SoCal Home Prices Up

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Wow. Southern California home prices were up in April, compared to the same time frame last year. Per Alexis McGee of foreclosures.com, this year-over-year increase was the sixth in a row, following 27 months of year-over-year declines. Alexis, thanks for the uplifting news.

So. California Home Sales, Prices Rise Again

California Home Sales, Prices Rise Again. by Alexis McGee on May 26, 2010. Southern California’s median home price paid in April was $285000, the same as in March, and up 15.4 percent from $247000 for April 2009, which was the low point …

Publish Date: 05/26/2010 11:16

http://blog.foreclosures.com/so-california-home-sales-prices-rise-again/

Time to invest in Real Estate?

House Money According to the the National Association of Realtors®, “distressed homes” represented nearly 2 of every fifth home sold in January 2010.

Real estate investors around the country are taking advantage of good deals on inexpensive property. But there are risks involved. Today is a great time to buy a bank-owned home — just do your research first.

Tips when buying a bank owned home:
Buy in your neighboring area, a familiar place
Start slow and small, then increase to a bigger portfolio
Watch income — rent rolls doesn’t matter if tenants are not paying rent
Check out prospective tenant’s credit and legal history

Foreclosures may represent a significant number of 2010’s total Los Angeles County home sales and will offer interesting opportunities to first time home buyers and real estate investors.

For more info on buying a bank owned home, call (661) 726-0696 or email here.

90 Day No Flipping Waived For One Year

Investment.thumbnailCA0IYM2P WASHINGTON – In order to spur economic real estate activity, the 90 Day No Flipping Policy will be waived by FHA for one year effective 02/01/2010.

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

    All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
    In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
    The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
    Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website.

Confused About Short Sale?

short sale.thumbnailCAEEGUQ3 Should I do a short sale? Do I qualify? What is HAFA?

In early April 2010, a government progam called HAFA will affect bank approved short sales. Banks and service providers who have signed on with this goverment progam will accept short sales based on the HAFA criteria.

If you are thinking of doing a short sale, don’t wait. When the HAFA program gets implemented, the process to get approved for short sale could be prolonged. Just like the HAMP program for loan modifications, the process and criteria changed once banks signed on to meet the criteria set by the government. We don’t know yet whether this program will be better than what some banks are currently accepting.

Banks are approving short sales now. In some cases, you don’t even have to be late on your mortgage. If you are late for your mortgage, then don’t wait. Do something about it now. If you want to receive more information and find out if you qualify for a short sale, give us a call for a free, no obligation consultation at 661-726-0696 or email here.

Short Sale Help

ShortSaleHelp.thumbnailCAZ8165EThe short sale process has been difficult, lengthy and cumbersome. Things are changing and the tide is turning. More and more lenders are approving short sales. Some lenders don’t even require borrowers to be late on their mortgage or to prove hardship. If you have been thinking about a short sale and want additional information, call at 661-726-0696 or email here.

Wachovia & World Savings Helping Homeowners

Wachovia.thumbnailYes. It’s true. Wachovia, part of Wells Fargo Bank, is helping homeowners to sell their home to pay off their Wachovia and World Savings Loans. Wachovia is taking a proactive approach because they lose less money if they work out a short sale rather than foreclose on a homeowner.

Hands down, a majority of the time, it is better for the homeowner and bank to work out a short sale agreement rather than go through foreclosure. Short sale is when a home is sold for less than the mortgage. Wachovia is offering homeowners something other banks are not offering right now. Here’s a few of the many benefits that Wachovia is offering to help homewoners sell their home. For one, they are offering approval in days and not months. Second, you don’t have to be behind on your mortgage to get qualified. Third, no lengthy mountain of paperwork and financial information to provide.

We have direct contact with the Wachovia Manager who can approve these loans from anywhere in the country. Call us immediately at (661) 726-0696 to find out more information on your Wachovia or World Savings Loan. If you don’t have a Wachovia or World Savings Loan, call us anyway. There are solutions and options for homewoners other than foreclosure.

Call to discuss your options and ask to speak with a short sale specialist at (661) 726-0696. You have nothing to lose. No pressure, no commitment. We’re here to help.

Major Surge Seen in New-Home Sales

Major Surge Seen in New-Home Sales in the Los Angeles Basin
WEBWIRE – Wednesday, December 09, 2009
Contact Information Robert D. Martinez
Director of Research
MarketPointe™ Realty Advisors, Inc.
619-233-3781 ext. 17
rmartinez@marketpointe.com

The Los Angeles Basin’s new-home sales surged a whopping 172 percent this quarter, pushing total net sales volume back over the 1,500-unit mark for the first time since the second quarter of 2007. The attached sector alone saw a 236 percent net sales boost from last quarter while the detached sector’s sales volume declined 26 percent. Santa Clarita/Antelope Valley saw an overall sales volume increase of 54 percent despite no new projects entering the market for the third consecutive quarter. Robert Martinez, Director of Research for MarketPointe™ Realty Advisors, Inc., stated, “This increase was due to a 33 percent rise in the attached sector and a hefty 55 percent increase in the detached sector”. The detached output represents an improvement over each of the previous four quarters. Read Full Article