sellers: Beyond The Headlines
- 09/15/11 04:18 PM
The Wall Street JournalMistakes housing investors makeWith traditional investments delivering low returns, some are considering buying rental housing. However, potential investors should do their homework and avoid the following commonmistakes.Making sense of the storyInvesting in real estate right now can be profitable, if everything goes as planned. Rents are increasing in many areas, and more properties may be coming on the market.Last month, the Obama administration asked for proposals on how to convert at least some of Fannie Mae’s and Freddie Mac’s inventories of foreclosed homes into affordable rentals.Traditionally, investors rented out properties for 1 percent of the purchase price … (4 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)
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)
The Wall Street JournalBanks push home buyers to put down more cashMany economists and housing analysts blame lax lending standards – including no-down payment, no-document loans – for contributing to the challenges in the current real estate cycle. As a result, most lending institutions have increased minimum down payment requirements. Now, a new proposal by the Obama administration calls for gradually raising down payments to a minimum of 10 percent on conventional loans – those that can be bought or guaranteed by Fannie Mae and Freddie Mac.MAKING SENSE OF THE STORY• Banks have found that larger down payments discourage … (2 comments)
USA TodayFees for home mortgages increase For the first time since 2009, Fannie Mae and Freddie Mac are raising risk fees charged to lenders on loans they buy for resale to investors. Fannie and Freddie also are adding risk fees to more loans offered to borrowers with exemplary credit. Although lenders could absorb the cost, most are expected to add the fees to loan costs.MAKING SENSE OF THE STORY• To avoid a fee or to receive a discount, most borrowers will need FICO scores of 740 or better and down payments of at least 25 percent.• The fee increases … (0 comments)
Los Angeles Business JournalCalifornia home sales hit seven-month high in DecemberCalifornia home sales rose in December, posting their highest level since May, according to a report from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), as the inventory of unsold homes dwindled.MAKING SENSE OF THE STORY• Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 520,680 units in December, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. December’s sales were up 5.9 percent from November’s revised pace of 491,590 units, but were down 6.8 percent from the … (0 comments)
sellers: Beyond The Headlines
- 01/21/11 04:16 AM
Smart MoneyReal Estate: Finally a good investment?The housing market still looks pretty bleak: There were a record 1 million foreclosures last year, home prices are still falling in many regions, and the number of "underwater" properties is at a record high.And things don't look much better in other areas of real estate. The number of construction jobs continues to decline, even as other parts of the economy have added jobs. And mortgage rates have moved higher as long-term Treasury yields have backed up during the past few months. Basically, the real estate market remains a mess.Real estate encompasses a wide … (0 comments)
The New York TimesA little-known strategy for cutting mortgage payments Homeowners looking to lower their monthly mortgage payments and reduce their interest rate may be able to do so without refinancing. A little-known strategy called recasting or re-amortization is available through some mortgage lenders and servicers, and eliminates the hefty fees and daunting credit requirements of refinancing. KEEP THIS IN MIND • Re-amortization requires borrowers pay off a lump sum of the principal amount on the mortgage and asking to have the monthly payments reset according to the original interest rate and loan terms. The lump sum reduces the principal, … (0 comments)
Los Angeles TimesWhen will housing come back in California? Five experts offer their views Although the steep decline of home prices in California ended in spring 2009, the weakness in the housing market after the expiration of federal tax credits for home buyers last year has led to some speculation as to whether the recovery is sustainable. Five experts, including Leslie Appleton-Young, the chief economist for the CALIFORNIA ASSOCIATION OF REALTORS®, were asked to provide their view on the state of real estate and what they think is needed to get the housing market moving again. KEEP THIS IN … (1 comments)
sellers: Beyond The Headlines
- 01/07/11 12:10 AM
Sacramento BeeNovember home sales rose in state, Sacramento California home sales rose in November compared with October, but were down from the previous year, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The statewide median price declined from both the previous month and previous year.KEEP THIS IN MIND• The median price of an existing, single-family detached home sold in California fell below the $300,000 mark for the first time since February. The November 2010 median price was $296,820, down 2.4 percent from October’s $304,220 median price and down 2.5 percent from the revised $304,550 median price recorded for … (0 comments)
sellers: Beyond The Headlines
- 01/06/11 11:56 PM
Los Angeles TimesHome-buying paralysis? Tips for getting the best deal fasterThe inventory of homes for sale has increased in recent months, causing some buyers to hesitate before making an offer on a home for fear a better home at a more favorable price will become available.KEEP THIS IN MIND• Although real estate agents are showing more homes to clients, people still are buying homes, especially first-time buyers. According to the latest figures from the NATIONAL ASSOCIATION OF REALTORS® (NAR), first-time buyers now account for 50 percent of all home sales.• Some agents claim that today’s buyers are having a problem … (0 comments)
sellers: Beyond The Headlines
- 01/06/11 11:40 PM
The Wall Street Journal Hidden medical debt trips up homeowners Well-qualified borrowers with good loan-to-value ratios and steady employment are increasingly finding it difficult to refinance because of medical billing mistakes impacting their credit reports and scores, according to mortgage bankers and real estate agents. KEEP THIS IN MIND • Nearly 14 million Americans have errors on their credit report due to medical collections, according to the Commonwealth Fund, a non-profit organization focused on health care research. • Unnoticed credit errors, such as small, unpaid balances on medical bills, can make refinancing a mortgage difficult or, in some instances, impossible. … (0 comments)
sellers: Beyond The Headlines
- 01/06/11 09:59 PM
The New York Times When borrowers default on second homes Strategic defaulting – where the homeowner has the ability to pay the mortgage, but chooses to stop making payments – among affluent homeowners with second homes and investment properties is increasing. KEEP THIS IN MIND • Homeowners who strategically default are likely to find their credit will be negatively impacted and they should expect to be prevented from getting another mortgage loan for 7 to 10 years. • Many homeowners are concerned about the possibility of the lender suing for the amount of money owed on the loan when a … (2 comments)
Together we can: Analyze the current value of your Real Estate and determine if this is a good time to sell Look at the excellent buying opportunities available today. Discuss faster processing of short sales utilizing the HAFA Program (AVOID FORECLOSURE) Negotiate on your behalf with your current lenders for a short sale. Consider your options for distressed mortgages to minimize your loss and taxation amd improve your control of the current difficulties. Make an informed decision about your home. Call NOW for a No Cost Consultation before assistance programs expire!
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sellers: Beyond The Headlines
- 12/06/10 07:29 AM
The Wall Street JournalDeficit plan wins backers In February, the White House created the National Commission on Fiscal Responsibility and Reform to examine how the country spends money and collects taxes. The commission also was tasked with creating a proposal that would cut the federal budget deficit. KEEP THIS IN MIND• The deficit commission’s proposal was released to the public this week and calls for cutting the federal debt by $4 trillion through 2020 by upending many tax and spending policies.• Among the proposed changes include a recommendation to reduce the mortgage interest deduction (MID) currently offered to homeowners as … (0 comments)
Los Angeles TimesRefinancing now could be better than waiting for mortgage rates to drop furtherMortgage rates on 30-year, fixed rate loans are hovering near the lowest level on record since 1951. While some home buyers are putting their home purchases on hold hoping rates will go even lower, many industry experts are advising homeowners with rates in the upper 4 percent range to refinance.KEEP THIS IN MIND• Homeowners with rates in the upper four percent range are likely to benefit from refinancing, according to Peter Ogilvie, president of First Residential Mortgage Corp. in Santa Cruz, Calif. He says refinancing … (2 comments)
The Wall Street JournalThe jumbo-mortgage comebackSmaller and regional lenders are issuing more new jumbo loans and doing more refinancings, which could help bolster home sales in some areas. KEEP THIS IN MIND • Jumbo mortgages are mortgages deemed "too big" to be sold by lenders to government-supported agencies such as Fannie Mae and Freddie Mac. • The loan limit of a jumbo mortgage varies depending on location. In high-cost areas, including many areas in California, jumbo loans are generally considered those that exceed $729,750. In other areas, the jumbo loan limit usually is capped at $417,000. • Some borrowers … (4 comments)
sellers: Beyond The Headlines
- 11/05/10 09:13 AM
The Sacramento Bee California expects mortgage-aid program to begin in weeks The California Housing Finance Agency (CalHFA) reported this week that its “Keep Your Home California” program will be delayed because of logistical issues with the program. The program was scheduled to begin Monday, Nov. 1 KEEP THIS IN MIND • The “Keep Your Home California” program is a $1.83 billion government aid program that will pay down loan balances and provide monthly cash assistance to struggling California homeowners. • One of the logistical complications that has caused the delay is the fact that Fannie Mae and Freddie Mac last … (0 comments)
sellers: What are Short Sales ?
- 11/04/10 05:12 AM
Knowing the Short Sale Process.Homeowners do have options listing their property for sale when it is realized that their situation cannot be rectified. Reasons might be lose of a Job, divorce, sickness or a death of a spouse or family member. If a loan modification was unsuccessful your next step to avoid foreclosure is a Short Sale.
What is a Short Sale ?A short sale occurs when the property's value has declined. If you have gotten behind in your mortgage payments, the amount owed continues to climb along with unpaid interest. Let me give you an example: you … (0 comments)
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