With a glut of bank-owned properties dragging down the recovery of the real estate market, as well as the national economy, major lenders are more eager than ever before to avoid foreclosure. 

A recent study finds that, "If a borrower abandoned the property while he was delinquent, sales within 500 feet suffered a 3.1% drop in prices. But a vacant home also in foreclosure — further down the distressed pipeline — lowered nearby home sale prices by 7.1%."

The biggest lenders in the country increased staffing to ensure rapid processing of short sale applications. They’re contributing cash incentives at closing for homeowners who pursue a short sale. And they’re proactively reaching out to Realtors and putting them in touch with delinquent borrowers.

This is big news and the media has not really caught onto it yet. What’s important for you to know is that whatever you’ve read or heard in the past about long lag times and frustrations with short sales may no longer be the case.

I work with major lenders and stay on top of major developments affecting short sales and bank-owned properties.  I invite you to visit "Help for Homeowners" at my website www.juliahuntsman.com  to learn more and feel free to contact me any time if you or anyone you know is struggling with an unmanageable mortgage.  Don't assume you have no chance to avoid foreclosure -- but don't wait until the last minute to find out your options!

Looking for that desirable "under $200,000" price? You have found it here. This is such an attractive east-facing unit in the Emerald Villas, bright and sunny in the mornings. Besides a great floor plan that features a master bedroom/master bath, plus a 2nd bedroom with a hall bath, inside laundry, and a third floor view, the buyer also receives all the appliances (microwave, refrigerator, stove AND stackable washer/dryer). The living room features a gas fireplace, and floor-to-ceiling beveled-seam mirrors on its entire south wall, plus Pergo flooring. Although it's not needed that often, this unit also has central air and heat. This is a nicely maintained unit that has been recently carpeted (bedrooms), painted in the last 2 years, with newer appliances since 2007.

If the buyer needs a loan source, I can possibly help with a source that provides 3% and 5% down conventional for condos. The building is currently FHA-approved, but its status for FHA after July 31 is unknown at this point. The HOA common areas include rooftop deck, central atrium pool and spa, and exercise room. HOA fees on this unit are $245/month and includes two side-by-side parking units. Location is near an elementary school, and all downtown amenities, including the Aquarium, Convention Center, and nearby freeway access.

Take advantage of this opportunity! These units sold in the $350,000 range in the high market. To see more on this unit, go to Long Beach Homes and Condos.  Now listed at $179,000!

 Looking for that desirable "under $200,000" price? You have found it here. This is such an attractive east-facing unit in the Emerald Villas, bright and sunny in the mornings. Besides a great floor plan that features a master bedroom/master bath, plus a 2nd bedroom with a hall bath, inside laundry, and a third floor view, the buyer also receives all the appliances (microwave, refrigerator, stove AND stackable washer/dryer). The living room features a gas fireplace, and floor-to-ceiling beveled-seam mirrors on its entire south wall, plus Pergo flooring. Although it's not needed that often, this unit also has central air and heat. This is a nicely maintained unit that has been recently carpeted (bedrooms), painted in the last 2 years, with newer appliances since 2007.

If the buyer needs a loan source, I can possibly help with a source that provides 5% down conventional for condos. The building is currently FHA-approved, but its status for FHA after July 31 is unknown at this point. The HOA common areas include rooftop deck, central atrium pool and spa, and exercise room. HOA fees on this unit are $245/month and includes two side-by-side parking units. Location is near an elementary school, and all downtown amenities, including the Aquarium, Convention Center, and nearby freeway access.

Take advantage of this opportunity! These units sold in the $350,000 range in the high market. To see more on this unit, go to Long Beach Homes and Condos.  Listed at $185,000!

REduced!!

This is a 3 bedroom/2 bath house with lots of potential! It's really a 2 bedroom with a family room, plus a den. Now priced at $355,900--REDUCED! Smaller houses in good condition have sold over $400,000 in this area.

Large family room with a rock-faced fireplace, large added master suite with double entry walk-in closet and master bath, double doors to enclosed patio. Hardwood floors in original dining room and living room areas are in good condition, and newer cabinets are in the kitchen. Laundry hookups are in the attached 2-car garage. Driveway offers additional parking space.

This home is a good price for its size, because it does need specific repairs such as paint, and to the roof and family room flooring, and work on overall landscaping and other deferred maintenance issues. The owner invested in a solar roof panel, which does reduce the monthly electric bill.  The exterior was painted in the last 10 years. For a non-investor, this could be a good candidate for an FHA rehab loan, and a qualified FHA inspector has already reviewed and made up a proposed list of repairs.

It's within only a few houses away from Lakewood High School, and a couple of blocks from local shopping along a major corridor. Established neighborhood--the house shows as 1942 and 1699 sq ft on the tax records.

For someone who would like a 2-bedroom with an additional home office area, this could be the right floor plan for you!

Please contact me, or view this listing at 4246 Ocana Ave. at my site at http://public6.superlativestudio.com/IDXDetail.aspx?mlstableid=SOCALMLSRES&mlsnum=P764947&uid=29690 for additional information.

This IS a short sale.

This is a great unit for a first time buyer, or a second home buyer. It's now $179,000! Need buyer now! HOA dues are $245 month, lovely common areas with good amenties (pool, spa, exercise room, deck) in this complex, and very close to freeway and downtown restaurants.

Very light second floor unit facing the eastern light with city view. Living room and dining area features Pergo-style laminate flooring, and enclosed gas fireplace. Carpeted bedrooms have large closets with mirrored sliding closet doors. Sliding doors from living room open onto a very long balcony which extends along both the living room and master bedroom. Central A/C, interior hall features laundry closet with stackable washer/dryer included, cupboard space and countertop for laundry area. Unit feels light and spacious.

Two side-by-side parking spaces.

Community areas include exercise room, pool area and attractive entry area with plantings and fountain, adjacent mail room. Some TLC and paint will make this unit shine! 

This is a short sale, waiting for a buyer who has the time and patience to continue through the bank approval process (already started with buyers who just backed out- ouch!). see this unit at 555 Maine Ave

This is a 3 bedroom/2 bath house with lots of potential! Large family room with a rock-faced fireplace, large added master suite with double entry walk-in closet and master bath, double doors to enclosed patio. Hardwood floors in original dining room and living room areas are in good condition, and newer cabinets are in the kitchen. Laundry hookups are in the attached 2-car garage. Driveway offers additional parking space.

This home is a good price for its size, because it does need some work. It's within very short walking distance to Lakewood High School, and local shopping. Established neighborhood--the house shows as 1942 on the tax records.

For someone who would like a 2-bedroom with an additional home office area, this could be the right floor plan for you!

Please contact me, or view my site at www.juliahuntsman.com for additional information.

This IS a short sale.

Very nice condominium in downtown Long Beach in the lovely Emerald Villas development.

This is a 2 bedroom and 2 bath floor plan that is light and sunny. The hall way area doubles as a laundry area adjacent to the stackable washer/dryer closet. The washer and dryer are included in this open floor plan on the 2nd floor. Central heat and air keep this unit just right, no matter what the weather. And an extra long balcony across the living room and master bedroom faces the eastern city view.

Two side-by-side parking spaces in the gated garage, and there are plenty of association amenities. The central court yard features a beautiful pool and spa; there's an exercise room and sun deck. This 125-unit building is also FHA approved--this is a really good deal for $189,000, very reasonable HOA dues. P.S. This is a short sale too.

Contact me, or see more information at www.juliahuntsman.com.

The two-year picture for median selling price of single family homes in Long Beach is a pretty diverse picture, just like the city itself. From September 2008 to September 2010:

Interestingly, the overall drop for the SFR from 2 years ago is only 3% from $390,000 to $379000 (per CARETS data). This is in contrast to the median price for Los Angeles County which has increased from $339,500 (Sept. 2009) to $350,000 (per CoreLogic data). There is a 30% decrease in expired house listings, and the number of sold properties is up 15% over two years ago, while the months supply of inventory is down 33%.

Condos in Long Beach have taken a bigger hit--the median sold price has dropped 22% in two years from $263,000 to $205,000 from 2008-2010, and for Los Angeles County the median price has dropped from $337,000 to $320,000 from 2009-2010. The overall median for sale condo price in Long Beach has dropped 22% in the last 2 years, but there are fewer expired properties (down 37%), and an increase in the number of sold condos in the last 2 years, by 5%. The months supply of inventory is down 32% from two years ago.

For both houses and condos, the number of properties for sale is down by 26% and 22%, a condition that eventually may contribute to more listings on the market to meet demand, driving sales volume higher and in some cases sales prices higher as inventory decreases in certain areas.



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Posted By Julia Huntsman to Long Beach/Southern California Real Estate at 10/29/2010 10:03:00 AM