Hi Everyone! I got this video this morning in my email and it has NOTHING to do with Real Estate, but it does have everything to do with every single person in the world and all of the children that our in our lives. So with that being said I wanted to share this with you. I hope that you take the time to watch this as I believe whole heartily that it is extremely import. It's about 21 minutes long, but if you have any children in your life it will be worth watching. As a side note Jamie is 100% right low fat doesn't necessarily mean it is good for you or anyone else in your life. Just an example most of the low fat yogurt's have 35 grams of sugar - Hello! 2010 has been the year of health for me and so far it's been an amazing eye opener for me. Again, I hope you take the time to check out this video! Let me know what you think about it. I would love to hear back from you.
Sunday, February 28, 2010
Thursday, February 25, 2010
As The Supply Of New Homes Grows, So Does The Opportunity For A "Good Deal"
The housing recovery showed particular weakness in the New Homes Sales category last month -- good news for homebuyers around the country.
A "new home" is a home for which there's no previous owner.
New Home Sales fell 11 percent from the month prior and posted the fewest units sold in a month since 1963 -- the year the government first started tracking New Home Sales data.
Right now, there are roughly 234,000 new homes for sale nationwide and, at the current sales pace, it would take 9.1 months to sell them all. This is nearly 2 months longer than at October 2009's pace.
The reasons for the spike in supply are varied:
- The original home buyer tax credit expired in November
- Weather conditions were awful in most of the country in January
- Weak employment and consumer confidence continue to hinder big ticket sales
Now, these might be less-than-optimal developments for the economy as a whole, but for buyers of new homes, it's a welcome turn of events. Home prices are based on supply and demand, after all.
As a result, this season's home buyers may be treated to "free" upgrades from home builders, plus seller concessions and lower sales prices overall.
It's all a matter of timing, of course. New Home Sales reports on a 1-month lag so it's not necessarily reflective of the current, post-Super Bowl home buying season. And from market to market, sales activity varies.
That said, mortgage rates remain low, home prices are steady, and the federal tax credit gives two more months to go under contract. It's a favorable time to buy a new home.
Wednesday, February 24, 2010
Underwater Mortgages Increase to 11.3M: First American - Do You Home Owners Have Options?
Negative equity continues to diminish the severity of foreclosure for many homeowners. Numerous industry studies show that borrowers become more likely to default
on their mortgage or simply walk away from the debt obligation when they owe more on the home than it is worth. Despite that home values appear to be stabilizing in some markets, the number of underwater homeowners continues to grow. According to a new study released by First American CoreLogic Tuesday, more than 11.3 million residential properties were in negative equity at the end of 2009. That equates to 24 percent of all homes in the United States with mortgages, up from 23 percent, or 10.7 million homes, at the end of last year’s third quarter. All told, the nation’s homeowners are a combined $801 billion underwater. First American says an additional 2.3 million mortgages were approaching negative equity at the end of last year, meaning they had less than five percent equity. Together, negative equity and near-negative equity mortgages accounted for nearly 29 percent of all residential properties with a mortgage nationwide. “Negative equity is a significant drag on both the housing market and on economic growth. It is driving foreclosures and decreasing mobility for millions of homeowners,” said Mark Fleming, chief economist with First American CoreLogic. “Since we expect home prices to slightly increase during 2010, negative equity will remain the dominant issue in the housing and mortgage markets for some time to come.” According to First American’s analysis, negative equity continues to be concentrated in five states, where property values have plummeted significantly since the housing bubble burst. As of the end of last year, Nevada had the highest percentage negative equity, with 70 percent of all of its mortgage properties underwater. It was followed by Arizona (51 percent), Florida (48 percent), Michigan (39 percent) and California (35 percent). Among the top five states, the average negative equity share was 42 percent, compared to 15 percent for the remaining states. In numerical terms, California (2.4 million) and Florida (2.2 million) had the largest number of negative equity mortgages accounting for 4.6 million, or 41 percent, of all negative equity loans. Last week, President Obama said he would give $1.5 billion to housing finance agencies in these states, which can be used to develop mortgage assistance programs to help underwater borrowers negotiate with lenders to write down mortgages. First American says the rise in negative equity is closely tied to increases in pre-foreclosure activity and is a major factor in changing homeowner default behavior. Once negative equity exceeds 25 percent, or the mortgage balance is $70,000 higher than the current property value, owners begin to default with the same propensity as investors, the company explained. Those conclusions don’t bode well when juxtaposed with the current market figures. The segment of borrowers that are 25 percent or more underwater account for over $660 billion, or 82 percent, of all negative equity. The average equity for an underwater borrower in Q4 was -$70,700, up from -$69,700 in Q3 2009. On the other end of the scale, about 23 million, or 49 percent, of all homeowners with a mortgage have at least 25 percent equity in their home, and some 12 million have at least 50 percent equity in their home. If you're having trouble making your mortgage payment you're not alone and you have options... To learn what those options are contact The Real Estate Geeks HELP@TheRealEstateGeeks.Net or call us at 714-720-2555 all calls & emails are strictly confidential and your information will not be shared with anyone. Time is of the essence so do not delay
December 2009 Case-Shiller Data Shows Battered Markets In Bona Fide Recovery
December 2009 Case-Shiller Data Shows Battered Markets In Bona Fide Recovery
Posted by melissa · Leave a Comment
Using data compiled in December, Standard & Poors released its Case-Shiller Index Tuesday. The report shows home prices down just 2.5% on an annual basis, a figure much lower than the 8.7% annual drop reported after Q3.
According to Case-Shiller representatives, the housing market is “in better shape than it was this time last year”, but some of the summer’s momentum has been lost. 15 of 20 tracked markets declined in value between November and December 2009.
Meanwhile, it’s interesting to note the 5 markets that didn’t decline — Detroit, Los Angeles, Las Vegas, Phoenix and San Diego. Each of these metro regions were among the hardest hit nationwide when home prices first broke. Now, they’re leading the pack in price recovery.
For some real estate investors, that’s a positive signal. But we also have to consider the Case-Shiller Index’s flaws because they’re big ones.
As examples:
- Case-Shiller data is reported on a 2-month lag
- The Case-Shiller sample set includes just 20 U.S. cities
- There’s no “national real estate market” — real estate is local
That said, the Case-Shiller Index is still important. As the most widely-used private sector housing index, Case-Shiller helps to identify broader housing trends and many people believe housing is a key element in the economic recovery.
If the markets that led the housing decline will lead the housing resurgence, December’s data shows that full recovery is right around the corner.
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For more information about your homes value or home values for buying or investing contact us... We are here to help
info@TheRealEstateGeeks.Net
Tuesday, February 23, 2010
Breaking News for FHA
Well here's the GREAT NEWS for all of you FHA Buyer's and Realtors with clients using the FHA Loan Product... The National Association of Mortgage Brokers are meeting today in Washington DC and it has been put on ice until further notice.
If you're looking to buy a home now might be the best time to do so.
Short Sales See Big Jump in Activity
Despite having a bad wrap for often being slow and problematic, short sales are quickly becoming a preferred method to dispose of distressed properties and avoid foreclosure. According to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions, short sales accounted for a substantial 15.9 percent of home purchase transactions in January. This was well above the share of other distressed property activity – with damaged REO accounting for 13.4 percent of activity and move-in ready REO making up 13.8 percent. The January figures represent a steady increase in short sale popularity. As recently as November of 2009, short sales accounted for 12.4 percent of the home purchase market, according to the Campbell report, behind move-in ready REO at 12.6 percent and nearly even with damaged REO transactions at 12.3 percent. Short sales are an effective method of resolving mortgages in default, both for large lenders and for the government agencies supporting lenders’ efforts. Short sales typically result in lower lender losses and houses left in more saleable condition. In addition, borrowers that agree to a short sale escape the bad credit marks of a foreclosure and can often buy another house with mortgage financing after only two years. For borrowers going though the foreclosure process, mortgage financing can be unavailable for a period of five to seven years afterward. Short sale properties are most often purchased by first-time homebuyers, the January survey results revealed. Currently, mortgage servicer approval on offers for short sale properties can take several months, making these transactions difficult for current homeowners who often need to conduct not one, but two, transactions in quick succession to also sell off their current residence. In contrast, first-time homebuyers more often have flexibility around the timing of short sale closings. “Short sales activity took a temporary dip in November around the expected expiration of the first-time homebuyer tax credit,” reported Thomas Popik, research director for the Campbell/Inside Mortgage Finance survey. “Few first-time homebuyers wanted to take the chance that their short sale transaction wouldn’t be approved by the November 30 deadline. But now that the tax credit has been extended, we see first-time homebuyers once again snapping up attractively priced short sales.” The survey results showed that short sales typically sell for 91 percent of the listing price. In contrast, move-in ready REO sells for 99 percent of listing price, on average. Short sales are becoming particularly attractive in some of the hardest-hit housing markets. As DSNews.com previously reported, 21.1 percent of all existing-home sales in the foreclosure-ravaged Las Vegas area last month were short sales. According to recent report from the local FOX news agency in Phoenix, Arizona lawmakers are currently considering a bill that would mandate realtors there learn short sale strategies. The state’s Short Sale Task Force is recommending that the Legislature require local agents to take 15 hours of short sale classes so they can successfully navigate the process. To help the industry meet growing demand for this increasingly popular foreclosure alternative, The Five Star Institute (FSI) will be hosting a Short Sale Summit in Las Vegas on March 12 as part of its West Coast 2010 Spring Training. The day’s full agenda will be dedicated to helping agents and other real estate practitioners master the art of short sales, and upon successfully passing a course exam, attendees will receive The Five Star Short Sale Certification. In addition to the full-day summit on short sales, FSI’s 2010 Spring Training will be held on March 10, 11, and 13, and covers such areas as building an REO business, mastering broker price opinions (BPOs), and working with the distressed borrower. If you're having troubles keeping up with your payments you have options. To learn more about those options contact The Real Estate Geeks today 714-720-2555 or via email Help@TheReal EstateGeeks.Net 
How You Can Get The Most Accurate, Real-Time Mortgage Rate Quotes Available
How You Can Get The Most Accurate, Real-Time Mortgage Rate Quotes Available
Posted by melissa · Leave a Comment
You can’t get your mortgage rates from the newspaper. Last week proved it. Again.
Friday morning, headlines in California and around the country read that mortgage rates were down 0.04 percent, on average, since the week prior.
A sampling of said headlines includes:
- US Mortgage Rates Drop For 2nd Straight Week (Reuters)
- Mortgage Rates On 30-year US Loans Fall To 4.93% (Business Week)
- 30-Year Fixed Mortgage Rate Falls Farther Below 5% (Marketwatch)
The story behind the headline was sourced from the Freddie Mac Primary Mortgage Market Survey, am industry-wide mortgage rate poll of more than 100 lenders. The PMMS has reported mortgage rate data to markets since 1971 and is the largest of its kind.
Unfortunately, rate shoppers can’t rely on it.
See, unlike governments and private-sector firms, when consumers are in need mortgage rate information, they need the information delivered in real-time; for making decisions on-the-spot. Consumers need to know what rates are doing right now.
The Freddie Mac survey can’t offer that.
According to Freddie Mac, the survey’s methodology is to collect mortgage rates from lenders between Monday and Wednesday and to publish that data Thursday morning. The survey results are an average of all reported mortgage rates. The problem is that mortgage rates change all day, every day. The PMMS results are skewed, therefore, by methodology.
And, meanwhile, the issue was compounded last week because mortgage rates shot higher Wednesday afternoon — after the survey had “closed”. The market deterioration ran into Thursday, too — again, unable to be captured by Freddie Mac’s PMMS.
Although the newspapers reported mortgage rates down last week, they weren’t. Conforming mortgage rates were higher by at least 1/8 percent, or roughly $11 per $100,000 borrowed per month. In some cases, rates were up by even more.
Newspapers and websites can give a lot of good information, but pricing is far too fluid to rely on a reporter. When you need to know what mortgage rates are doing in real-time, make sure you’re talking to a loan officer. Otherwise, you may just be getting yesterday’s news.
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For all of your lending needs The Real Estate Geeks have got you covered... Contact us today Loans@TheRealEstateGeeks.Net
Housing Starts Soar To 6-Month High In January… Or Do They?
Housing Starts Soar To 6-Month High In January… Or Do They?
Posted by melissa · Leave a Comment
Sometimes, headlines for housing can be misleading and this week gave us a terrific example.
On Wednesday, the Commerce Department released its Housing Starts data for January 2010. The data showed starts at a 6-month high.
A “Housing Start” is a privately-owned home on which construction has started.
Headlines on the Housing Starts story included:
- U.S. Housing Starts Hit 6-Month High (Reuters)
- U.S. Economy Receives Home Building Boost (Shepparton)
- Housing Starts Post Sharp Rebound (ABC)
Based to the headlines, the housing market looks poised for rapid growth through the Spring Market.
The real story, though, is that although Housing Starts increased by close to 3 percent last month, the growth is mostly attributed to buildings with 5 or more units. This includes apartments and condominiums — a sector of the housing market that’s notoriously volatile.
If we isolate Housing Starts for single-family homes only, we see that starts grew by just 7,000 units last month and have failed to break a range since June 2009. January’s tally is slightly below the 8-month average.
Perhaps more interesting than the Housing Starts, though, is the Commerce Department’s accompanying data for Housing Permits. After a 5-month plateau that ended in November, Housing Permits posted multi-year highs for the second straight month.
According to the Census Bureau, 82% of homes start construction within 60 days of permit-issuance.
One reason permits are up is that home builders want to capitalize on the federal homebuyer tax credit’s dwindling time frame. Sales are expected to spike in March and April and more homes will come online to deal with that demand. Home buyers should shop carefully, but with an eye on the clock.
As the tax credit’s April 30, 2010 deadline approaches, competition for homes may be fierce.
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Plumbing Tips for Beginners-DIY
Get simple tips for installing a new bathroom sink. This video is part of 10 Things You Must Know show hosted by Amy Matthews . SHOW DESCRIPTION :A home improvement project would be a lot less daunting if you could just remember the 10 Things You Must Know! In this DIY Network series, host and licensed contractor Amy Matthews gathers the best experts in her field to count down the 10 insider tips every homeowner MUST know before taking on a basic home improvement task. Whether you¿re painting a kitchen, wallpapering a bathroom or building a deck, the job will be a whole lot easier if you watch DIYs 10 Things You Must Know first!
Monday, February 22, 2010
How To Replace Your HVAC Air Filter
Replacing a home's heating, ventilation and air conditioning (HVAC) air filter is one way to keep the unit's motor running right. It's an oft-forgotten part of keeping a well-run home. And, it's simple, too.
In the two-minute video above, you'll learn how to replace an air filter from start-to-finish. There's no need for tools and no need for experience -- the job is about as basic as home maintenance jobs come.
Air filters should be changed at least quarterly but it's okay to change on a monthly rotation, too -- especially if your home has shedding pets, or is under construction or repair. Just remember that not all air filters are created equal.
In this famous video, we see how $0.99 filters can fail to get the job done. Spending $10-15 for a filter that works is a better idea.
Save money by buying in bulk.
Housing Starts Soar To 6-Month High In January... Or Do they?
Sometimes, headlines for housing can be misleading and this week gave us a terrific example.
On Wednesday, the Commerce Department released its Housing Starts data for January 2010. The data showed starts at a 6-month high.
A “Housing Start” is a privately-owned home on which construction has started.
Headlines on the Housing Starts story included:
- U.S. Housing Starts Hit 6-Month High (Reuters)
- U.S. Economy Receives Home Building Boost (Shepparton)
- Housing Starts Post Sharp Rebound (ABC)
Based to the headlines, the housing market looks poised for rapid growth through the Spring Market.
The real story, though, is that although Housing Starts increased by close to 3 percent last month, the growth is mostly attributed to buildings with 5 or more units. This includes apartments and condominiums -- a sector of the housing market that's notoriously volatile.
If we isolate Housing Starts for single-family homes only, we see that starts grew by just 7,000 units last month and have failed to break a range since June 2009. January's tally is slightly below the 8-month average.
Perhaps more interesting than the Housing Starts, though, is the Commerce Department's accompanying data for Housing Permits. After a 5-month plateau that ended in November, Housing Permits posted multi-year highs for the second straight month.
According to the Census Bureau, 82% of homes start construction within 60 days of permit-issuance.
One reason permits are up is that home builders want to capitalize on the federal homebuyer tax credit's dwindling time frame. Sales are expected to spike in March and April and more homes will come online to deal with that demand. Home buyers should shop carefully, but with an eye on the clock.
As the tax credit's April 30, 2010 deadline approaches, competition for homes may be fierce.
Saturday, February 20, 2010
Mortgage Rates Spike On The Federal Reserve's January 2010 Meeting Minutes
Mortgage markets reeled Wednesday after the Federal Reserve released the minutes from its January 26-27, 2010 meeting. Mortgage rates in California are now at their highest levels since the start of the year.
The Fed Minutes is a follow-up document, delivered 3 weeks after an official FOMC meeting. It's a companion piece to the post-meeting press release, detailing the debates and discussions that shaped our central bankers' policy decisions.
The Minutes is a terrific look into the Fed's collective mind and, yesterday, Wall Street didn't like what it saw. Specifically, the report disclosed that:
- The Fed plans to break support for mortgage markets after March 31, 2010
- Raising the Fed Funds Rate will be a key part of the Fed's strategy to tighten monetary policy
- The fundamentals behind consumer spending strengthened modestly
Furthermore, the Fed Minutes said that there is a growing risk of "higher medium-term inflation". Inflation, of course, is awful for mortgage rates.
Overall, the Fed's economic optimism appeared stronger after its January meeting as compared to its December one. A stronger economy should lead to better job growth and higher home prices throughout 2010.
Mortgage rates were up yesterday but they remain historically low. And many analysts think that after March 31, 2010, rates will rise even more. Therefore, if you're buying a home in the near-term, or know you'll need a new mortgage, consider moving up your time frame.
Every 1/8 percent makes a difference in your household budget.
If your selling and buying...It's all relative! WATCH
When you're thinking about selling your home and you're discouraged about doing so because of the prices... Check out this video For more information and a FREE consultation please contact The Real Estate Geeks at 714-272-5369
Friday, February 19, 2010
The Best And Worst Cities For Commuters (2010 Edition)
According to the Census Bureau, 2.8 million people commute to work 90 minutes or more each day, in each direction.
Now, your daily commute may not be as long, but time spent in cars, trains and buses is time away from work and from family. Drive-time can affect a person's Quality of Life and it's one reason why Forbes Magazine's Best and Worst Commutes is worth reviewing.
Measuring travel time, road congestion and travel delays in the 60 largest metropolitan areas, Forbes ranks city commutes from best-to-worst with Salt Lake City topping the list and Tampa-St. Petersburg finishing it.
The Top 5 Commutes, as compiled by Forbes:
- Salt Lake City, Utah
- Buffalo-Niagara Falls, New York
- Rochester, New York
- Milwaukee-Waukesha-West Allis, Wisconsin
- Albany-Schenectady-Troy, New York
The bottom 5 are Tampa-St. Petersburg, Detroit, Atlanta, Orlando, and Dallas-Forth Worth.
Long commutes shouldn't deter you from moving to a particular city, but the potential commute should be consideration. Before making an offer on your next home, make a rush-hour commute to work from your potential new neighborhood. Then imagine doing it every day.
You can read the complete Forbes list of Best and Worst Cities for Commuters on its website.
Wednesday, February 17, 2010
Countrywide Sending $16.9M to Florida Homeowners
This is an amazing story! check it out. Melissa - The Real Estate Geeks Some 16 months after Countrywide Financial reached an agreement with the Florida attorney general’s office to settle one of the biggest predatory lending lawsuits in the nation’s history, restitution is coming for distressed According to Florida Attorney General Bill McCollum, more than $16.9 million will be distributed this week, and each check will be written for just over $6,000. “These checks will make a significant difference for Floridians who are trying to save their homes,” McCollum said. “This will provide real relief to struggling homeowners and families.” In July 2008, McCollum filed a lawsuit against Countrywide – then one of the nation’s largest mortgage companies – for allegedly engaging in deceptive and unfair trade practices. The lawsuit claimed Countrywide put borrowers into mortgages they couldn’t afford or loans with rates and penalties that were misleading. That case was resolved in October 2008, and the settlement agreement included a foreclosure relief payment program for Florida homeowners with qualifying Countrywide mortgages. In addition to the $16.9 million in payouts to borrowers, the attorney general also obtained $4 million to fund a statewide foreclosure assistance program. According to a statement from McCollum’s office, the first of these funds were distributed in late 2009, and disbursement will continue over the course of two years. Recipient organizations agree to provide free legal assistance to eligible homeowners who face foreclosure but cannot afford an attorney to review their case. Countrywide’s former chief executive, Angelo Mozilo, was also named in the suit and the civil case against him is still pending in Broward County Circuit Court. The attorney general has also called on Bank of America, which acquired Countrywide after the lawsuit had been filed, to be more responsive to consumers who are trying to modify their loans and save their homes from foreclosure. As part of a nationwide settlement, the Bank of America-Countrywide conglomerate has pledged similar foreclosure relief assistance and borrower payouts to a whole host of other states, including California, Connecticut, and Illinois, after attorneys general there filed their own predatory lending lawsuits. In July of last year, Countrywide sent $7.46 million to borrowers in Texas who had already lost their homes or were facing imminent foreclosure.
homeowners. More than 2,700 Countrywide borrowers in the Sunshine State are being sent foreclosure relief payments from the lender that now bears the Bank of America Home Loansname.
Tuesday, February 16, 2010
Have you tried to get a loan mod and failed?
So many homeowners have failed to get a loan modification and wondered why. Here is a video posted by Frank Garay & Brian Stevens of TBWS that we'd like to share with you. This is just one of the reasons so many people fail. If you're having trouble getting a loan mod or even failed and not sure what to do at this point do not give up hope you still have options. For a FREE Phone Consultation please give us a call at 714-720-2555 or you may also email us at HELP@TheRealEstateGeeks.NET Special Note: All of our services are 100% FREE to any distressed homeowner who is behind in their mortgage, or about to become delinquent, or upside down on their loan/mortgage. For more information about this please contact us.
727 W Chapman Ave Orange, Ca 5 Bedrooms/5 Bathrooms Victorian Beauty (Mixed Use)
This is a one of a kind. City Zoned as a C2 for mixed use. For more information about this please give us a call 714-720-2555 or emails us at info@TheRealEstateGeeks.Net
How To Remove Stickers And Adhesive-Based Price Tags From Just About Anything
Sometimes, price tags just don't want to unstick. No matter how hard you scrub and scrape, tacky residence stays behind. Turns out, getting "the stick" off your stickers isn't so hard when you have the right tools.
In this 2-minute video from eHow.com, you'll learn how to remove stickers and adhesive-based price tags from common household items including:
- Wooden furniture
- Glass vases and other glassware
- Plastic pieces
- Cardboard boxes
The best part? All the supplies you'll need are already in your home.
18886 Quince Circle - Fountain Valley, CA 4 Bedrooms & 3 Baths $539,777
For more information about this home or other great homes... Give us a call we are here to help you find the right home, at the right price, and at the right time. 714-720-2555 or email us at info@TheRealEstateGeeks.NET
14182 Frances Street - Westminster
For more information, a private viewing or even more information on other great deals contact us today 714-720-2555 or by email at info@TheRealEstateGeeks.NET
16611 Crape Myrtle Lane Whittier, CA
For More Information On This Home or other great deals in Southern California contact The Real Estate Geeks @ 714-720-2555 or email info@TheRealEstateGeeks.Net
Monday, February 15, 2010
Residential Mortgage Delinquency Rate Surpasses 10%: LPS
Home loan delinquency rates in the United States have now surpassed 10 percent, Lender Processing Services (LPS) reported this week. When you factor in homes already in the foreclosure process, the total rate of noncurrent mortgages sits at 13.3 percent, according to the data in the Florida-based company’s national loan-level database. This rate indicates that more than 7.2 million mortgage loans are now behind on payments, LPS explained, with another one million properties already taken back by banks and in REO status. LPS’ January 2010 Mortgage Monitor report, shows that within the population of loans that were current at the end of 2008, the percent of “new” serious delinquencies is 4.64 percent – higher than any other year analyzed. Of loans that were current as of December 31, 2008, by December 2009 there were 2.3 million new loans that were considered seriously delinquent. Seemingly less-risky, prime mortgages continue to loom large as the industry’s big, pink elephant. Prime loans, including agency, non-agency, and jumbo, have experienced deterioration at a worse pace than subprime, Federal Housing Administration (FHA) insured mortgages, and all loans as a whole, LPS said. The company’s analysis shows that within the prime loans category, those with unpaid principal balances between $417,000 and $600,000 have performed the worst. The Mortgage Monitor report also indicates that 2009 vintage loans are performing better than loans from any of the prior five years and have been steadily improving as pools of loans grow larger. This improvement is attributed to more restrictive underwriting guidelines, but that also means “liquidity is still not available where it is needed most,” LPS said. The company’s analysis shows that states with most noncurrent loans are: Florida, Nevada, Mississippi, Arizona, Georgia, California, Indiana, Michigan, Illinois, and Ohio. Those with the fewest include: North Dakota, South Dakota, Alaska, Wyoming, Montana, Nebraska, Vermont, Colorado, Oregon, and Washington. If you're falling behind in your mortgage there is help available, contact The Real Estate Geeks 714-720-2555 Source DSNews
How Rising Consumer Sentiment Is Linked To Higher Home Prices
Consumer Sentiment has been on the rise since last February and it's something to which home buyers should pay attention.
The affordability of your next home may hinge on consumer confidence.
As the economy recovers from a near-the-brink recession, many of the elements of a full recovery are in place. Business investment is returning, household spending is expanding, and financial systems are gaining strength.
Consumer confidence is at a 2-year high.
What's missing from the recovery, though, is jobs growth. Another net 20,000 jobs were lost in January. Data like that hinders economic growth.
That said, twenty-thousand jobs lost is a much better figure than the several hundred thousand that were shed per month throughout early-2009, but it's still a net negative number. Not only does household income drop when Americans lose jobs but so does the average American's confidence in his or her own economic future.
This is one reason why jobs growth is so closely watched by Wall Street -- jobs are linked to higher confidence levels which, in turn, is believed to spur consumer spending.
Consumer spending represents 70% of the U.S. economy.
As confidence rises, it could be good news for the economy, but bad news for home buyers. More spending expands the economy and, all things equal, that leads mortgage rates higher.
Same for home prices. More confidence means more buyers which, in turn, squeezes the supply-and-demand curve in favor of sellers.
Later this morning, the University of Michigan will release its February Consumer Sentiment survey. If the reading is higher-than-expected, prepare for mortgage rates to rise and home affordability to worsen.
Thursday, February 11, 2010
In Pictures: The Severity Of The Foreclosure Crisis Depends On Where You Live
Foreclosures stories dominate the national housing news. It seems at least one foreclosure-related story makes its way to the front page or the nightly news every week.
But for as much as the foreclosure filing statistics can be astounding -- over 300,000 homes were served last month alone -- the prevalence of foreclosures depends on where you live.
As reported by RealtyTrac, just 4 states accounted for more than half of the country's foreclosure-related activity last month.
- California : 22.7 percent of all activity
- Florida : 14.9 percent of all activity
- Arizona : 6.7 percent of all activity
- Illinois : 5.7 percent of all activity
The other 46 states (and Washington D.C.) claimed the remaining 49.9%.
However, just because foreclosures are concentrated geographically, that doesn't make them less important to homebuyers around the country. There's been more than 1.4 million foreclosure filings in the last 12 months and that's a figure that can't be ignored.
Distressed properties now play a role in one-third of all home resales.
Therefore, if you're in the market for a foreclosed home, here's a few things to keep in mind.
- Properties are usually sold "as-is" and may not be up to living standards. Be sure to physically inspect the home before buying it.
- Buying a home from a bank is rarely as streamlined as buying from an individual homeowner. Be prepared for delays and long closings.
- Foreclosures aren't always listed for sale publicly. Ask your real estate agent how to access the complete foreclosure inventory.
In order to use the federal homebuyer tax credit, you must be under contract for a home by April 30, 2010 and closed by June 30, 2010. That doesn't leave much time to find a bank-owned home and make it to closing. If you're serious about buying foreclosures, it's probably best to start your search soon.
Separating FHA Fact From Fiction : Mortgage Insurance Premiums
The mortgage lending landscape changes a lot. Rates and guidelines are in constant flux, and it creates preparedness challenges for buyers that aren't paying in cash.
The loan you get today won't always be the loan you get tomorrow.
Because of how frequently bank rules are changing, it can be hard for laypersons to distinguish between mortgage fact and fiction of "what's coming next".
Recently, we saw this with respect to FHA home loans.
January 20, 2010, the FHA issued a press release with new lending guidelines. Specifically, it announced 3 changes that will be effective starting April 5, 2010:
- Upfront mortgage insurance premiums increase from 1.75% to 2.25%
- Allowable seller concession reduced from 6% to 3%
- FICO scores of 580 or lower are subject to a minimum 10% downpayment
But, also in its official statement, the FHA announced it would ask Congress for permission to raise monthly mortgage insurance premiums. This is where the rumors started.
Nestled on page 348 of the Budget of the United States Government, Fiscal Year 2011, in a section titled Special Topics, there is a 1-paragraph notation that details the FHA's petition.
- Raise monthly premiums by roughly 0.30%, or $25 per $100,000 borrowed per month
- Lower upfront mortgage insurance premiums by 1.25%, or $1,250 per $100,000 borrowed at closing
For now, the request is neither approved nor acknowledged by Congress. It's merely a request. And in the event that Congress does approves it, that doesn't mean that FHA has to stand by its initial projections.
Truth is, about the only thing we know about the future of FHA lending is that, come April 5, 2010, borrowing money is going to be tougher, and more expensive. These are the facts as we know them today.
Homebuyers should plan accordingly.
"Deadliest Catch" Captain Phil Harris Dies
I found this Sad information this morning::
Posted on February 10, 2010 - by morganWe mourn the loss of Capt. Phil HarrisFeaturedMorgan, We mourn the loss of Capt. Phil Harris | CorneliaMarie, Feb 2010
You should read the whole article. My prayers go out to all of his friends, family members, and all of his fellow fishing family! Melissa Bayles, Long Beach, CA
Tuesday, February 9, 2010
Mortgage Approvals Are Getting More And More Scarce
The economy's improving but lending standards are not. Nationally, banks are making mortgage approvals harder to come by.
Underwriting guidelines are tightening.
The data comes from the Federal Reserve's quarterly survey to its member banks. The Fed asks senior bank loan officers around the country to report on "prime" residential mortgage guidelines over the most recent 3 months and whether they've tightened.
For the period October-December 2009:
- Roughly 1 in 4 banks said guidelines tightened
- Roughly 3 in 4 banks said guidelines were "basically unchanged"
Just 2 of 53 banks said its guidelines had loosened.
Combine the Fed's survey with recent underwriting updates from the FHA and generally tougher standards for conventional loans and it's clear that lenders are much more cautious about their loans than they were, say, in 2007.
Today's home buyers and would-be refinancers face a bevy of new borrowing hurdles including:
- Higher minimum FICO scores
- Larger downpayment requirements for purchases
- Larger equity positions for refinances
- Lower debt-to-income ratios
So, if you're on the fence about whether now is a good time to buy a home, or make that refi, consider acting sooner rather than later. It doesn't necessarily matter that mortgage rates are low, or that there's an up-to-$8,000 home purchase tax credit for households that qualify. With each passing quarter, fewer and fewer applicants are eligible to take advantage.
Monday, February 8, 2010
Household Safety Tips : Space Heaters
For spot and room heating, homeowners often turn to portable space heaters. Often, it's cheaper and faster to heat a small space with a heater than it is to raise the entire home's temperature by a few degrees. But space heaters can be dangerous. According to the National Fire Protection Association, space heaters were responsible for a large percentage of overall fire-related damages in 2006, including:
- 43% of home heating-related injuries
- 51% of home heating-related property damage
- 73% of home heating-related civilian deaths
Clearly, as compared to central heating systems and fireplaces, electric space heaters cause a disproportionate amount of in-home damage. This is why it's important to be safe when using them. So, here's some basic space heater tips to follow at home:
- Never place anything flammable within three feet away of a space heater
- Never use an extension cord on a space heater
- Turn space heaters off when leaving a room or going to bed
Furthermore, make sure your space heater bears the label of a recognized testing laboratory such as Underwriters Laboratory. Remember to test your smoke detectors monthly. Source Heating Safety Tips National Fire Protection Agency
6052 Eaglecrest - Huntington Beach, CA
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6052 Eaglecrest - Huntington Beach, CA
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26903 W Jasper, Mission Viejo
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26903 W Jasper, Mission Viejo
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2849 S. Fairview Street Unit D, Santa Ana, Ca
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2849 S. Fairview Street Unit D, Santa Ana, Ca
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530 Panorama Fullerton, CA
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530 Panorama Fullerton, CA
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500 N Tustin Avenue # 124 Anaheim, CA
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500 N Tustin Avenue # 124 Anaheim, CA
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132 W. Ash Ave Fullerton, CA
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2112 Pioneer Fullerton California
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Sunday, February 7, 2010
Here are the facts when thinking about buying, selling, or investing
Here are the facts:
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Friday, February 5, 2010
The January 2010 Jobs Report May Lead Mortgage Rates And Home Prices Higher
On the first Friday of every month, the U.S. government releases its Non-Farm Payrolls data from the month prior. The data is more commonly known as "the jobs report" and it swings a big stick on Wall Street.
Especially now -- many analysts believe job growth is tightly linked to the future of the U.S. economy.
Therefore, when January's jobs report hits the wires at 8:45 AM ET tomorrow, home buyers would do well to pay attention. A net job reading that is much higher (or lower) than Wall Street's expectations can make a serious change in home affordability.
Wall Street expects that the economy added 13,000 jobs last month. It would mark the second time in 3 months that the jobs report showed a net monthly gain.
In November 2008, the economy added 4,000.
Jobs matter to the economy for a lot of reasons, but one of the biggest is that when Americans are working, Americans are buying and consumer spending accounts for 70 percent of the economy.
Job growth spurs the economy and draws money to the stock market. Unfortunately for rate shoppers, that kind of stock market growth happens at the expense of the bond market which is where mortgage rates are made.
Good jobs data usually means higher mortgage rates.
Also, job growth can lead to higher home prices. This is because working homeowners are less likely to default on a mortgage versus non-working homeowners. In this way, job growth helps hold foreclosures to a minimum which, in turn, suppresses the housing supply.
Less supply means higher prices for home buyers.
Mortgage rates are idling this morning in advance of tomorrow's data. If you're sho
Wednesday, February 3, 2010
Fed Reports a Pause in Credit Tightening
Most large banks have stopped tightening standards on a number of loan types, according to a new report from the Federal Reserve. But the central bank’s latest loan officer survey says that while it may not be getting tougher
for consumers to borrow, it’s not getting any easier yet either because financial institutions have yet to unwind the considerable contraction that has built up over the past two years.
Still, the pause in the stiffening might be seen as a hopeful sign for a financing world that’s been strained since 2007 – hopeful for pretty much every sector except commercial real estate, that is. That’s one of the only loan types where the majority of banks said they’d continued to tighten credit criteria.
“Banks’ policies on commercial real estate lending were an exception, as large net fractions of respondents further tightened their credit standards during the final quarter of last year,” the report said. “In addition, banks reported that they had tightened terms on [commercial real estate] loans substantially over the past year.”
Market observers continue to lament the lack of financing available in the commercial sector, particularly with an estimated 1 in 5 commercial mortgages maturing over the next two years. If property owners are unable to roll this debt into new loans, analysts fear another real estate calamity could be on the horizon.
In response to a special survey question about the quality of commercial and industrial loans on banks’ books in the fourth quarter, banks reported higher delinquency rates on loans to small firms than on loans to large and middle-market firms. On net, nearly 65 percent of domestic respondents indicated higher delinquency rates among outstanding loans to small firms.
For other types of loans, the number of banks reporting tighter loan terms trended lower. In line with this pattern, the Fed said only a small net fraction of banks tightened standards on prime residential real estate loans in the fourth quarter. A somewhat larger percentage of banks – but still fewer than in previous quarters – tightened standards on nontraditional residential real estate loans. Likewise, just a small net fraction of banks reported more stringent lending standards for revolving home equity lines of credit.
Banks reported weaker demand across the board – for commercial property loans, prime residential real estate loans, nontraditional mortgages, and home equity loans, alike.
The Federal Reserve’s survey results are based on responses from 55 domestic banks and 23 U.S. branches and agencies of foreign banks.