Larry Weichman's Real Estate Blog

Good News For First Time Buyers & Existing Homeowners!

Weichman Associates- Realtors — Fri, 06 Nov 2009 15:12:02 -0600

Homeowners win big with extension and expansion of federal tax credit

The U.S. House of Representatives voted 403 to 12 to extend and expand the home buyer tax credit. The bill passed the U.S. Senate Nov. 5,2009 and now will go to President Obama for his signature, where it is expected to be signed this week.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

For weeks, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R and its members have urged Congress and the U.S. Senate to extend and expand this crucial piece of legislation.

Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers. According to C.A.R. research, nearly 40 percent of first-time home buyers surveyed said they would not have purchased a home without the federal tax credit, and approximately 70 percent said the tax credit was "the most important" or a "very important" factor in their decision to buy a home.

Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Larry also has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, his clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Myth Busting On Short Sales and Foreclosures!

Weichman Associates- Realtors — Thu, 29 Oct 2009 16:08:44 -0500

When a homeowner faces default on their mortgage, there may be two options: foreclosure or short sale. Foreclosure can be devastating, both emotionally and financially. A short sale, or one in which the lender accepts a selling price less than the amount owed, is a better option for both the lender and the homeowner.

Regrettably, nearly seven out of ten homeowners proceed through foreclosure without ever listing their home for sale. This is due largely to perceived myths about the process, and we need to put a few of these misconceptions to rest.

First, homeowners assume the bank would rather foreclose than accept a short sale. Not true - foreclosure is often more costly for the lender, and short sales often sell for more than foreclosed listings. The banks are trying anything possible, within reason, to avoid the foreclosure process.

Next, homeowners believe there is a stigma attached to short sale listings, and that buyers have no interest in such properties. Not true - to the contrary, many smart buyers are specifically seeking out such offerings for the value they present compared to traditional listings.

Finally, homeowners often assume that there's not enough time to close a short sale before foreclosure is final. Not true - foreclosure is a lengthy process and there is time to negotiate a better result, but you need to start today.

A FIRST TIME FOR EVERYTHING!

Weichman Associates- Realtors — Sat, 24 Oct 2009 00:20:39 -0500

An article appeared recently in the New York Times that beautifully illustrates the opportunities today's real estate market offers. A mother working two jobs saved up for a down payment and managed to buy a large home with a pool for $187,000. Three years ago, that same home had sold for $370,000!

While sellers are still feeling pressure, buyers with stable incomes and good credit histories are beginning to spread a "feel good" vibe throughout the industry. Conditions have literally never been better for first-time buyers. Affordability has seldom been higher and interest rates have hardly been lower. Selection of inventory is vast, and sellers are highly motivated.

As more buyers enter the marketplace, the ripple effect will be felt far and wide. When they purchase a highly affordable foreclosure or "short sale," they have removed a distressed property from the listings, improving values for other homes in the area. When they buy a "traditional" listing, that in turn sets off a chain reaction whereby the sellers in turn will purchase another home, from sellers who will in turn buy another home, and so on and so on.

You probably get the picture now. As we approach some stability in real estate, all indications are that prices will begin rising again. As the market approaches recovery, don't miss your opportunity for the buy of a lifetime.

Larry Weichman is President/ Broker for Costa Mesa based Weichman Realtors. His company has served Costa Mesa since 1976. Please direct your questions to Larry@TeamWeichman.com or call 714-241-4532. You may also visit www.TeamWeichman.com.

NEW CALIFORNIA REAL ESTATE LAWS FOR 2009-10

Weichman Associates- Realtors — Fri, 16 Oct 2009 14:35:54 -0500

NEW CALIFORNIA LAWS FOR 2009-10

The conclusion of the first half of the 2009-10 legislative session has brought many new laws that may affect California REALTORS® and their clients. Not surprisingly in the subprime aftermath, prominently featured among the new laws is stricter regulation of the mortgage lending industry.

REO Buyer Can Select Escrow and Title: Effective October 11, 2009, the Buyer's Choice Act prohibits an REO lender selling residential property up to four units from directly or indirectly requiring the buyer to purchase escrow services or title insurance from any particular company. A buyer, however, who has received written notice of the right to make an independent selection, may agree to the REO lender's escrow or title recommendations. An REO lender that violates this law can be held liable for three times the charges the buyer incurred, whereas a violation by the seller's agent may be subject to license disciplinary action. This law expires on January 1, 2015. Assembly Bill 957.

No Advance Fee Loan Modifications: Starting October 11, 2009, a new law prohibits anyone from claiming any compensation for negotiating or arranging a loan modification until after that person fully performs each and every service as promised. Aimed at combating loan modification scams, this ban applies to upfront fees collected by real estate agents and attorneys. The ban expires on January 1, 2013. Also effective immediately, anyone who negotiates or arranges a loan modification must give the borrower a specified notice that paying a third-party for loan modification services is unnecessary. These new requirements apply to mortgage loans secured by residential property up to four units, with certain exceptions for lenders and loan servicers acting on their own behalf. Violations can be penalized by, among other things, a $10,000 fine plus one-year imprisonment for individuals, or a $50,000 fine for businesses. Real estate brokers with existing Advance Fee Loan Modification Agreements reviewed by the Department of Real Estate (DRE) can no longer, as of October 11, 2009, enter into these agreements or collect advance fees. Agreements entered into and advance fees collected before October 11, 2009 are not affected. For the DRE announcement, go to http://www.dre.ca.gov/pdf_docs/SB94WebAnnouncement(brokers).pdf. Senate Bill 94.
Advance Fee Redefined: Aside from loan modifications discussed above, Senate Bill 94 also broadens the definition of an advance fee which must be specially handled by real estate agents, such as by submitting an advance fee agreement for DRE review and placing funds received into a broker's trust account. Under the new definition that took effect on October 11, 2009, agents cannot separate advance fees or services into components to avoid the advance fee requirements. More specifically, an advance fee is now defined as "a fee, regardless of the form, claimed, demanded, charged, received, or collected by a licensee from a principal before fully completing each and every service the licensee contracted to perform, or represented would be performed." Exceptions include advertisements in newspapers of general circulation, tenant prescreening fees, and tenant security deposits. Senate Bill 94.
Mortgage Loan Originators Regulated: Beginning in December 2010, a real estate licensee acting as mortgage loan originator must obtain a license endorsement, which entails education, written testing, and reporting requirements. A mortgage loan originator is anyone who, for compensation or gain, takes a mortgage loan application or offers or negotiates terms of a mortgage loan for residential property containing one-to-four units. Exemptions include real estate agents who only engage in selling, buying, or leasing activities, unless compensated by a lender or mortgage loan originator. This license endorsement requirement comports with the creation of a Nationwide Mortgage Licensing System and Registry under recent federal law. Finance lenders and residential mortgage lenders under the Department of Corporation must also register in the nationwide system. Additionally, if a real estate broker or the broker's salesperson makes, arranges, or services loans secured by residential property containing one-to-four units, the broker must notify the DRE by January 31, 2010 or within 30 days of commencing such loan activity, whichever is later. Senate Bill 36.
Mortgage Broker Activities Restricted: Commencing January 1, 2010, a mortgage broker will be deemed a fiduciary with a duty to place the borrower's economic interest above his or her own. This fiduciary duty pertains to a mortgage broker who makes loans secured by residential property of one-to-four units. Also starting January 1, 2010, the law will strictly regulate higher-priced mortgage loans as defined, including requiring upfront disclosure if a mortgage broker only arranges higher-priced mortgage loans, restricting prepayment penalties and yield spread premiums, prohibiting negative amortization, and prohibiting mortgage brokers from steering borrowers to higher-cost loans. Assembly Bill 260.
Appraisal Industry Oversight: The Office of Real Estate Appraisers (OREA) will have regulatory oversight of appraisal management companies, which gained prominence after Fannie Mae and Freddie Mac adopted the Home Valuation Code of Conduct (HVCC). Starting January 1, 2010, the OREA must implement a registration system for appraisal management companies, including fingerprinting and background checks for persons with operational authority as defined. On a separate note, this law clarifies what conduct constitutes improperly influencing the appraisal process by anyone with an interest in a real estate transaction. Such prohibited conduct includes withholding or threatening to withhold an appraisal fee, withholding or threatening to withhold future appraisal business, and promising future business, promotions, or compensation. Senate Bill 237.
Mortgage Fraud Becomes a State Crime: As of January 1, 2010, anyone who deliberately makes any misrepresentation or omission during the mortgage lending process with the intent of influencing that process will be guilty of mortgage fraud under California law. A violation of this law is a crime punishable by one-year imprisonment. Under existing federal law, loan fraud against a federally-insured lender is a crime punishable by a $1 million fine, plus one-year imprisonment (18 U.S.C. section 1014). Senate Bill 239.
Increase in Homestead Exemptions: Coming into effect on January 1, 2010, the homestead exemption protecting a homeowner's equity from judgment creditors has been increased by $25,000 across the board to $75,000 for individuals, $100,000 for married couples or family units as specified, and $175,000 for persons over 65 years, disabled, or over 55 years with limited income as specified. Assembly Bill 1046.
60-Day Notice to Terminate Tenants Extended: Existing law generally requiring a 60-day notice to terminate a month-to-month residential tenant, which was originally slated to sunset on January 1, 2010, has been extended indefinitely. A 30-day notice to terminate is sufficient if the tenant has lived in the property for less than one year, or if the landlord has sold the property and certain requirements are met as specified in our standard-form Notice of Termination of Tenancy (C.A.R. Form NTT). The 60-day notice requirement does not apply to fixed-term leases, such as a one-year lease. Other laws address tenants in properties foreclosed upon. Senate Bill 290.

Other Significant Laws: Other new laws that may interest REALTORS® include, without limitation, the following:

Landlord Utilities: Requires certain utility companies to notify residential tenants of landlord's past due accounts and upcoming shutoffs, and allows tenants to begin service in their own names and deduct payment from rent (Senate Bill 120).
Mobilehome Parks: Prohibits management from requiring a homeowner to use a specific broker or dealer when replacing a mobilehome or manufactured home on a space in a mobilehome park (Senate Bill 804).
Swimming Pools: Requires anti-entrapment devices for owners of apartment buildings, condominium complexes, and others, including the filing of compliance statements (Assembly Bill 1020).
Mechanic's Liens: Provides new procedures, including service of a Notice of Mechanic's Lien to the owner and mandatory recording of a lis pendens when enforcing a mechanic's lien (Assembly Bill 457).
Low Water-Using Plants: Renders unenforceable any HOA provision prohibiting landscaping with water-efficient plants in common interest developments (Assembly Bill 1061).
Reverse Mortgages: Provides new disclosure and other requirements under the Reverse Mortgage Elder Protection Act (Assembly Bill 329).
Disposal of Records: Shields from liability businesses that dispose of abandoned records containing personal information by shredding or erasing, and gives a legal presumption that a tenant owns records remaining on the premises after tenancy termination (Assembly Bill 1094).
Plumbing Fixtures: Provides new disclosure and other requirements for water-conserving plumbing fixtures effective on or after January 1, 2014 (Senate Bill 407).

This information is courtesy of the California Association of Realtors.

PAUSE FOR THE PAWS

Weichman Associates- Realtors — Thu, 15 Oct 2009 22:42:26 -0500

With millions of dogs and cats as members of American families, there's a good chance that you've got pets sharing the home you're trying to sell. Since not everyone enjoys the company of animals, there are some measures you should consider taking before prospective buyers come over for a showing.

Pet odors are the biggest problem sellers face, but they can be easily minimized with thorough cleaning and vacuuming, and vigilant duty with the litter boxes. Black lights are available that help you to pinpoint the origin of any mysterious smells. It also makes a good impression if you pick up and store toys, bedding, and food and water bowls while your home is being shown to buyers.

If at all possible, take your dog(s) out with you when an agent brings visitors, or ask a friend or family member to keep your pet during the initial listing period. This will help reduce the stress on your pet at a time when showings are usually more frequent.

Another way to put buyers more at ease with their purchase is to offer a cleaning credit or allowance. Even if you're certain you'll remove all evidence of your beloved pets before vacating your home, the buyers may not share your confidence.

Why not offer these gestures of good will, thereby encouraging a better offer from the buyers?

Newly Listed Over The Top Home In Costa Mesa!

Weichman Associates- Realtors — Sun, 11 Oct 2009 13:58:46 -0500

Mesa Verde 4 Bedroom Home! Best Priced Home on the Market!

Weichman Associates- Realtors — Fri, 09 Oct 2009 08:46:54 -0500

Photo Gallery

Description

Nice Mesa Verde corner lot home! This home features 4 bedrooms, 2 baths and a dining room/kitchen combo!

Features

Bedrooms:	4
Bathrooms:	2
Lot Size:	7300
School District:	Newport Mesa
Square Footage:	1640
Agent Name:	Larry Weichman
Broker:	Weichman Realtors

Location

1658 Minorca Drive Costa Mesa CA 92626

vFlyer Id: 2854109

Battle of the Bell Pre-Game BBQ on Friday, October 16! Game Starts @ 7 PM

Weichman Associates- Realtors — Thu, 08 Oct 2009 12:11:27 -0500

Hello Football Fans! Costa Mesa United will be presenting the Battle of the Bell Pre-Game BBQ on Friday, October 16 from 4-7 p.m. Tickets are $10 each and include dinner catered by Newport Rib Company and a Live Band. Admission to the game is not included. Game time is 7 p.m. with the Eagles battling the Mustangs to bring the bell back to EHS! Join us for a great night of competition and community spirit.

Tickets purchased in advance from EHS Football Boosters benefit Estancia High School Football. Please let me know if you are interested and I will deliver the BBQ tickets to you prior to the big game.

Thanks in advance for your support! GO Eagles! LORI JARMACZ jarmacz@prodigy.net Please email Lori for tickets! This is a great event! Weichman Realtors has been a long time sponsor of Football in Costa Mesa and Costa Mesa United! Laurie and me hope to see you at the game! Larry Weichman

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

COSTA MESA PUBLIC SAFETY RECOGNITION BARBEQUE

Weichman Associates- Realtors — Wed, 07 Oct 2009 13:52:19 -0500

The Costa Mesa Chamber of Commerce

Weichman Realtors

present the

COSTA MESA PUBLIC SAFETY RECOGNITION BARBEQUE

11:00 a.m. - 1:00 p.m., Thursday, October 8, 2009

Orange County Fairgrounds Enter at Main Entrance near Administration Building

Recognizing Officers and Employees of the Costa Mesa

POLICE DEPARTMENT FIRE DEPARTMENT

&

COMMUNICATIONS CENTER

On duty or off duty all are invited to attend . . . enjoy lunch . . . and

free raffle drawing Police, Fire and Communications personnel.

Police, Fire, Communications Personnel: NO CHARGE

Chamber & Community Members: $10.00

Please R.S.V.P. - (714) 885-9090

If you would like to donate a raffle prize please call the Costa Mesa Chamber at the number listed above.

All donations are tax deductible. Sponsorships are also available at many different levels.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Please join with us as we honor our Costa Mesa employee's

If you would like to donate or attend the event, please contact Larry Weichman 714-444-4663

Home Prices Buoyed by First-Time Buyers and Continued Tight Supply

Weichman Associates- Realtors — Sun, 04 Oct 2009 09:53:16 -0500

Low prices, historically low mortgage rates, and tax credit incentives offered to first-time buyers, provided support to the California housing market to remain solid in the late summer. Despite a decline of 5.1 percent from the prior month, the seasonally adjusted annualized sales of existing single-family homes in August exceeded 500,000 for the twelfth consecutive month, and increased 9.0 percent year over year to 526,970 from 483,400 in the same month of last year. For the first eight months of the year, sales were 38.2 percent ahead of last year on a year-to-date basis.

The August median price increased 2.6 percent month-to-month to $292,960 from a revised July figure of $285,480, but declined 16.9 percent from $352,730 in the same month of last year. The yearly decline, nevertheless, was the smallest in the last 20 months. In fact, the statewide median price increased for the sixth month in a row and the August median price was 19.5 percent above the recent low of $245,170 reached earlier this year in February.

The growth in price is due in part to the imbalance between supply and demand in the housing market. Although statewide sales were almost 40 percent stronger than last year on a year-to-date basis, inventory levels were 35.0 percent lower than a year earlier in August. The unsold inventory index was 4.3 months, a slight increase from 3.9 months a month earlier, but below the 7.0 month figure of a year ago. At 4.1 months, the 3-month average for the unsold inventory was well below the long run average of 7 months, and had been displaying a declining trend throughout the past 19 months.

Supply was especially tight at the low-end of the market. The unsold inventory index for homes that were priced below $500,000 was 3.4 months in August, as compared to 4.7 months for homes with price between $500,000 and $1 million, and 12.9 months for homes with price over $1 million. The unsold inventory index was at 7.0 months, 6.8 months, and 11.0 months respectively for the same month last year.

Tight inventory at the low-end market was largely attributed to the increase in the demand of entry-level homes by first-time buyers. Results from the latest CALIFORNIA ASSOCIATION OF REALTORS^®' (C.A.R) "Annual Housing Market Survey" suggest that nearly half of all buyers in 2009 are first -time buyers, up from 36 percent in 2008.

First-time buyers are motivated to buy now because of the tax credit incentive offered by the federal government. According to the C.A.R. "2009 First-time Home Buyers Tax Credit Survey", four out of ten (39 percent) first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. Over nine of ten first-time buyers (94 percent) were aware of the tax credit before they purchased their homes, and 72 percent planned to apply for the Federal First-Time Home Buyer Tax Credit when they file their taxes. The federal tax credit is a big factor in many first-time buyers' decision to purchase a home: 69 percent of those surveyed said that the federal tax credit was either "very important" or "most important" in their home buying decision now. The Federal First-Time Buyer Tax Credit is scheduled to expire on November 30, 2009, but a 6-month extension is under consideration at this time. An extension, if passed by the legislation, will undoubtedly contribute to the recovery in the California housing market.

Reprinted courtesy of California Association of Realtors

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,100 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Update on the Federal Reserve Meeting

Weichman Associates- Realtors — Thu, 24 Sep 2009 00:02:18 -0500

Information received since the Federal Open Market Committee met in August suggests that economic activity has picked up following its severe downturn. Conditions in financial markets have improved further, and activity in the housing sector has increased. Household spending seems to be stabilizing, but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment and staffing, though at a slower pace; they continue to make progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee anticipates that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will support a strengthening of economic growth and a gradual return to higher levels of resource utilization in a context of price stability.

With substantial resource slack likely to continue to dampen cost pressures and with longer-term inflation expectations stable, the Committee expects that inflation will remain subdued for some time.

In these circumstances, the Federal Reserve will continue to employ a wide range of tools to promote economic recovery and to preserve price stability. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt. The Committee will gradually slow the pace of these purchases in order to promote a smooth transition in markets and anticipates that they will be executed by the end of the first quarter of 2010. As previously announced, the Federal Reserve's purchases of $300 billion of Treasury securities will be completed by the end of October 2009. The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. The Federal Reserve is monitoring the size and composition of its balance sheet and will make adjustments to its credit and liquidity programs as warranted.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Texas Hold 'em Tournament! Fundraiser for youth programs supported by Costa Mesa United

Weichman Associates- Realtors — Wed, 23 Sep 2009 18:12:12 -0500

TEXAS HOLD'EM TOURNAMENT

$100 Entry Fee

Texas Hold'em

$20 buy backs first 3 hours

Unlimited $20 buy ins

Consolation Round

Sat., Nov. 14th 5:30 - 10:30pm

Hosted by Net Development: 3130 Airway Ave, Costa Mesa, CA

BENEFITING COSTA MESA'S YOUTH SPORTS

••• Play for the kids - Compete for the prizes•••

6:30 pm Tournament Begins

5:30 pm Registration / Check-In

Heavy Hors d' oeuvres & Cash Bar provided by Newport Rib Company

Contact: Jim Huffman

714-856-0571 for more information

(Black Jack & Craps)

$40 Entry Fee

Bunco

BONUS:

Fund Raiser: Benefiting Local Youth Programs

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Check out this newly listed home in the Mesa Verde Collection! Open House Today!

Weichman Associates- Realtors — Sat, 19 Sep 2009 12:52:24 -0500

Check out this newly listed 4 bedroom home with 3 Bathrooms and a 3 car garage!

http://www.tempo.socalmls.com/SearchDetail/Scripts/PrtBuyFul/PrtBuyFul.asp?MlsNumList=P703799&prp=Mls&where=+&returnNumber=99&EmailAction=srml&reports=2&fixed=1&UidList=

To see this beauty please call me at 714-863-5739

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

The Circus is coming to Costa Mesa!

Weichman Associates- Realtors — Fri, 18 Sep 2009 13:02:44 -0500

The Big Top is coming to Costa Mesa! October 8th - Oct 12th! Check out www.Circusvargas.org. I have $5 off gift codes for children 10 and under! Call me at 714-444-4663 #103 for the codes to save online!

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

LOOKING FOR THE INVISIBLE

Weichman Associates- Realtors — Thu, 17 Sep 2009 17:35:28 -0500

When you hear the term "home inspection," you're likely to think of the electrical system, plumbing, roof and foundation, and smaller items like cracked windows or drafty doors. However, it's the elements in the home that cannot be seen that demand special attention on the part of buyers and sellers and the inspector they choose.

First, there's radon, a colorless and odorless gas that seeps up from the ground and has been labeled as a cause of cancer. Any home, but particularly those with basements, should be tested for high levels of this gas.

Next is asbestos, a fibrous material once used for insulation, but banned in 1985. Homes built before then should be tested, and care should be exercised not to disturb this material when remodeling these older homes.

Another threat is lead, a toxic metal that was widely used in paint, pipes, and other materials. Any home built before 1978 should be tested for its presence, and any lender offering HUD-insured mortgages will require a lead-safe certification for these older structures.

Another culprit is groundwater contamination, a particular concern for homes with older septic systems or underground oil tanks, or homes near industrial facilities. Also search for hazardous products stored in and around the home, making certain that they are removed before transfer of the property to new owners. Be smart and be safe!

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Foreclosed Homes for Sale in Costa Mesa CA

Weichman Associates- Realtors — Wed, 16 Sep 2009 20:22:29 -0500

Foreclosed Homes for Sale in Costa Mesa CA:

Great prices can be found among the Foreclosed Homes for Sale in Costa Mesa CA. If you've been needing an upgraded abode with more upscale amenities, right now is the best time to explore your options. Perhaps you are a first-time home purchaser. Currently, these 14 foreclosed homes can be bought for between $254,400 to $1,119,000, so individuals of all income levels can most likely find Costa Mesa, CA foreclosure real estate that accommodates their requirements. These Costa Mesa, CA properties won't be available for long, so make your move right away. Click here to see the list! http://www.allcostamesarealestate.com/60306-Costa-Mesa-CA-Foreclosed-RESCity.aspx

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Huntington Beach Historical Society's Civil War Days! This Weekend!

Weichman Associates- Realtors — Thu, 03 Sep 2009 19:28:04 -0500

Huntington Beach Historical Society's Civil War Days

Huntington Central Park
7111 Talbert Ave.
Huntington Beach, CA 92648

Phone: 714-969-8928

Dates & Times:

September 05 - September 06, 2009; Every day (8 a.m. to 4 p.m.)

Civil War Days features live weapons demonstrations, living histories and battle reenactments. Abraham Lincoln will also deliver the Gettysburg Address to celebrate his 200th birthday. All refreshment proceeds benefit the Huntington Beach Historical Society. Saturday 10:00 a.m. - Camp open to public 1:30 p.m. - First battle 2:30 p.m. - Living history and weapons demonstrations 4:00 p.m. - Second battle Twilight concert after second battle Sunday 8:00 a.m. - Church services 9:00 a.m. - Camp opens 11:00 a.m. - First battle 12:00 p.m. - Living history and weapons demonstrations 2:00 p.m. - Second battle Please note these times are approximate. Due to loud noises during shows the Historical Society does not recommended bringing your dog to this event. Start times are not guaranteed, please call or go early to be safe!

Directions:

Reenactments will be held behind the library off Gothard Street between Slater and Talbert Avenue.

Cost: Free
Parking: Free

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

KEEP THE HORSE BEFORE THE CART!

Weichman Associates- Realtors — Thu, 03 Sep 2009 18:45:57 -0500

While many buyers are aware that a mortgage pre-approval letter increases their buying confidence and power, most may not understand exactly why pre-approval is so important. Why should you jump through the application hoops before even beginning your home search?

First, you'll know exactly how much loan you can afford, making your initial home search much easier. Why waste your time looking at homes either out of your reach or well below your financial grasp?

Second, pre-approved buyers stand on solid negotiating ground with sellers. Sellers working with well-qualified buyers are more likely to accept the offer and less likely to stall on terms and conditions.

Notice that the topic of this column is "pre-approval," and not "pre-qualification." What's the difference? Pre-qualification is easy - you provide basic information to a lender, and in a few short minutes, you have an answer. Pre-approval requires strict verification of documentation relating to your employment, credit history, sources of income, etc. It takes more time, but is more accurate and carries more weight.

Understand that pre-approval is not binding, and is still subject to a satisfactory appraisal on the prospective purchase. If your financial situation changes, interest rates rise or fall, or the deadline passes, a recalculation will be necessary; but a little legwork now will pay off handsomely as you approach the finish line on your contract.

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Costa Mesa Board Appoints New Director that works for Weichman Realtors!

Weichman Associates- Realtors — Tue, 01 Sep 2009 22:42:37 -0500

FOR IMMEDIATE RELEASE

September 1, 2009

CONTACT:

Amanda Gavin, Mesa Consolidated Water District, 949/631-1205

Coleen L. Monteleone, Administrative Services Manager, 949/631-1205

MESA'S BOARD APPOINTS NEW DIRECTOR

Costa Mesa, Calif.
- Mesa Consolidated Water District's (Mesa) Board of Directors (Board)

announces the appointment of James R. Fisler to represent Division II on the Board. Mr. Fisler

replaced former Director Paul E. Shoenberger.

The Board received letters of interest from 20 candidates. The candidates were invited

to attend Board meetings to gain a better understanding of the Board's activities and have the

opportunity to ask questions. The Board voted to appoint Mr. Fisler at its August 25th Board

meeting and he was sworn in the following day.

"After a very competitive process the Board voted to appoint Mr. Fisler to the Board,"

said Shawn Dewane, Board President. "He has a passion for public policy, commitment to

public service, and is highly motivated to become more involved in water issues. The Board

and staff are pleased to welcome Mr. Fisler, he is a great asset to Mesa."

Director Fisler previously served as the Vice-Chair of the Planning Commission for

the City of Costa Mesa and as Parks and Recreation Commissioner prior to that. He has been a

member of the City of Costa Mesa's Residential Rehabilitation and Redevelopment Committee

since 1997, in many capacities, including as an alternate, full member, or liaison from the

Planning Commission. He has been a volunteer in the city's Neighbors for Neighbors program

for over 10 years, and is a graduate of the Citizens Police Academy.

Mr. Fisler is currently a Realtor with Weichman Associates in Mesa Verde and was a

regional manager for Nordstrom stores for over 12 years. Both positions equipped him with

the necessary skills to provide outstanding customer service.

Director Fisler has been a resident of Costa Mesa for 40 years and has lived in the Mesa Verde

area for 17 years.

We at Weichman Realtors are very proud to have Jim Fisler on our team of great agents that live in Costa Mesa! Jim Fisler can be reached at 714-444-4663

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Costa Mesa Gem's- August 2009

Weichman Associates- Realtors — Mon, 31 Aug 2009 17:53:55 -0500

Each month we look for a hidden gem in Costa Mesa. This Month we feature Mesa Verde Country Club!

Did you know that Costa Mesa is home to a world class country club? Mesa Verde Country Club was established in 1959. The club provides tennis, golf, swimming, social and dining programs. Mesa Verde has one of the most interesting and impressive histories of any private club in Southern California. American Indians, humble missionaries, ranchers, produce farmers, investors, developers, multinational corporations and some of the world's most prestigious amateur and professional golfers have all played a part in the club's proud past. Mesa Verde Country Club also has summer and winter camps for young and beginning tennis players! If you would like more information about the club visit: www.MesaVerdeCC.com

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Update From The Costa Mesa Chamber of Commerce For Sept. 2009

Weichman Associates- Realtors — Wed, 26 Aug 2009 14:04:50 -0500

August 24, 2009

The schedule of events for the Costa Mesa Chamber of Commerce for the month of September 2009 is as follows:

ONGOING

COSTA MESA CHAMBER OF COMMERCE

NETWORKERS LUNCHEON MEETINGS:

Every Wednesday 11:45 a.m. to 1:00 p.m.

Costa Mesa Country Club

1701 Golf Course Drive

Costa Mesa, CA 92626

Visitors welcome. Cost is $17.00. Call the Chamber office at 714-885-9090 for details.

SPECIAL EVENTS

90-Minute Breakfast Boost

Thursday, September 17, 2009 7:00 am - 8:45 am

Speaker: Bil Schroeder, South Coast Repertory

Come to breakfast & you may win 2 tickets to an upcoming performance!

Cost: $15.00 for reservations made in advance or $20.00 at the door

Reservations can be made on our website: www.costamesachamber.com or by phone at 714-885-9090

We gladly accept Visa, MasterCard, American Express, Discover, cash or check

After Hours Business Mixer

Wednesday, September 23, 2009 5:30pm - 7:30pm

El Matador Restaurant

1768 Newport Blvd., Costa Mesa, CA 92627

Members are Free, Potential members & Guests $10

For more information call the chamber office @ 714-885-9090

Public Safety Recognition Barbecue

Thursday, October 1, 2009 11:00am - 1:00pm

Orange County Fair & Event Center

Cost is just $10.00 - advance reservations please

Everyone in the community is invited to come & show their support to our Police, Fire and Communications crews. Entrance fee includes lunch. This is a rare opportunity to meet these people face to face, shake their hands and simply say thank you. We hold a huge raffle each year and donations are needed. If you would like to donate a raffle prize valued at $10.00 or more or would like to make a reservation to join us please call the chamber office at 714-885-9090.

Questions regarding press release, please call Tom Brennan, Costa Mesa Chamber of Commerce, 714-885-9093

or Rose Quinn 714-885-9092.

1700 Adams Avenue, Suite 101 · Costa Mesa, CA 92626 · (714) 885-9090 · FAX (714) 885-9094 · www.costamesachamber.com

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Weekly Market Update Ending August 21, 2009

Weichman Associates- Realtors — Fri, 21 Aug 2009 23:23:06 -0500

Economic Highlights for the Week Ending August 21, 2009

MONDAY, August 17^th

The NAHB housing market index rose to a level of 18 in August from a reading of 17 in July. Ratings of present, new single-family sales were unchanged in August while homebuilders projected stronger sales six month from now as foot traffic through model homes increased. Recovery in the new home market and thus homebuilder sentiment has a long way to go to regain lost ground. Improvement will remain slow going forward since it is affected by the larger existing home market.

TUESDAY, August 18^th

The producer price index fell 0.9% in July as energy prices plunged 2.4%. Over the past year the PPI is down 6.4% while energy prices dropped 29.6%. Excluding food and energy costs, the core PPI fell 0.1% on the month but has increased 2.6% on the year. Nevertheless, the core rate continues to trend lower while future gains in energy prices will likely boost headline, wholesale inflation higher in coming months.

Housing starts fell 1.0% in July to an annual pace of 581k from an upwardly revised June pace of 587k. Starts remain weak but have stabilized in the past two months. A gain in the single family sector for the fifth straight month was an encouraging sign. Recovery in new home construction continues to be slow and may face headwinds going forward related to still large inventories of unsold existing homes.

WEDNESDAY, August 19^th

The MBA mortgage applications index rose 5.6% to 527.0% for the week ending August 14. The purchase index increased 3.9% on the week as refinance activity rose 6.9%. The purchase market is finding support in tax breaks and low prices while refinancing responds to rate movements. Contract mortgage rates fell sharply in the last week with refinance activity accounting for nearly 53% of total applications.

THURSDAY, August 20^th

Jobless claims rose 15k to 576k for the week ending August 15. Claims have been inching back toward that 600k level in the past few weeks indicative of still weak labor market conditions and some reversal of previous improvement. Like other sectors of the economy, the road to recovery is proving a bumpy one.

The index of leading economic indicators rose for the fourth consecutive month, gaining 0.6% in July. Recent gains in the index suggest the economic downturn is fading quickly. Expectations are for the economy to begin expanding once again in the second half of this year.

Mortgage rates declined this week in response to falling yields in the bond market. 30-year fixed rate mortgages averaged 5.12% this week compared to 5.29% last week according to Freddie Mac's mortgage market survey.

FRIDAY, August 21^st

Existing home sales gained 7.2% in July to an annual pace of 5.24 million, better than an expected rate of 5.00 million. This was the fourth consecutive increase in home re-sales and the biggest monthly gain since 1999. Moreover, sales were up 5.0% on the year in their first yearly increase since November 2005. The current sales pace is about on par with sales in the fall of 2007.

Stock Market Close for the Week

Index	Latest	A Week Ago	Change
DJIA	9505.96	9321.40	+184.56 or +1.98%
NASDAQ	2020.90	1985.52	+35.38 or +1.78%

WEEK IN ADVANCE

The economy is on the mend however consumers remain on the ropes making consumer confidence surveys and personal income data important to watch in the week ahead. Also, recent risk-averse plays in the bond market may give way to supply concerns this week as the Treasury plans to sell another $109 billion in debt.

Key Interest Rates	Latest	6 Mos Ago	1 Yr Ago
Prime Rate	3.25	3.25	5.00
Fed Discount	0.50	0.50	2.25
Fed Funds	0.25	0.23	2.02
11th District COF	1.599	2.757	2.829
10-Year Note	3.56	2.75	3.83
30-Year Treasury Bond	4.37	3.56	4.45
30-Yr Fixed (FHLMC)	5.12	5.04	6.47
15-Yr Fixed (FHLMC)	4.56	4.68	6.00
1-Yr Adj (FHLMC)	4.69	4.80	5.29
6-Mo Libor (FNMA)	0.92500	1.66000	3.08375
Sources: IBC's Money Fund Report; Bank Rate Monitor; Federal Home Loan Bank of San Francisco

This is the latest information on the national real estate market ending August 21, 2009.

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

Beyond the Headlines! Market Update for California!

Weichman Associates- Realtors — Thu, 13 Aug 2009 19:03:41 -0500

Aug. 13, 2009

C.A.R. Mortgage Update

This week's C.A.R. Mortgage Update contains information about dealing with loan servicers and current

mortgage rates.

Tips for borrowers dealing with loan servicers

Many homeowners have experienced difficulties and frustration getting through to their loan servicer when

trying to obtain a loan modification. To help alleviate some of the stress associated with this task, an

attorney with the National Consumer Law Center in Boston is offering the following tips:

• Consumers should keep detailed written records of every contact they have with their servicer,

including logs of phone calls and copies of written correspondence.

• If the servicer makes a promise, such as crediting a payment, modifying the loan, or stopping a

foreclosure sale, for example, the homeowner must get it in writing.

• When seeking a loan modification, consumers should send a request in writing asking the servicer

who owns the mortgage loan. Some banks and investors have policies on which loans they will

modify.

• Consumers should beware of servicers advising them to stop making payments because they have

applied for a loan modification. Instead, homeowners should continue making payments for as

long as possible, even if they cannot make the payment in full. Otherwise, the loan will accrue

more interest, and will cost more in the long run.

• Borrowers who feel they cannot resolve their problem or those who think their servicer may be

violating their rights are advised to contact a non-profit housing counselor or seek legal help.

Housing counselors can help negotiate a loan modification for free.

• Consumers can visit the Treasury's homeowners Web site www.makinghomeaffordable.gov to find

out if they qualify for a loan modification under the Obama administration's program Making Home

Affordable.

To read the full story, please click here:

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/08/05/financial/f120204D63.DTL&type=realestate

To view additional articles, please visit the following:

U.S. mortgage rates rise in latest week -Freddie Mac

To read the full story, please click here:

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN1323518420090813

CNN Money

Buy foreclosures now -before it's too late

Buyers in many areas are finding that real-estate owned (REO) properties-homes that have been

repossessed by lenders and put back on the market-often are selling in one day, sometimes faster.

According to the founder of Foreclosure.com, offers on REOs are coming in immediately after the listing

comes on the market, and some homes have been put into contract in less than 90 minutes.

KEEP THIS IN MIND

• On average, inventories of California homes priced less than $300,000-the most-popular

price point for foreclosure buyers-have shrunk from a nearly 10-month supply a year ago, to

less than a three and a half-month supply in July, according to the CALIFORNIA

ASSOCIATION OF REALTORS® (C.A.R.)

• Because inventory levels of homes priced in the lower end of the market are low, some buyers

are finding that sellers are not willing to negotiate on the price. In many instances, sellers

expect the first offer to be the best and highest possible for the buyer.

• Instead of holding onto REOs for the best prices-and paying the property taxes and

maintenance and heating costs-many banks are selling the homes as quickly as possible,

according to Foreclosure.com. "In this market, if they can liquidate them fast, it makes more

sense to get them off the books," said the company's founder.

• Despite efforts by lenders and the government to prevent foreclosures, many economists and

housing analysts predict there will be another wave of foreclosures by year's end, and many of

those properties will be offered for sale. According to the U.S. Comptroller of the Currency, 53

percent of loans that were modified in the first half of 2008 fell back into arrears.

To read the full story, please click here:

http://money.cnn.com/2009/08/05/real_estate/buy_foreclosures_now/index.htm?postversion=2009080609

In Other News...

Mercury News

Silicon Valley real estate: The bidding war is back

The affordable end of Silicon Valley's housing market has taken off, with homes attracting dozens of bids in

a repeat of the overheated days of the dot-com boom and the housing bubble.

To read the full story, please click here:

http://www.mercurynews.com/realestatenews/ci_13028660

San Francisco Chronicle

More households on verge of foreclosure in July

The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the

escalating foreclosure crisis continued to outpace government efforts to limit the damage.

To read the full story, please click here:

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/08/13/BUSP197N26.DTL&type=business

Fresno Bee

Affordable housing in Valley gets a boost

For the second time in a month, the federal government has issued stimulus money to jump-start two

affordable-housing developments in the central San Joaquin Valley.

To read the full story, please click here:

http://www.fresnobee.com/real_estate/story/1583717.html

Bloomberg

Homebuilders eliminate frills as first-time buyers drive sales

Frugal first-time buyers are driving the new-home market with purchases of low-priced houses with no fills.

Sales of new homes costing less than $200,000 jumped to 47 percent of all transactions in June, up from 39

percent in May, U.S. Commerce Dept. data show.

To read the full story, please click here:

http://www.bloomberg.com/apps/news?pid=20601109&sid=akCaYx29BrI8

Los Angeles Times

Lenders hesitating to repossess California homes

The backlog of California homes in default, but not yet repossessed, keeps growing. At some point, many of

these properties will be repossessed and put back on the market.

To read the full story, please click here:

http://www.latimes.com/business/la-fi-foreclose12-2009aug12,0,4827812.story

CNN Money

Home prices fall a record 15.6%

Median home prices fell a record 15.6 percent during the three months that ended June 30, compared with

the same period in 2008, according to an industry report.

To read the full story, please click here:

http://money.cnn.com/2009/08/12/real_estate/record_home_price_fall/index.htm?postversion=2009081211

San Francisco Chronicle

Don't claim tax credit if you don't qualify

The IRS has an urgent message for would-be home purchasers: Make the most of the $8,000 first-time

buyer tax credit before it disappears Dec. 1 - if you qualify.

To read the full story, please click here:

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/08/09/REAL19396J.DTL&type=realestate

CNN Money

The incredible shrinking home

For the first time in almost 15 years, the size of new homes built in the United States is shrinking.

To read the full story, please click here:

http://money.cnn.com/2009/08/07/real_estate/shrinking_home/index.htm

What you should know about the market...

• According to Lawrence Berkeley National Laboratory, the typical American home has 40 products

continuously drawing power, and those products-when not in use-represent 10 percent of

residential energy consumption. To lower costs and reduce greenhouse-gas emissions, energy

experts say people should buy new appliances, specifically Energy Star-labeled models, and

unplug appliances when not in use.

• Homeowners trying to sell or refinance their properties will need to get a home appraisal. While

appraisers do not add extra value for a clean house, the appearance of the home nevertheless

does have some influence on the final number, according to a fellow at the American Society of

Appraisers. Consumers should prepare for a home evaluation the same way they would for an

open house. At a minimum, they should mow the yard, shine the windows, tidy the closets, and

pick up stray clutter from the floors. "The job ofthe appraiser is to look at the house through a

buyer's eyes," says Leslie Sellers, president-elect of the Appraisal Institute.

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

IT’S NO MYSTERY

Weichman Associates- Realtors — Sat, 08 Aug 2009 12:25:26 -0500

You don't need a crystal ball to try to predict the future of the real estate market. Every time there is a downturn, an upward trend always follows. The best course of action is to look at the causes, and make decisions based on unbiased facts and incontestable history.

As the choice of loan options grew these last few years, consumers could buy a home more easily. Wall Street took notice of all the hot action in real estate, and investment firms were able to shift the ownership of mortgages to their managers and clients.

Then about three years ago, the market began cooling, as incomes did not increase at the frantic pace that home prices did. Investors had created an atmosphere of unrealistically high appreciation. The perfect storm was brewing.

This cycle of up and then down seems more drastic now, because we enjoyed a longer than usual boom of activity, a full decade of it between 1995 and 2005. But demand still remains high, and although rising slightly, our historically low interest rates also help to fuel property purchases.

While there is no such thing as a national real estate market, we should be seeing improvement across the board as 2009 draws to a close. If you can, it's wise to buy now - before the ball lands back in the sellers' court.

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532

RAISE THE CURTAINS

Weichman Associates- Realtors — Wed, 29 Jul 2009 19:40:58 -0500

If you're selling in anything other than a hot market, you might find "staging" your home can help generate more interest and offers. You needn't spend thousands of dollars on improvements or professional consultants, however. There are several things you can take into your own hands to improve your home's appeal.

Begin by removing scatter rugs and knickknacks, which can clutter a room. In the kitchen, remove all appliances from the counters except the coffee maker and microwave. Set your dining table in a welcoming fashion, with plates, flatware and napkins.

You might be tempted to throw everything into the closets, but buyers will look there, too, so box everything up and place into storage. Focus on the "feature rooms" - the dining and living areas and master bedroom - keeping additional rooms as sparsely furnished as possible. Do your spring cleaning now, scrubbing the walls and floors and shining up those windows.

It has been estimated that one out of four homes listed are "staged," and "The Complete Idiot's Guide to Staging Your Home to Sell" states that you could gain up to $9,000 on a $200,000 house if it's properly presented. You might spend up to $100 per room in time and money, but that's a pretty small investment for that kind of return. Your real estate representative will have even more suggestions.

Larry has over 15 years of experience in Bank Repos and Short Sales and non foreclosed real estate, my clients include General Electric Mortgage, Home Savings, Associates Finance, Transamerica. Current clients include Bank of America, Ocwen Financial Corporation, Countrywide and Keystone Asset Management to name a few. Larry is President of Weichman Associates located in Costa Mesa California. He has sold real estate since 1976 and is a 3rd generation Real Estate Broker. Larry has closed escrow on over 1,000 properties; from townhomes to commercial buildings. Please be sure to visit us on the Internet at www.TeamWeichman.com, www.OCHomeTracker.com or www.OCRepoBroker.com or you can call me at 714-241-4532