The New York Times

New online help from Fannie Mae Since the start of the housing downturn, the number of Web sites and foreclosure-prevention companies claiming to offer help to struggling borrowers has greatly increased. While some of the businesses are legitimate, others are fraudulent and offer services that consumers may be eligible to receive free of charge.

KEEP THIS IN MIND

• This month, Fannie Mae – the government-sponsored entity that helps set lending standards for most mortgages-started a Web site, KnowYourOptions.com. The site contains elements distinguishing it from those aiming to prevent foreclosure. All of the information on the site is available in Spanish or English.

• KnowYourOptions.com provides video explanations of what users might accomplish in each of the tabbed section of the site. In the “Take Action” section, for example,” struggling homeowners are advised that the first step to take in seeking help with their mortgage is to contact their mortgage company.

• Other features of the site include contact information for mortgage companies and loan counselors, calculators to determine if the borrower is eligible for assistance, and information on commencing short sales or deeds-in-lieu of foreclosure.

• Another helpful Web site for consumers is Hope LoanPort, which allows struggling homeowners and housing counselors to submit financial documents to mortgage companies and track the status of their efforts to avoid foreclosure. Hope LoanPort was created by Hope Now, a consortium of 12 mortgage companies and 250 counseling agencies.

To read the full story, please click here:
http://www.nytimes.com/2010/08/22/realestate/22mort.html?_r=1&ref=realestate

In Other News…

Sacramento Bee

Buying an older home? REALTORS® giving $2,000 for certain energy-efficiency improvements The Sacramento Association of REALTORS®, aiming to overcome consumer reluctance about buying older, energy-guzzling houses, has launched a program to give qualified buyers $2,000 to help make energy-efficiency improvements.

To read the full story, please click here:
http://www.sacbee.com/2010/08/23/2977186/buying-an-older-home-realtors.html

The New York Times

Housing fades as a means to build wealth, analysts say Housing will eventually recover, but many real estate experts now believe that homeownership never again will yield rewards like those enjoyed in the second half of the 20th century, when houses not only provided shelter but also a plump nest egg.

To read the full story, please click here:
http://www.nytimes.com/2010/08/23/business/economy/23decline.html?ref=realestate

Los Angeles Times

Mortgage delinquencies remain high at 1 in 10 loans One in 10 American households with a home loan was behind on payments by at least one month this summer, the Associated Press reported.

To read the full story, please click here:
http://latimesblogs.latimes.com/money_co/2010/08/delinquencies.html

The Wall Street Journal

Mortgage fraud is rising, with a twist New data suggests that mortgage fraud-which got tougher to pull off after the collapse of the U.S. real estate market-is returning in a big way.

To read the full story, please click here:
http://online.wsj.com/article/SB10001424052748703824304575435383161436658.html?mod=WSJ_hpp_sections_personalfinance

Press Enterprise

Mortgage assistance programs help people through patches of unemployment In the current national economic crisis, unemployment has replaced mortgages that readjust to higher rates as the primary cause of home foreclosures. As a result, mortgage assistance programs are being offered to help people through the rough patches of unemployment.

To read the full story, please click here:
http://www.pe.com/business/local/stories/PE_Biz_D_unemployed22.2106053.html

Los Angeles Times

More recent mortgage modifications seem to be sticking Homeowners who had mortgages modified recently are faring better than those who did so earlier in the housing crisis, according to a report published Tuesday, possibly debunking predictions of a huge wave of defaults to come.

To read the full story, please click here:
http://www.latimes.com/business/la-fi-re-default-20100824,0,496548.story

Inland Valley Daily Bulletin

Area home prices jump Home prices in July rose 10.7 percent to $155,000 in San Bernardino County compared with the same time last year, according to a report released Tuesday.

To read the full story, please click here:
http://www.dailybulletin.com/ci_15884350

Los Angeles Times

Federal foreclosure prevention program is struggling Just as the housing market recovery has stalled, so has the Obama administration’s main program to ease home foreclosures.

To read the full story, please click here:
http://www.latimes.com/business/la-fi-obama-foreclosures-20100821,0,3901237.story

Keep this in mind …

• In the second quarter of 2010, 64 percent of first-time buyers could afford to purchase an entry-level home in California, according to the First-time Buyer Housing Affordability Index published by the CALIFORNIA ASSOCIATION OF REALTORS®.

• The median price of an entry-level home in California was $266,750 in the second quarter of 2010, with an estimated monthly payment of $1,470, including taxes and insurance.

• The minimum household income needed to purchase an entry-level home in California in the second quarter of 2010 was $43,960.

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®

Sacramento Bee

Appraisal sites on Net often fail to pin down accurate prices

Over the last five years, one of the newest developments in real estate is the ability for home buyers and sellers to search online for a home’s value. Popular Web sites such a Zillow.com, Cyberhomes.com, and Eppraisal.com offer free home estimates, but some consumers and real estate industry professionals say the values calculated often are inaccurate and misleading.

KEEP THIS IN MIND

• Online home appraisal Web sites assign home values without knowing the features or upgrades of a home or the neighborhood in which it is located. Some Web sites offer a price range of $20,000 – $40,000 more or less than the actual value of the home.

• Since housing markets are local and not every home of a certain size is the same value, consumers can be misled into believing a home is worth more or less than the actual value. Working with a local REALTOR® can help minimize inaccuracies in home values. REALTORS® can provide local housing market data and show homeowners and buyers recent sales of comparable homes in the area, to help determine an accurate list or offer price.

• While some agents report that Web estimates can educate clients and provide a reasonable assessment of market conditions and the home-buying process, working with a local REALTOR® is the best option.

To read the full story, please click here:
http://www.sacbee.com/2010/08/13/2955920/online-appraisals.html

In Other News…

Los Angeles Times

Federal Reserve bans lenders from paying bonuses to brokers for higher-interest-rate loans The Federal Reserve on Monday approved a rule banning lenders from paying bonuses to mortgage brokers and loan officers who get borrowers to agree to a higher rate than they need to pay.

To read the full story, please click here:
http://www.latimes.com/business/la-fi-fed-mortgage-20100817,0,638034.story

The Wall Street Journal

Mortgages: How to pay less
The interest rates for 30-year fixed-rate mortgages are in freefall, averaging just 4.44 percent on Aug. 12, according to Freddie Mac. Not only was that down from 5.07 percent in January, it was the lowest since Freddie began keeping records in 1970.

To read the full story, please click here:
http://online.wsj.com/article/SB10001424052748703723504575425734198113348.html?mod=WSJ_RealEstate_LeftTopNews

Los Angeles Times

Good-faith estimates get real Facing new penalties if they lowball estimates of upfront mortgage costs, lenders and brokers appear to be coming clean about how much borrowers will pay.
To read the full story, please click here:
http://www.latimes.com/business/la-fi-closing-costs-20100818,0,6277647.story

The New York Times

More borrowers opt for “cash-in” refinancing As the nation continues to endure the correction of the housing market, more buyers are opting for “cash-in” refinancing—putting extra money into a transaction to obtain cheaper loans and pay down debts.

To read the full story, please click here:
http://www.nytimes.com/2010/08/15/realestate/15mort.html?_r=1&ref=realestate
The Wall Street Journal

Low rates finally spark refinancings
After months of hovering near 50-year lows, mortgage rates have fallen even further, into uncharted territory and to a level lenders say is finally igniting more homeowner refinancing.

To read the full story, please click here:
http://online.wsj.com/article/SB10001424052748703723504575425793949599842.html?mod=WSJ_RealEstate_LeftTopNews
Los Angeles Times

FTC’s fake mortgage-company site aims to educate about scams The folks at Esteemed Lending Services are out to teach people a lesson. Esteemed Lending isn’t a mortgage lender at all. It’s a fictitious company. If it existed, it might have taken a lot of people for a ride down the road to ruin.

To read the full story, please click here:
http://www.latimes.com/business/realestate/la-fi-lew-20100815,0,7793028.story
Los Angeles Times

Homeownership to decline further, housing analyst predicts Housing analyst John Burns says he got “a lot of heat” for his recent report predicting that homeownership could drop below 62 percent—and maybe further—if the number of “strategic defaulters” who walk away from their underwater mortgages continues to increase, he said.

To read the full story, please click here:
http://www.latimes.com/business/realestate/la-fi-umberger-20100815,0,62214.story

What you should know about the market

• After a natural disaster, homeowners may begin to be solicited by home contractors and others offering to repair damaged property. Unfortunately, natural disasters also tend to bring out scam artists who prey on the situations of homeowners, often bilking them of thousands of dollars. Homeowners searching for reliable contractors are advised to first start by contacting their home insurance company and asking if the company can recommend a contractor.

• If the insurance company cannot recommend someone, homeowners should next search for local contractors. However, prior to hiring anyone, homeowners should contact the Better Business Bureau and state licensing agencies to ensure the company has met all state licensing and bonding requirements.

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®

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®

Free Home Search

I am a professional, full time Realtor  to assist you to keep you abreast on the current market conditions and answer questions about neighborhoods and schools or any other related need.  My goal is to provide you with high quality service from now through closing making the process smooth and easy.

]]> http://orangecountyrealestatevoice.com/2010/07/16/search-here-for-your-dream-home/feed/ 0 http://orangecountyrealestatevoice.com/2010/05/08/betond-the-headlines/ http://orangecountyrealestatevoice.com/2010/05/08/betond-the-headlines/#comments Sat, 08 May 2010 16:49:13 +0000 Patrick Canavan http://orangecountyrealestatevoice.com/?p=771

CNN Money

How to buy a foreclosure

Many buyers, especially first-timers, hope to purchase a foreclosed property at a bargain price. While purchasing a foreclosed home can be a wise choice for some buyers, it is important that buyers understand the differences in buying at different stages of foreclosure and be prepared to take on the challenges typically associated with each.

KEEP THIS IN MIND

• There are three basic stages of foreclosure in California: Pre-foreclosure, trustee’s sale, and repossession, often called an REO or real estate owned by the bank.

• Pre-foreclosure homes are in the foreclosure process, but have not yet been auctioned. Owners of pre-foreclosed homes often try to sell the properties because they are “underwater,” meaning they owe more on the mortgage than the home currently is worth. Many homeowners attempt to sell via short sale, where the lender must agree to accept less than the amount owed on the mortgage. Buying at this stage of foreclosure often is a complicated and slow process. However, buyers of pre-foreclosed properties often are given the opportunity to inspect the home prior to purchasing, whereas this is not always the case when buying at other stages of foreclosures.

• The second basic stage of foreclosure is the public auction at a trustee’s or foreclosure sale. Homes in this stage often are well priced, but also come with challenges to buy. These homes may not be available for inspection and buyers may later discover the property needs numerous repairs. As a result, many of the homes at auction are purchased by investors and contractors who have experience working with homes needing numerous repairs, or taken back as REO by the foreclosing lenders.

• If a home does not sell to a third party at the trustee’s auction, the bank takes the property–the final stage of the foreclosure process. Although homes in this stage typically do not offer buyers the best prices, buyers generally can perform a thorough inspection of the property prior to closing.

To read the full story, please click here:

http://money.cnn.com/2010/05/04/real_estate/how_to_buy_a_foreclosure/index.htm?source=cnn_bin&hpt=Sbin

The New York Times

The importance of watching home equity Homeowners with secure jobs and no immediate plans to move will often watch mortgage rates anyway, just in case they have the opportunity to refinance their loans. But few of them will regularly bother to check housing sales or foreclosures, which also could effect their ability to refinance.

To read the full story, please click here:

http://www.nytimes.com/2010/05/02/realestate/02mort.html?ref=realestate

The Wall Street Journal

Why Americans get ripped off on mortgage loans You might think that Americans would have learned over the past few years that home mortgages can be dangerous products, to be approached warily, only after careful study and consideration. You’d be wrong.

To read the full story, please click here:

http://blogs.wsj.com/developments/2010/04/29/why-americans-get-ripped-off-on-mortgage-loans/

Los Angeles Times

Pending home sales rise 5.3 percent in March

The number of buyers who signed contracts to purchase U.S. homes surged more than expected in March, another sign that government incentives are propelling the housing market this spring.

To read the full story, please click here:

http://www.latimes.com/business/la-fi-home-sales-20100505,0,7504300.story

CNN Money

Fannie Mae to make qualifying for interest-only loans tougher

Fannie Mae, the government-backed mortgage giant, announced Friday that it would tighten lending requirements for the interest-only loans and adjustable rate mortgages (ARMs) it backs.

To read the full story, please click here:

http://money.cnn.com/2010/04/30/real_estate/Fannie_okays_interest_only_loans/index.htm

Sacramento Bee

California home buyer tax credit takes effect

Just as one government home buyer tax credit program ends, another begins. The home buyer tax credit signed into law in March by Gov. Arnold Schwarzenegger now is available.

To read the full story, please click here:

http://www.sacbee.com/2010/05/01/2718894/california-homebuyer-tax-credit.html

Bloomberg

Homeowners who default by choice rise to 12 percent

Decisions by U.S. homeowners to walk away from mortgages they can afford account for an increasing share of defaults, according to Morgan Stanley.

To read the full story, please click here:

http://preview.bloomberg.com/news/2010-04-29/-strategic-home-mortgage-defaults-in-u-s-reach-12-morgan-stanley-says.html

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.

Don’t miss the third annual Southern California Home Buyer’s Fair

Thousands of potential home buyers are expected to converge the weekend of March 13 and March 14 at the Los Angeles Convention Center for the FREE third annual Southern California Home Buyer’s Fair.  The event is sponsored by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and the Los Angeles Times.

The Southern California Home Buyer’s Fair, open 10 a.m. to 5 p.m., Saturday, March 13, and 11 a.m. to 4 p.m., Sunday, March 14, features more than 50 educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind.  Seminar topics range from understanding home prices and monitoring and fixing credit to applying for a mortgage and the importance of the home inspection. Several of the sessions also will be offered in Spanish.

The event is free to the public. In addition, the first 200 attendees each day will receive a free movie ticket (one ticket per person).

C.A.R. also has created a consumer fact sheet about the event.  Please visit http://www.homebuyersfair.com/ for more information.

The Wall Street Journal

California’s home inventory shrinks to 5-year low
California’s Unsold Inventory Index (UII), a closely watched index indicating the number of months needed to deplete the supply of homes on the market at the current sales rate, declined to 3.8 months in December, the lowest level in five years, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).  By comparison, the UII for existing, single-family homes stood at 5.6 months in December 2008.

MAKING SENSE OF THE STORY FOR CONSUMERS

Some economists believe that California’s housing inventory is artificially low because many discretionary sellers—homeowners who do not have to sell their homes—are waiting on the sidelines until home prices rise.  Others believe there are more foreclosures to come, as unemployment in the state continues to rise.  However, C.A.R. predicts that foreclosures will remain flat in 2010 compared with 2009, as lenders are listing properties for sale at a more metered pace.

California’s housing market has shown signs of stabilization since early last year.  Sales of existing, single-family homes bottomed out in August 2007, and the median home price reached its trough in February 2009.

In December, the median price of an existing, single-family home rose to $306,820, an 8.4 percent rise year-over-year, the second consecutive year-over-year increase, and the 10th straight month-over-month increase, according to C.A.R.’s December sales and price report.

With affordability near-historic highs, low interest rates, and home buyer tax credits, many properties in California are receiving multiple offers and sparking bidding wars.  Home buyers who find themselves in bidding wars should work closely with their REALTOR® to ensure they are crafting realistic offers that are more likely to be accepted by the seller.

To read the full story, please click here.

CNN Money

Get help—before you fall behind on your FHA mortgage
On Friday, the Federal Housing Administration announced that it will assist borrowers before they become delinquent.

To read the full story, please click here.

The Mercury News

Home sizes fall as builders, buyers embrace economic reality
New-home buyers responded to the tough times in 2009 by opting for smaller houses, driving down the average size of a house built in the United States for the first time in 27 years.

To read the full story, please click here.

Bloomberg

Reviving down-payment-assistance programs faces FHA opposition
The U.S. Federal Housing Administration, facing as much as $14 billion in losses from a down-payment-assistance program terminated in 2008, is seeking to block efforts to bring it back.

To read the full story, please click here.

The Washington Post

Stakes are high as government plans exit from mortgage markets
The wind-down of federal support for mortgage rates, set to end in two months, is a momentous test of whether the Obama administration and the Federal Reserve have succeeded in jump-starting the housing market and ensuring it can hold its own.

To read the full story, please click here.

The Wall Street Journal

No plans for mortgage-principal reductions
Despite increasing pressure to take more aggressive steps to keep troubled borrowers in their homes, the Obama administration said last week that it had no immediate plans to alter its foreclosure-prevention program by increasing its reliance on reducing loan balances.

To read the full story, please click here.

San Francisco Chronicle

Home prices rise for 6th straight month in Nov.
Home prices rose for the sixth straight month in November with 14 of 20 metro areas posting improvements from the month before.

To read the full story, please click here.

Los Angeles Times

New home sales fall 7.6 pct in December
New home sales unexpectedly fell 7.6 percent last month, capping the industry’s weakest year on record.

To read the full story, please click here.

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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/

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