The market for real estate in Auburn, California, in the northern inland area just northeast of Sacramento, has continued to suffer throughout 2009. After the financial crisis hit the U.S., many markets nationwide suffered setbacks, seeing prices fall and listings and foreclosures rise, with many unable to sell their homes for what was owed on them.

One slightly positive sign in the Auburn real estate market that showed up in January 2010 was a drop in listings. As of Jan. 18, there were 169 Auburn homes for sale on the market. This figure is down from more than 220 home for sale in the area in September 2009, showing that some of the excess inventory may have finally cleared out. Of these homes for sale, 13 were bank-owned and 55 were active short sales.

The range of homes currently on the market stretches from as little as $143,500 up to $2.5 million. In January, the median asking price for homes on the market was $379,950, down more than 8% from September 2009, when that figure was $415,000. The average price was also down, though at a lesser clip of 2.3%. In January, it was at over $510,000 from more than $522,000 in September. The price per square foot in January had fallen nearly 4% from September, to about $200 per square foot.

In the last quarter of the year in 2009, there were 73 homes sold in Auburn. This was a drop of more than 17% from the third quarter, when there were 88 homes sold. The average sale price in the fourth quarter showed signs of slow stabilization: It was just over $326,000 versus over $332,500 in the third quarter, a drop of almost 2%. Median sales prices fell too, though at a slower rate of just 0.3%, from $300,000 to $299,000. The average number of days on the market in Auburn increased in the fourth quarter too, when it was 121 days, versus just 103 days in the third quarter.

The Boston area is one of the East Coast’s largest cities and thus it has a higher-priced and busy real estate market. Since the beginning of the financial crisis, however, Boston real estate has seen the effects that so many others have felt: falling home values, rising foreclosures and stockpiling inventory.

According to the Greater Boston Real Estate Board, in the third quarter of 2009, which ended Sept. 30, the city saw prices remaining low. Single-family homes in the city in the third quarter had a median price of $355,000, down from $369,500 at the same time last year, down 3.9%. Homes for sale in Boston spent an average of 100 days on the market before selling, virtually unchanged from 2008, when that figure was 101.

Likewise, condos in Boston continue to show real estate in Boston in a bit of a slump. There were 1,238 condos sold in the third quarter this year, down 1.1% from 2008. The median price stood at $355,000 off by 4.1% from 2008’s median price of $370,000. Average days condos spent on the market has even risen, up to 102 from 99.

According to the Boston Globe, home prices throughout the state of Massachusetts fell 2.6% in October, and condo prices fell 4%. Despite some seemingly negative signs and low values, however, the Globe reports that Boston prices are only down 3.3% from 2008, giving it one of the better performances of major metro cities in the Case-Shiller Index.

Communities throughout North Virginia are continuing to experience slow real estate markets as a result of the recession that began in the fall of 2008.  Although real estate markets in North Virginia have remained stable, with only slight declines in the past months, most markets are still experiencing very little real estate activity, with many realtors and associated businesses making desperate measures to jump-start the real estate market.  Commercial real estate markets are also maintaining fairly low vacancy rates, but very little commercial real estate activity has taken place in the past months.  Although declines have slowed, many experts are still unsure whether North Virginia real estate markets have truly hit bottom and are poised for the rebound sometime in early 2010.

The Daily Progress newspaper in Charlottesville, North Virginia, has reported that despite little commercial real estate activity taking place in the community, Charlottesville has been able to maintain a stable commercial real estate market with relatively low vacancy rates.  Nevertheless, when vacancies are created, landlords are still having trouble finding new tenants to take the newly created vacancy.  Circuit City, one of the major retail store anchors in the Albemarle Square mall remains empty since Circuit City’s closure last year.  Retail stores make up a large portion of the commercial real estate market in Charlottesville, yet many real estate experts are worried that many stores are in jeopardy of closures due to the recent lack of consumer spending in the region.  Surveys have reported that consumer spending in North Virginia is significantly lower than the national average.  Many experts are worried that this may pose a major problem for the stability of the commercial real estate in North Virginia.

The Alexandria Times has also reported the evident struggles in many North Virginia real estate markets, despite stability over the past months.  Real estate levels in the city of Alexandria haven’t declined significantly over the past months, but real estate activity still remains fairly sluggish.  The Alexandria Times has reported that many local realtors are reporting financial struggles in their own businesses, and many realtors in Alexandria are even resorting to creating partnerships with local businesses to promote real estate activity.  A local car dealership in Alexandria recently promoted a August special where a car buyer would be awarded a 3-bedroom rambler with the purchase of the car.  Many realtors are also moving from listing the time it takes to sell a home from DOM (days-on-the-market) to MOM (months-on-the-market) and sometimes YOM (years-on-the-market).  Many experts are attributing the sluggish activity to high interest rates and high tax property taxes.

Savannah homes for sale continue to see their market prices dropping in a trend that is beneficial to potential homebuyers but detrimental to people looking to sell their prime pieces of Savannah real estate in the current market.  As a result of the global recession that has hurt the national real estate market for dozens of months on end, analysts expect that the area’s home prices will continue to plummet as long as the nation continues further into recession.  Adam Van Brimmer of the Savannah Morning News wrote on November 15, 2009, that “local sales dipped below 300 homes in October for the first time since February.”

However, a glimmer of hope created by the extended government income tax credit incentive may be the change necessary to turn around the Savannah real estate market.  Combined with new Georgia incentives, “move-up buyers now can get $8,300 in tax credits (the state offers $1,800) at mortgage rates near five percent on homes priced at their lowest levels since the slump began. List prices in many Savannah neighborhoods are 10 percent below what they were in the spring.”  However, even Savannah’s most prestigious has not managed to escape harm from the slumping economy.  West Chatham, the area’s top-selling locale, “posted an average sales price of $167,180, down from $194,565 in September, despite steady sales activity.”

Real estate in Savannah has seen some positive growth, according to recent statistics and figures released by Yahoo! Real Estate on November 15, 2009.  While the price of new homes and homes for sale remained even with previous months, foreclosed properties jumped to a median of $116,800, an increase of almost two percent from the previous month.  More interesting is the constant increase of market valuation in the Savannah area.  Looking over the last year since November 2008, the value of properties in Savannah rose from about $125,000 in 2008 to almost $129,000 today.

While property and real estate on Kauai may be expensive these days, the value of such land is far above the list price of most homes.  As one of the more popular islands in Hawaii, Kauai has been able to maintain its old ways, quiet towns, lazy weekends, and serene beaches at a time when increasing urbanization has transformed many Oahu and Maui beaches into concrete villages.  Some of the most popular attractions in Hawaii are situated on Kauai, namely Alakai Wilderness Area, Allerton Garden, Bell stone, Camp Naue YMCA, Fern Grotto, Hanalei Bay, Iraivan temple, Ke’e Beach, Koke’e State Park, Limahuli Garden and Preserve, McBryde Garden, Makeleha Mountains, Moir Gardens, Moloaa Bay, Na ‘Aina Kai Botanical Gardens, Na Pali Coast State Park, Polihale State Park, ‘Opaeka’a Falls, Sleeping Giant (Nounou Mountain), Spouting Horn, Wailua River, Waimea Canyon, and Princeville North Shore.  No where else in Hawaii can one find the sprawling, deserted white sand beaches as you can on Kauai.

No where else can one find so many mom and pop convenience stores.  No where else can so much adventure and so many recreational activities be free, thanks to mother nature.  The shear beauty of the island has allowed Kauai to become one of the best places to live – not only because of its pristine properties but also because of its beauty in and of itself.

The statistics surrounding Anaheim real estate showed both positive growth and negative steps back as the local economy and real estate market has tried to recover amidst the global economic crisis.  According to recent Yahoo! Real Estate reports, Anaheim’s homes for sale had a median price of $365,000 in October which marked a 1.4 percent increase from the previous month while foreclosures rested at $358,572, a 0.6 percent decrease.  The biggest hit was taken in the new homes sector where the median price dropped over ten percent to just under $458,000.  Overall, though,

Real estate reporter for the OC Register Marilyn Kalfus recommended that people looking into discounted Orange County homes look at Anaheim homes for sale.  According to MDA DataQuick and The Register, Anaheim’s many zip codes have fallen between three and ten percent from 2008 but have increase sales and have been able to maintain satisfactory median sale prices.  As of October, the median sale price of an Anaheim home was about $392,000, very close to the median selling price for all Orange County homes, which was $429,000.  These numbers show that Anaheim has remained relatively steady compared to several other regions in the Southern California area that have lost significant amounts of value since the peak of housing prices in 2007.

The OC Register also talked to an economist from the Institute for Trend Research in New Hampshire, Alan Bealieu.  He says that “We don’t think the U.S. returns to sustained growth until after 2013.  If you’re holding your breath waiting for 2007 to return you die. We’re not going back there.”  Several analysts of the current economic conditions and real estate markets across the nation recognize real estate in Anaheim as some of the best because of Anaheim’s location relative to the rest of Orange County’s glitziest and priciest homes and properties.  Analysts also recommend that buyers with available cash make purchases now, as prices should only increase as the United States economy begins to recover and revitalize itself.

You’re buying a home, you’re lender pre-approved, you’ve made an offer that was accepted and all you’re waiting on is to close. The house is yours, right? Not always. Regardless of how good the process has gone, even with the end in sight, there are a few key things you should avoid that can slow and even jeopardize your purchase.

Don’t Make a Major Purchase
You’ve just found out your credit is A+. That’s great news, because a new car would look fantastic in the driveway of your new home. But hang on–if you are depending on a mortgage to move in, you’d best wait until after closing to buy that car. An increase in your debt to income ratio reduces the amount of monthly income available for your mortgage payment.
If you tack on a higher car payment, the bank might decide you can’t afford the home. Using cash to purchase the car could also create a problem, since banks consider cash reserves when approving your mortgage. If you must make a major purchase before closing, talk to your loan officer before you do it.

Don’t Change Jobs Unless It’s Necessary
Lenders like to see a consistent job history. They aren’t usually as nervous if you change jobs within the same field, but it’s better to stay put until the house is yours.

Don’t Give an Earnest Money Deposit Directly to a For Sale By Owner Seller
Your good faith deposit should go into a trust account. Some for sale by owner sellers don’t understand that funds are not to be spent until closing. I’ve heard many stories about sellers who spent the deposit money prior to closing. When the transactions didn’t take place for valid reasons–such as financing or repair issues, the buyers had to fight for a refund. Find an attorney or other neutral party who will hold the deposit for you until closing day and make sure your contract dictates what happens to the funds if the transaction doesn’t close.

Don’t Let Your Emotions Take Over
Keep a cool head during the entire home buying process, especially during and after a home inspection. Be realistic. No home is perfect, especially older homes. It’s not unusual for new owners to take care of some repairs themselves. Don’t let the seller’s refusal to do a small repair kill the deal on a home you truly love. On the other hand, don’t fall so much in love with the house that you’ll buy it no matter what needs to be done–unless you’re sure you can handle it emotionally and financially. Decide what type of repairs you can realistically tackle, then stick with the decision.

Don’t Forget to Switch Utilities
That sounds simple, but you’d be surprised how many people forget to apply for utility service at their new home. Call the utility companies as soon as you have a contract. Find out how many days lead time they need to switch the service, then get back with them when you have a firm closing date. Don’t forget to discontinue services at your old home.

Don’t Forget to Line Up Your Hazard Insurance
A no-brainer, right? But it’s another often-forgotten task that buyers scramble to take care of at the last minute. Before closing, your lender will want to see an insurance binder showing you have coverage for the new home. Get it as early as possible so that closing isn’t delayed. In some locations, additional types of insurance coverage might be necessary. Talk to your lender about insurance requirements well before the closing date.

Don’t Become Best Friends with the Seller
I’ll get some flack on this one. It’s great to be friendly, but don’t get into too many long discussions with the sellers, because personality conflicts often cloud judgments. Remember, this is their home. You’re no doubt excited about moving in, and if you didn’t like the house you wouldn’t have offered to buy it. But you’ll make changes–everyone does. A casual statement about “ripping up that ugly carpet” might be hurtful enough to keep the seller from negotiating with you about repairs or other issues that crop up.

Don’t Panic if the Appraisal Comes in Low
At least not at first. There are some things you (and your agent) can do to correct the problem. Study your options.

Don’t Go It Alone
If you’re working with an agent, it’s the agent’s duty to track many of the day to day details that involve the lender, the seller, or the seller’s agent. Be sure your agent schedules a final walkthrough just before closing.

Don’t Ignore Lender Requirements
Know what is expected of you and take care of it. For instance, a Certificate of Eligibility is required to move forward on a VA loan. That’s something you must handle yourself. Answer lender questions and provide required paperwork as quickly as possible–moving into your new home depends on it.

Deciding which type of mortgage will best fulfill your needs can be difficult. There are so many types of loans and different term lengths. Your choice is extremely important and can take some time and effort to research. While often neglected by homebuyers, a little research before choosing your mortgage can save you thousands of dollars in the long run. Take a moment and answer these questions:

How long do you plan to stay in this home?
Five years? Ten years? Thirty years? The length of time you will be in the home will certainly play a part in determining which loan to apply for. If you only plan to be in the home for 5–7 years or less, an adjustable rate loan, while more risky over a long period of time, can get you a lower rate for an initial few years. Know how long you plan to be in the home AND how long your rate (mortgage payment) will be low before it “adjusts”. If you intend on staying 20–30 years, a fixed rate mortgage will provide the interest rate stability you are looking for.

How much risk are you willing to accept?
If you are the type of buyer that needs to know exactly what you will be paying each month for the term of the mortgage, a fixed rate mortgage will fulfill this need. The fixed rate loan, however, will also net a slightly higher interest rate especially over the short-term. If you are willing to take some risk of fluctuations in the interest rate, you may be able to receive a lower interest rate.

What are your income expectations?
Plan for the future. Do you anticipate a gradual or dramatic increase in your income in the next few years? If you expect a big increase, a graduated payment mortgage may be best for you. Be realistic with yourself, if you don’t know with certainty an increase in income is in your future, don’t plant on it.

How much cash do you have available for upfront costs?
If you have the resources, you may want to make a larger down payment to lower your monthly payment. By keeping a higher monthly payment however, you might be able to shorten the term of the loan to a 15-year loan in order to pay it off quicker.

Keep in mind that you’ll have closing costs and fees to pay in addition to your down payment. Some lenders allow you to wrap these fees up into the loan itself. I’ve seen some lenders wrap these fees into the loan and tell buyers “no fees involved”. This is a fine service but deceptive terminology, understand that there are always fees involved with obtaining a loan.

In addition to choosing a type of loan, you must also consider which lender to use. Use the following criteria to help compare potential loan services.

Annual Percentage Rate (APR)
This is most likely the best way to make an “apples-to-apples” comparison of lenders. The APR reflects the cost of credit on a yearly rate and includes any points and fees in addition to the interest rate.

Interest Rate
Find out the rate the lender will commit and how long the lender will guarantee it. Get any commitments in writing. As with any transaction, if it isn’t in writing it doesn’t exist.

Points and fees
These factors will vary greatly. Look out for hidden fees. Make sure the lenders disclose all fees; ask what they charge and what is included and what is not.

Loan Approval
Both approval and funding time should be considered. You don’t want to lose a prospective home because your lender takes weeks to fund your loan. A lender should be able to fund the loan within ten days.

Lender Reputation
Don’t rely on solely someone else’s recommendation. You, not your friend, must feel comfortable with your lender. If you do feel good about your lender and trust him , it will be much easier to trust his advice on what kind of mortgage will best suit your needs.