The December Silicon Valley Real Estate Market Trends is now available for review.

This Issue Highlights are:
Santa Clara County Home Sales Sales Up Fifth Month in a Row
Sales of single-family, re-sale homes in Santa Clara County were up 24.4% in November compared to last year. Month-over-month, sales fell 23.9%. Sales continue to be concentrated in the lower-priced cities such as San Jose where year-over-year sales were up 72.7%, and Gilroy where sales were up 163.2%. Year-to-date, home sales are off 3.6%. Home prices continue to be affected by the bank-owned property that has flooded the market. Click here for the full report

For a complete city-by-city statistics for Single Family Homes and Condos /Town-homes. Click here

Entry-level Housing Affordability More than Doubles
LOS ANGELES (Nov. 20) The percentage of households that could afford to buy an entry-level home in California stood at 53 percent in the third quarter of 2008, compared with 24 percent for the same period a year ago, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS®. C.A.R.’s First Time Buyer Housing Affordability Index (FTB-HAI) measured the percentage of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state. Click here for the full report

Mortgage Rate Outlook
November 28, 2008 -- The Federal Reserve announced this week a plan to support good-credit quality mortgage markets. A truly massive, $100-billion plan to buy up Fannie and Freddie-issued debt -- coupled with another $500 billion to snap up agency-backed MBS -- produced an immediate effect in mortgage markets. From Monday's to Tuesday's close of business, conforming 30-year mortgage rates declined nearly a third of a percentage point. Click here for the full report

Investor Corner – National Trend of Home Price Declines Continues Through the Third Quarter of 2008
New York, November 25, 2008 – Data through September 2008, released today by Standard & Poor’s for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, shows continued broad based declines in the prices of existing single family homes across the United States, a trend that prevailed since 2007. Click here for the full report

Bad News Good News Notice
The bad news - If you purchased a home in Silicon Valley within the last three years, the value of your house as derived from recent sales in your neighborhood may be lower than your current assessed value.
The good news – under the 1978 Proposition 8, you may be eligible for a temporary reduction in your assessed value leading to a temporary property tax reduction.

For a full presentation by the Santa Clara Assessor go to www.650and408homes.com/Mailers/2008/prop8.html. To read more about this click on Proposition 8 Temporary Assessment Relief, More Information

If you believe this may apply to you, you’ll need to obtain data regarding recent sales in your neighborhood. I’ll be happy to assist you in finding out the fair market value of your home based on the current market condition and recent sales. Please go to www.650and408homes.com/consultations.html and fill out the form or call me at 650.305.1111 and I’ll get back to you promptly.

Another piece of good news is that interest rates have dropped substantially in the last few weeks and it may be a good idea to explore if refinancing makes sense for you. Call and I’ll refer you to few of my favorite lenders.

Join me at my next educational seminars:

“Is Now a Good Time to Buy a Home in Silicon Valley”
I will cover the following topics:

Join me on Saturday January 24th, from 9:40 AM to 12:15PM, click here to register to the Silicon Valley Home Buying Seminar.

Attend the Buy a Home in Silicon Valley seminar and get a complimentary book
- A do-it-yourselfer's comprehensive guide to repairing and maintaining a home
The Secrets of Profitable Real Estate Investing
Join me at my next real estate Investment Seminar on Join me on Tuesday January 20th, from 6:30 PM to 9:00PM. I will cover basic concepts in real estate investing and tax implications, review the future growth of the U.S. market and demonstrate the compelling reasons why despite all the bad news about the housing market, real estate investing is an exceptional financial vehicle (if you know what you are doing) and the many attractive opportunities that exist TODAY because of the recent market correction. In addition, I’ll explain why I don’t invest in Texas, Michigan and Florida. The seminar has limited seating, click here to register to the Secret of Profitable Real Estate Investing Seminar.

Attend the Secrets of Profitable Real Estate Investing seminar and get a complimentary book
- filled with practical, workable advice for anyone wanting to build wealth

If you know of someone who may benefit from attending my presentation, please bring him or her, or just forward this email to him or her.

 
Sincerely,                                                                          

Avi Urban

BTW – Sandwiches and beverages will be served.