Showing posts with label Mortgage. Show all posts
Showing posts with label Mortgage. Show all posts
Monday, November 8, 2010
Wednesday, August 25, 2010
Weekly Update From The Desk of KW Realtor
Happy Wednesday!
Wow, I think we got some of our summer back this week. Don't melt in the heat!
Here are a few reminders to help your a/c run more efficiently this summer:
1) Change out that old filter. They may not seem like much but the blower has to work extra hard to pull in air through that filter. Harder work = higher bills.
2) Have some minor maintenance done on your a/c coolant and blower. Don't forget- the big fan outside sitting up on the small stand is not the full a/c unit. That is where the heat is pulled out of the air. Be sure the area is clean of debris that may be blocking the air from easily flowing out of the unit. Trim those bushes and keep the area clean.
3) Consider changing up to a more efficient unit for your house. Costco has a great program right now and the company they use is great and you can qualify for a $1000 cash card to Costco plus the $1500 tax credit plus other discounts as well from your local gas company and electricity provider. There are also tax rebates for furnaces and a/c units as well. Be sure to take advantage of these before the funds for the rebates run out. If you want more info - ask me and I can send you the contact name and phone number for the contact for a/c & heating with Costco for Orange County. The team and supervisor and sales staff where excellent and did a wonderful job on my house. My house had the entire heating and a/c system taken out plus all the duct work and a full system replaced in one day. PLUS they installed new bathroom fans and did additional work for us.
On to Real Estate issues.
1) Get pre-qualified for a loan
2) Save up money for your down payment. FHA loans require a much smaller down payment than other loans.
3) I have 2 lenders who I know who you can speak to to find out the tax brakes and other special items you may qualify for. Do NOT settle for a run of the mill person for your loan. Get someone who knows the in's and out's of the industry. The will know all FHA, VA, and other loans you may qualify for. Remember - get your loan advise from a licensed trained experienced loan officer - not a Real Estate Agent/Realtor. As a Realtor I can offer some educated suggestions - but you really need to speak to the person who does the loans to get 100% of the details and real information.
4)If you are considering a home purchase this year keep in mind these time frames to get to home ownership:
a. Escrow can take anywhere from 30-60 days for a typical equity purchase or sale
b. Short Sales can take up to 120 days to close escrow
c. If you have not started looking for your home yet keep these time tables in mind:
1. It takes about 30 days -60 days to settle on the cities you want to live
11. It takes 30-60 days to narrow down the truth about what home you actually want to buy after you finally choose your cities to live in.
111. It takes about 30-60 days to narrow down the search to the neighborhood you want to live in
5) Time frame for home ownership is:
a. loan pre-qual 3-14 days
b. Escrow = 30-60 for equity sale Escrow = 30 - 120 days (or longer) for short sale home
c. Narrow down your favorite cities = 30-60 days
d. Narrow down your favorite neighborhoods = 30-60 days
e. Total days to account for - Equity Sale = 120+ days (about 4 months)
f. Total days to account for for Short Sale = 207 + days (about 6.9 months)
g. Don't forget - Weekends and Holidays are no business days for banks
Hopefully this gives you some idea on what to expect. This means that if you wanted to get into a home before the end of this year - WE need to be active right now. I have a easy to follow game plan for home ownership for everyone that if followed - it will make your home buying experience much easier and simpler. If you would like we can meet and I can hand you your own Home Buyer Folder and help you get ready for home ownership.
Another thing to remember- if you want to have the tax benefits on the taxes for 2010 - we need to get you into your home with full ownership completed BEFORE the end of the year.
Remember--this email is not meant to be investment advice. This email is only meant for educational purposes and not as Investment Advice. You should always consult your financial advisor and your tax advisor to get information on the financial pro's and con's on your own personal financial health and if you are able to afford a home purchase at this time.
For all of you out there considering selling your home,...If you are considering a change of location or you know that you need to sell your home soon - talk to me. In the case of getting a short sale - it is NOT better to wait until later. Once you get the N.O.D letter it makes things much harder for everyone involved.
Have a wonderful, happy and healthy week & STAY COOL!
Ken Webb - Realtor/Agent
OCAR, NAR, CAR
F1RST TEAM
Real Estate
Email: kenwebb@me.com
Phone/Text: (949) 243-6649
DRE Lic # 01844181
SEARCH JUST LIKE AN AGENT
http://www.kwrealestate.listingbook.com
CURRENT REAL ESTATE NEWS
http://kenwebbkwrealestate.blogspot.com
UP TO THE MINUTE UPDATES ON TWITTER
http://twitter.com/KW_Real_Estate
STATE WIDE AND LOCAL REAL ESTATE
FACTS & FIGURES
http://kenwebb.housingtrendsenewsletter.com/
FACTS AND FANPAGE ABOUT KW, REALTOR ON FACEBOOK
http://www.facebook.com/pages/Aliso-Viejo-CA/KW-Realtor-Southern-California-Real-Estate-Local-International/109314315761744
BIO AND FUN STUFF ABOUT KW, REALTOR ON MYSPACE
http://www.myspace.com/kenwebbocrealestate
"The finest compliment I could ever receive
is a referral from my friends and clients"
Friday, June 4, 2010
Friday Rate Sheet - June 4th 2010
Here it is, your Friday Rate Sheet.
My Facebook FanPage has more to read on this matter. For the rest of you who are considering buying a home and who are currently renting,....consider for a moment who all of your hard earned money is going to,...who it is helping. Is paying rent to someone else helping you?
It may sound harsh - but do you really want to work with someone who is less than truthful when it comes to your money and your future?
I understand that for some of us - direct may be too much. But for those who are serious about making a change - direct may be the best bet.
As a Realtor I have watched people make poor decisions that will affect the rest of their lives and have watched people make decisions that where made on an emotion that where less than good.
I help people buy, sell or rent all across the Southern California Landscape. If I know someone else who can help you that is closer- I will get it done.
Okay, enough schooling for now. Attached is this week's rates.
If you want - NOW (TODAY) at 1:00pm June the 4th is a good time to get serious.
Ken Webb - Realtor/Agent
OCAR, NAR, CAR
F1RST TEAM
Real Estate
Email: kenwebb@me.com
Phone/Text: (949) 243-6649
DRE Lic # 01844181
SEARCH JUST LIKE AN AGENT
http://www.kwrealestate.listingbook.com
CURRENT REAL ESTATE NEWS
http://kenwebbkwrealestate.blogspot.com
UP TO THE MINUTE UPDATES ON TWITTER
http://twitter.com/KW_Real_Estate
NATIONAL AND LOCAL REAL ESTATE
FACTS & FIGURES
http://kenwebb.housingtrendsenewsletter.com/
FACTS AND FANPAGE ABOUT KW, REALTOR ON FACEBOOK
http://www.facebook.com/pages/Aliso-Viejo-CA/KW-Realtor-Southern-California-Real-Estate-Local-International/109314315761744
BIO AND FUN STUFF ABOUT KW, REALTOR ON MYSPACE
http://www.myspace.com/kenwebbocrealestate
"The finest compliment
I could ever receive
is a referral
from my friends and clients"
Wednesday, March 3, 2010
Real Estate News Updates - Urgent & Important
Daily Real Estate News | March 3, 2010 |
It's Getting Easier to Get a Jumbo Loan
The jumbo loan market is starting to ease up, maybe even a thaw, making it easier for move-up buyers to borrow and get their hands on a JUMBO LOAN.
Rates on jumbo loans of more than $729,750 in the highest-priced markets went up during the financial crisis and lending standards tightened and squeezed to the point where borrowers couldn’t refinance or even get a new loan.
In the last couple of weeks, the average interest rate on a 30-year fixed-rate jumbo fell to 5.79 percent, a five-year low, according to rate tracker Informa Research Services. Rates are even lower on hybrid adjustables.
The availability of these loans suggests that banks are feeling more confident since Fannie Mae, Freddie Mac, and the Federal Housing Administration do not insure them.
Source: Los Angeles Times, E. Scott Reckard (02/28/2010)
Daily Real Estate News | March 3, 2010 |
Boomers Ready for Retirement Housing
New news and according to John Migliaccio, director of research for MetLife's Mature Market organization, more than 78 million baby boomers, born between 1946 to 1964, will reach age 55 over the next 10 years.
John and other trend spotters believe this dominant group of home owners will lead the industry out of its slump.
Baby Boomers approaching retirement continue to be interested in buying into active-adult communities, but their moves are slowed due to a decline in the value of both their retirement savings and their current homes. To encourage seniors to find a way, 51 percent of builders of active-adult housing cut prices in the third quarter of 2009 – often as much as 25 percent or more – according to a survey by the National Association of Home Builders.
Practitioners point out that new isn’t always best. Buying an existing home in an active adult community can be a particularly good deal because these communities have extensive amenities, including golf courses and gyms. Some new construction projects on which builders have trimmed prices are not nearly as well equipped.
Source: Investor’s Business Daily, Joe Gose (02/25/2010)
Daily Real Estate News | March 3, 2010 |
The Road to Wealth Is Well Wired
Cities with the most highly educated residents and commensurately high incomes also are the most wired, a factor that is increasingly important as the economy moves online.
Forbes magazine compiled a list of the most-wired cities by considering the percentage of Internet users with high-speed connections, the number of companies providing broadband Internet in the area and the number of public wireless hotspots.
The top-10 cities are:
• Raleigh, N.C.
• Atlanta
• Seattle
• San Francisco
• Washington, D.C.
• Colorado Springs, Colo.
• Denver
• Baltimore
• Orlando
• Portland, Ore.
Source: Forbes, Elizabeth Woyke (03/02/2010)
Daily Real Estate News | March 3, 2010 |
CitiMortgage Tests New Foreclosure Alternative
Major lender CitiMortgage is testing a new way to take back properties that skirts foreclosure and promises to avoid the problems associated with eviction.
In this transaction, known as deed in lieu of foreclosure, the home owner turns over the deed to the bank in exchange for the lender’s promise not to foreclose. Typically, the borrower can remain in the property for a short period of time until they are able to move, but they must leave the home in good condition.
To qualify, Citi borrowers must be 90 days late on their payments and they must have only one lien on the property.
Citi is only expecting about 1,000 borrowers to qualify for the program because most people facing foreclosure have second mortgages.
Source: The New York Times, Bob Tedeschi (02/28/2010)
Daily Real Estate News | March 3, 2010 |
Mortgage Windfall Misses Many
Erosion of home equity, stricter lending criteria, higher fees, and declining incomes have prevented many mortgage borrowers from refinancing.
About 37 percent of borrowers with 30-year conforming fixed loans have rates of 6 percent or higher, but data from the Mortgage Bankers Association and other organizations shows muted refi activity for current rates at near-historic lows of about 5 percent.
Refi activity has been limited to borrowers who need it the least; savings have largely gone to "very, very good credit borrowers and it really isn't going very far down the credit spectrum," says MBA's Michael Fratantoni.
Source: Wall Street Journal Nick Timiraos (03/03/10)
March 3, 2010 By George Ratiu, Research Economist
Daily Forecast Update
• GDP 2010 Q1: +2.4%
• GDP 2010 Q2: +2.1%
• GDP 2010 Q3: +2.5%
• Unemployment rate by mid-2010: 10.1%
• Average 30-year fixed mortgage rate by mid-2010: 5.4%
What does today's data mean for REALTORS® and consumers?
• In a positive development, business activity in service industries is growing. For the second month in a row, purchasing and supply executives indicated that activity and new orders are expanding. In addition, the decline in service employment is slowing.
• Also, a report issued by ADP, a private payroll processing firm, showed that employment declined by fewer jobs than anticipated. A bright spot in the report was provided by manufacturing employment, which expanded in February.
• Spurred by a drop in interest rates below 5.0 percent, mortgage applications posted a noticeable jump last week, driven by strong refinancing activity.
Institute for Supply Management Non-Manufacturing Index (ISM-NMI)
• The ISM-NMI reached 53.0 in February, a second consecutive advance. The index posted a value of 50.5 percent in January. A level of 50 or higher indicates expansion in the services sector. Based on February’s reading, the economy is in a moderate expansion mode.
• The Business Activity index grew 2.6 points to 54.8 percent in February, while the Employment Index advanced four points to 48.6 percent. The New Orders Index also increased, to 55.0 percent, a 0.3-point gain
• Based on industry category, February had nine industries with growth patterns: Information; Arts, Entertainment & Recreation; Transportation & Warehousing; Public Administration; Professional, Scientific & Technical Services; Other Services; Retail Trade; Wholesale Trade; and Finance & Insurance.
• Meanwhile, there were eight industry sectors that contracted month-over-month: Educational Services; Health Care & Social Assistance; Management of Companies & Support Services; Construction; Utilities; Accommodation & Food Services; Real Estate, Rental & Leasing; and Mining.
Mortgage Bankers Association Weekly Mortgage Applications
• Mortgage applications for home purchases and refinances, as measured by the Market Composite Index, increased 14.6 percent in the past week.
• The Refinance Index, tracking applications for refinance, jumped 17.2 percent from the previous week. The Purchase Index advanced 9.0 percent.
• Mortgage refinancing activity comprised 69.1 percent of total applications.
• Mortgage rates (fixed-rate 30-year), according to the survey, declined to 4.95 percent nationally, from 5.03 last week.
ADP Employment
• ADP reported that private nonfarm employment decreased 20,000 from January to February.
• Employment in the service sector gained 17,000 jobs in February. The goods-producing sector lost 37,000 jobs. Notably, within this sector, employment in manufacturing industries added 3,000 jobs.
This is one in a series of commentaries by the Research staff of the National Association of REALTORS®
California New-Home Production Rebounds in January, CBIA Announces
February 24, 2010 SACRAMENTO – New-home building in California rebounded in January from a year earlier, but homebuilding officials cautioned against calling it a recovery as the numbers for January 2009 were extremely low, the California Building Industry Association announced today. “It’s great to see some positive activity in the homebuilding industry, but given the fact that we’re comparing this month to one of the lowest months on record doesn’t exactly bring a housing recovery to mind,” said Liz Snow, CBIA’s President and CEO. “Still, it’s nice to see some increase in homebuilding activity.” According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 2,979 total housing units in January, up 48 percent from the same month a year ago but down 18 percent from December. Permits for single-family homes totaled 1,908, up 50 percent from January 2009 but down 28 percent from the previous month, while multifamily permits totaled 1,071, up 45 percent from a year ago and up 11 percent from December. Ben Bartolotto, Research Director for CIRB, noted that the monthly decreases from December to January were typical as January is usually one of the weakest months for housing starts. He also noted any enthusiasm for the year-over-year increases seen in January should be tempered with the fact that the numbers for January 2009 were extremely low and posted the lowest annual rate on record. CIRB is forecasting a modest recovery for 2010 with permits being pulled for 52,000 total units, up slightly from the record-low 36,289 permits pulled in 2009. Snow added that in order to capitalize on the strong start for 2010, lawmakers should enact the new homebuyer tax credit proposed under Governor Schwarzenegger’s jobs package as soon as possible to keep the positive momentum going. “The tax credit proposal will give a much needed shot in the arm to the housing industry and help build on this momentum by stimulating the housing market, clearing out inventory, and reigniting job-generating home construction,” said Snow. “Recent studies show that a healthy housing industry is a prolific job and economic generator, contributing hundreds of thousands of jobs and billions of dollars to the state’s economy each year. Enacting the credit would go a long way towards putting more people back to work and jumpstarting a recovery in our overall economy.”
###
The California Building Industry Association is a statewide trade association representing thousands of homebuilders, remodelers, subcontractors, architects, engineers, designers, and other industry professionals. More information is available on the Association's Web site, www.cbia.org. The Construction Industry Research Board (CIRB) is a nonprofit research center established in 1974 to provide statistical information on the California building and construction industry. More information is available on the CIRB Web site, www.cirbdata.com.
2010 HOME BUYER'S FAIR
Whether you're a first-time home buyer, or hoping to invest in foreclosures, the Southern California Home Buyer's Fair, sponsored by the Los Angeles Times and the CALIFORNIA ASSOCIATION OF REALTORS®, offers a free, two-day primer on the home-buying process. This must-attend event is packed with more than 50 educational "how-to" seminars and a large exhibit hall, designed to help you navigate today's real estate market with confidence and peace of mind.
The Southern California Homebuyer's Fair
is sponsored by the Los Angeles Times and the CALIFORNIA ASSOCIATION OF REALTORS®.
LOCATION: The Los Angeles Convention Center in downtown Los Angeles; 1201 S. Figueroa St., Los Angeles, CA 90015.
DATE: Saturday, March 13, 2010 Sunday, March 14, 2010
ADMISSION: Free to the public.
EVENTS: More than 50 educational "how-to" seminars designed to help home buyers navigate today's real estate market with confidence and peace of mind.
EXHIBITORS: The Southern California Home Buyer's Fair also will feature more than 65 exhibit booths where visitors can obtain information from industry experts about a vast range of programs pertaining to homeownership and the home-buying process.
It's Getting Easier to Get a Jumbo Loan
The jumbo loan market is starting to ease up, maybe even a thaw, making it easier for move-up buyers to borrow and get their hands on a JUMBO LOAN.
Rates on jumbo loans of more than $729,750 in the highest-priced markets went up during the financial crisis and lending standards tightened and squeezed to the point where borrowers couldn’t refinance or even get a new loan.
In the last couple of weeks, the average interest rate on a 30-year fixed-rate jumbo fell to 5.79 percent, a five-year low, according to rate tracker Informa Research Services. Rates are even lower on hybrid adjustables.
The availability of these loans suggests that banks are feeling more confident since Fannie Mae, Freddie Mac, and the Federal Housing Administration do not insure them.
Source: Los Angeles Times, E. Scott Reckard (02/28/2010)
Daily Real Estate News | March 3, 2010 |
Boomers Ready for Retirement Housing
New news and according to John Migliaccio, director of research for MetLife's Mature Market organization, more than 78 million baby boomers, born between 1946 to 1964, will reach age 55 over the next 10 years.
John and other trend spotters believe this dominant group of home owners will lead the industry out of its slump.
Baby Boomers approaching retirement continue to be interested in buying into active-adult communities, but their moves are slowed due to a decline in the value of both their retirement savings and their current homes. To encourage seniors to find a way, 51 percent of builders of active-adult housing cut prices in the third quarter of 2009 – often as much as 25 percent or more – according to a survey by the National Association of Home Builders.
Practitioners point out that new isn’t always best. Buying an existing home in an active adult community can be a particularly good deal because these communities have extensive amenities, including golf courses and gyms. Some new construction projects on which builders have trimmed prices are not nearly as well equipped.
Source: Investor’s Business Daily, Joe Gose (02/25/2010)
Daily Real Estate News | March 3, 2010 |
The Road to Wealth Is Well Wired
Cities with the most highly educated residents and commensurately high incomes also are the most wired, a factor that is increasingly important as the economy moves online.
Forbes magazine compiled a list of the most-wired cities by considering the percentage of Internet users with high-speed connections, the number of companies providing broadband Internet in the area and the number of public wireless hotspots.
The top-10 cities are:
• Raleigh, N.C.
• Atlanta
• Seattle
• San Francisco
• Washington, D.C.
• Colorado Springs, Colo.
• Denver
• Baltimore
• Orlando
• Portland, Ore.
Source: Forbes, Elizabeth Woyke (03/02/2010)
Daily Real Estate News | March 3, 2010 |
CitiMortgage Tests New Foreclosure Alternative
Major lender CitiMortgage is testing a new way to take back properties that skirts foreclosure and promises to avoid the problems associated with eviction.
In this transaction, known as deed in lieu of foreclosure, the home owner turns over the deed to the bank in exchange for the lender’s promise not to foreclose. Typically, the borrower can remain in the property for a short period of time until they are able to move, but they must leave the home in good condition.
To qualify, Citi borrowers must be 90 days late on their payments and they must have only one lien on the property.
Citi is only expecting about 1,000 borrowers to qualify for the program because most people facing foreclosure have second mortgages.
Source: The New York Times, Bob Tedeschi (02/28/2010)
Daily Real Estate News | March 3, 2010 |
Mortgage Windfall Misses Many
Erosion of home equity, stricter lending criteria, higher fees, and declining incomes have prevented many mortgage borrowers from refinancing.
About 37 percent of borrowers with 30-year conforming fixed loans have rates of 6 percent or higher, but data from the Mortgage Bankers Association and other organizations shows muted refi activity for current rates at near-historic lows of about 5 percent.
Refi activity has been limited to borrowers who need it the least; savings have largely gone to "very, very good credit borrowers and it really isn't going very far down the credit spectrum," says MBA's Michael Fratantoni.
Source: Wall Street Journal Nick Timiraos (03/03/10)
March 3, 2010 By George Ratiu, Research Economist
Daily Forecast Update
• GDP 2010 Q1: +2.4%
• GDP 2010 Q2: +2.1%
• GDP 2010 Q3: +2.5%
• Unemployment rate by mid-2010: 10.1%
• Average 30-year fixed mortgage rate by mid-2010: 5.4%
What does today's data mean for REALTORS® and consumers?
• In a positive development, business activity in service industries is growing. For the second month in a row, purchasing and supply executives indicated that activity and new orders are expanding. In addition, the decline in service employment is slowing.
• Also, a report issued by ADP, a private payroll processing firm, showed that employment declined by fewer jobs than anticipated. A bright spot in the report was provided by manufacturing employment, which expanded in February.
• Spurred by a drop in interest rates below 5.0 percent, mortgage applications posted a noticeable jump last week, driven by strong refinancing activity.
Institute for Supply Management Non-Manufacturing Index (ISM-NMI)
• The ISM-NMI reached 53.0 in February, a second consecutive advance. The index posted a value of 50.5 percent in January. A level of 50 or higher indicates expansion in the services sector. Based on February’s reading, the economy is in a moderate expansion mode.
• The Business Activity index grew 2.6 points to 54.8 percent in February, while the Employment Index advanced four points to 48.6 percent. The New Orders Index also increased, to 55.0 percent, a 0.3-point gain
• Based on industry category, February had nine industries with growth patterns: Information; Arts, Entertainment & Recreation; Transportation & Warehousing; Public Administration; Professional, Scientific & Technical Services; Other Services; Retail Trade; Wholesale Trade; and Finance & Insurance.
• Meanwhile, there were eight industry sectors that contracted month-over-month: Educational Services; Health Care & Social Assistance; Management of Companies & Support Services; Construction; Utilities; Accommodation & Food Services; Real Estate, Rental & Leasing; and Mining.
Mortgage Bankers Association Weekly Mortgage Applications
• Mortgage applications for home purchases and refinances, as measured by the Market Composite Index, increased 14.6 percent in the past week.
• The Refinance Index, tracking applications for refinance, jumped 17.2 percent from the previous week. The Purchase Index advanced 9.0 percent.
• Mortgage refinancing activity comprised 69.1 percent of total applications.
• Mortgage rates (fixed-rate 30-year), according to the survey, declined to 4.95 percent nationally, from 5.03 last week.
ADP Employment
• ADP reported that private nonfarm employment decreased 20,000 from January to February.
• Employment in the service sector gained 17,000 jobs in February. The goods-producing sector lost 37,000 jobs. Notably, within this sector, employment in manufacturing industries added 3,000 jobs.
This is one in a series of commentaries by the Research staff of the National Association of REALTORS®
California New-Home Production Rebounds in January, CBIA Announces
February 24, 2010 SACRAMENTO – New-home building in California rebounded in January from a year earlier, but homebuilding officials cautioned against calling it a recovery as the numbers for January 2009 were extremely low, the California Building Industry Association announced today. “It’s great to see some positive activity in the homebuilding industry, but given the fact that we’re comparing this month to one of the lowest months on record doesn’t exactly bring a housing recovery to mind,” said Liz Snow, CBIA’s President and CEO. “Still, it’s nice to see some increase in homebuilding activity.” According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 2,979 total housing units in January, up 48 percent from the same month a year ago but down 18 percent from December. Permits for single-family homes totaled 1,908, up 50 percent from January 2009 but down 28 percent from the previous month, while multifamily permits totaled 1,071, up 45 percent from a year ago and up 11 percent from December. Ben Bartolotto, Research Director for CIRB, noted that the monthly decreases from December to January were typical as January is usually one of the weakest months for housing starts. He also noted any enthusiasm for the year-over-year increases seen in January should be tempered with the fact that the numbers for January 2009 were extremely low and posted the lowest annual rate on record. CIRB is forecasting a modest recovery for 2010 with permits being pulled for 52,000 total units, up slightly from the record-low 36,289 permits pulled in 2009. Snow added that in order to capitalize on the strong start for 2010, lawmakers should enact the new homebuyer tax credit proposed under Governor Schwarzenegger’s jobs package as soon as possible to keep the positive momentum going. “The tax credit proposal will give a much needed shot in the arm to the housing industry and help build on this momentum by stimulating the housing market, clearing out inventory, and reigniting job-generating home construction,” said Snow. “Recent studies show that a healthy housing industry is a prolific job and economic generator, contributing hundreds of thousands of jobs and billions of dollars to the state’s economy each year. Enacting the credit would go a long way towards putting more people back to work and jumpstarting a recovery in our overall economy.”
###
The California Building Industry Association is a statewide trade association representing thousands of homebuilders, remodelers, subcontractors, architects, engineers, designers, and other industry professionals. More information is available on the Association's Web site, www.cbia.org. The Construction Industry Research Board (CIRB) is a nonprofit research center established in 1974 to provide statistical information on the California building and construction industry. More information is available on the CIRB Web site, www.cirbdata.com.
2010 HOME BUYER'S FAIR
Whether you're a first-time home buyer, or hoping to invest in foreclosures, the Southern California Home Buyer's Fair, sponsored by the Los Angeles Times and the CALIFORNIA ASSOCIATION OF REALTORS®, offers a free, two-day primer on the home-buying process. This must-attend event is packed with more than 50 educational "how-to" seminars and a large exhibit hall, designed to help you navigate today's real estate market with confidence and peace of mind.
The Southern California Homebuyer's Fair
is sponsored by the Los Angeles Times and the CALIFORNIA ASSOCIATION OF REALTORS®.
LOCATION: The Los Angeles Convention Center in downtown Los Angeles; 1201 S. Figueroa St., Los Angeles, CA 90015.
DATE: Saturday, March 13, 2010 Sunday, March 14, 2010
ADMISSION: Free to the public.
EVENTS: More than 50 educational "how-to" seminars designed to help home buyers navigate today's real estate market with confidence and peace of mind.
EXHIBITORS: The Southern California Home Buyer's Fair also will feature more than 65 exhibit booths where visitors can obtain information from industry experts about a vast range of programs pertaining to homeownership and the home-buying process.
Tuesday, February 16, 2010
Urgent Credit Policy Changes for Home Loans
Greetings,
Good morning,
Below summarizes the credit policy changes discussed in this morning branch meeting. Please let me know if you have any questions and thank you!
1) Expansion of Mortgage Insurance Allows 85.0% LTV in California- Effective 2/20/10
High Balance Conforming Loans for Purchase of Primary Residence with Fixed Rate eligible to 85% in California up to maximum to $729,750. NOTE: Maximum Debt-To-Income Ratio remains 41.0% for all LTV’s greater than 80.0%.
2) Expansion of Mortgage Insurance Allows 95.0% LTV in California- Effective 2/22/10
Conventional Conforming to $417,000 loan amounts. The minimum middle credit score must be:
Single Family 720
Condominium 740
NOTE: Maximum Debt-To-Income Ratio remains 41.0% for all LTV’s greater than 80.0%.
3) FHA Property Flipping Changes- Effective 2/01/10
At this time, Wells Fargo is only offering this enhancement for transactions with sales prices that do not exceed 20% of the amount the seller paid for the property . A property is eligible for FHA financing if Seller is owner-of-record 90 days or less if ALL requirements listed below are met. A policy is being considered for possible future implementation for greater then 20% sales prices.
The sales price cannot exceed 20% of the amount the seller paid for the property
The contract of sale for the purchase must be fully executed between 2/10/10 and 2/01/11
The transaction is arm’s length, with no interest between buyer and seller or other parties participating in the transaction.
Limited Liability Companies (LLC’s), Corporations or Trust serving as sellers were established and are operated in accordance with acceptable state and federal laws.
There is no pattern of previous flipping activity for the subject property as evidenced by multiple title transfers within 12 months.
The property was openly and fairly marketed (e.g. MLS, auction, FSBO)
Appraiser must:
Comment on any improvements to property made by sellers supported with photos
Acknowledge the increase in sales price from previous sale and provide specific commentary on support for increase in value
Provide a listing and sales history of subject property
The fully executed purchase contract can NOT be re-dated.
The buyer’s real estate agent can NOT be seller and can NOT be employed by, related to or affiliated with the seller.
10. Review and compare information with LoanSafe internal report.
Thank you,
Heather Millspaugh
Home Mortgage Consultant
heather.s.millspaugh@bankersfundingcompany.com
http://www.homeloans.com/wfhm/heather-millspaugh
Ken Webb - Realtor/Agent
OCAR, NAR, CAR
F1RST TEAM
Real Estate
Email: kenwebb@firstteam.com
Phone/Text: (949) 243-6649
DRE Lic # 01844181
SEARCH JUST LIKE AN AGENT
http://www.kwrealestate.listingbook.com
CURRENT REAL ESTATE NEWS
http://kenwebbkwrealestate.blogspot.com
UP TO THE MINUTE UPDATES ON TWITTER
http://twitter.com/KW_Real_Estate
STATE WIDE AND LOCAL REAL ESTATE FACTS & FIGURES
http://kenwebb.housingtrendsenewsletter.com/
"The finest compliment I could ever receive is a
referral from my friends and clients"
OCAR, NAR, CAR
F1RST TEAM
Real Estate
Email: kenwebb@firstteam.com
Phone/Text: (949) 243-6649
DRE Lic # 01844181
SEARCH JUST LIKE AN AGENT
http://www.kwrealestate.listingbook.com
CURRENT REAL ESTATE NEWS
http://kenwebbkwrealestate.blogspot.com
UP TO THE MINUTE UPDATES ON TWITTER
http://twitter.com/KW_Real_Estate
STATE WIDE AND LOCAL REAL ESTATE FACTS & FIGURES
http://kenwebb.housingtrendsenewsletter.com/
"The finest compliment I could ever receive is a
referral from my friends and clients"
Tuesday, February 9, 2010
Tuesday Real Estate Updates - From Ken Webb
It's Tuesday!
Are you ready for a new week? I understand life gets busy for many of us and we forget to check in sometimes and stay informed.
3 THINGS TO TALK ABOUT TODAY
1) Asking questions with Heather - Your BEST option in Lending - Ask her anything.
2) Opening your Real Estate Searches.
3) Asking questions.
I had posted a very casusal blog awhile back on a conversation with a friend about how important it is to get a low rate when you are packaging your home purchase products together. I try to remind everyone that a single 1 point increase = about a 10% loss in purchase power. See--> http://kenwebbkwrealestate.blogspot.com/2010/02/new-blog-for-fun-your-monthly-estimated.html
(Copy and paste to browser window)
I want you to be aware of one of the best people I know in the loan industry and who is located right here in Laguna Niguel. I say this over and over again but it is true "You Need To Be Pre-Qualified First Before You Can Make an Offer on A Home" Heather is with Banker's Funding and has been in the Loan Industry for Years - NO she did not get all caught up in those bad loans you hear so much about. She helps me each week by helping to produce this newsleter that gives yout he 411 on what is going on - see it here--> http://www.mortgageupdate.biz/HeatherMillspaughsWeeklyMortgageNewsletter.pdf
(Copy and paste to browser window)
Also you need to be opening your Real Estate search at least once a week to stay current.
Did you know there are price drops on some of your choices while there are increases on others? It takes less than 5 minutes to take a peek at the list.
The people who actually take a look every day for under 5 minutes will have the best advantage. They get the opportunity to act first on a great home that meets their needs and desires.
Many times the best homes listed are only ACTIVE on the MLS for a short time. Take advantage of the home searches I send to you every day. If you need your link resent with your personal information LET ME KNOW! This MLS link provides you the best UP-TO-DATE search tool there is-period. NOTHING is as current or accurate.
I have this updated 4 times every hour from the OCAR, NAR, and CAR website. This assures you more pictures, better tax info on the home(s) and quicker & faster responses to searches that produce real time results. See it here--http://www.kwrealestate.listingbook.com/
(Copy and paste to browser window)
If you are serious about owing a home or selling your current home or you just need some questions answered - ask me. I know the 1st step may seem hard or you may think you can never get a home today.
NOW is the time to act. Think about it for a moment. The "Bottom of the Market" has already arrived for many areas in Orange County. The super low 3.5% rates are now on average about 5.5%. Inventory on the best homes are being snatched up fast. Real Estate in today's market has changed. Things do not always run "Like they used to".
So to recap our game plan:
1) Get ready to get Pre-qualified! This means calling Heather TODAY - and just talk to her. There is no cost and no obligation and she is a great person to get some answers to many of your questions. Heather @ Banker's Funding - Work - 949-547-5848. CALL HER TODAY! CALL CALL, CALL.
2) Get active! Open your Real Estate searches I send every morning. If you need changes made - TALK TO ME! I can help. If you lost your username or password - TALK TO ME! I can help. If you do not take just a couple of minutes each each week to open your account you will not stay ahead of the pack of Buyer's and Seller's that are competing in today's Real Estate Market.
3) Have Questions? TALK TO ME! As simple as this may sound - it is true. I cannot help you unless you let me know you need it.
I work hard to make all of the available information regarding all aspects of Real Estate available to all of you every day, updated in many cases every 15 minutes. Information on cities and communities you want to live in. Information on houses that many agents still do not share.
I give everyone access to every home for sale on the MLS - every single one. Not just my office's homes or my Broker's listings for all of California, but every single home on the market , right now. In some cases for the more serious buyer I can get you into homes that are not even listed for sale (talk about a HUGE advantage!)
Today is the day to get "jumping" and get ready to move. Shake off those cobwebs and lets get MOVING! -
Sincerely,
Ken Webb - Realtor
OCAR, NAR, CAR
F1RST TEAM
Real Estate
Email: kenwebb@firstteam.com
Phone/Text: (949) 243-6649
DRE Lic
Ken Webb - Realtor
OCAR, NAR, CAR
F1RST TEAM
Real Estate
Email: kenwebb@firstteam.com
Phone/Text: (949) 243-6649
DRE Lic # 01844181
SEARCH JUST LIKE AN AGENT
http://www.kwrealestate.listingbook.com
CURRENT REAL ESTATE NEWS
http://kenwebbkwrealestate.blogspot.com
UP TO THE MINUTE UPDATES ON TWITTER
http://twitter.com/KW_Real_Estate
STATE WIDE AND LOCAL REAL ESTATE FACTS & FIGURES
http://kenwebb.housingtrendsenewsletter.com/
"The finest compliment I could ever receive is a
referral from my friends and clients"
Friday, January 22, 2010
Did You Know?
January 13, 2010
By Sophia Stuart, Research Economist
Did You Know: Sources of Downpayment
* Fifty-four percent of buyers who made a downpayment relied on their savings, slightly less than the previous survey.
* Almost one in four of those who made a downpayment used proceeds from the sale of their primary residence; however, that is down from 34 percent in 2008 and 60 percent in 2007.
* A greater share of first-time buyers used their savings as a source of downpayment, while 42 percent of repeat buyers used proceeds from the sale of their primary residence.
* Single males more often used savings as a source of downpayment, while one in five unmarried couples used a gift from friends or relatives as a source of downpayment.
January 13, 2010
January 12, 2010
By Sophia Stuart, Research Economist
Did You Know: Mortgage Application Process
* Just over two-thirds of those who financed their homes said that the mortgage application process was no more difficult than expected.
* The share of those who said that the process was much more difficult increased from seven percent in last year's survey to 11 percent in the current survey.
* Repeat buyers generally had less difficulty than expected compared to first-time buyers. Single males and unmarried couples believe the process was slightly more difficult than they expected compared with married couples and single females.
* When seeking financing for their homes, 93 percent of recent buyers who successfully completed a purchase transaction were not rejected by any mortgage lenders, and 2 percent being rejected by two or more lenders.
January 11, 2010
By Sophia Stuart, Research Economist
Did You Know: Neighborhood Choice
* Many factors influence where a person chooses to purchase a home such as convenience to work, proximity to relatives or friends, and the quality of the school system.
* A majority of all home buyers (64 percent) across different locations listed quality of neighborhood as the most important factor influencing neighborhood choice.
* Convenience to work was the second most important factor with half of respondents citing its importance in choosing their neighborhood.
* Affordability of homes was also very important with 43 percent citing it as a factor in their neighborhood choice.
January 8, 2010
By T.J. Doyle, Research Marketing and Communications Manager
Did You Know: Most Important Factors When Choosing A Real Estate Agent
-> Home buyers rate honesty and trustworthiness among the most important factors when choosing a real estate agent. Nearly one-quarter said that the reputation of an agent was also an important factor. These two factors were considered most important by half of home buyers.
-> The honesty and integrity of a real estate agent was considered very important by the greatest number of buyers - 98 percent.
-> Knowledge of the purchase process, responsiveness, and knowledge of the real estate market were other qualities considered very important by more than 90 percent of home buyers. This pattern has been consistent over time as well.
-> The qualities and skills valued by buyers are nearly the same for first-time and repeat buyers and for buyers of
new and previously occupied homes and among different types of households. Honesty and integrity and knowledge of the purchase process top the list of skills and qualities considered very important by households of all types.
-> For a complete 2009 NAR Profile of Home Buyers and Sellers - available free only for REALTOR® members - For NAR members only.
Subscribe to:
Posts (Atom)
