San Jose Real Estate * REALTOR ® * Richard Gonzalez

The Latest Foreclosure data shows December being one of the lowest foreclosure months on record, but is this the calm before the storm? Take a look at December 2011 data showing 79 foreclosures(red).

San Jose,CA – Foreclosure Outcomes

Bank of America May Lead The Way!

Image via Wikipedia

A San Francisco Times article published late last year pointed to data by foreclosureradar.com showing significant foreclosure activity by Bank of America.

Read Article here: Bank of America said to fuel big increase in California foreclosures

Related articles

• Mortgage deal means more foreclosures (money.cnn.com)

The City of San Jose Housing Department And  Housing Trust of Santa Clara County are in the final stretch to use up all of the 23 Million award given through the National Stabilization Program part two. The second round of these dollar have been earmarked for revitalization of communities affected by foreclosures and to assist homebuyers purchase a home.

Who is Involved?

The Housing Trust of Santa Clara County is responsible for the distribution and education of these funds along with the Housing department for the City of San Jose. Although the City of San Jose is driving this opportunity to targeted areas the Santa Clara County Housing Trust is charged with educating the community. Other organizations involved in this effort are Neighborhood Housing Services, www.recovery.gov and NHORA(The National Hispanic Organization of Real Estate Associates).

Whats in it For the Public?

Opportunity to not only become a homeowner but also to begin the recovery of the housing market in Santa Clara County. Economists do tend to agree that the recover of the housing market will start in the Silicon Valley primarily because of Facebook and Google’s continued growth. In fact most of Santa Clara County is dealing with a housing shortage and multiple offers for home buyers.

Who Can Qualify?

There are income  limitations to qualifying for these programs among them is the Purchase Assistance Loan(PAL).

How To Get More Information?

Contact the Housing Trust Of Santa Clara County for more information http://www.housingtrustscc.org/

Class registration contact: jeanette@housingtrustscc.org

Most San Jose neighborhood values will continue to perform well in 2011 and into 2012 even with the recent negative news about Bank of America unleashing a slew of new foreclosures into California in the coming months.

Foreclosure levels will remain the same in 2012

That’s a pretty bold statement on my behalf but having just retuned from a national foreclosure convention I stand in pretty good company including the likes of Freddy Mac economists and various other national asset diposition companies who are all waiting for the foreclosure activity to increase.

The challenge over the last year has been the slow and methodical process of making sure banks are staying within the legal boundaries of the foreclosure process all brought on by the ROBO signing lawsuits. As a result the anticipated levels of foreclosiure activites are expected to stay at current levels through 2012.

What does this mean for San Jose Neighborhoods?

Neighborhoods like Willow Glen, Rose Garden, Almaden Valley, and Santana Row to name a few should continue to maintained their values while Downtown, Central San Jose, South San Jose, and the east valley will feel the affects of foreclosure activity.

Should I wait for the market to turn?

Experts at the foreclosure convention are now saying that we will continue to see the current real estate market through 2016. You have plenty of time to buy before the market sees a significant change and until then buyers will continue to find opportunities in those neighborhoods affected by foreclosures.

Related articles

• California foreclosures set to surge (Housingwire.com)

SOFA Restaurant

Eulipia is located in the South First Street Area(SOFA) and directly across from Eulipia is a beautiful new high rise condo and loft development called Three Sixty Residences. I passed by Eulipia many times since the downtown revitalization began thirty years ago, I even remember having dinner a few years back and for that reason I decided to give it another try.

As I previewed the menu from the window I noticed Eulipia’s California Cuisine had a large variety of options including steak, seafood, pasta. when I walked in I was immediately seated and served a warm basket of bread which by the way was the way I like it; Crunchy on the outside and soft and warm on the inside. The atmosphere was dark with candles on the tables. Perfect for a first date or dinner before heading to the theatre across the street at the California Theatre. There is also a large bar if you decide to to have drinks and appetizers.

Dinner Menu

Starters range from $8-$12  including a Ahi Tuna Tarter that looked great. I overheard another customer state to the manager that the the Ahi was especially good. Most of the main courses are in the $20 – $30 range.

Lately I tend to gravitate to fish but was tempted by the “10 oz Blackened Rib-Eye Steak” but ultimately gravitated to the “Atlantic Salmon Roasted with Cashew Nuts”  marinated in Dijon mustard, with season vegetables and lemon butter.

It was excellent to say the least and the portion was a larger than the usual California Cuisine size.

Eulipia’s Legacy

After the meal I had a conversation with Mark McCandless who stated that Eulipia’s legacy has been 30 years in the making. An incredible stretch by any restaurant. The owners are Steve and Mike Borkenhagen who by the way also have another restaurant in Los Gatos called Valerianos.

My take away

Downtown continues to make strides in the revitalization and through the entire process Eulipia continues to be a perfect example of a romantic restaurant in a city that continues to grow.

Eulipia Menu

Rating: 4 out of 5 stars

Entree Price: $20 – $30

Address:

374 S. 1st St

San Jose, Ca. 95113

(408) 280-6161

Eulipia Website