Friday, December 19, 2008
The median price paid for a home last month was $258,000, down 7.2 percent from $278,000 for the month before, and down 37.7 percent from $414,000 for November a year ago. Around half the drop in median is due to depreciation, the other half due to shifts in the types of homes selling, and how those homes are financed.
Indicators of market distress continue to move in different directions. Foreclosure activity is at or near record levels, financing with adjustable-rate mortgages is near the all-time low, as is financing with multiple mortgages. Down payment sizes and flipping rates are stable, non-owner occupied buying activity appears flat but might be emerging, MDA DataQuick reported.
Friday, November 21, 2008
To read the entire news release go to the Fannie Mae site.
Thursday, November 6, 2008
Various private companies are sending mailings to property owners offering their services to pursue a reduction in their property taxes. These companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. We are aware of a company in California charging $171 for its services, even imposing a $67 late fee if the application is received late. Be aware that solicitations from private companies offering to pursue a reduction in property taxes must clearly indicate that they are NOT a government agency and that their services are NOT approved or endorsed by any government agency. Failure to provide such notice is a violation of California law. If you or someone you know receives an illegal solicitation, please contact the Los Angeles County Department of Consumer Affairs by phone at (800) 973-3370 or visit their website.
Friday, October 24, 2008
Friday, October 17, 2008
Thursday, October 2, 2008
Monday, September 29, 2008
- PRICES ARE DOWN - WAY DOWN!
2.) INTEREST RATES ARE LOW!
Thirty-year fixed-rate mortgages averaged 6.32 percent during June, compared with 6.66 percent a year ago. Adjustable-rate loans averaged 5.15 percent compared to 5.68 percent in June 2007.
3.) INVENTORY IS STILL HIGH BUT GETTING LOWER
The inventory dropped from a 10.2-month supply to 7.7 months.
This is the kind of market that makes people wealthy.
Friday, September 12, 2008
Songwriter Pamela Sheyne, who wrote "Genie in a Bottle" for Christina Aguilera, "He Loves U Not" for Dream and "Irresistible" for Jessica Simpson, and her husband, Nigel Rush bought the traditional style home. The home features 3 bedrooms and 3 1/2 bathrooms and 3,200 square feet. The home also boasts stainless-steel kitchen appliances, hardwood floors and a pool.
Tuesday, August 5, 2008
Another Point-of-Sale Mandate!
AB 2204 (De La Torre), would require lawyers to review every deed, CC&Rs etc, and remove illegal, obsolete and unenforceable restrictions from historic title records in connection with a transfer of property. Guess who pays? You do because AB 2204 would add $500 - $1,000 in costs to transactions and for what.
Existing law already makes any provision in a deed of real property that restricts the right of a person to sell, lease, rent, use, or occupy the property based on race, color, religion, sex, marital status, national origin, ancestry, familial status, disability, source of income, or sexual orientation illegal and unenforceable.
Please contact Senator Sheila Kuehl TODAY to urge her to vote NO on AB 2204.
District Office (Los Angeles)
10951 West Pico Blvd.Suite #202Los Angeles,
(310) 441-9084 Fax: (310) 441-0724
The California Association Of Realtors Opposes AB2204 Because:
Current law already protects buyers and renters from discrimination. This bill ignores multiple existing responses to ancient unconstitutional covenants and deed restrictions (the latest of which was approved only last year), and instead attempts to impose a new program upon real estate transactions and Recorders. Existing mechanisms already deal with the issue effectively.
AB 2204 creates another financial burden for home buyers. Searching and purging old documents will cost literally tens of millions of dollars. These costs will be added to those which a buyer already must pay at closing, when they can least afford it.
AB 2204 would be very costly to counties. L.A. County alone estimates that it will have to read the documents related to 17,000 transactions every month! If there is only a single deed in each of these transactions that needs to be rewritten, it will cost L.A. County at least 27 new lawyers in legal costs alone. However, it is extremely unlikely that these transactions will have only a single document that needs to be rewritten since every deed and CC&R in the chain of title will have to be reviewed. Not every county is as large as L.A., but every county will have the same expensive problem. Counties will undoubtedly try to build the cost into increased recording fees, fees that will be paid by homebuyers.
AB 2204 diverts attention from critical real estate disclosures. Homebuyers are already faced with a daunting stack of disclosures and documents to sign. This bill proposes to add to that burden, but without any legal benefit.
AB 2204 seeks to erase history. Philosopher George Santayana said, “Those who cannot remember the past, are condemned to repeat it.” Rather than pretend that such egregious discrimination never existed by attempting to “sanitize” the record, isn’t it wiser for the record to reflect what happened historically so society can continue to learn from its past mistakes?
Friday, August 1, 2008
More importantly, what doesn't it mean? Yes, we are officially in a buyer's market. Typically, when the inventory rises above a six month supply it is a buyer's market. There is currently an eight or nine month supply in the San Fernando Valley. What that DOES mean is that there are lots of homes for buyers to choose from and it does give buyers some advantage in negotiating a good price. What it DOES NOT mean is that the buyer holds all the cards and can walk all over the seller with unrealistic demands. No matter the market the home belongs to the seller and ultimately the seller has the last word.
This can be a real shock to buyers particularily those trying to take advantage of the huge supply of foreclosures. Buying from a bank has its own set of rules and if you are someone that likes to control situations then this is not for you. It is a game of "hurry-up and wait". Lately, I have had buyers write offers on short pays and foreclosures and then call me everyday yelling because the bank has not responded even though I have said over and over again that the bank moves at its own speed and has no attachment to the property. It can take a month or more for a bank to decide whether or not to accept a short pay offer and 80% don't get accepted. There is no one to call and push along, the person that answers the phone at the bank doesn't care if the property sells or not and the listing agent has no control over the speed at which the bank responds.
So, if you decide to take advantage of this market, and it really is the time to buy, understand that not every house on the market is going to be a great deal, that not all sellers are in trouble and HAVE to sell, and that the banks are not easy to deal with. The most common answer you will get from a bank whether you are writing a short pay offer or in escrow and asking for something to be repaired is "NO".
If you would like to learn more about buying foreclosed properties e-mail me now. To view Bank Owned Properties Click here.
Tuesday, July 29, 2008
Tuesday, July 15, 2008
1.) WHAT IS A REVERSE MORTGAGE? A "reverse" mortgage is a loan against your home that does not have to be paid back until you no longer live in the home, die or sell your home. With a reverse mortgage, you can take the equity out of your home and not have to worry about monthly payments. The cash can be paid to you in a number of ways:
- A single lump sum of cash.
- A regular monthly cash advance
- As a credit line that allows you to control the amount available
- A combination of the above
To be eligible for most reverse mortgages, you must own your home and be 62 years of age or older.
2.) IS A REVERSE MORTGAGE GOOD FOR YOUR NEEDS?
AARP has five questions you should ask yourself if you are considering a reverse mortgage. They are:
- Do you really need a reverse mortgage?
- Can you afford a reverse mortgage?
- Can you afford to start using up your home equity now?
- Do you have less costly options?
- Do you fully understand how these loans work?
Before you decide whether to take a reverse mortgage or sell your home and rent read the article on the subject on the AARP website. Another good source for information on reverse mortgages is The U.S. Department of Urban Development (HUD).
These mortgages can be VERY expensive and one should give a lot of thought before taking one out. Always talk to a professional money advisor before making the decision.
Monday, June 23, 2008
For more information about the waiver of FHA’s anti‑flipping rule, go to www.fha.gov.
Wednesday, June 18, 2008
Calif. highest median home price by C.A.R. region April 08: Santa Barbara So. Coast $1,170.000(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region April 08: High Desert $210,860(Source: C.A.R.)
Calif. First-time Buyer Affordability Index - First Quarter 08: 44 percent (Source: C.A.R.)
Mortgage rates - week ending 06/12/08 30-yr. fixed: 6.32% Fees/points: 0.7% 15-yr. fixed: 5.93% Fees/points: 0.6% 1-yr. adjustable: 5.09 % Fees/points: 0.6% (Source: Freddie Mac)
Monday, June 9, 2008
1. Figure out what you can afford and if this is a good time for you to buy a home. Mortgage calculators can be found all over the web. Be honest with your figures and you will get a good idea as to your purchasing power. My website has lots of tools and information to help.
2. Use a trusted source. Ask for a referral from a friend or someone who has recently gone through a purchase or refinance. Ask questions, a lot of questions and if it sounds too good to be true it probably is.
3. Things you are going to need:
· 1 months pay stubs
· 2 years Federal tax returns or W2’s
· 2 months bank statements on all accounts with money ie: savings, checking, money markets and all retirement type accounts.
If you have any questions give Page a call 818-761-6080.
Tuesday, June 3, 2008
Don't let the Senate stop progress through inaction. Tell Senators Boxer and Feinstein that realistic and permanent loan limits help all areas of the country and are needed now.
Thursday, May 29, 2008
Tuesday, May 20, 2008
416 single-family homes closed escrow during March, an increase of 16.2% from February. Though sales were down 46% from a year ago, activity has been up since October, March being the 3rd consecutive month with an increase in resale activity.
7,193 properties were listed in the San Fernando Valley at the end of March, up 26.6% from a year ago and up 1.5% from February.
The inventory represents over a twelve -month supply – so buyers it is still your market you should be gettin' while the gettins' good as my Grandfather use to say.
For more information on buying a home in Studio City, Sherman Oaks and the San Fernando Valley visit my Studio City, Sherman Oaks Real Estate web site.
Sunday, May 18, 2008
There are many reasons to consider choosing an FHA loan:
- You are buying your first home.
- You don't have perfect credit.
- You don't have a huge down-payment
- You think you may not qualify for a conventional loan.
- You don't want high monthly payments
- You worry about not being able to meet your monthly payment.
- Down payment can be in the form of a gift from a family member or significant other.
First you should understand that the FHA (Federal Housing Administration)does not actually lend you the money to finance your home instead the FHA insures your loan against defaults. So interest rates and terms are not set and you should shop around for an FHA-approved lender and find the terms you can live with. Your lender/loan broker MUST be FHA APPROVED! You will be required to put down 3% of the purchase price. This can be in the form of a gift from a family member, employer, significant other or a grant. The seller can pay up to 6% of your closing costs but none of your down-payment. There is also a loan limit with an FHA loan another reason to contact an FHA Approved Lender before you start your search for your new home.
Sunday, May 11, 2008
Thursday, May 8, 2008
AB 2678 will require ALL residential and commercial properties to have an energy audit at point-of-sale. So now when you sell your home you will have to among other things, replace the toilets with low flow, strap the hot water heater, put on a gas shut off valve, put smoke detectors in every bedroom and every hallway leading to a bedroom, put protective film over any sliding glass doors that aren't shatter proof and if Los Angeles has its way, repair any broken sidewalks in front of your home (see below). The cost of the just the audit is about $400 and if your house fails well that could set you back thousands. Don't get me wrong I'm all for anything green but could the timing be worse?
Program C.F.05-1853 is the point of sale sidewalk repair program - the city makes you repair the broken sidewalk in front of your home and pay for it when the home sells unless the damage was created by a city owned tree.
Feel free to let me know how you feel about this and visit my website for more information on Studio City Real Estate
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