Most families can now afford house
59% can now afford to buy an entry-level home according to CAR report compared with just 33% a year earlier. The median price fell 40% from $411,170 in the 4th quarter of 2007 to $248,030 in the comparable period last year.
The minimum household income needed for an entry-level home was $48,900 based on an adjustable rate mortage of 6.02% and a 10% down payment. The median income for California households in the 4th quarter was $59,160. The monthly payment, including taxes and insurance, was $1,630.
Regarding the High Desert region, which includes the Antelope Valley, was the most affordable area in the state. 76% can afford a house. The entry-level price was $125,080; the qualifying income, $24,600 and the monthly payment, $820.
According to CAR's vice president Leslie Appleton-Young it is the best news because it means the markets are working and the first-time buyers and investors are responding".
Although lower home prices mean more options for home buyers, it is important that home buyers still meet the minimum qualifications to qualify for a mortgage loan. Qualifications may include a FICO score of 720 or higher, and a 20% down payment.
Gregory Wilcox, Daily News 02/19/09
Thursday, February 19, 2009
Lenders declare foreclosure halt
Lenders declare foreclosure halt
Fannie Mae, Freddie Mac, JPMorgan Chase & Co., Morgan Stanley, and Bank of America Corp. announced they are halting foreclosures through March 6, while President Obama works out the details of his housing plan. Citigroup said it will halt foreclosures until the administration has completed the details of the program or March 12, whichever is earlier.
The banks are suspending foreclosures on owner-occupied homes; Fannie Mae is suspending foreclosure sales and evictions for occupied properties; and Freddie Mac is suspending foreclosure sales and evictions on properties with up to four units.
Alan Zibel, The Associated Press, Feb. 13, 2009
Fannie Mae, Freddie Mac, JPMorgan Chase & Co., Morgan Stanley, and Bank of America Corp. announced they are halting foreclosures through March 6, while President Obama works out the details of his housing plan. Citigroup said it will halt foreclosures until the administration has completed the details of the program or March 12, whichever is earlier.
The banks are suspending foreclosures on owner-occupied homes; Fannie Mae is suspending foreclosure sales and evictions for occupied properties; and Freddie Mac is suspending foreclosure sales and evictions on properties with up to four units.
Alan Zibel, The Associated Press, Feb. 13, 2009
New FEES for Home Buyers
Home Buyers to be dinged with new fees
Beginning April 1, Fannie Mae and Freddie Mac will increase mandatory fees and toughen credit-score and down-payment rules.
Under the new guidelines, applicants will be charged more for down payments of less than 30%. Home buyers with FICO scores between 700 and 720 will pay an extra three-quarters of a point. Applicants who purchase a condominium and do not have a 25% down payment also will pay a three-quarter point add-on penalty, regardless of their FICO score, for purchasing a condominium instead of a single family home.
The two Government Sponsored Enterprises (GSEs) said the additional fees are to counter higher risks and losses associated with certain loan products, buyer equity stakes, and credit scores. Kenneth Harney. February 15, 2009
Beginning April 1, Fannie Mae and Freddie Mac will increase mandatory fees and toughen credit-score and down-payment rules.
Under the new guidelines, applicants will be charged more for down payments of less than 30%. Home buyers with FICO scores between 700 and 720 will pay an extra three-quarters of a point. Applicants who purchase a condominium and do not have a 25% down payment also will pay a three-quarter point add-on penalty, regardless of their FICO score, for purchasing a condominium instead of a single family home.
The two Government Sponsored Enterprises (GSEs) said the additional fees are to counter higher risks and losses associated with certain loan products, buyer equity stakes, and credit scores. Kenneth Harney. February 15, 2009
Monday, February 16, 2009
Film TRANSSIBERIAN
Another good film is: Transsiberian. A mystery film there is taken place on the train from Beijing to Moscow. I have always wanted to take that train but now I have a feeling how it looks like and that is enough.
m
m
Friday, February 13, 2009
Film "LAKEVIEW TERRACE'
I have just seen "Lakeview Terrace" and I can recommend you to see it. Very good film.
Funny is, that it seems to take place in SANTA CLARITA while the fire was on the top in 2007. They even mention Santa Clarita. I cannot recognize the house or street, maybe you can?
Let me hear what you think about the film.
Marianne
Funny is, that it seems to take place in SANTA CLARITA while the fire was on the top in 2007. They even mention Santa Clarita. I cannot recognize the house or street, maybe you can?
Let me hear what you think about the film.
Marianne
How Long does a Loan Modification Take?
How Long Does a Loan Modification Take?
By Ralph R. Roberts
RISMEDIA, February 13, 2009-Understandably, homeowners who apply for a loan modification tend to get a little antsy and perhaps even annoyed when they apply for a loan modification and then fail to hear anything for several weeks, especially if they continue to receive late payment notices and nasty phone calls from collection agencies.
Many homeowners wonder, “How long will it be before I hear anything?” and “What should I do while I’m waiting.” This article should help answer those very pressing questions.
How long will it take?
The loan modification process typically takes 30 to 90 days, depending mostly on your lender and your ability to efficiently work through the process with your attorney or other loan modification representative.
Note: The loan modification timeline is not set in stone. The more complex your situation or the greater the degree of concessions needed from the investor, the longer the process takes. Borrowers with a lot of collateral issues can see their loans take longer than what has become the typical 30- to 90-day timeframe.
A professional can often reduce the amount of time required by processing your paperwork efficiently, presenting your application exactly the way the lender wants it, and knowing from past experience what the lender is able and typically willing to agree to. Although each borrower’s situation is unique, knowing the measures the lender is willing to take for similarly situated borrowers can be a real time saver.
Whether you are dealing directly with your lender or through a loan modification specialist, ask several questions up front:
How long is the process likely to take? Find out the best- and worst-case scenarios and then count out the days and mark them on your calendar.
When can I expect to hear something about my case? Mark this date on your calendar.
If I don’t hear anything by the specified date, whom should I contact? Get the person’s name, employee identification number (if available), phone number, and any extension you need to dial to reach the person directly.
What should I do while I’m waiting?
Playing the waiting game can be agonizing, particularly when you have no idea of whether your application will be accepted or rejected or what the lender will offer in terms of a workout. It feels like your future hangs in the balance, and you remain in the dark. Knowing the standard timeline for processing a loan modification can certainly help relieve some anxiety. In addition, you can continue to make progress on your own by doing the following:
If you hired a loan modification specialist to represent you, do not speak with your lender or lender’s representative. Refer all matters to the professional who is representing you. Anything you say to the lender could confuse things or compromise your representative’s ability to negotiate the best deal on your behalf.
Log all phone calls and correspondence between you and your lender or representative. Write down the number you called, the person you talked with, what the person said, and what you said - not word for word, just jot down the key points.
Keep track of important dates. If you do not hear something back on the date promised, call the next day to find out what’s going on. Lenders almost never call you back with updates. If you hired a third party representative, they will (or should) keep you posted, but the lender simply doesn’t have the time to make follow up phone calls. If you’re dealing with your lender directly, you’ll have to be the one making the calls. Mark your calendar and schedule periodic update phone calls. Consistent follow up is paramount to a successful modification.
Explore other options. If the lender denies your request for a loan modification or presents an offer that you cannot accept, you will need a plan B (and maybe a plan C and a plan D). In addition, other options may be better for you than a loan modification. Consult a real estate agent about listing your home for sale. Talk to a mortgage broker or loan officer about refinancing. Speak with a bankruptcy attorney to find out whether filing bankruptcy would be a better choice.
Don’t be surprised if you continue to receive delinquency notices or late payment phone calls. Lenders rarely put a stop on the foreclosure process until a workout solution is fully in place. You should ask your lender if your attempts to negotiate a solution will stop or at least postpone other collection actions. If they do not, you should find out what that means for you. If the lender is able to foreclose in 30 days and a workout takes 60 days, there’s a slight timeline problem. Push to have all default and foreclosure actions put on hold while your workout attempts are underway.
When your fate is in someone else’s hands, 30 to 90 days can seem like an eternity. By doing your part to keep the process on track, remain informed, and explore other options, you not only improve your chances of achieving a positive outcome, but you can also reduce the stress that commonly accompanies the waiting process.
By Ralph R. Roberts
RISMEDIA, February 13, 2009-Understandably, homeowners who apply for a loan modification tend to get a little antsy and perhaps even annoyed when they apply for a loan modification and then fail to hear anything for several weeks, especially if they continue to receive late payment notices and nasty phone calls from collection agencies.
Many homeowners wonder, “How long will it be before I hear anything?” and “What should I do while I’m waiting.” This article should help answer those very pressing questions.
How long will it take?
The loan modification process typically takes 30 to 90 days, depending mostly on your lender and your ability to efficiently work through the process with your attorney or other loan modification representative.
Note: The loan modification timeline is not set in stone. The more complex your situation or the greater the degree of concessions needed from the investor, the longer the process takes. Borrowers with a lot of collateral issues can see their loans take longer than what has become the typical 30- to 90-day timeframe.
A professional can often reduce the amount of time required by processing your paperwork efficiently, presenting your application exactly the way the lender wants it, and knowing from past experience what the lender is able and typically willing to agree to. Although each borrower’s situation is unique, knowing the measures the lender is willing to take for similarly situated borrowers can be a real time saver.
Whether you are dealing directly with your lender or through a loan modification specialist, ask several questions up front:
How long is the process likely to take? Find out the best- and worst-case scenarios and then count out the days and mark them on your calendar.
When can I expect to hear something about my case? Mark this date on your calendar.
If I don’t hear anything by the specified date, whom should I contact? Get the person’s name, employee identification number (if available), phone number, and any extension you need to dial to reach the person directly.
What should I do while I’m waiting?
Playing the waiting game can be agonizing, particularly when you have no idea of whether your application will be accepted or rejected or what the lender will offer in terms of a workout. It feels like your future hangs in the balance, and you remain in the dark. Knowing the standard timeline for processing a loan modification can certainly help relieve some anxiety. In addition, you can continue to make progress on your own by doing the following:
If you hired a loan modification specialist to represent you, do not speak with your lender or lender’s representative. Refer all matters to the professional who is representing you. Anything you say to the lender could confuse things or compromise your representative’s ability to negotiate the best deal on your behalf.
Log all phone calls and correspondence between you and your lender or representative. Write down the number you called, the person you talked with, what the person said, and what you said - not word for word, just jot down the key points.
Keep track of important dates. If you do not hear something back on the date promised, call the next day to find out what’s going on. Lenders almost never call you back with updates. If you hired a third party representative, they will (or should) keep you posted, but the lender simply doesn’t have the time to make follow up phone calls. If you’re dealing with your lender directly, you’ll have to be the one making the calls. Mark your calendar and schedule periodic update phone calls. Consistent follow up is paramount to a successful modification.
Explore other options. If the lender denies your request for a loan modification or presents an offer that you cannot accept, you will need a plan B (and maybe a plan C and a plan D). In addition, other options may be better for you than a loan modification. Consult a real estate agent about listing your home for sale. Talk to a mortgage broker or loan officer about refinancing. Speak with a bankruptcy attorney to find out whether filing bankruptcy would be a better choice.
Don’t be surprised if you continue to receive delinquency notices or late payment phone calls. Lenders rarely put a stop on the foreclosure process until a workout solution is fully in place. You should ask your lender if your attempts to negotiate a solution will stop or at least postpone other collection actions. If they do not, you should find out what that means for you. If the lender is able to foreclose in 30 days and a workout takes 60 days, there’s a slight timeline problem. Push to have all default and foreclosure actions put on hold while your workout attempts are underway.
When your fate is in someone else’s hands, 30 to 90 days can seem like an eternity. By doing your part to keep the process on track, remain informed, and explore other options, you not only improve your chances of achieving a positive outcome, but you can also reduce the stress that commonly accompanies the waiting process.
Wednesday, February 11, 2009
New Link - Buying Property outside US
Just want to tell that I have put up a new link on my website about Buying Property Outside US. Some parts are still under preparation.
Further on I will build out the link with a lot of good information.
Please check it out.
Marianne
Further on I will build out the link with a lot of good information.
Please check it out.
Marianne
Can we really believe "California Comeback" Report?
There is a lot of BUZZ about the california comeback.
This article from CNBC covers the story:
Can We Really Believe "California Comeback" Report?
Posted By: Diana Olick
A new report scheduled to be released tomorrow from on-line foreclosure sale site, foreclosures.com, claims a “California Comeback” is well under way.
The site claims foreclosures completed in January were down more than 25 percent from December “as government and lender programs combined with low interest rates and low housing prices to slow completed foreclosures.” Foreclosures in California, it says, fell more than 31 percent.
Some of the indicators do show that sales are coming back in some of the hardest hit parts of California, Florida, Nevada and Arizona, as investors start anticipating a bottom. Low prices are also allowing some buyers previously priced out of the market to get in. We all know you can never sell at the peak and you can never buy at the bottom, but the game is to get as close as you can, so that’s a good sign.
But I can’t help but notice that the study leaves out a couple of critical facts, first and foremost that California passed a new law last fall that delays the foreclosure process, not to mention that several banks, lenders, even Fannie and Freddie, instituted temporary foreclosure moratoria in the last few months, that would have stemmed the tide as well. In other words, it ain't over 'til it's over.
Today we’re being told that in addition to the foreclosure relief in the stimulus plan (slowly making its way through Congress) the Treasury will dedicate $50 billion for loan modification and foreclosure prevention. No exact details on that yet, but bottom line, if you don’t fix the foreclosure problem, you don’t save housing, plain and simple. There are simply not enough bottom feeders out there to do it alone.
I am, believe it or not, encouraged to see the sales rising and inventories falling in some of the hard hit areas, but with job losses increasing, I don’t think we’re seeing the end, as some might predict. As former HUD Secretary Steve Preston said on CNBC today, “keeping and creating jobs is as important to foreclosure prevention as anything out there now.” That’s because it’s not all about the mortgage resets anymore, it’s about the loss of income to thousands and thousands of homeowners.
This article from CNBC covers the story:
Can We Really Believe "California Comeback" Report?
Posted By: Diana Olick
A new report scheduled to be released tomorrow from on-line foreclosure sale site, foreclosures.com, claims a “California Comeback” is well under way.
The site claims foreclosures completed in January were down more than 25 percent from December “as government and lender programs combined with low interest rates and low housing prices to slow completed foreclosures.” Foreclosures in California, it says, fell more than 31 percent.
Some of the indicators do show that sales are coming back in some of the hardest hit parts of California, Florida, Nevada and Arizona, as investors start anticipating a bottom. Low prices are also allowing some buyers previously priced out of the market to get in. We all know you can never sell at the peak and you can never buy at the bottom, but the game is to get as close as you can, so that’s a good sign.
But I can’t help but notice that the study leaves out a couple of critical facts, first and foremost that California passed a new law last fall that delays the foreclosure process, not to mention that several banks, lenders, even Fannie and Freddie, instituted temporary foreclosure moratoria in the last few months, that would have stemmed the tide as well. In other words, it ain't over 'til it's over.
Today we’re being told that in addition to the foreclosure relief in the stimulus plan (slowly making its way through Congress) the Treasury will dedicate $50 billion for loan modification and foreclosure prevention. No exact details on that yet, but bottom line, if you don’t fix the foreclosure problem, you don’t save housing, plain and simple. There are simply not enough bottom feeders out there to do it alone.
I am, believe it or not, encouraged to see the sales rising and inventories falling in some of the hard hit areas, but with job losses increasing, I don’t think we’re seeing the end, as some might predict. As former HUD Secretary Steve Preston said on CNBC today, “keeping and creating jobs is as important to foreclosure prevention as anything out there now.” That’s because it’s not all about the mortgage resets anymore, it’s about the loss of income to thousands and thousands of homeowners.
Friday, February 6, 2009
LOAN MODIFICATION'S SCAM
It has been brought to my attention that there are some serious loan modification scams going on out there.
You may want to see this CNBC Special video I put on the blog showing
what's going on out there!
http://www.bporeoblog.com/loan-modification-scams/
Take a look so you know what's going on and warn other ones if they want to do a loan modification.
Marianne
You may want to see this CNBC Special video I put on the blog showing
what's going on out there!
http://www.bporeoblog.com/loan-modification-scams/
Take a look so you know what's going on and warn other ones if they want to do a loan modification.
Marianne
Thursday, February 5, 2009
Santa Clarita crime drops to 4-year low!
Good News:
Santa Clarita crime drops to 4-year low
Dailynews Feb. 09
Statistics: Serious offenses fall 14%, but robbery, assault on the rise.
Crime in the Santa Clarita Valley hit a four-year low in 2008, according to statistics released Wednesday by the Santa clarita Valley sheriff's station.
Several factors are the reason to the decrease, including targeted gang enforcement and increased communications with residents through e-mail, the station's Web site, the media, homeowners associations and Neighborhood Watch groups. Plus, deputies continued their intervention work with at-risk youths.
According to La Berge, Santa Clarita Valley sheriff Station, is the biggest challenge now dealing with a troubled economy, troubled housing and job markets that can heighten both domestic and business tensions.
Jerry Berrios, Daily News.
Santa Clarita crime drops to 4-year low
Dailynews Feb. 09
Statistics: Serious offenses fall 14%, but robbery, assault on the rise.
Crime in the Santa Clarita Valley hit a four-year low in 2008, according to statistics released Wednesday by the Santa clarita Valley sheriff's station.
Several factors are the reason to the decrease, including targeted gang enforcement and increased communications with residents through e-mail, the station's Web site, the media, homeowners associations and Neighborhood Watch groups. Plus, deputies continued their intervention work with at-risk youths.
According to La Berge, Santa Clarita Valley sheriff Station, is the biggest challenge now dealing with a troubled economy, troubled housing and job markets that can heighten both domestic and business tensions.
Jerry Berrios, Daily News.
Wednesday, February 4, 2009
Close to the bottom of price reduction?
Are we close to the bottom?
WOOOHOOO Pending Sales Are Up and An Amazing 45% of sales are Shortsales and Bank Owned Property….Watch This Number Go Up Even More This Year…So Getting Into The Short Sale and Bank Owned Market Is A Smart Move On Your Part.
Please look at this link:
http://BpoReoBlog.com/pending-home-sales-up/
So why wait longer? Maybe you should go for that house now?
Marianne
WOOOHOOO Pending Sales Are Up and An Amazing 45% of sales are Shortsales and Bank Owned Property….Watch This Number Go Up Even More This Year…So Getting Into The Short Sale and Bank Owned Market Is A Smart Move On Your Part.
Please look at this link:
http://BpoReoBlog.com/pending-home-sales-up/
So why wait longer? Maybe you should go for that house now?
Marianne
Tuesday, February 3, 2009
GRANTS for First Home Time Buyer
There are 2 grants possibilities for First Home Time Buyers right now:
$4000 First Time Home Ownership Grand from Southland Regional Ass. of REALTORS.
Requirements:
$4000 First Time Home Ownership Grand from Southland Regional Ass. of REALTORS.
Requirements:
- You must be a first time homebuyer
- Your combined family income level must be at $120000 or less per year.
- You must attend the LA Neighborhood Housing Services class (LANHS)
- The home must be located in the SRAR region (San Fernando or Santa Clarita Valley)
- Buyer's REALTOR must be a full SRAR member.
City will aid first-time homebuyers - East Valley: Up to $75000 offered to families - Daily News 2/3/09 - RickOrlov
A new no-interest-loan program designed to boost first-time homeownership has been launched with some help from the city.
The LA City Council has approved a $2 million program to provide financial assistance of up to $75000 per buyer in the redevelopment area covering the East Valley.
The area affected roughly includes Panorama City, Pacioima, Mission Hills, Sun Valley, North Hills, North Hollywood and Sylmar.
Under the program, buyers seeking their first home would have to qualify with a lending institution. The city will provide no-interest loans to help them qualify to purchase either a new home or one in foreclosure.
Loans of up to 45 years will be arranged for those who qualify, to reduce the monthly payments.
Measures have been put inte place to make sure the families will live in the home and not use it for investment purpose.
Marianne Leopold
Monday, February 2, 2009
What is Short Sales?
Please notice that I have put a new link on the website called What is Short Sales?
I try to explain in an easy way what Short Sales, REO and Public Auction is. It might help you better to understand what you hear about daily in the News, Newspaper and in daily talk.
Marianne
2/1/09
I try to explain in an easy way what Short Sales, REO and Public Auction is. It might help you better to understand what you hear about daily in the News, Newspaper and in daily talk.
Marianne
2/1/09
Sunday, February 1, 2009
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