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economy business: If you want a Headache, read FHA New Letters re Home Loan & Mortgage Approvals at Condo Associations - 11/22/09 05:06 PM
This will make it easy for you to get a headache when reading ...
The Federal Housing Administration issued new letters regarding mortgage approvals for units at condominium associations.
See Letter 2009-46A and Letter 2009-46B, which talk about ~
PreSales of New Homes Owner occupancy ratios Concentration requirements Delinquent HOA dues Transfer of Control to HOAs Attorney certification Reserve Study Owner Invested Units Right of First Refusal Legal Phasing Hazard Insurance Condo conversions Ten year warranty Recertifcation of project approvals Transition Strategy Site Condos False certifications
These are complicated government regs, and I expect will give you a headache while studying it.
The Western … (2 comments)
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economy business: Will Expected Extension of Homebuyer Tax Credit Help Our Real Estate Clients? - 11/01/09 01:03 AM
Will the Expected Extension of the US Homebuyer Tax Credit help business in our state, be a boost for our clients, the housing market and be good for our US and local economies?
Good question, and we will all see what develops, whether the measure can be worked out between Senate and Congress, and if it passes whether Obama will sign it into law. Then we'll see how buyers and consumers react between December 1 and April 30 of next year.
WE NEED ENCOURAGEMENT FOR HOME SELLERS HERE AT ORANGE COUNTY. Too many are nervous and waiting to sell their homes. Our local markets … (85 comments)
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economy business: Improved Home Affordability ~ at The OC, California - 04/15/09 10:28 AM
Some people say that HOME AFFORDABILITY is the crucial factor on whether and when we will have a rebound in the Southern California housing market.
Jon Lansner reported on April 14, 2009 ~ OC home affordability back at 2001 level ~ citing experts of local experts who said that the monthly cost of homeownership has fallen signficantly from the peak in this cycle, and that's because of decline in home prices, the decline in mortgage rates and increase in incomes.
Better home affordability is possibly also because of income tax credits offered for first time homebuyers.
This improved home affordability during recent months has inspired some buyer and consumer confidence in real estate having true value.
Our recent experience while … (1 comments)
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economy business: Government's Economy Stimulus Policy 2009 Should Include Creation and Protection of Jobs for Legal Residents - 03/12/09 06:04 PM
At least part of our GOVERNMENT's POLICY should be to PROTECT LEGAL RESIDENTS of the US and help them get jobs that are and will be offered as a result of the US Economy Stimulus Spending Plan 2009.
USA Today reported on March 8, 2009, that "Illegal Immigrant Might Get Stimulus Jobs, Experts Say".
That would be troubling. Government should protect legal residents of this country who want and need these jobs. Why? Because it's the right thing to do and will help our economy and the real estate industry too.
Good jobs will be created by the US govt. economic stimulus … (2 comments)
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economy business: Any Help For Real Estate? ~ US Govt Official Estimate of Effects of Spending Plan 2009 - 03/04/09 03:33 PM
The US Government doesn't expect much help for homebuyers and homeowners from the recently passed SPENDING PLAN 2009.
Check out the ...
US Congressional Budget Office publication, year by year estimate of economic effects of the SPEND PLAN, the American Recovery and Economic Investment Act of 2009 .... (ARRA, public law 111-5, which was enacted February 17, 2009).
If you are smarter than I am and can see from the March 2, 2009, US government letter and publication ... that there will be some significant help for real estate, please let me know. Thanks.
Also see the Widipedia.org explanation of the actual American … (0 comments)
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economy business: We Need a US Economic Stimulus Package 2009 With Significant Housing Element - 02/10/09 04:02 PM
HOUSING AND REAL ESTATE IS A CENTRAL ASPECT OF OUR US ECONOMY.
The Senate today passed its version of the proposed US ECONOMY STIMULUS package 2009 with provisions that are consistent with a housing plan that Realtors have advocated.
Our US economy ... consumers, taxpayers, homeowners, homebuyers, and the real estate industry ... need some things to be confirmed as part of this bill before its presented to President Obama for his signature:
First: The $15,000 first time home buyer inome tax credit (not just a loan) to be made permanent.
Second: Permanent FHA, Fannie Mae and Freddie Mac loan limits up to … (14 comments)
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economy business: Bigger Risk These Days ~ For Real Estate Loan Guarantors in California - 02/08/09 10:24 AM
The Hustwits were guarantors (in California) of a real estate loan made by Talbott, and the loan was made to Pacific West Investment Trust. (The Hustwits had set up the Investment Trust).
A trust deed against certain Newport Beach real property secured the loan obligations of the Investment Trust to Talbot.
The Investment Trust defaulted on the loan. Talbott (lender) started a nonjudicial foreclosure under the power of sale provision in the trust deed (started foreclosure). The trustee sale according to foreclosure was held in 2005.
Talbott purchased the property at the trustee sale with a $900,000 credit bid, which was subject to a senior loan.
Talbott then … (0 comments)
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economy business: Contact U.S. Senators With Your Thoughts About Proposed US Economy Stimulus Plan 2009 - 02/05/09 12:29 PM
Most everyone agrees that we need some kind of US Government and Economy Stimulus Plan for 2009.
What do you think about the current proposed US Economy Stimulation Plan 2009 ... for spending about $900 billion dollars ... which is now being considered at the Senate?
Here is your US Senator contact information:
Begich, Mark - (D - AK) Class II825C HART SENATE OFFICE BUILDING WASHINGTON DC 20510 (202) 224-3004E-mail: senator@begich.senate.gov
Murkowski, Lisa - (R - AK) Class III709 HART SENATE OFFICE BUILDING WASHINGTON DC 20510(202) 224-6665Web Form: murkowski.senate.gov/public/index.cfm?FuseAction=ContactM...
Sessions, Jeff - (R - AL) Class II335 RUSSELL SENATE OFFICE BUILDING WASHINGTON … (13 comments)
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economy business: Paying Too Much Attention to Home Valuation Websites - 01/22/09 11:55 AM
Some homebuyers mistakenly think they can do a property analysis of value by themselves.
DON'T BE FOOLED.
If you are serious about homebuying, always hire a qualified Realtor agent who will provide them with the real information (data) about the local market, what's for sale, the REO bank owned, the short sale listings, equity sales, market saturation, distressed properties and advise you about good buy opportunities.
One of the most important factors for your Realtor to focus on is ECONOMIC VALUE OF THE PROPERTY ... and history of sold homes and property in the neighborhood.
Sites like Zillow.com and Cyberhomes.com get lots of attention by placing easy to get estimated pricing information.
DON'T … (8 comments)
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economy business: Fannie and Freddie Should Further Extend Time Suspensions on Foreclosures - 01/10/09 09:51 AM
It will help troubled homeowners and our USA economy in general if Fannie Mae and Freddie Mac extend even further their time and suspension of foreclosures.
What good does it do to kick people out of their homes and move forward with increasing foreclosures when the real estate market is in the process of absorbing the distressed properties we now have?
If a home loan borrower is in trouble .. either from evaporated equity or from resetting interest rates on ARM loans ... Fannie and Freddie should suspend foreclosure one month at a time ... as long as somebody … (14 comments)
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economy business: An Expert's Prediction for Orange County, California, Real Estate for 2009 - 01/02/09 11:49 AM
Jeff Collins of the Orange County Register reported on January 1, 2008, about Bill Halford, president and CEO of Bixby Land Co., an Irvine-based commercial real estate investor and developer, and his belief that real estate market will likely ........
Questions for the expert by Jeff Collins at the OC Register:
When will the real estate market hit bottom?
What numbers are you watching and what things are you watching anecdotally to see which direction the market is going in?
What do you fear the most about the real estate market?
What gives you hope?
What surprise or surprises will we be looking … (6 comments)
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economy business: Are FHA Loans Expected To Provide Significant Help For Homebuyers in 2009? - 12/29/08 12:17 PM
Some business folks and real estate professionals believe that FHA loans will be primary and good help for homebuyers during 2009.
But there have been changes, and the new down payment requirement for FHA loans will be 3.5 percent (not 3 percent) as of January 1, 2009.
Prior to January 1, 2009, the borrower needed 3 percent down payment from their own money. A question was what part of that 3 percent went for down payment and what part of thatwent for closing costs. Not all states and localities handled this the same.
As of January 1, 2009, the 3.5 percent FHA loan down payment requirement (from borrower's own money) is to be in every … (5 comments)
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economy business: SUPPORT THE NATIONAL ASSOCIATION OF REALTORS FOUR POINT ECONOMIC STIMULUS PLAN AND URGING FOR US CONGRESS ACTION - 11/14/08 01:04 PM
We support the National Association of Realtors and its Four Point Economic Stimulus Plan and urging US Congress to Act (November 14, 2008).
The Four Point Plan
The most recent economic stimulus bill, the US Emergency Economic Stabilization Act, was a good first step towards stabilizing our nation's economy.
Unfortunately, a number of the Act's provisions have not proven to be as useful at stabilizing the nation's housing markets as was first thought.
Congress may consider second economic stimulus bill this month. If they do, there are a number of changes that could help to provide more stability to the … (3 comments)
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economy business: Now Vs. The Great Depression: No Comparison! Count Your Blessings. - 10/17/08 11:39 AM
Via Mike Jones:
Paula Swayne (AR) in Sacramento wrote a post based on a Charles Schwab Co. analysis of today's economy, and she put a link to the Schwab article in her post.
(Thanks, Active Rain, for making it so easy to communicate!)
I followed the link, and found this chart. We ought to have stuff like this on billboards in every city in the nation!
Count your blessings!
I'm Mike in Tucson, your preferred Tucson, Arizona mortgage lender.Think of me as your Tucson expert.
… (2 comments)
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economy business: ARE YOU SURPRISED THAT MANY NEW U.S. HOME BUYERS ARE NOT FROM THE USA? - 09/12/08 11:58 AM
We see this more here in beautiful South OC and Southern California ... and are not surprised.
The 2008 NAR® Profile of International Home Buying documents international home buying activity in the U.S. for the 12-month period running May 2007 to May 2008.
It's true that we live in a global marketplace where home buyers are not all local. Foreign buyers with primary residence outside the U.S. make up a significant share of home purchases. It's estimated that between 150,000 and 190,000 homes in the USA were sold to foreign nationals for the time from May 2007 to May 2008.
California ranked … (7 comments)
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economy business: WHAT'S EXPECTED? THE GOOD REALTOR AGENT - 09/09/08 11:40 AM
There are some very good Realtors and real estate agents out there ... who always seem to be involved with helping their friends and clients.
When hiring a Realtor agent to help you buy your next home ... or help you sell your home and property ... you should find one to trust ... and one who listens to what you have to say.
The Realtor should be able to go the extra mile to help make your purchase or sale appear to be smooth. This agent should help you set aside the emotion of the situation and be objective.
… (6 comments)
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economy business: CAPITAL GAINS U.S. INCOME TAX LAW CHANGED ON SALE OF HOME ALSO USED PART TIME AS A RENTAL - EFFECTIVE JANUARY 1, 2009 - 08/28/08 12:54 PM
OUR CAPITAL GAINS U.S. INCOME TAX LAW HAS CHANGED REGARDING SALE OF A HOME OR RESIDENTIAL PROPERTY, WHICH WAS ALSO USED PART OF THE TIME AS A RENTAL.
EFFECTIVE JANUARY 1, 2009
U.S. Housing and Economic Recovery Act of 2008. Section 3092 of this Act Sets Forth the New Rules.
This amends Section 121 of the Internal Revenue Code.
NEW RULES are targeted at people who are buying or owning a home, living in the house for two years, then moving on to buy the next property and keeping the old house as a rental.
Internal Revenue Code, Section 121, on protection of gain … (0 comments)
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economy business: FDIC To Help IndyMac Mortgage Borrowers - 08/23/08 09:53 AM
Yes, that's right. But is this a good thing?
It was reported on August 21, 2008, that loan modification letters will start going out on 4,000 loans near default with 25,000 more to follow.
The Federal Deposit Insurance Corp. , which took over the former Indy-Mac Bank last month, is launching a streamlined loan modification program for troubled mortgage borrowers that it hopes will serve as an example for other lenders.
The thinking is that the FDIC can best preserve IndyMac Federal Bank's assets and "increase the value of distressed mortgages by rehabilitating them into performing loans."
On July 11, … (6 comments)
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economy business: National Friendship Week, August 17 to 23, 2008 - 08/16/08 06:13 PM
I agree with Harvey MacCay, columnist in LESSONS ON LEADERSHIP, who wrote recently that "We All Need Friends".
National Friendship Week is this week, August 17 to 23, 2008. Let's celebrate and appreciate our friends every day, not just this week.
Muhammad Ali said: "Friendship is the hardest thing in the world to explain. It's not something you learn in school. But if you haven't learned the meaning of friendship, you really haven't learned anything."
I want and need friends to be business contacts, those from the office, family members, friends from the gym, our neighborhood, those from church, choir and singing groups, from the … (4 comments)
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economy business: Was the LA Times Providing Valuable Real Estate Information for the Community? - 08/04/08 04:06 PM
Was the LA Times weekly coverage of real estate, with the market, trends, developments, wants and needs, articles, discussion, commentary, relevant and valuable?
The editors at LA Times could have done a better job serving the community with information about properties and real estate.
Perhaps the LA Times.com will move forward and do a better job.
The Los Angeles Times today announced that it ceased publication of its weekly real estate section, which was started more than 100 years ago.
Are you surprised?
Posted by Harrison K. Long, Explore Properties Group, August 4, 2008.
Shady Canyon view toward Strawberry Farms
… (5 comments)
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Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, Coldwell Banker Previews, Irvine, South OC
Address: 6833 Quail Hill Parkway, Irvine, CA, 92603
Office Phone: (949) 854-7747
Cell Phone: (949) 701-2515
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