Call us for more information or to arrange a private showing.
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
Mar 31, 2011
Orange County Bank Owned REO Estate Homes
These are the Bank Owned REO Estate Homes Listed in the Socal MLS in Orange County
Call us for more information or to arrange a private showing.
Call us for more information or to arrange a private showing.
Mar 21, 2011
First Team Real Estate Mortgage Update
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| Mortgage Rates have been inching Down - You can click the chart to enlarge |
Mar 14, 2011
Winning and Losing in Real Estate
Tara-Nicholle Nelson, author of "The Savvy Woman's Homebuying Handbook" recently had this to say:
"In our desperation to win and only win, in real estate we actually create losses. Every single week I hear from buyers who are letting the fear of their home losing even a few thousand dollars in value after they buy keep them from buying at home prices and interest rates that reflect a savings of tens, even hundreds of thousands of dollars from what they would have paid even 18 months ago.
More important, these folks may be missing the last years of a window of opportunity to buy with less than 20 percent down, or the last weeks or months of opportunity to secure fixed-rate financing at interest rates under 5 percent."
"In our desperation to win and only win, in real estate we actually create losses. Every single week I hear from buyers who are letting the fear of their home losing even a few thousand dollars in value after they buy keep them from buying at home prices and interest rates that reflect a savings of tens, even hundreds of thousands of dollars from what they would have paid even 18 months ago.
More important, these folks may be missing the last years of a window of opportunity to buy with less than 20 percent down, or the last weeks or months of opportunity to secure fixed-rate financing at interest rates under 5 percent."
Mar 10, 2011
Spacious Rowland Heights 5 Bedroom Home
20162 Corrine Lane, Rowland Heights 91748
5 Bedrooms plus Huge Bonus Room on quiet Cul-de-sac Street. Wachovia approved Short Sale. 2,600 sqft Home on over 10,000 sqft Lot. Great Curb Appeal with Sweeping Brick Entry Path leading to Double Doors. Open Kitchen with Stone Counters and Tile Floor. Large Breakfast Nook. Master Suite with Oval Tub and Separate Shower, 2 Sink Vanity and 2 Closets. Formal Living Room with Fireplace. Large Formal Dining Room. Spacious Family Room. Large Laundry/Utility Room. 3rd Car Garage converted to 2nd Main Floor Bedroom. Huge Backyard with City Light View. Priced to Sell.
Needs some Updating and Repairs - sold "as is".Contact us for more information or to schedule a showing.
Mar 8, 2011
California Sees Record Number of Loan Mod Scams
Watch out for loan modification scams, the California State Department of Real Estate (DRE) is warning customers. The DRE has filed a record number of actions against scammers who have offered loan modification and loan mortgage relief services.
Since 2008, the DRE has opened more than 4,500 cases that involve loan modification complaints, as well as 88 accusations accusing 159 real estate professionals of violating real estate laws in connection with offering loan modification services.
One popular loan scam: The assurance of a loan modification in exchange for an upfront fee. Once the fee is paid, the scammer does little or nothing to obtain a loan modification.
"With so many home owners facing financial hardship, foreclosure rescue and loan modification scams are very prevalent and consumers need to be on guard," says DRE Commissioner Jeff Davi. "We have seen many variations of scams, but most all involve the collection of illegal advance fees. If someone asks for money upfront, that is a huge red flag.”
The DRE is telling customers to avoid becoming a victim of a scam by never paying an upfront fee for loan modification services and being skeptical of promises of “guaranteed success.” They are encouraging home owners to contact a HUD approved counseling agency, which can provide loan modification services for free (http://www.yourhome.ca.gov/mortgage-help.shtml#scams)
Since 2008, the DRE has opened more than 4,500 cases that involve loan modification complaints, as well as 88 accusations accusing 159 real estate professionals of violating real estate laws in connection with offering loan modification services.
One popular loan scam: The assurance of a loan modification in exchange for an upfront fee. Once the fee is paid, the scammer does little or nothing to obtain a loan modification.
"With so many home owners facing financial hardship, foreclosure rescue and loan modification scams are very prevalent and consumers need to be on guard," says DRE Commissioner Jeff Davi. "We have seen many variations of scams, but most all involve the collection of illegal advance fees. If someone asks for money upfront, that is a huge red flag.”
The DRE is telling customers to avoid becoming a victim of a scam by never paying an upfront fee for loan modification services and being skeptical of promises of “guaranteed success.” They are encouraging home owners to contact a HUD approved counseling agency, which can provide loan modification services for free (http://www.yourhome.ca.gov/mortgage-help.shtml#scams)
Mar 7, 2011
Mar 6, 2011
Orange County Real Estate Market Trends
This is our First Team Market Trends Report for Orange County Single Family Homes.
This first graph is for home up to $800,000.
You can click the graph to enlarge.
Based on the current data, the market is not a buyer's market and not a seller's market, it is neutral.
This next Market Trends Graph is fo Orange County Homes over $800,000.
As you can see, it is a buyer's market in this price range.
Our Market Trends Report is exclusive to First Team Real Estate.
We can create a report for your neighborhood or for any city or county, contact us to see how this information can help you.
This first graph is for home up to $800,000.
You can click the graph to enlarge.
Based on the current data, the market is not a buyer's market and not a seller's market, it is neutral.
This next Market Trends Graph is fo Orange County Homes over $800,000.
As you can see, it is a buyer's market in this price range.
Our Market Trends Report is exclusive to First Team Real Estate.
We can create a report for your neighborhood or for any city or county, contact us to see how this information can help you.
Mar 1, 2011
WEIR CANYON HOMES - Anaheim Hills, CA: Anaheim Hills 3 Bedroom Home for Lease
WEIR CANYON HOMES - Anaheim Hills, CA: Anaheim Hills 3 Bedroom Home for Lease: "ANAHEIM HILLS CONDO FOR LEASE3 Bedroom 2 Bath Summit Renaissance Condo For Lease. All on one level on the 2nd Floor overlooking th..."
Feb 28, 2011
Feb 20, 2011
Celebrate Presidents Day at Nixon Library - FREE
MONDAY · FEBRUARY 21 · FREE ADMISSION ALL DAY!
Meet President's Lincoln, Washington, Jefferson and Roosevelt
Bring the entire family (and your camera) to meet a Mount Rushmore of Presidents.
Watch author and former Presidential speech writer James Humes perform "Abe Please Don't Go to Gettysburg: The Inside Story of the Gettysburg Address" at 11:30 am.
Attend a special East Room program at 2:00 pm where you'll hear the Presidents at a roundtable discussion of America's role in the world during their respective terms in office.
Plus! A free piece of cherry pie to the first hundred guests!
Meet President's Lincoln, Washington, Jefferson and Roosevelt
Bring the entire family (and your camera) to meet a Mount Rushmore of Presidents.
Watch author and former Presidential speech writer James Humes perform "Abe Please Don't Go to Gettysburg: The Inside Story of the Gettysburg Address" at 11:30 am.
Attend a special East Room program at 2:00 pm where you'll hear the Presidents at a roundtable discussion of America's role in the world during their respective terms in office.
Plus! A free piece of cherry pie to the first hundred guests!
Feb 18, 2011
4 Tips to Avoid Foreclosure Scams
More home owners are falling prey to scams that promise to “stop the foreclosure” and “save your home.”
The Federal Trade Commission has released a report to help borrowers avoid falling victim to such scams, here are a few of its tips:
1. Watch for outlandish claims. "Eliminate your debt!" and "We guarantee to stop the auction" are too good to be true. If it sounds like an easy way out, don’t believe it, the FTC warns.
2. Don't pay up-front costs. Consumer investigator Dale Cardwell warns home owners to beware of any deal that requires you to pay up-front fees. Cardwell says you shouldn’t pay any business or person who promises to modify your loan because only your lender can do that.
3. Beware of those imitating government agencies. Watch out for scammers who may capture logos, names, photos, and Web sites to make it look like they are part of a government agency.
4. Make payments only to your lender, no one else. Never write a check to someone else instead of your lender for your mortgage. Scammers may present an official looking reinstatement package and tell you to pay everything to them. Send payments only to your loan servicer, experts recommend.
Source: “In Saving Home, Steer Clear of Scams,” The Atlanta Journal-Constitution (Feb. 13, 2011)
The Federal Trade Commission has released a report to help borrowers avoid falling victim to such scams, here are a few of its tips:
1. Watch for outlandish claims. "Eliminate your debt!" and "We guarantee to stop the auction" are too good to be true. If it sounds like an easy way out, don’t believe it, the FTC warns.
2. Don't pay up-front costs. Consumer investigator Dale Cardwell warns home owners to beware of any deal that requires you to pay up-front fees. Cardwell says you shouldn’t pay any business or person who promises to modify your loan because only your lender can do that.
3. Beware of those imitating government agencies. Watch out for scammers who may capture logos, names, photos, and Web sites to make it look like they are part of a government agency.
4. Make payments only to your lender, no one else. Never write a check to someone else instead of your lender for your mortgage. Scammers may present an official looking reinstatement package and tell you to pay everything to them. Send payments only to your loan servicer, experts recommend.
Source: “In Saving Home, Steer Clear of Scams,” The Atlanta Journal-Constitution (Feb. 13, 2011)
Feb 12, 2011
Million Dollar Home Sales Jump 21%
The sales of California homes over $1 million jumped 21% in 2010 from 2009. 22,529 of these million dollar plus homes sold in 2010 and 29.4% were all cash purchases. This is still far below the 54,773 reported million dollar plus sales in 2005, but may be evidence that luxury home buyers are now returning to the market because the recent price drops have made luxury home purchases an attractive investment.
Feb 10, 2011
Feb 7, 2011
Feb 4, 2011
Does New Health Care Law Contain a 3.8% Home Sales Tax?
The question and debate surrounding whether the Health Care Law actually contains a 3.8% Home Sale tax has been renewed over the past few weeks as the new Congressional session has begun. Not only has our friends from Keeping Current Matters dusted off a blog post from last year but the National Association of Realtors has also come out with their explanation of the process. Both of these will put most minds at ease.
Does Health Care Bill Contain 3.8% Home Sales Tax? from The KCM Crew:
We have received many questions about a possible 3.8% tax which will be put on home sales beginning in 2013. We want to do our best to clarify this situation for everyone. We are not accountants and give you this information just as a simple answer to the misconception. Understand that, when it comes to IRS regulations, you should check with your accountant for the most accurate and up-to-date information.
A little history on the confusion
Fact Check.org explains it this way:
The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.
We can understand how this misconception got started. The law itself is couched in highly technical language that only a qualified tax expert can fully grasp. (This provision begins on page 33 of the reconciliation bill that was passed and signed into law.) And it does say the tax falls on “net gain … attributable to the disposition of property.” That would include the sale of a home. But the bill also says the tax falls only on that portion of any gain that is “taken into account in computing taxable income” under the existing tax code. And the fact is, the first $250,000 in profit on the sale of a primary residence (or $500,000 in the case of a married couple) is excluded from taxable income already. (That exclusion doesn’t apply to vacation homes or rental properties.)
The Joint Committee on Taxation, the group of nonpartisan tax experts that Congress relies on to analyze tax proposals, underscores this in a footnote on page 135 of its report on the bill. The note states: “Gross income does not include … excluded gain from the sale of a principal residence.”
And just to be sure, we checked with William Ahern, director of policy and communications for the nonprofit, pro-business Tax Foundation. “Some home sales would see a tax increase under this bill,” Ahern told us, “but it would have to be a second home or a principal residence generating [a gain of] more than $250,000 ($500,000 for a couple).”
Simple Explanation:
The following simple explanation comes from midiShaw:
The tax will affect those sellers of real property who will be otherwise taxed on capital gains under current tax laws. Under current laws, if you sell your primary residence and meet the ‘time ‘ criteria, you are exempt up to $250,000 or $500,000 (filing individually or jointly). Any amount realized OVER that amount is taxable under current tax schedules based on income. As such, this new tax will apparently be added to the current capital gains tax burden IF your income is over $200,000/$250,000 (filing individually or jointly). For those selling second homes and investment properties, the tax, once again, will be applied to the amount of gain realized.
Detailed Explanation:
The following also comes from midiShaw in a comment to the above answer.
Beginning in 2013, the national health care reform legislation that became law in March, 2010, imposes a new 3.8 percent tax on certain investment income. The new tax will apply to single filers with incomes over $200,000 and married taxpayers with incomes over $250,000. Under the law, the investment tax provisions in Chapter 2A of the Internal Revenue Code are placed under the heading “Unearned Income Medicare Contribution.” In general, this new Medicare tax will apply to investment income that is subject to income tax, which includes capital gains. Pursuant to IRC Section 1402 (C)(1)(A)(iii), the investment income to which this new tax applies includes “net gain” (to the extent taken into account in computing taxable income) attributed to the disposition of property that qualifies as a capital asset under Section 1221 (capital gains), as well as gains on other property that are considered part of ordinary income.
We offer this just as an explanation. Remember, when it comes to IRS regulations, you should check with your accountant for the most accurate and up-to-date information.
Does Health Care Bill Contain 3.8% Home Sales Tax? from The KCM Crew:
We have received many questions about a possible 3.8% tax which will be put on home sales beginning in 2013. We want to do our best to clarify this situation for everyone. We are not accountants and give you this information just as a simple answer to the misconception. Understand that, when it comes to IRS regulations, you should check with your accountant for the most accurate and up-to-date information.
A little history on the confusion
Fact Check.org explains it this way:
The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.
We can understand how this misconception got started. The law itself is couched in highly technical language that only a qualified tax expert can fully grasp. (This provision begins on page 33 of the reconciliation bill that was passed and signed into law.) And it does say the tax falls on “net gain … attributable to the disposition of property.” That would include the sale of a home. But the bill also says the tax falls only on that portion of any gain that is “taken into account in computing taxable income” under the existing tax code. And the fact is, the first $250,000 in profit on the sale of a primary residence (or $500,000 in the case of a married couple) is excluded from taxable income already. (That exclusion doesn’t apply to vacation homes or rental properties.)
The Joint Committee on Taxation, the group of nonpartisan tax experts that Congress relies on to analyze tax proposals, underscores this in a footnote on page 135 of its report on the bill. The note states: “Gross income does not include … excluded gain from the sale of a principal residence.”
And just to be sure, we checked with William Ahern, director of policy and communications for the nonprofit, pro-business Tax Foundation. “Some home sales would see a tax increase under this bill,” Ahern told us, “but it would have to be a second home or a principal residence generating [a gain of] more than $250,000 ($500,000 for a couple).”
Simple Explanation:
The following simple explanation comes from midiShaw:
The tax will affect those sellers of real property who will be otherwise taxed on capital gains under current tax laws. Under current laws, if you sell your primary residence and meet the ‘time ‘ criteria, you are exempt up to $250,000 or $500,000 (filing individually or jointly). Any amount realized OVER that amount is taxable under current tax schedules based on income. As such, this new tax will apparently be added to the current capital gains tax burden IF your income is over $200,000/$250,000 (filing individually or jointly). For those selling second homes and investment properties, the tax, once again, will be applied to the amount of gain realized.
Detailed Explanation:
The following also comes from midiShaw in a comment to the above answer.
Beginning in 2013, the national health care reform legislation that became law in March, 2010, imposes a new 3.8 percent tax on certain investment income. The new tax will apply to single filers with incomes over $200,000 and married taxpayers with incomes over $250,000. Under the law, the investment tax provisions in Chapter 2A of the Internal Revenue Code are placed under the heading “Unearned Income Medicare Contribution.” In general, this new Medicare tax will apply to investment income that is subject to income tax, which includes capital gains. Pursuant to IRC Section 1402 (C)(1)(A)(iii), the investment income to which this new tax applies includes “net gain” (to the extent taken into account in computing taxable income) attributed to the disposition of property that qualifies as a capital asset under Section 1221 (capital gains), as well as gains on other property that are considered part of ordinary income.
We offer this just as an explanation. Remember, when it comes to IRS regulations, you should check with your accountant for the most accurate and up-to-date information.
Top 8 Most Miserable Cities
Even plenty of sunshine can’t get the cities that topped the list of the most miserable smiling.
California residents are pretty miserable, according to Forbes’ list of the most unhappy cities in the United States. California cities account for eight of the 20 most miserable places in the U.S., and four of the top five. Falling home prices, high unemployment, high crime, steep state taxes, and a large budget deficit have brought a lot of Californians down in recent months.
Here is the list of the most miserable cities, according to Forbes:
1. Stockton, Calif.
2. Miami
3. Merced, Calif.
4. Modesto, Calif.
5. Sacramento, Calif.
6. Memphis, Tenn.
7. Chicago
8. West Palm Beach, Fla.
Forbes analyzed 200 U.S. cities for its list, taking into account such factors as housing, unemployment, weather, taxes, commuting times, crime, and how the cities’ sports teams performed in recent years.
"Both California and Florida have a history of boom and bust economies,” Kurt Badenhausen, Forbes senior editor, told Reuters. “People flooded to these states because of the weather during the boom years but that helped inflate the massive bubble in housing."
California residents are pretty miserable, according to Forbes’ list of the most unhappy cities in the United States. California cities account for eight of the 20 most miserable places in the U.S., and four of the top five. Falling home prices, high unemployment, high crime, steep state taxes, and a large budget deficit have brought a lot of Californians down in recent months.
Here is the list of the most miserable cities, according to Forbes:
1. Stockton, Calif.
2. Miami
3. Merced, Calif.
4. Modesto, Calif.
5. Sacramento, Calif.
6. Memphis, Tenn.
7. Chicago
8. West Palm Beach, Fla.
Forbes analyzed 200 U.S. cities for its list, taking into account such factors as housing, unemployment, weather, taxes, commuting times, crime, and how the cities’ sports teams performed in recent years.
"Both California and Florida have a history of boom and bust economies,” Kurt Badenhausen, Forbes senior editor, told Reuters. “People flooded to these states because of the weather during the boom years but that helped inflate the massive bubble in housing."
Jan 22, 2011
More Housing Predictions for 2011
More than 15 states are projected to experience housing inflation or appreciation during the year, according to Housing Predictor, which releases an annual report of its choices for best and worst housing markets.
The top five housing markets are:
1. Portland, Maine
2. Kansas City, Kan.
3. Tri-Cities, Wash.
4. Omaha, Neb.
5. Fargo, N.D.
However, not all markets will fare well in 2011, with the foreclosure crisis particularly still battering some areas as well as high unemployment and overbuilding during the boom era that has led to high home inventories.
The top 5 worst markets, according to Housing Predictor, are:
1. Bend, Ore.
2. Las Vegas
3. Atlantic City, N.J.
4. Miami, Fla.
5. Medford, Ore.
The top five housing markets are:
1. Portland, Maine
2. Kansas City, Kan.
3. Tri-Cities, Wash.
4. Omaha, Neb.
5. Fargo, N.D.
However, not all markets will fare well in 2011, with the foreclosure crisis particularly still battering some areas as well as high unemployment and overbuilding during the boom era that has led to high home inventories.
The top 5 worst markets, according to Housing Predictor, are:
1. Bend, Ore.
2. Las Vegas
3. Atlantic City, N.J.
4. Miami, Fla.
5. Medford, Ore.
Jan 13, 2011
Probate Sales - Q & A
Are you involved in a Probate? Many of your questions may be answered in our Probate Q & A link on the right side of this page. We have experience with Probate sales, contact us if you have questions or if you need an introduction to a Probate Attorney, CPA or certified appraiser.
Jan 10, 2011
Vacation Homes Emerge as Hot Market
Vacation communities across the United States are showing big signs of a rebounding real estate market, reporting soaring sales at levels that have not been been seen since the days of the housing boom, The Wall Street Journal reports.
The increase has been driven by deep discounts and cash purchases, analysts say.
"We haven't felt energy like this in a long time. Buyers sense that they've been on the sidelines long enough," says Ned Monell, a real estate professional with Sotheby’s International Realty in Palm Beach, Fla. Palm Beach posted a nearly 40 percent annual increase and a 54 percent increase in homes under contract.
The following is a sampling of vacation-home communities that saw an increase last year (percentage is the increase in home sales from 2009 to 2010):
▪ Barnstable County, Cape Cod, Mass.: 9 percent
▪ Hilton Head, S.C.: 13.6 percent
▪ Mercer Island, Wash. (waterfront): 181.8 percent
▪ Palm Beach, Fla.: 39.3 percent
National Association of REALTORS® Chief Economist Lawrence Yun attributes the increase to gains in the stock market and an overall improving economy. He says prices in these areas have come down so much that there’s been high demand for these properties among buyers, particularly in areas with stable labor markets.
The increase has been driven by deep discounts and cash purchases, analysts say.
"We haven't felt energy like this in a long time. Buyers sense that they've been on the sidelines long enough," says Ned Monell, a real estate professional with Sotheby’s International Realty in Palm Beach, Fla. Palm Beach posted a nearly 40 percent annual increase and a 54 percent increase in homes under contract.
The following is a sampling of vacation-home communities that saw an increase last year (percentage is the increase in home sales from 2009 to 2010):
▪ Barnstable County, Cape Cod, Mass.: 9 percent
▪ Hilton Head, S.C.: 13.6 percent
▪ Mercer Island, Wash. (waterfront): 181.8 percent
▪ Palm Beach, Fla.: 39.3 percent
National Association of REALTORS® Chief Economist Lawrence Yun attributes the increase to gains in the stock market and an overall improving economy. He says prices in these areas have come down so much that there’s been high demand for these properties among buyers, particularly in areas with stable labor markets.
Dec 23, 2010
2011's Strongest and Weakest Markets
Home prices are expected to rise in 40 percent of major metropolitan areas, according to Veros Real Estate Solutions, a research firm that provides information to the mortgage industry.
The markets Veros expects to be strongest are:
1. San Diego/Carlsbad/San Marcos, Calif.
2. Kennewick/Richland/Pasco, Wash.
3. Pittsburgh
4. Fargo, N.D.
5. Washington, D.C. metro area
The five markets Veros expects to be weakest are:
1. Reno/Sparks, Nev.
2. Orlando/Kissimmee, Fla.
3. Boise City/Nampa, Idaho
4. Deltona/Daytona Beach/Ormond Beach, Fla.
5. Port St. Lucie/Fort Pierce, Fla.
Source: HousingWire.com, Kerry Curry (12/22/2010)
The markets Veros expects to be strongest are:
1. San Diego/Carlsbad/San Marcos, Calif.
2. Kennewick/Richland/Pasco, Wash.
3. Pittsburgh
4. Fargo, N.D.
5. Washington, D.C. metro area
The five markets Veros expects to be weakest are:
1. Reno/Sparks, Nev.
2. Orlando/Kissimmee, Fla.
3. Boise City/Nampa, Idaho
4. Deltona/Daytona Beach/Ormond Beach, Fla.
5. Port St. Lucie/Fort Pierce, Fla.
Source: HousingWire.com, Kerry Curry (12/22/2010)
Dec 6, 2010
Free Home Value 2010 Market Update Report
Wondering what happened to your home value in 2010?
We can provide you with a Free Market Update report showing the Active Listings, Pending Sales and Closed Sales in your Neighborhood. Includes Days on Market, Photos, Description and Final Closed Sale Price.
Don't depend on website valuations that can be wrong by $100,000 or more.
Just Click on Free Market Update Report on the right and your report will be custom prepared and emailed to you. No obligation.
We can provide you with a Free Market Update report showing the Active Listings, Pending Sales and Closed Sales in your Neighborhood. Includes Days on Market, Photos, Description and Final Closed Sale Price.
Don't depend on website valuations that can be wrong by $100,000 or more.
Just Click on Free Market Update Report on the right and your report will be custom prepared and emailed to you. No obligation.
No Foreclosures Over the Holidays
Fannie Mae and Freddie Mac are freezing all foreclosure evictions on the mortgage loans they own or back from Dec. 20 through Jan. 3.
"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," says Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.
Most of the large banks, including Bank of America, J.P. Morgan Chase, and Wells Fargo, already observe a moratorium through the New Year, unless the foreclosure involves an investor who chooses not to observe the holiday policy.
Source: CNNMoney, Les Christie (12/03/2010)
"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," says Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.
Most of the large banks, including Bank of America, J.P. Morgan Chase, and Wells Fargo, already observe a moratorium through the New Year, unless the foreclosure involves an investor who chooses not to observe the holiday policy.
Source: CNNMoney, Les Christie (12/03/2010)
Nov 17, 2010
Fraud Alert: DRE warns of imposter landlords
The California DRE issued a consumer alert this week warning renters to be on the lookout for fraudulent landlords. The imposters often are able to convince potential renters to pay money, which may include a first and last month’s rent and a security deposit, as well as follow up rental payments, for a house that is not owned by the supposed landlord.
Why Buy a Condo? Anaheim Hills House $369,900!
Only $369,900
Nov 13, 2010
Yorba Linda - Spacious Single Story Pool Home!
4239 Camphor Ave, Yorba Linda 92886
Beautiful, Spacious Single Story Yorba Linda Pool Home. Everything you want - 4 Bedrooms, 2 Full Baths, 3 Car Garage, over 2,300 sqft house on an over 10,000 sqft Lot, Plus a Great Location on a quiet cul-de-sac street! Kitchen with Granite Counters, Breakfast Bar, New Double Oven and Separate Breakfast Nook. Family Room with White Wood Shutters and Fireplace. Huge, Great Room style Living Room with 2nd Fireplace and Vaulted Ceiling, French Doors and Large Formal Dining area Overlooking Yard and Pool. Master Suite with French Doors, Walk-in Closet, Oval Jet Tub, Separate Shower and Dual Sink Vanity. Beautiful, Huge Yard with Front Porch, Wide Driveway and side gates for possible RV access. Sparkling Pool has New Pool Heater plus Solar Heater. Grass areas, garden and wide side yards. Newer Concrete Roof, Newer Furnace, New Air Conditioner. New Garage Doors and Openers. No Association Dues, Low Property Taxes and No Mello Roos Tax. Close to Shopping and New Yorba Linda High School.
only $649,900
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Beautiful, Spacious Single Story Yorba Linda Pool Home. Everything you want - 4 Bedrooms, 2 Full Baths, 3 Car Garage, over 2,300 sqft house on an over 10,000 sqft Lot, Plus a Great Location on a quiet cul-de-sac street! Kitchen with Granite Counters, Breakfast Bar, New Double Oven and Separate Breakfast Nook. Family Room with White Wood Shutters and Fireplace. Huge, Great Room style Living Room with 2nd Fireplace and Vaulted Ceiling, French Doors and Large Formal Dining area Overlooking Yard and Pool. Master Suite with French Doors, Walk-in Closet, Oval Jet Tub, Separate Shower and Dual Sink Vanity. Beautiful, Huge Yard with Front Porch, Wide Driveway and side gates for possible RV access. Sparkling Pool has New Pool Heater plus Solar Heater. Grass areas, garden and wide side yards. Newer Concrete Roof, Newer Furnace, New Air Conditioner. New Garage Doors and Openers. No Association Dues, Low Property Taxes and No Mello Roos Tax. Close to Shopping and New Yorba Linda High School.
only $649,900
Nov 12, 2010
East Hills Neighborhood Yard Sale is Saturday Nov. 13
To sign up your home to participate email your name, address and phone number to jim@jimsalem.com or call our 24 hour hotline at (714)481-3009. Everyone is welcome to participate in this free event.
Nov 11, 2010
Nov 4, 2010
OC Close Bank Owned House only $310,000
Nov 3, 2010
BANK OWNED DEAL OF THE WEEK!
List Price: $601,800
Nov 1, 2010
8 Alternatives to Pricey Retirement Locales
Even with their retirement nest eggs diminished by the tough economy, some retirees aren’t giving up on their dreams of living in beautiful spots. Instead, they are searching for similar but cheaper alternatives.
SmartMoney calls these locales “doppelgangers” — more affordable twins with similar climate, culture, and amenities than their better-known other half.
Here are their suggested substitutes:
● Prescott, Ariz., as an alternative to Sedona, Ariz.
● St. Augustine, Fla., instead of Sarasota, Fla.
● Chattanooga, Tenn., instead of Ashville, N.C.
● Bloomington, Ind., instead of Madison, Wis.
● Caron City, Nev., instead of Boulder, Colo.
● Auburn, Ala., instead of Pinehurst, N.C.
● Bellingham, Wash., instead of Eugene, Ore.
● San Luis Obispo, Calif., instead of Santa Barbara, Calif.
Source: SmartMoney, Catey Hill (10/20/2010)
SmartMoney calls these locales “doppelgangers” — more affordable twins with similar climate, culture, and amenities than their better-known other half.
Here are their suggested substitutes:
● Prescott, Ariz., as an alternative to Sedona, Ariz.
● St. Augustine, Fla., instead of Sarasota, Fla.
● Chattanooga, Tenn., instead of Ashville, N.C.
● Bloomington, Ind., instead of Madison, Wis.
● Caron City, Nev., instead of Boulder, Colo.
● Auburn, Ala., instead of Pinehurst, N.C.
● Bellingham, Wash., instead of Eugene, Ore.
● San Luis Obispo, Calif., instead of Santa Barbara, Calif.
Source: SmartMoney, Catey Hill (10/20/2010)
Oct 27, 2010
Home Prices Stabilizing in Key Markets
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)
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)
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.
Sep 27, 2010
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."
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."
Sep 23, 2010
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
Built in 1991, Modern and Open Floor Plan, only $589,900
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