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california real estate: No FHA Financing Accepted - Buyers and Sellers Lose. - 09/16/09 10:03 AM
I recently received a phone call from a frustrated mortgage lender.  She has a significant backlog of pre-approved FHA first-time buyers that can't find homes that will accept FHA financing - and the deadline for the First Time Home Buyer Tax Credit is looming.  She asked, "What's going on?" In order to answer her question, I pulled the Active single family home listings in the $275k - $350k price range ("starter" homes in our Northern California market area) in the three cities with the most homes in this price range.  The results shocked me.  Of the 43 active listings: NO FHA … (62 comments)

california real estate: Clarification regarding California non-recourse mortgages - 07/10/09 04:32 PM
I shudder when I read blanket statements that California mortgages are Non-Recourse.  Why do I shudder?  Because people BELIEVE IT and are making decisions about whether to let their home go to foreclosure based on an incomplete understanding of the facts.

 
So what ARE the facts?
Under California law, a mortgage debt is considered "non-recourse" when the mortgage was made under the following two circumstances:
- The mortgage was made to purchase a 1 - 4 unit property and the borrower occupies at least one of the units.
- The Seller financing for all or a portion of the purchase price of the property.
A mortgage … (9 comments)

california real estate: Compare Cars, Stocks and Real Estate: - 09/15/07 06:16 PM
If real estate were a car or a stock, there would be a frenzy to buy. 
A car is guaranteed to depreciate (at least one that is driven).  You can upgrade it with 20" low profile performance tires and lower the chassis for better handling, add slick chrome wheels, GPS, a sweet sound system, leather interior, a racing steering wheel with special hand grips, and it will still depreciate. There is nothing you can do to change that sad fact.  Yet we willingly and continually plunk down the down-payment, taxes, license and a monthly payment to drive that beauty off the dealership's … (3 comments)