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short sales: Investors push Southern California home sales higher - 01/17/12 05:35 PM
Dataquick stated that investors have pushed home sales in Southern California apx. 14% higher in December than November. The real estate research firm also reported that there were a total of 19,247 resale, new homes and condos sold in Southern California California area in December. 
Demand grew for homes priced under $300,000. The fact that more lower-cost homes were sold during the period pushed the median Southern California sales price down to $270,000, compared to $275,000 a month earlier.
The median home value in the area fell 46.5%, when compared to the medain price of $505,000 in mid-2007.
The number of … (0 comments)

short sales: Short Sale - Alternatives to Foreclosure - 11/13/11 04:08 PM
Short Sale - Alternatives to Foreclosure Did you know that bank foreclosure is at a 30 year high?There are various reasons for such high levels of bank foreclosure such as: unemployment, an erratic stock market, and the fact that the cost of home ownership had increased. YOU HAVE OPTIONS! One very important thing to remember: Time is of the essence.
Many homeowners are not aware of all the options that are available to them to help save their home. If you do nothing, then you will get exactly that in return. Here are some quick tips to help you save your home or … (2 comments)

short sales: Time to close increases in September - 10/27/11 12:48 PM
According to the Campbell/Inside Mortgage Finance HousingPulse survey released Monday, refinance applications and appraisal complications are causing home sale closings to slow from the typical 30 days to between 45 and 60 days. 


Short sales and foreclosures face an even longer time to close and those account for nearly 1/2 of the market. 


2500 real estate agents were surveyed and one fo the top reasons for delays is the mortgage origination preapprovals, which sometimes expire before all interested parties agree.
… (1 comments)

short sales: Nondistressed home prices stabilizing - www.4Malibu.com - 07/26/11 05:46 PM
Stabilizing nondistressed home prices, a declining shadow inventory and stronger foreclosure auctions should lead to lower distressed sales and less downward pressure on prices, according to CoreLogic.
The report notes that while mortgage performance is improving, it is not improving nearly as much as other consumer debt performance.
Despite, a bit of positive news in the report, CoreLogic notes that negative equity will remain a strong influence on the market for an extended period of time.
In May 2011, the “excluding distressed sales” home price index only dropped 0.4% from a year ago, compared to a decline of 7.4% for the all … (0 comments)

short sales: CALIFORNIA ASSOCIATION OF REALTORS® applauds Gov. Brown on signing SB 458 into law - 07/20/11 04:08 PM

The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law.   SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.
Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections … (2 comments)

short sales: How Long Is the Wait to Buy After Foreclosure? - www.4Malibu.com - 06/30/11 05:30 PM
Fannie Mae and Freddie Mac have a three-year waiting period following a foreclosure, and a two-year wait following a short sale, deed in lieu, or discharge or dismissal of bankruptcy. However, if borrowers can justify that the circumstance for the foreclosure or bankruptcy occurred because of an illness or job loss — or other “extenuating circumstance” — that may help reduce their wait. But with no such extenuating circumstances, these former home owners may have to wait longer, even up to seven years following a foreclosure or four years after bankruptcy, the article notes.For loans insured by the Federal Housing Administration, borrowers with perfect credit … (0 comments)

short sales: CA pending home sales post first increase in 18 months - www.4Malibu.com - 06/21/11 05:18 PM
 
California pending home sales in May increased 12% from one year ago, the first such gain in 18 months, according to the California Association Realtors.
Existing home sales dropped 15.3% across the nation. But in California, May pending home sales — an indicator of the future performance of a market — marked the first yearly increase since November 2009 and the largest since August 2009.
CAR President Beth Peerce said May numbers show home sales could be higher in the second half of the year.
May's increase in pending sales is consistent with the expectation that home sales in the second half of … (0 comments)

short sales: Research looks at how mortgage delinquencies affect scores - www.4Malibu.com - 03/31/11 04:22 PM
How much impact does a short sale have on FICO® Scores? How about a foreclosure? Since I frequently hear these questions from clients and others, I thought I’d share new FICO research that sheds light on this very subject.The FICO study simulated various types of mortgage delinquencies on three representative credit bureau profiles of consumers scoring 680, 720 and 780, respectively. I say “representative profiles” because we focused on consumers whose credit characteristics (e.g., utilization, delinquency history, age of file) were typical of the three score points considered. All consumers had an active currently-paid-as-agreed mortgage on file. 
All in all, the … (0 comments)

short sales: Shadow inventory of foreclosures drops 11% from one year ago - www.4Malibu.com - 03/30/11 06:02 PM
Real estate data provider CoreLogic said 1.8 million properties make up the shadow inventory of foreclosures, down 11% from one year ago.
Analysts consider the shadow inventory as the major force against a recovery in the U.S. housing market. It is made up of mortgages in at least 90-days delinquency, in foreclosure or already repossessed by the lender as REO. These properties continue to drag down home prices, forcing more borrowers underwater and ultimately into default.Standard & Poor's recently put the principal balance remaining on the shadow inventory at $450 billion.
The 1.8 million homes represent a nine-month supply of inventory. Healthy real estate markets … (0 comments)

short sales: Cash Is King in Today's Distressed Marketplace - www.4Malibu.com - 03/28/11 04:57 PM
For many homebuyers, mortgage financing is hard to come by these days. Lenders have tightened up credit requirements in an about-face from the lax lending of pre-crisis days that put people into mortgages they couldn't afford and fueled record-high delinquencies.
Evidence of constricted mortgage credit was highlighted in the latest HousingPulse report from Campbell Surveys and Inside Mortgage Finance as cash transactions set a new record, accounting for 33.7 percent of home purchases in February.
A separate study conducted by the National Association of Realtors (NAR) shows the same trend. NAR also found that all-cash sales were a record 33 percent … (0 comments)

short sales: Distressed home sales rising - www.4Malibu.com - 03/25/11 02:39 PM
Pending home sales rose in February, as did the share of distressed properties sold, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week. 
Pending home sales in California increased in February, according to C.A.R.'s Pending Home Sales Index (PHSI)*.  The index was 112.1 in February, rising 20.6 percent from January's revised index of 93.0, based on contracts signed in February.  The index was down 1.6 percent from February 2010, when the presence of housing tax credits played a strong role in home sales.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of … (0 comments)

short sales: Banks drag feet on short sales, survey finds - www.4Malibu.com - 03/11/11 04:25 PM
The CALIFORNIA ASSOCIATION OF REALTOR® (C.A.R.) published its findings of a survey this week, which show that tedious lender requirements and poor communication hamper short sales. 
Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders' and servicers' short sale procedures, according to C.A.R.'s survey, which gauged REALTORS®' experience in working with short sale transactions - transactions in which the lender or lenders agree to accept less than the mortgage amount owed by the current homeowner.
Although not every homeowner or mortgage is eligible for a short sale, those who are able to … (0 comments)

short sales: Fannie Mae, Freddie Mac foreclosures double modifications in 3Q - www.4Malibu.com - 12/22/10 03:54 PM
Servicers started 339,000 foreclosures on Fannie Mae and Freddie Mac mortgages in the third quarter, more than double the 146,507 modifications completed, according to data from the Federal Housing Finance Agency.
Counting short sales, deeds-in-lieu, forbearance, repayment plans and other actions, servicers kept 227,300 homes out of foreclosure during the three months ended Sept. 30, but that's down 16% from the second quarter. Foreclosures starts, however, increased 23% in the same period for the most the FHFA has ever reported.
Meanwhile, modifications dropped 14% in the third quarter with more than two-thirds of those coming from outside the Treasury Department's Home … (0 comments)

short sales: Market Snapshot - www.4Malibu.com - 11/08/10 02:11 PM
 

 
 4 Malibu Real Estate Partners, Inc.
Malibu California Real Estate  ׀ Malibu Homes for Sale & Lease ׀ Malibu Land
23805 Stuart Ranch Rd., Suite 150, Malibu, CA 90265
O 310.456.3655 ׀  F 310.218.2117
www.4Malibu.com
 Market Snapshot
There is a wider variety of homes on the market now, including a mix of REOs, short sales, and conventional or non-distressed homes for sale. This means that buyers have more to choose from than in the past two years.
Ratio between home price and income at lowest level in 10 years: There was a 10-to-1 ratio between the California median … (0 comments)

short sales: Short Sales Resisted as Foreclosures Are Revived - www.4Malibu.com - 10/28/10 03:23 PM
Bank of America and GMAC are firing up their formidable foreclosure machines again today, after a brief pause.
But some major lenders took a quick inventory of their foreclosure practices and insisted their processes were sound. They now seem intent on resuming foreclosures. And that could have a profound effect on many homeowners.
Concerns about fraud are one of the reasons lenders are so careful about short sales. Sometimes well-off homeowners want to portray their finances as dire and cut their losses on a property. In other instances, distressed homeowners try to make a short sale to a relative, who would then sell it … (1 comments)

short sales: Short Sales/REOs in Malibu, CA for Sale - www.4Malibu.com - 09/20/10 05:11 PM
 

SHORT SALE/REO Listings for Sale in Malibu (as of September 20, 2010)

… (0 comments)

short sales: Bank of America Puts Short Sales Ahead of REO - www.4Malibu.com - 06/10/10 02:41 PM
 
 
 
The Malibu Real Estate Resource Guide
Malibu California Real Estate ׀ Malibu Homes for Sale & Lease ׀ Malibu Land
Bank of America Puts Short Sales Ahead of REO
Bank of America, one of the largest lenders in the U.S., has instituted a policy of liquidating as many assets saddled with defaulted loans as possible before repossession.
There are plans to add 1,000 employees to the short sale staff. BofA currently holds more than 477,000 loans eligible for the Home Affordable Modification Program (HAMP), and has provided more than 600,000 modifications through HAMP and its own programs.
… (0 comments)

short sales: California Legislature approves tax break for people in foreclosures, short sales - Malibu Real Estate - 4Malibu.com - 04/09/10 08:15 PM
 
 
 
The Malibu Real Estate Resource Guide
Malibu California Real Estate ׀ Malibu Homes for Sale & Lease ׀ Malibu Land
California Legislature approves tax break for people in foreclosures, short sales
The measure, which is expected to be signed by Gov. Arnold Schwarzenegger, would waive state taxes on mortgage debt that has been forgiven in a foreclosure or short sale.
Thousands of Californians whose homes were foreclosed on or sold at a loss would get tax relief under a measure approved Thursday by the state Legislature.The bill would waive state taxes on mortgage debt that has been … (0 comments)

short sales: Short Sale & REO (bank-owned) properties for sale in Malibu as of April 5, 2010 - Malibu Real Estate - 4Malibu.com - 04/05/10 03:56 PM
 
 
The Malibu Real Estate Resource Guide
Malibu California Real Estate ׀ Malibu Homes for Sale & Lease ׀ Malibu Land
 
 Short Sale & REO (bank-owned) properties for sale in Malibu as of April 5, 2010.

 
Bobby Lehmkuhl ׀ Bobby@4Malibu.com ׀ 310.365.7696 ׀ Broker Lic. #01457517
Danielle Dutcher ׀ Danielle@4Malibu.com ׀ 805.341.8769 ׀ Broker Lic. #01463653
 
Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although information has been gathered from sources believed to be reliable, please note that individual … (0 comments)

short sales: Forecasters see five years of shadow inventory in worst case scenario - 4Malibu.com - 03/25/10 03:33 PM
 
 
 
The Malibu Real Estate Resource Guide
Malibu California Real Estate ׀ Malibu Homes for Sale & Lease ׀ Malibu Land
Defaults are up, but foreclosure sales are down. How big is the pig-in-the-python going to get?
One thing is clear: the pig - at about half a trillion dollars - is already pretty darn big. But predicting just how much bigger it's going to get is tough because doing so would be an attempt at economic forecasting, a dicey proposition at best. So let's talk about likely ranges. S&P estimates that the number of foreclosed homes and … (1 comments)

 

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