California Mortgage Default Filings Drop

Default filings totaled about 40,000 for each month from March to August. In September the number dropped to 14,995 filings as a new state law took effect early that month. It requires that in many instances lenders must try to contact homeowners delinquent on their mortgage payments, then wait 30 days before filing a default notice.

Good News For Buyers

Home prices throughout most of California will decline next year, while sales of existing homes will continue to rise in 2009 this from "C.A.R.'s 2009 California Housing Market Forecast," released today. ."The current uncertainty about the financial system and economy is likely to persist over the next several weeks, and could extend into next year," said C.A.R. President William E. Brown. "Our forecast assumes that the financial system will begin to show signs of stabilization late in 2008 and into early 2009."The median home price in California will decline 6 percent to $358,000 in 2009 compared with a projected median of $381,000 this year, according to the forecast. Sales for 2009 are projected to increase 12.5 percent to 445,000 units, compared with 395,600 units (projected) in 2008."Sales in 2008 will be ahead of last year by 12 percent, with a further increase of 12.5 percent expected in 2009," said C.A.R. Chief Economist Leslie Appleton-Young. "However, the next couple of quarters in late 2008 and early 2009 will be marked by seasonal decreases in activity, with a pickup expected by the second quarter of next year."

Just in from C.A.R

Home sales increased 56.7 percent in August in California compared with the same period a year ago, while the median price of an existing home fell 40.5 percent, C.A.R. reported Sept. 25.

The Bail Out

If this bail out package passes will it be enough? I don't think it is going to help the guy set up to lose his house next month only the banks can do that. Why can't the banks just stop foreclosing on people that took and have been paying on that interest only for three years mortgage that is about to turn into some other monster. Extend the mortgage they can afford instead of upping the interest rate to 9% and forcing people out of their homes. Who is helping that guy?

Now Is The Time To Buy!

If you've been sitting back waiting to take advantage of this Buyer's Market now is the time.

1. PRICES ARE DOWN - WAY DOWN!

According to The California Association Of Realtors the median price of a single-family detached home in California during June 2008 was $368,250, a 37.7 percent decrease from $591,280 median for June 2007. The June 2008 median price fell 4.3 percent compared with May's $385,840 median price.

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.

Studio City....Home To The Stars

Emmy award winning director Todd Holland ("The Larry Sanders Show" and "Malcolm in the Middle,") and Scotch Ellis Loring, who was featured on "Desperate Housewives" and "Firehouse Dog," sold their Studio City house for about $1.66 million.
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.

Does Someone Just Sit In A Room And Get Paid....

To Find New Ways To Waste Our Tax Dollars????

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,
CA 90064Phone:
(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?