It looks like the second part of May brought out more Buyers. When I did the mid-month statistics, it looked like we may not break 500 Pendings for the month. As of a few minutes ago, we were at 541.

But along with the Pending Sales increasing over last month, so have New Listings. We are already over 900 new lisitngs which will add to the already high level of inventory. Price changes also had a sharp increase which is what happened last May when we started seeing the correction in prices.

I will be running all the reports and updating the graph late tonite or tomorrow.

Ryan’s Mortgage Blog:
Hello Everyone….I am very excited to say I am finally back from the Bay Area. As for the market…interest rates are still a bit shaky depending on the lender. While conforming rates rose a little since I last noted, non-conforming/jumbo rates actually stayed the same or even dropped slightly.

For this blog I thought I would post “The Life of a Loan”. This is just an example, not all steps are always followed in this order so don’t worry if your process doesn’t go exactly in this order.

1 – Fill out and sign the loan application.
2 – If applicable, supply all supporting documentation.
3 – If applicable give credit and appraisal fees to loan partner (check made out to 3rd party).
4 – Credit Report is ordered
Appraisal is ordered
Escrow is opened and check is requested
Preliminary Title Report
5 – Loan Approval – All conditions will be gathered from borrower and submitted to lender for approval.
6 – Conditions approved and accepted by lender.
7 – Loan Documents will be ordered and submitted to escrow for signature. Clients and Realtors are called.
8 – Estimated closing costs ordered from escrow for review to ensure expectations are met.
9 – Loan Docs are received by escrow company and borrower is notified to set-up a signing time and location.
10 – Docs are signed and sent to lender to set-up closing.
11 – Funds needed to complete the transaction must be in escrow four days prior to closing.
12 – Loan is funded.

If you have any mortgage questions or comments contact me at

“Every day, decisions about which homes to see — and which to skip — are made based on what a buyer sees online.”

The LA Times had an article in Sunday’s paper about how important the photography of a home is. Read the article here

When Realtors around the country were asked how their market was doing on a message board, here are some of the replies:

“Tampa Bay is down, down, and further down-one of the Florida markets which has suffered substantially. Market is down by about 35% compared to last year.”

“Buyers have been waiting for prices to drop. Now that builders are cutting the costs, the buyers are back. Same thing probably will happen when re-sale prices drop to acceptable levels. Seller’s, be smart. Price to market conditions; not to a CMA. Market conditions are the here and now. CMA’s reflect market conditions as old as the sales used to create them.”

(Virginia) “There’s no sign of a recovery here. Inventory is soaring and the buyers are sitting on the sidelines. Something will have to change the current climate in order for a turnaround to start. “

“I have had a really good year, I do not think our area eastern shore of MD has gotten hit with the slump like a lot of other areas. I am doing more ads, but thebuyers are coming.”

“According to today’s (5/26/07) Chicago Tribune, the Chicago Metro area had a 16% decrease in the number of homes sold in April. Prices in the resale market have come down. Homes in Naperville that are over $500,000 are taking over 115 days to sell…with multiple reductions. 4 bedroom homes under $400,000 are moving at a faster pace. You still need a CLEAN, staged home with some seller incentives to get it sold.”

“Now we have a huge inventory of pre-owned homes. For example in a small area I specialize in which is New Tampa and Wesley Chapel there are 263 homes avail able in just the 1,800 – 2,000 square foot range. This includes some of the builders inventory, but most are pre-owned. When I look at these homes, many of them are priced 20% or even 30% higher than the builders are offering them for. Out of the 263 homes available there are less than 50 that have any chance to sell within a decent amount of time. With this much competition only the very best priced, well kept homes will sell. We still have quite a supply of buyers, but it is not what we are used to over the last few years.”

“Austin Texas is, and seems to have always been, the exact opposite of the national real estate trend. Our market, inmany areas, is doing really well. There are some areas that the resalemarket is in competition with the new home market, but that is always a challenge.”

“Phoenix is slow. Great for buyers. Not so great for sellers. Lotsa homes on the market. I think 50,000. Harder for resale to sell. Competing with builders, they give good deals. Competing with short sales, lenders give good deals. Plus, with what’s happened with sub-prime, it’s harder to get loans. So, fewer buyers. “

“I am in Utah and our market is hanging in there. We have about 5000 home on the market in Salt Lake County and are selling about 1300 a month. Being at about a 3.84 months supply of inventory, we are still considered to be in a seller’s market. “

“It is a very opportunistic market in Scottsdale AZ, due to the large supply of inventory (approximately 52,000 listings)currently on the market. Sellers are finally lowering their prices. Buyers normally sitting on the sidelines are entering the market, creating the gap between sellers and buyers to narrow. “

When I heard a few weeks ago that the state was going to cut some of the water delivery to some local cities, I really started to wonder why cities around here don’t build desalination plants. In the latest New Times, they have an informative article about this topic.

Here’s a paragraph from it that mentions Cambria’s wait list for water meters:

“As part of Cambria’s “buildout reduction plan,” a desalination plant would generate only enough potable water to supply the needs of existing Cambria residents, plus those on the water supply waitlist, for a total of 4,650 connections.”

I guess that means if a lot isn’t on the wait list, there is little chance someone will be able to build on that lot for a very long time.

Thai food is one of my favorites!

I tried the remodeled Thai Palace restaurant in downtown SLO the other day (it’s the one next to the Court St plaza where Woodstocks used to be years ago). I was never impressed by the food here but read that they changed the menu. It’s owned by the same people that have Thai Basil in Paso Robles which I really like.

Well, I must say the food was fantastic. I went for lunch which is the best time to go to Thai restaurants because of the lunch specials. The soup was good and the entree was great.

So, here are my favorite Thai restaurants at this time:

South County: Thai Kitchen (in the village of Arroyo Grande)
SLO: Thai Palace
North County: Thai Basil, Paso Robles
North Coast: (no favorite. I’ve tried the two in Los Osos/Baywood Park and haven’t been impressed)

A Ground Base Interceptor is scheduled to lift off from Vandenburg between 7-11 AM tomorrow. It will try to intercept a mock warhead being launched from Alaska.

I saw an interesting segment on KSBY news tonite about Megan’s Law. They reported that only about 65% of registered sex offenders are listed on the Megan’s Law website the public sees. There is another site for law enforcement to use which lists all registered sex offenders.

It’s the season to look for Cal Poly housing so I ran a Sold report on activity (single family and Multi-family) in the neighborhoods around Cal P0ly. It’s in the Just Sold section.

I generated the report using a new feature in our MLS system which lets me define areas on a map using a polygon tool. Pretty cool!