What to Expect with Home Prices in the Next Few Months
California's median home price has shown some welcome stability in recent months, hovering around the $290,000 mark since March. But what is likely to happen over the rest of the year? Are there opportunities between now and December 31?
All those former and current Wachovia and Wells Fargo customers that there is 2 billion dollar settlement that you should inquire about. Wells Fargo agreed to provide loan modifications worth more than $2 billion to thousands of California homeowners with "pick-a-pay" loans and to pay an additional $32 million to thousands of borrowers who lost their homes through foreclosure. If you lost your home and had a "pick-a-pay" loan you could be entitled to a settlement.
New York Times
Online mortgage shopping made easier
The vast amount of information available online about mortgages – such as interest rates, loan benchmarks, prepayment penalties, and the like – can cause home buyers to feel confused and overwhelmed when shopping for a mortgage. Most surprisingly, a recent survey found that only 61 percent of homeowners surveyed said they comparison shopped for a mortgage, and 39 percent said they took out a home loan based on just one quote.
Well the Governor vetoed SB 1178, but he signed SB 931, which gives to Homeowners No Deficiency Judgment on their 1st Trust Deed in a Short Sale. Here is how it affects different loans:
New For 2011 --------------------------------No Deficiency Judgment
One-to-Four Residential Units ------------------- Yes
5 + Residential Units -------------------------------- No
First Trust Deed ---------------------------------------Yes
Second Trust Deed ---------------------------------- NO
Purchase Money Loans ---------------------------- Yes
Rate-and-Term Refinance -------------------------- Yes
Cash-out Refinance ---------------------------------- Yes
Owner Occupied Home ----------------------------- Yes
Non-owner Occupied Home ----------------------- Yes
2nd Home ----------------------------------------------- Yes
Vacation Home ---------------------------------------- Yes
To download SB 931 :Download file
Sometimes you have to enjoy what your community has to offer. We were on a walk today to Nimbus Dam and we thought we had to share experience.
How to avoid foreclosure-related scams can be a tough proposition. When your home is in foreclosure the process is a public. A Notice of Default (the first stage of a foreclosure) is a publicly recorded document. Many legit and unscrupulous people monitor those recordings. You must remain tough with all the letters and calls you will receive. Download my Avoiding Foreclosure Scams for more information on what to lookout for.
Download file
As part of the 2010-11 Remodeling Cost vs. Value Report, REALTORS® recently rated exterior replacement projects among the most cost-effective home improvement projects, demonstrating that curb appeal remains one of the most important aspects of a home at resale time.
“This year’s Remodeling Cost vs. Value Report highlights the importance of exterior projects, which not only provide the most value, but also are among the least expensive improvements for a home,” said National Association of REALTORS® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “Since resale value can vary by region, it’s smart for home owners to work with a REALTOR® through the remodeling and improvement process; they can provide insight into projects in their neighborhoods that will recoup the most when the owners are ready to sell.”
You can also go their website at: http://www.remodeling.hw.net/2010/costvsvalue/national.aspx
Smart Money Real Estate:
Finally a good investment? The housing market still looks pretty bleak: There were a record 1 million foreclosures last year, home prices are still falling in many regions, and the number of "underwater" properties is at a record high. And things don't look much better in other areas of real estate. The number of construction jobs continues to decline, even as other parts of the economy have added jobs. And mortgage rates have moved higher as long-term Treasury yields have backed up during the past few months. Basically, the real estate market remains a mess. Real estate encompasses a wide range of markets – homes, apartments, hospitals, office buildings, strip malls, dormitories and other properties. But for our purposes, let's focus on residential real estate, or homes. Here are four reasons to think residential real estate might represent a bargain – with one big caveat. KEEP THIS IN MIND •Everyone hates homes - When the housing market is in the doldrums, people tend to avoid thinking about the value of their home. Sellers complain they’re not getting offers and buyers bemoan the strict lending requirements. However, prospective buyers should be contrarian and take advantage of a down housing market. •Smart people are buying real estate - A prominent hedge-fund manager said in a speech last fall: “If you don’t own a home, buy one. If you own a home, buy another one, and if you own two homes, buy a third and lend your relatives the money to buy a home.” He believes that interest rates and home prices will rise this year, so real estate bargains won’t last much longer. •Real estate performs well during inflation – Convention says Treasury Inflation Protected Securities, commodities, and real estate do well in an inflationary environment. Real estate performed well during the period in the 1970s, when persistent inflation and high unemployment occurred. •Demand may be coming back - Job creation and getting people employed are the two major factors in the housing rebound. There’s much debate about when the job market will recovery. Optimists say the recovery will happen this year, while pessimists say it won’t happen for several years.
Read the full story http://www.smartmoney.com/personal-finance/real-estate/-1295050347411/Jan. 20, 2010Page
For more news go to: files1/Beyond_the_Headlines__012010.pdf
Fannie Mae recently launched WaysHome, a free, interactive multi-media tool designed to educate homeowners about their options to avoid foreclosure, empower them to make informed decisions, and motivate them to take action and seek help in 2011. As part of Fannie Mae’s “Know Your Options” initiative to help struggling homeowners, the WaysHome video uses innovative technology to allow homeowners to put themselves in real-life situations, make informed choices, and immediately see the outcomes of those actions. WaysHome is available at www.KnowYourOptions.com.
Continue reading "Fannie Mae launches interactive video tool to help homeowners" »
Continue reading "SB 1178 (Corbett) Anti-Deficiency Protections Vetoed by the Governor" »
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