan limit in Solano County will drop to $417,000 and the FHA limit to $400,200, which is certain to impact local borrowers who are planning to finance a home with a loan amount that exceeds the new limits.

In plain English, that means that any borrower in Solano County who is today planning to buy a home for more than $415,000 with an FHA loan or more than $463,000 with a conventional loan could find getting a loan potentially tougher and definitely more expensive if they wait until October.

If you’re not in contract by the end of September and want to use an FHA or conventional loan on a home that exceeds the new loan limits, your only options will be to come up with a large enough down payment to cover the difference or try to qualify for a costlier jumbo loan.

And it’s not just Solano County that’s affected. Unless Congress steps in and extends the current loan limits, which have been in effect since 2008, FHA and conventional loan limits will drop in every Bay Area county in October.

The biggest decline for FHA loans in the Bay Area will be right here in Solano County, where the FHA limit will drop by $157,300 (the conventional loan limit in Solano will fall by $140,500). With the exception of Napa and Sonoma Counties, most other Bay Area counties will see their loan limits fall about $100,000.

And Solano will be the only Bay Area county where FHA and conventional loans will have different loan limits.

Here are the new scheduled loan limits for the rest of the Bay Area:

Napa County – from $729,750 to $592,250.
Sonoma County — from $662,500 to $520,950.
Alameda, Contra Costa, Marin, San Francisco, San Mateo & Santa Clara Counties — from $729,750 to $625,500.

Now, it’s only June, so a lot can happen between now and the end of September. It’s possible that lobbyists will succeed in getting Congress to extend the current loan limits or at least come up with an amount somewhere between today’s limits and the scheduled Oct. 1 figures.

I’ll be keeping an eye on this and will post updates if anything changes.

10 Ways To Help Avoid A Short Sale Disaster

Rod Herman — Fri, 11 Mar 2011 23:35:09 +0000

As anyone looking for a home in Solano County right now can tell you, many of the homes on the market right now are short sales (where the seller owes more than the home is worth and can’t complete the sale without their lender(s) agreeing to reduce the amount they owe).

Short sales are far more complicated than a regular sales transaction and can take far take longer, too, due to the time a bank can take to review the seller’s financial situation.

Right now, about 4 out of every 10 homes on the market in Solano County are short sales, including 43% of the homes in Benicia and 47% in Vallejo. And, despite what you may have heard, many short sales do indeed close escrow.

Most of the short sales we’ve represented clients on over the past few years have successfully closed.Yes, there can be some drama or unexpected twists and turns along the way.

But sadly, many sellers or agents either throw in the towel far too early — either out of frustration or by giving up at the first sign of a short sale decline.

If there’s one thing I’ve learned from representing short sale clients it’s that there’s definitely an art to successfully negotiating a short sale. There’s far more to it than just shuffling papers and waiting for the bank to give its answer.

Over the years I’ve found that there are 10 critical factors that either the listing agent or the seller can directly control.

Some are crucial and can spell instant short sale doom, whiles others give you added leverage and can be difference-makers in whether or not a deal goes through. Without most of these, your chances of short sale success drops considerably.

The home must be priced right. If it’s priced to sell quickly but far below its real market value, you’re just asking for a decline letter. If it’s priced too high, the seller’s bank might like it, but the home will never appraise for the buyer.
The seller must be “on board” and willing to provide all financial documentation the bank will require.
The seller must have a legitimate hardship. Banks aren’t charities, so unless the seller really has a hardship, the bank probably won’t approve the sale.
Is the seller willing to contribute? Many banks try to get the seller to contribute towards the loan shortfall. There are strategies and arguments that can sometimes convince a open-minded bank to relent when the seller won’t contribute.
The listing agent must make sure all the contractual costs and fees are incorporated into the estimated closing statement, which is what the bank will rely on in determining whether or not to approve the short sale.
The listing agent must know how to package all the short sale documents so that the bank doesn’t decline the sale due to missing documents. Many banks will close the file if missing items aren’t provided on a timely basis.
The listing agent must know how to escalate a file to upper management when a lower-level bank negotiator stymies a deal that should be a no-brainer.
It’s far easier to negotiate with the bank if you know their numbers. You’re going to be far more effective at countering a bank’s demands if you have a general idea of what they’re going to net in a sort sale vs. foreclosure.
Followup is crucial. If the listing agent simply submits the file and then sits back and waits for the bank to call, the file may stay at the bottom of the negotiator’s inbox. And if months have gone by before the bank gets around to looking at the file, there’s a pretty good chance the buyer will have “moved on” by then.
Read the fine print. Many approval letters are conditioned on matters the seller may not be willing or even legally able to agree to. If you wait until you’re ready to close to discover and deal with these, it may be too late.

These 10 items alone certainly won’t guarantee a successful short sale. But they’ll definitely give a much better chance of getting your short sale approved.

If you’re in a situation where you think a short sale might be a viable alternative for you, feel free to contact us and we’ll be happy to discuss your situation in complete confidence.

Anyone considering a short sale should also consult with their tax or legal advisers, since some of the decisions you make could have significant tax or legal consequences.

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What Obama’s Mortgage Reform Plan Means For Solano County Home Buyers & Sellers

Rod Herman — Thu, 17 Feb 2011 16:38:22 +0000

You may have heard that President Obama unveiled his plans to reform the mortgage industry last Friday. Since then, his proposal has taken a lot of heat in real estate circles, especially since one of his recommendations is to reduce the maximum loan limits on conventional mortgages in high-cost areas by more than $100,000 as early as this fall.

Among some of the proposals in Obama’s plan:

Drop the maximum loan amount in high cost areas (which includes much of the Bay Area) from $729,750 to $625,500.

Phase out both Fannie Mae and Freddie Mac by reducing their loan portfolios by 10% a year

Raise fees for borrowers

Increase minimum down payments borrowers

What This Means To Solano Home Buyers & Sellers

It’s still unclear whether the White House’s proposal to lower the maximum loan limit would really impact Solano County. Currently, for most of the U.S., the limit is $417,000. The majority of the Bay Area, though is at $729,750 — which is the amount that Obama’s plan wants reduced by about $105,000.

In Solano County, however, our limit is $557,500, which is higher than the rest of the U.S., but lower than most other Bay Area counties.

So if the White House plan reduces the loan limit for all high cost areas on a proportionate basis, then Solano County buyers and sellers could definitely feel a pinch, since buyers of homes priced above the new loan limit would be forced into higher-rate “jumbo” loans, which would no doubt kick some buyers out of the market or force some sellers to lower prices to attract conventional loan buyers.

But if the White House plan keeps our limit at $557,500, since it’s already below the proposed $625,500 ceiling, then Solano County would be spared any impact from the proposed change. I haven’t seen county-by-county specifics yet. But when I do, I’ll post them.

A Definite Impact In Contra Costa

Contra Costa County, meanwhile, will definitely feel the pinch if Obama’s plan is enacted, since it is one of the Bay Area Counties where the $729,750 loan limit is presently in place. If the maximum loan drops to $625,500, then sellers in the $700,000-$900,000 price range, could soon find it much tougher to find qualified buyers for their homes.

Obama is pushing for a change in the loan limit by this fall. And you can bet there will be a lots of lobbying and grass-roots efforts to either stop, delay or modify his proposal in the coming months.

While the jury’s still out on whether the White House plan will affect Solano’s loan limits, those other three proposals in Obama’s plan definitely would impact buyers and sellers here in Solano County as well as throughout the entire U.S.

Less Fannie & Freddie Means Higher Rates & Fees

According to estimates I’ve seen, almost three-quarters of all U.S. loans are sold to Freddie Mac and Fannie Mae. In Solano County, that percentage is probably a bit lower, since FHA loans have become increasingly popular over the past few years due to lower home prices.

But for borrowers opting for a conventional loan, Freddie or Fannie are what makes the whole money supply machine work. So if you reduce the amount of loans that those two organizations can purchase, that will definitely impact the availability and cost of that financing.

According to the National Assn. of Realtors, Credit Suisse Bank has estimated that interest rates could easily rise 2 full percentage points (to the 7%-plus range) if the government withdraws its backing of Freddie and Fannie, which would easily price many of today’s buyers out of the housing market.

Goodbye To Low Down Payment Loans?

The same would happen if the government pushed lenders to increase minimum down payment amounts. With conventional financing, buyers have to put at least 10% down. With an FHA loan, the minimum is 3.5% down — which is huge for first-time buyers, since many have the income to qualify but not 10% plus closing costs (about $35,000+ on a $250,000 home).

The White House’s premise — more skin in the game by the homeowner means less risk for the lender — makes sense. Before creative financing entered the marketplace back in the 1980s, buyers using a conventional loan traditionally had to come up with 20% down. Of course, back then, most Bay Area home prices were below $100,000.

There’s been quite a bit of talk about FHA increasing the minimum down payment on all of its loans. If that happens and if the same occurs with conventional financing, many buyers would find themselves unable to buy. And that would certainly cause activity to wane, inventory to climb and prices to fall.

I understand the need for mortgage reform. Nobody wants a repeat of 2007-2008. But if the sweeping changes outlined in Obama’s proposal are enacted, Solano County home buyers and sellers will definitely feel it — and not in a good way.

A GIANT Celebration Tuesday In Vallejo

Rod Herman — Thu, 17 Feb 2011 14:41:45 +0000

Spring Training has already started in Arizona, but if you’re like me and are still basking in the afterglow of the San Francisco Giants’ World Series title, you’ll have one last opportunity to soak up some of last year’s magical mojo this coming Tuesday (Feb. 22) in Vallejo.

Throughout the past month, the Giants have taken the World Series Trophy all over Northern California. Tuesday afternoon, it comes to Vallejo — its only stop in Solano County — where local Giants fans can see the trophy up close and personal and even have their picture taken with it.

The particulars:

Tuesday, Feb. 22
2:30 to 4:30 pm.
Dan Foley Cultural Center, 1461 N. Camino Alto, Vallejo

Take Tuolumne to North Camino Alto and keep going — it’s at the back of the park, just across the water from Six Flags.

I actually saw the trophy a few weeks ago, when it was in Walnut Creek. We got there about 30-45 minutes before the doors were supposed to open and ended up waiting in line for well over an hour. They ushered everyone through at a pretty good pace, so our “visit” with the trophy (actually more like a grin-n-go) only lasted a matter of seconds.

At the Walnut Creek trophy stop, we weren’t allowed to take our own photos — the Giants had their own photographer there and they gave you a card with a gallery number, so you could check out your photos on the Giants’ web site (and order a 5×7 for about $15…yes, even once-in-a-lifetime celebrations come with a price tag these days).

I’ve been an avid Giants’ fan since about 1963 or ‘64, and seeing as this was their first WS title in my lifetime, it was worth waiting in line, even though I only got a brief look at the trophy.

It was a nice sunny day and I got to visit and hang out with a bunch of like-minded Giants’ fans for an hour, which gave me an opportunity to share and relive some of the wonderful memories from the magical 2010 season.

April Solano Home Sales Report: Prices Holding Steady And Up County-Wide Over Last Year

Rod Herman — Wed, 12 May 2010 05:07:23 +0000

April’s home sales numbers are in for Solano County and on a county-wide basis, the median price last month was $200,000 — exactly the same as it was in March.

Vacaville, Vallejo and Suisun all reported median prices that were almost the same as the previous month, while Benicia’s median was way up and Fairfield’s was noticeably down.

The huge jump in Benicia’s median price is probably more a correction of last month’s equally huge drop than an indication that prices are suddenly going through the roof in Benicia.

Keep in mind, too, that Benicia’s relatively small sample size means that a few random sales at either end of the price spectrum can easily skew the numbers.

Meanwhile, the number of sales in Solano was down 10% county-wide, but up in Benicia and Fairfield.

At first glance, the big story seems to be Vallejo’s 28% drop in sales last month — from 198 in March to 143 in April. But before jumping to any conclusions, you have to look back a few months. For April’s total is still the second strongest month of 2010 and close to November’s and December’s totals.

Compared to last April, prices in Solano County are up 14%, led by Vallejo (up 28%) and Suisun (+15%). The number of sales, meanwhile, was down 17% county-wide, mainly due, I suspect, to the smaller inventory of homes on the market this April compared to last April.

You can see all of April’s Solano home sale statistics in detail by downloading April’s Solano County Home Sales Report. Archived copies of previous reports are also available by following the links near the bottom of this post.

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Solano Home Buyers Get 2-Month Extension On 3.5% Fannie Mae Closing Cost Credit

Rod Herman — Thu, 29 Apr 2010 03:12:26 +0000

Non-Investors Who Buy A Fannie Mae Repo Can Still Get The Credit If They Close By June 30

In what amounts to an unexpected gift to buyers of Fannie Mae bank-owned homes in Solano County, the secondary mortgage market giant just announced that its 3.5% closing cost credit incentive program, which was scheduled to end Apr. 30, has been extended to June 30.

So if you buy one of the 96 Fannie Mae-owned homes in Solano County that are either presently for sale or about to come on the market and can close escrow in the next two months, you could be eligible for up to 3.5% in credits at close of escrow.

Of the 96 homes for sale in Solano, 89 are currently on the market and 7 will be coming on the market soon.

Almost half of Fannie’s unsold Solano County inventory is in Vallejo (40 homes), followed by Fairfield (29), Vacaville (15), Suisun City (6), and Benicia (3).

The 3.5% incentive can either be used to offset closing costs, for Whirlpool appliances or a combination of the two. Only owner-occupants are eligible. And since some loan programs limit the maximum amount of closing costs a buyer may receive (FHA, for example, caps it at 3%), the credit is for “up to” 3.5%.

Even though Fannie’s incentive program has been extended, time is definitely of the essence, as escrow must close by June 30 in order for buyers to receive the credit.

And since most escrows take 30-45 days, that doesn’t allow a huge amount of time to find the right home, get the contract accepted and then close escrow.

For more information on homes in Solano County that qualify for Fannie Mae’s 3.5% incentive program, if you’re not already working with another real estate agent, feel free to contact us and we’ll be glad to assist you.

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Solano Pending Home Sales Up, Inventory Down As Tax Credit Draws To A Close

Rod Herman — Wed, 28 Apr 2010 07:27:53 +0000

Whether it’s due to the impending federal tax credit deadline or just the normal spring real estate market surge, home sale activity has definitely picked up in recent weeks in Solano County, which in turn has caused the supply of homes for sale to drop.

This past week marks the first time all year that all five cities in our Solano County market area have seen their inventory of homes decline in the same week.

Vallejo (-20) and Fairfield (-24) both experienced double-digit drops in their housing supply, while the other three cities saw a nominal decrease (Benicia & Fairfield -4 and Suisun -2).

Yet, even that is a significant change from what occurred earlier this year.

For most of the first three months, the inventory increased throughout the county. But in the last few weeks we’ve seen it starting to drop here and there.

For the year, it’s still higher than it was in January in all five cities. Vallejo leads the way with a 46% year-to-date increase. But as recently as April 5, it was up 58% for the year. So as you can see, the inventory has begun to soften.

But the even bigger news in Solano this week is the recent spike in pending sales, which should also foretell a big increase in the number of closed sales for May in June.

Most of the cities in our Solano market area have approached year-to-date highs in pending sales over the past two weeks. This past week, every city except Suisun reported pending sales well above its YTD average.

For example:

Benicia had its fourth highest total of the year last week with 8 pending sales; its YTD average is 5.7.

Vallejo had its second highest total of 2010 last week and its fourth highest total the week before. Last week’s 55 pending sales far eclipsed its 41.4 sales/week average.

Fairfield had its 4th highest total of the year last week and its 3rd highest the week before. There were 41 sales last week, almost 20% above its 33.4/wk average.

Vacaville hit its high water mark last week (35 sales). That’s 40% above its 21.2./week average.

My hunch is that part of the spike in new sales is due to the urgency for many first-time buyers to get into contract by the end of April so they can take advantage of the federal tax credit.

In order to qualify for the credit, buyers must have a ratified contract by Apr. 30 and close escrow by June 30.

We track the weekly home sales statistics for the five cities in our Solano County market area and publish the weekly report periodically, whenever there are notable trends or statistics.

You can download this week’s Solano County Home Sales Report and see week-by-week home sales and housing supply totals for Benicia, Vallejo, Fairfield, Suisun and Vacaville.

To search for homes in our market area, be sure to visit our Home Search page. You can set up customized home searches and receive results automatically in your email inbox. For additional information or to see any of these homes, please contact us.

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Inventory Of Available Homes Still Way Up For The Year Throughout Solano County

Rod Herman — Tue, 20 Apr 2010 04:15:17 +0000

You’d never believe it if you talked to most buyers, but the inventory of homes for sale throughout Solano County is still up dramatically for the year.

Every city in our Solano market area has at least 20% more homes on the market today than it did at the beginning of January.

The leader is Vallejo, with a whopping 55% increase in 3-1/2 months. There are 374 homes on the market there right now, compared to 242 on Jan. 4.

The other four cities’ year-to-date increases, in descending order: Vacaville +37%, Fairfield +26%, Suisun + 24%, Benicia +20%.

Now, if you’re a buyer who’s been involved in countless multiple-offer negotiations, you’re bound to have a hard time believing that the inventory is any higher today than it was three or four months ago.

And, while the local housing supply is indeed up by a very large percentage, in Vallejo, Benicia and Fairfield, today’s numbers still pale in comparison to where we were last year at this time. Fairfield’s inventory today is 31% lower than a year ago, Vallejo is off 28% and Benicia is down 13%.

However, the opposite is true in Vacaville and Suisun, where the inventory of homes is 28% and 20% higher, respectively, than last year April.

I track the inventory of homes for sale in all five cities in our Solano market area on a weekly basis. I also keep track of the number of pending and closed sales in Benicia, Vallejo, Fairfield, Suisun and Vacaville, too. Our Solano County Real Estate Report has cumulative week-by-week statistics for all five cities.

We publish this weekly report on HomeSection.com on a periodic basis. So be sure to check back regularly to see all the latest housing trends and statistics for Benicia, Vallejo the rest of our Solano County market area.

And, if you’re planning to buy or sell, we’d love to assist you and put our market expertise to work for you. To see the current housing supply for any city in Solano County, be sure to visit our Home Search page. For more information on any of those properties or to discuss selling your home, please contact us.

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Quarterly Stats Paint Uncertain Picture For Solano’s Real Estate Market

Rod Herman — Thu, 15 Apr 2010 04:00:56 +0000

I just downloaded and analyzed the 1st quarter housing numbers for Solano County and to be honest, it’s hard to tell exactly where we’re headed.

In fact, it’s hard to even figure out exactly where we’ve been. Or what these first quarter numbers really tell us.

Year-Over-Year (1st Qtr 2010 vs. Q1 2009)

If you look at the first quarter of 2010 compared to the same period a year ago, you’ll see that in the county’s most affordable cities (Vallejo, Fairfield & Suisun), prices are definitely higher today than they were for Q1 of 2009. But in the county’s most stable markets (Benicia and Vacaville) they dropped.

Countywide, prices were up 8%, from $185,703 last year to $200,000 in 2010. Here’s the rundown for the five cities in our Solano market area:

Since the inventory of homes was so much larger a year ago than it is today, you’d expect fewer sales this year than last. And that’s exactly how it played out (at least everywhere except Benicia, where sales were up 49% over a year ago — but Benicia’s sample size is very small, so don’t read too much into that statistic).

Huge Drop In Distress Sales, But Don’t Get Too Excited

The number of distress sales in Q1 was dramatically lower throughout most of the county (Benicia was again the lone exception with a 26% increase). Everywhere else in our Solano market area, the number of REO’s and short sales dropped by at least 1/3 compared to a year ago.

On the surface sounds pretty significant. But then with fewer overall sales, it just follows that you’d expect to see fewer distress sales, too. So while it’s good to see a reduction in the number of distress sales, don’t get too excited by that statistic.

A lot has definitely changed since the first three months of 2009. Back then, the market was still trying to find a bottom and there weren’t yet any signs of economic recovery. So most of these increases and decreases are fairly predictable.

Q1 Compared To The Last Quarter Of ‘09

What I was really waiting for was to see how the current quarter compared to the last quarter of 2009. For if the market was really starting to move forward, you’d expect to see some encouraging numbers.

Well, here’s how they shaped up:

As you can see, on a countywide basis, prices were down 3% in the first three months of 2010, compared to the last three months of ‘09. Overall, the change wasn’t very remarkable — up a few percentage points in one city, down a couple of ticks in another. Benicia was the only city with a huge disparity, but again, remember my warning about its low sample size.

Both the number of distress sales and the number of total sales dropped by almost identical percentages throughout the county.

So while a 16% drop in distress sales would be very big news if the total number of sales stayed the same, alas, that decrease is just a reflection of the drop in overall sales. Certainly not a game-changer.

So What Does All This Mean?

So like I said at the top of this post, the more you digest these 1st quarter numbers, the more you realize that they don’t really paint a clear picture of where we’re heading. Here’s what they say to me:

1. Inventory remains rather low (though it has increased throughout the county since January).

2. Prices have pretty much stabilized in those cities where prices fell the most (Vallejo, Fairfield, Suisun), but still may have a little more to give in higher-priced cities like Benicia & Vacaville.

Whether prices will move higher again in the near future or stay in their current range remains to be seen. I don’t see anything in these numbers that points to a sudden price spike, but I also don’t see anything that suggests a sudden drop.

In other words, as I said earlier, we seem to be in a period of uncertainty right now.

If you’d like to see a complete breakdown of the first quarter’s statistics, be sure to download our full 1st Quarter 2010 Solano Home Sale Report. You can see past reports on our Solano Home Sales Report Archives page.

Questions about our quarterly report or want information about buying or selling a home in Solano County or Central/East Contra Costa? Please contact us.

And, if you’d like to search for single family homes, condominiums or townhomes in Solano County, be sure to visit our Home Search page. You can even set up a customized personal search and receive MLS listings directly in your email inbox whenever new listings or price changes occur in our MLS.

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March Home Sales Activity Soars Throughout Solano County

Rod Herman — Wed, 14 Apr 2010 05:50:50 +0000

Meanwhile, Prices Drop In Benicia & Vallejo But Climb In The North County

After a February in which home sales activity in Solano County dropped noticeably, it roared back with a gusto in March, perhaps in part due to the upcoming end of the federal tax credit program.

Solano Up 44% Over Last Month

All five cities in our Solano market area showed robust gains in the number of closed sales last month. Countywide, the number of home sales in Solano was up 44% over February.

Vallejo led the way with an incredible 71% increase, followed by Benicia (61%), Vacaville (56%), Suisun (34%) and Fairfield (9%).

Prices Up 5% Countywide, But…

Prices, though, were another story. Up north, in Fairfield, Vacaville and Suisun, prices were up. In Vallejo and Benicia they were down. County-wide, the median price climbed from $190,000 to $200,000 — a very healthy 5% increase.

Fairfield had a huge one-month gain, as its median jumped 18% — from $190,000 in February to $225,000 in March. Vacaville was up 9%, from $215,000 to $234,325. And Suisun’s median of $200,000 was 2% higher than a month ago.

Vallejo, meanwhile, was down a mere 1% at $148,500 (from $150,000 in Feb.). The big drop, though, was in Benicia, where the median plummeted from $311,375 to $251,000 — a 19% decline.

Before You Get Too Concerned About Benicia

Now, before you jump to any conclusions about Benicia, remember that 29 closed sales is a very small sample size, especially when you consider that there were 529 home sales countywide in March.

And, as I’ve cautioned many times before, there’s a real danger in reading too much into a single month’s median price figures, since a few extra sales at one end of the price spectrum can often skew the median, particularly in smaller cities like Benicia or Suisun, where the sample size is quite low.

Quarterly figures are often much more relevant, for they allow you to smooth out the highs and lows over a 3-month period. I’ll be publishing the 1st Quarter 2010 numbers in the next day or two.

In terms of comparison, Benicia’s $251,000 median price for March is incredibly 40% lower than it was as recently as January, when the city reported its highest total in over a year, at $420,000. So I suspect the quarterly numbers for Benicia will paint a somewhat different story than March alone.

Compared To March 2009

Compared to a year ago, the number of sales is down 14% countywide, which is due in large part to there being far fewer homes on the market today than there were a year ago, particularly in the most affordable cities in the county.

At the end of March, for example, Vallejo reported 374 active listings. A year earlier, there were 629. Fairfield had 301 this March and 461 at the end of Mar. ‘09. So with fewer homes to choose from, you’d expect fewer sales.

Benicia was the only city in Solano County which bucked the year-to-year decrease. It reported 29 closed home sales in Mar. ‘10 compared to 20 in Mar. ‘09 — a 45% increase. But again, we’re talking small sample-size.

Download The Complete March Report

Our monthly Solano County Housing Report features three pages of statistics — probably enough data to satisfy the even the most ardent number hound.

You’ll find statistics for the county and all five cities in our market area for March 2010 plus cumulative totals for the past 12 months. There’s also a year-to-year comparison so you can see how each city in the county fared compared to Mar. ‘09

Be sure to look for our 1st Quarter Solano County 2010 Home Sales Report as well as our Benicia & Vallejo Home Sales Reports. Both will be published in the next few days. A complete archive of previous reports is available by clicking on the links below.

If you have additional questions about this month’s report or would like information about buying or selling a home in Solano County’s complex housing market, please contact us.

If you’d like to search for single family homes, condominiums or townhomes in Benicia, Vallejo or the rest of Solano County, be sure to visit our Home Search page. You can even set up a customized personal search and receive MLS listings directly in your email inbox whenever new listings or price changes occur in our MLS.

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