Are things leveling out in the Manteca housing market?
The typical transaction involving an existing home closing escrow in Manteca is flat – for now.
More and more owner occupied homes that are not under duress are making their way to market.
Finally there is some relief coming for those first-time buyers battling investors for foreclosures.
What a strange long year it's been.
A household with two full-time workers each making minimum wage - $8 an hour – could afford to buy a $115,000 home if they have no other debt load and have the means to come up with $6,000 or so for down payment and closing costs.
The Manteca housing gods must be crazy.
Don't look now but the clock is ticking on the most affordable housing era in post World War II Manteca history.
Out-of-state investors who have savvy are treating Manteca foreclosures as the deals of the century.
The Cherry Lane condos are on the verge of making Manteca history.
Rents for Manteca homes have dropped 15 to 20 percent across-the-board since the start of the year.
The countdown has started.
Four years ago this month only one home sold for less than $300,000 in Manteca.
Fifteen years ago, the average home on the resale market in Manteca closed escrow at $125,000. It was $390,000 in 2005. The market peaked at $413,000 in 2006. Today the average closing price in the Manteca resale market is $178,044.
Now that it is clear the tsunami known as the mortgage meltdown has swept through the Manteca housing market it is safe to start thinking about long-term recovery.
Homeowners, builders and remodelers are always looking for innovative and new ways to enhance existing spaces during home makeovers and room renovations.