In Short Sale situations, lenders and Loan-servicing Institutions Should Make it Easier for Buyers and Realtors - 03/31/08 01:36 PM
In Short Sale situations, lenders and loan-servicing institutions should make it easier for buyers and Realtors. Lenders should help the market and provide sellers and agents with location of online department and person responsible for processing the short sale applications. Lenders should use a single industrywide short sale application and list … (1 comments)
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What Homebuyers Should Know About Basics for Mortgage - 03/31/08 10:54 AM
Loan Qualification (or "prequalification") is an opinion that your income, assets and current debts qualify you for a loan of a specified amount. This may come from a lender or Realtor. This opinion usually does not take your credit into account, and no one is committed by it. Preapproval is a conditional commitment … (0 comments)
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Bob Knight's hiring by ESPN Sends The Wrong Message for Kids and Young Athletes - 03/31/08 02:17 AM
Bob Knight's hiring by ESPN sports network sets a bad example for the kids and young athletes in this country. As basketball coach at Texas A&M and Indiana, he bullied his players, other coaches, referees, and sometimes fans, so many times over the years. I never heard him apologize to anyone … (1 comments)
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What Will Happen to the U.S. Capital Gains Tax Rates after our November 2008 election? - 03/29/08 11:37 PM
The U.S. Income Tax Act of 2003 reduced the maximum rate on the net capital gains rate of an individual (net long-term capital gains less net short-term capital losses) from 20 percent to 15 percent. Net capital gains previously taxed at 10 percent were reduced to 5 percent. In order to … (0 comments)
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Are Hillary or Obama Right About Prevention of Home Foreclosures? - 03/29/08 01:41 PM
Hillary Clinton and Obama have endorsed the idea to prevent foreclosure and amending the US bankruptcy law so that troubled borrowers can have their mortgages modified in court. Does that make sense? Does she suggest that principal debt be lowered? Should government tell lenders that they must lower principal balances owed on loans? We don't think so. … (2 comments)
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Poll Shows That Most People Think Now is a Good Time to Buy a House - 03/29/08 11:25 AM
The Beazer Homes poll shows that 77% of the people in the US think that now is a good time to buy a house. This polled group was 1,006 adults nationwide between the ages of 25 to 72 with minimum household incomes of $40,000. 77 percent of respondents said that with good credit and a down … (2 comments)
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Is Treasury Secretary Paulson Correct That We Need FED Regulations Over Wall Street Banks? - 03/29/08 11:10 AM
US Treasury Secretary Henry Paulson has suggested need for new regulations for banks on Wall Street. He said that if big Wall Street investment houses are allowed to run to the FED for emergency lending, they must face stepped-up regulation. The Bush administration has hinted that it will put forth an oversight blueprint to promote smoother functioning … (1 comments)
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What Should You Consider When Thinking About Foreclosure Buyer Opportunities? - 03/28/08 11:22 AM
What Should You Consider When Thinking About Foreclosure Buyer Opportunities?Buyers must be pre-approved for a loan by a lender. Source of Down Payment Must be confirmed.The bank could require that you finance your purchase with them. Expect competition for your offer. Some buyers bid on multiple properties. Banks won't accept offers that are contingent on … (1 comments)
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Are Twenty Percent Down Payments Required by Lenders These Days? - 03/28/08 10:36 AM
Are twenty percent or ten percent down payments required by lenders these days? FHA loans were originally intended to help first-time home buyers, so the down payment requirements are flexible. The buyer can put as little as 3% down. In this situation it is OK if you get that money from a … (0 comments)
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Are Twenty Percent Down Payments Required by Lenders These Days? - 03/28/08 10:36 AM
Are twenty percent or ten percent down payments required by lenders these days? FHA loans were originally intended to help first-time home buyers, so the down payment requirements are flexible. The buyer can put as little as 3% down. In this situation it is OK if you get that money from a … (0 comments)
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What About U.S. Senate & House Negotiations on GSE Loan Limits? - 03/26/08 06:35 PM
On February 13, 2008, President Bush signed the U.S. Economic Stimulus Act of 2008 (H.R. 5140) into law. I strongly supported the provision of this bill which temporarily increases the FHA loan limit and GSE conforming loan limit to 125 percent of an area's median home price, up to a maximum … (2 comments)
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Now Is a Good Time for First Time Homebuyers - 03/25/08 08:33 PM
If you are a renter, now is a good time to think about buying your first home. Over the long term, owning your home is a great investment. It will bring you income tax breaks, eventual financial gains, some yard or place for play and enjoyment. Sellers are more motivated in … (0 comments)
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Private Transfer Fees in California and New Law Requiring Disclosure by Sellers - 03/25/08 09:53 AM
Some developers started imposing Private Transfer Fees (PTFs) on newly-built subdivisions in California. These PTFs require subsequent purchasers of real property to pay a fee to a private entity upon future sales of the property. CA Assembly Bill 980 was passed and made law October 14, 2007. This defines new disclosure and recording obligations regarding … (0 comments)
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Sales Volume of Homes Sold, The OC, California, February 2008 - 03/24/08 06:30 PM
Sales volume of homes in Orange County, California, were down 25% in February 2008 from February 2007. The median price of all homes sold in the OC, condos and single family, was at $520,000, down 15% from February 2007. Statewide sales volume was down 29% in February 2008 from a year ago. [Source: California Association of … (0 comments)
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Steve Scarborough Deserved a Better Exit from Standard Pacific - 03/21/08 11:17 AM
Steve Scarborough deserved a better exit that what Standard Pacific Corp. provided. He was dumped as Chairman and Chief Executive on March 20, 2008, by the homebuilder. The news release said he retired, which is a euphemism that he was dumped after 27 loyal years serving as chairman, chief executive and president since 1996. Steve is a good man and … (1 comments)
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What You Need to Know Before Buying Residential Real Estate for Rental - 03/21/08 02:08 AM
When buying real estate for residential rental, you need to know:A. Cost of maintenance and anticipated upkeep. The owner landlord is responsible for maintaining the property. If you hire a maintenance man or property manager, the charge would be between 10 to 20 percent of gross revenue.B. Know of laws affecting … (0 comments)
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FHA Loan Reform Needs to Pass Both U.S. House & Senate and Move to President Bush for Signature - 03/20/08 06:41 PM
FHA Reform has passed both the U.S. House and Senate and is currently in a conference committee to work out the final details of the legislation. The pivotal concern of FHA Reform is the increase in loan limits. The Senate version only calls for an increase to $417,000 while the House … (0 comments)
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What is EQUITY SHARING form of real property ownership? - 03/20/08 10:51 AM
Investments in real property can take all types of forms. One form is equity sharing arrangement, which involves one party (the owner-occupant) occupying the property and the other (investor) putting up the bulk of the financing. Both the owner-occupant and the investor can receive tax benefits and share in the profit according to their investments as … (0 comments)
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Fannie Mae & Freddie Mac announced Initiative to Increase Liquidity to Support Mortgage Market - 03/20/08 10:36 AM
OFHEO, Fannie Mae and Freddie Mac, announced March 19, 2008, initiative to increase liquidity in support of the U.S. mortgage market. This could provide up to $200 billion of immediate liquidity to the mortgage-backed securities market. OFHEO estimates that Fannie Mae's and Freddie Mac's existing capabilities, combined with new initiative and … (0 comments)
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New FHA Loan Limits Are Now In Effect - 03/20/08 10:07 AM
New FHA Loan Limits are now in effect. Orange County, CA: $729,750 Los Angeles County: $729,750 Riverside County: $500,000 San Bernardino County: $500,000 San Diego County: $697,500 … (0 comments)
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Will Mortgage Rates Follow the FED Rate Cut of 3/4 Point on March 18? - 03/19/08 03:20 PM
The FED dropped its short term rate by 3/4 point on March 18, 2008. There is question, however, whether mortgage rates will follow. Banks continue to be careful to lend money. Investors are careful about mortgage back securities, the market that has been blassted by defaults during the subprime mortgage collapse. Instead of … (0 comments)
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Leasing Out Your Home in this Buyer's Market to Move On and Buy Another? - 03/19/08 01:53 PM
In this South OC buyer's market, some homeowners are leasing out their homes. It's good to lease out and generate some cash, possibly take advantage of selection, house prices and low mortgage rates to buy the next place. Renting out your vacant house is a good thing, perhaps even if you must borrow against it to have money for a down … (0 comments)
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How Did The FED Assist in the JP Morgan Chase purchase of Bear Stearns? - 03/19/08 01:54 AM
The federal government's assistance in JPMorgan Chase purchase of Bear Stearns raises questions. Is this a taxpayer funded bailout of an investment bank? This was a $236.2 million acquisition, negotiated with help from the Federal Reserve and Treasury Department. What is the government contributing? To protect JPMorgan from the risks on … (0 comments)
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Top Bond Trader at PIMCO wants Steps about Housing Economy Situation - 03/18/08 08:38 PM
Bill Gross, bond trader at PIMCO, Newport Beach, was criticized last year for arguing that direct government aid for troubled homeowners was a good fix for the housing-driven economic crisis. Gross said again on March 17, 2008, that the recent rescue attempts by the FED to address liquidity as opposed to home prices is wrong and that two steps need … (0 comments)
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Let's Keep the CA tax man Away from the Internet - 03/18/08 10:59 AM
Our CA state legislators should not pass any bill for tax on the internet or digital goods received through the internet. Assemblyman Charles Calderon, a Democrat from Montebello, has introduced a bill to transform something the state has regarded as nontaxable into something the state would consider taxable. Digital products, such as downloaded music, software, videos, books and similar … (0 comments)
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Remember the Kelo U.S. Supreme Court decision about Eminent Domain? - 03/18/08 01:27 AM
Kelo v. City of New London, 545 U.S. 469 (2005), was a case decided by the U.S. Supreme Court involving the use of eminent domain to transfer land from one private owner to another to further economic development. The case arose from the condemnation by New London, Connecticut, of privately owned real property so that … (0 comments)
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What will the FED do to get the Economy going? - 03/18/08 12:19 AM
Will cheaper money by the FED or flooding the market with cash get people to take risks? Would that help the stock market? Would that help get people loans? Mortgages? Will the FED cut rates again this week? What will result from the U.S. new Economy Stimulas Package of $200 billion be? [see www.ExploreRealEstate.net]
… (0 comments)
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Depreciating Your Building for Income Tax Purposes? - 03/17/08 10:30 AM
Most commercial real estate and property owners are depreciating their building over the standard 39-year life. However, consider the possible use of accelerated depreciation deductions of 5, 7, or 15 years on certain items in your building that were previously classified as a 39-year property. Do this by having a Cost Segregation study performed on your building. … (0 comments)
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Short Sale For Sale Listings in Orange County, California - 03/16/08 09:36 AM
In the OC, California area, the MLS data showed during the week of March 12, 2008, that at about 20 percent of the residential for sale listings were identified as being short sales. However, the number of short sales that actually closed escrow is lower. About 8 percent of all closed escrows were short sales. Many of the … (0 comments)
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Southern California Housing Market & Population Growth - 03/15/08 07:55 PM
California has advantages over other parts of the country. CA population growth remains strong. The housing market in SoCal should be supported by continued population growth. [see www.ExploreRealEstate.net] … (0 comments)
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Economic Basis of California Remains Strong - 03/15/08 07:50 PM
The economic basis of California remains strong. The population during 2008 will grow by more than 400,000 persons. In this decade, we will probably add 5 million persons to the population. These new persons will eat, drink, buy clothing, motor vehicles, and have need for housing. California needs 240,000 new housing units each year … (0 comments)
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