Sacramento Bee

42,000 of California’s jobless will get help with mortgages

The U.S. Treasury Dept. announced yesterday it is providing additional funding to a California

program to help homeowners struggling to make their mortgage payments due to unemployment.

The program, administered through the California Housing Finance Agency (CalHFA) will assist

struggling borrowers make up to six months of mortgage payments. Lenders will be asked to match the government contribution.

KEEP THIS IN MIND

• The program aims to help 19,000 unemployed borrowers in California between its

November launch and next July. An additional 23,000 borrowers will receive help over the

next two years, according to CalHFA estimates.

• To qualify for the program, borrowers must be unemployed and eligible for unemployment

benefits, and live in the home tied to the mortgage. Borrowers must be fewer than 90 days

behind on mortgage payments and meet low- and moderate-income guidelines. Income

requirements can be found at http://keepyourhomecalifornia.com/income.pdf.

• CalHFA is focusing on providing aid to unemployed borrowers struggling with purchase

loans, excluding refinanced loans. According to CalHFA officials, it is too difficult to decide

who “cashed out for a good reason and who didn’t.”

• More information about the CalHFA program, including eligibility, program summary,

income requirements, and frequently asked questions, can be found at

http://keepyourhomecalifornia.com.

To read the full story, please click here:

http://www.sacbee.com/2010/08/12/2953229/42000-of-californias-jobless-will.html

Bloomberg

“Buy and Bail” homeowners get past loan restrictions

Real estate professionals call it “buy and bail,” acquiring a new house before the buyer’s credit

rating is ruined by walking away from the old because it’s “underwater,” or worth less than the

mortgage. It’s an attempt to escape payments on a home whose value may never recover while

securing a new property, often at a lower price with a more affordable mortgage.

To read the full story, please click here:

http://www.bloomberg.com/news/2010-08-10/-buy-and-bail-homeowners-get-past-mortgagehurdles-from-fannie-freddie.html

The Mercury News

Median home prices up in San Jose, San Francisco areas, most U.S. cities

Home prices rose in nearly two-thirds of U.S. cities-including the San Jose and San Francisco

areas-this spring as buyers took advantage of tax incentives that gave the struggling housing

market a temporary jolt.

To read the full story, please click here:

http://www.mercurynews.com/breaking-news/ci_15742043

Los Angeles Times

Short sales soar in California, U.S.

Sales of homes for less than the amount of their outstanding mortgage debt have tripled since 2008, particularly in California and the Sunbelt, according to a report released Tuesday.

To read the full story, please click here:

http://www.latimes.com/business/la-fi-short-sales-20100811,0,7193924.story

In Other News…

The Washington Post

FHA tells Congress: Mortgage insurance claims are down; home prices a concern

Mortgages backed by the Federal Housing Administration have performed better than expected so far this fiscal year, though the improvements could be overturned if home prices sink, according to a report the agency submitted to Congress last week.

To read the full story, please click here:

http://www.washingtonpost.com/wpdyn/content/article/2010/08/03/AR2010080306749.html?hpid=sec-business

CNN Money

20 percent of mortgages are underwater

More than 20 percent of the nation’s mortgage borrowers owe more than their homes are worth.

To read the full story, please click here:

http://money.cnn.com/2010/08/09/real_estate/fewer_underwater_borrowers

Los Angeles Times

Shopping around for title insurance can cut closing costs

If you finance your home through the normal lending process, a title search will undoubtedly turn up any liens for delinquent property taxes, unpaid loans, and unsettled claims by subcontractors for labor and materials.

To read the full story, please click here:

http://www.latimes.com/business/realestate/la-fi-lew-20100808,0,7858566.story

CNN Money

Foreclosures rise in July

The latest foreclosure numbers carried a mixed message: They’re up 3.6 percent from the month

before, but down 9.7 percent from 12 months earlier.

To read the full story, please click here:

http://money.cnn.com/2010/08/12/real_estate/July_foreclosure_totals/index.htm

What you should know about the market

• Companies promising to reduce or eliminate credit card balances and other debt for

customers no longer will be allowed to charge an up-front fee. The Federal Trade

Commission (FTC) recently announced new restrictions to crack down on the debt

settlement industry. Beginning Oct. 27, debt settlement companies only will be able to

charge a fee once a customer’s debt has been reduced, settled, or renegotiated.

• The new FTC regulations also require debt settlement companies to disclose to customers

how long it will take to get results, how much it will cost, and any negative consequences

that could arise from the process.

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®

Should you buy or rent a home? Cost gap narrows

Affordable home prices and low interest rates have created an ideal time for many buyers to purchase homes, and now a new week-long look at homeownership confirms it. The national study, conducted for The Associated Press, shows that the difference between monthly rents and mortgage payments is at its lowest level in nearly 20 years.

KEEP THIS IN MIND

• The analysis of 45 metro areas found the difference between the monthly mortgage payment on a median-priced home and the median rent has declined to $256. In some areas, the difference is as low as $100, according to the study. The last time the price gap was that close was in 1993, when it decreased to $264.

• The study, conducted by Marcus & Milichap Real Estate Investment Services, used median prices for the last three months of 2009 and calculated mortgage payments by assuming a 10-percent down payment and a 30-year fixed loan at 5.07 percent. It also assumed borrowers paid for private mortgage insurance and didn’t include repair costs and tax benefits.

• Although the difference between monthly rent and monthly mortgage payments is at its lowest level in nearly 20 years, more stringent lending standards have made the home-buying process more challenging. Home buyers can prepare by ensuring their credit reports are up to date and saving for a down payment of at least 20 percent. Borrowers putting down less than 20 percent likely will have to purchase private mortgage insurance.

• Owning a home has significant tax benefits, including deductions for property taxes and loan interest. Homeowners also can enjoy building equity and creating a means of forced savings as they pay down the principal on the home.

• Although home buyers should not focus solely on future home price appreciation, according to data collected by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) over the last 40 years, homeowners who purchase a median-priced house, live in it for at least five years, and sell it at the then-current median price, have averaged an annual rate of return of more than 11 percent.To read the full story, please click here:

http://www.dailynews.com/business/ci_14916092

In Other News…

San Francisco Chronicle

Good timing could reap double tax credits Some home buyers in California could get a federal tax credit worth up to $8,000 plus a new state credit worth up to $10,000 if they time their purchase just right. To read the full story, please click here:

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/04/01/BU9G1CNTVN.DTL&tsp=1

The Wall Street Journal

Why it may be time to refinance your loan With the Federal Reserve out of the mortgage market and the economy gaining strength, some economists are warning that mortgage rates, still near historic lows, will soon start to rise.

To read the full story, please click here: http://online.wsj.com/article/SB10001424052702304830104575172032313214888.html?KEYWORDS=refinance

Los Angeles Times

Consumer loan delinquencies decline again in fourth quarter

In a positive sign for the economy, a bankers group said that delinquencies on consumer loans declined in the last three months of 2009, marking the second consecutive quarter or improvement, and a sampling of data suggests the trend has continued this year.

To read the full story, please click here:

http://www.latimes.com/business/la-fi-delinquent-loans8-2010apr08,0,1397148.story

The Wall Street Journal

Reverse mortgages now look cheaper

Reverse mortgages have long been considered one of the most expensive ways to extract cash from your house. But that is changing as some of the country’s biggest reverse-mortgage lenders are slicing closing costs—helping even some affluent homeowners who want to generate additional income.

To read the full story, please click here:

http://online.wsj.com/article/SB10001424052702304628704575186211956006190.html?mod=WSJ_hpp_sections_personalfinance

The Wall Street Journal

Second mortgages vex borrowers

Banks are coming under increasing political pressure to write off or at last write down second-lien and other junior mortgages as a way to help borrowers keep their homes or extract themselves from heavy debt.

T o read the full story, please click here:

http://online.wsj.com/article/SB10001424052702304846504575177720824287204.html?mod=WSJ_Real+Estate_LeftTopNews

CNN Money

10 foreclosures for every home saved

The Obama administration’s mortgage-modification program is not keeping pace with the deluge of foreclosures hitting the market, a government watchdog found.

To read the full story, please click here:

http://money.cnn.com/2010/04/14/real_estate/COP_foreclosure_mitigation_report/index.htm

North County Times

Economists say California tax credit won’t last through May

New home buyers will burn through the California state tax credit no later than May 20^th, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

To read the full story, please click here:

http://www.nctimes.com/business/article_5fb80b8a-7e42-500f-ad3d-bc3851850f15.htm

What you should know about the market:

Home buyers waiting for a mortgage loan to fund are advised to be conservative when it comes to buying new furniture, appliances, or the like for the house they are purchasing. It has become standard practice for lenders to check borrowers’ credit scores in the weeks leading up to the closing, sometimes even the day prior to closing. Large purchases can use up a considerable proportion of a borrower’s total credit limit, which can lead to a drop in the borrower’s FICO score and possibly change the terms of the loan.

Many homes currently on the market are distressed properties—foreclosures and short sales—which increases the importance of home inspections. According to the America Society of Home Inspectors, the owners of distressed properties usually didn’t have the money to maintain their homes and often deferred property maintenance. A home inspection can find problems with the foundation, electrical, plumbing, roof, attic insulation and heating and air conditioning. Although home inspections can be costly, in the long run, home buyers will be better situated when they know what, if anything, needs repairing on the home.

C.A.R. Mortgage Update

Help from Fannie and Freddie for foreclosed homes

Fannie Mae and Freddie Mac are offering financing incentives for buyers of foreclosed homes owned by Fannie and Freddie. Home buyers have until Oct. 30 to apply for Freddie Mac’s SmartBuy program, which started in July, and offers up to 3.5 percent of a home’s sale price to help cover closing costs.

To qualify, the home must be a principal residence and must be selected from Freddie Mac’s HomeSteps Web site (www.homesteps.com/homeshoppers.htm) for its foreclosed properties. Loans must close by year’s end. The HomeSteps properties also include two-year warranties on major appliances and electrical, plumbing, and air-conditioning and heating systems.

Fannie Mae’s HomePath program (www.homepath.com) is an ongoing program and offers more incentives than Freddie Mac’s. Through participating lenders, Fannie will offer mortgages to buyers who make a down payment of 3 percent. The buyers do not have to secure private mortgage insurance, a common practice with nearly all lenders. Home buyers also can negotiate for Fannie Mae to offer closing-cost assistance.

Unlike Freddie Mac’s program, Fannie’s assistance level is not capped. Under the HomePath program, the average participating homeowner has received payments equivalent to 3.75 percent of the loan’s value.

To read the full story, please click here:

http://www.nytimes.com/2009/10/11/realestate/11mort.html?_r=1&ref=realestate

To view additional articles about new home loans, loan modifications, or mortgage refinances, please visit the following:

Refinancing wave skips Inland region

To read the full story, please click here:

http://www.pe.com/business/local/stories/PE_Biz_S_mortgages10.390c564.html

Schwarzenegger signs seven mortgage laws

To read the full story, please click here:

http://www.latimes.com/business/la-fi-mortgage13-2009oct13,0,6365006.story

FHA head rejects calls for higher down payments

To read the full story, please click here:

http://blogs.wsj.com/developments/2009/10/13/fha-head-rejects-calls-for-higher-down-payments/

Rates on 30-year loans inch up, to 4.92 percent

To read the full story, please click here:

http://www.sacbee.com/business/nation/story/2255906.html

Los Angeles Times

Start repairing bad credit rating now

Homeowners who have lost their homes to foreclosures or through short sales may be able to buy another home in as little as two years by taking immediate steps to rebuild their credit.

KEEP THIS IN MIND

Consumers who have had their homes foreclosed upon or sold via a short sale, where the lender agrees that the owner can sell the home for less than is owed on the mortgage, are advised to review their credit report as soon as possible for accuracy. Web sites such as annualcreditreport.com offer free reports, but not free credit scores.

The first step in reviewing a credit report is to make certain that the information in the file is about the correct individual, and not someone with a similar name or similar Social Security number. Credit reports also should be reviewed for incorrect items, such as credit cards that were never opened or payments made that were never reported.

Homeowners who have sold their home via a short sale should review their credit report to ensure the account reflects a zero balance rather than the difference between the outstanding balance and the sales price. Consumers should not assume that a short sale carries no further obligations. Some lenders are filing deficiency judgments, while others are selling the debts to investors who then contact borrowers for repayment.

Staying current on credit card payments, applying for secured credit cards, and taking out and paying on small loans also can help to reestablish credit.

To read the full story, please click here:

http://www.latimes.com/classified/realestate/news/la-fi-lew11-2009oct11,0,648573.story

In Other News…

Los Angeles Times

Housing upturn occurring in some parts of Southern California, data show

Southern California’s housing market took another small step toward recovery in September as the median sales price for homes in some areas rose above last year’s levels—the first such increase since the market crashed.

To read the full story, please click here:

http://www.latimes.com/business/la-fi-home-sales14-2009oct14,0,3912609.story

The Wall Street Journal

Home builders curtail freebies

Home builders are scaling back on the incentives offered to attract buyers, putting an end to such freebies as sports cars and tropical vacations.

To read the full story, please click here:

http://online.wsj.com/article/SB125470256909163111.html

CNN Money

Push on to expand $8,000 tax credit

Congress is considering proposals to greatly expand a soon-to-expire $8,000 tax credit for first-time home buyers—potentially applying it to all but the wealthiest home buyers.

To read the full story, please click here:

http://money.cnn.com/2009/10/14/news/economy/home_buyer_tax_credit_extension/index.htm?postversion=2009101411

Los Angeles Times

Mortgage professionals expect home foreclosures to keep rising

Despite sub-5 percent mortgage rates and signs that home prices have bottomed out in some places, executives and economists are decidedly downbeat about the future of the country’s mortgage industry as well as the housing market it depends on.

To read the full story, please click here:

http://www.latimes.com/business/la-fi-mortgage14-2009oct14,0,7151440.story

Press Enterprise

Senior housing communities thrive

Since 2005, sales in Inland age-restricted communities have plunged by half but they are still stronger than in other new home developments, according to Hanley Wood Market Intelligence, a real estate research firm based in Costa Mesa.

To read the full story, please click here:

http://www.pe.com/business/local/stories/PE_Biz_S_seniorhsing2-08.390c845.html

Los Angeles Times

Home buyers should pay attention to IRS Form 4506-T

You might assume it’s just another boring-looking piece of the paper blitz you’re hit with when you apply for a home loan. But given IRS Form 4506-T’s new prominence in the fraud-shocked mortgage markets, it’s much more than just another document to sign.

To read the full story, please click here:

http://www.latimes.com/classified/realestate/news/la-fi-harney11-2009oct11,0,1381008.story

Los Angeles Times

Survey: Economists say recession is over, predict moderate, slow-paced recovery

More than 80 percent of economists believe the recession is over and an expansion has begun, but they expect the recovery will be slow as worries over unemployment and high federal debt persist.

To read the full story, please click here:

http://www.latimes.com/business/nationworld/wire/sns-ap-us-economic-recovery,0,2413922.story

What you should know about the market…

The federal government is offering some financial incentives in the form of a tax credit to homeowners making home improvements. The credits can be claimed on income taxes for the year in which the improvements were purchased—either 2009 or 2010. With a tax credit, the amount is deducted from the taxes owed.

Upgrades such as insulation, windows, doors, roofing, heating and air-conditioning systems, and water heaters qualify for a federal tax credit of 30 percent of the purchase price of the product, up to $1,500. More-costly improvements, including solar water heaters, solar panels, small windenergy systems, and geo-thermal heat pumps, offer a credit of 30 percent of the purchase price, but with no cap.

Details on which products qualify can be found on the Environmental Protection Agency’s Energy Star program Web site at http://www.energystar.gov/

Search for properties at EnterYourDreamHome

C.A.R. Mortgage Update

This week’s C.A.R. Mortgage Update contains information about FHA mortgages, mortgage rates, jumbo loans, foreclosure scams, and mortgage modifications.

The appeal of 3.5% Down:  FHA mortgages increase in popularity

A recent survey by Zillow.com found that more than one-third of buyers do not plan to make down payments larger than 10 percent, while nearly one-fifth do not plan to issue a down payment.  Since loans insured by the Federal Housing Administration (FHA) only require a 3.5 percent down payment, these loans have risen in popularity among buyers.

Last month, the share of applications for government-insured mortgages rose to its highest level since November 1990, accounting for nearly 36 percent of all mortgage applications, according to the Mortgage Bankers Association.  In 2005, the share of government-insured mortgages stood at less than 6 percent.

To read the full story, please click here:
http://blogs.wsj.com/developments/2009/07/10/the-appeal-of-35-down-fha-mortgages-increase-in-popularity

To view additional articles, please visit the following:
Mortgage rates drop for third week; 30-year at 5.14%
To read the full story, please click here:
http://www.usatoday.com/money/economy/housing/2009-07-16-mortgage-rates_N.htm

Upscale home sales lag as jumbo loans are hard to get
To read the full story, please click here:
http://www.usatoday.com/money/economy/housing/2009-07-14-sales-jumbo-loans_N.htm

Foreclosure scams targeted in U.S., state and local crackdown
To read the full story, please click here:
http://www.latimes.com/business/la-fi-foreclosure-scams16-2009jul16,0,1422452.story

Mortgage firms prodded to modify more loans
To read the full story, please click here:
http://online.wsj.com/article/SB124718320592520315.html

Loan modification efforts helping few troubled homeowners
To read the full story, please click here:
http://www.mercurynews.com/realestatenews/ci_12789161

.

CNN

How to find your best place to live

The current economic situation has brought out many home buyers and also has caused some to relocate for new jobs.  Finding the right home and one that has the best chance of holding or increasing in value can be challenging; however, real estate experts say that areas where homes retain their values best in tough times tend to have certain factors in common.

MAKING SENSE OF THE STORY FOR CONSUMERS

Since real estate markets are local and vary neighborhood to neighborhood, home buyers should work with REALTORS® who are familiar with the areas in which the buyers are interested.  REALTORS® can help narrow down the number of properties to those that meet the buyers’ requirement.

During the height of the market, many home buyers only could afford to purchase in the exurbs.  However, long commutes and high gas bills also can take their toll on homeowners.  According to Ken Shuman at Trulia.com, homes more than 40 miles outside city centers generally have declined in value the most.  For example, Shuman says that homes in Antioch (45 miles from San Francisco) lost 37 percent of their value in the past 12 months, while those in Walnut Creek (25 miles away) declined 18 percent.

Towns where zoning regulations make it more difficult to build have experienced smaller prices declines than towns that experienced huge building booms in recent years.  “Prices are more likely to go higher if you can’t expand supply,” says Daniel McCue, research analyst the Harvard University Joint Center for Housing Studies.  Towns nestled against barriers such as large lakes or protected wetlands also usually limit expansion.

Buyers can call the town or county planning office and ask how many acres of vacant land are in town, how much of it is zoned for residences, and the maximum number of homes that can be built.  Requesting a copy of the town’s master plan also should tell buyers how much the housing stock is set to expand in the next 10 years.

Homes in towns with stores, banks, and movie theaters are more likely to hold value than those that are nearly all residential, as people like to live near these services and jobs, and provide the town a stronger tax base to fund public service items, such as police.

To read the full story, please click here:
http://money.cnn.com/magazines/moneymag/moneymag_archive/2009/08/01/105837635/index.htm?postver
sion=200907151

San Jose Mercury News
Foreclosures in Silicon Valley continue to climb
To read the full story, please click here:
http://www.mercurynews.com/business/ci_12834550

The Wall Street Journal
Home prices play big role in Americans’ decision to move
To read the full story, please click here:
http://blogs.wsj.com/economics/2009/07/14/home-prices-play-big-role-in-americans-decision-to-move/

The Los Angeles Times
Many underwater homeowners are deliberately walking away from mortgages
To read the full story, please click here:
http://www.latimes.com/classified/realestate/news/la-fi-harney12-2009jul12,0,3674775.story

Bloomberg
U.S. economy: Consumer sentiment falls on job losses
To read the full story, please click here:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aV3l4MNlohIs

BusinessWeek
Southern California Homes Sales Rise Again
To read the full story, please click here:
http://www.businessweek.com/the_thread/hotproperty/archives/2009/07/southern_califo_2.html

What you should know about the market

The U.S. Dept. of Housing and Urban Development (HUD) offers an online guide to preventing foreclosure.  The guide provides consumers with information such as how to contact a housing counselor; when and how to talk to their lender; how to find foreclosure resources; tips on avoiding foreclosure and foreclosure scams, as well as information for consumers who cannot keep their home.

The guide to preventing foreclosure can be accessed by visiting

http://www.hud.gov/foreclosure/

As credit underwriting guidelines tighten and down payment requirements increase, some home buyers – especially first-time home buyers – are finding it more difficult to qualify for a mortgage loan offered by a traditional financial institution.  One viable option for some first-time home buyers, or those with challenged credit, is to apply for a home loan with the Federal Housing Administration (FHA).  These loans are mortgages issued by a private lender but insured by the FHA.  They often require smaller down payments and offer fixed-rate or adjustable-rate loans.  However, not all home buyers will qualify.  The FHA requires verification of income and assets along with a full home appraisal.  While consumers with credit scores a low as 580 may qualify, home buyers should contact an FHA lender for an accurate assessment of their situation and ability to qualify.

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.

 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

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.

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

Beware

BEWARE: Foreclosure Rescue Scams

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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