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Real estate broker, civil engineer and general contractor.
Community Events

U.S. Forest Service and Partners Talk Wildland Firefighting in Connection with Disney’s Movie Planes: Fire & Rescue; July 18 & 19

httpv://youtu.be/Uk0D5L0TT30#aid=P977Ifve6EA

Disney’s “Planes: Fire & Rescue” Trailer 1 – Courage

On Friday, July 18, 2014 from 12:15 p.m. to 5:00 p.m. The U.S. Forest Service’s Smokey Bear will be at Sierra Cinemas located at 840 E. Main Street in Grass Valley, for the matinee premiere of Disney’s Planes: Fire & Rescue. Smokey will greet movie goers before the 12:30 p.m., 2:35 p.m. and 4:45 p.m. showings.

Then, on Saturday, July 19, 2014, from 9:00 a.m. to 12:00 p.m. the USFS, along with Cal Fire, will host visitors at the Grass Valley Interagency Air Attack Base located at 13083 John Bauer Ave, Grass Valley. There will be guided air base tours and firefighting aircraft on display. In addition, a Helitack Crew, Smoke Jumpers and other firefighting professionals will be on hand to answer questions.

httpv://youtu.be/9XMJ1D7AXYQ#aid=P977Ifve6EA

Disney’s “Planes: Fire & Rescue” Trailer 2 – Thunder

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nevada county fair

Nevada County Fairground and Community Organizations Team up for Community Involvement Day on July 28

cioppino-flyer

Participate in Community Involvement Day and receive free tickets to the Fair 

The Nevada County Fairgrounds, the Food Bank of Nevada County, Foothill Lions, Story Club, Nevada County 2-1-1, and BloodSource are teaming up on July 28 for Community Involvement Day – a day to donate items to non-profit organizations, while also receiving free tickets to the Fair.  These organizations will be set-up at the Fairgrounds Gate 1 main parking lot on Monday, July 28, from 1 – 6 pm, to receive donations of any of the items listed below.

Those who donate items to the Food Bank of Nevada County, Foothill Lions, Story Club, and Nevada County 2-1-1 will receive a coupon to redeem for one free admission ticket with the purchase of one Fair admission ticket. That’s two for the price of one!

Those who make a blood donation at the BloodSource blood mobile will receive a free admission ticket to any day of the Fair.

Food Bank of Nevada County: Donate four cans of food to the Food Bank of Nevada County. For more information about the Food Bank of Nevada County, visit www.foodbankofnc.org or call (530) 272-3796.

Foothill Lions: Drop off a donation of an old hearing aid or old prescription eye glasses.

Story Club: Donate two new or slightly used children’s books, including chapter books for teens.

Nevada County 2-1-1: Partnering with PARTNERS Family Resource Centers, Nevada County 2-1-1 will be collecting donations of new backpacks, new lunch boxes, and new school supplies like three ring binders, spiral bound notebooks, pencils and pens. Visit http://www.partnersfamilyresourcecenters.org/ for information.

BloodSource:  For a free admission ticket to the Fair, make a blood donation at the BloodSource bloodmobile located in the main parking lot (Gate 1) at the Nevada County Fairgrounds. For information and eligibility about blood donation, visit www.bloodsource.org or call 1-866-822-5663.

Feel free to donate to any one organization or all of them! To receive your coupons or free tickets, all donations must be brought to the Gate 1 parking lot at the Fairgrounds on July 28 between the hours of  1- 6 pm.

Coupons received (buy one, get one) for the donations must be redeemed during pre-sale dates, which take place until August 5. Presale discounted tickets will be available for purchase on Community Involvement Day at Guest Services, Gate 1.

This year’s Fair is August 6 – 10. Visit www.NevadaCountyFair.com for more information or call the Fair Office at (530) 273-6217.

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Real Estate

Interest Rates May Rise Sooner Than Expected

Photo courtesy of http://www.funnypica.com/
Photo courtesy of http://www.funnypica.com/

 

Federal Reserve Chairwoman Janet Yellen said that the Fed may need to raise interest rates sooner than expected, but it all will hinge on the labor market.

“If the labor market continues to improve more quickly than anticipated by the Federal Open Market Committee, resulting in faster convergence toward our dual objectives, then increases in the federal funds rate target likely would occur sooner and be more rapid than currently envisioned,” Yellen testified to the Senate Banking Committee on Tuesday. On the other hand, “if economic performance is disappointing, then the future path of interest rates likely would be more accommodative than currently anticipated.”

Interest Rates and Housing

Currently, the majority of Fed officials expect the central bank to begin raising interest rates about a year from now. The Fed’s benchmark short-term rate has stayed near zero since December 2008, which has helped to keep interest rates near historical lows.

Recently, the unemployment rate has fallen rapidly, reaching 6.1 percent in June. But wage growth has remained weak, Yellen noted.

Also, Yellen said, the housing market remains sluggish, which she said could slow the economic recovery.

“The housing sector has shown little recent progress,” Yellen testified to the Senate. “While this sector has recovered notably from its earlier trough, housing activity leveled off in the wake of last year’s increase in mortgage rates, and readings this year have, overall, continued to be disappointing. The recent flattening out in housing activity could prove more protracted than currently expected rather than resuming its earlier pace of recovery.”

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nevada county fair

Nevada County Fairgrounds Closed to Walkers and Bicyclists from July 10 – 13    

 

The magnificent six-up competition is always a crowd favorite at the Draft Horse Classic and Harvest Fair at the Nevada County Fairgrounds in Grass Valley.
The magnificent six-up competition is always a crowd favorite at the Draft Horse Classic and Harvest Fair at the Nevada County Fairgrounds in Grass Valley.

 

In preparation for the annual California WorldFest, July 10 – 13, the Nevada County Fairgrounds will be closed to walkers and bicyclists beginning July 10. The Fairgrounds will re-open its gates to walkers and bicyclists as usual on Monday, July 14. This closure does not affect the Main Office, which is open during its normal business hours of Monday through Friday from 8 am to 5 pm.

The RV Park at the Fairgrounds will also be closed to the public from July 8 – 13.

At various times throughout the year the grounds are rented by organizations for large, community events like the California WorldFest, the Bluegrass Festival, Strawberry Music Festival, and the KVMR Celtic Festival. During these times, it becomes necessary to close the grounds to pedestrians in preparation for these various events.

If you are interested in attending the California WorldFest, please visit www.worldfest.net or call (530) 891-4098. For more information about the Nevada County Fairgrounds, visit www.NevadaCountyFair.com or call (530) 273-6217.

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Real Estate

‘Zombies’ Make Up 21% of Foreclosures

Photo courtesy of: https://www.overseassingaporean.sg/public/forum/upload/index.php?/topic/3893-going-home/
Photo courtesy of: https://www.overseassingaporean.sg/public/forum/upload/index.php?/topic/3893-going-home/

 

Zombie foreclosures are still haunting the housing market, representing one in every five foreclosures nationally, according to RealtyTrac, a housing data firm. “Zombie foreclosure” is a term coined to describe properties where the foreclosure process has been started and the home owner vacates, but the foreclosure has never been completed. As such, the distressed home owners who vacate eventually find they still own the home, and are often unaware they are still responsible for it.

Find out how the Consumer Financial Protection Bureau is targeting zombie foreclosures.

The vacated properties can become eyesores in neighborhoods and drive down nearby property values. They also take a big chunk out of local government revenue in the form of unpaid property taxes. RealtyTrac estimates that more than $400 million in property tax revenue is likely delinquent due to zombie foreclosures. Still, the zombie foreclosure rate has shown some improvement, falling 7 percent compared to the first quarter of this year and dropping 16 percent from year-ago levels.

Florida has the highest number of zombie foreclosures, accounting for more than one-third of all zombie foreclosures nationwide. New York, New Jersey, Illinois, and Ohio also have some of the highest numbers of zombie foreclosures across the country.

“Most of these states have seen an increase in new foreclosure activity over the past year, creating a more fertile breeding ground for zombie foreclosures,” says Daren Blomquist, vice president at RealtyTrac.

Some states, such as Florida and Illinois, are looking to combat zombie foreclosures by weighing legislation that could help “fast track” foreclosures and move the abandoned properties through the system more quickly, RealtyTrac reports. New York is also considering legislation that would make lenders responsible for the upkeep of zombie foreclosures. Some local governments—such as in Cleveland and Detroit—also are creating land banks that would include zombie foreclosures, allowing city officials to rehab properties or demolish them.

Where Zombie Foreclosures Are Highest

On a metro level, the seven markets with the highest number of zombie foreclosures, according to RealtyTrac’s second quarter report, are:

  1. New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa.
  2. Miami-Fort Lauderdale-Pompano Beach, Fla.
  3. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
  4. Tampa-St. Petersburg-Clearwater, Fla.
  5. Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
  6. Orlando-Kissimmee, Fla.
  7. Jacksonville, Fla.

Meanwhile, California posted the largest drop in zombie foreclosures, down 57 percent in the past year. Other states posting large decreases are Arizona, Nevada, and Washington.

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John J. O’Dell Realtor® GRI
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Real Estate

Existing-Home Sales up 4.9%

high-rise-trailers

 

Existing-home sales rose strongly in May, with all four regions of the country experiencing sales gains on the previous month, according to the National Association of REALTORS®. The association also noted that inventory gains continued to help moderate price growth.

Total existing-home sales (comprised of completed transactions on single-family homes, townhomes, condominiums and co-ops) rose 4.9 percent to a seasonally adjusted annual rate of 4.89 million in May from an upwardly-revised 4.66 million in April. This was the highest monthly rise since August 2011, but existing home sales remain 5 percent below year-ago levels.

Lawrence Yun, NAR chief economist, said current sales activity is rebounding after the lackluster first quarter. “Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” he said. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.”

Inventory and average sales price also increased in May. Inventory climbed 2.2 percent, and the median existing-home price for all housing types in May was 5.1 percent higher than year-ago levels, at $213,400.

“Rising inventory bodes well for slower price growth and greater affordability, but the amount of homes for sale is still modestly below a balanced market. Therefore, new home construction is still needed to keep prices and housing supply healthy in the long run,” Yun said.

Earlier this month, NAR reported new home construction activity is currently insufficient in most of the U.S., and some states could face persistent housing shortages and affordability issues unless housing starts increase to match up with local job creation.

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Real Estate

Buying a Home? Don’t Forget This Expense, Private Mortgage Insurance

moblie-home-on-wheels

Sixty-five percent of home owners with private mortgage insurance say that the additional cost of PMI prompted them to pay a higher monthly mortgage payment than they had originally expected, according to a new survey released by TD Bank of more than 2,000 Americans who purchased a home in the past 10 years.

“PMI has had a definitive impact on many home buyers – including making them rethink or delay the purchase of a home in light of not being able to meet monthly mortgage payments,” says Michael Copley, executive vice president of retail lending at TD Bank.

Borrowers are required to get PMI if the loan exceeds 80 percent of the home’s value. The insurance protects the lender in case the borrower defaults on their loan.

Many buyers say that PMI has an impact on their home purchasing decisions. For example, 35 percent of people who purchased a home in the past two years said that PMI influenced their decision of which house to buy. Also, 53 percent reported facing a negative impact due to the additional cost of PMI. About 40 percent of those surveyed said that having to pay PMI forced them to curtail small and daily purchases or larger household purchases.

The survey showed that PMI is fairly common: 37 percent of those who purchased a home in the past 10 years said they were required to have PMI, and 43 percent in the past two years. Forty-five percent of home owners aged 18 to 34 years old have PMI; 37 percent of home buyers aged 35 to 54 have it; and 23 percent of people older than 55 had required mortgage insurance on their loans over the past decade, the TD Bank study found.

On average, home owners reported that PMI cost about $100 extra a month, according to the study.

Source:  TD Bank and “Most Homebuyers Don’t See This Cost Coming,”” Credit.com (June 2, 2014)

 

 

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Real Estate

312,000 Residential Properties Regain Their Equity

Photo courtesy of: http://www.jokeroo.com/pictures/funny/983393.html
Photo courtesy of: http://www.jokeroo.com/pictures/funny/983393.html

 

FRIDAY, JUNE 06, 2014
About 312,000 residential properties regained equity in the first quarter of this year, raising the total of residential properties with equity to more than 43 million, CoreLogic reported Thursday in its annual home equity report.

Still, as of the first quarter, about 6.3 million homes – or 12.7 percent – have negative equity compared to 6.6 million or 13.4 percent in the fourth quarter of 2013. Negative equity refers to borrowers who owe more on their mortgage than their homes are currently worth.

What’s more, of the 43 million residential properties who do have equity, about 10 million have less than 20 percent equity, an at-risk position to be in if home prices were to fall, according to CoreLogic’s report. About 20.6 percent of all residential properties are in what’s considered such an “under-equitied” position.

“Despite the massive improvement in prices and reduction in negative equity over the last few years, many borrowers still lack sufficient equity to move and purchase a home,” says Sam Khater, CoreLogic’s deputy chief economist. “One in five borrowers have less than 10 percent equity in their property, which is not enough to cover the down payment and additional costs associated with a conventional mortgage.”

But CoreLogic is projecting an additional rise in home prices of 5 percent over the next 12 months which is expected to lift another 1.2 million properties “out of the negative equity trap,” says Anand Nallathambi, president and CEO of CoreLogic.

CoreLogic’s report shows the following states have the highest percentage of all mortgaged properties in negative equity:

Nevada: 29.4%
Florida: 26.9%
Mississippi: 20.1%
Arizona: 20.1%
Illinois: 19.7%
Source: CoreLogic

 

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Nevada County Information

State Drought Action Impacts Nevada Irrigation District Water Diversions

Scott's Flat Lake. Picture taken from my deck. John O'Dell
Scott’s Flat Lake. Picture taken from my deck. John O’Dell

GRASS VALLEY – The water rights used by the Nevada Irrigation District to fill reservoirs and supply customers in Nevada and Placer counties are among those covered in the state’s May 27 curtailment order.

To address record dry conditions in California, the State Water Resources Control Board ordered some 2,600 agencies to stop diverting water from streams and rivers, including those on the Yuba River watershed.

NID Manager of Water Operations Chip Close said the district is reviewing its options. “This is another reminder of how serious the drought has become,” he said.

“Everyone has to conserve water. The governor has called for 20 percent water use reductions and we are asking our customers for the same.”

The state’s order includes 19 of NID’s post-1914 water rights, which are also referred as “junior” water rights. NID also holds multiple pre-1914 “senior” water rights, some of which date to the Gold Rush and are among the oldest in the state.

The state’s order does not impact pre-1914 water rights but includes a warning that these rights could be affected if the serious drought conditions continue. The order is effective until drought conditions ease.

Close said that considering the length and severity of the drought, NID is relatively well-prepared.

“We had an early runoff from the snowpack this year so the water is already in our reservoirs,” he said. “Under the state’s order, we’ll have to let any additional runoff run through our system.”

State officials said the action is necessary because current water supplies are insufficient to meet the needs of Sacramento and San Joaquin river water right holders. Affected agencies must certify that they are in compliance or face fines of $1,000 per day. The order allows some exceptions for health and safety purposes.

Close said NID has been carefully managing runoff as dry conditions have continued, leaving district reservoirs at near-average levels for this time of year. The district remains concerned over carryover storage for next year, he said.

Source: Nevada Irrigation District

 

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nevada county fair

Nevada County Fairgrounds Hosts Fair for 2014 Fair Season Jobs

cioppino-flyer 

The Nevada County Fairgrounds will host a job fair to fulfill its hiring needs for this year’s Fair season. The Nevada County Fair job fair will be held on Tuesday, June 17, from
3 – 6 pm at Ponderosa Hall, located at Gate 2, at the Nevada County Fairgrounds.

If you are interested in working at the Fairgrounds during the 2014 Fair season, plan to attend this event. Fair staff will be accepting applications from 3 – 6 pm for all departments, as well as conducting interviews on site. Some of the jobs available include gate cashiers, ticket monitors, “red shirt” patrols, exhibit crew, exhibit entry clerk, clean-up crew, and parking crew.

Employment applications, as well as available jobs and job descriptions are posted on the Fair’s website at www.NevadaCountyFair.com.  Applications will also be available on the day of the job fair.

The 2014 Nevada County Fair is August 6 – 10. For information, call (530) 273-6217 or visit NevadaCountyFair.com.

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