This report shows that the spread between the sales-to-list price ratio lessened significantly in most markets, but high-end housing markets in many areas continued to offer great bargains for buyers.
The 10 hottest ZIP codes in the ZipRealty markets where the selling prices was greater than the asking price were:
1. Greater Grand Crossing – Chicago, Ill. (60619)
2. Oakland, Calif. (94603)
3. The Loop – Chicago, Ill. (60603)
4. Excelsior – San Francisco, Calif. (94112)
5. Fort Lauderdale, Fla. (33309)
6. San Bernardino, Calif. (92411)
7. Oakland, Calif. (94621)
8. Covington, Wash. (98042)
9. Berkeley, Calif. (94702)
10. North Las Vegas, Nev. (89030)
The coldest ZIPs, where selling prices were below asking, were:
1. Statesville, N.C. (28677)
2. Singer Island, Fla. (33404)
3. Philadelphia, Pa. (19140)
4. Boca Raton, Fla. (33434)
5. Jacksonville, Fla. (32206)
6. Chester, Pa. (19013)
7. Naples, Fla. (34102)
8. Palm Beach, Fla. (33480)
9. Reading, Pa. (19602)
10. Durham, N.C. (27703)
Source: ZipRealty (10/22/2010)
Marketing Southern California Real Estate and Marketing Your Home at the Highest Level... Here to Help Make Your Move Easier, Questions? Call Us 714•694•0880 jim@jimsalem.com
Oct 27, 2010
Oct 23, 2010
Foreclosure Freeze Shakes Up Security Clearances
The freeze on foreclosures is putting federal employees with security clearances in a jam.
The government monitors the finances of employees that it believes could be vulnerable to bribery or blackmail. The foreclosure freeze is preventing these workers from settling their debts, so under government guidelines they could lose their clearances.
There are more than 854,000 employees nationwide potentially affected by this, many of them in the Washington, D.C., area. John P. Mahoney, a lawyer at Tully Rinckey, who specializes in resolving security-clearance problems, says many of the affected workers have had security clearances for years.
"Now they are concerned that their clearance will be pulled, or they will be fired because their real estate investments have gone bad," Mahoney says. "It's a very emotionally charged issue."
Source: The Washington Post, Dina ElBoghdady and Dana Hedgpeth (10/20/2010)
The government monitors the finances of employees that it believes could be vulnerable to bribery or blackmail. The foreclosure freeze is preventing these workers from settling their debts, so under government guidelines they could lose their clearances.
There are more than 854,000 employees nationwide potentially affected by this, many of them in the Washington, D.C., area. John P. Mahoney, a lawyer at Tully Rinckey, who specializes in resolving security-clearance problems, says many of the affected workers have had security clearances for years.
"Now they are concerned that their clearance will be pulled, or they will be fired because their real estate investments have gone bad," Mahoney says. "It's a very emotionally charged issue."
Source: The Washington Post, Dina ElBoghdady and Dana Hedgpeth (10/20/2010)
Oct 21, 2010
Yorba Linda Bank Owned 2 Story only $489,900!
4 Bedroom, 3 Bath Over 1,800 sqft Yorba Linda Home. Bank Owned REO.
Only $489,900
Call for Details, to Arrange a Showing, or if you would like a
Custom list of Homes for Sale.
Only $489,900
Call for Details, to Arrange a Showing, or if you would like a
Custom list of Homes for Sale.
Oct 15, 2010
Mortgage Rates Continue to Fall to New Record Lows
30-Year Mortgage Rates Plumb New Depths
Freddie Mac reports that the average interest on 30-year fixed mortgages slipped to an all-time low, for the third consecutive week, to 4.19 percent.
At the same time, 15-year fixed-rate loans and the five-year adjustable-mortgage rate both also hit record lows. Rates on the former were 3.62 percent, while the latter averaged just 3.47 percent.
Source: The Wall Street Journal, Nathan Becker (10/15/10)
You can call us for an introduction to local lenders with years of experience and great rates.
Freddie Mac reports that the average interest on 30-year fixed mortgages slipped to an all-time low, for the third consecutive week, to 4.19 percent.
At the same time, 15-year fixed-rate loans and the five-year adjustable-mortgage rate both also hit record lows. Rates on the former were 3.62 percent, while the latter averaged just 3.47 percent.
Source: The Wall Street Journal, Nathan Becker (10/15/10)
You can call us for an introduction to local lenders with years of experience and great rates.
Property Taxes - Best and Worst States
In Orange County, the average property tax is about 1.25% of a property's value.
The national median for real estate taxes is 1.04 percent of a property’s value. Here’s the list of the top 10 states with the highest median real estate taxes as a percentage of median home value as well as the ranking of states with the lowest:
States with the highest taxes:
1. New Jersey (1.89 percent of property value)
2. New Hampshire (1.86 percent)
3. Texas (1.81 percent)
4. (tie) Wisconsin (1.76 percent)
4. (tie) Nebraska (1.76 percent)
6. Illinois (1.73 percent)
7. Connecticut (1.63 percent)
8. Michigan (1.62 percent)
9. Vermont (1.59 percent)
10. North Dakota (1.42 percent)
States with the lowest taxes:
1. Louisiana (0.18 percent)
2. Hawaii (0.26 percent)
3. Alabama (0.33 percent)
4. Delaware (0.43 percent)
5. West Virginia (0.49 percent)
6. South Carolina (0.50 percent)
7. (tie) Arkansas (0.52 percent)
7. (tie) Mississippi (0.52 percent)
9. New Mexico (0.55 percent)
10. Wyoming (0.58 percent)
Source: 2009 U.S. Census Data and Tax Foundation calculations
The national median for real estate taxes is 1.04 percent of a property’s value. Here’s the list of the top 10 states with the highest median real estate taxes as a percentage of median home value as well as the ranking of states with the lowest:
States with the highest taxes:
1. New Jersey (1.89 percent of property value)
2. New Hampshire (1.86 percent)
3. Texas (1.81 percent)
4. (tie) Wisconsin (1.76 percent)
4. (tie) Nebraska (1.76 percent)
6. Illinois (1.73 percent)
7. Connecticut (1.63 percent)
8. Michigan (1.62 percent)
9. Vermont (1.59 percent)
10. North Dakota (1.42 percent)
States with the lowest taxes:
1. Louisiana (0.18 percent)
2. Hawaii (0.26 percent)
3. Alabama (0.33 percent)
4. Delaware (0.43 percent)
5. West Virginia (0.49 percent)
6. South Carolina (0.50 percent)
7. (tie) Arkansas (0.52 percent)
7. (tie) Mississippi (0.52 percent)
9. New Mexico (0.55 percent)
10. Wyoming (0.58 percent)
Source: 2009 U.S. Census Data and Tax Foundation calculations
Oct 8, 2010
Waiting Period to Buy a Home after a Short Sale or Foreclosure
Beginning Oct 1, 2010 FannieMae (FNMA) has changed their lending guidlines.
For homebuyers with a Foreclosure the waiting period is now 7 years.
For homebuyers with a Short Sale or Deed in Lieu the waiting period varies:
2 Years with 20% Down Payment
4 Years with 10% Down Payment
7 Years for other Loans
FHA Loans require a 4 Year waiting period after a Foreclosure
The FHA waiting period after a Short Sale is 3 Years
There are many other requirements and certain Extenuating Circumstances can shorten the waiting period.
Only deal with a knowledgable, experienced loan consultant - you can call or email us for a recommendation to lenders who will be able to provide you with details of the current loan requirements.
For those Homeowners trying to decide if they should bother with a Short Sale, one of the questions to ask is: Would you rather have the option to buy again in 2, 3 or 4 years versus waiting up to 7 years? Many people think home prices and interest rates may still be affordable in 2 or 3 years, but in 7 years - inflation, higher interest rates and higher home prices are a much greater possibility.
For homebuyers with a Foreclosure the waiting period is now 7 years.
For homebuyers with a Short Sale or Deed in Lieu the waiting period varies:
2 Years with 20% Down Payment
4 Years with 10% Down Payment
7 Years for other Loans
FHA Loans require a 4 Year waiting period after a Foreclosure
The FHA waiting period after a Short Sale is 3 Years
There are many other requirements and certain Extenuating Circumstances can shorten the waiting period.
Only deal with a knowledgable, experienced loan consultant - you can call or email us for a recommendation to lenders who will be able to provide you with details of the current loan requirements.
For those Homeowners trying to decide if they should bother with a Short Sale, one of the questions to ask is: Would you rather have the option to buy again in 2, 3 or 4 years versus waiting up to 7 years? Many people think home prices and interest rates may still be affordable in 2 or 3 years, but in 7 years - inflation, higher interest rates and higher home prices are a much greater possibility.
Oct 5, 2010
No Short Sale Deficiencies: Starting Jan 1, 2011
No Short Sale Deficiencies: Starting January 1, 2011, a seller's first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower.
Oct 4, 2010
Department of Real Estate Warning: False and Misleading Designations and Claims of Special Expertise, Certifications and/or Credentials
By Wayne S. Bell
Chief Counsel --
California Department of Real Estate
The DRE has issued prior warnings and alerts to consumers and licensees alike about the flood of fraud in connection with pre-foreclosure and foreclosure-related rescue, forbearance and forgiveness services on behalf of financially distressed homeowners, including loan modifications, forensic loan audits, and short sales.
The DRE has noticed an increase in the use of questionable and possibly misleading terms such as "expert", "certified", and "specialist" in the marketing and advertising of assistance to anxious homeowners in connection with their home loans and foreclosure rescue services and short sales A growing number of individuals and companies, many of whom are unlicensed, purport to be "experts" in the area of short sales, "certified" forensic loan auditors, short sale "specialists", loan modification "specialists", loss mitigation “experts”, “fraud investigators”, and the like, and many of these designations and claims seem to be nothing more than marketing ploys by unscrupulous fraudsters to capitalize on the desperation and vulnerability of unsophisticated and/or financially strapped homeowners.
Chief Counsel --
California Department of Real Estate
The DRE has issued prior warnings and alerts to consumers and licensees alike about the flood of fraud in connection with pre-foreclosure and foreclosure-related rescue, forbearance and forgiveness services on behalf of financially distressed homeowners, including loan modifications, forensic loan audits, and short sales.
The DRE has noticed an increase in the use of questionable and possibly misleading terms such as "expert", "certified", and "specialist" in the marketing and advertising of assistance to anxious homeowners in connection with their home loans and foreclosure rescue services and short sales A growing number of individuals and companies, many of whom are unlicensed, purport to be "experts" in the area of short sales, "certified" forensic loan auditors, short sale "specialists", loan modification "specialists", loss mitigation “experts”, “fraud investigators”, and the like, and many of these designations and claims seem to be nothing more than marketing ploys by unscrupulous fraudsters to capitalize on the desperation and vulnerability of unsophisticated and/or financially strapped homeowners.
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