Archive for Uncategorized
National “Real Estate Listing” Distribution!
Posted by: | CommentsConsumers are online every day using search engines and
classified portals to browse homes. In addition to Google, Yahoo!,
Trulia and Zillow – there are many more places for consumers to
go appearing every day. When you list with me, your property
is entered into our ’National Listings Distribution
Program”, giving your property the ultimate exposure it deserves.
Internet use by home buyers increases 6% annually. At this rate
of growth, more than 90% of all home buyers in California will be
shopping online in 2011. Maximum online exposure is essential
to marketing your property to today’s home buyers.
Check out “National Listing Distribution” at:
www.sierraproperties.com
Our New, “News Site” www.sierraproperties.com
Posted by: | Comments“Current” Financing articles, Blogs, Videos, search links, Property Values, MLS information, Pictures and Updates.
Plus, All your real estate needs and assistance, based on 60+ years experience will help YOU!
Call (530) 622-0131 or (530) 409-8351
www. sierraproperties.com or email: zteam4u@gmail.com
Mortgage Applications Rise
Posted by: | CommentsMortgage applications to purchase homes rose 3.9 percent last week compared to the previous week on an adjusted basis.
On an unadjusted basis, purchases rose 3.5 percent compared with the previous week, but were 30.3 percent lower than it was the same week a year ago.
Including mortgage applications to refinance, total applications increased 3.2 percent on an adjusted basis.
Mortgage rates were the second lowest ever observed by the MBA’s weekly survey:
· 30-year fixed-rate mortgages decreased to 4.25 percent from 4.34 percent.
· 15-year fixed-rate mortgages decreased to 3.67 percent from 3.74 percent.
Source: Mortgage Bankers Association (10/27/2010)
House Committee to Investigate Mortgage Servicing Problems
Posted by: | CommentsThe House Subcommittee on Housing and Community Opportunity will hold a hearing on the industry’s foreclosure paperwork errors when Congress reconvenes next month.
The hearing, scheduled for Thursday, November 18th, will investigate the problems that have recently surfaced in the mortgage servicing industry, including improper and possibly illegal foreclosure processing.
The Senate Banking Committee, too, plans to hold its own hearing on the matter on November 16th. Congresswoman Maxine Waters (D-California), who chairs the House subcommittee, expressed concern that the nation’s major banks themselves have revealed that improper and potentially fraudulent foreclosures have been widespread, not merely isolated incidents. Several of the largest mortgage servicers have voluntarily suspended at least some of their foreclosure proceedings to investigate their procedures.
In a statement issued Tuesday, Waters criticized Bank of America and GMAC Mortgage for lifting their foreclosure freezes this week. “I am disappointed by Bank of America’s rush to resume foreclosures after such a short review that calls into question how it could examine more than 100,000 mortgages so quickly,” Waters said. “I am also concerned that GMAC is moving ahead with foreclosures despite an employee’s admission that he ‘robosigned’ 10,000 foreclosure affidavits a month without verifying the accuracy of the documents.”Waters continued, “There is ample evidence that homeowners have been harmed by wrongful foreclosures. Regulators need to initiate a full review of Bank of America, GMAC, and other servicers because we cannot leave it to the banks to review and police themselves.”
In addition to hearing testimony from industry representatives, government regulators, and outside watchdogs at the November hearing, Chairwoman Waters says she wants to examine various solutions to address the nation’s strangling foreclosure crisis.
Waters recently introduced the Foreclosure Prevention and Sound Mortgage Servicing Act (H.R. 3451), which would prohibit a bank from initiating foreclosure proceedings without offering the homeowner loss mitigation.
By: Carrie Bay, DSNews.commDDSNews.comSNews.com
Loan program for rehab loan
Posted by: | CommentsHome buyers thinking of purchasing a distressed property in need of repair, but who are concerned that the cost of the repairs could drain their savings account may qualify for the Federal Housing Administration’s (FHA) 203(k) rehabilitation program.
• The FHA’s 203(k) rehabilitation program provides loans for covering renovation costs as well as the purchase price of the primary residence. Investors are not eligible for this program. Additionally, similar to traditional FHA loan programs, the rehab program allows for a down payment of as little as 3.5 percent.
• A common misperception about the program is that the house needs to be unlivable. Realistically, the property just needs to be outdated, according to a lender familiar with the program. The property “just has to appraise below market value and then at market value with the repairs.”
• Improvements deemed “luxury” are ineligible; however, the program has a wide range of definitions for “repairs” and “modernization.” Covered repairs include items such as a new roof or heating system, as well as decorative changes, like replacing vinyl with ceramic tile on the kitchen floor or painting the interior.
• In addition to putting down at least 3.5 percent of the current value of the property, buyers also must use a HUD-approved lender, appraiser, and a contractor approved by the lender for the repairs. One list of approved businesses can be found at 203kcontractors.com.
• Borrowers considering the FHA rehab loan program should be aware that loan rates typically run around a percentage point higher than conventional loans, and come in 15- to 30-year terms, either fixed or adjustable. Additional paperwork for inspection, appraisal, title updating, and the like can increase closing costs by $1,000 or more higher than the average.
• For additional information about the FHA 203(k) rehabilitation program, please visit http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm.
Read the full story: http://www.nytimes.com/2010/10/17/realestate/mortgages/17mort.html?_r=1&ref=realestate
“HUD Blog” on recent revelations about foreclosure processing
Posted by: | CommentsThe recent revelations about foreclosure processing — that some banks may be repossessing the homes of families improperly — has rightly outraged the American people. The notion that many of the very same institutions that helped cause this housing crisis may well be making it worse is not only frustrating — it’s shameful.
Entire blog at: http://portal.hud.gov/portal/page/portal/HUD/press/blog/2010/blog2010-10-18
The Emergency Economic Stabilization Act of 2008, “EXPIRED”
Posted by: | CommentsThe Emergency Economic Stabilization Act of 2008 (EESA) became law on October 3, 2008, during a time of tremendous financial upheaval and economic uncertainty.
The Troubled Assets Relief Program (TARP) was established under the EESA with the specific goal of stabilizing the United States financial system and preventing a systemic collapse. Treasury has established several programs under the TARP to stabilize the financial system and has now created the Financial Stability Program to further stabilize the financial system, restore the flow of credit to consumers and businesses, and tackle the foreclosure crisis to keep millions of Americans in their homes.
On October 3, 2010, authority to make new investments under TARP, EXPIRED! However, Treasury will continue to disperse TARP funds for certain programs where it has existing contracts and previous commitments, including the following:
“Low Credit Scores” Blocking 1/3 of Americans from Homeownership
Posted by: | CommentsNearly one-third of Americans are unlikely to qualify for a mortgage because their credit scores are too low, making homeownership out of reach for many, according to the online real estate marketplace Zillow.
The Seattle-based company analyzed more than 25,000 loan quotes and purchase requests on Zillow Mortgage Marketplace during the first half of September and found that borrowers with credit scores under 620 who were seeking a 30-year fixed, conventional loan were unlikely to receive even one loan quote, even if they offered a down payment of 15 to 25 percent.
Nearly one-third of Americans, or 29.3 percent, has a credit score this low, according to data provided by myFICO.com.
Not only are a third of Americans locked out of owning a home, but less than half qualify for the best rates. The lowest interest rates went to mortgage borrowers who were among the 47 percent of Americans with credit scores of 720 or above.
Article by Carrie Bay at: http://www.dsnews.com/articles/low-credit-scores-blocking-1-3-of-americans-from-homeownership-zillow-2010-09-28
August 2010 Home Sales Volume
Posted by: | Comments34,239 new and resale homes closed escrow in California during August 2010, down 13.5% from one year ago when 39,878 sales closed escrow. Statewide, sales volume has continued to show its recent downward trend. One factor contributing to the sales decline was buyers taking advantage of the state and federal tax credits through the first quarter of 2010. [For more information on California home sales, see the August 2010 first tuesday market chart, Home sales volume and price peaks.]
Real estate owned (REO) resales accounted for 32% of all resales in August — comparable to 36% in July but down from 42% of all sales one year earlier.
Speculator and investor house buying represented 22% of resales in Southern California (SoCal) and 18% in the Bay Area. The high-tier home market accounted for 18% of resales in SoCal and 34% of Northern California (NorCal) sales, up from 16% and 29% one year earlier.
Federal Housing Administration (FHA)-insured loans represented 37% of SoCal and 24% of Bay Area mortgages recorded in August 2010, down from 40% and 25% one year earlier. These drops in FHA-insured originations are consistent with the fact that expensive homes have become a higher percentage of resales.
Adjustable rate mortgages (ARMs) provided for 6% of total mortgages in SoCal and 9% of NorCal mortgages. Jumbo loans (mortgages over $417,000) accounted for 18% of SoCal and 36% of Bay Area purchase-assist financing in August.
Cash purchases represented 26% of SoCal and 26% of NorCal sales in August.
Re: “California August Home Sales” from MDA Dataquick
By ft Editorial Staff, Copyright © 2010 by first tuesday Realty Publications, Inc. Readers are encouraged to reprint or distribute this information with credit given to the first tuesday Journal Online