reo: Is The Homebuyers Tax Credit Done? - 10/27/09 01:15 PM
The word is the Senate could vote on the extension of the $8,000 tax credit as early as today. There is lots of debate going on with some people feeling it should not be extended while others feel it should be extended and possibly expanded to offer tax credits to anyone … (1 comments)
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reo: Funny Video on Why It Is Hard to Buy A Bank Owned Home - 10/12/09 12:27 PM
This one of the funnest video's I have ever seen. http://www.youtube.com/watch?v=SM7oWKgCVo4
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reo: Underwriting Woes - 10/07/09 02:26 PM
As we all know, the underwriting process is very tough right now. Source of funds and building permits are two areas to be aware of. Over the last couple of weeks lenders have become increasingly picky about "sourcing' any and all monies deposited into escrow or the buyers bank accounts. … (0 comments)
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reo: Homebuyers Tax Credit Is Ending ? - 09/09/09 01:34 PM
The Federal Tax Credit for first time homebuyers will expire as of December 1, 2009. The transaction must be closed by that date to qualify for the tax credit. There is talk and rumors that the government will extend the tax credit through next year and possible make it available to … (0 comments)
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reo: Media, Media, Media - 08/27/09 01:06 PM
Here we go. The roller coaster of the media is starting to attract some attention. As I mentioned yesterday some positive economic and housing news has been reported over the last few days and yesterday I began hearing on KFWB radio that housing in Southern California had "turned the corner". … (0 comments)
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reo: Is The Orange County, California Housing Market Turning? - 06/27/09 11:18 AM
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reo: Good Housing News for Orange County, California - 06/18/09 05:58 PM
The Orange County Register which bashed real estate for the last several years seems to be back on the real estate bank wagon. On the front page of the Business section is news that Orange County's median sales price rose to $410,000 which is the highest it has been in 7 … (3 comments)
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reo: Why Is It So Difficult to get a Loan? - 04/16/09 12:34 PM
I get a lot of questions from clients on why it is so hard to get a loan right now. The short answer is that these is a shortage of investors to buy closed loans. The better answer has to do with who is buying the funded and closed loans. Remember … (0 comments)
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reo: Underwriting Frustration - 03/25/09 01:11 PM
Lenders are slowly getting their staffs up to speed and the back log in underwriting is getting much better. In most cases priority is given to purchase transactions and the turn times are as little as 3 days. We are still seeing a lot of loan conditions that we consider stupid … (0 comments)
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reo: Federal Reserve and Interest Rates - 03/20/09 11:15 AM
As discussed before in my last blog, the government has no direct control over long term fixed interest rates. The government does however have lots of money which they announced yesterday will be used to purchase mortgage backed securities and treasury notes and bonds. This will make more money available for … (0 comments)
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reo: Important News From Federal Reserve - 03/19/09 10:26 AM
The Federal Reserve just announced plans to expand their buying of mortgage backed securities and alsobegin buying treasury bonds and notes. This is huge news and should inject billions of dollars into the economy and help push interest rates down even further.
How Does This Affect You ?
With the … (3 comments)
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reo: Increased Loan Limits For Buyers - 03/13/09 05:01 PM
Increased Loan Limits for Buyers
Part of the New Stimulus Bill signed into law a couple of weeks ago contains a provision to increase the loan limits back to the temporary limits of 2008 for both conventional and FHA loans. Lenders are finally underwriting the increased FHA loan limits ($729,750 in … (1 comments)
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reo: "New" Help For Homeowners ? - 03/04/09 12:54 PM
The government has announced two new plans to help strapped homeowners stay in their homes and avoid foreclosure. The details are still being worked out. One part of the plan involves revisiting the modification process. Homeowners must prove financial hardship by providing income documentation showing they cannot afford their house payments … (1 comments)
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reo: " NEW " Stimulus Package is Here - 02/03/09 06:34 PM
Here Comes The "New" Stimulus Package
The Senate is now debating on the amendments to the President's stimulus package that Congress has already passed. Senators are pushing to add government incentives to help the housing market. These incentives could include larger tax credits for people buying houses and cars that need … (2 comments)
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reo: Housing Recovery Signs ? - 01/27/09 03:32 PM
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reo: Who Is The National Bureau of Economic Research (NBER) - 12/08/08 04:06 PM
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reo: WHAT WERE THE ACTUAL NUMBERS... - 11/07/08 10:52 AM
California had statewide estimated sales for September (the latest month available) of 40,317 including new and resale houses and condos. That number is up 6.1% from 37,988 in September a year ago. A number that is staying fairly consistent throughout the state and held true for Southern California is that approximately … (1 comments)
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reo: Confused About FDIC Banks... - 10/21/08 11:34 AM
Q: What are FDIC banks?
The vast majority of banks, including all state-chartered banks in California and many foreign-owned banks, are FDIC-insured. In the event of a bank failure, the Federal Deposit Insurance Corporation insures deposits, including money market accounts, up to $100,000.
Co-owners of an account are each insured up … (0 comments)
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reo: Are We Nearing The Bottom - 10/21/08 11:12 AM
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reo: What are the Actual Numbers ( Southern California ) - 10/14/08 01:24 PM
According to the Federal Housing Finance Agency, the drop in U.X. home prices in July was 5.3% compared with a year ago. However, according to the S&P Case Shiller Composite Index, Los Angeles and Orange County combined plunged 26.2% in July '08 compared with July '09. Of course the major reason … (0 comments)
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