There's an interesting article in California Real Estate this month entitled "Foreclosure-speak" and written by Marcia Geffner. If you are new to the foreclosure and pre-foreclosure scene, Geffner uses broad strokes in order to ease you into this new and fairly challenging real estate market.

Since short sales and bank-owned proprieties are likely to be fairly ample for the next few years in most states, this tips and tools may help some real estate agents muddle through these tough times and embrace the present state of things.

Click here to see the article.

Broker, Realtor®

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Honolulu County Real Estate  Numbers Are Out! 

Single Family Home Resales Numbers:  The Year to Date sales numbers are starting to climb and are just under the 2008 sales numbers for the same YTD time period. A -306 decrease in number sales for the island of Oahu (Honolulu County) or -21.7% drop. 

Single Family Home Average Sales Prices:  The Year to Date sales prices shows a decrease from 2008 sales prices for the same YTD time period. A significant -14.9% drop in sales prices for the island of Oahu (Honolulu County). 

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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs  she serves all Hawaii Home Buyers and Sellers on the island of Oahu (Honolulu County) inclujding all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com 

Mortgage shopping has never been more confusing. The secret is knowing whom to talk to, and when.  (Money Magazine) --

When the easy money was flowing, you could get a great deal on a mortgage from just about anyone. But in today's credit-challenged world, all avenues for finding a mortgage come with their own set of problems.

Many banks have tightened lending standards and scaled back offerings. Some banks are no longer working with mortgage brokers, who are under fire for pushing bad loans during the boom.

And while online lending sites hold the promise of one-stop shopping, some have developed a reputation for playing bait-and-switch on rates and not fully disclosing fees.

All this adds up to a major shopping hassle. If you want to get the best rate, you'll need to tap at least two of the sources below.

Scour the Web

Shopping for a mortgage online has come a long way from the days of one-size-fits-all rate listings. At some sites, including Bankrate.com, MortgageMarvel.com, and Zillow.com, you can now shop anonymously and get accurate rates. Keep in mind that all these sites act as referral services, so eventually you'll have to close the deal with a bank or mortgage broker.

Best for: If you know what kind of loan you're looking for, the Web should be your starting point; getting a handle on the current rates and fees will help you know whether you're getting a good rate when you sit down with a broker or bank officer later on.

If you're not sure what kind of mortgage you need, however, you'll want to seek counsel from a real person right away.

What to watch out for: Sites that ask for your Social Security number and address upfront. They might pull your credit report, which could hurt your score if you don't end up getting a mortgage.

Also make sure that all the fees are clearly disclosed on a site's rate quote. Otherwise you may get a sorry surprise when you receive the paperwork from a lender.

How to get the best deal: When inputting data into the online mortgage tool, don't guesstimate your income, your credit score, or other key stats. If you submit incorrect information, you probably won't get the rate that you've been quoted.

Go directly to a bank

At the height of the credit crisis, there seemed to be little point in asking a bank for a mortgage. But banks are lending these days, albeit with some caution.

Best for: Borrowers who are looking for a conforming loan (less than $417,000 in most areas), since some lenders have stopped underwriting jumbos. Also, if you're refinancing, call your current lender first: To keep you as a customer, it may be willing to undercut the competition.

What to watch out for: Novice loan officers. "In the heyday, underwriting was a matter of pushing a button," says Steve Curnutte, a former mortgage broker. "Now you have to know what you're doing." To prevent your financing plan from fizzling out midway, ask to work with a loan officer who has been in the business for five-plus years, or since before the credit boom took off.

How to get the best deal: Shop locally. A loan officer who's familiar with the housing stock and the players in your area may have greater latitude to offer you a lower rate than one based elsewhere. Try the local branches of big-name banks as well as community banks and credit unions, which may be using the crisis as an opportunity to snag business from their larger brethren.

Call on a broker

Mortgage brokers doled out plenty of bad loans during the boom. But a good broker can give you more hand-holding than you'll get online and will scour the market more thoroughly than you're likely to do on your own.

When it makes sense: If you're in the market for a jumbo mortgage or financing for investment property, or you just don't fit the conforming mold, a broker will identify lenders who underwrite unconventional loans. "The more exotic your needs, the harder it is to find a loan right now," says Keith Gumbinger, vice president of mortgage information site HSH. "Finding that little niche is what a broker does best."

What to watch out for: Fees. Most brokers make money on the difference between the rate you could get and the rate you actually pay, and they aren't required to disclose their cut. One way around it: Work with a fee-only broker (you can find one in your area at upfrontmortgagebrokers.org).

How to get the best deal: Obtain rate and fee info from banks and Web sites before you talk to a broker. After all, a good broker can more than make up for his cost if he finds you a better rate than you'd get on your own. But if he can't, there are plenty of others who would love to have your business.  

In 2007, Dubai promised to take home the Guinness world record the largest and most artistically detailed fireworks display during New Year's 2007/2008. The display, meant honor Sheikh Mohammed Bin Rashid Al Maktoum's vision for "The New Middle-East," was set up in over 20 locations along the Dubai beachfront and all of Dubai's private sector were invited to support the project. They're so sure that they secured the record, in fact, that they designed three covers for the 2009 Guinness Book to dedicate to the Dubai's ruler.

The display ended in a rainbow stretching from one end of the Dubai coast to the other.

And thank you for making me Your Orange County Real Estate Connection.     

www.MichaelCarusoRealEstate.com

Best regards.                                                                                                               

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI                                   

2007 President, Orange County Association of Realtors   (949) 753-7900

King David

305-607-0709 Valeria Mola SIB REALTY 18335 Collins Avenue Sunny Isles Beach 33160 www.SIBRealty.com  | 305-931-6931| www.MyCondoMiami.com Property Search || Contact Us

 Get a FREE No Obligation  Market Analysis of your Property Click SIB Condo Market Value

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Broker, Realtor®

Save time . . . outsource annoying administrative tasks.
All the commission checks you could ever want are just a click away.

George Wilbur Peck

Comic Author & Governor of Wisconsin

George W. Peck (September 28, 1840 - April 16, 1916) was an American writer and politician who served as the 17th Governor of Wisconsin 1891-1895. He was a newspaper publisher and author of fourteen books including, "Peck's Bad Boy and His Pa" (his most popular). Peck was born in New York in 1840, but lived in Wisconsin from 1843 until the time of his death. He died in 1916 at age 75. After Peck's death, his writings became the basis for several films and theater productions.

In Wisconsin, he founded newspapers in Ripon and La Crosse. He was also connected with newspapers in Whitewater and Jefferson, Wisconsin. His La Crosse newspaper, The Sun, was founded in 1874. In 1878, Peck moved the newspaper to Milwaukee and renamed it Peck's Sun. The weekly newspaper contained humorous writings of a mischief-loving, mirth-provoking, bad boy. He invented a comic literary character called 'Peck's Bad Boy', and this creation made him a best-selling author and his name a household word.

At age 15 his formal education ended and Peck began an apprenticeship as a "printer's devil," i.e. a typesetter, at the White Water Register. The printer's trade in that pre-radio and pre-TV time gave him a love and respect for language. The skill that he acquired in the newspaper printing trade led to jobs at several other papers, including what is now the Wisconsin State Journal in Madison.

TO BE CONTINUED