Top Ten Buyer Mistakes

Fewer Borrowers Are Falling Behind!

In March, for the first time since 2008, the number of U.S. mortgages that were behind on their payments or in foreclosure  fell below the 5 million mark , according to a report released Tuesday.

The number of loans in the foreclosure process fell to just below 1.69 million in March, the lowest level in nearly four years, according to Lender Processing Services. That was down by almost 20% from one year ago. Overall, around 3.4% of all U.S. mortgages were in foreclosure at the end of March, down from 4.2% a year ago.
Foreclosures have been falling because fewer borrowers are falling behind on their payments and because banks have been more aggressive about modifying loans or approving short sales, where properties are sold before the bank completes foreclosure.
Another almost 3.31 million loans were behind on their payments in March, with around 1.47 million of those that had missed at least three payments. The level of delinquent loans was down by 3% from a year ago, with around 6.6% of all borrowers in some stage of delinquency, excluding those in foreclosure.
Delinquencies tend to fall in March because homeowners use year-end bonuses and tax refunds to help catch up on their mortgages.
Before the housing crisis, around 5% of borrowers were delinquent on their mortgages and another 1% of loans were in foreclosure. The latest data show that while delinquencies and foreclosures are moving in the right direction, it’s probably going to take a few more years before delinquencies and foreclosures get back to pre-crisis levels.

By Nick Timiraos

Follow Nick @NickTimiraos

This Week Is Zero Tolerance Week On Ventura Blvd

                                                   HANG UP & DRIVE

Police in Southern California are ticketing drivers for texting, using a cellphone without a hands free device,  or drivers who are distracted.
April 3-16 will be zero-tolerance week for drivers that aren't following the laws.  There will be no warnings just very expensive tickets. Fines start at about $160 for a first offense . A second offense will cost about $280.

April 2012 saw about 57,000 people in California get tickets for driving while distracted, and about 450,000 people were ticketed during the entire year.
According to federal highway officials 3,300 people died in 2011 nationwide in accidents involving at least one distracted driver.

Surprisingly, adults are more likely to text or talk on the phone while driving than teenagers. Hang up, put the phone away and be safe. 

Prices Up/Inventory Down

California’s median home price marked a full year of annual price gains, propelled by strong sales of higher-priced homes in February, while a lack of inventory constrained total home sales for the month, C.A.R. reported. 

Keep Your Home California

Keep Your Home California debuts new interactive website
Keep Your Home California has launched an easier-to-use website at www.KeepYourHomeCalifornia.org, allowing homeowners to answer questions online and determine if they are a good candidate for the free mortgage assistance program, and, if so, which program works best for them.

The federally funded program helps homeowners who have suffered a financial hardship, such as a job loss, a reduction in pay, divorce, or significant health care expenses, to make their mortgage payments.

Carpenter Charter School Is Having Growing Pains!

 Carpenter Charter School has gotten too popular. Living in the district does not guarantee that your child will be able to attend the celebrated school. For More Info read the article at Studio City Patch

Realtors Help Keep Your Property Taxes Down.

Coalition of Los Angeles REALTOR^® Associations Keeps Transfer Tax Increase Off the Ballot — February 2013
Last spring, when the City of Los Angeles proposed solving its $230 million fiscal year budget deficit by doubling the documentary transfer tax rate to $9 per $1,000 of assessed value, REALTORS® took action – fast. Eleven REALTOR associations covering the Los Angeles metropolitan area put together a coalition – 25,000 REALTORS® in all – to mount a successful campaign against the proposed transfer tax increase. And, by the way, they offered a viable alternative for raising the needed government funds. Using their own resources, along with funding from the California Association and NAR’s Issues Mobilization program, the coalition conducted polls, drafted alternative policy language and distributed effective mailers, which helped to get the transfer tax proposal off the March ballot.