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EXCELLENT REO MAINTENANCE COMPANY

Chris Smith (Surterre Properties - Newport Beach) — Sat, 09 May 2009 17:01:44 -0500

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Description and Features
Eco Tech Management Corporation is a Full Service Southern California REO Maintenance and Security Company. Offering Green Solutions to Property Clean-Up, REO Maintenance, Property Security and Maintence Products and Security Consultation Services. We provide services ranging from Closed Circuit Cameras to Board-Ups and Remodeling. All jobs are performed in a clean, organized, professional manner. Contact Eco Tech today, for all of your property Maintenance needs! 1-866-965-6999 or email us at: ecotechinc@yahoo.com EcoTech Management is a fully licensed General Contractor.
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BEAUTIFUL HOLLYWOOD HILLS ESTATE - 1618 SUNSET PLAZA DRIVE, LOS ANGELES, CA 90069

Chris Smith (Surterre Properties - Newport Beach) — Fri, 13 Mar 2009 22:08:00 -0500

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Beautiful Hollywood Hills Estate - 1618 Sunset Plaza Drive

offered at $12,000

Year Built	1926
Sq Footage	3958
Bedrooms	4
Bathrooms	4
Floors	0
Parking	2

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Property Information for 1618 Sunset Plaza Drive

Property Features
Rental Property Status: Active Area: (C03) Sunset Strip - Hollywood H County: Los Angeles Year Built: 1926 4 total bedroom(s) 4 total bath(s) 4 total full bath(s) Approximately 3958 sq. ft.	Type: Single Family Residence, Single Family Residence, Detached, Multi-Level Style: Mediterranean, Modern Den Fireplace(s) Fireplace features: Fireplace in the Den, Fireplace in the Family Room, Fireplace in the Living Room, Fireplace in the Master Bedroom Pool features: In Ground Spa Spa/hot tub(s) 2 car garage Parking features: Direct Garage Access, Driveway, Garage Door Opener, Gated, Private	Heating features: Forced Air Central air conditioning View View: Catalina, Hills, Panoramic City view Ocean view Lot is 5000 sq. ft. School District: Los Angeles Unified

Interior Features

Copper Plumbing Full, Bonus Room, Den, Turnkey, Dishwasher, Freezer, Garbage Disposal, Microwave, Refrigerator, Washer, Eating Area, 220 Volt In Garage, Built-In, Oven, Partially Furnished

Exterior Features

Curbs, Fenced, Sidewalks, Deck, Sprinkler Timer, Sprinklers In Front, Sprinklers In Rear, Sprinklers On Side

Listing Information

PROPERTY FEATURES

contact info:

Chris Smith

Surterre Properties - Newport Beach

1-800-390-4437

Equal Opportunity Housing

sellwithchris.com

Chris Smith of Chris Smith and Associates Supports Hoag Hospital Nursing

Chris Smith (Surterre Properties - Newport Beach) — Tue, 17 Feb 2009 18:28:44 -0600

Choose Nursing, Choose Hoag

FOR IMMEDIATE RELEASE

PRLog (Press Release) - Feb 17, 2009 - Chris Smith of Chris Smith and Associates (Surterre Properties) and his wife Julie were in attendance at the Choose Nursing, Choose Hoag Celebration of Success Luncheon 2008 The luncheon took place at the Island Hotel in Newport Beach, CA. The mission of Choose Nursing, Choose Hoag is spreading the word that nursing education is a viable component to the solution for the critical nursing shortage. Its members are an outstanding group of community leaders dedicated to supporting nursing education in order to attract and develop the best and brightest new nurses and to providing career-advancing education for established nurses. Mr. and Mrs. Smith are both active members of Hoag's 552 Club and Volunteer and Assist in the Hospital's Philanthropic Efforts and Events. "Nursing plays such a vital role in our community's health care, there is such a need for nurses, nursing educators and advanced practice nurses going into the next decade, we feel this an excellent way to attract and inspire those interested into the Nursing Field", said Chris Smith. If you have any questions about Choose Nursing, Choose Hoag or Questions Related to this even you may contact the Hoag Hospital Foundation Directly or you May Contact Chris Smith and Associates at 1-800-390-4437.

Why Luxury Housing Cold Be Hit Hardest

Chris Smith (Surterre Properties - Newport Beach) — Wed, 04 Feb 2009 09:27:31 -0600

January 28, 2009, 1:04 pm Why Luxury Housing Could Be Hit Hardest The realtors and housing analysts who argued that the top of the housing market would be immune to the housing market’s travails have now mostly given up. Most agree high-end homes have followed the rest of the market into the tank. SothebyBut what if the high end actually does worse than the rest of the market? I haven’t heard anyone of repute raise this theory, but consider the following: JUMBO DEFAULTS. An article today by my colleague Nik Timiraos shows that delinquency rates for jumbo mortgages–those that are too high to qualify for backing by the government–are more than three times as high as regular conforming loans. About 6.9% of prime jumbo loans were at least 90 days delinquent in December, compared to 2.1% for other mortgages. That suggests mortgages taken out by the affluent and wealthy, or at least the aspiring or former wealthy, are deteriorating at a faster rate. FEWER BUYERS. When everyone was getting richer, selling a high-end home was a plus, since there was a rising number of buyers. Now, with Richistan evacuating faster than Malibu in a mudslide, the number of potential buyers for big, $1 million-plus homes is on the decline. At least on the middle and lower end of the housing market, there is a crowd of first-time buyers and discount-seekers ready to take up the slack. At the top, well, it is getting much more lonely among buyers. WORST REGIONS. The regions with the highest-valued properties–New York, California, Nevada–have reported the biggest fall in prices. That means homes that once were priced at the top of the national market may take the biggest spill, and have the hardest time recovering. THE INDEBTED RICH. Everyone assumed that the wealthy were living more within their means than the rest of the population. But they may have been just as leveraged as everyone else–and certainly owe more in dollar terms. From 1995 to 2004, the top 1% of Americans by wealth more than doubled their mortgage and residential debt to $494 billion. Since the recession reached the rich later than the rest of the country, that mountain of debt could become a huge overhang on the high-end housing market. Permalink | Trackback URL: http://blogs.wsj.com/wealth/2009/01/28/why-luxury-housing-could-be-hit-hardest/trackback/ Save & Share: Yahoo! Buzz| Share on Facebook | Del.icio.us | Digg this | Email This | Print Comments Report offensive comments to wealth@wsj.com Lower the rates for Jumbo Holders as much as conforming loans… I have a FICO above 800, income to support the loan, and a significant amount of equity, but interest rates are at least 2% higher than conforming loans.. Comment by Jumbo Loan Holder - January 28, 2009 at 8:33 pm The 80/20 rule applies to all sectors of society. Poor, middle class, uber-rich. Look at the NFL. This is supposed to be the best of the best that were picked out of all the kids in all the colleges across the nation. And in the NFL about 20% of the players really stick out. And 5% of the 20% shine like diamonds in the sun. The same could be said for the NFL of wealth. 80% of these people are getting loans, using credit and barely staying “wealthy” by the skin of their teeth. 20% are comfortable now because they make wise decisions. 5% will never worry. Even if you took all their assets, they’d rebuild a fortune because they wealthy were it matters most. In their mindset. Note Taking Nerd #2 http://www.mynotetakingnerd.wordpress.com Comment by Note Taking Nerd #2 - January 29, 2009 at 1:03 pm Hard for me to believe, but we could actually “afford” to buy up — by quite a bit. But every time we look at one of the $1million + homes, the amount of taxes makes me blanch, and I stop looking. Taxes are something that I have taken a much more serious look at — particularly now that we are living in Obamaville where socialist seem to abound. Comment by Taxes are one of the issues - January 29, 2009 at 7:14 pm I live/rent in Fairfield County, Conn and yes, the blood bath in the higher end real estate market, $1M to $5M has started in earnest with no end in sight. It will be worse than in the more moderate price range. Its not just the purchase prices that are out of reach of potential buyers, you also have to consider the carrying costs of these McMansions–i.e. heating, insurance and real estate taxes and that puts off even buyers who can afford them, who ask why should I be paying $30,000 a year in property taxes for a house? Comment by Megalos - January 30, 2009 at 12:34 am As always - Irrational on the way up = Irrational on the way down Cannot outrun supply/demand fundamentals…maybe delay for the short run. But eventually they catch up with you. Let the ultra wealthy hold the houses - they are ‘immune’ to the economic crisis. And honestly, the prices do not reflect current market conditions and repricing of risk. So - let them hold until 2012+ when the market flattens. Good Luck to All Comment by Save Money... - January 30, 2009 at 9:00 am Frank- indebted rich? that’s a contradiction in terms. you question whether the wealthy live within their mean? “everyone assumed that the wealthy were living more within their means than the rest of the population.” i tell you they would not be weathly if they did not do so! many of those people purchasing multimillion dollar estates are not rich they just pose as being rich. Stanley’s “Big Hat, No Cattle” syndrome. Comment by littleitaly - January 31, 2009 at 7:51 pm Donald Trump and others of his ilk could, in fact, be insolvent. I think Manhattan condo values will decline 50 -60% over the next three years. Comment by Richard Cranium - February 2, 2009 at 11:49 am Keep hearing that tired refrain. Bet they said that in Greenwich too. Note taking nerd nailed it exactly. Anyone who is truly wealthy will ride this out without drastic lifestyle adjustment or nasty price cutting. For the come lately nouveau faux rich Wall St class that was overpaid and hence overleveraged (on overpriced properties) just like their now defunct firms and who now stare listlessly at their bonus envelopes which are either, shrunken to a fraction, empty or mostly stuffed with IOU’s collateralized by toxic CDO’s that even the USG won’t buy, that loud clucking noise is the din of the chickens coming home to roost. There is a lag to this wave of the credit tsunami and while Joe six-pack and company got washed away in the first rush, time for the rest of the imprudent to snap out of their trance and price their homes correctly, or get swamped in the next surge. Things are different this time, there will be a reckoning at the top of the market, not just the middle or bottom. Regional nuances are nice to talk about but let’s be real here - Every region in the country is now feeling this recession on steroids, few more acutely than the NE Wall Street crowd. Boo-hoo!

BEAUTIFUL DEER CREEK REO - RANCHO CUCAMONGA, CA

Chris Smith (Surterre Properties - Newport Beach) — Mon, 19 Jan 2009 11:47:31 -0600

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Rancho Cucamonga Property - 5494 Northwind Place

offered at $548,900

Year Built	1989
Sq Footage	2848
Bedrooms	4
Bathrooms	3
Floors	0
Parking	3

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Property Information for 5494 Northwind Place

Property Features
Single Family Property Status: Active Area: (688) Rancho Cucamonga County: San Bernardino Year Built: 1989 4 total bedroom(s) 3 total bath(s) 2 total full bath(s) 1 total half bath(s) Approximately 2848 sq. ft.	Single story Type: Detached Fireplace(s) Fireplace features: Fireplace in the Living Room Pool features: Private Spa, Private Swimming pool(s) Spa/hot tub(s) 3 car garage Attached parking	Central air conditioning Cooling features: Air Conditioning View City view Hill/mountain view Lot is 26400 sq. ft. Located on a cul-de-sac Call agent for details on association fee info. High School: Los Osos

Interior Features

Breakfast Counter / Bar, Attic, Ceramic Tile Flooring

Listing Information

PROPERTY FEATURES

contact info:

Chris Smith

Surterre Properties - Newport Beach

1-800-390-4437

Equal Opportunity Housing

sellwithchris.com

NEWPORT BEACH AND LAGUNA BEACH RESIDENTS SOME HELPFUL INFO TO GET RID OF YOUR CREDIT CARD DEBT

Chris Smith (Surterre Properties - Newport Beach) — Sat, 11 Oct 2008 19:24:54 -0500

Here are some great ways to get your credit card debt down! We are all in this mess together.. So here is some stuff that can help you out... Have a great day!

1. Debt Settlement

With debt settlement you hire a company to negotiate with your lenders on your behalf. Essentially, they're negotiating a new, reduced amount of money that you would owe them that they will consider payment in full. You pay the debt settlement company directly for several months and then they try and pay off your creditors. They take their fee out of your contribution.

They all seem to have the same strategy, which is to tell you to stop communicating with your lenders. The theory is that if you can get your lenders so desperate for a payment, they'll be more open to accepting less than you really owe them.

Pro - If a settlement is accepted on an account, you will pay less than you initially owed the lender.

Con - The industry is polluted with scam artists and thieves and you're not going to be able to tell the difference until it's too late. People who still have decent credit should NOT choose settlement. The reason is your credit reports will be significantly damaged for seven years.

Suggestion - If you choose to settle, try doing so on your own. They can't do anything that you can't do yourself. And you'll save their fees.

Strategy Grade: D

2. Self-Budgeting

Ok, let's address the elephant in the room...budgeting is not fun. In fact, losing weight is more fun. People have a hard time sticking to a budget for more than a few months. Having said that, many people would be able to get out of debt on their own with this option. Things like dinners out, movies, cell phones, vacations, car washes, spa treatments, that new car you want but don't need, expensive haircuts, and gym memberships are fun but have to go if you're in too much credit card debt.

Pro - Reducing your debts on your own will save your credit from damage and it's free. And you'd be surprised how flexible you can be when it comes to money. Sticking to a budget might eventually become second nature.

Con - Paying your debts off on your own will take time and time equals interest on revolving balances. The faster you can pay off your debts, the better.

Suggestion - Start with the most expensive debt first, which are those with the highest interest rates. Do this unless you have some really low dollar debts that can be knocked out in one month. The euphoria of NOT getting another statement will energize you to continue.

3. Debt Management Plans (DMPs)

A debt management plan is set up through a legitimate non-profit Consumer Credit Counseling Service. Essentially you hire them at a reasonable fee ($40 per month in some cases) to act as your trustee. They talk to your lenders and renegotiate your payment requirements (if your lender is willing to work with them). They'll even make your payments for you by drafting the money directly from your checking or savings account.

The goal with most debt management plans is to have them completed in less than five years. And, when you're done, you'll be completely credit card debt free.

Pro - There's no negative impact to your credit scores by signing up for a DMP. Most credit card issuers will work with the legitimate credit counseling services and report your account in good standing as long as they are getting paid each month. And your existing late fees will probably be waived.

Con - Even though there is no overt negative impact to your credit, you can expect lenders to avoid you while you're in your DMP, and rightfully so.

You also have to be absolutely certain that you are working with a legitimate organization. If you want to be sure, you can find a local CCCS operation here.

Be certain that any organization you speak with is a member of the National Foundation for Credit Counseling. If they are not, keep looking.

Suggestion - If you have a great deal of credit card debt and are not able to manage it on your own, this could be a good option for you.

Strategy Grade: A

4. Bankruptcy

Bankruptcy is legal protection from your creditors. There are two types of bankruptcy that consumers can generally file: Chapter 7 and Chapter 13. A Chapter 7 allows consumers to "discharge" or do away with almost all of their debts. There are some exceptions, as always, and the new bankruptcy laws make Chapter 7 much harder to file and much more expensive.

Chapter 13 is also referred to as a wage earner plan and has become much more common with the bankruptcy reform laws. You pay a monthly amount to a trustee who then distributes the money to your creditors.

Pro - If you file Chapter 7, you may walk away completely debt free, a good feeling to be sure. And, completing a Chapter 13 will still relieve you of a majority of your debts. Plus, depending on your state's laws, you may be able to keep your home and other property.

Con - A bankruptcy filing will stay on your credit reports for 10 years and your credit scores will be damaged by it almost the entire time. It will take some time before you can qualify for a loan at decent rates. There are also some lenders who will never do business with you again if you discharge one of their accounts in a bankruptcy.

Filing bankruptcy is also more expensive today than it has ever been. You can expect to pay well over $1,000 to file for Chapter 7 and you'll have to pay for mandatory credit counseling before you can even file.

Suggestion - Bankruptcy isn't always a bad option BUT it should usually be considered your last option.

2787 S. COAST HIGHWAY, LAGUNA BEACH, CA - VICTORIA BEACH - INVESTMENT PROPERTY

Chris Smith (Surterre Properties - Newport Beach) — Sun, 21 Sep 2008 12:49:04 -0500

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Laguna Beach Property - 2787 S Coast Hwy

offered at $2,600,000

Year Built	1929
Sq Footage	3200
Bedrooms	6
Bathrooms	6
Floors	0
Parking	4

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Single Family Property, Area: Laguna Village (LV), County: Orange, Approximately 0.06 acre(s), Lot is 2400 sq. ft., Year Built: 1929, Ocean view, View, Waterview, Dining room, Hardwood floors

Single Family Property
Property Type: Single Family Residence, Detached
Status: Active
Area: Laguna Village (LV)
County: Orange
Year Built: 1929
6 total bedroom(s)
6 total bath(s)
Approximately 4300 sq. ft.
Type: Two Levels
Style: Victorian

Living room
Dining room
Hardwood floors
2 car garage
Parking features: Onsite Parking for Guests
Heating features: Wall Electric
Interior features: Built-In Gas Range, Dishwasher, Dryer, Garbage Disposal, Microwave, Refrigerator, Washer, Master Suite, Stained-Leaded Glass Window, Beamed Ceiling(s), Cathedral-Vaulted Ceilings, Inside Laundry, Storage Space, Workshop, Cable TV
Exterior features: Roof Top Deck, Wood Patio
Exterior construction: Siding, Full Copper Plumbing
Roofing: Composition/Shingle

View
View: Catalina Island View, Panoramic View, White Water View
Ocean view
Waterview
Approximate lot is 30x80
Lot is 2400 sq. ft.
Approximately 0.06 acre(s)
Lot size is less than 1/2 acre
Utilities present: Sewer In/ Connected & Paid, District Water
School District: LAGUNA BEACH UNIFIED SCHOOL DISTRICT

PROPERTY FEATURES

contact info:

Chris Smith

Surterre Properties - Newport Beach

1-800-390-4437

Equal Opportunity Housing

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PALMS PLACE CONDOS FOR SALE

Chris Smith (Surterre Properties - Newport Beach) — Wed, 16 Jul 2008 19:09:41 -0500

www.SellWithChris.com

AMAZING DEAL ON 10'TH FLOOR STUDIO UNIT.. $450,000 !!!

Call us for more information at 1-800-390-4437

Palms Place Condos are a popular Condo/Hotel project brought to you by the Palms Casino. There are studios and one bedroom units available for Purchase.

Chris Smith

Chris Smith and Associates

Surterre Properties - Newport Beach, CA

Newport Beach, CA

1-800-390-4437

CHRIS SMITH AND ASSOCIATES JOINS SURTERRE PROPERTIES NEWPORT BEACH,CA

Chris Smith (Surterre Properties - Newport Beach) — Mon, 14 Jul 2008 11:05:13 -0500

CLICK LINK BELOW TO SEE FULL RELEASE Chris Smith Joins Surterre Properties Chris Smith Joins Surterre Properties Investment property and costal luxury real estate specialist Issued By: Chris Smith and Associates Jul 10, 2008 13:44:12 Christopher Smith, Managing Member of Chris Smith and Associates FOR IMMEDIATE RELEASE PRLog (Press Release) – Jul 10, 2008 – Newport Beach, CA – Real estate agent Chris Smith has recently joined Surterre Properties®, Orange County’s leading luxury real estate firm. Extensively experienced in the sale of both bank owned properties and luxury estates, Chris Smith is one of the industry’s most versatile real estate professionals. Having built a reputation as a Realtor® who is honest, hardworking, and efficient, Chris has always been a leader when it comes to closed sales, sales volume, and most importantly, client satisfaction. His loyal following of clientele, which spans from coastal Orange County all the way to the Inland Empire, is the best indication of the level of commitment and passion Chris puts into his highly successful business. “At this time, real estate is undergoing a period of transition,” Chris remarked. “I’ve built my business amid a changing dynamic by offering clients exceptional service from every angle.” Having launched at the onset of the real estate market’s transitional phase, Surterre Properties® quickly became the area’s most successful boutique firm. According to Chris, the company’s admirable tenacity and strong presence made a lasting impression on him. He believes that Surterre gives him the greatest opportunity to help his clients succeed under any circumstances. “This company is the most forward-thinking, intelligent real estate brokerage in Southern California,” Chris stated. “Between its unique commitment to the environment, its in-house advertising studio, and its focus on what’s relevant in the local marketplace, Surterre Properties® blows the competition out of the water.” A Newport Coast resident, Chris devotes a great deal of time to his community. He is actively involved with the Crystal Cove Alliance, a non-profit organization which provides funding, education, preservation and recreational activities at Crystal Cove State Park. He is also an active member of the Hoag Hospital Foundation's 552 Club, Miracles For Kids, Children's Hospital of Orange County and an associate member of the Association for Los Angeles Deputy Sheriff's. Chris was medically retired in 2006 as a Deputy Sheriff in Los Angeles County. Contact Chris Smith at 800.390.4437 or chris@sellwithchris.com. For more information, visit www.sellwithchris.com. # # # Chris Smith and Associates is a Newport Beach based real estate group. In partnership with Surterre Properties, we specialize primarily in residential real property transactions, marketing and sales of bank owned properties and costal luxury real estate.

UNBELIEVABLE DEAL IN CORONA'S HIDDEN VALLEY!

Chris Smith (Surterre Properties - Newport Beach) — Tue, 13 May 2008 23:33:30 -0500

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Corona Property - 769 Pescadero Circle

offered at $326,000

Year Built	1995
Sq Footage	2379
Bedrooms	5
Bathrooms	3
Floors	1
Parking	3

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DESCRIPTION

Single Family Property, Area: CORONA, Lot is 7500 sq. ft., Year Built: 1995, Two story, Fireplace(s), Dining room, Den, Laundry room

Single Family Property
Status: Active
Area: CORONA
Year Built: 1995
5 total bedroom(s)
3 total bath(s)
3 total full bath(s)
Approximately 2379 sq. ft.
Two story
Master bedroom

Dining room
Family room
Den
Laundry room
Bedroom(s) on main floor
Fireplace(s)
3 car garage
Attached parking
RV/boat parking

PROPERTY FEATURES

contact info:

Chris Smith

Surterre Properties - Newport Beach

1-800-390-4437

Equal Opportunity Housing

sellwithchris.com

RANCHO SANTA MARGARITA - 2-BEDROOM LEASE!

Chris Smith (Surterre Properties - Newport Beach) — Tue, 13 May 2008 22:53:07 -0500

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Rancho Santa Margarita Property - 53 Seacountry Ln

offered at $2,100

Year Built	1996
Sq Footage	1321
Bedrooms	2
Bathrooms	2.5
Floors	1
Parking	2

ADDITIONAL LINKS

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DESCRIPTION

Rental Property, Area: Las Flores (LF), County: Orange, Lot is 3400 sq. ft., Year Built: 1996, View, Central air conditioning, Community swimming pool(s), Fireplace(s), Den

Rental Property
Property Type: Single Family Residence, Attached
Status: Active
Area: Las Flores (LF)
County: Orange
Year Built: 1996
3 total bedroom(s)
3 total bath(s)
Approximately 1321 sq. ft.
Type: Two Levels
Style: Contemporary
Master bedroom

Family room
Den
Bedroom(s) on main floor
Fireplace(s)
Fireplace features: Family Room Fireplace, Uses Gas Only
1 car garage
Forced air heat
Central air conditioning
Interior features: Built-In & Freestanding Range, Converted Bedroom, Multi-Level Bedroom, Eating Area in Family Room, Turnkey, Ceramic Tile Floor, Laminate Floor, Den/Office, Formal Entry, Laundry in Closet, Cable TV
Inclusions: Rent Price Includes: Assosiation Dues, Pool
Exterior features: Gated Community, Security System, Front and Rear, Masonry Fence
Exterior construction: Stucco, Full Copper Plumbing

Roofing: Concrete Tile
Community features: Barbeque
Community swimming pool(s)
View
View: Hills View
Lot features: Curbs-Walks
Lot is 3400 sq. ft.
Utilities present: In Street Paid Sewer, Water Meter on Property
School District: CAPISTRANO UNIFIED SCHOOL DISTRICT
Elementary School: Las Flores
Jr. High School: Las Flores
High School: Tesoro

PROPERTY FEATURES

contact info:

Chris Smith

Surterre Properties - Newport Beach

1-800-390-4437

Equal Opportunity Housing

sellwithchris.com

Will FED Stimulus Plan HELP THE HOUSING MARKET???

Chris Smith (Surterre Properties - Newport Beach) — Tue, 29 Jan 2008 02:15:50 -0600

Will Rate Cut, Stimulus Plan Revive Housing Market?

A hefty Federal Reserve rate cut and a stimulus plan that would expand the availability of
home loans may reinvigorate the beleaguered U.S. housing market and help the broader economy along with it.

The Federal Reserve's interest rate cut of three-quarters of a percentage point at an emergency meeting last week spawned a series of events that left mortgage rates at their lowest level in nearly four years.

Meanwhile, pent-up demand for high-priced homes could be met if, as outlined in a U.S. fiscal plan unveiled last week, the limit on conforming loans Fannie Mae and Freddie Mac can buy is raised as much as 75 percent for a year. The two companies are federally mandated to keep mortgage funds flowing.

The two events could stabilize a beleaguered housing sector that has hacked away more than 1 percentage point from economic growth, professors and economists said. With housing on the mend, the mood of the consumer will improve, helping set the U.S. economy back on track.

"The increase in the conforming loan limit should have a positive impact on the housing market, and overall I would say the package is large enough that it should have a notable impact on GDP growth," said Dean Maki, chief U.S. economist, Barclays Capital in New York.

The downside is that these measures help the most credit-worthy borrowers and not those already in trouble.

In fact, more financing from Fannie Mae and Freddie Mac will likely only stimulate sales of pricier homes.

The current $417,000 limit prevents borrowers with good credit in expensive areas from getting larger mortgages at a time when the jumbo market is all but shut down.

The plan being touted by President Bush and the House of Representatives hikes the limit to $729,750 through 2008, and lifts the cap on loans insured by the Federal Housing Administration indefinitely to the same amount from $367,000.

Raising the loan purchase size for government-sponsored mortgage funding companies, however, gives scant aid to borrowers with the credit problems that initially sparked the
housing downturn.

"What the economic stimulus package does, and the accompanying housing provisions do, is really lower the cost of credit to credit-worthy borrowers," said Nicolas Retsinas, director of the Joint Center for Housing Studies at Harvard University, and a Freddie Mac board member.

"Today's problem is access to credit for credit-impaired borrowers and people falling behind on their mortgage payments. This does not release the chokehold to credit impaired borrowers," he said. "At best, this certainly should put the brakes on a further deterioration of the housing market."

Another potential roadblock to recovery is that the characteristics of mortgage bonds would change as the new larger loans are issued, leading traders to potentially exact a premium for added interest-rate risk.

The two federally chartered companies keep funding for mortgages flowing by buying home loans, repackaging them into bonds and selling them to investors.

Borrowers with large, jumbo loans are more likely to refinance since their savings are greater for each incremental drop in rates than for a smaller loan. Faster prepayments would reduce the market value of the bonds, especially when interest rates fall.

Last week's historic 3/4-point Fed interest rate cut, the largest since 1984, helped yank average one-year adjustable mortgage rates to 4.99 percent, the lowest since October 2005,
Freddie Mac said.

"The housing sector is interest rate sensitive, so anything that lowers the cost of borrowing is good for the housing market," said Harvard's Retsinas.

Plunging stock markets and a flight to safe U.S. government debt, the peg for long-term home loan rates, sent average 30-year mortgages to 5.48 percent, the lowest since March
2004.

The Fed likely will cut rates further this week, which could mean still lower home loan rates, analysts said.

So far, the lower rates have stimulated a mortgage refinancing boom but it's too soon to tell if purchases are climbing, several industry analysts and broker sources said.

John Alexander, president of NYLX in Mount Arlington, New Jersey, which compiles data on mortgages, said $14 billion to almost $15 billion of home loans were priced each last Tuesday
and Wednesday. That is a marked spike from the more typical $9 billion to $10 billion. Refinancings were nearly three-quarters of the business.

"The credit crunch and aversion to risk has created such a damper" for home purchases, Alexander said. The Fed's deep rate cut was a good step in restoring consumer confidence. The proposed loan limit increase, while "not a silver bullet, would be extremely positive for the purchase industry."

A HOUSING BOTTOM???? WE MAY BE REALLY CLOSE!

Chris Smith (Surterre Properties - Newport Beach) — Fri, 25 Jan 2008 12:02:05 -0600

It appears we may have reached a bottom in housing. A few factors remain such as a reduction of inventory and continuing foreclosures. BUT... Nevertheless we are getting very close to seeing a continuing fall in pricing!

Chris!

U.S. Homebuilder Index Set for Best Week Since Inception

By Brian Louis

Jan. 25 (Bloomberg) -- U.S. homebuilder shares are poised for their biggest weekly gain since 1995, as investors and analysts say the market for new homes may have hit bottom.

Standard Pacific Corp. and Lennar Corp. led a Standard & Poor's measure of U.S. homebuilders up as much as 8.6 percent today, after rising 25 percent this week through yesterday.

Homebuilding shares rose for the seventh consecutive trading day after analysts at Pali Research and Raymond James & Associates raised their ratings on some companies, amid expectations that U.S. government action, including the Federal Reserve's interest rate cut this week, will boost demand for housing.

``We will say right up front that, just like with the rest of the industry, the sun is not shining very brightly, but at least the worst of the storm has likely passed,'' Stephen East, an analyst at Pali Research, wrote today in his report on Lennar.

Lennar, which reported the biggest quarterly loss in its history yesterday, gained as much as 21 percent after Pali raised its rating on the shares to ``neutral'' from ``sell'' as the Miami-based builder reduced inventory and generated cash flow.

The builder index rose in the holiday-shortened week 25 percent through yesterday, topping the previous one-week record of 16 percent set in April 1999. U.S. stock markets were closed Monday for the Martin Luther King Jr. holiday.

The Fed on Jan. 22 cut its target overnight lending rate to 3.5 percent from 4.25 percent. The reduction increased optimism mortgage rates will fall and help more people buy homes.

Jumbo Limit

U.S. lawmakers are poised to approve measures that may boost demand for housing. An accord reached in Washington would temporarily allow federally chartered mortgage-finance companies Fannie Mae and Freddie Mac to buy mortgages of up to $729,750, well above the $417,000 limit.

Lennar rose $1.72, or 11 percent, to $17.93 at 9:59 a.m. in New York Stock Exchange composite trading. The builder, founded in 1954, reported yesterday a fiscal fourth-quarter net loss of $1.25 billion, or $7.92 a share, as revenue fell 49 percent to $2.18 billion. The company also recorded $1.86 billion in expenses as the deteriorating housing market forced it write down land and walk away from options on property.

Irvine, California-based Standard Pacific, which sells houses in eight states, rose 38 cents, or 13 percent, to $3.38.

To contact the reporter on this story: Brian Louis in Chicago at blouis1@bloomberg.net .

GREAT DEAL ON REFERRALS IN LAS VEGAS!! 35% TO 40%

Chris Smith (Surterre Properties - Newport Beach) — Wed, 23 Jan 2008 17:33:07 -0600

GETTING SUED BY YOUR CLIENTS??? OUCH! Watch out! The Hammer Is Dropping

Chris Smith (Surterre Properties - Newport Beach) — Tue, 22 Jan 2008 10:48:24 -0600

Good morning! Thought this article may be of some interest...read it this morning in the New York Times.

Chris

BUSINESS Feeling Misled on Home Price, Buyers Are Suing Their Agent Sandy Huffaker for The New York TimesMarty Ummel claims she was duped by her real estate agent.

By DAVID STREITFELD
Published: January 22, 2008
CARLSBAD, Calif. - Marty Ummel feels she paid too much for her house. So do millions of other people who bought at the peak of the housing boom.What makes Ms. Ummel different is that she is suing her agent, saying it was all his fault.Ms. Ummel claims that the agent hid the information that similar homes in the neighborhood were selling for less because he feared she would back out and he would lose his $30,000 commission.Real estate lawyers and brokers say the case, which goes to trial in North County Superior Court on Monday, is likely to be the first of many in which regretful or resentful buyers seek redress from the agents who found them a home and arranged its purchase. "When your house appreciates $100,000 in the first six months, you're not quite as concerned that maybe the valuation was $25,000 or $50,000 off," said Clifford Horner of the law firm Horner & Singer. "But when your house goes down, you ask: 'Who might have led me astray here?' "Agents representing buyers rarely had the opportunity to make mistakes during the last real estate boom, in the late 1980s, because the job hardly existed then. For decades, residential transactions almost always involved brokers who, whatever assistance they gave the buyer, legally represented only the seller. The long boom that began in the late 1990s put an end to that one-sided world. As prices spiked, buyer's agents and brokers became popular as sounding boards, advisers and negotiators. The National Association of Realtors estimates they are now involved in two-thirds of all residential purchases.That makes this the first housing collapse in which large numbers of buyers had a real estate professional explicitly looking after their interests. The Ummel case poses the question: In a relationship built on trust, where promises are rarely written down and where - as in this case - there is no signed contract, what are the exact obligations of these representatives in guiding their clients through a sizzling market? "Agents have a lot of fiduciary duties, but they don't make money unless they close the sale," said Joel Ruben, a real estate lawyer in Manhattan Beach, Calif. "In an inflated market, there are built-in temptations to cut corners."The defendant in the Ummel case is Mike Little, a veteran agent with ReMax Associates. He will argue that Marty Ummel, who brought the case with her husband, Vernon, is trying to shift the blame for the couple's own failures of research and due diligence."They simply didn't do what is expected of a knowledgeable, sophisticated buyer, and are now looking for someone other than themselves to take responsibility," Roger Holtsclaw, an agent who was hired by Mr. Little as an expert witness, said in a court deposition.Ms. Ummel is 60; Mr. Ummel, 71. With retirement on the horizon, they decided in late 2004 to move from the San Francisco Bay area to San Diego, where they would be near their grown children. Since they were not making the move for job reasons, they decided to take their time and focus on finding a house that was a good value. In a boom, that is no simple task for buyer or agent.It is clear the Ummels did not rush into a decision: They dismissed one agent and canceled deals on two houses before Mr. Little found them a prospect on a cul-de-sac in a five-year-old luxury development. A deal was struck with the owner, herself a real estate agent, for $1.2 million.Mr. Little also worked as a mortgage broker. The Ummels say he encouraged them to get their loan through him. Mr. Little ordered an appraisal of the house but did not respond to the couple's requests to see it, the suit charges.A few days after the couple moved in, in August 2005, they got a flier on their door from another realty agent. It showed a house up the street had just sold for $105,000 less than theirs, even though it was the same size. Then they finally got their appraisal, which told them the house up the street was not only cheaper but had a pool. Another flier in early October mentioned a house down the street that was the same size and closed the same day as the Ummels' but went for $175,000 less.The Ummels accuse Mr. Little not only of withholding information but of exaggerating the virtues of their house to push them into a deal.Ms. Ummel said in her deposition that Mr. Little had told them "many times that it was a very good buy." "And you believed that?" asked David Bright, the lawyer who represents both Mr. Little and ReMax Associates, which was also named in the suit."Yes, we trusted Mike Little," Ms. Ummel replied.Mr. Horner, the lawyer, said valuation is a tricky area for brokers. "Brokers aren't appraisers," said Mr. Horner, one of the writers of a guide to suing brokers. "They have no obligation to opine about value. But once they do, it becomes a gray area whether it's puffery or a misstatement of a known fact."Most people who made a bad real estate deal might wince and move on, but people who know Ms. Ummel describe her as unusually determined. She spent a year picketing ReMax offices on weekends.Mr. Ummel, an administrator at Dominican University, gave her his permission to pursue the case, on one condition: "Don't tell me how much the legal fees are." So far, the bills come to $75,000, more than Ms. Ummel's annual salary as a fund-raiser at California State University in San Marcos."I do not think I'm obsessive-compulsive, but I am 114 pounds of absolute perseverance," Ms. Ummel said.That persistence has put the Ummels at the forefront of a developing legal question. When buyers have sued their agents in the past, the cases focused on problems with the property itself, often alleging failure by the broker to disclose a known hazard or maintenance issue. After reviewing litigation records for the last five years, the National Association of Realtors could find no cases that revolved solely around the question of valuation.Ms. Ummel's original suit included the appraiser, who was accused of skewing his report to make the Ummel's house seem worth the purchase price, and the mortgage broker. Modest settlements have been reached with both.In a brief phone interview, Mr. Little called the case "ridiculous," adding: "The lady's a nut job. I didn't do anything wrong."Mr. Little said that contrary to Ms. Ummel's claims, the suit was motivated mainly by the declining market. "When people see their home values and assets declining, they always feel there's someone to blame," he said. "This is a dangerous time for all of us in the industry."The agent declined several requests to expand on his remarks. His lawyer declined to be interviewed. So did Geoff Mountain, a co-owner of ReMax Associates, which owns the office that the Ummels were dealing with. Both sides have hired appraisers who have combed the surrounding development. Mr. Little's appraiser concluded the four-bedroom, 3.5-bath house was worth $1,150,000 to $1.2 million in the summer of 2005. The Ummels' appraiser said it was worth $1,050,000. The outlines of Mr. Little's defense can be seen in his lawyer's lengthy deposition of the Ummels. Even in a relatively new development, Mr. Bright said, no two houses and no two deals can be seen as identical. For instance, a pool does not necessarily add value because "some buyers like it, some don't." Mr. Little never showed the Ummels the house down the street because the backyard could be viewed from other houses, the lawyer said, and the couple had said they valued their privacy. Ms. Ummel disputes saying this.The agent who left the flier that led to the case, Margaret Hokkanen, is sympathetic to Mr. Little."People are responsible for their own decisions," said Ms. Hokkanen, who has been subpoenaed as a defense witness. Her husband and partner, John Hokkanen, is more ambivalent. "We have seen so much misrepresentation over the last five years," he said. "So I appreciate where these buyers might be coming from: 'I'm a lowly consumer, you're certified by the state of California, you didn't do X, you didn't do Y, and I got hurt.' "The Ummels may be on the leading edge of the law, but they are unlikely to be alone for long. With the market falling, many homeowners owe more on their mortgages than their houses are worth. And many of those deals involved brokers who are required to carry professional liability insurance, presenting a tempting target for angry buyers."If you put someone into a property at the top of the market, you look really bad if it goes down," said K. P. Dean Harper, a real estate lawyer in Walnut Creek, Calif. "There are a lot of letters going out from lawyers to real estate agents saying, 'My client would never have purchased if you had properly evaluated the market conditions and the value of the property.' "

Chris Smith, Sales Associate
Keller Williams- Residential Brokerage

Direct- 1-800-390-4437 x200
Fax- 1-877-896-1278

www.SellWithChris.com

The MORTGAGE Crisis... Especially California

Chris Smith (Surterre Properties - Newport Beach) — Sun, 23 Dec 2007 18:24:40 -0600

Government Faces Mortgage Crisis By AP | 23 Dec 2007 | 12:58 PM ET GOVERNMENT MORTGAGE HOUSING SUBPRIME CRISISAfter a slow and stumbling start, official Washington is scrambling to try to prevent the unfolding mortgage crisis from pushing the country into recession during an election year. There is a strong feeling, though, that the government will need to do more to avert a financial disaster.One former Treasury secretary advocates temporary tax cuts and emergency spending on the order of $50 billion to $75 billion. Such action could help the U.S. from slipping into what Lawrence Summers, who served under President Clinton, fears could become the worst downturn since the steep 1981-82 recession. Some Republicans are worried, too. From both Martin Feldstein, who was President Reagan's top economic adviser, and former Federal Reserve Chairman Alan Greenspan have come calls for deeper government intervention to deal with the threat. Before it is all over, the government may have to resort to measures last used in the savings and loan crisis of the 1990s. Back then, it was a new agency to take over failing thrifts sunk by bad loans. Today, it could mean a government agency to buy up billions of dollars of mortgage-backed securities that investors are shunning. The Bush administration thus far has opted for less dramatic measures. In fact, the administration came reluctantly to the biggest step taken to date -- the "teaser freezer" announced two weeks ago. A deal with the mortgage industry will freeze the low introductory "teaser" rates for five years on some subprime mortgages -- loans to people with spotty credit histories. The rates were to climb much higher, making the mortgages unaffordable for many people and putting their homes at risk of foreclosure. The hope is that this agreement will buy time for the housing market to rebound. That would make it easier for these homeowners to refinance to more affordable fixed-rate loans.But estimates are that only about 250,000 people will end up getting a rate freeze -- a fraction of the 3.5 million home loans that could go into default over the next 2 1/2 years. The administration also is working with Congress to increase the $417,000 cap on the size of loans that the big mortgage companies Fannie Mae and Freddie Mac can handle. This step could help in high-cost housing areas such as California. In addition, the administration is supporting legislation that would boost aid to lower-income homeowners by increasing the scope of mortgage insurance programs handled by the Federal Housing Administration. These efforts may help at the margins. They do not, however, address one of the biggest threats to the economy: a spreading credit crisis triggered by the soaring defaults on subprime mortgages. Big Test for BernankeSome of the biggest names in finance have suffered multibillion-dollar losses as a result, and critical segments of the credit markets have frozen up. Banks and investors fear making further loans or buying securities backed by debt because they do not know how many more loans might go into default. Ben Bernanke, facing his first major test as Fed chairman, is getting mixed reviews. The Fed was embarrassed when the credit crisis hit in August. That happened only two days after the central bank had decided to keep interest rates unchanged and declared that inflation was a bigger risk than weak economic growth. The Fed has cut interest rates by a full percentage point since that time. But only the September cut -- a bigger-than-expected one-half of a percentage point -- elicited cheers on Wall Street. The two quarter-point moves brought about market declines as investors worried the Fed did not recognize the severity of the problem. The trouble is that the credit crisis is occurring at the same time that a run-up in energy prices is increasing inflationary pressures. And that is the dilemma. If the Fed cuts interest rates to keep the economy out of a recession, it could sow the seeds for higher inflation and perhaps give the country the worst of both worlds, bringing back that 1970s bugaboo, "stagflation," in which growth is stagnant and inflation is getting worse. In a novel approach, the Fed is auctioning off money to the banks in an attempt to get them to open up their loan spigots. The first two auctions, for a total of $40 billion last week, went well. But the amount of the cash provided to the banks paled in comparison with the $500 billion from the European Central Bank. Many economists believe the Fed will have to cut its federal funds rate, the interest that banks charge each other, at least three more times and strengthen the wording of its statements. In that way, the markets would know the Fed will do whatever is needed to fight economic weakness in spite of its lingering worries about inflation. "The difference between a soft economy and a recession is confidence. If the Fed appears reticent to do what is needed, like they did at their last meeting, that does not help confidence," says Mark Zandi, chief economist at Moody's Economy.com. As for the administration and Congress, a tax cut possibly in the form of a rebate probably will be debated in the coming year. President Bush told reporters at the White House on Thursday that "we're constantly analyzing options available to us." He insisted that the economy's underlying fundamentals remained strong. Summers, however, in a speech last week, urged bolder action. "For the last year, the economic consensus, and the policy actions that have flowed from it, has been consistently behind the curve," he said. Buying Up Bad LoansGaining some currency is the idea of a government agency modeled after the Resolution Trust Corp. of the S&L days that would buy up mortgage-backed securities as a way of dealing with bad loans. About $100 billion in such loans have surfaced and an additional $200 billion are likely, according to market estimates. If the government spent $150 billion to $200 billion to purchase mortgage-backed securities, the thinking goes, it would prevent a fire-sale that would drive prices of these securities even lower. When the housing market stabilizes, the price of the government-held securities would begin to rise, allowing the government to sell them back to investors. Whatever approach the government decides to take, economists said it will take time for the current problems to resolve themselves. They expect this housing downturn, which followed a five-year boom, to last through most of next year even under a best-case scenario in which the country avoids a full-blown recession. "We have the fundamental problem that we built too many houses and we charged too high a price for them," says David Wyss, chief economist at Standard & Poor's in New York. "We have to stop building houses for a while and the prices have to come down. We are trying to make sure that process doesn't derail the rest of the economy.

Real Estate: Buy? Sell? Or Hold?

Chris Smith (Surterre Properties - Newport Beach) — Tue, 27 Nov 2007 10:41:49 -0600

Yesterday morning I was checking my stock portfolio and doing my usual gazing of the financial news, I stumbled across this article which I read in it's entirety. This is possibly one of the best articles on the current real estate market that I've seen thus far. Have a look and let me know what you think!

Have a great day and keep pushing forward!

Chris

Real estate: Buy, sell, or hold?

That's the question homeowners are asking in the midst of the worst real estate slump in decades. Our exclusive calculations can help you figure out what your house will be worth in coming years.

By Shawn Tully, Fortune editor-at-large November 7 2007: 11:47 AM EST

(Fortune Magazine) -- You can't blame America's homeowners for feeling hopelessly confused. From suburban porches and city terraces, they're gawking at a housing world gone mad. Just 18 months ago, folks on a tony Linden Lane or a leafy Boxwood Court were astounded to see the colonial their neighbors bought for $600,000 in 2000 sell for $1.5 million after multiple bids. Now they're just as bewildered to watch the same model across the street go begging for months at $1.1 million without a single offer.

The millions of Americans who believed yesterday's happy talk about housing are now paying the price, from couples who stretched to buy second homes, to true believers who drove the Florida condo craze, to executives who can't take that great new job in Charlotte without suffering a huge loss on the house purchased at the bubble's peak in Sacramento.

These homes in Hesperia, east of Los Angeles, sell for $450,000, down $70,000 from 2006.

Clifton and Sheri Gorham are saving $800 a month renting a townhouse in Manassas, in northern Virginia, instead of owning one. They want to buy, but only after prices drop another 5%.

Matt Goldberg and Rain Kramer sold their Manhattan co-op for a big gain. Now they're renting this loft, waiting for prices to fall before buying again.

John Safa, who owns a car dealership, had his Lincolnwood, Ill., home on the market six months without an offer. He'll rent it out until the market rebounds.

A big drop in construction costs allows developer Paul Roman to offer this model for $379,000, down 10% from the peak.

What Will FED Do Next???

Chris Smith (Surterre Properties - Newport Beach) — Wed, 21 Nov 2007 01:42:38 -0600

Fed Forecasts Spur Traders to Ignore Warnings, Bet on Rate Cuts

By Scott Lanman

Nov. 21 (Bloomberg) -- The Federal Reserve's first set of quarterly economic forecasts fueled speculation that it will cut interest rates again, contrary to warnings by policy makers in the past two weeks.

The degree of ``uncertainty'' about the growth outlook is greater than that for inflation, officials said in a supplement to minutes of their October meeting released yesterday. While officials expressed confidence price increases will ease, they viewed markets as ``still fragile and were concerned that an adverse shock'' would worsen economic risks.

The wariness about a continued credit collapse pushed odds of a rate cut next month up to 92 percent, according to federal funds futures, from as low as 70 percent. Investors differ with Chairman Ben S. Bernanke and other officials, who have said this month that the dangers of a slower expansion and faster inflation were ``roughly'' balanced.

``Risks aren't balanced,'' said Michael Feroli, a former Fed board staff member who is now an economist at JPMorgan Chase & Co. in New York. ``Recent developments in financial markets increase the likelihood that they will ease.''

As part of its new release on the three-year economic estimates of Fed governors and district-bank presidents, the central bank discussed risks to the outlook. ``Most participants judged that the uncertainty attending'' their growth forecasts ``was above typical levels seen in the past,'' the Fed said.

Growth Forecast

Officials predicted growth will slow to as low as 1.8 percent in 2008, according to the middle range of projections. That would be the weakest since the 2001 recession. The Fed's historical estimates indicate that the actual expansion is likely to be within 1.3 percentage points above or below the estimate.

In June, policy makers anticipated 2.5 percent to 2.75 percent growth next year. Officials left their projection for inflation, excluding food and energy costs, little changed at a 1.7 percent to 1.9 percent pace for the next two years.

``The focus in the minutes is on the downside risks to growth,'' which contrasts with an ``optimistic inflation forecast,'' said Robert Eisenbeis, the former head of research at the Federal Reserve Bank of Atlanta. ``They clearly will respond if needed.''

The Federal Open Market Committee lowered its benchmark rate by a quarter point on Oct. 31, to 4.5 percent, after reducing borrowing costs a half point in September.

Since the meeting, banks have warned of billions of dollars of losses on debt tied to subprime mortgages. Stocks have also retreated, while the number of private economists predicting a recession has risen, according to the National Association for Business Economics.

`Dent' Confidence

While the ``most likely'' scenario is consumer spending and business investment rise at a ``moderate'' pace, Fed officials recognized a market shock ``could further dent investor confidence and significantly increase the downside risks,'' the minutes said.

Such a disruption could come from ``a sharp deterioration in credit quality or disclosure of unusually large and unanticipated losses,'' the Fed said.

In their speeches and public remarks, policy makers have said they expect growth to accelerate by the middle of 2008 and warned that surging energy and commodity prices, and a falling dollar, may push up inflation.

`Rough Patch'

Economic reports confirming a ``rough patch'' in the economy ``would not, by themselves, suggest to me that the current stance of monetary policy is inappropriate,'' Fed Governor Randall Kroszner said Nov. 16. Further rate cuts may increase the risk inflation will accelerate, he signaled.

Federal Reserve Bank of St. Louis President William Poole said in a Nov. 15 interview with Dow Jones that ``there can only be chaos'' if the Fed follows traders' expectations in setting policy.

``When you think about the effects of monetary policy, you are going to be thinking about several quarters ahead,'' said Douglas Elmendorf, a former assistant director of the Fed's research and statistics division who is now a senior fellow at the Brookings Institution in Washington. ``The FOMC is very focused on maintaining and building their credibility on keeping inflation low.''

Yesterday's forecasts are the product of a 1 1/2-year review commissioned by Bernanke to improve how the Fed communicates its policy objectives. He said in a Nov. 14 speech that the new reports will help show ``how our policy decisions respond to incoming information and will enhance our accountability.''

Less Optimistic

Fed policy makers are less optimistic about the 2008 expansion rate than private economists. The median Fed estimate of about 2.25 percent is less than the 2.4 percent consensus prediction of the Blue Chip survey of forecasters. Four of 17 Fed governors and presidents expect growth of 1.8 percent or less.

Fed officials will have more opportunities to send investors a message before the Dec. 11 meeting. Next week, at least four regional-bank presidents speak, including Philadelphia's Charles Plosser and William Poole of St. Louis. Bernanke speaks Nov. 29 at an event in Charlotte, North Carolina.

``There is a very slow movement toward understanding the severity of financial market problems and the impact on the economy,'' said Kurt Karl, chief U.S. economist at Swiss Reinsurance Co. in New York. ``The question is, what is the Fed waiting for?''

Newport Coast

Chris Smith (Surterre Properties - Newport Beach) — Sat, 17 Nov 2007 02:08:12 -0600

visit website

Chris Smith | Keller Williams - Residenital Brokerage| inquire about property | 1-800-390-4437 ext. 200

Newport Coast Property -

offered at $6,500,000

Year Built	2001
Sq Footage	5000
Bedrooms	5
Bathrooms	5.5
Floors	0
Parking	3

ADDITIONAL LINKS

Map of property

Mortgage calculator

More Details

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DESCRIPTION

The Gem of Crystal Cove, truly a one of a kind! Enjoy breathtaking, unobstructed Ocean/Catalina view's from almost every room. Spacious, open 5 bedrooms, 5.5 baths, built-in library/office, guest room w/ full bath. Gorgeous designer upgrades throughout: Granite, marble, travertine, SS appliances, custom moldings, custom lighting/sound system, and built-in brick wine cellar. Wonderful outdoor space w/ a private pool, spa, BBQ, custom hardscape and landscape. Perfect for entertaining, an absolute must see!!

Single Family Property, Area: Crystal Cove, County: Orange, Lot is 7700 sq. ft., Year Built: 2001, City view, Ocean view, View, Waterview, Community swimming pool(s), Community spa/hot tub(s), Fireplace(s), Dining room, Hardwood floors

Single Family Property
Property Type: Single Family Residence, Detached
Status: Active
Area: Crystal Cove
County: Orange
Year Built: 2001
5 total bedroom(s)
5.5 total bath(s)
Approximately 5000 sq. ft.
Style: Mediterranean
Dining room
Hardwood floors
Fireplace(s)
Fireplace features: Family Rm, Living Rm,Gas

Pool features: Assoc. Pool, Private Pool
Tennis court(s)
3 car garage
Parking features: Garage Attached, Garage Door Opener, Guest Parking
Heating features: Forced Air
Cooling features: Central Air, Dual
Interior features: Built-In Gas Range, Convection Oven, Dishwasher, Double Oven, Freezer, Garbage Disposal, Gas/Elec Dryer Hook Up, Microwave, Refrigerator, Trash Compactor,Master Bdrm Retreat, Master Suite, Walk-In Closet,Formal Dining Rm,Central Air, Dual,Home Warranty Plan, Vacuum Central,Ceramic Tile, Hardwood, Marble, Wall-to-Wall Carpet, Wood,Cathedral-Vaulted Ceilings, Custom Window Covering, Window Drapes-Curtains, Window Shutters,Bonus Rm, Guest-Maid Quarters, Inside Laundry, Library, Walk-In Pantry, Wine Cellar
Inclusions: Assoc Tennis, Private & Assoc Pool, Private & Assoc Spa
Exterior features: "Lot 6,500-9,999 SqFt",Concrete Slab Patio, Patio,Assoc. Pool, Private Pool,Fire Sprinklers, Gated Community, Gated Community w/Guard,Sewer In, Connected & Paid,Front and Rear, Sprinkler Timer,District Water,Block Wall,Two Levels,Assoc Spa, Private Spa
Exterior construction: Full Copper Plumbing,Faces West, Rain Gutters
Roofing: Spanish Clay Tile
Community recreation facilities
Community spa/hot tub(s)

Community swimming pool(s)
Community tennis court(s)
View
View: Catalina Island view, City Lights view, Coastline view, Harbor view, Marina view, Ocean view, Panoramic view, Pool view, View, Water view, White Water view
City view
Ocean view
Waterview
Lot is 7700 sq. ft.
Call agent for details on association fee info.
School District: LAGUNA BEACH UNIFIED SCHOOL DISTRICT
Elementary School: El Morro
Jr. High School: Thurston
High School: Laguna

PROPERTY FEATURES

contact info:

Chris Smith

Keller Williams - Residenital Brokerage

1-800-390-4437 ext. 200

Equal Opportunity Housing

sellwithchris.com

Newport Coast

Chris Smith (Surterre Properties - Newport Beach) — Sat, 17 Nov 2007 02:05:19 -0600

visit website

Chris Smith | Keller Williams - Residenital Brokerage| inquire about property | 1-800-390-4437 ext. 200

Newport Coast Property -

offered at $1,350,000

Year Built	1994
Sq Footage	2200
Bedrooms	3
Bathrooms	3
Floors	0
Parking	2

ADDITIONAL LINKS

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DESCRIPTION

Condo/Townhome/Coop Property, County: Orange, Year Built: 1994, Ocean view, View, Waterview, Swimming pool(s), Spa/hot tub(s), Fireplace(s), Dining room, Den

Condo/Townhome/Coop Property
Status: Active
County: Orange
Year Built: 1994
3 total bedroom(s)
3 total bath(s)
Approximately 2200 sq. ft.
Style: Condominium,Attached
Master bedroom
Living room
Dining room

Den
Fireplace(s)
Fireplace features: Living Rm,Gas & Wood
Pool features: Assoc. Pool
Swimming pool(s)
Spa/hot tub(s)
2 car garage
Heating features: Forced Air
Cooling features: Central Air
Interior features: Built-In Gas Range, Dishwasher, Microwave, Refrigerator,Main Floor Bdrm,Breakfast Nook, Formal Dining Rm,Central Air,Wall-to-Wall Carpet,Cathedral-Vaulted Ceilings,Den/Ofc

Exterior features: Balcony,Assoc. Pool,Gated Community,Sewer:Bonds,District Water,Garage Attached,Assoc Spa,Ocean view,Two Levels
Roofing: Spanish Clay Tile
View
Ocean view
Waterview
Call agent for details on association fee info.
School District: NEWPORT MESA UNIFIED SCHOOL DISTRICT
Elementary School: NC
Jr. High School: CDM
High School: CDM

PROPERTY FEATURES

contact info:

Chris Smith

Keller Williams - Residenital Brokerage

1-800-390-4437 ext. 200

Equal Opportunity Housing

sellwithchris.com

FONTANA SINGLE STORY..A PALACE FIT FOR A KING PRICED AT $435,000! 15935 DIANTHUS COURT, FONTANA, CA

Chris Smith (Surterre Properties - Newport Beach) — Fri, 19 Oct 2007 00:15:46 -0500

visit website

Chris Smith | Keller Williams - Residenital Brokerage| inquire about property | 1-800-390-4437 ext. 200

Fontana Property - 15935 Dianthus Court

offered at $435,000

Year Built	2002
Sq Footage	1484
Bedrooms	4
Bathrooms	2
Floors	0
Parking	2

ADDITIONAL LINKS

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DESCRIPTION

Single Family Property, Area: FONTANA, Lot is 10760 sq. ft., Year Built: 2002, Single story, Fireplace(s), Dining room, Den

Single Family Property
Status: Active
Area: FONTANA
Year Built: 2002
4 total bedroom(s)
2 total bath(s)
2 total full bath(s)
Approximately 1484 sq. ft.

Single story
Style: Custom Built
Master bedroom
Dining room
Family room
Den
Bedroom(s) on main floor
Fireplace(s)

PROPERTY FEATURES

contact info:

Chris Smith

Keller Williams - Residenital Brokerage

1-800-390-4437 ext. 200

Equal Opportunity Housing

sellwithchris.com

How Do We Restore Buyer Confidence?????

Chris Smith (Surterre Properties - Newport Beach) — Tue, 16 Oct 2007 22:10:18 -0500

Ok, so I wake up this every morning to the usual sun coming through the plantation shutters.. But today there was a grey haze or marine layer that was looming over the valley. So, as I get out of bed I do my usual early morning stagger to the kitchen, open up the fridge and whip up my morning French press of Peets Italian roast. Pour a cup, and head to the couch and pop on CNBC as I usually do in the morning. Check my stock portfolio and see where I sit in the morning trade day on Wall Street. Suddenly, CNBC cuts to a live shot of the White House Press Room and Secretary Henry Paulson comes on...and the rest is history...

CNBC'S morning news covers the Secretary of Treasury's comments... In a nutshell, the housing market is declining and the government will not assert a bailout for anyone although they are willing to lend some help. Remarks from Fed Chairman Ben Bernake and leading fund managers were as follows: "Bernanke said in a speech last night in New York that it's too early to gauge how much the housing recession will affect spending by consumers and businesses. Concern that rising mortgage defaults will curb corporate profits prompted analysts to predict the first earnings decline in five years for S&P 500 companies, according to third-quarter estimates compiled by Bloomberg.

``The housing situation is going to continue to plague the U.S. economy,'' said Kevin Rendino, who runs the $8.1 billion BlackRock Basic Value Fund from Plainsboro, New Jersey. ``It's going to be a lot harder for companies to hit earnings.''

My question... What do we do as Realtors and Real Estate sales professionals to curb the housing consumer's fear of buying when they see this kind of information? This is not a joke. You cannot lie to the consumer. What can you possibly say to someone who is sitting on their hands to buy a home? Your comments are welcomed because I think this is a great point of debate.

Chris

Why Cant We Beat the Builders?? What?? They Cant Beat Themselves

Chris Smith (Surterre Properties - Newport Beach) — Tue, 09 Oct 2007 23:57:32 -0500

Home builders' foundations shift with shaky market

Updated 15h 30m ago |


Enlarge	By Justin Sullivan, Getty Images

A home under construction last month in Richmond, Calif. Builders are struggling to keep their heads above water during the housing market slowdown.

MORE BUILDERS WOO HOME BUYERS

A rising number of home builders are cutting prices and offering incentives to clear an eight-month supply of new homes for sale:

Strategy	Aug. 2007	July 2006

Include optional items at no charge	57%	51%

Pay closing costs or fees	46%	38%

Reduce home price	52%	37%

Absorb all financing points for buyer	28%	23%

Help buyer sell existing home	17%	NA

Trade-in programs	16%	5%

Delay monthly mortgage payments	9%	2%

Match future price reductions	6%	2%

Include car with home	2%	0

Guarantee buyback at original contract price	3%	1%

Offer free holiday trip	2%	NA

Source: National Association of Home Builders survey of 345 builders

By Noelle Knox, USA TODAY Even as home buyers were being offered a free washer, dryer, refrigerator and window blinds, plus 5% off the price or in cash to pay closing costs, business was dragging at Reeves Williams' communities.

So at the end of July, Reeves Williams, a home builder in the South, began offering $20,000 in incentives or cash assistance. In the first week, 22 buyers had signed contracts for new homes. Then the mortgage market fell into a tailspin.

"We lost 17 of them. It was a huge hit," says Martha Fondren, vice president of sales. "It was a credit issue. They did not have horrible credit. But they didn't have the credit scores to get (a loan), and six months ago they would have."

Since early August, the real estate market has sunk deeper into recession. Forecasts of a recovery have been pushed back to the middle of 2008 - at the earliest. For home builders, market conditions are already worse than in the last housing recession, in 1991-92.

And depending on how the subprime mortgage debacle plays out in coming months, this recession could be more painful for the industry than the wicked one in 1980-82.

FIND MORE STORIES IN: FORT MYERS | Mark Zandi | KB Home | Lennar

"Based on activity since early August, our experience is worse" than the past two corrections, Robert Toll, CEO of Toll Bros., (TOL) told investors at a recent Credit Suisse (CS) conference.

Sales of new homes fell in August to their slowest pace in 12 years, and the median price fell 7.5%, the sharpest annual drop in 37 years. The confidence level of builders has fallen to its lowest since the last housing recession.

"Who can't be concerned, with what we're looking at right now?" Toll says.

Many builders, of course, are partly to blame because they overbuilt in some of the most torrid markets and slapped together homes on speculation that the party would go on. Those are the companies now bearing the brunt of the contraction.

But few builders - even the conservative ones - have escaped unscathed. Most of them face wrenching decisions about whether and by how much to reduce headcounts, lower prices, delay or abandon developments and write off and sell assets. And the builders are affecting the health of the broader economy, according to the Federal Reserve.

Short of cash, several builders have renegotiated with their banks to avoid defaulting on the terms and conditions of their credit lines and loans. Builders are squeezing subcontractors and suppliers for discounts. They're also redesigning homes to be smaller or offer less expensive features.

"We are reanalyzing every location we're in," said Ara Hovnanian, CEO of Hovnanian Enterprises. (HOV)

Last month, the company sold 2,100 homes in a three-day nationwide "deal of the century" sale with big price reductions. The company has fired 30% of its employees, reduced its inventory of home lots by nearly half, renegotiated with subcontractors and re-evaluated option-contracts to buy land.

"No. 1, we're not assuming a quick recovery," Hovnanian says. "We're operating as if this is going to continue for a long time."

Since the middle of last year, builders have written off $10 billion in real estate, according to Stephen Kim, an analyst at Citigroup. (C) He expects the companies to write off nearly $4 billion in the third quarter. Several public builders will report their earnings later this month. But Wall Street got a nasty preview recently when KB Home (KBH) and Lennar (LEN) released grim results.

'A significant deterioration'

KB Home said its cancellation rate jumped to 58% for its third fiscal quarter, which ended in August. The company said it abandoned plans to build homes in Indiana and Fort Myers, Fla.

"There was a significant deterioration in the housing market, and this accelerated dramatically toward the end of the quarter," said Jeffrey Mezger, CEO of KB Home. The number of buyers touring model homes and signing contracts hit "the lowest levels of the current housing downturn."

KB Home hasn't borrowed against its credit line but has renegotiated the terms to protect its liquidity. Beazer Homes, (BZH) Standard Pacific, (SPF) TOUSA (TOA) and others have also gone back to their lenders for new terms on their loans or credit lines.

But the struggles of builders, lenders and sellers aren't the only gauge of the housing industry. There are still some positive signs. Interest rates are still historically low. And buyers with good credit enjoy plenty of loan options. There are also pockets across the country where home sales are still healthy and prices are rising.

In the greater metro area of Tulsa, sales rose more than 7% in August to near-record levels. Prices also climbed. The real estate markets are solid, too, in most parts of South Dakota and Texas, for example.

On Monday, Robson Communities raised prices 1% on its active-adult development in Denton, Texas, because development costs are rising and sales are healthy. Still, the Phoenix-based developer projects that it will sell only 800 homes this year, half the number it sold last year. And the company has handed pink slips to 25% of its employees.

"Because we tend to focus on the senior buyer, the problem is not making the decision on the new house; it's selling their old house," says Steven Soriano, executive vice president for Robson.

That's partly because there's a bloated 10-month supply of existing homes on the market and more than eight months' worth of new homes for sale. Even when sellers do receive offers, the deals often collapse because buyers run into trouble qualifying for a mortgage.

Gordon Milne, CFO of Ryland Group, (RYL) says that 10% of its buyers last year purchased homes with "Alt-A" loans; those are for borrowers with reasonably good credit but no down payment and little or no proof of income or assets. Now that such loans have virtually disappeared, Milne says, "We're scrambling a bit to find mortgages for buyers who were in that 10%, and we can't find them for all of them."

Half of Ryland's buyers backed out of their contracts in the most recent quarter, Milne says, and the company had to lay off 30% of its staff. With its business shrinking, Ryland Homes has combined its Fort Myers and Tampa offices. In California, it's consolidated four of its offices into two.

"There is definitely a lot of discounting going on in some cities," Milne says, adding that many builders are offering 5% to 20% in incentives and price cuts, depending on the community.

This month, Ryland is promoting a "40th Sales Finale." Its home prices in Fort Myers, for example, have been slashed by up to 30% on completed homes that are sitting vacant. Buyers there also get $10,000 toward closing costs.

"It's hand-to-hand combat out in the field," Milne says. "We look at the competition down the street, what they're doing, and we've got to match it."

Stuart Miller, CEO of Miami-based Lennar, says he thinks some builders' price cuts have been "unrealistic, maybe even ridiculous." Lennar reported the worst quarterly financial results in the company's history and a surge in cancellation rates.

Miller says he walked away from 15,000 home sites the company had planned to develop and has laid off 35% of his staff. "August seemed to be a melting pot of all things negative," Miller says.

Some laid-off employees have managed to find jobs in commercial real estate, which so far hasn't been affected as much by the turmoil in the credit markets. But the magnitude of the downsizing among builders is exerting a drag on the economy that could, in turn, further dampen demand for new homes.

"We have hundreds of thousands of jobs to lose over the next six to 18 months," says Mark Zandi, chief economist for Moody's Economy.com. "Housing employment accounts for 10% of all jobs nationwide and 15% of the economy."

In Naples, Fla., Zandi says, 20% to 25% of the area's jobs are housing-related. "I'd be surprised if in Florida the economy isn't already in recession," he says.

Rising foreclosures

Adding to the home builders' troubles are the rising number of foreclosures. The foreclosure rate is expected to rise through next year as 2 million homeowners must begin making higher payments on their adjustable-rate loans. Though only a portion of them will ultimately lose their homes, lenders tend to price foreclosed homes very aggressively to get them off their books.

"The clampdown on borrowing is happening when borrowers are facing their first reset and looking for a way out," Zandi said. "And there's no way out."

Congress and the Bush administration have made proposals to help some homeowners through tax relief and the Federal Housing Administration. But it's still unclear how many people will be helped. The relief to the building industry will likely be minimal.

In northern Mississippi and Shelby County, Tenn., Reeves Williams ended its $20,000 incentive program on Monday. Even though David Smith, who bought one of the builder's homes in June, didn't get as many freebies as the company was just offering, he said they swayed his decision to buy.

Smith, 63, an avid bridge player and an editor at Bridge Bulletin magazine, received $4,500 off the price, $4,000 in closing costs, and said, "The fact that I could get a house and not have to buy a fridge, washer or dryer, it was significant to me."

Fondren, the vice president of sales, says even its more-generous program didn't draw in enough buyers. Now, she'll negotiate with buyers on a case-by-case basis. The company also will lower prices by building less-expensive homes - without the granite or tile, for example, that used to be standard.

"If the option was all hardwood floors in the house, we might put them in the dining room but put carpet in the great room and bedrooms to shave a little off the price," Fondren says. "People aren't qualifying for as much."

d Chris Smith, Sales Associate Keller Williams - Residential Brokerage Office: 1-800-390-4437 x. 200 Fax: 1-877-896-1278 www.SellWithChris.com

This Morning's Sunday L.A. Times..Agents MUST Be Accountable, New Agents Are In For A Rough Ride...

Chris Smith (Surterre Properties - Newport Beach) — Sun, 07 Oct 2007 13:48:34 -0500

Good Morning!

My quick comment on this is simple.. Yesterday's agents may have been top producers in a market where homes sold without getting their sign's posted and 2 days in MLS.. Today..I experience a much more well informed seller, buyer and am constanly held accountable on my actions, communications with my clients and overall performance on selling their property. What are your thoughts? Have you faced this in recent months? This is a great article. Have a great Sunday everyone!

Chris

With the market cooling, so-so agents face the scrutiny -- wrath, even -- of disgruntled clients. The state is bracing for a rise in complaints.

By Frank Nelson, Special to The Times
October 7, 2007

AS property prices stall and homes become harder to sell, buyers and sellers are looking more closely at the performance of their agents and holding them accountable for what they do -- or fail to do.

Even during the market's dizziest days, some agents may have been missing the mark, as measured by the number of grievances filed with California's Department of Real Estate. Now, at a time when sales skills matter more than ever, industry observers believe brokers and agents -- particularly the inexperienced -- are in for a rough ride as buyers and sellers become tougher to please and perhaps eager to find someone to blame.

Tom Pool, the department's assistant commissioner for legislation and public information in Sacramento, is bracing for more complaints. "The hyper-appreciation of the last few years tends to cover up a lot of ills," he said.

Complaints fall under two general headings -- legal and ethical -- and can include accusations of inaccurate advertising and poor record-keeping as well as gross negligence or dishonesty in the handling of client trust funds.

In the last five fiscal years, the number of complaints about agents that the department has investigated has risen from 6,987 to 9,103. License denials have gone from 659 to 1,382 per year, revocations from 251 to 394 and suspensions from 72 to 113.

As California property prices steadily climbed in recent years, there was an explosion in the number of licensed real estate agents and brokers. Department figures show the combined numbers stood at 538,598 in July -- a jump of more than 80% from the 297,359 license holders a decade ago. The percentage increase far outpaced that of the state's population, which grew about 11% during the same period, according to the U.S. Census Bureau.

"About half our members have never seen a down market," said Colleen Badagliacco, president of the California Assn. of Realtors.

Edward Barrios, an agent with Shorewood Realtors in Manhattan Beach, believes a "gold-rush mentality" accounts for many of the people jumping into the real estate profession in recent years.

They're beginners

Some lack the necessary skills to keep pace with and interpret changing market needs, he said, and others are getting licenses just to trade their own homes, or do so for family and friends, saving thousands of dollars in commissions. "Every day," he said, "I see agents who don't know what they're doing."

Although it cannot resolve disputes or unwind transactions, the Real Estate Department can discipline agents and brokers. "We try to get the bad actors out of the business," Pool said.

In the Southland, according to research supplied by Lona Luckett of the Better Business Bureau's Colton office, consumers are most concerned about general service issues, selling practices, promised refunds, advertising practices and contracts.

When Linnea Pattillo and her fiancé, Zaur Yevdayev, sat down to write complaints to the Better Business Bureau, the Department of Real Estate, the California Assn. of Realtors and their real estate company, it was hard for them to know where to start. The couple, high-end-furniture designers with a business based in Wilmington, had a laundry list of issues with the agent selling their home in San Pedro.

Among those included in the Better Business Bureau complaint, Pattillo and Yevdayev said that their home was not on the Multiple Listing Service website for the first 17 days of the contract and that for two weeks the sign outside the house carried the name and phone number of the wrong real estate office.

They said that the agent failed to turn up for a scheduled two-day weekend open house and that on another occasion an inexperienced agent arrived instead.

Their agent, Tracy Mandac Plummer, who has about 10 years' experience, disputes almost all the claims made against her.

She said the basic problem was that the couple wanted too much money for their 1,000-square-foot house and that they "wanted to sell it yesterday."

Plummer said the MLS posting was delayed because, after pushing back the listing date, the owners only called her about it two days before she was due to leave on a long-planned vacation she had told them about well in advance. The agent said she never missed any open houses. A mistake was made with the sign out front, she said, but that was changed within 24 hours.

After about a month and a switch of agents, the house finally sold for $650,000, about $40,000 less than the original asking price.

The job got tougher

Such differences may seem extreme. But Dick Gaylord, a veteran California broker who takes over next month as president of the National Assn. of Realtors, said it's a growing challenge for agents to bridge the gap between the divergent expectations of buyers and sellers.

Gaylord, who's been in the business for 30 years and is currently with Re/Max Real Estate Specialists in Long Beach, said sellers can't help recalling the higher prices of the recent past, while buyers -- buoyed by media reports of slumping prices and sales -- expect a bargain. When one party is left disappointed, he or she may look for someone to blame.

"It's certainly becoming harder to reconcile the two," Gaylord said.

If the relationship between an agent and a buyer or seller starts to sour, the two parties should first try to resolve matters themselves or seek out the agent's broker, Gaylord suggests. Arbitration may also be an option if such a clause has been included in the contract.

Pattillo and Yevdayev did not research their agent, other than basing their choice on a friend's recommendation. Referrals are important, said Badagliacco of the California Assn. of Realtors. But she likened selecting an agent to dating. Sellers and buyers should consider a number of agents and take time getting to know one before committing, she said. She also notes that even in boom times, when there are multiple offers on a home, there are likely to be several disgruntled people who miss out.

The agent's goal is to create win-win situations for buyers and sellers, Badagliacco said, although in today's slower market, that "mythical sweet spot" might be more difficult to achieve.

And for newer agents, she said, "the learning curve is a little bit steeper."

Standards haven't fallen

So, is it just too easy to get a real-estate license? Not according to Gaylord, who said the process has grown more demanding over the last 20 years.

Under a law that went into effect Monday, candidates must successfully complete three college-level, real-estate-related courses before they can apply for a license; previously, it was possible to complete one course and work on the other two after obtaining a license.

Licenses cost $120 for agents and $165 for brokers and last four years. They can be renewed at the same fees after completing 45 hours of Department of Real Estate-approved continuing education courses on ethics, consumer protection, handling of trust funds and other topics.

In addition to researching an agent thoroughly before signing on the dotted line, Thomas Davidoff, assistant professor with the Real Estate Group at UC Berkeley's Haas School of Business, said buyers and sellers should not be afraid to try negotiating fees.

"Economists love the idea of performance-based contracts," said Davidoff, himself an economist. He suggests a bonus system measured against such criteria as the final price or sale/purchase timelines. "Incentives are a good idea, especially for sellers."

Southern California Makes The Top 11 On Beautiful Architecture

Chris Smith (Surterre Properties - Newport Beach) — Sat, 06 Oct 2007 13:29:41 -0500

BEAUTIFUL BUILDINGS IN LOS ANGELES AND SURROUNDING CITIES...LOCAL ARCHITECTURE

Out of the 150 ranked buildings through the American Institute of Architects in the United States, Southern California had 11 out of the 150 favorite properties. That is pretty amazing on how many different places in the U.S. there are considering the beautiful and amazing styles of architecture in New York, Chicago and other great cities that Southern California had that many on the list! Below are photos and names of the places close to us that made the list!

1. The Bradbury Building, Los Angeles

2. LAX Theme Building

3. Eames House - Pacific Palasades

4. Hotel Del Coronado - San Diego, CA

5. Hearst Residence - San Simeon, CA

6. Crystal Cathedral - Garden Grove, CA

7. Gamble House - Pasadena, CA

8. Union Station - Downtown Los Angeles

9. Hollywood Bowl, Hollywood, CA

10. The Getty Center - Los Angeles

11. Walt Disney Concert Hall - Downtown Los Angeles

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