On Tuesday, September 25, 2012, Governor Jerry Brown of California signed into law SB 1474 giving the attorney general authority to impanel a statewide grand jury to investigate and issue indictments for alleged financial crimes, including mortgage fraud.
Also signed Tuesday was AB 1950 which extends from one to three years the legal statute of limitations for prosecuting mortgage-related crimes. Lastly, also signed Tuesday was AB 2610 which provides guarantees to renters that they can stay longer in foreclosed properties purchased by new owners.
Hopefully, we are getting closer to seeing this financial mess come to an end. On Wednesday, September 25, 2012, a new Housing Report was released indicating NEW Home Sales were up as well as Existing Home Sales and Home Prices. And those figures were reflected nationwide….. not just in a few areas. New home sales means the building industry is beginning to create NEW JOBS in building related materials as well as in construction. They reported homes are now priced where they were in 2003.
If you look back, you’ll see that housing usually goes in seven year cycles, so it is “right on target” to begin a slow climb upwards. If you recall, it “peaked around 2005. Due to better regulations we won’t see the soaring insanity of prices rising at record speed like we did from 1998- 2005, but we could see slow and steady advancements going forward in the coming years. That’s one of the reasons why we have seen so many investors these last few years purchasing property in our beautiful Palm Springs Desert Area.
If you are looking to buy or sell, give me a call or email me . If you are interested to know how I have worked with other buyers and sellers, just click here and let them tell you about it in their own words.
IMPORTANT: If you or someone you know is interested in buying or selling a home in the Palm Desert Area, try searching properties on the same Desert Area MLS Realtor’s use, or give me a call….or visit my website at Palm Springs Homes and Estates. I will be happy to give you or your referral my “red carpet service.” After the sale, I will send you a $50 Gift Certificate towards dinner in a fabulous Palm Springs Area Restaurant so you can celebrate!
Brought to You By Your Favorite Realtor