riverside real estate: 2013 expected to be Year of the Short Sale
- 03/05/13 07:17 AM
Riverside Seller's Market | Riverside Real Estate | Orangecrest Home Prices 2013 expected to be Year of the Short Sale Despite a historical lack of homes for sale, short sales this year should eclipse the number completed in 2012. That’s comes from Daren Blomquist, vice president of RealtyTrac, which charts real estate activity across the country. In an interview with Default Servicing News, Blomquist said short sales should exceed 1 million in 2012, driven by a variety of factors. And foreclosures should reach about 600,000 in 2013, based on 1.2 million default notices filed in 2012. Some neighborhoods in the Inland … (1 comments)
riverside real estate: Inventory shortage boosts seller equity, challenges buyers
- 02/24/13 01:14 AM
Riverside Seller's Market | Riverside Real Estate | Orangecrest Home Prices Inventory shortage boosts seller equity, challenges buyers Housing inventory continues to shrink, pushing housing prices higher and making it more difficult for buyers to find homes. California foreclosure activity dropped again in January after a decline in December, according to online market tracker ForeclosureRadar. Banks foreclosed on 5,447 homes in January, down 7.8 percent from the 5,908 sales in December. Notices of default, meanwhile, declined 77.66 percent from January 2012 and 60.5 percent from the previous month. And notices of sale were down 65.65 percent from a year ago, 34.83 … (1 comments)
riverside real estate: Confidence is high on Inland Empire real estate
- 02/16/13 04:25 AM
Riverside Real Estate | Home Values in Riverside | Riverside Homes For Sale Confidence is high on Inland Empire real estate The Southern California real estate market continues to pick up speed, buoyed by record levels of cash buyers and growing consumer confidence. But historically low housing inventory in the Inland Empire and stringent lender requirements may even have muted the number of sales. In Riverside and San Bernardino counties, most homes draw multiple offers as the throngs of buyers outnumber the available properties. In 2012, the number of California houses and condos purchased by cash buyers climbed to a record … (0 comments)
riverside real estate: Calif. bill would extend short sale tax break
- 01/26/13 07:58 AM
Short Sale tax break | Mortgage Forgiveness Debt Relief | SB30 | Riverside Short Sale | Riverside Real Estate | Brian Bean and Tim Hardin Sacramento lawmakers are considering a bill that would exempt some California homeowners from paying state income tax after a short sale or foreclosure. California Senate Bill 30, introduced Jan. 3 by Sen. Ron Calderone, D-Montebello, would extend the terms of the Conformity Act of 2010 through the end of 2013. The bill, which has been sent to the Senate Governance and Finance Committee, comes in the wake of the extension of the federal income-tax exemption for … (0 comments)
riverside real estate: Relocation Incentive | Short Sale Agents | Fannie Mae | Freddie Mac
- 11/10/12 07:33 AM
Relocation Incentive | Short Sale Agents | Fannie Mae | Freddie Mac | Riverside Real Estate | Riverside Short Sales New short sale rules standardize seller cash incentives New short sale guidelines may make it easier for a distressed homeowner to receive cash to move after a short sale. Mortgage giants Fannie Mae and Freddie Mac on Nov. 1 launched a revamped and cohesive short sale program that, among other things, allows a short sale without missed payments and without requiring repayment of the loan balance. The government-sponsored enterprises formerly processed short sales under varying sets of rules and even had … (0 comments)
riverside real estate: Riverside Short Sales | Foreclosure | Brian Bean | Riverside Real Estate
- 10/20/12 11:42 PM
Riverside Short Sales | Foreclosure | Brian Bean | Riverside Real Estate SHORT SALES ON THE INCREASE AS FORECLOSURES FALL Short sales are expected to overtake foreclosure in 2013 as the dominant workout solution for distressed homeowners. Credit-rating agency DBRS attributed the change to “the record number of servicers that are using short sales as their primary loss-mitigation tool to prevent delinquent loans from entering foreclosure.” HOPE NOW, an alliance of mortgage servicers, investors and non-profit counselors, reported this week that nearly 40,000 short sales were completed in August, bringing the total to more than 1 million since December 2009, when … (1 comments)
riverside real estate: Strategic Default vs. Short Sale | Avoid Foreclosure | Brian Bean & Tim Hardin | Riverside Short Sale | Riverside Real Estate
- 10/13/12 05:16 AM
Strategic Default vs. Short Sale | Avoid Foreclosure | Brian Bean & Tim Hardin | Riverside Short Sale | Riverside Real Estate One-third of Americans justify strategic default In the wake of plummeting home values and government bailouts, Americans are more open to simply walk away from their underwater mortgages. Nearly one-third of Americans said homeowners should be allowed to strategically default without repercussions, according to a recent survey commissioned by ID Analytics. Strategic default, in which a homeowner stops making their payment even though they have the ability to pay, is frowned upon by creditors but has seen … (0 comments)
riverside real estate: Mortgage Forgiveness Act | Brian Bean & Tim Hardin | Riverside Short Sales | Riverside Real Estate
- 08/13/12 07:47 AM
Mortgage Forgiveness Act | Brian Bean & Tim Hardin | Riverside Short Sales | Riverside Real Estate TIME IS RUNNING OUT FOR SHORT SALE TAX BREAK Aug. 13 UPDATE: A Senate committee approved a version of a bill that would extend the terms of the Mortgage Forgiveness Debt Relief Act of 2007 through 2013. ... More to come as the legislation proceeds.
July 28, 2012 Time is running out! With only five months left in 2012, some distressed homeowners can still avoid massive tax bills after a short sale or foreclosure. But only if they finish in time. The … (0 comments)
riverside real estate: Foreclosures Increase | Brian Bean & Tim Hardin | Riverside Short Sales | Riverside Real Estate
- 08/13/12 07:17 AM
Foreclosures Increase | Brian Bean & Tim Hardin | Riverside Short Sales | Riverside Real Estate FORECLOSURE ON UPSWING AS HOMEOWNERS AGAIN SEEK HELP The brakes may be coming off the foreclosure train. Several agencies report increases in bank foreclosure activity and homeowner pleas for assistance. RealtyTrac said this week that more than 1 million homes had received a foreclosure filing in the first six months of 2012, up 2 percent from the previous six months. Filings include default notices, sale notices and bank repossessions. California topped the list in foreclosure starts in June with an 18 percent increase, according to … (1 comments)
riverside real estate: Short Sale Primer | Brian Bean & Tim Hardin | Riverside Short Sales | Riverside Real Estate
- 08/13/12 02:08 AM
Short Sale Primer | Brian Bean & Tim Hardin | Riverside Short Sales | Riverside Real Estate CUTTING THROUGH THE CONFUSION IN SHORT SALES The dizzying overload of loan-modification programs, short-sale programs, deficiency laws, tax rules and expiring deadlines is complex. It’s no wonder so many people are vexed and confused. Here is a primer to help distressed homeowners clarify the distinctly different issues. FORECLOSURE: The foreclosure process has many complexities and rules, but here’s the one main point for everyone to know: If you have a loan against your home, and you don’t make your payments, the bank eventually will … (0 comments)
riverside real estate: Housing Prices Increase | Brian Bean & Tim Hardin | Riverside Short Sales | Riverside Real Estate
- 08/13/12 01:42 AM
Housing Prices Increase | Brian Bean & Tim Hardin | Riverside Short Sales | Riverside Real Estate LOW INVENTORY ARTIFICIALLY BOOSTS HOME PRICES A lack of housing inventory is boosting prices in California and across the country, but the effects could be temporary as a critical tax exemption nears expiration. Home prices increased in April and May, according to statistics recently released by several national organizations and industry trackers. The numbers include: The Campbell/Inside Mortgage Finance HousingPulse survey reported non-distressed property prices in May increased 1.7 percent from April, while short sales decreased 0.7 percent. Prices were up 1.8 percent for … (0 comments)
riverside real estate: Fight brews over principal reduction for upside-down homes
- 04/29/12 10:48 PM
Fight brews over principal reduction for upside-down homes Lawmakers, finance industry figures and The White House are ramping up pressure over mortgage balance reductions for distressed homeowners. Christine Lagarde, managing director of the International Monetary Fund, called this week for principal reductions to help ease the global financial crisis and boost a worldwide recovery. “The housing problem in the U.S. is something that needs to be addressed” and it is “a matter of urgency,” she said last week at the Brookings Institution in Washington, D.C. Her message was aimed at Edward DeMarco, acting director of the Federal Housing Finance Agency, … (4 comments)
riverside real estate: Standard Sale: 4716 Oakwood Pl, Riverside, CA 92506 -- $224,900
- 02/09/12 10:15 AM
Standard Sale: 4716 Oakwood Pl, Riverside, CA 92506 -- $224,900 Alert your family and friends. This is a rare chance to snap up a great family home in the historical Woods Streets section of Riverside. This one-family home has been lovingly cared for and is ready for a new family to plant their roots. It's located on a quaint, tree-lined street, far enough away from main boulevards to afford privacy, but close enough for commuters to jump on the freeways in the morning. The kitchen has custom cabinetry and a beautiful O'Keefe and Merritt stove that could be the centerpiece of … (0 comments)
riverside real estate: Can you do a Short Sale Without Missing a Payment?
- 10/11/11 01:32 PM
Despite what you may have heard from your neighbors, your family, your bank, … you CAN do a short sale on your home if you are current on your mortgage. Under the right circumstances. One of our clients recently completed a short sale even though they hadn’t missed a payment. Their job relocation to Santa Barbara was a valid reason for the bank to accept the discounted payoff of their mortgage. And with no late mortgage payments on their credit report, some financing programs allow them to immediately re-enter the housing market. WHO CAN QUALIFY? Here are examples of valid … (3 comments)
riverside real estate: Home tax credit, robo-signings caused temporary bulges in market
- 02/12/11 02:17 AM
After seeing slight increases in 2010 fueled by the federal tax credit, home prices dropped back again at the end of the year, according to online real estate tracker Zillow. And more homes went underwater as banks put temporary freezes on foreclosures to deal with the robo-signing debacle. Homes in the Riverside Metropolitan area had a home value index of $190,000 In December, down a half-percent from November 2010 and down 1.3 percent from the previous quarter, Zillow reported. The Inland Empire region was unchanged from December 2009. Nationally, values hit $175,200, down 5.9 percent from a year earlier. Since June … (1 comments)
THE FOLLOWING ARTICLE APPEARED IN THE JAN. 29, 2011, EDITION OF THE RIVERSIDE PRESS-ENTERPRISE.
Distressed properties are piling up by the millions, threatening to delay the nation’s economic recovery and the next upswing in the real estate market. But combined with historically low interest rates and the current supply and demand, that pent-up supply has created a sweet spot in the market for buyers and sellers. Standard & Poor’s reported this week that the volume of homes likely to hit the market as either foreclosures or short sales grew to $450 billion as of the end of the … (0 comments)
More than 25% of homes in the United States have negative equity. Foreclosure Season is expected to peak in mid- to late 2012, so the problem will only grow.
Many of our friends and clients in this situation are afraid and embarrassed. But they shouldn't feel that way. Everyone knows someone facing this problem. The key to alleviating the problem is knowing what to do, and then taking action.
We are Real Estate Professionals committed to helping people in just this situation find relief through any of the 10 alternatives to foreclosure. In this forum, we'll help guide distressed homeowners through the crises and into peace of mind.
;)
;)
