Billionaire John Paulson says Buy a Home

Forbes.com Sept 27, 2010
Billionaire John Paulson told a crowd at New York's University Club that double digit inflation is about to rear its ugly head by 2012.
"As this is the best time in 50 years to buy homes, issue 30 year mortgages to buy a home - your debt and interest payments get locked in at record lows, while the price of your home will rise."
"If you don't own a home buy one," Paulson recommended; "if you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home."

BANK OWNED DEAL OF THE WEEK!

Almost 3,000 sqft 4 Bedroom, 3 Bath Anaheim Hills Home
Built in 1991, Modern and Open Floor Plan, only $589,900

Spacious Buena Park Single Story

6178 Macarthur Way, Buena Park 90620
4 Bedroom, 2 Bath, over 1,900 sqft, RV Parking
only $370,000

Anaheim Hills Bank Owned Home!

7987 E. Altair Ln, Anaheim Hills 92808
BANK OWNED/REO. Spacious, Light & Open Anaheim Hills Home! 3 Bedrooms & Loft / Den that makes a great office or play area! Panoramic city lights & hills views from Master Suite and Loft. Pool sized private back yard! Double door front entry with decorative leaded glass. Beautiful Hardwood floors in Living Room & Dining Room! Dramatic spiral staircase and Brick Fireplace! Newer Designer Paint! Modern, smooth textured ceilings! Plush Newer Carpeting! Newer Decorator Lighting! Light & Bright Kitchen with Garden Window, Newer Oven, Newer Built-in Microwave and Chef's style sink with pull-out faucet! Kitchen overlooks family room and spacious yard. Master suite with double door entry, walk-in closet, oval tub and separate shower! Tile roof. Automatic sprinklers. Central Air. only $497,100

Cheaper than Renting!

2550 San Gabriel Way # 202, Corona 92882.
Beautiful Modern Condo in the Green River area of Corona. 2 Master Suites with 2 Full Baths all on one level on the second floor. Very close to the O.C. at an affordable price! Completely remodeled in 2005 with New Paint & Carpet. New Kitchen with Beautiful Cabinets, Granite Counters and Breakfast Bar, Stainless Oven, Dishwasher and Built-in Microwave. Highly Upgraded Baths with Granite. Spacious Private Balcony. Indoor Laundry. Association features a Pool, Spa, Fitness Center, Basketball Courts & Clubhouse.  only $154,900.

Affordable Southern California Retirement

1850 Fairway Drive # 25, Chino Hills 91709 - SOLD
Retire to the Hills, Chino Hills! Resident owned, senior (55+) Western Hills Estates Nestled in the Hills next to Western Hills Country Club. You own a share of the park!(1/101th).NO SPACE RENT! Pay only association dues of approx $300./month for water, trash, sewer, park maintenance and New Clubhouse Nearby. Great Corner, End Lot with a Relaxing View of the Hills. Spacious 2 Bedroom 2 Bath with 2 Car Covered Carport. Large Living Room with Vaulted Ceiling, Eat-in Kitchen with New Appliances and Formal Dining Room. Master Suite with Mirrored Closet and Spacious Master Bath with Dual Sink Vanity, Large, Sunken Oval Tub & Separate Shower! Inviting Front Porch with Panoramic Hills Views! Indoor Laundry Room. Newer Paint inside & out and Newer Carpeting! Newer Light Fixtures and Ceiling Fans! Newer Fenced-in Yard with Newer Landscaping and Auto Sprinklers! Newer Heater & A/C blower! Newer Window Coverings and 2 New Sheds!
only $132,000

First Team Real Estate Announces Housing Stimulus Package to Help Home Buyers & Sellers

Mortgage Rates Continue to Fall

Average interest on long-term mortgages slid to a record low for the eighth time in nine weeks and could dip more. Freddie Mac reports that 30-year fixed loans averaged 4.36 percent this week, down from 4.42 percent a week ago; the 15-year fixed rate fell to a new low of 3.86 percent from 3.90 percent; and adjustable-rate mortgages were also below 4 percent.



The Mortgage Bankers Association's Michael Fratantoni said the group expects that rates "will begin to rise as the economic situation improves along with jobs."

Southern California Home Value Index

California Zillow Home Value Index

California Home Values - Interactive chart

BANK OWNED DEAL OF THE WEEK!

SPACIOUS BANK OWNED HOME! ONLY $662,000 FOR 2,800 SQFT IN GREAT ANAHEIM HILLS AREA! BUILT IN 1997, 4 BEDROOMS + BONUS ROOM, 3-FULL BATHS. 1 BEDROOM + BONUS ROOM DOWNSTAIRS! PERGO FLOORING IN KITCHEN AND FAMILY ROOM. BUILT-IN REFRIGATOR, ISLAND IN KITCHEN. GRANITE ENTRY & HALL, FIREPLACE IN FAMILY ROOM, PLANTATION SHUTTERS IN LIVING & BONUS ROOM. ROMAN TUB IN MASTER BEDROOM. LOTS OF POTENTIAL!! MASTER BEDROOM HAS PEAK-A-BOO VIEW OF CITY LIGHTS.

Huge East Hills Community Yard Sale August 7

We will be sponsoring a Community Yard Sale in Anaheim Hills. Over 70 Families will be selling lots of stuff on Saturday August 7 from 7:00am to Noon. Look for the Signs along Santa Ana Canyon & Weir Canyon

Record Lows Continue for Mortgage Rates

The 30-year fixed mortgage rate fell to a new low of 4.54 percent this week from 4.56 percent last week and an average of 5.25 percent a year ago.

The 15-year fixed loan rate also hit a record low of 4 percent, down from 4.03 percent a week ago and 4.69 percent last year. The five-year adjustable-rate mortgage averaged 3.76 percent, compared to 3.79 percent last week and 4.75 percent a year earlier; and one-year ARMs averaged 3.64 percent, down from 3.7 percent and 4.80 percent, respectively.
Source: The Wall Street Journal, Nathan Becker (07/30/10)

Property Tax Value Notices Have Been Sent Out

If you do not agree with the value of your home listed on your property tax value notice you have until September 15, 2010 to file an Application for Changed Assessment. Go to the link on the right - Reduce Your Property Tax.

5-day loan mod event starts Friday July 16

Chase is having a 5-day event in Costa Mesa to help struggling homeowners who have Chase, EMC or WaMu-serviced mortgages.

The bank says loan advisors will offer counseling for homeowners applying for modifications, and for customers who are current on their mortgages but having a hard time keeping them up. There also will be help with short sales for customers who cannot afford their home or don’t want to stay in it. And those applying for trial modifications will be able to drop off the necessary documents.
More than 50 of Chase’s home loan counselors will be available, according to the news release.
The event, at the Hilton Orange County at 3050 Bristol St., begins Friday and runs through Tuesday, July 20. The hours are 8 a.m. to 8 p.m

Rates on Mortgages fall to the lowest level on record

Rates on 30 Year Fixed Mortgages fall to 4.69%, the lowest level on record, Freddie Mac says.
WASHINGTON (AP) -- Mortgage rates fell this week to the lowest level on record, giving consumer's added incentive to lock in low payments for home purchases and refinanced loans.
The average rate for 30 Year Fixed loan sank to 4.69%, from 4.75% last week, Mortgage Company Freddie Mac said Thursday. That's the lowest point since Freddie Mac began tracking rates in 1971. The previous record of 4.71% was set in December 2009.
15 Year Fixed Rate mortgages fell to an average of 4.13%. That was the lowest on record dating back to September 1991. It was down from 4.20% a week earlier

Beautiful & Affordable New Listing

Anaheim Hills Single Story View Home only $369,900 - SOLD
See a Visual Tour at: www.137Larkwood.com
Come by the Open House this Sunday and Bring a Friend

Distressed Home Owner Free Public Seminar

First Team Real Estate will be Sponsoring a Free Seminar for Home Owners that are having problems making their payments and want to know their options. Tell anyone you know who may need this help.
Saturday May 15 from 10:00am to Noon at the Anaheim Hills Community Center - Santa Ana Canyon Rd just west of Weir Canyon Rd

Some of the topics discussed:
Loan Modification Programs
Foreclosure Prevention
Balancing Personal Finances
Short Sale vs Foreclosure
Understanding Credit Reports and Scores

A Private Consultation is also available for those who prefer - just call us to schedule.

FORECLOSURE FRIDAY

These are the Bank Owned Homes in North East Orange County.

Email us for a Customized List.

Click on the Chart to Enlarge.

FORECLOSURE FRIDAY

These are Bank Owned Houses Now on the Market in North & Central Orange County. Call us if you would like a Customized List. You can Click on the Chart to Enlarge.

FORECLOSURE FRIDAY

These are North Orange County Bank Owned Detached Houses. For a Customized List, Call or Email Us. Click on the List to Enlarge.

$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME

Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.

Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.

New California Home Buyer Tax Credit for 2010 & 2011

Governor Arnold Schwarzenegger signed a bill offering California’s second round of tax credits to buyers who purchase a home in the Golden State. This time, the state has doubled to $200 million the amount of credits it will allow. The bill allows up to $10,000 in tax credits, both for new-home buyers and for first-time buyers of existing homes. The last round of tax credits, which were for new-home purchases only, were extremely popular. Sales of newly built homes rose, and buyers depleted the full $100 million eight months before the deadline. The state tax credit will become effective May 1, shortly after a federal tax credit expires. The bill:

• Provides a 5 percent tax credit, up to a $10,000 limit, to all buyers of new, never-occupied homes.
• Provides a 5 percent tax credit, up to a $10,000 limit, to first-time buyers of existing homes.
• Sets aside $100 million for each program, for a total of $200 million.
• Requires buyers to close escrow between May 1 and Dec. 31 to qualify.
• New-home buyers have until Dec. 31 to sign a purchase contract, and then must close escrow by Aug. 16, 2011.
• Requires buyers to live in the home for at least two years.
• Provides for the tax credit to be paid in thirds over a three-year period. Buyers can waive whatever state taxes they owe – up to $3,333 – in each of the three years after buying a $200,000 or higher priced home.
• Sets no income limitations on buyers.
• Requires buyers to repay the tax if they fail to live in the home for two years or fail to close escrow on a new home by Aug. 16, 2011.