Petition to the U.S. government from the Homeowners proposing "an immediate halt to all foreclosures until new, mandatory guidelines are established and that these guidelines be overseen by a new Consumer Protection Agency..."
EXCERPT:
We propose an immediate halt to all foreclosures until new, mandatory guidelines are established and that these guidelines be overseen by a new Consumer Protection Agency, which was recently recommended by President Obama and endorsed by Sheila Bair, chair of the FDIC.
We also demand that these guidelines include not only a simple 31% of the borrower's gross monthly income, but that the Net Present Value (NPV) test:
be created and administered by the government, not the banks,
have its data, assumptions and formula published so that they may be verified by the public, and
be made available at www.makinghomeaffordable.gov in a calculator form so that people can learn immediately, with the other eligibility questions available there now, whether they're eligible for HAMP.
We are also strongly advocating that additional guidelines be formulated that would open the door for modifications at an even a lower rate in significant hardship conditions and for writedowns of principal when homes are severely underwater."
Lenders make more money on foreclosures than from short sales or loan modifications. That's what Steve Harney conveyed in a seminar. He caused an earthquakein San Francisco
When loan modifications are turned down, the next thing we attempt is a short sale. And we know that lenders turn over the short sale accounts to loan servicing companies who make our lives hell getting short sales approved. As such, we should know that these loan servicing companies make MORE money by letting the properties foreclose than to approve the short sales OR the loan modification.
RUMBLE...GRUMBLE...CRIES OF DISMAY!
Did he just confirm what we were afraid of?
So I researched this topic and found a few articles worth reviewing. How did I miss these? Was I under a rock in a desert?
For the statisticians and other folks who prefer graphs to see what's going on a specific market, here's a snapshot of what it looks like in Walnut Creek CA, comparing the market activity the past two years, starting in October 2007 - October 2009.
MONTHS SUPPLY OF INVENTORY When there are more buyers than there are sellers, it means that it's a seller's market. The higher the months inventory, the more it becomes a seller's market. Traditionally, if the the months inventory is more than six months, it's a buyer's market, and vice versa.
In Walnut Creek the months' inventory was 8.2 months in October 2007, and 2.2 in October 2009 --- 73% decrease.
UNDER CONTRACT
October 2009 reports the highest peak, with 155 homes in contract compared to only 65 in October 20007 and 85 in October 2008.
December 2007 reported the fewest contracts. The following year, December 2008 recorded 68 homes in contract.
MEDIAN PRICE The median price was the lowest in February 2009 and bounced back in April. Nonetheless, the general trend seems to be downwards. October 2009's median price is the next lowest point. Sellers may have to adjust their expectations depending on current market values.
SUPPLY AND DEMAND Here's a good way to correlate number of properties sold (demand) with number of properties for sale (supply). .
DAYS ON MARKET So, how long do the Walnut Creek properties stay on the market before they have accepted offers? With the exception of February 2008 where the average days on market peaked to nearly 100 days, the average days on market is steady at between 60-70 days.
Berkeley real estate market is nearly unchanged when compared with the frenetic activity in the surrounding cities.
For the statisticians and other folks who prefer graphs to see what's going on a specific market, here's a snapshot of what it looks like in Berkeley CA, comparing the market the past two years, starting in October 2007 - October 2009.
People will see different things and interpret this information in different ways --- I guess it depends on what you want to see or what you hope will happen.
in the meantime, here's what the data is SHOWING us.
MONTHS SUPPLY OF INVENTORY I like starting with the months supply of inventory. When there are more buyers than there are sellers, it means that it's a seller's market. The higher the months inventory, the more it becomes a seller's market. Traditonally, if the the months inventory is more than six months, it's a buyer's market, and vice versa.
In Berkeley the months' inventory was 2.6 in October 2007, and 1.6 in October 2009. This difference is almost insignificant --- but it is an amazing picture to show the movement in the Berkeley market. The inventory levels mirrors the activity in other cities in the East Bay.
UNDER CONTRACT Homes under contract peaked in
June 2008 (68 in contract),
April 2009 (66)
October 2009 (65)
Fewest contracts were recorded in January 2008.That would have been a time when a buyer would have had more negotiating power.
MEDIAN PRICE The median price was the lowest in March 2009 and bounced back in April. Prices increased again. Although not at the peak recorded in June 2008 when median price was a $640K, October 2009's median price is close enough at $696K
SUPPLY AND DEMAND Here's a good way to correlate number of properties sold (demand) with number of properties for sale (supply). This chart shows almost no change. Demand is nearly flat.
DAYS ON MARKET So, how long do the Berkeley properties stay on the market before they have accepted offers? With the exception of December 2008 where the average daays on market peaked to over 90 days, the average days on market is steady at between 30-40 days.
Good for the sellers and their agents! While buyers and their agents are on notice that they should be fleet of foot when searching for property and when strategizing on their offers.
Networked at a Chamber mixer. Shared news with other folks who haven't heard about it (yet).
Sent them link to Bloomberg news so that they, in turn, can spread the word.
Extension not passed yet...but with a Senate vote of 98-0 for it, it's almost a certainty that the House will follow suit. Then on for Obama's signature.
Scrambling to find details about this from other news sources.
How you see it is the same as how you look at a glass --- half-full, or half-empty?
No man is an island. Yes, we get it. And even in our slice of paradise known as the wondrous island of Alameda, CA, we have our share of distressed properties.This is actual data. Analysts have different ways of looking at the same figures and extrapolating different conclusions.
So let's take a look at what it's like for 2009, as of today, November 3, 2009.
COMPARING SOLD PROPERTIES
Sold since January 1, 2009 - 362 homes
Of which 47 were bank-owned, or 13% of total
Of which 26 were short sales or 7 % of total
Together, 73 were "distressed properties or 20% of total
FORECLOSURES
Sold - 47 homes
Highest price is for a lagoon-facing property foreclosed at $738,000
Lowest price is for a 1 bedroom/1 bath condo foreclosed at $150,000
Pending - 10 homes
Highest price is for a large home at the newer Bayport development, currently listed at $739,900
Lowest price is for a 2 bedrooms/1.5 bath condo listed at $262,900
Active - 7 homes
Highest price is for a duplex (lower unit is totally gutted) on Park Street, listed at $709,900.
Lowest price is for a 1 bedroom/1 bath condo listed at $175,000.
SHORT SALES --- if both buyers and sellers are willing to stick it out, there are some good deals to be found.
Sold - 26. Yes, folks. We do and have closed short sales.
Highest price is for a Mediterranean style 3 BR/3 BA home that sold for $745,000
Lowest price is for a 1 Bedroom/1 Bath 640 sq ft condo that sold for $180,000
Pending (pending, pending to subject lender approval) 25 homes.
Highest price is for a large home in Harbor Bay, listed for $899.000
Lowest price is for a 1 bedroom/1 bath 740 sq ft condo listed for $199,000
Active - 13 homes
Highest price is for an overpriced then and still overpriced home on Westline Dr, listed for $918,000
Lowest price is for a 1 bedroom/1 bath 701 sq ft condo listed for $210,000
WHERE IS ALAMEDA REAL ESTATE MARKET HEADED?
So....where is the Alameda market headed? Take a look at this post: Alameda CA; Where is the market headed to get a picture of what it was like for the last two years starting in October 2007-October 2009.
His practice has no room for new patients! Now, he's a medical wizard! I love this Doctor!
Q: Doctor, I've heard that cardiovascular exercise can prolong life. Is this true? A: Heart only good for so many beats, and that it... Don't waste on exercise. Everything wear out eventually. Speed up heart not make live longer; that like say you can extend life of car by driving faster. Want live longer? Take nap.
Q: Should I cut down on meat and eat more fruits and vegetables? A: You must grasp logistical efficiencies. What does cow eat? Hay and corn. What are these? Vegetables. So, steak nothing more than efficient mechanism of delivering vegetables to system. Need grain? Eat chicken. Beef also good source of field grass (green leafy vegetable). And pork chop can give 100% recommended daily allowance of vegetable products.
Q: Should I reduce my alcohol intake? A: No, not at all. Wine made from fruit. Brandy is distilled wine. That means they take water out of fruity bit; get even more of goodness that way. Beer also made out of grain. Bottoms up!
Q: How can I calculate my body/fat ratio? A: If you have body and you have fat, ratio is one to one. If you have two bodies, ratio is two to one, etc.
Q: What are some of the advantages of participating in a regular exercise program? A: Cannot think of single one, sorry. My philosophy: No Pain...Good!
Q: Aren't fried foods bad for you? A: YOU NOT LISTENING!!! .... Foods fried in vegetable oil. How getting more vegetables be bad for you?
Q: Will sit-ups help prevent me from getting a little soft around the middle? A: Definitely not! When you exercise muscle, it get bigger. You should only do sit-ups if want bigger stomach. Q: Is chocolate bad for me? A: You crazy? HELLO . Cocoa beans! Vegetable!!! Cocoa beans best feel-good food around!
Q: Is swimming good for your figure? A: If swimming good for figure, explain whales to me.
Q: Is getting in-shape important for my lifestyle? A: Hey! 'Round' is shape!
Well, I hope this has cleared up any misconceptions you may have had about food and diets.
AND..... For those of you who watch what you eat, here's the final word on nutrition and health. It's a relief to know the truth after all those conflicting nutritional studies:
1. The Japanese eat very little fat And suffer fewer heart attacks than Americans.
2. The Mexicans eat a lot of fat And suffer fewer heart attacks than Americans.
3. The Chinese drink very little red wineAnd suffer fewer heart attacks than Americans.
4 The Italians drink a lot of red wine And suffer fewer heart attacks than Americans.
5. The Germans drink a lot of beers and eat lots of sausages and fats And suffer fewer heart attacks than Americans.
CONCLUSION..... Eat and drink what you like. Speaking English is apparently what kills you.
For the statisticians and other folks who prefer graphs to see what's going on a specific market, here's a snapshot of what it looks like in San Ramon, comparing the market the past two years, starting in October 2007 - October 2009.
People will see different things and interpret this information in different ways --- I guess it depends on what you want to see or what you hope will happen. Some market observers have said the bottom was four months ago. Some say the worst is yet to come (when?).
in the meantime, here's what the data is SHOWING us.
MONTHS SUPPLY OF INVENTORY I like starting with the months supply of inventory. When there are more buyers than there are sellers, it means that it's a seller's market. The higher the months inventory, the more it becomes a seller's market. Traditonally, if the the months inventory is more than six months, it's a buyer's market, and vice versa. This shows quite drop, and seems to be on a continuous downtrend.
UNDER CONTRACT Homes under contract peaked in September 2009 (height of selling season?) and dropped in October.
MEDIAN PRICE it appears the median price is recovering because the median price is only 8% below where it was two years ago. The lowest median prices were posted in January 2009, and made a comeback the next month!
SUPPLY AND DEMAND Here'sgood way to correlate number of properties sold (demand) with number of properties for sale (supply). Supply is on the downward trend, or 38% less than where it was this time in 2007. While demand increased by 55%.
For the statisticians and other folks who prefer graphs to see what's going on a specific market, here's a snapshot of what it looks like in San Ramon, comparing the market the past two years, starting in October 2007 - October 2009.
People will see different things and interpret this information in different ways --- I guess it depends on what you want to see or what you hope will happen. Some market observers have said the bottom was four months ago. Some say the worst is yet to come (when?).
in the meantime, here's what the data is SHOWING us.
MONTHS SUPPLY OF INVENTORY I like starting with the months supply of inventory. When there are more buyers than there are sellers, it means that it's a seller's market. The higher the months inventory, the more it becomes a seller's market. Traditonally, if the the months inventory is more than six months, it's a buyer's market, and vice versa. This shows quite drop, and seems to be on a continuous downtrend.
UNDER CONTRACT Homes under contract peaked in April 2009 (height of selling season?) and seems to be on the rise again in October.
MEDIAN PRICE After a significant drop in number of units sold as well as media price, it appears the median price is showing a slight uptick although the median price is still 16% below where it was two years ago,
a
SUPPLY AND DEMAND Here'sgood way to correlate number of properties sold (demand) with number of properties for sale (supply). Supply is on the downward trend, or 52% less than where it was this time in 2007. While demand increased by 57%.
I have buyers who have been looking for months but are getting outbid so many times, or are running out of time waiting for the short sale approval/acceptance of their offers.
Even better, it isn't just first time buyers who have reason to celebrate. A new tax credit was introduced to aid repeat buyers. I wonder if this will apply both for buyers who want to move up as well as buyers who want to downsize.
Although the complete details aren't available yet, here are the key provisions.
First time home buyer tax credit
Buyers must be in contract by April 30, 2010
Buyers have 60 days from that day to close escrow to qualify for the tax credit
Tax credit is $8,000 or UP TO 10% of purchase price
Repeat buyers tax credit
Defined as homeowners who have lived in their residence for five years
Tax credit is $6,500
But wait, there's more! The levels for the home buyers were increased! Good news, indeed, for at least one of my buyers who was making more money than the previous qualifying level. So now, there's a chance that he will qualify for the tax credit after all!
Individuals earning up to $125,000, up from $75,000 for individuals under the current law
Couples earning up to $250,000, up from $150,000 under the current law'
More tax credits.
Additionally, there are other tax credits that the homeowners can explore. Although folks may argue that these tax credits are costing us....think of another way to look at these credits. They will encourage folks to BUY! And when they buy more goods and services, they (and we) do our share to stimulate the economy.
federal tax credits for energy efficiency. Time to replace that old furnace? Want to get double pane windows? Need to get better insulation? Want to replace that leaky roof? Old water heater on its last legs? There's an energy-efficient solution to meet your requirements.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Lenders make more money on foreclosures than from short sales or loan modifications. That's what 
CONSUMERLAW.ORG REPORt ON "
Posted by 
Berkeley real estate market is nearly unchanged when compared with the frenetic activity in the surrounding cities. 
Received the text this afternoon.
How you see it is the same as how you look at a glass --- half-full, or half-empty?
a
My first time home buyers are whooping it up. Why not? The popular
;)
;)
