The Los Angeles TimesMany homeowners refinancing mortgages to shorter terms borrowers who can afford higher mortgage payments, and who meet lenders’ stricter loan guidelines, often opt to replace their 30-year mortgages with shorter term loans at near-record low rates.Making sense of the storyThe latest Freddie Mac quarterly survey of homeowners who refinanced found that more than one in three borrowers who refinanced from a 30-year fixed-rate loan opted to replace it with 15-year or 20-year mortgages at near-record low rates.Homeowners considering refinancing into a shorter-term mortgage must have the income or financial reserves sufficient to pay the extra money … (2 comments)
The Mercury NewsBankrupt homeowners shed second mortgages Some struggling homeowners are using a little known, but increasingly popular, provision of the bankruptcy code to eliminate second mortgages and avoid foreclosure. MAKING SENSE OF THE STORY Bankruptcy laws prevent homeowners from eliminating the debt of a first mortgage if they plan to stay in their home. But second mortgages are treated differently. Second mortgages can bedeclared unsecured debt when there is no equity to cover them. When that happens in a personal bankruptcy proceeding, the second mortgage is put on hold and no payments are required while the homeowner completes … (0 comments)
buyers advice: Beyond The Headlines
- 05/22/11 01:42 PM
The New York TimesFinancing foreclosed homes foreclosure properties, especially those with the water and power turned off, may not qualify for standard financing, but would-be owner-occupants may qualify for a federally insured 203(k) loan.Making sense of the story Would-be owner-occupants who do not have enough money to purchase a foreclosure home using cash, may qualify for the federally insured 203(k) loan, which allows borrowers to roll projected rehab costs into the loan. According to one real estate expert, most foreclosure properties are sold as is, and, oftentimes, heat, plumbing, and electric are turned off, making it unlikely a lender will … (0 comments)
Los Angeles TimesDon’t become a crime victim when you show your home to potential buyers safety should always be a top concern for both real estate agents and home sellers. While holding an open house and allowing potential home buyers to tour the property is an effective means of selling a home, home sellers should be aware of the risks.MAKING SENSE OF THE STORY While most criminals will seek small items and anything they can fit into their pockets, sometimes these “buyers” are actually scoping the home for a future burglary. According to a safety expert who has worked … (0 comments)
Los Angeles TimesAre you getting your money’s worth with appraisal? Despite Federal Reserve regulations that took effect April 1 requiring lenders to pay appraisers fair fees, many appraisers say they are still offered $200 to $250 by lenders for work billed to consumers at $450 or more.MAKING SENSE OF THE STORY Last year’s Dodd-Frank financial reform law mandated that appraisers receive fees that are “customary and reasonable” for their local market areas, yet the Appraisal Institute says that is not appening. While a portion of the difference between what consumers are billed and appraisers are paid goes to the … (0 comments)
buyers advice: Beyond The Headlines
- 05/22/11 12:51 PM
Los Angeles TimesConfidence in value of homeownership persists through bust despite the decline in home prices, 81 percent of U.S. adults believe buying a home is the best long-term investment a person can make, according to a national survey by the Pew Research Center.MAKING SENSE OF THE STORY Homeownership topped the list of long-term financial goals for Americans, according to the study. Respondents rated homeownership, as well as living comfortably in retirement, as more important than sending children to college or leaving offspring an inheritance. “Owning a home is really a part of the American dream, and that is just … (0 comments)
San Francisco ChronicleMortgage aid offered to those who cashed out equity The California Housing Finance Agency announced this week that people who cashed out equity on their home now are eligible for three of the four “Keep Your Home California” programs. MAKING SENSE OF THE STORY Keep Your Home California is a state-run program funded with $2 billion from the U.S. Treasury’s Hardest Hit Fund. It is designed to help low- and moderate-income people who are unemployed or owe more than their home is worth pay their mortgage. There are four individual programs that fall under Keep Your Home … (0 comments)
Orange County RegisterDistressed home sales rising Pending home sales rose in February, as did the share of distressed properties sold, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week.MAKING SENSE OF THE STORY• Pending home sales in California increased in February, according to C.A.R.’s Pending Home Sales Index (PHSI)*. The index was 112.1 in February, rising 20.6 percent from January’s revised index of 93.0, based on contracts signed in February. The index was down 1.6 percent from February 2010, when the presence of housing tax credits played a strong role in home sales. Pending home sales are forward-looking indicators … (0 comments)
Pasadena Star NewsHome prices drop in FebruaryFollowing three months of sales gains, California home sales posted a weaker-than-expected performance and declined in February, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The statewide median price of an existing, single-family detached home sold in California also declined in February.MAKING SENSE OF THE STORY• Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 497,660 in February, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.• February’s sales were down 9 percent from January’s revised … (0 comments)
Los Angeles TimesBanks drag feet on short sales, survey findsThe CALIFORNIA ASSOCIATION OF REALTOR® (C.A.R.) published its findings of a survey this week, which show that tedious lender requirements and poor communication hamper short sales.MAKING SENSE OF THE STORY• Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures, according to C.A.R.’s survey, which gauged REALTORS®’ experience in working with short sale transactions – transactions in which the lender or lenders agree to accept less than the mortgage amount owed by the current homeowner.• Although not … (0 comments)
The Wall Street JournalFive signs that say “buy”Home buyers sitting on the fence wondering if now is the right time to buy should consider five factors when making this decision: Jobs, recent sales activity, construction, mortgage availability, and anecdotal evidence. Each of these issues can help consumers make the best choice for their situation and financial circumstance.MAKING SENSE OF THE STORY• Jobs: Although many areas of the country were deeply impacted by the recession, some areas were less affected by job loss. If employment stability is a concern, prospective buyers should review job-growth data from the U.S. Bureau of … (6 comments)
CNN MoneyShould you pay off the house?An increasing number of homeowners are considering paying off their mortgage early. While paying off debt generally is a sound strategy, homeowners also are aware that mortgage interest is tax-deductible, so paying off a mortgage early may not be in the best interest for all homeowners.MAKING SENSE OF THE STORY• Homeowners with credit card debt, and those who aren’t contributing the maximum amount to a 401(k), are advised to make those the first priority. It is also important that homeowners have at least six months’ worth of living expenses in cash.• Retirees, and … (3 comments)
Riverside County Economic Developement Agency Housing Devisionwww.rchomelink.comThe County Of Riverside is offering a new down-payment assistance program on foreclosed homes for first time home buyers called the neighborhood stabilization homeownership programTo find out more information, please contact the Riverside County Economic Developement Agency at 951.955.3389 or 800.909.0079 … (0 comments)
buyers advice: Where Have Prices Been
- 12/09/10 10:27 AM
Price You Home Accuratly And Competitively Don't be confused by the ever-changing news about home prices - I and Prudential is here to help. Our trend graphix technology takes the guess work out of buying, selling and pricing homes by providing you with the past and present market indicators. As a result, you'll have the insights you need to make smarter real estate decisions. Don't buy or sell your home without getting the facts & trends. Call me today for your detailed market analysis … (0 comments)
buyers advice: Beyond The Headlines
- 10/29/10 10:24 AM
The New York TimesThe price of a “no-cost” loanSome home buyers who may be concerned about paying high closing costs might be tempted “zero-cost” or “no-cost” loan option, which requires no cash outlay, but typically adds a half percentage point to the rate. However, some financial consultants say these loans tend beneficial to buyers planning to have the loan for less than five years.KEEP THIS IN MIND• One of the primary differences between a no-cost loan and similar loans is that no-loans do not tack on closing costs to the balance, but instead increase the rate.• With no-cost loans, third-party … (1 comments)
buyers advice: Beyond The Headlines
- 10/04/10 04:08 PM
SmartMoney MagazineHow to buy a home at a $100,000 discountWith nearly 150,000 foreclosed homes on their books, Fannie Mae and Freddie Mac are trying topare down their growing inventory of repossessed properties, in turn providing home buyers withtremendous purchasing opportunities.MAKING SENSE OF THE STORY FOR CONSUMERS • An analysis by SmartMoney magazine found that home buyers could save $100,000 on theprice of a home by purchasing a foreclosed home owned by Fannie Mae or Freddie Mac asopposed to a similar fair-market property just a few blocks away.• Fannie Mae’s homebuying program, which requires down payments as low as 3 percent … (4 comments)
Sacramento Bee California home sales drop in August compared with last year The median home price of an existing, single-family home in California rose 1.2 percent compared with July and 8.6 percent from a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week. Following two months of consecutive month-over-month declines, California home sales edged up 1.8 percent in August compared with July, but were down 14.9 percent compared with August 2009. KEEP THIS IN MIND • According to C.A.R. President Steve Goddard, home buyers who are waiting on the sidelines should consider the opportunities available in … (2 comments)
buyers advice: Did You Know Your Printer is Saving What You Copy and Scan
- 09/23/10 07:29 AM
I recently read an article regarding office photocopiers that save images to its own hard drive. I was completely ignorant of this. I never gave it any thought whether they had hard drives but just wanted the dam thing to work. Some copiers will save data, images, personal records, ssn numbers everything you can copy will be saved on its internal hard drive and not limited to that butt you copied. I believe there are plans to introduce encryption and data overwrite on copiers, to protect the data that overwrites and erases previous scans. It would be a wise idea to … (2 comments)
buyers advice: Patrick Canavan Prudential CA Realty J D Power and Associates
- 09/20/10 02:00 PM
For the second time in three years, Prudential achieves distinction among full service real estate firms Prudential Real Estate ranks highest among home sellers that use full service real estate firms according to the J.D. Power and Associates 2010 Home Buyer/Seller Satisfaction StudySM. This is the second time in the past three years that Prudential has been recognized with this important distinction—most recently in 2008. In addition to ranking highest overall among home sellers, Prudential also achieves the highest scores in the study for the Agent/Salesperson factor and Real Estate Company Marketing factors. … (0 comments)
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