First Team Real Estate Mortgage Update

Fraud Alert: FBI emails

Threatening emails purportedly from the FBI and its leadership have been making the rounds recently. The FBI does not send threatening emails to the public. It uses the legal process should it want to contact a member of the public. The FBI cautions, if you receive an unsolicited email, do not open it, click on it, nor respond.

Mortgage Rates Reach All-Time Lows Again

Ongoing economic concerns continued to push mortgage rates to new lows, as 30-year and 15-year mortgage rates took another dip, pushing home affordability even higher, Freddie Mac reports in its weekly mortgage market survey. 

30-year fixed-rate mortgages: averaged 4.15 percent this week, dropping from last week’s 4.32 percent average. The previous record low for 30-year rates was set on Nov. 11, 2010, when rates reached 4.17 percent. For comparison sake, in 2000, 30-year mortgage rates averaged more than 8 percent and just five years ago they averaged 6.5 percent.

15-year fixed-rate mortgages: averaged 3.36 percent, dropping from last week’s 3.50 percent. Last year at this time, the 15-year fixed rate averaged 3.90 percent. 

5-year adjustable-rate mortgages: averaged 3.08 percent, dropping from last week’s 3.13 percent. Last year at this time, the 5-year ARM averaged 3.56 percent. 

1-year ARM: averaged 2.86 percent this week, dropping from last week’s 2.89 percent. A year ago, the 1-year ARM averaged 3.53 percent. 

Long Beach Single Story Designer Beauty

 Beautiful, highly upgraded & remodeled home in great area near El Dorado Park. New Designer Paint Throughout. French Doors & Windows. Great Curb Appeal with Enclosed Front Flagstone Patio that leads to Beautiful Front Door. Living Room with Refinished Hardwood Floors, Fireplace & Wall of Windows overlooking Yard. Newly Remodeled Kitchen with Granite Counters & Breakfast Bar, Travertine Backsplash with Inlays, Refinished Cabinets, Stainless Sink and Appliances, New Fixtures & Lighting & New Tile Floors. Kitchen opens to Dramatic Dining Area with Vaulted Ceiling, skylights & Fireplace that can also be used as Family Room. Spacious Master Suite with 2 Closets, Crown Molding, Fan, Designer Paint, Window Seat & Master Bath with Dual Sink Vanity & Jet Tub. Bedroom 2 has Shutters, Bedroom 3 used as Den and has back yard entry door. Office Nook off Living Room. Covered Rear Patio & Roomy Private Back Yard. Central Air & Newer Furnace. Auto Sprinklers & Yard Lighting. Built-in Garage Cabinets. Only $498,750

ForSalebyOwner.com Founder Uses Agent

ForSalebyOwner.com Founder Uses Agent to Sell Home

DAILY REAL ESTATE NEWS | TUESDAY, AUGUST 09, 2011

The founder of a popular for-sale by owner Web site used a real estate broker to help sell his 2,000-square-foot, two-bedroom New York apartment after it lingered on the market for six months. Colby Sambrotto, the founder and former chief operating officer of ForSalebyOwner.com, tried to sell the property himself by listing it online and through classified ads, but after six months of it sitting on the market, he sought the help of a real estate broker.

Broker Jesse Buckler told Sambrotto the condo was priced too low and wasn’t attracting the right buyer for the condo. 

"At first he wouldn't let me increase the price," Buckler said. "I told him I know what I am doing—the market is picking up."

The condo soon attracted multiple offers and ended up closing recently for $150,000 more than the original asking price. 

Source: “DIY Guru Gets Broker Help,” The Wall Street Journal (Aug. 3, 2011)

Orange County Bank Owned REO Low Priced Homes

These are the most affordable Bank owned homes listed for sale in Orange County by all brokers in the Socal MLS. Contact us for a custom list of homes for sale or for real estate information.

Fraud alert: Timeshare property resale scam

Fraud alert: Timeshare property resale scam
A federal court has temporarily halted a telemarketing operation that targeted consumers trying to sell their timeshare properties.  The defendants allegedly charged consumers thousands of dollars, falsely claiming they had buyers lined up for sales that supposedly would be reviewed and approved by the Federal Trade Commission.
According to court papers filed by the FTC, the Orlando, Florida-based defendants, who operated out of mail drop addresses in places such as Las Vegas, Boston, and Orlando, contacted consumers trying to sell their timeshare properties and told them they had buyers for their properties.  In order for the sale to proceed, the defendants charged consumers up to $3,150 – either as an “earnest money deposit” to commit them to the sale, or for sale-related expenses – which, consumers were told, would be refunded when the sale closed.  Consumers were instructed to pay by cashier’s check or money order sent by overnight delivery, and to immediately sign and return a “sales agreement” or “sellers’ document” that would be mailed to them.
In the complaint, the FTC alleged that the “sales agreement” was a marketing contract for advertising the property, not a sales contract.  Consumers who signed the contract and sent their payment to the defendants often were not contacted again, and consumers’ properties were never sold.
Contrary to the defendants’ alleged assertions, the FTC does not review or approve timeshare sales.

Orange County Bank Owned REO Estate Homes

These are Orange County Bank Owned REO Estate Homes Listed by all brokers in the Socal MLS. Call Us for a Custom List of Bank Owned Homes

First Team Real Estate Mortgage Update

LAW AGAINST SHORT SALE DEFICIENCIES EXPANDED

Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder.  Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale.  This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units.  Any purported waiver of this rule shall be void and against public policy.

Anaheim Hills 4 Bedroom Single Story Home

8400 E. FOOTHILL ST, ANAHEIM HILLS 92808

SOLD! Spacious Single Story 4 Bedroom 2 Bath Home on Huge Lot. New Designer Interior Paint. Upgraded Kitchen with New Granite Counters, New Lighting and New Stainless Appliances.  Call 714.694.0880 for more information.

CitiMortgage offering $12,000 average to borrowers to Complete a Short Sale

Citigroup offering incentives to short sale home

Citigroup's mortgage servicing branch CitiMortgage is offering an average of $12,000 to borrowers who complete a short sale this year. By comparison, the mortgage servicer was offering $1,500 payments on average in 2009, and $3,000-$5,000 payments in 2010.

"Incentives will be offered to customers experiencing financial hardship who need funds to proceed with the short sale," a Citi spokesman said. "The amount, which is agreed upon up front, varies according to the borrower's individual circumstances and loan characteristics. It is disbursed to the homeowner when the sale is completed."

CitiMortgage has also reduced its short sale process from 120 days in 2009 to 83 days. The company claims this is due, in part, to the firm reaching out to borrowers in trouble, instead of just waiting for the distressed homeowner to contact the bank for short sale information.

Fannie Mae to Fine Lenders for Foreclosure Delays

Mortgage servicers who have delayed the foreclosure process for delinquent borrowers may now get fined. Fannie Mae announced it will retroactively fine mortgage servicers for failing to process severely aged loans in foreclosure, HousingWire reports.  Fannie Mae would not disclose the amount of the fees, but the fees are to be “based on the outstanding principal balance of the mortgage loan, the applicable pass-through rate, the length of the delay, and any additional costs,” HousingWire reports. 

Foreclosure Myths

Although there are a number of programs available to help homeowners who have defaulted on their mortgages keep their home, the large amount of misinformation tends to result in troubled homeowners failing to contact their lender until it is too late.
Making sense of the story

• Some homeowners believe, incorrectly, that contacting their lender early in the process will draw attention to their situation and result in a quicker foreclosure.  In reality, contacting the lender or servicer is an important first step, and the sooner, the better.  Contacting the lender provides the homeowner with an opportunity to explain their situation and the steps necessary to deal with it.
• It is a common misconception that missing one mortgage payment will lead to foreclosure.  However, the foreclosure process doesn’t begin until payments are 90 days delinquent.  Lenders generally have a financial interest in keeping homeowners in their homes, so making contact as early as possible could help lenders modify terms of the mortgage or devise a repayment plan.
• Once homeowners are behind on their mortgage payments, it becomes challenging to dig out of the hole.  Some homeowners try to solve this by depleting their savings or dipping into their retirement accounts to become current on the loan.  Most financial experts advise against this.
• Delinquent homeowners may think they should stop making mortgage payments to get their lender’s attention, which often isn’t the case.  When possible, homeowners should stay current on their mortgage payments and continue to contact their lender on a regular basis.
• Homeowners who have applied for assistance or loan modification programs in the past and were turned down are advised to reapply.  Program parameters are constantly changing, so the rules might have been liberalized since the last time the borrower sought help.
• A number of free, government-sponsored housing services are available through the Dept. of Housing and Urban Development (HUD).  A list of HUD-approved agencies can be found at http://www.hud.gov.      Los Angeles Times

Yorba Linda Single Story Condo

23566 CAMBRIDGE RD, YORBA LINDA - SOLD

Single Story 2 Bedroom 2 Bath Lower Level Condo located at the end of street. 2 Car Garage. Clean and Ready to move in. Freshly Painted. New Carpeting. Includes newer Stainless Refrigerator and newer Washer/Dryer. Association Pool, Spa, Park & Play area. only $244,500

Chapman's Economic Forecast - No Double Dip

Orange County’s economic future is based largely on the housing industry.

Orange County’s economic recovery is indeed slowing, but ears of another recession or “double dip are unfounded, according to conomists at Chapman University.

The highly anticipated midyear economic update, presented by the A. Gary nderson Center for Economic Research at Chapman University, today confirmed hat both the regional and national economies have been buffeted by a series of actors that have combined to put the brakes on the weak, but steady recovery over he past 18 months. Soaring gas prices, the Japanese earthquake and the end of overnment stimulus spending, as well as the federal budget impasse, have impacted manufacturing output and chilled consumer confidence, and therefore spending, since January.

However, Chapman President James Doti still predicted today “the recovery is downshifting, not reversing itself.” Speaking to more than 750 business and civic leaders at the Costa Mesa Hilton, Doti said this is not entirely unexpected when rebounding from a recession, particularly one as deep and unprecedented as the most recent downturn.

The wild card in the recovery picture, Doti said, is housing prices, which were down 4.3 percent for the first three months of this year after slight gains in 2010. Falling home prices have a direct and negative impact on personal wealth and generally cause consumers to curb or stop spending on durable goods altogether, triggering a domino effect that hurts retail and manufacturing. The other significant concern with declining home prices is the risk of more foreclosures and ultimately more stress and troubles for the nation’s banks.

“Housing is the key,” Doti said. “Although affordability has rarely been better than it is today we are still faced with a lot of mixed signals and concerns on
the housing front.”

Although the foreclosure rate has peaked, Doti said it may take another three years before the unprecedented foreclosure chapter in this recession is finally
over. As many as 3 million more properties are at risk nationally and, ultimately, must be refinanced or sold before we reach normal foreclosure levels in a healthy economy.

Chapman economists predict that housing prices in the county and California will show a 4 to 4.5 percent decline in 2011 and virtually no appreciation in 2012.

In terms of gas prices, another major drag on the recovery since January, Chapman predicts the price per gallon will remain steady between $3 and $4 through the year, barring any unexpected oil supply disruption.

On the all important jobs front, most industry sectors will continue to show positive growth through 2012. The fastest growing jobs will be in the professional and business services, leisure and hospitality, and education and healthcare. Doti forecast that Orange County will have a net job gain of 20,000 or 1.5 percent by the end of this year and about 30,000 jobs or a 2.2 growth in 2012, roughly the same as California.

Doti characterized this level of job growth as positive and added it will improve personal income and ultimately consumer spending.
From OC Metro BY STEVE CHURM

7 Highest-Performing Major Housing Markets

Several real estate markets are starting to show signs of improvement with home prices in the last quarter as the industry demonstrates more signs of stabilizing, according to Clear Capital's latest monthly Home Data Index Market Report.
REO saturation rates have improved in the majority of the country’s largest markets. However, many areas are still battling year-over-year price declines. Clear Capital’s index reports that quarter-over-quarter home price declines were 2.3 percent in the latest quarter, which is less than half compared to the previous month. 
“The latest market report results through May suggest that home prices are starting to ease back from the heavy declines seen over the winter,” says Alex Villacorta, director of research and analytics at Clear Capital. “We are still far away from the strong demand needed to fully turn things around for the housing market. However, it is clear from the initial spring sales data that prices are softening, suggesting stabilization in the market."
The High Performers
Seven of the top 15 markets posted quarter-over-quarter property price gains in this month's report, compared to none in last month’s, according to Clear Capital. Here are the seven highest-performing major real estate markets, according to the report.
1. Washington, D.C.-Arlington, Va.-Alexandria, Va.
Quarter-to-quarter home price change: 4.5%
Year-to-year price changes (May 2010-May 2011): 4.9%
REO saturation: 17.5%
2. St. Louis, Mo. 
Quarter-to-quarter home price change: 2.2%
Year-to-year price changes: -11.4%
REO saturation: 35.3%
3. Pittsburgh, Pa.
Quarter-to-quarter home price change: 1.6%
Year-to-year price changes: 0.3%
REO saturation: 10.9%
4. New York, N.Y.-Long Island, N.Y.-No. New Jersey, N.J.
Quarter-to-quarter home price change: 1.5%
Year-to-year price changes: 1.4%
REO saturation: 9.6%
5. Virginia Beach, Va.-Norfolk, Va.-Newport News, Va.
Quarter-to-quarter home price change: 1.4%
Year-to-year price changes: -13.2%
REO saturation: 22.4%
6. Miami-Ft. Lauderdale-Miami Beach, Fla.
Quarter-to-quarter home price change: 0.6%
Year-to-year price changes: -5.2%
REO saturation: 39.6%
7. San Jose-Sunnyvale-Santa Clara, Calif.
Quarter-to-quarter home price change: 0.5%
Year-to-year price changes: -5%
REO saturation: 25%
Tthe lowest-performing market for the fifth straight month was Detroit-Warren-Livonia, Mich., with a 13.2 percent decrease in quarter-over-quarter home price change and a 58 percent REO saturation rate. 
Source: “Clear Capital Reports Quarterly Home Price Decline Slows; Signs of Market Stability as Summer Approaches,” Clear Capital (June 9, 2011)

Real Estate Median Home Price History

California Median Sale Price

California Home Values - Interactive chart

Foreclosures Costing Some Borrowers Their Jobs

Foreclosure can mean more than just a blemish to borrowers’ credit record--it can jeopardize their job too. Federal contractors and employees are finding a foreclosure can cost them their federal security clearance and ultimately their job. It can take years to restore a security clearance so they can work again too. 
Many employees who have security clearances are required to report mortgage defaults and other financial issues to their company’s or agency’s security officer. 
About 70 security clearance appeals involving foreclosures and other distress sales were reported from January 2006 through January 2010 by the U.S. Defense Department’s Office of Hearings and Appeals. Of those 70 cases, 62 clearances were revoked or denied, according to reports.
"Losing your security clearance is like losing your most marketable aspect for employment," Travis John, a real estate broker, told the Orlando Sentinel. 
David P. Price, a lawyer who specializes in security clearance cases, says he’s seen financial related security clearance problems double in recent years. 
For borrowers at risk of foreclosure, they usually have more success at keeping their security clearance if they can prove that their mortgage was a sensible loan that did not overextend them at the time and also show they’ve tried to find a work-out solution, such as a short sale. However, Price says that even a short sale doesn’t put borrowers in the clear since it can take a long time to complete such transactions and increase the chance of a foreclosure.
Source: “Foreclosures Put Workers’ Security Clearances at Risk,” Orlando Sentinel (June 7, 2011)

Orange County Real Estate Market Trends

This graph shows the monthly number of listings and sales in Orange County for 2011 for Homes up to $1 million. Real Estate is local, contact us for a market trends report for your neighborhood.











ESTATE HOMES MARKET TRENDS
This graph shows the monthly number of listings and sales in Orange County for 2011 for homes over $1 million. This market is strongly in the Buyer's market range.

Mortgage Rates Continue to Fall

Spacious Orange County Affordable Estates

Need a BIG home? These are some of the largest homes listed in the SoCalMLS by all real estate brokers, Over 4,500 sqft and listed for $789,000 to $1,150,000, excluding short sales. Contact us for Details.

Appraisals: Why You Must Now Sell Your House Twice

In today’s market the appraisal is more important than ever and in many cases it can be a deal breaker.  It’s critically important that there is a plan in place to justify your selling price so that you can close your transaction smoothly.  Our friends at Keeping Current Matters talk about the situation and how now with Appraisals: Why You Must Now Sell Your House Twice.

Banks have become very conservative when lending mortgage money today. With the current foreclosure challenges in the country, we can’t really blame them. The requirements now necessary to qualify for mortgages have gotten much more stringent and it seems will get even more stringent as we move forward. The banks want to make sure the prospective buyer has the ability to repay the loan. However, this does not just involve the borrower buying the property.

The second way a bank can protect their investment in the mortgage is to make sure that the collateral backing that mortgage is secure. That is where the appraisal comes in. The bank wants to make sure that, should the buyer not be able to make their payments, the house they will be forced to take back will sell for an amount at least equal to the balance left on the mortgage. For that reason, the banks seem to be getting more conservative with appraisals also.

One out of four real estate transactions was either cancelled (11%) or renegotiated to a lower sales price (14%) because of a low appraisal!!

Bottom Line

Every house now has to be sold twice: first, to a potential purchaser and then to the bank appraiser. And, it seems that the second sale may be the more difficult of the two. As your local real estate professional we can put together a plan for both sales.

Orange County Estate Homes Highest Sales

These are the Highest Priced Pending Estate Home Sales in Orange County Listed by Every Broker in the SoCalMLS, excluding Short Sales. Contact Us for More Information.

Mortgage Rates Reach Another Low for 2011

For the fifth straight week, mortgage rates inched down again--this time reaching the lowest level of the year as well as lowest year-to-date. The 30-year fixed-rate mortgage averaged 4.61 percent this week, while the 15-year rate averaged 3.80 percent, Freddie Mac reports in its weekly mortgage market survey. 
The 30-year mortgage hasn’t reached 4.61 percent or below since December 2010. Last year at this time, it averaged 4.84 percent while the 15-year fixed-rate mortgage averaged 4.24 percent. 
The falling rates may be yet another lure to buyers during real estate’s traditionally prime home buying season. Owning a home has also recently been found to be more affordable than renting in 78 percent of the major U.S. cities, according to the latest data from Trulia.

REALTOR.com - 10 Early Turnaround Towns

With media coverage of the housing market focusing on the down sides and bumps in the road to recovery, it’s easy to overlook the fact that there are markets in which the green shoots of a rebound may be beginning to sprout.

10. Philadelphia, PA: Prices have fallen 16% since the downturn began in 2007, but the inventory of homes has decreased by 3.4% over the same period. Median list prices are up 2.68% over February’s numbers, off just 0.4% from last year’s mark. The median age of listings in March was 144 days, below the national median of 160 days, and 6.49% lower than in February. Philadelphia was the 8th most searched market on Realtor.com in March, moving up a slot from their 9th place showing in February.

9. San Diego, CA: The San Diego market has been improving for over a year, with the median age of listings in March at 79 days, roughly half the national median and nearly 16% lower than in February. Median list prices are down year over year, but up 1.4% month over month, and pointed in the right direction. San Diego was the 15th most searched market again in March, a position it has held for two months.

8. Austin-San Marcos, TX: This Texas powerhouse is a national leader in job growth and an increasingly popular retirement destination, two factors which are leading to a warming in the metro housing market. Median prices climbed 2.18% in the past year, and the median inventory age leveled off at 90 days in March, well under the national median and down a whopping 23.08% over February. Inventory fell by 3.17% year over year, outperforming the national trend of a 9.17% year over year increase. Austin-Sam Marcos held down the 33rd most searched market slot in March.

7. Colorado Springs, CO: Prices in Colorado Springs have fallen a mere 12% since the peak, while housing demand has risen along with the area’s population growth rate of 9% from 2000-2005. Median list prices were even with last year, though they ticked up 1.53% over February. With a median inventory age of 113, well below the national median and 11.02% lower than February’s median age. Colorado Springs rose a notch from 65th to 64th most searched market from February to March.

6. Washington, DC / Virginia Suburbs: DC has been insulated from the worst of the recession due to its large federal work force, and the market’s decline of 28.6% of value is less than the national median. Median list prices are up 4.11% year over year, outperforming the national trend of -0.25%. Listings are on the market for 87 days, half the national median, and down 25% from February. There’s good news on the inventory front as well, as surplus has risen only 1.08% over March 2010. Washington, DC was the 16th most searched market in March, jumping 2 spots from February’s search numbers.

5. Boston, MA: This East Coast market, which includes Worcester, Lawrence and Brockton, MA as well as southern New Hampshire, was the 10th most searched market in the nation last month, according to data released by Realtor.com. Since the housing peak of 2006, the Boston market has lost much less median value compared to the rest of the nation: 17% versus the national median of 31%. Demand for homes here is high, with the median age of inventory running 30 days below the national trend of 160 days. Also, median list prices here are only down 0.26% year over year.

4. Dallas, TX: This Texan town is the healthiest in the state, and was the 6th most searched market nationally last month. Values have decreased only about 10% here since the housing peak, and the market hasn’t been hard hit with foreclosures or peopel affected by subprime mortgages. Also, median list prices are down just 1% year over year, and the median age of inventory (100 days) here is much below the national trend.

3. Fort Myers-Cape Coral, FL: If you’re looking for a vacation home here, you’ll be paying much more than you would have a year ago. Median list prices increased 24.12% this March, which was the highest median price increase across the country. The market has experienced a high number of distressed sales, much like the rest of Florida, and prices are still 60% off compared to 2006’s highs. Inventory counts are lower than the national trend, though listings are spending more time on Realtor.com compared to the national average.

2. Los Angeles-Long Beach, CA: The third most searched market last month, as well as in January and February, Los Angeles-Long Beach listings are spending only 70 days on the site, 90 days below the national median. Inventory trends here are beating the national comparisons, with a month over month decrease of about 8% and a year over year increase of 1.17%. List prices have decreased 8 percent compared to last March, but they are stabilizing month-over-month. The market still has a long way to go, with values still down 378% when compared to those during the housing peak.

1. Buffalo-Niagara Falls, NY: List prices are rising and the age of inventory is declining here, which is one of the few major markets experiencing this positive trend. List prices are higher than last month’s national decline of 0.25%, and the median age of inventory is at 87 days–nearly half the national average. Total listings were stable year-over-year, rising just 0.84%.

REALTOR.com® Blogs

Anaheim Hills - Beautiful 4 Bedroom View Home!

7877 E RAINVIEW COURT, ANAHEIM HILLS 92808 - SOLD
Beautiful, Remodeled and Upgraded Anaheim Hills 4 Bedroom View Home. Quiet Cul-de-sac street High in the Hills. Light & Open Modern Floorplan. Flagstone walkway leads to Entry with Beautiful New European Style Door. Rich Colors and Textures Throughout. Designer Paint, Wood Shutters, Shaw Loop Carpet, Crown & Door Frame Molding. Designer Lighting & Fixtures. Remodeled Kitchen with Luxurious Silestone Leather Finish Counters and Island, Kohler Farmhouse Sink, Upgraded Cabinets, Custom Lighting & Breakfast Nook. Upgraded Baths with Modern Fixtures & Lighting.Family Room with Fireplace. Dining Room. Enjoy Panoramic Mountain & Hills Views from the Master Suite. Luxurious Master Bath has Custom Dual Sink Silestone Topped Vanity, Custom Shower and Bath area finished in Travertine & Limestone Tile. Great Yard for Entertaining, Custom Patio with Flagstone Topped Seating Wall. 2 Car Garage has Insulated Door, Windows & Opener. Tile Roof. Central Air. Low Property Tax Rate & Low Association Dues.       only $539,900

Yorba Linda & Anaheim Hills Bank Owned REO Homes

These are the Bank Owned REO Homes listed in April in the Socalmls by all brokers.
Call us for more information or to arrange a tour.

REDUCE YOUR ORANGE COUNTY CALIFORNIA PROPERTY TAX BILL

If you purchased your home in the past 7 years - you may be able to reduce your property taxes. Simply submit the 1 page Informal Review Form before April 30, 2011

THERE IS NO CHARGE TO FILE A REQUEST OR TO HAVE YOUR PROPERTY’S VALUE REVIEWED BY THE ASSESSOR

You will need 3 comparable sales showing the value of your home. The sales must have occured before March 31, 2011

Get the REQUEST FOR INFORMAL ASSESSMENT REVIEW form from the Orange County Assessor at the link below: (Note: the form asks if you have a "Property Tax Agent representing you" - that is NOT us - that is used if you are paying an agent to represent you, otherwise leave it blank.) THE DEADLINE TO FILE THIS FORM IS APRIL 30, 2011. Pick your type of property and a form will come up that you can fill in online.

OC Assessor Property Tax Reduction Form

View an informative Q & A from the Orange County Assessor at:

OC Assessor Property Tax Reduction Q & A

To receive FREE comparable sales information to use for your Property Tax Review, we are happy to help you or your friends and family, go to:

Free Property Tax Help - Free Current Home Value Report

YOU WILL THEN RECEIVE YOUR VALUATION NOTICE FROM THE COUNTY IN JULY

If you still believe your property value is incorrect after reviewing your value notice and factual evidence, your next step is to consider filing an assessment appeal. Forms are available at most County Libraries and are in a downloadable format at: www.oc.ca.gov/cob/

YOU MUST FILE BY THE DEADLINE OF SEPTEMBER 15, 2011

What Happens to your Property Tax Values When the Economy Recovers?

As the housing market improves and market values begin to rise, properties that received reduction due to lower market values may see increases above the normal 2% to reflet the actual market value. Therefore, homeowners may experience increases in their properties’ assessed values in future years until full recovery is reached. Although these increases may be substantial, they may never exceed the property’s initial base value plus any added improvements value and a maximum 2% per year CPI inflation factor. The total of these three elements is called the "indexed value." This indexed value remains your actual taxable assessed value.

The good news is…….although assessments will increase, as the market recovers, you were able to avail yourself to temporary reductions during the economic slump. Then your property value will have increased.

First Team Real Estate Ranked #1 in California Home Sales

Orange County-based First Team Real Estate ranked No. 1 in sales transactions in California and No. 8 in the U.S. in sales volume among the country’s top 300 real estate companies in 2010, according to RISMedia's Power Broker Report.

First Team Real Estate Mortgage Update

Anaheim Hills, East Hills Neighborhood Yard Sale Sat, April 9

We will be sponsoring a Neighborhood Yard Sale on Saturday, April 9th, 7:00am to Noon for residents in the East Hills Association area of Anaheim Hills. Lots of homes will be selling lots of things so look for the signs directing to the homes near Weir Canyon and Santa Ana Canyon.

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.

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.

First Team Real Estate Mortgage Update

Mortgage Rates have been inching Down - You can click the chart to enlarge

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."

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.

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)

Hot Trends: Architecture Coach: REALTOR® Magazine

Hot Trends: Architecture Coach: REALTOR® Magazine

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.