Attention: Home Buyers! Mortgage rates have fallen again. This means that it’s easier to qualify for the loan and you can get more house for the money.
Mortgage rates sink to lowest this year | KVAL CBS 13 – News …
Mortgage rates have fallen to the lowest level of the year as investors poured money into the safe haven of US government securities.
Publish Date: 05/27/2010 15:53
http://www.kval.com/news/business/95029004.html
Here are recently published CA real estate prices for April, 2010. Notice that the High Desert, which includes areas such as Palmdale, Lancaster, and Victorville, have the lowest median home prices in California. Palmdale and Lancaster still offer some of the most affordable housing in the State!
CA Real Estate Fast Facts 5/27/2010 | Your Desert Blog
CA Real Estate Fast Facts 5/27/2010. Posted by Judy Horn. May 27. Calif. median home price: April 2010: $306230 (Source: C.A.R.) Calif. highest median home price by C.A.R. region April 2010: Santa Barbara So. …
Publish Date: 05/27/2010 1:42
http://yourdesertblog.com/?p=1364
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/
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.
A lot of people are unaware of what happens when the bank forecloses on homeowners. CNN Money article below gives valuable information for homeowners who are contemplating foreclosure. We recommend that you speak with a reputable and experienced Realtor to discuss your options.
Mortgage lenders pursue homeowners even after foreclosure
By Les Christie, staff writer , On Wednesday February 3, 2010, 8:18
As terrible as it is to lose your house to foreclosure, at least it’s a relief to put your biggest financial headache behind you, right? Wrong.
Former homeowners may still be on the hook if there’s a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these “deficiency judgments” are ticking time bombs that can explode years after borrowers lose their homes.
It can even happen to people who got their bank to approve them selling their home for less than it is worth.
Vanessa Corey, for example, short sold her Fredericksburg, Va., home in April 2008. She and her husband built the house in 2004, but setbacks, both personal (divorce) and professional (housing bust), made it impossible for the real estate agent to keep her home. So she negotiated the short sale and thought that was the end of it.
“My understanding was that the deficiency was negotiated away,” she said. “Then, last November, I got a letter from a lawyer telling me I owed my lender $65,000. I had to declare bankruptcy. There was no way I could pay it.”
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:
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.