State of California Housing Market
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Posted at 04:54PM Mar 11, 2010 by George Fotion in Real Estate | Comments[0]
Buyer Beware, Title Defects Plague Foreclosures and Short Sales
Agents involved in foreclosures and short sales may need to begin to disclose the possibility of serious defects in title associated with these types of lender controlled sales.
If recent court decisions are any indication, we are headed for an explosion of litigation in this area.
And now, Massachusetts Courts have revealed the possibility that unlawful foreclosures, dating back to 1989, might be invalidated and that buyers of foreclosed properties and short sales may have clouded titles.
The implications are enormous for title companies, bankruptcy attorneys, real estate agents, those facing foreclosure, and those who have lost their homes.
The problem stems from the collision of two worlds. It illustrates what can happen when the new world fails to acknowledge or understand the old. It is change that takes place without the cooperation of all affected parties.
Real property law has an ancient tradition. But, its laws and their purpose are not always apparent to those who want to change those traditions to benefit themselves.
In the case of maintaining a public chain of title to real property, it was thought to be essential and generally required by the law.
For hundreds of years, no one ever thought of any reason to change it. It was thought to be part of the public good.
That is, until Wall Street saw the money making potential in Credit Derivatives.
Credit Derivatives are packages of debts such as car loans, student loans, credit card debts, and mortgage loans to name a few. These are collected, rated according to their risk, and sold to investors around the world.
One small problem; if you are going to bundle mortgages from every county in the country, you would have to physically send someone to every county recorder’s office on multiple occasions and pay multiple recording fees. It was costly and cumbersome to those responsible for affecting the recordings.
Their solution? Stop recording the assignments in public and track them instead in an electronic data base that the major lenders would operate through a cooperative entity. Say hello to Mortgage Electronic Registration Systems, affectionately known as MERS. Not only did it save them a fortune in county fees and manpower, it turned out to be a cash cow.
Well, good for them, right? They figured out how to bring technology to the process and were handsomely rewarded. Never mind that the cost of maintaining a county recording system is paid, in part, by the recording revenue. They still have to maintain the apparatus, but now they aren’t receiving the revenue intended to maintain the system. Of course, this comes at a time when many counties are struggling to provide necessary services to their residents.
But, as with many new ideas, there are unintended consequences that are now coming to light as state after state are enforcing basic property rights.
Massachusetts
On October 14, 2009, Judge Keith Long of the Massachusetts Land Court said in his ruling, “The issues in this case are not merely problems with paperwork or a matter of dotting i’s and crossing t’s. Instead they lie at the heart of the protections given to homeowners and borrowers by the Massachusetts legislature.”
He was referring to the industry practice of trading notes endorsed in blank, in direct violation of securities law. Here is what he said on that point; “The blank mortgage assignments they possessed transferred nothing…in Massachusetts, a mortgage is a conveyance of land. Nothing is conveyed unless and until it is validly conveyed. The various agreements between the securitization entities stating that each had a right to an assignment of the mortgage are not themselves an assignment and they are certainly not in recordable form.”
Two years earlier, Judge Rosenthal in re Schwartz, found that there was no evidence that the note itself was assigned and no evidence as to who the current holder might be.
Kansas
On August 28, 2009, Judge Eric S. Rosen of the Kansas Supreme Court likened MERS to a “straw man” and not a party of interest with the right to foreclose.
“Indeed, in the event that a mortgage loan somehow separates interests of the note and the deed of trust, with the deed of trust lying with some independent entity, the mortgage may become unenforceable. The practical effect of splitting the deed of trust from the promissory note is to make it impossible for the holder of the note to foreclose, unless the holder of the deed of trust is the agent of the holder of the note. Without the agency relationship, the person holding only the note lacks the power to foreclose in the event of a default. The person holding only the deed of trust will never experience a default because only the holder of the note is entitled to payment of the underlying obligation. The mortgage loan becomes ineffectual when the note holder did not hold the deed of trust.”
California
On October 21, 2008, Judge Samuel L. Bufford noted in his ruling that California codified the principal in 1872 in Carpenter v. Longan: “Given that ‘the debt is the principal thing and the mortgage an accessory,’ the Supreme Court reasoned that as a corollary, ‘the mortgage can have no separate existence. An assignment of the note carries the mortgage with it, while an assignment of the latter alone is a nullity.”
Nevada
On August 19th, 2008, Judge Linda B. Riegle concluded, “There is no evidence that the named nominee is entitled to enforce the note or that MERS is the agent of the note’s holder. Indeed, the evidence is to the contrary, the note has been sold, and the named nominee no longer has any interest in the note.”
Arkansas
On March 19, 2009 the Supreme Court of Arkansas found that MERS was not the beneficiary under the deed of trust, although so designated in the deed of trust, because it did not receive the payments on the underlying debt.
Ohio
On October 31, 2007, U.S. District Judge Christopher Boyko dismissed 14 foreclosure actions and delivered a strong admonishment in a footnote:
“Plaintiff’s ‘Judge, you just don’t understand how things work,’ argument reveals a condescending mindset and quasi-monopolistic system where financial institutions have traditionally controlled, and still control, the foreclosure process…There is no doubt that every decision made by a financial institution in the foreclosure is driven by money.”
When you consider the origin of this problem, it is hard to disagree. If the foreclosing entity didn’t loan the money, the original note was sold, the location of the note is unknown, and it isn’t even clear what would happen to the proceeds of the eventual sale of the property to a new owner.
Until recently, MERS had succeeded in most foreclosure actions. In non judicial foreclosure states like California, there is no judicial review of the elements of a foreclosure. Unless the borrower files for Bankruptcy or brings a law suit against MERS alleging RESPA or TILA violations, there is no opportunity for the borrower to challenge the foreclosure.
In judicial foreclosure states, there is a law suit brought by the party entitled to payment on the defaulted loan. Not the trust, but the actual possessor in due course of the original note. Its part judicial procedure, part uniform commercial code and part ancient property law.
But, the securitization business is so complicated, intentionally so, that defendants, most of their legal representation, and the judges rarely considered the consequences to the real parties in interest. This will continue until enough people understand the importance of the actual note and its relationship to the property.
Many homes have been unlawfully foreclosed by entities not entitled to anything. The former owners of these homes have rights that will need to be addressed.
People who applied for mortgage modifications and received them may have gotten approval from a bank employee with no authority to change the underlying terms of the securities in the pools.
Many people bought these homes and have potential future claims. If there is a cloud on title, the new owner is at risk of being unable to sell or encumber the property. If the foreclosure were unlawful, the borrower is entitled to their property. And, there is a very real possibility that the true holder of the actual note, once and if ever this mess is sorted out, could come forward with the actual note.
It isn’t important to only those in foreclosure. For those seeking loan modifications, potential buyers of short sales and foreclosures and those acting in a fiduciary capacity on their behalf, you may soon be demanding, “Show me the note.”
Published on Wednesday, February 17, 2010, 11:05 AM Last Update: 1 day(s) ago by George Mantor
Posted at 08:14AM Mar 09, 2010 by George Fotion in Real Estate | Comments[0]
Existing home sales down from January but HIGHER than last year
The below report documents national stats, but what's going on in YOUR area? Go to http://www.310areahomevalues.com to find out about the supply/demand trends, home sales, home listings, list price to sale price ratios for your neighborhood. It's easy and free.
Existing-home sales fell in January 2010 but are above year-ago levels, according to the National Association of Realtors. Existing-home sales- including single-family, townhomes, condominiums and co-ops- dropped 7.2% to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009.
Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. “Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales,” he said. “Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery.”
Total housing inventory at the end of January fell 0.5% to 3.27 million existing homes available for sale, which represents a 7.8-month supply at the current sales pace, up from a 7.2-month supply in December. Raw unsold inventory is 9.6% below a year ago, and is at the lowest level since March 2006.
“Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory,” Yun said. “With a downtrend in the number of homes on the market, especially in the lower price ranges, values are beginning to firm but with great variance around the country.”
The national median existing-home price for all housing types was $164,700 in January, unchanged from a year earlier. Distressed homes, which accounted for 38% of sales last month, continue to downwardly distort the median price because they typically are discounted in comparison with traditional homes in the same area.
A parallel NAR practitioner survey shows first-time buyers purchased 40% of homes in January, down from 43% in December. Investors accounted for 17% of transactions in January, up from 15% in December; the remaining sales were to repeat buyers. The survey also shows that buyer traffic increased 9.4% in January.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said buying a home in the current environment has become more challenging. “First-time buyers and others who need a mortgage are increasingly losing out to all-cash investors for the best bargains in many areas, particularly for foreclosed homes where cash is king,” she said. “Inventory conditions vary by price range, and of course there are major differences depending on location. Realtors are the best buyer resource for strategies on winning bids in increasingly competitive markets,” Golder said. “The bidding for more desirable homes will only accelerate between now and the April 30 contract deadline to qualify for a tax credit of up to $8,000.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.03% in January from 4.93% in December; the rate was 5.05% in January 2009.
Single-family home sales fell 6.9% to a seasonally adjusted annual rate of 4.43 million in January from a level of 4.76 million in December, but are 8.6% above the 4.08 million pace in January 2009. The median existing single-family home price was $163,600 in January, down 0.4% from a year ago.
Existing condominium and co-op sales dropped 8.1% to a seasonally adjusted annual rate of 620,000 in January from 675,000 in December, but are 38.1% above the 449,000-unit level a year ago. The median existing condo price was $172,400 in January, which is 1.4 % higher than January 2009.
Northeast
Regionally, existing-home sales in the Northeast fell 10.9% to an annual pace of 820,000 in January but are 22.4% above a year ago. The median price in the Northeast was $245,300, a gain of 8.8% from January 2009.
Midwest
Existing-home sales in the Midwest declined 6.9% in January to a level of 1.08 million but are 8.0% higher than January 2009. The median price in the Midwest was $130,300, which is 1.0% below a year ago.
South
In the South, existing-home sales dropped 7.4% to an annual pace of 1.87 million in January but are 12.0% above a year ago. The median price in the South was $140,200, down 2.0% from January 2009.
West
Existing-home sales in the West declined 5.2% to an annual rate of 1.28 million in January but are 7.6% higher than January 2009. The median price in the West was $203,400, down 5.8% from a year ago.
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Posted at 08:19AM Mar 04, 2010 by George Fotion in Real Estate | Comments[0]
3 Tips to Delay or maybe even Stop a Foreclosure
TO FIND OUT IF THE MARKET IS STABILIZING IN YOUR NEIGHBORHOOD, VISIT WWW.310AREAHOMEVALUES.COM
For more information, visit www.homeispalosverdes.com
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Posted at 04:10PM Mar 02, 2010 by George Fotion in Real Estate | Comments[0]
Mirandel: Senior Affordable Housing in Rancho Palos Verdes 2/23/2010 Update
Mirandela update 2/23/2010
The developer (AMCAL) of the 34-unit Senior Affordable Housing Development (Mirandela) has issued their monthly construction status update, which is as follows:
AMCAL is in the process of grading operations on the corner of Crenshaw and Crestridge for the new Mirandela senior apartments. The new homes will be reserved for senior citizens age 62 and older, and it will provide low-cost housing and social service programs to aid their health and well-being.
Later in the month, California Water Service will install new water pipes across Crestridge Road, which will require traffic control measures (cones, reduced speeds, etc.). We at AMCAL also will install new sewer, electrical, cable television and telephone lines during that time.
The construction schedule is expected to last 14 months as follows:
Jan. 5 to Mar. 1: Shoring (drilling/installation of steel and concrete piles for the retaining wall) and Grading (dirt removal, which will involve many truck trips).
Mar. 1 to Apr. 27: Initial/preliminary landscaping, pouring concrete for the foundation and asphalt paving.
May 1 to Jun. 30: Framing.
Jul. 1 to Aug. 19: Roofing.
Aug. 20 to Dec. 21: Interior work (drywall, carpets, appliances, utilities), utility work in Crestridge Road.
Dec. 22 to Feb. 3, 2011: Additional landscaping, exterior lighting.
Construction is allowed Monday through Saturday from 7:00 am to 7:00 pm.
The contractor will take steps to reduce noise and dust through various types of mitigation, and it will also take other steps to prevent erosion and to protect the watershed. If you have concerns during the construction activities, please do not enter the job site. We request this in order to ensure your safety. Instead, please call Tom Blankenship, AMCAL's Director of Construction, at (818) 968-5162.
If you wish to contact the City for information on the project, please contact Deputy Community Development Director Greg Pfost at (310)544-5228 or via email at gregp-AT-rpv-DOT-com.
The 34-unit "Mirandela" Senior Affordable Housing Project
to be located at the northwest corner of Crenshaw Blvd. and Crestridge Road is moving forward.
On March 3, 2009, the City Council approved the proposed 34-unit project. On March 17, 2009, the Redevelopment Agency approved the Disposition and Development Agreement (DDA) for the project. The DDA addresses 1) the conditions in which the Agency will convey the site to the Developer, 2) how the Developer will construct the approved improvements, 3) how the site will be used in the future, and 4) the financial assistance provided by the Agency and City
After the approval of the project, the next step for the project was for the developer (AMCAL) to submit an application to the California Tax Credit Allocation Committee (TCAC). As noted in the DDA, an award of Tax Credits from TCAC is crucial as it will fund almost ½ of the project.
AMCAL, submitted the City’s application for Tax Credits to the State last June. On September 10th, the California Tax Credit Allocation Committee approved the requested Tax Credit Allocation for the project. The City’s application received all of the allowable points to move it into the tiebreaker round, wherein the application received the highest tiebreaker score of all the competing projects that in the same category in Los Angeles County.
On the December 15, 2009 City Council agenda, the Council will review the Final Map for the project, which will subdivide the existing 19 acre parcel into two parcels; the developable portion and the remaining open space lot.
Now that funding for the project has been secured, AMCAL has submitted plans for Grading and Building permits, which are expected to be issued towards the end of December. It is expected that AMCAL will begin clearing the site, removing the trees and vegetation over a two-week period beginning on or around December, 21, 2009. Then, “grading” and removing dirt from the site will begin, which will involve many truck trips over a four-week period in December, January and/or February.
AMCAL and the City understand that any construction is difficult and may inconvenience neighbors. Construction is allowed Monday through Saturday from 7:00 am to 7:00 pm. The current construction schedule is expected to last 14 months, beginning in December 2009 and ending in 2011. The contractor is required to reduce noise and dust through various “mitigations” that the City mandates, and it must take other steps to prevent erosion and to protect the watershed. If you have concerns during the construction activities, please call Tom Blankenship, AMCAL’s Director of Construction, at (818) 968-5162.
If you wish to receive periodic email updates on the project directly from AMCAL, please call AMCAL at (818) 706-0694 ext. 128 or jay-AT-AmcalHousing-DOT-com.
The City’s project manager overseeing this project is Deputy Planning Director Greg Pfost. He may be contacted by telephone at (310) 544-5228, via e-mail at gregp-AT-rpv-DOT-com, or via U.S. Mail at City of Rancho Palos Verdes, 30940 Hawthorne Blvd., Rancho Palos Verdes, California, 90275.
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Posted at 08:38PM Feb 23, 2010 by George Fotion in Real Estate | Comments[0]
The Mortgage Bankers Association is seeing signs that the foreclosure crisis is ending.
“The continued and sizable drop in the 30-day delinquency rate is a concrete sign that the end may be in sight,” says Jay Brinkmann, MBA’s chief economist, in a published statement.
Brinkmann said that normally there is a large spike in short-term mortgage delinquencies at the end of the year because of high heating bills and holiday expenditures. This year, there was not only no spike, but the 30-day delinquency rate actually fell from 3.79 percent to 3.63 percent.
Thirty-day delinquencies have historically been a leading indicator of serious delinquencies and foreclosures, Brinkmann said.
“[This] gives us growing confidence that the size of the problem now is about as bad as it will get,” he said.
Source: Mortgage Bankers Association (02/19/2010)
TO FIND OUT IF THE MARKET IS STABILIZING IN YOUR NEIGHBORHOOD, VISIT WWW.310AREAHOMEVALUES.COM
For more information, visit www.homeispalosverdes.com
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Posted at 09:49AM Feb 22, 2010 by George Fotion in Real Estate | Comments[0]
Some fun stuff for a change of pace - video of a $29mil home
Rather than talk about my normal "hard core" real estate stuff, thought I would have some fun with everyone today and show you some pretty amazing unique homes...
TO FIND OUT IF THE MARKET IS STABILIZING IN YOUR NEIGHBORHOOD, VISIT WWW.310AREAHOMEVALUES.COM
For more information, visit www.homeispalosverdes.com
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Posted at 09:35AM Feb 17, 2010 by George Fotion in Real Estate | Comments[0]
Nonrefundable deposit ruled INVALID in California
An agreement for a "nonrefundable" escrow deposit is invalid and unenforceable, according to the recent California case of Kuish v. Smith (2010 WL 373225). This case serves as a good reminder for REALTORS® that inserting a "nonrefundable deposit" provision into a real property purchase contract may be legally ineffective.
The Kuish case involved a $620,000 escrow deposit for the purchase of a $14 million oceanfront home in Laguna Beach. Instead of using a liquidated damages provision, the buyer and sellers merely agreed in the purchase contract that the deposit would be "nonrefundable." According to the trial court, both parties were "big boys," meaning that they were "sophisticated business people [who] understood all the ramifications of their actions in freely negotiating to make the [deposit] non-refundable."
The buyer eventually cancelled the agreement. The sellers refused to return the deposit to the buyer, even though they sold the property to someone else for $1 million more.
The buyer sued to recover the $620,000 deposit, and won on appeal. The court stated that "any provision by which money or property would be forfeited without regard to actual damage suffered would be an unenforceable penalty. To construe the term 'nonrefundable' to establish [the sellers'] entitlement to the full deposit without regard to actual damages would essentially create a liquidated damages provision." Yet, the parties in this case did not separately sign or initial a liquidated damages provision.
Under C.A.R.'s Residential Purchase Agreement, the sellers would have been entitled to the escrow deposit (not to exceed three percent of the purchase price), if the parties initialed the liquidated damages provision, and the buyer had no contingencies or had removed all his contingencies. For more information about liquidated damages, C.A.R. has a legal article entitled Liquidated Damages and Deposit Forfeitures, which is available in English, Chinese, Korean, Spanish, and Vietnamese.
My advice to homesellers that want to create a "nonrefundable" environment; consider selling an "option to buy" your home. As always, this is not intended as legal advice as I am not an attorney.
TO FIND OUT IF THE MARKET IS STABILIZING IN YOUR NEIGHBORHOOD, VISIT WWW.310AREAHOMEVALUES.COM
For more information, visit www.homeispalosverdes.com
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Posted at 02:42PM Feb 12, 2010 by George Fotion in General | Comments[0]
Is California currently pursuing tax on the deficiency amount that is 1099′d in a short sale?
In a typical short sale, the lender allows the mortgagor (borrower) to sell his or her property for less than the balance of the mortgage and typically agrees to forgive the difference between the loan amount and sales price. The forgiven debt will typically be treated as cancellation of debt income for tax purposes.
Under federal law, as a result of the Mortgage Foreclosure Debt Relief Act of 2007, for the tax years 2007 through 2012 a homeowner who sells his or her qualified principal residence in a short sale may not, depending on the specifics of the mortgage and other issues, be taxed on the forgiven debt. More information on the federal law can be found here:
http://www.irs.gov/individuals/article/0,,id=179414,00.html
The State of California passed a law similar to the federal law which is effective for short sales in 2007 and 2008. However, there is no similar provision in California law for short sales that take place after January 1, 2009. Therefore, under current California law, debt forgiveness from a short sale that takes place after January 1, 2009 would be cancellation of debt income for a borrower and subject to state income tax even if it may not be taxable under federal law.
A seller may have another avenue to reduce or eliminate their tax obligation from a cancellation of debt situation under state law. A seller of a short sale property could be “insolvent” for tax purposes, i.e., overall debts exceed assets at the time the cancellation of debt income is realized. When a taxpayer is “insolvent”, under both state and federal law, the tax liability for the cancellation of debt could be limited or eliminated. Figuring out insolvency and the amount of tax relief that status may provide is complex and a seller of short sale property needs to consult a with a tax professional to determine whether he or she would qualify as “insolvent” and to determine the amount of tax relief available to him or her as a result.
Sanjay Wagle, Counsel.
TO FIND OUT IF THE MARKET IS STABILIZING IN YOUR NEIGHBORHOOD, VISIT WWW.310AREAHOMEVALUES.COM
For more information, visit www.homeispalosverdes.com
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Posted at 11:13AM Feb 11, 2010 by George Fotion in Real Estate | Comments[0]
What happens when the Fed stops buying Mortgage Backed Securities
RISMEDIA, February 10, 2010—The Treasury Department and the Federal Reserve Board have been purchasing mortgage-back securities from Fannie Mae and Freddie Mac for a little over a year now. Their efforts, along with the Home Buyer Tax Credit have helped bring down long-term interest rates and provide the housing industry with some much-needed price stabilization. In this month’s Power Broker Roundtable, industry leaders Jeff Detweiler and Glenn Melton discuss the likeliness of the Federal Government backing away and what effect their actions will have on the marketplace.
Moderator: Steve Brown, Special Liaison for Large Firm Relations, NAR
Participants: Jeff Detweiler, President and CEO, Long & Foster Real Estate
Glenn Melton, CEO, Real Estate Executives International
Steve Brown: A little over a year ago, in an effort to bring down long-term interest rates and provide some much-needed price stabilization to the housing industry, the Treasury Department and the Federal Reserve Board announced they would each purchase mortgage-backed securities (MBSs) from Fannie Mae and Freddie Mac. The idea was to free up mortgage money, reduce inventory, and bolster the housing recovery that would be key to an economic recovery overall.
With the added stimulus of the Home Buyer Tax Credit, the Treasury and the Federal Reserve Board actions were sound. Mortgage rates did fall to historic lows, unsold inventory did indeed decline, and prices are stabilizing in some regions.
In all, as we stand on the precipice of the spring sales season, the outlook is certainly more favorable, and NAR is doing its part with resources available at: www.REALTOR.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit. These educational and marketing materials are designed to help REALTORS® bring more consumers into the marketplace.
But just how fragile is this housing recovery? How might it be impacted by, for example, an end or a slowdown to the government’s mortgage-backed securities program—or, for that matter, an end to the tax credit? To address this issue, we look to a couple of long-time and insightful industry leaders. Jeff, how likely is it that the Federal Government will back away, and what effect is that likely to have in the marketplace?
Jeff Detweiler: Well, to begin with, Steve, I think everyone agrees that the housing recovery is critical to the economic recovery overall—and keeping Freddie and Fannie fully into mortgage support is one of the few ways the government has available to help prop up that recovery. I believe that’s why the Treasury Department announced in December that it would give Fannie and Freddie unlimited financial support over the next three years.
Glenn Melton: Absolutely. With that announcement, the government sent an unmistakable message that it would stand by the housing industry for the long-haul. I think it’s fair to say the federal government will continue to monitor what’s happening to the strength of the economy. They are not likely to discontinue any program that might slow down a positive momentum.
Jeff Detweiler: Besides, worst case scenario, if Federal purchases of MBSs were to go away, I think interest rates would rise pretty negligibly—to maybe as high as 6%. In the scheme of things, that’s hardly problematic. It’s still a historically low rate, and given today’s housing affordability, it certainly doesn’t pose enough of a hardship to slow down sales—especially if job losses continue to go to neutral and employment begins to rise.
Glenn Melton: Interestingly, in our business, we are already testing the waters in that regard—adding back temporary help to the payroll with an eye toward moving them into full time as things continue to turn around. And you’re right, Jeff. It would take a lot more than a slight bump in interest rates to stop working consumers from buying homes.
Steve Brown: I’m getting the sense that you are far from pessimistic—that you do, in fact, look forward to the coming sales season.
Glenn Melton: Definitely. Most brokers are reporting that their markets are stabilizing—that the market as a whole is getting better. Also, I think lenders are getting closer to finding common ways to handle short sales, and that the trend will be away from REOs in 2010. In all, I think the Fed’s doing all the right things to stimulate activity, and I don’t believe they will pull that support too early.
Jeff Detweiler: One more thing that needs to happen is for credit to ease up and I think with these new guarantees, that is likelier to happen.
Steve Brown: So what do brokers need to be concerned with going forward?
Jeff Detweiler: Brokers need to be on top of all the new RESPA rules. They need to seek out high quality business in new and traditional ways—and they need to strive for that sense of normalcy that comes with a recovering market. As liquidity comes back, even the larger homes will start to move.
Glenn Melton: You’re right. A lot of consumers have been sidelined too long for a variety of reasons, and with every upward tick in the economy, more and more of them will begin to act. I’ll tell you, I’d much rather be selling houses in 2010 than anything else.
TO FIND OUT IF THE MARKET IS STABILIZING IN YOUR NEIGHBORHOOD, VISIT WWW.310AREAHOMEVALUES.COM
For more information, visit www.homeispalosverdes.com
Posted at 01:02PM Feb 10, 2010 by George Fotion in Real Estate | Comments[0]
Tax Credits for Homeowners
 | Tax Credits for Solar Water HeatersA federal tax credit makes energy-efficient solar water heaters a more affordable and sustainable option for many homeowners. Read |
 | Tax Credits for Replacing Heating and Cooling SystemsUpgrading to an energy-efficient heating and cooling system can save hundreds on your utility bills and earn you a tax credit worth as much as $1,500. Read |
 | Tax Credits for Replacing Your RoofReplacing your roof with a qualifying energy-efficient metal or asphalt roof can cut your cooling bill and earn you a $1,500 tax credit. Read |
 | Tax Credits for Adding or Replacing InsulationA federal tax credit makes adding insulation an even cheaper way to improve your home’s energy efficiency and cut your heating and cooling bills. Read |
 | Tax Credits for Replacing Windows, Doors, and SkylightsIf money seems to be escaping through drafty windows, doors, and skylights, this federal tax credit might make energy-efficient replacements more affordable. Read |
Visit houselogic.com for more articles like this. © Copyright 2010 NATIONAL ASSOCIATION OF REALTORS® | |
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Posted at 02:30PM Feb 08, 2010 by George Fotion in Real Estate | Comments[0]
Coastal Real Estate on the "Mend"
The economy in the coastal areas of California is recovering with new home prices rising, but things remains stagnant in the central parts of the state.
The median home price in the nine-county San Francisco Bay area increased 15.2 percent in December compared to a year ago, reaching $380,000, according to MDA DataQuick. In Southern California, the median home price increased 7.5 percent to $360,000.
Median home prices in the eight-county Central Valley fell 11 percent to $142,000 during the same time period, DataQuick says.
In the Inland Empire counties of San Bernardino and Riverside, the median home price in December was $180,000, down 10 percent from a year ago.
Economists say the improvement in coastal California was driven by jobs and the increasing availability of venture capital. California is often considered a bellwether of trends in other areas of the country.
Source: The Wall Street Journal, Cari Tuna (02/02/2010)
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Posted at 02:44PM Feb 02, 2010 by George Fotion in Real Estate | Comments[0]
Rare Palos Verdes Panoramic View Home on Street to Street Lot
http://www.homeispalosverdes.com/content/article.html/2483244/panoramicview
sorry, no broker cooperation. PRIVATE sale.
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Posted at 06:24PM Jan 28, 2010 by George Fotion in Real Estate | Comments[0]
California Real Estate Inventory Levels at 5 Year Low
Wait a minute, isn't it ALL about supply and demand ... hmmm ...
Daily Real Estate News | January 27, 2010
The inventory of California homes shrunk to a 5-year low in December, dropping to 50 days from 243 a year ago, according to estimates by the California Association of REALTORS®.
Because California’s housing market is the largest in the country, economists watch it closely as a predictor of where the rest of the country is going. Continuing recovery will depend on the state’s ability to overcome its 12.4 unemployment rate.
"I'm convinced that once the general public believes prices have bottomed out and are coming up, more people will put their homes on the market," says Andrew LePage, an analyst at MDA DataQuick, a provider of housing data. "And that will probably coincide with the economy and job market improving."
Meanwhile practitioners are finding the market frustrating. "Right now, we need more listings," says Lianne Pinkston, a Coldwell Banker associate in Morgan Hill, Calif., south of San Jose. "I have an all-cash investor, and they've wanted to buy a duplex or four-plex, and they've been making all-cash offers for over the asking price, and they're still not getting anything."
Source: The Wall Street Journal, Jim Carlton (01/23/2010)
For more information, visit www.homeispalosverdes.com
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Posted at 09:51AM Jan 27, 2010 by George Fotion in Real Estate | Comments[0]
California Real Estate Inventory Levels at 5 Year Low
Wait a minute, isn't it ALL about supply and demand ... hmmm ...
Daily Real Estate News | January 27, 2010
The inventory of California homes shrunk to a 5-year low in December, dropping to 50 days from 243 a year ago, according to estimates by the California Association of REALTORS®.
Because California’s housing market is the largest in the country, economists watch it closely as a predictor of where the rest of the country is going. Continuing recovery will depend on the state’s ability to overcome its 12.4 unemployment rate.
"I'm convinced that once the general public believes prices have bottomed out and are coming up, more people will put their homes on the market," says Andrew LePage, an analyst at MDA DataQuick, a provider of housing data. "And that will probably coincide with the economy and job market improving."
Meanwhile practitioners are finding the market frustrating. "Right now, we need more listings," says Lianne Pinkston, a Coldwell Banker associate in Morgan Hill, Calif., south of San Jose. "I have an all-cash investor, and they've wanted to buy a duplex or four-plex, and they've been making all-cash offers for over the asking price, and they're still not getting anything."
Source: The Wall Street Journal, Jim Carlton (01/23/2010)
For more information, visit www.homeispalosverdes.com
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Posted at 09:51AM Jan 27, 2010 by George Fotion in Real Estate | Comments[0]
