C.A.R. Mortgage Update
July 2nd, 2009 categories: Buyer's Advice

This week’s C.A.R. Mortgage Update contains information about finding a home loan, reverse mortgages, FHA loans, and current mortgage rates.
Best way to find a home loan
During the height of the real estate market, most borrowers who applied for a mortgage received one. However, in today’s lending environment, consumers should be more cautious about where they apply for a loan and from which Web sites they receive quotes.
Borrowers should be cautious about sites that request a Social Security number and address upfront. The site may pull the consumer’s credit report, which could have a negative impact on their FICO score should they not apply for the mortgage.
It’s also important that consumers ensure that all fees are clearly disclosed on a site’s rate quote. Otherwise they may be surprised when receiving the paperwork from the lender. Borrowers who are unsure of which type of mortgage is best for them and their situation should contact a mortgage broker. Those in the market for a jumbo loan or financing an investment property may best be served by working with an experienced broker.
To read the full story, please click here:
http://money.cnn.com/2009/06/29/real_estate/home_mortgages.moneymag/index.htm?postversion=2009062903
To view additional articles, please visit the following:
Reverse mortgages for home purchases
To read the full story, please click here:
http://www.nytimes.com/2009/06/28/realestate/28mort.html?ref=realestate
F.H.A. loans help sales
To read the full story, please click here:
http://www.nytimes.com/2009/06/28/realestate/28post.html?ref=realestate
U.S. mortgage rates drop to 5.32%, Freddie Mac says
To read the full story, please click here:
http://www.bloomberg.com/apps/news?pid=20601213&sid=a5WJtkeFK5yU
Searching for a bottom in the housing market
With consumer confidence rising in May to its highest level in eight months, housing starts increasing more than 17 percent in May compared with the previous month, and sales of existing homes climbing 2.9 percent in April nationwide, it appears that the housing market may be stabilizing.
KEEP THIS IN MIND
• Although sales of existing, single-family homes rose 35.2 percent in May in California, compared with a year ago, the median price declined 30.4 percent. Some industry analysts predict that as specialized adjustable-rate mortgages, known as option ARMS and Alt-A mortgages, reset over the next 18 to 24 months, prices could decline further before stabilizing.
• “We are seeing strong buying activity, particularly in those boom and bust markets, where prices have declined significantly. Buyers are coming in and fighting over properties – there is multiple bidding in California and Florida,” says Lawrence Yun, chief economist with the NATIONAL ASSOCIATION OF REALTORS®.
• Sales of existing homes are soaring as many investors and first-time buyers purchase distressed properties. Yun estimates that about 50 percent of current sales involve distressed properties, and he expects the trend to continue as foreclosures rise in the months ahead.
• Although some economists predict home prices will continue to decline in the coming months, California’s median home price rose for the third consecutive month in May, posting the largest monthly increase on record for the month of May.
• Some buyers are trying to time the bottom of the market and purchase once it appears that prices are consistently and steadily rising. Many housing forecasters advise against this approach as buyers should not view their homes solely as investment opportunities. Historically, the average annual rate of return on a home lived in for five years or more is nearly 12 percent, based on data C.A.R. has collected over the last 40 years.
To read the full story, please click here:
In Other News…
The Wall Street Journal
McMansions out of favor, for now
To read the full story, please click here:
http://online.wsj.com/article/SB124630276617469437.html
The Los Angeles Times
Home prices post 18.1% annual drop, but market appears to be stabilizing
To read the full story, please click here:
http://www.latimes.com/business/la-fi-homes1-2009jul01,0,793187.story
The Mercury News
Not paying the mortgage, yet stuck with the keys
To read the full story, please click here:
http://www.mercurynews.com/realestatenews/ci_12682822
The Los Angeles Times
No end to foreclosures is in sight
To read the full story, please click here:
http://www.latimes.com/classified/realestate/news/la-fi-blog28-2009jun28,0,2866475.story
The Wall Street Journal
Unemployment vexes foreclosure plan
To read the full story, please click here:
http://online.wsj.com/article/SB124597797525957807.html
Reuters
U.S. pending home sales rise 0.1 percent in May
To read the full story, please click here:
http://www.reuters.com/article/ousiv/idUSTRE56038Q20090701
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HOA Assistance Program
July 2nd, 2009 categories: Buyer's Advice
The Pacific West Association of REALTORS® Charity Foundation is helping first-time home buyers with the HOA Assistance Program to provide HOA dues for up to one year to first time home buyers!

HOA's
“Oftentimes, HOA dues can present a barrier to first time buyers. We are proud to have raised enough money to include an HOA dues assistance program this year, in addition to the down payment assistance grants that we will award,” said Michael DeLeon, President of the PWR Charity Foundation Board.
Applications for first time buyer programs.
>> Click Here for More Info on HOA Assistance Program
>> Click Here for More Info on Down Payment Assistance Program
Criteria:
- Income level (2 buyers) $111,600 for Orange County & and $90,960 for Los Angeles County.
- Purchase price is $350,000 for Orange and Los Angeles Counties.
- Buyers must contribute 1% of the sales price from their own pocket.
- Has not owned a home within the past 3 years.
- Credit score of 620 +.
- Approved from a direct lender
- Minimum five-year fixed-rate, full documentation (no stated income) loan.
- Buyer must be represented by a PWR REALTOR® member who has contributed to the PWR Charity Foundation in 2009.
- Must be located within PWR’s jurisdiction.
- Short-sales excluded
- Property and Home Owners Association must meet agency standards and pass review of PWR Underwriters (occupancy ratios apply, pending litigation, leased land,
- insufficient reserves not allowed) Condos & True Pud’s.
Jurisdictions Include:
Central/Northern Orange County and the Southeast Los Angeles County.
Anaheim/Anaheim Hills, Brea, Buena Park, Cypress, Fullerton, Garden Grove, La Habra/La Habra Heights, La Mirada, La Palma, Lakewood, Long Beach, Los Alamitos, Norwalk, Orange, Pico Rivera, Placentia, Rossmoor, Santa Ana, Seal Beach, Signal Hill, Stanton, Tustin, Villa Park, Westminster, Whittier, and Yorba Linda.
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Trade in Your Piece of Junk
July 2nd, 2009 categories: Buyer's Advice, Green Events, Neighborhood and City events/highlights, Restaurants, Seller's Advice
Obama signed into law a great new program that the (NHTSA) National Highway Traffic Safety Administration has named (CARS) the Car Allowance Rebate
System. This is a government program that helps you purchase a new, more fuel efficient vehicle when you trade in a less fuel efficient vehicle. See the Frequently Asked Questions for more details.
Criteria:
- Your vehicle must be less than 25 years old.
- Only purchase or leases of new vehicles qualify
- Trade-in vehicles must get 18 or less MPG (some pick-up trucks, cargo vans have different criteria)
- Must be registered and insured continuously for the full year preceding the trade-in.
- You don’t need a voucher; dealers will apply a credit at purchase.
- The program runs through Nov 1, 2009 or when the funds are exhausted, whichever comes first. First come first served
- The vehicle that you are trading in will be destroyed. The value you negotiate with the dealer should not exceed its scrap value. The law requires the dealer to disclose to you and estimate of the scrap value when trading in your vehicle.
Beginning date is around July 23. See Program Rollout
How their guarding against fraud during the program? Click here for more information.
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C.A.R Mortgage Updates
July 1st, 2009 categories: Buyer's Advice, Seller's Advice

To read the full story, please click here:
To view additional articles, please visit the following:
Weakness in mortgage refinancing
To read the full story, please click here:
http://online.wsj.com/article/SB124508720715715781.html
http://www.mercurynews.com/realestatenews/ci_12603922

California housing market shows pockets of recovery
A surge in home sales that started in some of California’s more affordable inland areas has begun to spread to several more expensive coastal areas, another indicator that the state’s real estate market may be in recovery mode.
KEEP THIS IN MIND
- Many homes in the lower end of the market are receiving multiple offers, with some prospective buyers bidding well above asking prices. Inventory levels for homes priced under $500,000 stood at 3.2 months in May 2009, compared with 9.4 months in May 2008.
- Some buyers, especially those in historically higher-priced markets such as the San Francisco Bay Area, are newly optimistic about buying homes and are realizing that the combination of low interest rates, favorable home prices, and first-time home buyer tax credits may not realign for many years.
- Some housing economists caution against interpreting signs of increased sales activity as meaning the market has bottomed. Interest rates on 30-year, fixed-rate prime mortgages have risen above 5 percent in recent weeks and could continue to increase as fears of inflation impact interest rates. Additionally, the federal tax credit for first-time home buyers is scheduled to end November 30, which may remove the incentive to purchase.
- Although the median price in the state has risen for four consecutive months, prices in some higher-income neighborhoods still are declining. Some agents say that declining prices in these neighborhoods are a reflection of borrowers’ problems getting jumbo mortgages to make purchases.
To read the full story, please click here:
http://online.wsj.com/article/SB124545407944432853.html

The Los Angeles Times
Forecast for California: gradual clearing
To read the full story, please click here:
http://www.latimes.com/business/la-fi-cal-econ18-2009jun18,0,6354615.story
The Sacramento Bee
Leading economic indicators up more than expected
To read the full story, please click here:
http://www.sacbee.com/830/story/1957522.html
CNN
$6 billion available to buy foreclosed homes
To read the full story, please click here:
http://money.cnn.com/2009/06/23/real_estate/money_for_foreclosures/index.htm?postversion=2009062312
The Sacramento Bee
Sacramento area misses move-up home buyers—they’re staying put
To read the full story, please click here:
http://www.sacbee.com/business/story/1959684.htm

San Francisco Chronicle
Appeal assessment if you think it’s too high
To read the full story, please click here:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/06/21/BUGJ18ABE8.DTL&type=business
Reuters
Echo boomers a lifeline for embattled U.S. housing
To read the full story, please click here:
http://www.reuters.com/article/smallBusinessNews/idUSTRE55L0AO20090622
The Los Angeles Times
Home resales in U.S. rise 2.4% in May to 4.77 million rate
To read the full story, please click here:
http://www.latimes.com/business/la-fi-homesales-wire24-2009jun24,0,2268595.story
Bloomberg
Housing eludes recovery as job losses, foreclosures climb
To read the full story, please click here:
http://www.bloomberg.com/apps/news?pid=20601213&sid=aw.NN1SqL7xk

What you should know about the market…
• Buyers who are having difficulty arranging financing or coming up with a down payment
may want to consider rent-to-own or lease-options. Generally, these deals require buyers to pay
extra amounts of rent each month, in addition to the normal market-rate rent, plus up-front fees
of approximately 5 percent of the purchase price. The owner keeps the regular rent, but the
additional payments are used to buy down the price of the home. While rent-to-own options
may be a viable choice for some buyers, most real estate experts recommend buyers and
sellers work with attorneys experienced in drafting lease-option agreements.
• Although rent-to-own options enable buyers to walk away from the deal for a variety of
reasons, including deciding the home or neighborhood isn’t a good fit; one drawback is that by
walking away, buyers agree to forfeit the up-front fees and the additional monthly rent they’ve
been paying. Additionally, at the end of the term, if the buyer still is unable to secure financing
they also may have to forfeit the money.
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Market Stats For All of Anaheim March 2009
April 23rd, 2009 categories: Buyer's Advice, Energy Saving Tips, Neighborhood and City events/highlights, Seller's Advice
Data for March 2009.
Please drop by regularly for new Data.
The only tool that gives you a real edge in gathering real estate data and keeps you updated. These statistics is the only product that gives you complex-graphs-made-simple. With these statistics you get an exclusive view of inventory in months’ supply, comparing results from city-to-city, the ability to provide to you local and nearby competitive circumstances, confidence to list it at the right price from the beginning, or validate a request for a list price reduction, exclusive Active-to-Pending ratio results provide you with the best real time pulse of the market, the current buyer demand for any property, price and category, comparing what sellers are asking on a cost-per-square-foot basis, to what buyers are currently willing to pay on a cost-per-square-foot basis, and a comparison of all MLS statuses by cost-per-square-foot.
These statistics are for you to know and understand the local market.
Inventory In Months’ Supply March 3, 2009
Comparing Anaheim to Nearby Communities
All Residential Properties
Active -To-Pending Ratio – March 3, 2009
Comparing Anaheim to Nearby Communities
All Residential Properties
Pricing Reality For Sellers – March 3, 2009
List Price Per Square Foot by MLS Status
All Residential Properties in Anaheim
Sale Price Per Square Foot
Comparing Anaheim to Nearby Communities
Sales Closing 12 Months Ending March 2, 2009
All Residential Properties
Monthly Listings Taken and Absorbed
All Residential Properties in Anaheim
12 Months Through Feb, 2009
Listings Sold by Calendar Quarter
All Residential Properties in Anaheim
9 Quarters Through December 31, 2008
Please do not hesitate to contact me if you have any questions.
Patrick Canavan
714.943.0444
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Housing Affordability Fund Mortgage Protection Program
March 31st, 2009 categories: Buyer's Advice
Through the California Association of Realtors (C.A.R.) Housing Affordability Fund Mortgage Protection Program first-time home buyers who lose their jobs due to layoffs ma

Mortgage Protection Program
y be eligible to receive up to $1,500 per month for up to six months to help make their mortgage payments. A qualified co-buyer also can participate in the program, for a reduced monthly benefit of $750 per month for up to six months in the event of a job loss. Program benefits also include coverage for accidental disability and a $10,000 death benefit. C.A.R.’s Housing Affordability Fund is dedicating $1 million to the program this year, and estimates that as many as 3,000 families will benefit from the program throughout 2009.
To qualify for the Mortgage Protection Program, applicants must:
. Be a first-time home buyer – someone who has not owned a home in the last three years
. Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
. Use a California REALTOR® (YOURS TRULY) in the transaction
. Purchase the property in California
. Be a W-2 employee (cannot be self-employed or military personnel)
First-time home buyers must request an application for the H.A.F. Mortgage Protection Program from their REALTOR®. For applications and other information on this exciting new program, go to www.car.org/aboutus/hafmainpage/ or contact Monica Rodriguez at (213) 739-8380 or monicar@car.org.

Protection
The Mortgage Protection Program is a proactive approach by C.A.R. to address consumers’ concerns about the real estate market and their ability to make their mortgage payments should they loose their job.
Please do not hesitate to contact me if you have any urges to buy a home in a Buyers Paradise. Just sayin
Your Realtor & EcoBroker 714.943.0444
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HOMEOWNERS BEWARE - Foreclosure Rescue Scams
March 26th, 2009 categories: Buyer's Advice, Realtors, Seller's Advice

Beware
BEWARE: Foreclosure Rescue Scams
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Bruce Lee Ping Pong
March 10th, 2009 categories: Real Estate Fun
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Retaliation against the Lender for the foreclosure
January 24th, 2009 categories: Buyer's Advice, Seller's Advice
I can understand the anger that comes over people after losing a home to foreclosure but to destroy or damage their bank-owned home before moving out will be a million times worse for them. Not many people are aware that they make the Economic problem worse. Removing fixtures, faucets, sinks, piping, showers, toilets etc.. purposely damaging the property before they leave will not only affect THEM but everyone else pays the price for THEIR ignorance. It actually hurts the falling market even further. The surrounding property value will lower more when your damaged property
sells and is used for other comparables. The sale of their property will be used for other sales. Hence affecting everyone.
I hope some read this before they do such acts because you will be looking at criminal prosecution and a Civil Judgement. I am sure they are not aware that this will follow them for the rest of their life?
Anyone that retaliates against a Lender (Mortgage Company) that foreclosues on their property will be looking at criminal prosecution. Here in California it is prohibited that removing fixtures, faucets, sinks, piping, showers, toilets etc.. “with the intent to defraud or injure” after the property has been foreclosed.
Removing fixtures more than $100 is a FELONY which equals prison for a year or even more. If they are less than $100 it is a MISDEMEANER with county jail imprisonment for up to one year and or a fine of up to $1,000.00
The mortgage company may bring a separate lawsuit to recover for the difference in the value of the property caused by the Vandalizism. If a mortgage company obtains a judgment for the damages, that judgment is valid for ten years, and may be renewed for additional ten year periods.
So please save yourself even more dismay and hurting everyone around you - PLEASE PLEASE think twice, you will regret it.
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Merrill Lynch CEO Earns $83 Million in Compensation
December 22nd, 2008 categories: Buyer's Advice, Market Reports, Real Estate New, Realtors, Seller's Advice
Bailout Banks paid $1.6 Billion in compensation to 600 top executives - in salaries, Bonuses etc.. in 2007
Lloyd Blankfein CEO - Goldman Sacs
2008 Compensation
$54 Million
Goldman Sacs Govt.
Bailout: $10 Billion
John Thain CEO - Merrill Lynch
2008 Compensation
$83 Million
Merrill Lynch Govt.
Bailout: $10 Billion
This information is from their SECC filings - disclosing all their perks, golf memberships etc..
Apparently John Thain only worked for 1/2 a year with a signing bonus of $15 million who gave up his bonuses for huge stock options. Goldman Sacs says they will give up their bonuses but how much of this will be a token because most of what they have been saying is that they need some of this money to retain Talent & that they cannot bring in the Executives they need if they cannot offer them high salaries. Aren’t these the guys that created the mess we are ?????????
SIX FINANCIAL COMPANIES THAT GOT $270 BILLION STILL OWN CORPORATE JETS.
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