The Calif. Assoc. of Realtors (C.A.R.) released the results of a statewide survey on short sales and the challenges REALTORS® face in working with lenders and servicers.
The most frequent problems REALTORS® cited in working with lenders and servicers during the short sale process include unresponsiveness, onerous procedures, and long processing delays. The survey also found that fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures.
“The lack of standardization, long approval process, and lack of lender approvals are hampering what should be a 45-day short sale process,” said C.A.R. President Beth L. Peerce. “Instead we’re hearing the typical response time for lenders is at least 60 days, and in many instances, their response time exceeds 6 months.”
It’s important to work with experienced real estate agents. So call me with your real estate questions. I’ve been helping clients since 1985.
California home sales rose in January, marking three consecutive monthly increases and posting their highest level since May 2010, while the statewide median price declined to its lowest level since June 2009, according to data C.A.R.
“With lower home prices and rates edging up from their historic lows of late last year, prospective home buyers should consider the opportunities in today’s market,” said C.A.R. President Beth L. Peerce.
California home sales rose 5.1 percent in January compared with December, to a revised pace of 520,080 units. Sales also increased 2.5 percent in year-over-year comparisons, marking the first year-over-year sales increase since May 2010. The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the January pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The statewide median price of an existing, single-family detached home sold in California was $278,900, down 8.6 percent from a revised $305,020 in December and was down 2.0 percent from the $284,600 median price recorded for January 2010. The January 2011 median price was the lowest since June 2009, when it was $274,640.
Here are 5 more ways you can reduce the risk of having your identity stolen.
- Click with Caution. When shopping online, check out the website before entering your credit card number or other personal information.
- Check your bills and bank statements. Open your credit card bills & banks statements right away. Check them carefully for any unauthorized charges and report them immediately. Call if your bills don’t arrive on time…it may mean that someone stole your mail or changed your contact info to hide fraudulent activity.
- Stop pre-approved credit card offers. Those make a tempting target for identity thieves who may steal your mail. Go to: www.optoutprescreen.com .
- Ask Questions. Ask questions whenever your asked for personal information that seems inappropriate for the transaction. Ask how that info will be used or if it’s shared with others.
- Check your Credit Report. One of the best ways to protect yourself is to monitor or credit history. You can get a free report every year for free from each of the three credit bureaus. One source is: www.annualcreditreport.com .
I hope this information is helpful for you.
You can find more information about cyber security and safeguarding your personal information at the California Office of Information Security: http://www.cio.ca.gov/OIS/
The City of Fremont (Calif) has their 2011-2012 Community & Dining Guide now available. It includes shopping and dining options located throughout Fremont. This handy guide also includes local activities to try and places to visit. You can call 510-284-4020 or email: econdev@fremont.gov to get your free copy. To download an interactive version, go online to: www.Fremont.gov/CommunityGuide .
FREMONT IS “GREEN, CLEAN AND READY FOR THE FUTURE”.
Fremont was recently showcased in a ‘Green, Clean & Ready for the Future’ video that focused on Fremont as a home to innovative technologies.
Highlights include President Obama’s visit to Fremont’s Solyndra’s solar manufacturing plant and Tesla Motors announcement to build electric cars here in Fremont. To see the video, visit: www.fremont.gov/CleantechVideo .
There’s triple trouble for the Golden State’s struggling real estate market: the usual seasonal slowdown, a weak economy and “unrealistic asking prices” by some sellers, according to a report today from the California Association of Realtors.
Statewide, the seasonally adjusted home sales rate dropped 3.5 percent in October from the month before, the group reported. Year over year, though, sales were down 19.6 percent, although the market last fall was bolstered by federal tax credits for many homebuyers. The median price of a resale single-family house was up 2.3 percent from a year earlier to $304,220.
”We’re really seeing two different housing markets — one at the lower-end driven by first-time buyers and investors, which is keeping prices stable, and one with nostalgic sellers who set unrealistic asking prices,” Leslie Appleton-Young, the group’s vice president and chief economist, said in a news release today.
”Sellers need to consider current market conditions when pricing their home in order to facilitate a shorter time on the market,” she said.
“The housing market is experiencing an uneven recovery, and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales,” Lawrence Yun, the group’s chief economist, said in a statement. “Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels.”
~ Barry Ripp
information provided by Calif Assoc of Realtors with permission: www.car.org
Back in 2008, when the housing market was in even deeper trouble than it is in now, Congress passed the Housing and Economic Recovery Act to help move a glut of homes off the market. One of the key provisions was a tax credit for first-time homebuyers. That provision would be extended (twice) – and getting in early would have been a mistake.
If you claimed a federal income tax credit for a 2008 home purchase, you’ll probably have to pay it back over 15 years, starting with your 2010 Form 1040 (due next April). In contrast, if you claimed a credit for a 2009 or 2010 purchase, you probably won’t have to pay it back. (Blame Congress’s patchwork legislating.)
It gets much more complicated, so please click the following link to get more information.
http://www.smartmoney.com/personal-finance/taxes/do-you-have-to-repay-your-homebuyer-credit/
~ Barry Ripp
A number of major banks recently have suspended foreclosures in 23 states due to problems with the signing of declarations in connection with judicial foreclosures — foreclosures that proceed through the court system. Bank of America has further expanded its suspension of foreclosures to all 50 states. In California, the vast majority of foreclosures are conducted through non-judicial foreclosure or trustee sales which do not involve a court process.
While California foreclosures are not conducted through the court system, lenders in California must still comply with other legally required procedures for non-judicial foreclosures. C.A.R. is supportive of lenders taking action to ensure homeowners are not improperly foreclosed on and are following state law. We hope they are able to conduct their review expeditiously so as to minimize the impact on California’s housing market.
An update was e-mailed to all C.A.R. members detailing the most recent information available on the foreclosure situation. The update also is posted online at http://www.car.org/tools/smart/foreclosuremoratorium/.
~ Barry www.barryripp.com
reprinted with permission from the Calif. Asso. of REALTORS
A recent survey by Fannie Mae found that 70 percent of Americans think it is a good time to buy a house, with 47 percent of responsdents saying they believe home prices will hold steady over the next year. However, 33 percent said they would be more likely to rent their next home if they were to move.
A majority of Americans (67 percent) continue to believe that housing is a safe investment; however, that number is down 16 percentage points from a similar survey conducted in 2003, according to Fannie Mae. Delinquent borrowers and renters are notably more discouraged than mortgage borrowers and underwater borrowers about a home’s safety as an investment and the appeal of buying versus renting. More than 70 percent of all respondents believe it will be harder for the next generation to buy a home, an increase of three percentage points compared with the beginning of the year.
~ Barry Ripp www.barryripp.com
This information was obtained by the Calif. Association of REALTORS with permission.
The National Association of Realtors report:.
How it works: The organization collects data from all Realtor associations across the country and releases information about the number of sales, median home prices and pending sales. It takes some data, for example, from its MLS listings, which are properties that Realtors have on the market.
The pros: The association has access to tons of data, and the number of home sales and pending sales can show if the housing market is heating up.
The cons: The average price information is on a national, or even county level and it isn’t going to show what your house is worth or how your neighborhood is performing.
The take-away: Most economists say median price — the price at the midpoint of all sales — isn’t helpful in determining home values because its mix of sales can be fairly erratic. For instance, if a bunch of higher-priced homes sell in a given month, the median price will increase but that doesn’t necessarily mean home values have jumped. Also, if mostly low-priced homes sell, then the median price will dip. Still, the number of pending sales and home sales can tell you a lot about the relative health of the housing market.
~Barry Ripp
www.barryripp.com
Sales of homes for less than the amount of their outstanding mortgage debt have tripled since 2008, particularly in California, according to a report released last Tuesday.
Known as “short sales”, the increasingly common transactions for financially troubled homeowners are projected to balloon to 400,000 in 2010. The number of transactions had exploded to more than 160,000 in 2009 from roughly 96,000 the year before. More than a quarter of the transactions occur in California, with another quarter split between Arizona, Texas and Florida
In an economy in which jobs are scarce and a quarter of homeowners owe more on their property than it’s worth, short sales are appealing to investors, banks and owners as a cheaper way out than foreclosure.
And with fluctuating home prices, lenders can be reluctant to approve short sales. The transactions can be a hassle to execute, especially when multiple loans on a home mean a slew of creditors are included in negotiations.
But on the bright side; Short sales could actually end up boosting the job market. Unemployed homeowners who can escape underwater mortgages have an easier time moving around, expanding their job search.
As I finish this posting, there are currently 604 houses for sale in the Fremont tri-city area. Of which 126 are short sales, that’s 20%. Those numbers decrease sharply for the higher priced homes. Of the homes prices over $500,000 only 12% are short sales.
The Calif. Assoc. of Realtors (C.A.R.) released the results of a statewide survey on short sales and the challenges REALTORS® face in working with lenders and servicers. 
