Diane's Blog

Curb Appeal is Key in Today's Market

Diane Schmitz (Sereno Group) — Fri, 20 Feb 2009 12:52:20 -0600

Curb appeal remains the standard. If a house doesn’t have it, the property is likely to languish on the market.

It doesn’t take a ton of cash to get curb appeal. Often a little bit of elbow grease will do the trick.

Here are the basics:

Front yard and porch. Mow the grass and keep it green. Keep the porch immaculate – no dirt or bugs.
Mulch all the beds. Flowers and shrubs help, but if the owner can’t afford anything else, mulch will do the trick.
Paint will pay off. Covering everything with a fresh coat of paint – preferably a neutral color – will help the house sell. Freshening up the front door is particularly important.
Eliminate unnecessary clutter. Remove as much from your home as possible. Leave just the bare essentials.
Windows should be sparkling clean.
Trim back trees and bushes. Remember, your home can now be seen via Google's snapshots of your home.
Replace the house numbers above the door with much larger black numbers to the left of the door to add drama.
Replace the lantern light to the right of the door with a much larger light that's black.

Have questions? Call me at (650)947-2955. I'm always happy to answer any questions presented.

Keep Your Home Fire Safe

Diane Schmitz (Sereno Group) — Wed, 18 Feb 2009 21:14:18 -0600

Following these simple steps can dramatically increase the chance of your home surviving a wildfire!

Create a DEFENSIBLE SPACE of 100 feet around your home. The area closest to your home is the most important.
Try to get 10 to 15 feet of spacing, both vertically and horizontally between shrubs, large plants, and trees. If you have 4 foot high brush underneath larger trees with limbs, limb up the tree at least 14 feet. Breaks like this in the vegetation help to slow down an advancing fire and gives firefighters a fighting chance.
Plan your landscape to eliminate a continuous path of vegetation. Do not have any combustible fuel within three feet of your home.
For landscaping purposes, use of irrigated fire resistant plants is encouraged. Green lawn, rock, stone, and other materials can be used to create an attractive and fire safe landscape.
Clear all vegetation and other flammable materials from beneath your deck. Enclose undersides of elevated decks with fire resistant building materials, or with screen mesh with openings no greater than 1 /4 inch.
Keep trees trimmed at least 10 feet from your chimney and trim all dead limbs hanging over your house or garage.
Clean all needles and leaves from the roof, eaves, and rain gutters.
Maintain your landscaping with regular watering and weeding to keep it fire safe. More than 1,700 structures are destroyed by wildfire each year. Don't become a statistic.
Be Fire Safe! Contact your local fire department, or Fire Safe Council for tips and assistance. http://www.fire.ca.gov.

Home Seller You Are in The Drivers Seat

Diane Schmitz (Sereno Group) — Fri, 13 Feb 2009 20:03:59 -0600

Watch today’s top amazing videos here

You Can Buy A Home in Santa Clara CA

Diane Schmitz (Sereno Group) — Thu, 22 Jan 2009 10:21:23 -0600

You Can Buy A Home in Santa Clara CA - These bloopers are hilarious … Home Buyer State Wide are Saying, “YES” to This Unprecedented Opportunity to To Purchase a Home in Santa Clara, CA with a FHA loan only 3% down. Let Me Help you do so Today!

Santa Clara News

Diane Schmitz (Sereno Group) — Tue, 20 Jan 2009 09:07:02 -0600

Santa Clara News - The most amazing videos are a click away The Best Time to Buy!

New 5 bedroom 2.5 bath Under 650K Near Sun Micro Systems

Diane Schmitz (Sereno Group) — Fri, 02 Jan 2009 09:52:09 -0600

New 5 Bedroom 2 1/5 Bath Under 650K Near Sun Micro Systems - The top video clips of the week are here

Great 2 story home with pool near Sun Micro Systems

Happy New Year

Diane Schmitz (Sereno Group) — Fri, 02 Jan 2009 09:43:21 -0600

Happy New Year - Free videos are just a click away

Happy New Year

Diane Schmitz (Sereno Group) — Thu, 01 Jan 2009 19:18:00 -0600

Happy New Year - Free videos are just a click away

Thank you II

Diane Schmitz (Sereno Group) — Wed, 31 Dec 2008 09:36:49 -0600

Thank You II - Funny bloopers R us Have a Great Year

Thank you

Diane Schmitz (Sereno Group) — Tue, 30 Dec 2008 09:33:18 -0600

Thank You - Funny home videos are a click away Have a Great Time this season

Waiting to Buy A Home or Waiting to Sale your Home

Diane Schmitz (Sereno Group) — Wed, 10 Dec 2008 14:33:07 -0600

Waiting to Buy Home or Waiting to Sale Your Home - The most amazing home videos are here “The indispensable first step to getting the things you want out of life is this: Decide what you want” Ben Stein Why Wait?

Diane Schmitz Lot for Sale in Mountain View California

Diane Schmitz (Sereno Group) — Tue, 09 Dec 2008 12:06:39 -0600

You Deserve a Pro to Help You Sale your home

Diane Schmitz Lot for Sale in Mountain View California - The best bloopers are a click away

East San Diego County Association of REALTORS® Provides Clarus? MarketMetrics? and Clarus? Investor as Member Benefits

Diane Schmitz (Sereno Group) — Tue, 02 Dec 2008 11:55:03 -0600

East San Diego County Association of REALTORS® Provides Clarus? MarketMetrics? and Clarus? Investor as Member BenefitsLOS ANGELESCA-REBS/C.A.R./ESDCAR

LOS ANGELES--(BUSINESS WIRE)--

Real Estate Business Services Inc. (REBS) and the East San Diego County Association of REALTORS® today announced that the East San Diego County Association of REALTORS® (ESDCAR) has signed an agreement to provide both Clarus? MarketMetrics? and Clarus? Investor? as a free member benefit. Clarus? MarketMetrics? and Clarus? Investor?, together, retail for $480 for an annual subscription.

The East San Diego County Association of REALTORS®, with more than 1,000 REALTOR® members, is among the growing number of REALTOR® associations nationwide providing their members with the competitive advantage they need in today?s challenging marketplace through the suite of Clarus? products.

?The Clarus? products strengthen our members? position as the experts of the San Diego real estate market,? said Share Smithwick, executive officer of ESDCAR. ?These products differentiate our members by enabling them to more effectively communicate market insights to their clients.?

Clarus? MarketMetrics? generates easy-to-understand market and price-point analysis charts and reports derived from MLS data for REALTORS® to share with their clients. These reports can be invaluable as a prospecting tool, an aid to setting seller expectations, or as a companion set of data to justify a buyer?s offer. With Clarus? MarketMetrics?, ESDCAR members now have access to the most current, relevant local market data that even the savviest client will value.

Clarus? Investor enables agents to engage clients in a healthy discussion about adding real estate to their investment portfolio.

?Our members want to expand their niche in this challenging market,? said ESDCAR 2009 President Candace Waldon. ?Clarus? Investor? allows the residential REALTOR® an opportunity to showcase the investment potential in our area.?

Clarus? MarketMetrics is powered by Terradatum Inc., a provider of real estate technology products based in Glen Ellen, Calif. All agreements regarding the MLS data are between Terradatum and the participating MLS. Terradatum has been generating real estate technology solutions since 1994. In addition to Clarus? MarketMetrics, Terradatum has several other bold and exciting real estate technology products: BrokerMetrics® and BrokerMetrics® Web Tools.

Clarus? MarketMetrics and Clarus? Investor are two of the latest tools in the Clarus? REsource product line provided by REBS.

The East San Diego County Association of REALTORS® (ESDCAR) is a professional trade association whose origins date to the 1950s.

Real Estate Business Services Inc. (REBS) is a subsidiary of the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and is the leading provider of real estate products and services to practitioners in California. Through its RE FormsNet (REFN) subsidiary, REBS is the creator of ZipForm® and WINForms® electronic forms software, available to more than 1,055,000 REALTORS® nationwide.

Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 180,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

You can qualify for mortgage, it's just tougher

Diane Schmitz (Sereno Group) — Mon, 01 Dec 2008 16:08:13 -0600

Marni Leff Kottle, Special to The Chronicle

Sunday, November 30, 2008

There is something that mortgage lenders want Bay Area home buyers to know: They are open for business.

While it is certainly harder to get a loan today than it was two years ago, lenders say it's far from impossible for would-be borrowers with the right credentials. In fact many in the industry praise the return to normal, where loan candidates are required to prove they can pay back the money they borrow.

"You can't turn on the TV or pick up the newspaper without reading about the credit crisis," said Arlene Allert, a regional manager and vice president at Wells Fargo Home Mortgage. "It leads to the perception that consumers can't get the credit they need to buy a home."

Across the board, mortgage industry executives, real estate agents and others say that news stories about Wall Street's woes have left people convinced that it's simply not possible to get a loan.

"Prospective home buyers come in and they say, 'This is probably impossible, but I would like to buy a home,' " said John Holmgren, a spokesman for the California Association of Mortgage Brokers, an industry trade group.

"They say, 'If General Motors can't get a loan then it must be impossible for somebody like Little Mr. Me to borrow money, right?' But it is possible."

Lenders and others in the mortgage industry were very clear that the bar has risen. Today borrowers need three things to qualify for a loan: documentable income, good credit - a score of at least 620 - and a down payment in most cases of at least 10 percent, according to the California Association of Mortgage Brokers.

"Mortgages haven't gone away. Mortgage lending hasn't gone away," Allert said. "We've just gone back in time."

Down payment

Gone are the days of buying a home with zero down, mortgage experts said. But exactly how much cash a home buyer needs to come up with will depend on the situation.

The best rates and widest variety of loans are available to borrowers who have at least 20 percent to put down, said Matt Vernon, a national sales executive with Bank of America. "The size of the down payment ranges by product, but the 20 percent number is a safe one to guarantee a good rate," Vernon said.

"Certainly some products are a little less, some may have higher requirements than that." Buyers with less than 20 percent to put down will wind up paying more for their loans because they will almost certainly need to take out mortgage insurance.

"Any time you're under 20 percent, you're going to need mortgage insurance," Vernon said.

Borrowers can pay for the mortgage insurance in a number of ways, but no matter how it is done, it will raise the cost of borrowing money, said Holmgren, the spokesman for the mortgage trade group.

Home buyers often rely on lender-paid insurance, which builds the cost of insurance into the loan by raising the interest rate. Consumers can also opt for private mortgage insurance programs, where the borrower makes monthly payments separately from the loan just as they would for any other type of insurance.

Still, some real estate experts pointed out, even though home prices have fallen sharply in the Bay Area, many potential buyers are going to struggle to come up with such a significant down payment.

The median price for a home or condo in San Francisco dropped 12.1 percent last month to $699,000, according to MDS DataQuick, the real estate information service. A down payment of 20 percent for a median priced home would be $139,800 and it would take $69,900 to meet the lower bar of 10 percent based on the October figures.

That's a lot for most people, said Ken Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at UC Berkeley.

"It's a very big number - 20 percent is a very stiff standard," Rosen said. "You are talking about $100,000 to $150,000 in cash and people just don't have it." When home prices were rising, it was easy to get loans, Rosen said. Now that the market has collapsed, it's much more difficult, a relationship that doesn't make economic sense.

"At the peak the credit market should be at its tightest, and at the bottom it should loosen up," he said. "The credit market should be counter-cyclical to the housing market."

Good credit

Leery of borrowers who have poor track records, lenders are now reviewing credit reports much more carefully in an attempt to insure that loans are paid back.

"All of us have a written story of our willingness to repay," said Allert. "We look at housing debt, whether it has been paid in the past and paid on time, whether the consumer has fulfilled that obligation on a mortgage or rental history. Has the credit card debt been paid in a timely manner?"

The actual credit score is just one element of a credit report, Allert said. Lenders also examine information such as utility bills in an effort to put together a complete credit history.

Allert and other bank officials were reluctant to site a minimum threshold for a credit score, saying that the standards are changing almost daily and that it depends on each individual's circumstances and the type of loan sought.

Mortgage brokers, however, said typically a borrower needs at least a 620 credit score. "That's one of the hardest parts for people these days," said Ed Craine, chief executive of Smith-Craine Finance, a San Francisco mortgage lender.

The less a borrower has to put down, the higher the credit score requirements are going to be, said Holmgren of the mortgage trade group. He said that's one area where lending standards have changed dramatically as a direct result of the subprime debacle.

"A few years ago, you could have a very, very low credit score and still get a loan for more than 80 percent of the home's value," he said.

Today, borrowers who put down less than 20 percent may need a credit score of as much as 720, he said.

Although Bay Area home prices have fallen, leaving fewer buyers to seek jumbo loans, people seeking to borrow such large amounts of money also need higher credit scores. A new government program has raised the limits on so-called jumbo conforming loans and as of Jan. 1 that limit will be $625,500.

"Anything that falls into that category or lower will be relatively easier to finance," said Craine.

Conventional conforming loans are $417,000 or less. Federal Housing Administration loans are still available in some cases to people with lower credit scores, and often have lower down payment requirements, Craine said. The FHA is a government program that insures mortgages and was created to help people who wouldn't otherwise be able to purchase a home.

Proof of income

The final criterion that is critical for would-be borrowers is documented income high enough to support the monthly payments on the property, lenders said.

"You have to have a realistic expectation of a home that you can afford and that you have the ability to repay," said Bank of America's Vernon. "The industry term is debt-to-income-ratio. What that means is, 'Are you looking at a home that makes sense for you? Do you have the greatest degree of confidence that you will be able to pay back the loan?' "

Lenders are now going over loan applications with a fine-tooth comb, particularly income requirements, Holmgren said.

While much more stringent than what borrowers had come to expect in recent years, current loan standards aren't vastly different from those that existed in the 1980s and 1990s.

"You're going to an institution and asking them for hundreds of thousands of dollars to facilitate a home purchase," he said. "It's right to require some documentation."

And while Rosen, the Berkeley economist, said he expects lenders may eventually loosen up again on the minimum down payment, he said that income documentation requirements are here to stay.

"Full documentation is something we will see for sure, no matter what," Rosen said.

For those home shoppers who do have good credit, money in the bank and income high enough to support the value of the house they are trying to purchase, there may not be a better time to buy a home, said Allert, the Wells Fargo executive.

"Real estate is on sale right now compared to where it has been for a long time, particularly in the Bay Area," she said.

Marni Leff Kottle is a San Francisco freelance writer. Comment at realestate@sfchronicle.com.

This article appeared on page K - 2 of the San Francisco Chronicle

Forbes.com States California Real Estate Challenges

Diane Schmitz (Sereno Group) — Tue, 25 Nov 2008 12:45:34 -0600

The Golden state has recently become a hot spot for residential real estate transactions. Based on figures from Radar Logic, a New York-based derivatives data firm, Sacramento, San Diego, Los Angeles and San Francisco lead the nation in real estate transaction growth, with Sacramento sales up an astounding 75% from last year. It's important to note, though, that many of those sales are of foreclosed properties or by distressed sellers, who may have to sell at a loss. Sacramento prices are down 33% from last year, according to Radar Logic.

Couple hope fire-safe features will preserve home in future wildfire

Diane Schmitz (Sereno Group) — Thu, 20 Nov 2008 16:13:44 -0600

Fire marshal says fire-resistant construction is necessary, but awareness is also key

RAINBOW ---- At first glance, Bob and Anne Atkins' house doesn't look too much like a fortress.

Its yellow stucco walls and Mexican tile roof blend in with other houses in the residential area just east of Interstate
15, overlooking Stewart Canyon stretching out to the south.

Watch the video

But it is a fortress of sorts, designed to keep flames and smoldering debris at bay the next time a fire roars over the hill where the couple's 6-acre lot is perched ---- like the Rice Canyon wildfire that razed 219 homes and scorched 9,500 acres in Fallbrook, Rainbow and De Luz a year ago this week.

From the gravity-fed sprinkler system to a series of roll-down exterior window shutters, it's not far-fetched to imagine the place holding its own in an advance of airborne embers and wind-whipped flames.

Several local officials agree, saying last week that the couple's precautions will probably pay off some day and that others should follow their lead when they build homes in the county's rural areas prone to wildfire.

to read the hole article click here

Yea Team

Diane Schmitz (Sereno Group) — Wed, 19 Nov 2008 15:34:43 -0600

Los Gatos High faces Mountain View in CCS volleyball semifinals
It won't be the first match of the year between the Los Gatos and Mountain View volleyball teams, but when they collide on Nov. 19 at Valley Christian High School it will certainly be the most important.

The Wildcats and Spartans will square off at 5:30 p.m. Wednesday in the Central Coast Section Division II semifinals with a berth in the Nov. 22 championship match on the line.

RECENT HOME SALES

Diane Schmitz (Sereno Group) — Tue, 18 Nov 2008 18:56:11 -0600

View map of prior sales information
Home sales are provided by California REsource, a real estate information company that obtains the information from the County Recorder's Office. Information is recorded from deeds after the close of escrow and published within four to eight weeks.

EAST PALO ALTO
1363 Camellia Drive Argent Mortgage to V. & H. Perez for $343,000 on 10/17/08; previous sale 7/05, $530,000
1234 Jervis Ave. E. Villalta to E. & B. Garcia for $230,000 on 10/17/08; previous sale 1/04, $389,000
102 Maple Lane Weeks Street Limited to R. Hallengren for $641,000 on 10/21/08
112 Maple Lane Weeks Street Limited to K. & O. MacK for $639,000 on 10/21/08
1139 O'connor St. Lasalle Bank to E. Lopez for $285,000 on 10/22/08; previous sale 6/05, $580,000
1217 Saratoga Ave. Ravenswood Palms to R. Harris for $126,500 on 10/17/08; previous sale 3/08, $370,000

LOS ALTOS
545 Clark Court Black Trust to F. Lo for $1,400,000 on 11/3/08
1080 Los Altos Ave. 1080 Limited to C. & A. Peterson for $1,385,000 on 10/31/08
594 Magdalena Ave. Bell Trust to L. Gurzhy for $1,240,000 on 10/31/08
152 Pasa Robles Ave. C. Choe to A. & L. Grebene for $1,711,500 on 10/31/08; previous sale 7/05, $990,000

MENLO PARK
3715 Alameda de las Pulgas F. & K. Townsend-Merino to H. Chwu for $1,200,000 on 10/21/08; previous sale 6/06, $1,050,000
335 Hedge Road Kelley Trust to A. Hengehold for $826,000 on 10/21/08
501 Menlo Oaks Drive D. & P. Sincerbox to K. Fickle for $2,600,000 on 10/23/08; previous sale 3/96, $1,030,000

MOUNTAIN VIEW
142 Alley Way R. Bhagat to C. Labrecque for $650,000 on 11/4/08; previous sale 4/03, $464,000
701 Astor Court J. Bahn to J. Saenz for $570,000 on 10/30/08
212 Central Ave. Donnellan Trust to A. Kosut for $690,000 on 10/30/08; previous sale 5/99, $400,482
1114 Doyle Place Squaglia Trust to M. Ulinich for $1,000,000 on 10/30/08
297 Higdon Ave. Bank of New York to W. & W. Wang for $574,000 on 10/31/08; previous sale 6/06, $905,000
126 Iris Drive Castle Principles to J. Hummel for $1,017,500 on 10/31/08
132 Iris Drive Castle Principles to C. Segantini for $1,004,000 on 10/30/08
134 Iris Drive Castle Principles to B. Schneider for $990,000 on 10/31/08
341 Mercy St. Rose Trust to N. & J. Fey for $850,000 on 10/29/08
2040 W. Middlefield Road #9 L. Jackson to S. & I. Saksena for $625,000 on 10/31/08
221 Orchard Glen Court K. Gelman to B. Bargenguast for $870,000 on 10/31/08; previous sale 5/01, $660,000
505 Sleeper Ave. Mcdonald Trust to D. & K. McDonald for $1,300,000 on 11/3/08; previous sale 9/98, $1,250,000

PALO ALTO
2452 W. Bayshore Road #7 Jishung Trust to B. & S. Aiyar for $540,000 on 10/31/08; previous sale 10/04, $380,000
555 Byron St. #103 Ritchey Trust to Hexter Trust for $1,500,000 on 10/31/08
4248 Rickeys Way #C Western Pacific Housing to L. Ryzhik for $276,000 on 11/3/08

REDWOOD CITY
816 6th Ave. R. Campos to Perez Trust for $450,000 on 10/20/08; previous sale 6/06, $700,000
2422 Harding Ave. G. Dillon to G. Chan for $750,000 on 10/23/08
627 Hudson St. Long Beach Mortgage to H. Lin for $500,000 on 10/17/08; previous sale 7/05, $785,000
500 Hurlingame Ave. Lasalle Bank to M. Garcia for $280,000 on 10/20/08; previous sale 5/95, $140,000
1007 Iris St. Bank of America to R. Micheletti for $530,000 on 10/22/08; previous sale 10/04, $650,500
1629 Kentfield Ave. S. Tanaka to M. Erickson for $490,000 on 10/22/08
10 Meadow Lane Fremont Home Loan Trust to R. Lavalley for $456,000 on 10/21/08; previous sale 2/06, $710,000
3290 Page St. Trapp Trust to M. Tan-Banico for $400,000 on 10/22/08
19 Woodleaf Ave. M. Leibel to Becker Trust for $2,210,000 on 10/22/08; previous sale 6/04, $2,249,000

Paly girls' volleyball faces rough CCS stretch

Diane Schmitz (Sereno Group) — Thu, 13 Nov 2008 19:56:22 -0600

Paly girls' volleyball faces rough CCS stretch
Vikings advance to meet St. Francis, with nationally No. 1-ranked Mitty waiting in semifinals

Great Job!!

To read more visit

by Keith Peters
Palo Alto Online Staff

Diane’s Tips for Moving

Diane Schmitz (Sereno Group) — Wed, 12 Nov 2008 14:33:57 -0600

Diane’s Tips for Moving - Celebrity bloopers here Discover a Few things to Do Before Moving into you new home.

U.S. Foreclosures Index: October Foreclosures Drop Dramatically to Near 2008 Lows

Diane Schmitz (Sereno Group) — Tue, 11 Nov 2008 10:48:35 -0600

ForeclosureS.com Index Offers First Post-Election Look at October Trends

SACRAMENTO, Calif., Nov 10, 2008 (BUSINESS WIRE) -- Foreclosures fell for the second month in a row in October to nationwide lows not seen since last February, according to the latest U.S. Foreclosure Index from ForeclosureS.com.

In this first post-election look at foreclosure numbers, October pre-foreclosure filings -- which can include notice of default and/or foreclosure auction -- were off more than 10% from August's highs, and nearly 7% from September's numbers. October numbers were down in about half of the states in the U.S. Foreclosure Index.

Properties repossessed by lenders following foreclosure or REOs (bank-owned real estate) were down significantly in October, too -- off 22% from September's high to just 84,286 properties, the lowest monthly total since May, the U.S. Foreclosure Index shows.

Property information specialists ForeclosureS.com bases its U.S. Foreclosure Index and comprehensive analysis of pre-foreclosure and foreclosure proceedings nationwide on the number of formal notices filed against a property during the foreclosure process. That can include notice of default, notice of foreclosure auction, and/or notice of REO -- lender-owned real estate that occurs after a foreclosed property reverts back to the lender. (All pre-foreclosure filings do not end up in foreclosure).

"These latest foreclosure numbers are great news because pre-foreclosures are early signals of what's to come," says Alexis McGee, real estate expert, educator, president of ForeclosureS.com. "The nation's foreclosure free-fall may be subsiding. We still have a long way to go, and some of the recent numbers are skewed by lender programs for homeowners that delay rather than eliminate foreclosures. But gains as measured by drops in foreclosure numbers in the past two months reflect that efforts by lenders, banks, organizations, and government entities to work with strapped homeowners to avoid foreclosure are beginning to pay off."

McGee is author of The ForeclosureS.com Guide to Advanced Investing Techniques You Won't Learn Anywhere Else (Wiley), and The ForeclosureS.com Guide to Making Huge Profits Investing in Pre-foreclosures without Selling Your Soul (Wiley).

"Keep in mind, too, that though foreclosure is a coast-to-coast issue that affects tens of thousands of Americans every month, our analysis reveals that a huge chunk of the REO and pre-foreclosure filings are concentrated in certain states, and key metropolitan, and coastal areas," adds McGee. "Some are either hard-hit by recession and layoffs as in the case of the Detroit area, or are where property speculation, prices, and affordability spiraled seemingly out of control before the sub-prime debacle. The latter includes areas in California, Florida, and Nevada."

Almost one-third of the 1.76 million pre-foreclosure filings so far this year are in 10 counties out of the more than 1,300 nationwide included in the ForeclosureS.com database. Those counties include: Maricopa County, Arizona; Los Angeles, Riverside, and San Bernardino counties in California; Miami-Dade, Broward, Palm Beach, and Lee counties in Florida; Clark County, Nevada, and Cook County, Illinois.

More than 255,000 of the 828,670 completed foreclosures this year to date are in 10 counties, too, U.S. Foreclosure Index analysis shows. Those counties include Maricopa County, Arizona; Los Angeles, Riverside, San Bernardino, Sacramento, and San Diego counties in California; Clark County, Nevada (including Las Vegas); Wayne County, Michigan (including Detroit); Harris County, Texas (including Houston), and Cook County, Illinois (Chicago).

Looking at nationwide foreclosures another way, based on the number of filings out of every 1,000 households, the clearest indication of trends, ForeclosureS.com reports:

-- 11.5 out of every 1,000 households nationwide have been repossessed by lenders following foreclosure YTD based on REO filings. That's up 71.64% from the same time a year ago.

-- 24.6 of every 1,000 have had to deal with pre-foreclosure filings YTD, up 71.53% from 2007 YTD.

"Foreclosures as part of the nation's broader economic crisis will likely be the first major issue President-elect Obama addresses when he takes office in January," adds McGee. "He has promised a 90-day freeze on foreclosures. But each state has its own regulations relating to foreclosures, so whether the promise will become reality is another question. Meanwhile, for the next close to three months, foreclosures and economic stimulus packages remain the purview and the problem of the Bush administration."

Government intervention in foreclosures could end up a moot issue, however, since some key banks and lenders already have recognized that keeping homeowners out of foreclosure is good business. Banks like the now FDIC-operated IndyMac, Bank of America (which acquired Countrywide), and most recently JPMorgan Chase already have pledged to cut monthly payments for many strapped borrowers by lowering interest rates and temporarily reducing home loan balances, adds McGee.

"Our foreclosure numbers, plus the National Association of Realtors recent Existing Home Sales and Pending Home Sales reports for the last two months show that housing markets may be stabilizing. You can't call a bottom with two months of data, but we are absolutely headed in the right direction," McGee said.

She continued, "Prices are low and current government backed mortgages are making homes more affordable than ever. Plus lenders are finally getting realistic and unloading REO's at cut-rate prices. The deals are happening. Whether you're a would-be homeowner or property investor now is a great time to buy discounted properties from motivated sellers."

With its data base of more than 5.5 million property listings, ForeclosureS.com has been the professional's source for accurate foreclosure property information for more than 20 years. For more information on ForeclosureS.com and its products, please visit www.foreclosures.com.

SOURCE: ForeclosureS.com

Peace from me to you

Diane Schmitz (Sereno Group) — Mon, 10 Nov 2008 14:04:32 -0600

Here is Some Peace from Me to You - Click here for the most popular videos

Plan calls for 90-day stay of foreclosure

Diane Schmitz (Sereno Group) — Thu, 06 Nov 2008 17:12:19 -0600

In an effort to slow the pace of home foreclosures and stabilize California's shaky economy, Gov. Arnold Schwarzenegger yesterday unveiled a proposal to help borrowers modify troubled mortgages while making lenders more accountable.

The centerpiece of the plan is a 90-day stay of foreclosure for owner-occupied homes that have a first mortgage in default. Schwarzenegger today is expected to call for a special session of the Legislature to consider the strategy, along with other economic issues.

Under the proposal, lenders could exempt themselves from the 90-day stay by providing evidence that they have an aggressive loan modification program in place. An "aggressive" program is broadly defined as one that will keep troubled borrowers in their homes in cases where doing so brings lenders a greater return than simply foreclosing.

Faced with the 90-day freeze on foreclosures, lenders will be more inclined to work with borrowers, California Department of Corporations Director Preston DuFauchard said during an afternoon teleconference with reporters.

The proposed freeze "is designed to be a stick to get people to have a more aggressive modification program," DuFauchard said. " . . . The time value of money creates a real strong incentive to take this modification approach."

While many lenders already are doing voluntary loan modifications, they aren't being nearly aggressive enough to resolve the foreclosure problem, said David Crane, the governor's special adviser for jobs and economic growth.

Paul Leonard, director of the California office of the Center for Responsible Lending, noted that an increase in loan modification efforts nationwide began over the summer, when the Federal Deposit Insurance Corp. took over failed lender IndyMac Bancorp. The governor's plan follows that example.

"The goal is to encourage loan servicers to adopt a more streamlined, systematic approach to loan modifications," Leonard said. "The governor is trying to use leverage to move servicers in a positive direction."

Mark Goldman, a real estate finance instructor at San Diego State University, said the 90-day stay may give delinquent borrowers more time to remain in their homes, but ultimately it will place greater financial pressures on lenders.

"The lender is going to just have to wait that much longer to get the collateral, and that may have some negative impacts on the pricing of loans," Goldman said.

A new state law that requires lenders to work harder to help distressed borrowers led to a steep drop in September default notices in San Diego County, and foreclosures also declined. In many instances, Senate Bill 1137 calls for lenders to try to contact delinquent borrowers, then wait 30 days before filing a default notice.

A total of 1,206 county homes received notices of default, which mark the beginning of the foreclosure process. That marked a 58 percent decline from August and a 35 percent drop from September 2007. Around the state, mortgage servicers recorded 94,240 notices of default on homes during the third quarter. That was down 23 percent from a record of 121,673 in the second quarter and up 30 percent from third-quarter 2007, according to the MDA DataQuick research firm.

In his proposal to help distressed borrowers, Schwarzenegger suggested that loan modifications be based on a 38 percent monthly housing debt payment-to-income ratio, so that revamped loans are more sustainable. To achieve that, he suggested that lenders temporarily reduce interest rates, increase loan repayment periods, or defer part of the unpaid principal balance to the end of the loan term.

He called for the Department of Real Estate and Department of Corporations to enforce federal laws and regulations, such as the Truth in Lending Act, and discipline real estate licensees who violate such laws and regulations.

To avoid future mortgage market meltdowns, lending practices should be reformed to protect borrowers by expanding fiduciary responsibilities for mortgage brokers, Schwarzenegger said. He also called for increasing and standardizing licensing requirements for loan originators. Counseling may be desirable for borrowers entering into risky mortgages, to make sure they understand terms and obligations, he said.

Turning to underwriting, the governor urged the federal government to require loan originators to retain a portion of their loan risks to encourage better practices. Kevin Stein, associate director of the California Reinvestment Coalition, said the success of the plan will depend on the details of implementation.

"It is good that the governor is engaged, good that he has called for a special session," Stein said. "We don't want it to be another good-sounding program that doesn't meaningfully help people avoid foreclosure."

Vacation at the Ritz for my Husband and I Anniversary

Diane Schmitz (Sereno Group) — Wed, 05 Nov 2008 14:27:39 -0600

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Diane Schmitz (Sereno Group) — Tue, 04 Nov 2008 10:44:55 -0600

Discover the Wrong Way and Right Way to Get a Loan for a Home - More free videos are here In today's economic climate, you can't afford to not have a pro on your side, to help you with the loan process as well as the home buying. Discover what you need to do now to buy a home.