Manteca CA Real Estate and Living

$8,000 Tax Credit is Increasing Home Sales

cperdew — Mon, 25 May 2009 06:22:10 +0000

Tax Credit Helps Stabilize Manteca Home Prices

By Dennis Wyatt
Manteca Bulletin
Managing Editor

The clock is running out on $8,000 in free money.

A growing number of real estate agents are reporting that as more buyers enter the marketplace lured by low prices and the $8,000 first-time homebuyers’ tax credit that goes to anyone who hasn’t owned home the in past three years, more of their clients are getting antsy.

They have 192 days left to get a home into escrow by Dec. 1 to qualify for the federal tax credit. Also buyers are showing a resistance to taking homes that teeter on the edge of not appearing structurally sound. A bargain is a bargain only if it doesn’t end up nickel and diming you to death.

The result has been a clear split in home prices with homes that have been classified right or wrong as “junk” stagnating that end up getting less than expected and those that – except for cosmetic issues inside and out – appear relatively ready to move into.

The $110,000 to $190,000 range often sees homes literally go from available to an accepted offer in a matter of a week. That doesn’t seem that impressive but given you’re dealing with bank’s assets management department it is taking place at lightning speed.

Prices aren’t rising in that range nor or they really dropping. They’ve held fairly study especially after the $8,000 tax credit came into play.

Generally, buyers are coming to the conclusion:

•they may not get the house they want at rock bottom prices although their out-of-pocket costs each month will still probably end up being less than what they are now paying in rent even before tax advantages are taken into account.

•time is critical due to loan locks and competition but they’re not willing to just take a home that’s sold “as is” which has resulted in buyers backing out of deals.

Both trends are sending mixed messages to banks which is a good and a bad thing. They’re still spending a lot of time sorting things out while there isn’t a temptation to try and raise prices.

The bottom line is the $8,000 tax credit is helping stabilize prices in the lower and middle price ranges – at least in Manteca – by getting more qualified buyers in the hunt.

There is also a growing census that “the recovery” – which may already be underway in the Manteca resale housing sector – means that prices will be relatively flat not just in the coming months but perhaps as long as three to five years.

Thanks,
CAROL PERDEW
(209) 239-7979
wwwCentralValleyHomes.com

cperdew — Mon, 23 Feb 2009 03:11:13 +0000

Here is a greet opportunity to get loan modification counseling at the upcoming Foreclosure Seminar. There is a local meeting with Freddie Mac’s representative. Check below for more information.

Foreclosure help coming Feb. 27
Freddie Mac outreach specialist holding seminar

By Rose Albano-Risso
Manteca Bulletin City Editor

LATHROP – A representative of Freddie Mac will be at the University of Phoenix in Lathrop Friday, Feb. 27, to give financially distressed South County homeowners advice on how to avoid foreclosure.

Jacqui Cosgrove, consumer outreach specialist with Freddie Mac which is the nickname for the Federal Home Loan Mortgage Corporation, will be available to personally meet with the property owners and answer their questions from 2 to 7 p.m. that day, said Freddie Mac public relations director Patti Boerger.

“This seminar will combine hourly sessions to address the process of loss mitigation from a homeowner’s best-practices perspective. It will also give borrowers the opportunity to meet with their lenders, face to face, in order to work toward a solution to avoid foreclosure,” Cosgrove said.

There will be nonprofit counseling available as well at this event “for those who have other debts or obligations to address in order to prioritize the home,” added Cosgrove.

One advantage of this seminar over just doing research on the Internet or elsewhere is that at this event, representatives of various organizations who can help individuals with hardships will be there in person to help you, she said.

“They can help you determine your options and get the process started. In certain situations, borrowers have been able to exit an event with their workout option approved that day,” Cosgrove explained.

To get approved that same day, one will need to bring the following requirements ready for the processing: proof of financial hardships which could be loss of employment or reduction of work hours, major illness or injury, divorce or separation, and death of a spouse; and statements showing income and expenses.

Cosgrove said loan modifications and other relief options are available to those who are honest and demonstrate a hardship. She defined hardship as “an involuntary inability to make your mortgage payment.”

Not being realistic is one of the mistakes commonly made by homeowners when it comes to seeking help from their mortgage companies.

“Adjustments to the original loan terms will not be made for homeowners just because they don’t want to give up their lavish lifestyle and expensive car payment, or are renting an investment property to family members for below market rent,” Cosgrove said.

Ironically, there are always those who take advantage of a sad situation to make a buck out of unsuspecting people who are already having difficulties making ends meet. Advertisements are everywhere – on television, radio and the printed media – offering services and promising results and relief from mortgage debts to vulnerable and unsuspecting consumers but at a cost. This is a case of caveat emptor or buyer beware, Cosgrove warns consumers.

“Don’t pay organizations to help you. There are thousands of companies that are charging borrowers and telling them ‘we’ll work with your lender.’ Steer clear of anyone who charges. Instead, call one of the federally approved nonprofit counseling agencies whose services are free,” she said.

Advice for frustrated homeowners

Cosgrove’s advice to homeowners who are getting increasingly frustrated because they can’t get the attention or any answer or cooperation from their mortgage companies:

• Keep calling and make sure you’re talking to the right person.

• Demand to talk with loss mitigation area, not collections. As a consumer, you have the right to request to speak with a supervisor.

• Be sure to keep a log of each person you speak with and contact as you make an effort to work with your servicer. Oftentimes, if a borrower establishes a relationship with a HUD-certified counselor, the counselor will have access to specialized phone portals in order to help facilitate the collection of your financial data and completion of your loss mitigation request.

Added Cosgrove, “Borrowers with loans owned by Freddie Mac and others may qualify for special loan modification programs, including permanent rate reductions, mortgage term extensions or forbearance. Just remember these three rules: be prepared, be honest, and be realistic about possible outcomes.”

Freddie Mac does not have a disclosable breakout of foreclosure figures by state, said Cosgrove. However, she said that nationally, about 200,000 of Freddie Mac’s 12 million loans are either 90 days late or in some stage of foreclosure.

“We’re also approving an estimated 14,000 workouts a month through our mortgage services, which means about 3 out of 5 seriously delinquent borrowers with Freddie Mac loans avoid foreclosures. Our REO (Real Estate Owned-homes we own due to foreclosures, etc.) inventory is about 29,000 homes nationwide. In context, Freddie Mac loans account for just 7 percent of the nation’s seriously delinquent mortgages, Cosgrove said.

Five tips to make the most of your call to your mortgage servicer from Freddie Mac:

• Open your mail. Notices are sent before foreclosure proceedings begin so be sure to open your mail for loan modification offers and advice from your mortgage services. Freddie Mac advises distressed borrowers not to stand by and wait.

• Be prepared before you call. Ask to speak to someone in the loss mitigation area (not the collection area) and make sure you can quickly and concisely state your financial hardship. Workout programs are only available for borrowers with true financial hardships. Harships include: loss of employment or reduction of hours, major illness or injury, divorce or separation, and death of a spouse.

• Be able to document your income and provide details about your mortgage loan and other financial obligations so have the following documents on hand:

a. Your mortgage loan number, name of mortgage services and recent mortgage statement,

b. Your most current pay stubs,

c. Your bank statements, with account balances and account numbers, and

d. Information on other expenses and debts, such as student loans, car leases, and credit card debt.

• Be honest about your income, expenses and debt. A credit report will be pulled and income such as child support and other debts will show up.

• Be realistic. Loan modifications won’t be made for homeowners just because they don’t want to give up their lavish lifestyle and expensive car payment or are renting an investment property to family members for below market rent. If that’s the case, start reducing expenses and saving money by paring down to bare necessities.

The University of Phoenix in Lathrop is located in the Lathrop Business Park on South Harlan Road east of Interstate 5, just south of Louise Avenue.

Thanks,
CAROL PERDEW
(209) 239-7979
wwwCentralValleyHomes.com

Resale Homes Rise 85%

cperdew — Sat, 31 Jan 2009 07:34:20 +0000

Sales pace of California resales rises 85%

Real estate brief

By Inman News, January 28,2009

The sales pace of single-family, detached resale homes soared 84.9 percent in December 2008 compared to the same month in 2007, with the median sales price diving 41.5 percent, the California Association of Realtors reported this week.

The seasonally adjusted annual rate of home sales in the state was 544,580 in December — this rate is a projection of a monthly sales total over a 12-month period, adjusted to account for typical seasonal fluctuations in sales activity. That compares to a pace of 294,520 sales in December 2007.

Sales for the entire year in 2008 were up an estimated 27 percent compared to the prior year, the association also reported, with the median price falling 38 percent in 2008.

The trade group’s Unsold Inventory Index for single-family, detached resale homes in December 2008 was 5.6 months, which compares to 13.4 months in December 2007. This index gauges the length of time it would take to sell off the total for-sale inventory, based on that month’s sales pace.

A separate monthly report by the Realtor group and DataQuick Information Systems, which measures prices and price changes for new and resale single-family homes and condos, found that five of 338 cities and communities tracked had year-over-year increases in median home prices.

SEARCH FOR HOMES AT Central Valley Homes.com

CAROL PERDEW
Prudential California Realty
(209) 239-7979
wwwCentralValleyHomes.com

Changes in Credit Card Rules

cperdew — Sun, 28 Dec 2008 02:11:57 +0000

Take a look at this informative article about the new Fed rules on credit cards. Regulators voted to change credit practices with credit card companies. Credit card reforms couldn’t have come sooner to bring relief to strapped consumers.

Federal Reserve Board to vote on credit-card rules
By Jessica Dickler, CNNMoney.com staff writer

Cash-strapped consumers might get some welcome news on Thursday when regulators vote to rein in controversial credit card practices.

The proposed rules, which have received overwhelming consumer support, prohibit banks from practices like raising the interest rates on pre-existing credit card balances unless a payment is over 30 days late, and applying payments in a way that maximizes interest penalties.

The Federal Reserve Board, the Office of Thrift Supervision and the National Credit Union Administration, are all expected to approve the regulation. The rules are expected to take effect by 2010.

“It will fundamentally change the relationship between cardholders and banks,” said Peter Garuccio, a spokesman for the American Bankers Association.

If approved, the Fed’s rules will mean an end to double-cycle billing, which averages out the balance from two previous bills. That means that consumers who carry a balance can get hit with retroactive interest on their previous month’s bill – even if they’ve already paid that off.

Consumers would also be given a reasonable amount of time to make payments, and payments would be applied to higher-rate balances first, to reduce interest penalties and fees.

Credit card statements would clearly list the time of day that a payment is due, and any changes to accounts would be in bold or listed separately.

And, finally, no more universal defaults – policy which allows credit card issuers to increase the interest rate on one card if a customer misses a payment on another card.

Trouble keeping up

Consumer advocacy groups say credit-card reform couldn’t come soon enough. Travis Plunkett, the legislative director for the Consumer Federation of America said new rules are “essential” at a time when “so many Americans are falling behind on their loans.”

In the midst of a credit crunch, Americans have about $976.3 billion in revolving credit and 4.9% of all credit cards were delinquent in the third quarter, according to the latest data from the Federal Reserve.

“This industry has been mostly deregulated since the 1980s and we’ve seen the effects of that,” said, Curtis Arnold, founder of CardRatings.com, a consumer advocacy group. “It hasn’t worked.”

Representatives from the banking industry argue that while many of the changes are consumer friendly, there might be a downside to increased regulation that should not go unnoted.

“By limiting the ability of issuers to use risk-based pricing, the result is likely to be higher prices and less available credit,” explained Garuccio, of the American Bankers Association.

Not only would card companies have to impose higher interest rates across the board to offset losses, but low introductory offers and zero-percent balance transfers are likely to be scaled back as well, he said.

Some consumer advocates argue alternatively that these reforms don’t go far enough. Plunkett, the consumer advocate, said he hopes Congress will pass more sweeping credit-card reforms next year that address a number of other “abusive practices” including “reckless lending to young people and high fees.”

Sen. Christopher Dodd and Rep. Carolyn Maloney have both proposed credit-card legislation that would impose even more constraints on issuers.

FOR HOME LOAN INFO GO TO wwwCentralValleyHomes.com

CAROL PERDEW
Prudential California Realty
(209) 239-7979
www.CentralValleyHomes.com

Good News! Foreclosures Suspended for the Holidays

cperdew — Sat, 22 Nov 2008 05:45:19 +0000

Fannie, Freddie suspend holiday foreclosures

Streamlined loan mods launch Dec. 15

BY INMAN NEWS

Fannie Mae and Freddie Mac have ordered their loan servicers and attorneys not to evict about 16,000 troubled borrowers or sell their homes while they implement a streamlined loan modification program that could save some from foreclosure.

About 10,000 borrowers who have Fannie Mae loans scheduled for foreclosure between Nov. 26 and Jan. 9 will be contacted directly by the attorney handling the case to discuss workout options, the company said. Freddie Mac issued a similar statement pertaining to about 6,000 borrowers.

The temporary suspension of foreclosures is designed to allow borrowers to keep their homes while Fannie and Freddie work with mortgage servicers to implement a streamlined loan modification program scheduled to launch Dec. 15 (see story).

The streamlined modification program is aimed at borrowers who have missed three or more payments on their primary residence and have not filed for bankruptcy. The program could help some obtain a more affordable monthly payment through a mix of reducing the mortgage interest rate, extending the life of the loan, or deferring payments on part of the principal.

Fannie Mae said its loan servicers are also prepared to work with borrowers who have already tried, but failed to obtain workouts. Seriously delinquent loans are being reviewed under the company’s “Second Look” initiative to determine if the borrower has been contacted and all workout options have been exhausted.

Presented by
CAROL PERDEW
(209) 239-7979
wwwCentralValleyHomes

FORECLOSURE MARKET IS AT ITS BOTTOM

cperdew — Sat, 15 Nov 2008 05:29:35 +0000

Manteca foreclosures hit bottom?
Builder notes demand puts dent into resale housing supply

Dennis Wyatt
Managing Editor
Manteca Bulletin

The Manteca foreclosure market is at its bottom.

It’s a bold statement for a builder to make but when you’re chief executive officer of a firm such as Florsheim Homes that puts its money where its mouth is, the observation carries a lot of weight.

Florsheim CEO Joe Anfuso drew a lot of flack from other builders back in January when his firm started offering price guarantees to homebuyers at their Valley Park and Valley Blossom neighborhoods southwest of Airport Way and Woodward Avenue.

It was a simple offer. Buy a house from Florsheim anytime in 2008 and if they lowered the base price during that year you’d get a refund on Jan. 1, 2009 for the difference.

It was a risky gambit in the eyes of some other builders who were slashing their prices $5,000 to $10,000 every few months during 2007 to try and compete with the downward spiraling resale market driven by a rising tide of foreclosures. Other builders gritted their teeth at what they thought was another marketing gimmick they may be forced to match especially in light of several builders who had to pacify home buyers who discovered the home they bought just six months previously was selling for as much as $25,000 less when they actually moved into them.

Florsheim Homes has only two of the roughly 30 buyers since the first of the year that they will be sending a refund check to when 2008 ends.

Floresheim – which shifted its product to a price point that targeted entry buyers when they saw the market changed three years ago – won’t debate that its still a rough road for new home builders.

But he sees a lot of good news in the feverish pace of home buying in the resale market.

“It’s good for us (new builders) because the foreclosures have to clean up before our demand picks up,” Anfuso said.

As of last week, there had been 967 previously owned homes that closed escrow so far this year with 750 of those being foreclosures. More telling is the fact there are 393 active resale listings in Manteca – down from a record 670 in September 2007.

Anfuso said from the prices that homes are selling for – the median deal price on 160 foreclosures now in escrow is at $192,193 – represent a price point that has brought enough buyers to put a serious dent into foreclosure inventory.

“It looks like it has pretty well hit bottom in Manteca,” Anfuso said, adding that it isn’t a straight-line bottom with small dips and rises.

He expects the resale market to stabilize in 2009.

Anfuso noted that you wouldn’t “officially” know the bottom has been hit until after several months when various statistics are examined.

“It’s pretty well there, I’d say,” Anfuso said.

Last week, as an example, 30 homes closed in Manteca while 32 new listings were added to the Multiple Listing Service for previously owned homes. Eight months ago, the number of homes going on the market exceeded those being sold each week by 50 percent.

Anfuso said the current economic problems are the outgrowth of loose lending policies.

“We found out that if you offer people free money they’ll take it,” Anfuso said.

Now he said buyers are down to earth and are putting “skin” in the game.

“Buying a home now makes a lot of sense if you’re going to hold on to it, live in it, enjoy it, and raise a family in it,” Anfuso said.

CAROL PERDEW
(209) 239-7979
wwwCentralValleyHomes.com

Suggestions for Homeowners Suffering From Mortgage Fear

cperdew — Sun, 09 Nov 2008 21:34:24 +0000

Mortgage Fright and Moral Quandaries

by Jack M. Guttentag
Featured on Yahoo Finance

The mortgage world has suddenly become very frightening to many people who have no real reason to be frightened. Their mortgages are in good standing, they are not having any trouble meeting their payments, yet they are in distress — in large part because so many around them are in distress. Fear is contagious. The only antidote I know to fear is good information.

One important thing that people suffering from mortgage fright often forget is that a mortgage loan is a contract between two parties, and it cannot be violated by either without the permission of the other. If the loan is sold, the purchaser replaces the originating lender as the contracting party and is subject to the contract in the same way. If the servicing of the loan is sold, the servicer as the agent of the owner is required to abide by the terms of the contract, and the same holds if the loan is placed in a pool as collateral for a mortgage-backed security.

The two letters below are from borrowers who do not have a problem with their current mortgages but are distressed about what might happen in the future.

“Crazy “Can whoever owns my mortgage demand immediate repayment of the balance? I know it doesn’t make sense, but crazy things seem to be happening…”

Mortgage contracts do not give the lender the right to demand immediate repayment. Balloon loans require repayment at the end of the balloon period, but that is stated in the contract. Fortunately, there are not too many balloon loans around.

Even if lenders had the legal right to demand immediate repayment, they wouldn’t do it because it would only generate more foreclosures. For the same reason, borrowers with balloon loans in good standing who are unable to refinance anywhere else will find that their existing lender will prefer to refinance them than to foreclose.

Things Are Happening”

A Rate Is Adjustable — Not the Index

“When the rate on my ARM (adjustable-rate mortgage) adjusts next year, the new rate should be the one-year Treasury rate at the time, plus a margin of 2.5 percent. Last year, however, my lender replaced the Treasury rate on new loans with Libor. Because of the crisis, Libor is now 2.5 percent higher than Treasury. Can my lender switch my ARM to Libor when my rate is adjusted?”

No way. The rate is adjustable but not the index used to calculate it. Your ARM contract stipulates the index and its source, and the only circumstance in which a different index can be substituted is in the event the specified index is no longer available. The different Treasury indexes used by ARMs are compiled by the Federal Reserve and there is zero likelihood that they will disappear.

When a Borrower Is Upside Down

I wish I could answer the next letter with the same degree of certainty.

“We bought our house just last year with 100 percent financing; now it is worth $40,000 less than we owe. I don’t know what to do. Do we keep making mortgage payments or do we stop? A friend has advised us to lock the door and send the key to the lender, but that doesn’t sit very well with me. We’ve always met our obligations and have good credit. What do you advise?”

This letter is typical of many I have received from borrowers who are “upside down” in owing more than their houses are worth. I have a lot of trouble dealing with it because in good part it is a moral issue.

My right-handed side says that when you borrow money, you should pay it back if you can. During the many years when house prices were rising, he never once heard of a mortgage borrower offering to share the capital gain with the lender. There is no justification in forcing the lender to share the capital loss.

My left-handed side rejoins that very few of the people who are upside down today enjoyed a capital gain on previous homes that they owned. Further, the borrower’s major obligation is to his family, not to his lender. If the financial gain from letting the house go to foreclosure more than offsets the pain of having their credit trashed and having to find a new place to live, then that is what the borrower should do.

There is an economic dimension to this quandary. If those who are upside down could be assured that house prices had hit bottom and within a year or two they will be right side up, there is little doubt that most would elect to stay the course. Unfortunately, no economist in good conscience can provide such assurance today.

Finally, there is a policy dimension. Upside down borrowers would be encouraged to stay the course if they had some reason to believe that the government will help them get right side up. Right now, the prospects for this are extremely murky. But don’t write the possibility off just yet.

CAROL PERDEW
(209) 239-7979
wwwCentralValleyHomes.com

GOOD NEWS! NINE HOMES A DAY ARE SELLING

cperdew — Sat, 01 Nov 2008 01:39:09 +0000

Nine Homes a Day Going Pending in Manteca

Dennis Wyatt
Managing Editor
Manteca Bulletin

It isn’t a fluke.

Home sales are climbing while the economy is swaying all over the road.

And even with continued softness that may send prices somewhat lower it is clear by the activity in the Manteca resale market that we’re now swimming around in the bottom of the market.

It is safe to say this for two reasons. First, what determines the price of a home is what a person is willing to sell it for and what a person is willing to buy it for. It is as simple as that.

Given the amount of sales activity in Manteca, it is hard to argue that premise. There were 240 pending homes as of Oct. 13 or more than a third of the number of homes that sold in all of 2007. But the real indicator is what happened in the week that ended on Oct. 13. Within the seven day period there were:

• 28 deals that closed for a pace of four a day that translates into a yearly rate of 1,460 homes

• 63 homes went pending for a pace of nine a day that translates into a yearly rate of 3,285 homes.

• 35 new listings reflect a pace of five a day that translates into a yearly rate of 1,825 homes.

Obviously you can’t straight-line numbers into solid trends but demand is so strong now that you will probably see a fairly rapid absorption of future foreclosures in the market place based on the deals that are going on now even with a precarious credit market.

By fairly rapid, that means Manteca will end up probably recovering quicker than most hard hit areas given the general resilience of the local economy created by growth forces that have slowed but are still there.

For now, Manteca has settled into a market where list prices are roughly 50 percent off the peak of three years ago while actual selling prices of closed deals are off peak prices by 40 to 45 percent.

It reflects the prevalent bank strategy of listing low to draw attention to foreclosed property. That explains why the bulk of new foreclosures surfacing are staying on the market less than 30 days compared to over 60 days a few months ago. The pending 192 deals on foreclosures have been on the market for 42 days.

CAROL PERDEW
Prudential California Realty
(209) 239-7979

Carol@PerdewHomes.com

$1.16M Will Help Renters Buy Homes

cperdew — Sun, 19 Oct 2008 21:02:58 +0000

Working stiffs’ foreclosure-’aid’
$1.16M will help renters buy homes

Dennis Wyatt

Managing Editor
Manteca Bulletin

As many as 23 renters could become homeowners in Manteca under one possible scenario utilizing $1.16 million in federal funds to help low- to moderate-income people purchase homes lost to foreclosure.

The 23 threshold would be reached if each buyer helped through the city required $50,000 in assistance for the down payment and closing costs and the city picked up 100 percent of the administrative costs through the redevelopment agency.

The number could be higher or lower depending upon how much of assistance the city ends up giving.

Under the Economic Recovery Act of 2008 the city also has the option of buying foreclosed properties and using them as affordable rental housing, demolishing foreclosures and blighted properties or redeveloping foreclosed properties.

It is unlikely the city would opt to take any of those options since they do not have programs in place that would accommodate such an expenditure of the funds.

They do have an RDA assistance program in place for first-time homebuyers.

The biggest issue facing the city should they elect to go with homebuyer assistance is to be able to move quickly enough in the competitive resale market that is flooded with aggressively priced foreclosures that are being snapped up at a quick pace by investors.

There were 158 foreclosed homes available to purchase in Manteca as of Tuesday including 33 that are $140,000 and less that are located in initially targeted census tracts based on a recommendation by Assistant City Manager Karen McLaughlin.

Using the $140,000 cap as an example, $50,000 in assistance would bring the actual mortgage down to $100,000 and translate into a $615.72 month payment – excluding taxes and insurance – for 30 years at a 6.25 percent fixed rate.

Some homes, though, are selling for as low as $70,000. That means Manteca has what may be a once-in-a-lifetime opportunity to give long-term renters who are also long-time Manteca residents who have worked at the same low paying jobs for years the chance to become homeowners.

For example, if the city opted to set the amount they’d help qualified families with $50,000 of the federal funds, a home selling for $101,000 – such as the one at 941 Trinity Avenue in Powers tract that closed escrow last month – would cost $369.43 per month excluding taxes and insurance. That assumes a $40,000 down payment and $10,000 to go toward closing costs.

The home on Trinity, which was put back on the market as a rental, was structurally sound and needed just a new fence plus clearing of dead landscaping.

By helping low-income families to purchase homes at $369 a month, that allows them to set aside money to make repairs and improvements or improve their standard of living since typical lowest apartment rentals in Manteca are between $675 and $800.

Given the inventory and what is expected to come on the market in the next six months, there are a large number of homes out there that are basically sound enough for a FHA loan which low- to moderate-income households would need to secure the rest of their loan.

Manteca typical treats the funds they put up for assistance as a silent mortgage. If the home is sold before a set amount of time, the city is owed that money plus interest.

There have been 1,121 homes that have gone into foreclosure in Manteca between Jan. 1, 2007 and Aug. 29, 2008.

Search for Homes at CentralValleyHomes.com

CAROL PERDEW
Prudential California Realty
(209) 239-7979
www.CentralValleyHomes.com

Bass Pro Shops Outdoor World Opens in Central Valley

cperdew — Sun, 12 Oct 2008 06:09:04 +0000

Bass Pro may lure 50,000 to Manteca in five days

Dennis Wyatt
Managing Editor
Manteca Bulletin

The biggest party Manteca has ever seen starts Wednesday at 8 a.m.

That’s when Bass Pro Shops opens its first Northern California store as the anchor in the Promenade Shop at Orchard Valley at the lifestyle center being built at Union Road and the Highway 120 Bypass.

Store representatives are projecting in excess of 50,000 guests in a five-day period go through the 120,000-square-foot store to celebrate the store’s opening.

Based on other store openings, more than 10,000 people will attend Wednesday’s pre-grand opening celebration.

It is such a huge crowd – many people spend four to six hours in the store – that the original opening time of 3 p.m. Wednesday worried Caltrans so much about the potential for a massive grid-lock on the Highway 120 Bypass just as the afternoon commute gets underway that Bass Pro Shops agreed to open the doors Wednesday at 8 a.m.

Official ribbon cutting activities are at 5 p.m. and the big draw – the “Evening of Conservation” to raise funds for area conservation groups – starts at 6 p.m.

To put the store’s draw in perspective, the implosion of the four 15-story Spreckels Sugar silos 12 years ago drew just over 9,000 spectators to watch what was a 15-second event. Concerns about dust – which never materialized – prompted the CHP to temporarily close the Highway 120 Bypass.

The biggest events in Manteca – the Crossroads Street Fair in April and the Pumpkin Fair in October – have had record turnout for the two-day events that came to just under 35,000 people. Most people spend a couple of hours at the street fairs. By comparison, Bass Pro Shop’s average visitors spend between four and six hours.

Bass Pro Shop is expecting to draw guests from up to 250 miles away for the five-day event.

Bass Pro representatives noted the store is a tribute to the grandeur of Yosemite National Park, and the history and culture of California’s Central Valley and its people complete with 3,500 area artifacts, antiques, pictures, mounts and memorabilia.

Hand-painted murals depict scenes of California ‘s picturesque countryside from Emerald Bay to Muir Wood, to Gray Lodge State Wildlife Refuge and Sutter Buttes, to the California coast and Sierra range. The décor includes Spectacular waterfalls, lush forests, pristine mountain lakes and beaches.

Massive log and rock work frame the Grand Entrance. Inside, rustic wood floors, antique pine wall finishes, and vaulted post and beam construction ceiling make up the front lobby. A fire crackles in the 18- by 15-foot moss rock double-sided fireplace and a 65-foot replica of the world’s largest tree (in volume), The General Sherman in Sequoia National Park, greets visitors.

Giant outdoor themed chandeliers, made by Bass Pro Shops’ own artisans, hang throughout the store. Elk, deer, raccoon, rabbit, turkey, bobcat and bear tracks are imprinted in the concrete floor. Bear, deer, sheep and other wildlife in natural and action settings are set amidst boulders on top of the 24,000-gallon fresh water aquarium.

Massive rockwork soaring up to 30 feet high above the aquarium replicates Yosemite ‘s Half Dome and allows visitors to walk under the waterfall as it cascades into the fresh water aquarium

The main aquarium will be stocked with more than 120 fish native to the area including largemouth bass, striped bass, sturgeon, brook trout, rainbow trout, blue catfish, white crappie and bluegill. The trout pond will feature 20 native rainbow, brook, cut throat, golden and brown trout. Two elevators rise up behind the trout pond offering riders a bird’s-eye view of the store and all the wildlife dioramas. An antique pedestrian trestle walkway spans the second floor between the hunting and camping department.

Special displays in the store include a pictorial and memorial tribute to John Muir and the 26th United States President, Theodore Roosevelt. An avid outdoorsman, President Roosevelt promoted the conservation movement and efficient use and maintenance of natural resources. Muir, an early advocate of conservation, was instrumental in saving the Yosemite Valley, the Sequoia National Park and various other wilderness areas.

The store also features a General Store and a Fudge Shop.

There is a laser arcade themed as a remembrance to one of California ‘s most significant events-the Gold Rush. Remnants of an old gold mining community have been taken over by a bevy of wild ‘critters.’ The arcade features 56 animated laser targets and each laser rifle costs 50 cents for 20 shots.

The in Manteca will also include a Conservation Room celebrating local conservation groups. The room will accommodate 120 people for various civic, educational or conservation functions.

FAST FACTS

• WHAT: Bass Pro Shops

• WHERE: Union Road at the Highway 120 Bypass

• WHEN: Wednesday, Oct. 15. Doors open at 8 a.m., ribbon cutting at 5 p.m., “Evening of Conservation” starts at 6 p.m.

• TIPS: Don’t take Union Road to reach Bass Pro Shops either Wednesday or the following four days. Take Main Street or Airport Way to Woodward Avenue and approach the south side of the mall from roads off Woodward Avenue.

Carol Perdew
(209) 239-7979
www.CentralValleyHomes.com