Simi Valley, Moorpark Real Estate Market Conditions

Foreclosures Continue to Increase

Thu, 10 Dec 2009 17:49:07 -0800

Foreclosures Continue to Increase: 12/10/2009

November's foreclosure flings surpassed 300,000. The unemployment rate reached 10 percent, and is expected to continue to increase until the first quarter of 2010.

Defaults

Last month 306,627 properties received defaults or auction notice or were bank seized, which is one in every 417 household in the U.S. RealtyTrac predicts the numbers will be similar for the month of December. During the months of January thru November, there have been 3.6 million foreclosure filings.

In Nevada, one in every 119 household received a filing during November, which is the highest foreclosure rate for the 35th month in a row.

One in every 165 households in the state of Florida received filings, which is the second highest foreclosure rate. According to RealtyTrac, California had one in every 180 households receive a filing.

Arizona, Idaho, Michigan, Illinois, Utah, Maryland and New Jersey were among the top ten for foreclosure filings.

If you find yourself behind on your mortgage payments or are in foreclosure, you do have options.

The worst option you can choose is to do nothing, You can start by contacting your loan company, a local Realtor ®, or a Real Estate Attorney.

Great solution for wide angle shots

Tue, 08 Dec 2009 17:44:49 -0800

Wide angle lenses and architectural photography have always gone hand in hand. The problem is that most point and shoot cameras can only shoot so wide.

I found a reasonable solution is the magnetic wide angle lenses available from Magneticlenses.com.

https://www.magneticlenses.com/

These lenses attach magnetically to your point and shoot camera. I have one for my Sony DSC and it works great. They will dramatically improve both your interior and exterior shots. Great for landscapes as well

Rudy

Asset Management Companies are jumping on the Short Sale "Bandwagon"!

Thu, 03 Dec 2009 00:28:06 -0800

We've all heard about "Phantom Inventory" and the next "Wave" of foreclosures and subsequent REO's, but right now Short Sales are the thing. In my Market, they're everywhere.

About six months ago we saw a slowdown in REO's due to loan modifications, moratoriums and Short Sales. I sent query letters to all of the asset management companies that I work for to see what their thoughts were about managing Short Sales. I received a mixed review. Mostly comments like,"we've considered handling Short Sales but are not currently interested, thank you for your foresight".

Well, things are starting to change.

Finally......... at least one progressive asset management company IS MANAGING SHORT SALES!

Check out PMH Financial's new site! http://www.shortsaleapproval.com/index.html

I applaud them for being a progressive company. It is a natural transition for them, and I think we all need to catch the current wave, Short Sales.

As far as that Phantom Inventory goes, who knows..........I think we'll be ready though.

Rudy

Looking for a reasonably priced "pole" setup

Mon, 30 Nov 2009 11:43:13 -0800

Good morning,

My name is Rudy Detgen and I'm a Realtor here in Southern California. I'm a total newbe to pole and aerial photography.

Can anyone in the group recommend a beginner set-up? Are there any reasonably priced cameras that have remote capability?

Thank you, I value your knowledge!

Rudy

First Time Homebuyer Credit Extended - NOW It's Official !

Sat, 07 Nov 2009 19:56:56 -0800

First Time Homebuyer Credit Extended - NOW It's Official !

Tax Credit for Homebuyers

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Tax Credit Versus Tax Deduction

It's important to remember that the tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

Moorpark, CA. 3rd Quarter 2009, REO Real Estate Market Report

Tue, 27 Oct 2009 09:40:02 -0700

07/01/2009 - 09/30/2009 - Moorpark, California

Residential units Sold that were REO: 23

AVERAGES:

Days on market: 31

List: $454,897

Sold: $463,849

SP%LP: 101.97%

Sq.Ft.: 2200

$ per Sq.Ft.: $211

High: $1,225,000

Low: $145,000

Median: $350,000

Comments: Currently in Moorpark as of 10/24/2009 there are 14 listed REO's with only 2 active listings.

Prepared by:

Rudy Detgen; Troop Real Estate; DRE Lic:01770676

information deemed reliable but not guaranteed

Moorpark, CA. 3rd Quarter 2009, REO Real Estate Market Report

Sat, 24 Oct 2009 18:18:38 -0700

07/01/2009 - 09/30/2009 - Moorpark, California

Residential units Sold that were REO: 23

AVERAGES:

Days on market: 31

List: $454,897

Sold: $463,849

SP%LP: 101.97%

Sq.Ft.: 2200

$ per Sq.Ft.: $211

High: $1,225,000

Low: $145,000

Median: $350,000

Comments: Currently in Moorpark as of 10/24/2009 there are 14 listed REO's with only 2 active listings.

Prepared by:

Rudy Detgen; Troop Real Estate; DRE Lic:01770676

information deemed reliable but not guaranteed

New Listing; Hillbilly Mansion, 9 bedrooms, 7bathrooms, pool, greenhouse

Thu, 22 Oct 2009 00:22:25 -0700

Hillbilly Mansion, or what I call " a non-conforming property ".

Who wins, the cat or the dog?

Sun, 18 Oct 2009 13:39:19 -0700

Shadow Inventory Climbs past 7 Million?

Thu, 01 Oct 2009 00:02:41 -0700

According to DS News, that's what is about to happen.

You can read the article by following the link below.

http://www.dsnews.com/articles/new-housing-crash-looms-as-shadow-inventory-climbs-past-7-million-analysts-2009-09-25

It sounds like we're going to be hit by a "REO Tsunami", I hope we all survive!

Rudy

Requests for BPO's on the rise, an indicator in my local Market.

Thu, 09 Jul 2009 15:46:57 -0700

Hi everyone,

In the last two weeks or so the amount of BPO requests I receive have noticeably increased. I don't do that many normally, only a couple per month. Lately I'm getting requests for three a week on average. This represents about a six-fold increase. I can only attribute this to borrowers requesting more loan modifications, Short Sales, and Deeds in Lieu. Where I live in Moorpark, California there have been over 60 NOD's recorded in a 90 day period, and I'm in a relatively small community of about 30,000. That is one NOD recorded every 36 hours! So where are all the REO's?

According to my asset management companies many of the lenders we service have put self imposed moratoriums, (not to mention the State moratorium) on their REO's. We've all heard the speculation as to why. Mostly it is believed that the lenders didn't want to saturate the market with any more REO's than we had a few months back. Things seem to have changed dramatically as a result. We currently only have around 12 active REO listings and another 14 under contract.

I did a recent BPO on a condominium that appeared vacant. Title showed that it was already an REO and that the Trustee's sale occurred back in May! This confirms what we've all seen and heard about the lenders holding back on their inventory. This condo has been sitting off market for over 2 months now.

I can totally understand the original strategy about holding some properties back, but I must say that the timing has never been better than now to start getting these lower priced properties on the market.

We've all been told that the "floodgates" are going to open soon. That would be nice. In the mean time all we can do is try and stay prepared for when this market opens back up.

I'm still working my REO farm by sending my resume to lenders and asset managers that I have worked with in the past. I've filled in several Master Listing Agreements as a result.

I'd really like to hear from some of you other REO agents about activity in your local markets. Around here, it feels like there is a lot of pressure building and it will only be a matter of time before we are seeing more REO's.

Meanwhile I'll leave you all one more thought...........

As Real Estate Agents we are at the top of the Food Chain in this business. We talk to the clients. We put the deals together. We see that our escrows close. Without us, nobody in this business eats! Not the finance people, not the escrow people, not the lawyers, not the title people, and not our brokers. Many people don't realize how important Realtors are. Not only to our own industry but to the Nations economy in general. Economic recovery depends on the housing market gaining stability. Who would have known?

Keep your chins up and your heads held high, we are BADASS REO AGENTS! That's right, We Bad, We Bad!

Rudy

Requests for BPO's on the rise, an indicator in my local Market.

Thu, 09 Jul 2009 15:45:27 -0700

Hi everyone,

We've all been told that the "floodgates" are going to open soon. That would be nice. In the mean time all we can do is try and stay prepared for when this market opens back up.

I'm still working my REO farm by sending my resume to lenders and asset managers that I have worked with in the past. I've filled in several Master Listing Agreements as a result.

Meanwhile I'll leave you all one more thought...........

Keep your chins up and your heads held high, we are BADASS REO AGENTS! That's right, We Bad, We Bad!

Rudy

Requests for BPO's on the rise, an indicator in my local Market.

Wed, 08 Jul 2009 20:16:36 -0700

Hi everyone,

We've all been told that the "floodgates" are going to open soon. That would be nice. In the mean time all we can do is try and stay prepared for when this market opens back up.

I'm still working my REO farm by sending my resume to lenders and asset managers that I have worked with in the past. I've filled in several Master Listing Agreements as a result.

Meanwhile I'll leave you all one more thought...........

Keep your chins up and your heads held high, we are BADASS REO AGENTS! That's right, We Bad, We Bad!

Rudy

THIS MAY OFFEND SOME OF YOU BUT.......OH WELL.....

Fri, 08 May 2009 12:00:32 -0700

NEW IMPROVED SPEEDY APPRAISAL FORM

Customer Name:________________________________________

Subject Property Address:_____________________________

_______________________________

Description of Subject Property and Neighborhood:
Subject property is located in _______________________, a popular, well-maintained area that has enjoyed dramatic appreciation over the past year. Most buyers appeared to be unconcerned with size or overall utility of these homes, and seemed to be paying between $____________ and $____________, regardless of difference in appearance, condition, age, etc.

Market Value Assessment:
For the above reasons, we estimate the Market Value of the subject property
on this date to be:

$____________

(Loan agents to fill in blanks with assistance of any real estate salesperson.)

I certify that I have not inspected, driven by, or even thought about the property that is the subject of this appraisal. I also promise that I will not interfere in any way with the expedient funding of this obviously worthy property.

___________________________________ ________________
Signature of advocating appraiser Date

Moorpark Home Sales Market Report, 1st Quarter 2009, REO, Bank Owned

Thu, 02 Apr 2009 01:09:17 -0700

Moorpark, CA, Home Sales Market Report 1st Quarter 2009, REO

Month of January, REO,
Bank Owned
Residential
Sold Properties: 7
Averages:
Days on Market: 60
Square Feet: 1341
$/sq.ft.: 219.83
Original List Price: 307,785
List Price: 298,465
Sale Price: 299,343
SP%LP: 100.29
High: 460,000
Low: 159,100
Median: 284,500
Total Sales: 26 Units
REO % Sold Units: 27

Month of February, REO,
Bank Owned
Residential
Sold Properties: 2
Averages:
Days on Market: 67
Square Feet: 1222
$/sq.ft.: 207.22
Original List Price: 332,450
List Price: 251,950
Sale Price: 249,000
SP%LP: 98.83
High: 250,000
Low: 248,000
Median: 249,000
Total Sales: 22 Units
REO % Sold Units: 9

Month of March, REO,
Bank Owned
Residential
Sold Properties: 6
Averages:
Days on Market: 33
Square Feet: 1109
$/sq.ft.: 204.40
Original List Price: 247,300
List Price: 242,342
Sale Price: 231,983
SP%LP: 95.73
High: 350,000
Low: 132,000
Median: 202,500
Total Sales: 33 Units
REO % Sold Units: 18

Analysis:     Days on market remaining stable averaging 53 days.
Cost per square foot: $210.48 (REO)
Cost per square foot: $249.10 (NON-REO)
Selling price%List price at 98.28%
Percentage of units sold that were REO:19%.
Total units sold: 81
Prepared by:
Rudy Detgen
Troop Real Estate Inc.
3200 E Los Angeles Ave #12
Simi Valley, CA 93065
RDETGEN@SBCGLOBAL.NET
www.rudydetgen.com
all data deemed reliable but not guaranteed

Moorpark Realtor® Rudy Detgen, Receives National Certification,

Mon, 16 Mar 2009 20:07:31 -0700

REALTOR ® FROM MOORPARK RECEIVES NATIONAL CERTIFICATION

MOORPARK, CA 03/16/2009 - Realtor® Rudy Detgen with Troop Real Estate in Simi Valley, CA has earned the At Home with Diversity certification from the National Association of Realtors®.

Detgen joins thousands of other real estate professionals in North America who have earned the certification after completing a course to help develop new skills for working with home buyers and sellers of all backgrounds. The course addresses issues of diversity, fair housing and cultural differences.

"America is becoming an increasingly multicultural society. The At Home with Diversity certification is an excellent way to help provide more homeownership opportunities to people who might otherwise be closed out of the market," said Detgen. "Realtors® build communities one house at a time, and my goal is to help home buyers of all backgrounds achieve the American dream of homeownership."

NAR developed the At Home with Diversity course in 1998 in cooperation with the U.S. Department of Housing and Urban Development. The certification course is designed to meet the nation's fair housing commitment by educating and equipping NAR's Realtor® members with the tools they need to expand homeownership opportunities for the growing number of culturally diverse buyers entering the housing market.

Home buyers and sellers who work with a Realtor® who has earned the At Home with Diversity certification have the assistance of a professional who is trained to help meet the needs of America's increasingly diverse society. For more information on the At Home with Diversity certification, visit www.realtor.org/diversity.

Rudy Detgen can be reached at Troop Real Estate at 805-581-3200

Cell: 805-217-6706

email: rdetgen@sbcglobal.net

Visit him on the web at: www.rudydetgen.com

Moorpark Reo Market Report 4th Quarter 2008, Bank Owned, Foreclosures, Homes

Sun, 08 Mar 2009 20:23:13 -0700

Moorpark Reo Market Report 4th Quarter 2008

Residential: 10/01/2008--12/31/2008 Moorpark, CA 93021

Total units sold: 84

Units that were REO: 9

Averages Non REO: Averages REO:

sq.ft. 2,178 sq.ft.: 1,482

List Price: 571,775 List Price: 354,400

Sale Price: 534,963 Sale Price: 353,433

SP%LP: 93.56 SP%LP: 99.73

$/sq.ft: 254.62 $/sq.ft.: 239.20

DOM: 103 DOM: 86

Presented by:

Rudy Detgen

Troop Real Estate

rdetgen@sbcglobal.net

www.rudydetgen.com

all information deemed reliable but not guaranteed

Our current economy; How did we get here?

Fri, 06 Mar 2009 01:47:05 -0800

It's no big secret that our economy is in dire straights, but how did we get to where we are today?

Who's fault is it? Government? Consumers starving for the "American Dream"? Big Business and Wall Street?

I've posted a link below to a video that will answer some of these questions.

It is a PBS show called "Front Line" and the video is called "Inside the Meltdown". It's about one hour and you can watch it right on your computer.

This is a "MUST SEE";It is frightening!

http://www.pbs.org/wgbh/pages/frontline/meltdown/view/

Rudy Detgen

Simi Valley, CA, REO Housing Market Report 4th Quarter 2008, Bank Owned, Foreclosures, Home Sales, Simi Valley Moorpark Housing Market

Sun, 08 Feb 2009 14:33:47 -0800

Simi Valley, CA, REO Market Report 4th Quarter 2008

Month of October REO,
Bank Owned
Residential
Sold Properties: 19
Averages
Days on Market: 33
Square Feet: 1610
$/sq.ft.: 246.58
Original List Price: 388,601
List Price: 384,063
Sale Price: 385,916
SP%LP: 100.22
High: 510,000
Low: 195,100
Median: 329,900
REO % Sold Units: 18

Month of November REO,
Bank Owned
Residential
Sold Properties: 10
Averages
Days on Market: 45
Square Feet: 1432
$/sq.ft.: 223.74
Original List Price: 312,230
List Price: 298,340
Sale Price: 304,000
SP%LP: 101.90
High: 510,000
Low: 154,000
Median: 194,000
REO % Sold Units: 12

Month of December REO,
Bank Owned
Residential
Sold Properties: 18
Averages
Days on Market: 53
Square Feet: 1476
$/sq.ft.: 223.63
Original List Price: 344,917
List Price: 337,194
Sale Price: 335,911
SP%LP: 99.62
High: 877,000
Low: 159,900
Median: 252,495
REO % Sold Units: 24

Analysis: Days on market remaining stable averaging 47 days.
Cost per square foot remaining stable at $235.00 per sq.ft.
Selling price%List price at 100.58%, up from 3rd quarter
Percentage of units sold that were REO:18%. Down from 3rd quarter's 46%
Prepared by:
Rudy Detgen
Troop Real Estate Inc.
3200 E Los Angeles Ave #12
Simi Valley, CA 93065
RDETGEN@SBCGLOBAL.NET
www.rudydetgen.com
all data deemed reliable but not guaranteed

Beautiful Sycamore Creek Townhouse, BANK OWNED, REO, Camarillo

Wed, 31 Dec 2008 23:41:35 -0800

Beautiful Sycamore Creek Townhouse, BANK OWNED, REO

653 Arneill Rd, Camarillo, CA 93010

Listed at $265,000

Two Bedrooms, two and one half baths. Gorgeous kitchen with stainless appliances, white tile and designer back splash. Master has two closets and it's own private balcony. Lower level has Bamboo laminate flooring throughout. Custom paint and lighting. Enjoy the sounds of a rushing river just inches from your private patio. A must see property!

Rudy Detgen

Troop Real Estate

cell: 805.217.6706

email: rdetgen@sbcglobal.net

web: www.rudydetgen.com

Bank Owned, REO listing in Simi Valley, 1156 Arcane St

Fri, 12 Dec 2008 02:23:06 -0800

New Listing

Bank owned, REO

1156 Arcane St, Simi Valley, CA 93065

4+2, newer kitchen, RV, fireplace, covered patio.

Offered at $364,900

Presented by

Rudy Detgen, Realtor

Troop Real Estate

Cell: 805-217-6706

email: rdetgen@sbcglobal.net

SIMI VALLEY BUYER'S AGENT JOINS REO TEAM! bank owned, foreclosure, homes in ventura county

Thu, 20 Nov 2008 15:16:21 -0800

FRESH OFF THE PRESS!

REO listing specialist Rudy Detgen, just added a buyer's agent to his team!

This is exciting news for anyone looking to purchase bank owned homes, REO's, in Ventura County or the San Fernando Valley.

Jamison Malone comes to the team with years of experience in the local market representing both buyers and sellers alike. She is experienced in writing offers on some of the most difficult transactions in a market where almost half of the homes sold are Real Estate Owned, (REO), or Bank Owned. Jamison will offer buyers of these properties her expert representation in dealing with the banks.

EXITING NEWS!

If you or anyone you know is thinking of buying a bank owned home in the Ventura County or San Fernando Valley areas, give Jamison a call!

She can be reached at:

Direct: 805-660-6574

email: JMaloneHomes@aol.com

web: JamisonMalone.com

TROOP REAL ESTATE; SIMI VALLEY REO (BANK OWNED) LISTING AGENT ADDED BUYER'S REP TO TEAM!

Wed, 19 Nov 2008 21:12:02 -0800

FRESH OFF THE PRESS!

REO listing specialist Rudy Detgen, just added a buyer's agent to his team!

This is exciting news for anyone looking to purchase bank owned homes, REO's, in Ventura County or the San Fernando Valley.

EXITING NEWS!

If you or anyone you know is thinking of buying a bank owned home in the Ventura County or San Fernando Valley areas, give Jamison a call!

She can be reached at:

Direct: 805-660-6574

email: JMaloneHomes@aol.com

web: JamisonMalone.com

WHY NOT USE LOCAL TITLE AND ESCROW COMPANIES ON REO's?

Tue, 18 Nov 2008 16:54:55 -0800

Why not use local title and escrow companies,

I've been listing REO's for a while now and one thing I still don't get. If my local escrow company will match the discounted price of the lender's preferred company, why not use a local company?

Price would be the same to the seller.
The local company has people that we have dealt with successfully before.
Much quicker movement of paperwork, deposit checks, etc.
Saves more money by not having to Fed-Ex paperwork overnight.
Keeps the local economy alive.

Here's one scenario:

My last buyer lived in Santa Barbara,CA; was purchasing a property with cash in Santa Paula, CA; the asset management company was in Orange County, CA and the escrow company was in Long Beach, CA. My office is in Simi Valley, CA. The span from one end to the other is about 150 miles. I, to this day, have never met the buyer face to face; and I have never met the seller face to face.

If one piece of paper, or one document page is missing initials, it takes two days to fix. Now had I been able to use a local Simi Valley escrow and title company, I could stamp out those fires in an hour.

I currently have a REO listing where the asset manager is on the east coast, I'm on the west coast and the bank wants a title company in Glendale, CA which is about 50 miles from my office. The property, both agents, and the buyer are all in Simi Valley within literally blocks of one another, and in the same parking lot as an escrow company!

I'd really like to hear from some of the asset managers out there who might share their thoughts as to why the agents can't choose title and escrow as long as the costs are the same.

Rudy Detgen

rdetgen@sbcglobal.net

www.rudydetgen.com

Ventura County REO Market changing for the better

Tue, 11 Nov 2008 01:40:57 -0800

Ventura County REO Market changing for the better.

Have the banks gone soft on us? Have the buyers beaten them into submission? Or are they finally wising up?

The phenomena I'm talking about is SPEED!

Last year a typical REO listing might have gone like this:

Occupancy check (day one).
Cash for Keys offer presented to occupant (week one).
Property vacated and re keyed (week four)
Trash out, cleaning, maintenance start-up (week five)
Property listed in MLS (week nine).

You read it correctly, NINE WEEKS from occupancy to listing date.

In this market, waiting the extra five weeks from possession to listing has, in my opinion , been costing the banks a lot of money. It also creates a problem where the five week old BPO and appraisal help to overprice the property. These overpriced REO's stay on the market a lot longer going through price reduction after priced reduction, costing the banks even more.

The "SPEED LISTING" as I have fondly nicknamed my new found phenomena goes something like this:

Property vacated, re keyed, two BPO's and appraisal (day one)
Trash out, cleaning, maintenance start-up (day three)
Property listed in MLS, sign up, lock box installed (day six)

That''s correct, SIX DAYS from possession to listing.

This new model is absolutely the way it should be. In our still down market this not only avoids extra carrying costs but it allows the property to be priced much more aggressively creating multiple offers in many cases.

If this trend plays out, my latest REO listing may go from cash for keys (possession) to escrow in 14 days or less.

Hopefully this new phenomena the "SPEED LISTING" will become the "norm" and we will start seeing a decline in the REO inventory. This decline, I believe, will be a major indicator that the bottom has past and we are on our way to a "normal" market!

Rudy Detgen

Troop Real Estate Inc.

rdetgen@sbcglobal.net