The average price of a home in Bodega Bay as of August 2007 was down to $906,000 from $998,000 in 2006. This represents a 9% decline. The median price dropped even more significantly during this period - from $980,000 in 2006 to $815,000 in 2007 or nearly 17% down. This drop is probably what has contributed to recently growing buyer interest levels as the lender business stabilizes.
The discrepancy in average versus median prices indicates that lower priced homes are dominating the market right now, although there have been a few sales in the high end lately (over $1.5M).
20 September 2007
18 September 2007
Fed cuts rates by a half point
The Federal Reserve lowers the target on a key short-term interest rate for the first time in four years from 5.25% to 4.75%
September 18 2007: 2:18 PM EDT
NEW YORK (CNNMoney.com) -- The Federal Reserve cut the target on a key short-term interest rate by a half of a percentage point Tuesday to 4.75%, further acknowledgment from the central bank that the mortgage meltdown plaguing Wall Street and Main Street could have a negative impact on the economy.
The cut to the federal funds rate, the first since June 2003, was widely anticipated by investors and followed a surprise cut to the Fed's discount rate on August 17. The only question was whether the Fed would lower the federal funds rate by 25 basis points or 50 basis points. (There are 100 basis points in a full percentage point.)
The federal funds rate, an overnight lending rate that banks charge each other, is important since it influences the amount of interest consumers must pay for various types of debt, such as credit cards, home equity lines of credit and auto loans. The rate cut should help some beleaguered home borrowers who are set to see monthly payments on adjustable rate mortgages rise later this year.
September 18 2007: 2:18 PM EDT
NEW YORK (CNNMoney.com) -- The Federal Reserve cut the target on a key short-term interest rate by a half of a percentage point Tuesday to 4.75%, further acknowledgment from the central bank that the mortgage meltdown plaguing Wall Street and Main Street could have a negative impact on the economy.
The cut to the federal funds rate, the first since June 2003, was widely anticipated by investors and followed a surprise cut to the Fed's discount rate on August 17. The only question was whether the Fed would lower the federal funds rate by 25 basis points or 50 basis points. (There are 100 basis points in a full percentage point.)
The federal funds rate, an overnight lending rate that banks charge each other, is important since it influences the amount of interest consumers must pay for various types of debt, such as credit cards, home equity lines of credit and auto loans. The rate cut should help some beleaguered home borrowers who are set to see monthly payments on adjustable rate mortgages rise later this year.
13 September 2007
Bodega Bay Bicycle & Pedestrian Trail
ATTEND THE MEETING IN SEBASTOPOL ON SEPTEMBER 27 TO ADVOCATE FOR FUNDS IN BODEGA BAY. Meeting at Sebastopol Veterans Hall (282 High Street) from 6:30 to 8:30.
The Coastal Conservancy will be meeting on September 20 to consider authorizing a grant to Sonoma County Regional Parks to its review of the potential trail through Bodega Bay.
The purpose of this project is to develop a safe alternative to the automobile for bicyclists and pedestrians throughout the community of Bodega Bay.
There is a lengthy but informative conceptual improvement plan by LandPeople on the Sonoma County website - click here for further updated information and the project report.
Financial projections run from $6M-10M for the trail that would run from Salmon Creek to Doran Park with a wooden boardwalk over the harbor from Porto Bodega to Lucas Wharf.
01 September 2007
NAR Predicts Improved Home Sales
Even with wacky and unpredictable factors influencing the real estate market these days, NAR has confidence that many important factors are aligned to indicate good potential for a much-improved 4th quarter and beyond...
Click here for the article.
Click here for the article.
Existing-Homes Sales Stable In July
WASHINGTON, August 27, 2007 -
Existing-home sales were essentially unchanged in July, with increases in the West and Northeast offset by a decline in the Midwest, according to the National Association of Realtors®.
Lawrence Yun, NAR senior economist, said the market is holding on despite temporary mortgage disruptions. “Home sales probably would be rising in the absence of the mortgage liquidity issues of the past two months,” he said. “Some buyers with contracts have been scrambling when loan commitments did not materialize at the last moment, while other potential buyers are simply waiting for the mortgage market to stabilize.
For more detail, click here for the entire article.
Existing-home sales were essentially unchanged in July, with increases in the West and Northeast offset by a decline in the Midwest, according to the National Association of Realtors®.
Lawrence Yun, NAR senior economist, said the market is holding on despite temporary mortgage disruptions. “Home sales probably would be rising in the absence of the mortgage liquidity issues of the past two months,” he said. “Some buyers with contracts have been scrambling when loan commitments did not materialize at the last moment, while other potential buyers are simply waiting for the mortgage market to stabilize.
For more detail, click here for the entire article.
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