The OC Real Estate Information Site

News Flash! NEW FEDERAL LAW AFFECTING DISTRESSED PROPERTIES

2009-05-22T14:00:00.000-07:00

Current Mortgage Rates: 5/22/2009 ~ 30 Year Fixed: 4.86% ~ 15 Year Fixed: 4.52% ~ 1 Year Adj: 4.71%See current Real Estate News & Daily Mortgage Rates now

This week, President Barack Obama signed into law the Helping Families Save Their Homes Act of 2009 to help homeowners and lenders avoid foreclosure. Previously included in this bill was a measure to allow bankruptcy judges to modify mortgage loans for principal residences, but the U.S. Senate did not pass this "cram-down" legislation.
The Helping Families Save Their Homes Act of 2009 contains various new laws to address the national foreclosure crisis. Major provisions that may affect California REALTORS® and your clients include the following:

HOPE FOR HOMEOWNERS (H4H) REVAMPED: The new law loosens the H4H program requirements to help homeowners refinance out of their troubled mortgages and into more affordable, fixed-rate FHA-insured loans. Originally launched in October 2008, the H4H program intended to help 400,000 distressed homeowners, but in the program's first seven months, it only helped one family stay in its home. The maximum loan-to-value ratio for an FHA refinance is 96.5% of the appraised value. If refinance proceeds are insufficient to pay off existing liens, the existing lienholders must voluntarily agree to a short payoff, but a new inducement is an opportunity for them to share in the homeowner's equity. Other changes to the H4H program include monetary incentives for both the participating servicers of the existing loans and originators of the FHA refinance. Millionaire borrowers (with net worth over $1 million) are now excluded from the program. HUD will establish the requirements and standards to implement the H4H program as revised.

LONGER STAY FOR TENANTS OF FORECLOSED HOMES: Effective immediately, an REO lender or buyer who acquires title through a foreclosure sale must give at least a 90-day notice to terminate a bona fide tenant as defined. A 90-day notice to terminate is sufficient for a month-to-month tenant or if a new owner will occupy the property as a primary residence at the end of the 90 days. Otherwise, a tenant with a one year or other fixed-term lease with a remaining lease term exceeding 90 days can stay in the premises until the remaining lease term ends. This new 90-day notice requirement applies to foreclosures of a federally-related mortgage loan or residential real property, except for properties under rent control, rent-subsidized programs (such as Section 8), or other state laws that provide additional protections for tenants. This law expires on December 31, 2012.

NOTIFICATION OF TRANSFER OF MORTGAGE LOANS: The Truth in Lending Act now requires a lender to whom a mortgage loan is sold or otherwise transferred to notify the borrower in writing of such transfer within 30 days. The notice must include the new lender's identity, address, telephone number, authorized representative's contact information, and other relevant information. This measure should help alleviate the problem borrowers often face in determining who owns their mortgage loans.

Other provisions of the Helping Families Save Their Homes Act include a 4-year extension of the $250,000 FDIC deposit insurance to December 31, 2013, protection for loan servicers who establish qualified loss mitigation plans from liability for an alleged breach of duty to maximize mortgage values for their investors, $130 million for foreclosure prevention counseling and education, and $2.2 billion to strengthen homeless programs.

President Obama has also signed into law the Fraud Enforcement and Recovery Act (FERA) which authorizes the Department of Justice to prosecute mortgage fraud crimes against private mortgage brokers and companies that previously were not regulated by the federal government. FERA also earmarks almost $500 million for federal enforcement agencies to investigate and prosecute mortgage fraud and other fraud crimes.

It's great living on the coast of CA, especially now that it's a buyers market and prices have come down so much. South Orange County is no exception, check it out at: Ocean View Properties in Southern California. If you are curious about the Real Estate Market, or would like to consider buying or selling an Orange County Home, send me Deborah Shane an email or call me at: 949-218-2018 Email: CaCoastalProperties@gmail.com or email me I will answer all your questions and send you current Orange County Bank Owned and Short Sale Home Listings.

12 ways a REALTOR® Does It Better

2009-03-13T12:00:00.000-07:00

Real estate transactions involve one of the biggest financial investments most people experience in your lifetime. Here are 12 ways a REALTOR® will make your home buying or selling experience better.

1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties. Also you can search the Orange County MLS yourself on most Realtor's websites.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer.
Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. using their Marketing plan The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers.

Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

Why Use a REALTOR for Orange County Real Estate?

2009-03-13T10:46:00.000-07:00

Many consumers consider selling their home directly but eventually turn to REALTORS®. Smart home sellers realize they need the expertise in pricing their home, making connections with REALTORS® working with buyers, arranging and staffing open houses, and coordinating with other professionals in the sales process.

Only about half of all real estate agents are REALTORS® -- the top half, in our not-so-humble opinion. REALTORS® work independently, for small agencies, or for large brokerages, like Deborah Shane Orange County Realtor. They help people buy and sell residential or commercial properties, vacation homes, and land; they conduct appraisals; they operate in the United States and in other countries; some specialize in auctions; and others are buyer's representatives.

REALTORS® Are Experts
Eighty-five percent of sellers were assisted by a real estate agent when selling their home, according to NAR's 2007 Profile of Home Buyers and Sellers, and 79 percent of buyers purchased their home through a real estate agent or broker.

REALTORS® Are Part of the Community and help to end housing discrimination - during April 2009, which is Fair Housing Month, and all year long. REALTORS® are active members of their communities.

REALTORS® Protect You
Only REALTORS® follow a Code of Ethics, To be a member of NAR and a REALTOR®, a real estate agent must abide by a set of professional principles and serve clients fairly.

Learn how the Code of Ethics affects everyday real estate practices

If a REALTOR® represents you, whether you are buying or selling a home, you can count on that REALTOR® to:

1. Be honest with all parties in the transaction – not just with you, as his or her client, but also with the other real estate practitioner and his or her clients.For example, if REALTORS® represent a buyer with a spotty credit history, they can’t be dishonest with sellers about this fact. At the same time, REALTORS® can help their buyer clients collect and assemble information, such as credit reports and audited tax returns, to demonstrate that the buyer has addressed the problem and improved their situation.

2. Put your interests ahead of his or her own, at all times. A REALTOR® makes every effort to understand the housing needs of his or her client, thoroughly researches available inventory, and shares all relevant information with the buyer so that he or she can make an informed decision. This service is provided regardless of the compensation available.

3. Disclose all pertinent facts regarding the property and the transaction to both buyer and seller.If a REALTOR® believes information provided by a seller is questionable, the REALTOR® is obligated to investigate. REALTORS® should recommend that buyers consult their own experts, such as home inspectors, to address concerns. For example, if a home seller asks his or her REALTOR® to conceal the fact that the roof leaks, the REALTOR® cannot comply; if the seller insists, the REALTOR® should end the business relationship with that seller.

4. Be truthful in all communications with the public.When REALTORS® distribute newsletters, create Web sites, or place advertisements, they must be careful not to represent other real estate professionals’ work product as their own. If recently sold or listed properties in the community are publicized, it must be clear whether the REALTOR® was actually involved in the transaction, or whether that data came from the local multiple listing service or other source. This ensures that the public understands the REALTOR®’s experience and can make an informed decision when choosing real estate representation.

Foreclosures being halted by JP Morgan & Citigroup

2009-02-13T11:29:00.000-08:00

Check this article out, By ALAN ZIBEL, AP Real Estate Writer Alan Zibel.

WASHINGTON – JPMorgan Chase & Co. and Citigroup Inc. are expanding their efforts to halt home foreclosures while the Obama administration develops its plans to help the U.S. housing market.
JPMorgan Chief Executive Jamie Dimon said the New York company plans to halt new foreclosures for owner-occupied home loans through March 6. Dimon made the pledge in a letter to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, who released it on Friday.
"This moratorium replicates the 90-day foreclosure freeze we announced on Oct. 31," Dimon wrote. "We believe three weeks is adequate time for the Treasury to announce — and for us to implement — a new plan."
Citigroup's foreclosure moratorium applies to all "Citi owned first mortgage loans that are the principal residence of the customer as well as all loans Citi services where we have reached an understanding with the investor" until President Barack Obama's administration has finalized the details of the loan modification program or March 12, whichever is earlier, according to a company release. New York-based Citi's action expands on a similar effort that it started in November.
Frank on Wednesday called on the mortgage industry to enact broad foreclosure moratoriums, and executives from the nation's largest banks committed then to such action.
The administration is working on a plan to spend $50 billion on foreclosure prevention and establish national standards for modifying home loans.
"We stand ready to work with you to put the appropriate processes in place, including a national modification standard, to reduce the incidence of foreclosure and to encourage long-term, sustainable home mortgages," Dimon wrote.
Government-controlled mortgage finance companies Fannie Mae and Freddie Mac suspended foreclosure sales during the winter holidays and have halted evictions from foreclosed properties until next month. And earlier this week, John Reich, director of the Office of Thrift Supervision, urged the more than 800 thrift institutions nationwide to do the same.
Meanwhile, the administration is considering spending taxpayer dollars to cut monthly payments for homeowners on the verge of foreclosure.
Still, deciding who would qualify would be a challenge, especially as foreclosures continue to soar. More than 274,000 U.S. households received at least one foreclosure-related notice last month, according to RealtyTrac Inc.
The administration also is expected to back a push in Congress — but opposed by the mortgage industry — to let bankruptcy judges alter the terms of primary home loans. Earlier this week, Obama said it "makes no sense" that judges are not allowed to do so. The mortgage industry argues that this prohibition allows lenders to charge lower rates.

It's great living on the coast of CA, especially now that it's a buyers market and prices have come down so much. South Orange County is no exception, check it out at: California Coastal Homes & Properties. If you are curious about the Real Estate Market, or would like to consider buying or selling an Orange County Home, send me Deborah Shane an email or call me at: 949-218-2018 Email: CaCoastalProperties@gmail.com

The Basics of Foreclosure “Short–Sales” William Bronchick

2008-10-27T22:09:00.000-07:00

What is a Short Sale?

You will likely come across dozens of properties in foreclosure with little or no equity, that is, the seller owes at close to or more than the property is worth. In these situations, lenders are sometimes willing to accept less than the full amount due, commonly referred to a “short pay” or “short sale.”

Negotiating a short sale with the lender is a difficult process, generally because it is a daunting task finding a bank officer who has the authority to accept a discount. You will have to call around to locate the lender’s “Loss Mitigation Department”. More than likely, each lender you deal with will have a separate name for this department, so be patient when calling. Much like getting your phone bill corrected, you can expect the process to involve a lot of waiting on hold and being bounced around an intricate maze of automated voice mail systems. Once you get in touch with the right person, then the negotiating begins.

From the lender’s perspective, a short sale saves many of the costs associated with the foreclosure process - attorney fee’s, the eviction process, delays from borrower bankruptcy, damage to the property, costs associated with resale, etc. In a short sale scenario, the lender gets the property back faster, so it is able to cut its losses. Your job as the investor is to convince the lender that it will fare better by accepting less money now.

The lender will want some information about the property, the borrower and the deal he has made with you. Specifically, the lender wants to know what the property is worth. The lender will generally hire a local real estate broker or appraiser to evaluate the property (called a broker’s price opinion or “BPO”). You can also submit your own appraisal or comparable sales information. In addition you will want to offer as much specific negative information about the property as possible. Also, include some relevant information about the neighborhood and the local economy if things are bad (copies of newspaper articles with “bad news” may help). A contract’s bid for repair estimates should also be submitted, which, of course, should be the highest bid you can obtain!

The lender will also ask for financial information about the borrower. Sort of a backwards loan application, the borrower must prove that he is broke and unable to afford the payments. The borrower must show that he has no other source of income or assets to repay the loan. This process may involve as much, if not more paperwork than an original mortgage application! The borrower should submit a “hardship letter”, which is basically a sob story about how much financial trouble the borrower is in. This may require a little literary creativity, and some help on your part. Don’t lie, just paint a picture that doesn’t look good.

Finally, the lender generally wants to see a written contract between you and the seller. The lender wants to make sure the seller isn’t walking away with any cash from the deal. Generally, the contract must be written so that the buyer pays all costs associated with the transaction, so that the “net cash” to the seller is the exact amount of the short pay to the lender. A preliminary HUD-1 settlement statement is often requested, which can be difficult, since many title and escrow companies simple won’t prepare one in advance of closing. You can prepare your own HUD-1, and simply write “preliminary” on the top.

Don’t be surprised if your first short sale bid is rejected. Lenders aren’t emotionally attached to their properties, so they aren’t as likely to give you steal. Many short sales fall through if the BPO comes in too high, which is often the case. You can’t pull the wool over a lender’s eyes – if the property isn’t is need of serious repair, it is unlikely you can convince the lender the property is worth a whole lot less than the appraised value.

The process of the short sale is not that complicated, but the success or failure of the deal depends upon how you present it to the lender. Many novice investors and realtors give up at short sales quickly because their first deal is rejected. Like any business, short sales takes practice to get good. Generally speaking, loss mitigators are pretty good at spotting an amateur investor. If you know what you are doing, the loss mitigators are more likely to make a deal with you. If you would like to put your San Diego home on the market, but owe more than it is worth, then a request to your bank for a short pay off, may be what you need. Please call me for more Orange County Home & market information at: 949-521-3512, or email me at CaCoastalProperties@gmail.com

Foreclosures add to tight rental market, Mercury News

2008-10-26T17:48:00.000-07:00

Lupe Parga and her family must find a house to rent, and soon. In late June, the 4-bedroom home she and her husband owned in San Jose's Evergreen neighborhood was foreclosed upon. Parga, her husband, their four kids and Parga's sister's family are all still living there while seeking a rental that can hold both families. Meanwhile, they're trying to stave off eviction from their former property.

"It's really hard. Things are just getting rented right away," said Parga, an accountant who was recently laid off from her job with a janitorial services company.

Parga said she's applied for about a dozen rentals in the area since July, and is prepared to pay about $3,500 a month for a house with at least four bedrooms. But she's had no success yet.
Record numbers of Silicon Valley homeowners have been foreclosed upon this year, and most must seek rental housing once they leave their homes. If tenant-occupied houses are in foreclosure, tenants nearly always get evicted, pushing them into the rental market again. And many renters who could afford to buy homes size up the bleak economy and opt not to take on mortgages and home ownership.

The result: It's a competitive market for those seeking reasonably priced rentals, and it's a pretty good time to be a landlord.

"The rental market has definitely become tighter in the sense that rents are going up," said Martin Eichner of Project Sentinel in Sunnyvale, an organization that provides landlord-tenant dispute resolution services, as well as foreclosure prevention help. Average apartment rents rose 5.2 percent in Santa Clara County in the third quarter, to $1,708 a month, according to RealFacts, a Marin County firm that measures average monthly rents for all types of units in complexes of at least 50 units.

But rent increases in the third quarter were not as steep as in the second quarter, a sign of the softening economy. And RealFacts said apartment complexes were 95.6 percent full in the July-to-September quarter, down from 96.7 percent a year earlier.

One reason apartment occupancy rates are slipping is that more single-family houses are coming onto the market as rentals, said Joshua Howard, executive director of the local division of the California Apartment Association. Some of those houses are previous foreclosures that were purchased by investors.

"That's providing competition to multi-unit buildings," Howard said. "The rental housing economy has more options available right now."

Michelle Harris, for example, owns a two-bedroom house near Interstate 280 at the north edge of San Jose's Willow Glen neighborhood. While she was fixing it up to rent in July, she placed an ad online, asking for monthly rent of $1,800. The volume of responses, and the aggressive tactics of some of the applicants, told her she'd set the rent too low, Harris wrote in an e-mail to the Mercury News. Because of renovation delays, she didn't rent the house out until September. By then she'd set the rent at $2,300, and still had a list of qualified tenants from which to choose.
"Everyone I showed the house to told me about the tight rental market," Harris said. In the end, she chose a couple who had damaged credit because they had gone through foreclosure. "But I could tell they were good tenants so I let them have the house," she said.

Ron Stern, owner of the rental listings subscription service Bay Rentals, said most of the local landlords who list with him "are not too drastically raising rents because they know the economic situation out there won't support that." And, he said, many landlords are more averse to pets than they are to foreclosures on tenants' records — as long as the tenants have not completely ruined their credit by falling behind on all their other debts as well.

Along with economic uncertainty, high gas prices have affected the rental market, Howard said. Members of his apartment industry trade group report that tenants are less willing to live far from their jobs than in years past, and would rather share housing close to their work than pay the high price of commuting. In addition, some apartment managers say all their two-bedroom units are occupied, but not one-bedrooms, indicating that more renters want to economize, splitting the rent with a roommate.

Despite slightly increased vacancy rates at apartment complexes, the market remains very tough for renters like Lupe Parga, with poor credit and the need to move soon. Parga said she will keep searching for a rental house in the Evergreen area, so her children can stay at the schools they now attend. She said she'll be sorry to leave her house, which she and her husband bought from her grandmother for nearly $800,000 in early 2006. Its value has fallen to about $600,000 this year. Even with family members' help, they couldn't afford the payments on their adjustable-rate mortgage, and they fell into foreclosure. They have stalled eviction by trying to find family members who would buy the house back from their lender. But eviction could occur anytime now.

Having foreclosure on her credit record has been "a huge setback" when seeking to rent, she said. "Seeing the way things are, you'd think people would be a little more lenient. "... I'm sure there's a lot of people in this situation." To find rentals in South Orange County Ca, just call Deborah at: 949-521-3512 or go to my site to search yourself at: Search Orange County Rentals Yourself!!

Has the housing market hit bottom?

2008-09-26T21:13:00.000-07:00

Low prices and interest rates push some buyers off the fence. Experts warn of another wave of foreclosures. With mortgage interest rates edging down and the price of homes a good 30% below their peak in Southern California, Ryan Ratcliff made a decision on the minds of many: He decided to buy a house. Ratcliff, a University of San Diego economist who makes his living forecasting the housing market, hopes to close escrow next week on a three-bedroom house in a northern San Diego neighborhood known for its good schools."I may not have exactly timed the bottom," said Ratcliff, who paid 25% less than what the foreclosed house sold for in 2006, "but I think we're close enough that I'm comfortable."Slowly, excruciatingly, buyers are beginning to return to the housing market.Home shoppers report competition for the cheapest foreclosures, and agents say business is picking up.But is the crisis over?Far from it, experts and economists say.Any market recovery "will be long and bumpy," said Leslie Appleton-Young, chief economist of the California Assn. of Realtors. There probably will be false starts -- periods in which home prices flatten or even rise for a month or two, and then fall again.Many point to the last time the housing bubble burst in the early 1990s, when real estate lost 20% of its value in the first three years but then continued to bleed for four more years before beginning to rise.Still, there is no denying that activity has picked up in recent weeks and months. In July, the number of homes sold in Southern California was up from the same month a year ago, the first such increase in three years.Some industry watchers, as a result, are becoming positively boosterish."Home prices are about to bottom," cheered Barron's magazine in a recent cover story. Popular business commentator Jim Cramer said much the same thing late last month on his CNBC television show.But whether the recent activity is a one-time spike driven by fire-sale prices on foreclosed houses or the beginning of a bottom can't be decided in a month.The rash of foreclosures, for example, may have created an opportunity for a mini-bubble of sorts, in which speculators and others rush in to buy homes that are perceived as very cheap.But the overall pressures on the economy and the housing market are serious -- and remain very much in place.A key problem is that despite the crash, prices remain historically high when compared with people's incomes. So even though home prices have come down, people can't afford to buy them. And the exotic mortgage products that made it possible to buy expensive houses in the past are no longer available.Low interest rates can make pricey properties more affordable, but that's meaningless if you can't get a loan, and most lenders have tightened their requirements so much that even people with good credit often don't qualify.Supply is another key factor affecting home values. When there are too many homes on the market, there is downward pressure on prices.And as of July, there were so many houses on the market in California that it would take 6.7 months to sell them all, according to the Realtors association.That's better than a year ago, when there was a 10-month supply, but far from the four-to-five-month supply that is more typical in a healthy market, said John Burns, an Irvine real estate consultant.With inventories still high, prices will have to drop more for those houses to sell, said Thomas Davidoff, a UC Berkeley economist who studies housing markets.Declining home values mean that more current homeowners will become "upside down," owing more on their homes than they are worth, which also means foreclosures are likely to continue in the coming months, Davidoff said."I don't see logically why we would be done with that vicious cycle," Davidoff said.One reason is that the ranks of borrowers who can't pay their loans are growing, meaning that there could well be more foreclosures and more attempts to sell houses that people can no longer afford.That's because the mortgage mess is spreading from people with poor credit records who took out subprime loans to people with good credit. These well-heeled borrowers are increasingly unable to pay their mortgages, thanks to rising interest rates on their adjustable-rate loans, lower home values, job losses and other troubles.Davidoff said price declines "are moving up, not down, the quality chain" as prime loan defaults rise. In the lower-priced inland areas where prices have fallen most, "maybe we'll start to see a floor. But no way are San Francisco, Los Angeles or Beverly Hills at the floor," he said.Loose mortgage lending standards did much to inflate the housing bubble, and the extent of damage as borrowers default on those loans is still unknown.Along with subprime mortgages given to poorly qualified buyers, a large number of mortgages were issued in 2006 and 2007 to borrowers who did not document their incomes, or agreed to a low, temporary interest rate that would later reset to a much higher rate and monthly payment.Data released this month by the Mortgage Bankers Assn. show that foreclosures on adjustable-rate loans to prime borrowers are now growing much faster than subprime foreclosures.Going forward, foreclosures "will be increasingly dominated by prime, adjustable-rate mortgage loans," said Jay Brinkmann, the mortgage bankers group's chief economist.Also looming over the housing market is the weakness of the overall economy, with unemployment rising and consumer confidence slipping each month.The 1990s downturn began in the midst of a recession and, in Southern California, widespread job losses in manufacturing industries.Home prices fell 26% from 1990 to 1997, with the bulk of the losses in the first three years.In the current correction, prices fell close to 30% even before the economy slowed. Now, unemployment and continued problems in the economy could compound the real estate market's weaknesses and pull prices down even further."Anyone who tells you they know what it will look like a year or two from now doesn't know," said Appleton-Young, the California Assn. of Realtors economist, "Nobody really knows." Says a Los Angeles Times Staff Writer

It's great living on the coast of CA, especially now that it's a buyers market and prices have come down so much. South Orange County is no exception, check it out at: Ocean View Properties in Southern California. If you are curious about the Real Estate Market, or would like to consider buying or selling an Orange County Home, send me Deborah Shane an email or call me at: 949-218-2018 Email: CaCoastalProperties@gmail.com or check out San Diego I will answer all your questions and if you like, I will send you current Home Listings. How about checking out a new County? Turkey! Makelaars Groningen ~ Experienced and modern estate broker in Groningen

Bush Signs Housing and Economic Recovery Act of 2008 Into Law

2008-08-04T19:47:00.000-07:00

For the past several years, C.A.R. and the NATIONAL ASSOCIATION OF REALTORS® have aggressively lobbied for Congress to pass numerous provisions found in this historic bill. The legislation, called the Housing and Economic Recovery Act of 2008, will assist an estimated 400,000 homeowners facing foreclosure, many of whom reside in California, by allowing them to refinance their current mortgages with a Federal Housing Administration (FHA)-backed loan. The bill also will permanently increase FHA, Fannie Mae, and Freddie Mac loan limits in high-cost areas. This federal housing bill is a significant move in the right direction for California homeowners, said C.A.R. President William E. Brown. It will aid in stabilizing our economy and help stem foreclosures, while also providing support to first-time homeowners. The bill permanently increases the conforming loan limit to $625,500. C.A.R. has long advocated for higher conforming loan limits. In February, the Economic Stimulus Act of 2008 was signed, temporarily raising the conforming loan limit in high-cost areas to $729,750 from $417,000 until December 31, 2008. Although we would have liked Congress to make permanent the current $729,750 loan limit, C.A.R. is pleased with the new permanent loan limit of $625,500. It will allow California homeowners to refinance their loans into safe affordable loan products and allow first-time home buyers to enter the market, said Brown. The new loan limits for Fannie Mae and Freddie Mac are the greater of either $417,000 or 115 percent of an areas median home price, up to $625,500. The new FHA loan limit will be the greater of $271,050 or 115 percent of an areas median home price, up to $625,500. Both new loan limits will be effective at the expiration of the economic stimulus limits on December 31, 2008.

C.A.R. also supports the following bill provisions:

. A temporary increase in mortgage revenue bonds to refinance subprime mortgages.

. New regulator for Government Sponsored Enterprises to restore investor confidence in GSE loans and help the market and economy stabilize.

. First-time home buyers tax credit, which allows first-time home buyers to receive a tax refund worth up to 10 percent of a homes purchase price, up to a maximum of $7,500. The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years.. Temporary raise in the loan limit for the Veterans Affairs home loan guarantee program to the same level as the economic stimulus limits until the end of 2008.

. Adjustment to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), allowing sellers to provide the non-foreign affidavit to a qualified closing entity and not just the buyer.

. The setting of minimum requirements for mortgage originators, which mandates fingerprinting of loan originators and establishes a nationwide loan originator licensing and registration system. The requirements do not apply to those only performing real estate brokerage activities unless they are compensated by a lender, mortgage broker, or other loan originator. States will have the ability to implement more stringent laws.

. The creation of a National Affordable Housing Trust Fund to help cover the cost of the FHA rescue plan for the first five years and develop affordable housing in subsequent years.

Other provisions in the legislation include:

. The Treasury Departments proposal to create a federal backstop program to ensure the financial well-being of Fannie Mae and Freddie Mac.

. The FHAs inability to insure loans that utilize a seller-funded down-payment assistance program. Down-payment assistance from family, employers and other nonprofits is still allowed.

. The Community Development Block Grant Programs $4 billion allotment for communities to purchase and refurbish foreclosed homes.

Send me Deborah Shane an email or call me at: 949-218-2018 Email: CaCoastalProperties@gmail.com or check out San Diego

Great News for FHA Home Buyers!

2008-07-25T22:18:00.000-07:00

Starting on July 14th, 2008, mortgage insurance premiums will be based on a new risk-based pricing structure.1. Up front mortgage insurance will range from 1.00% to 2.25%. Until now the lowest cost has been 1.50%. This amount is added to the loan amount.2. Annual premiums will range from 0.00% to 0.55%. Until now the lowest had been 0.50%.3. The borrower's mortgage insurance factor will be based on the loan amortization period, loan to value and credit score. Approximately half of the borrowers will receive improved pricing. The better the credit score and/or the larger the down payment, the borrower's mortgage insurance will be less, saving the borrower money and reducing the monthly payment as well. Please note: Keven will process, underwrite, draw documents and fund FHA loans for you. It's your one stop lending source. Most competitors send their FHA loans to another city or even another state causing delays and lack of control. Keven's first FHA loan closed in 1975 and he received his underwriting approval from HUD in 1986. He has the experience to help you with your FHA financing needs. So for more information on contacting Kever and taking advantage of his years of honest experience, send me Deborah Shane an email or call me at: 949-218-2018 Email: CaCoastalProperties@gmail.com

July 1st was the Legal Day of the Merger

2008-07-25T22:14:00.000-07:00

July 1st was the Legal Day of the Bank of America and Countrywide merger.Countywide is now a wholly owned subsidiary of Back of America. All efforts have begun to proceed with the integration of the two organizations.There will be minimal operational changes in the beginning for either the customer or the employees of either firm. While changes will occur as the transition progresses, these changes ill come in steps over a period of time. To begin with, the name of Countrywide will remain for a period of approximately 6 months on buildings, stationary and business cards. Ultimately, the name will become a Bank of America Mortgage. Bank of America has stated publicly they were aquiring Countrywide because of their mortgage expertise and superior technological platform. It is Bank of America's desire to move their mortage division into Countywide's platform and continue with the growth plan. It is expected 1 in 4 of all home loans in the country will be serviced by the newly formed organization. The management team running the new organazation will be primarily Countrywide's existing management team currently in place.Ad for me individually, my 33 years experience in this business tells me to make the best of the changes especially in a turbulent market which brought on these changes in teh first place. I consider this another chapter in the book of life. As this is my 3rd housing correction I have endured it is my intention to be here to benefit from the good times when they return. Thank you for your continued support. Send me Deborah Shane an email or call me at: 949-218-2018 Email: CaCoastalProperties@gmail.com or check out San Diego I will answer all your questions and if you like, I will send you Orange Count Home Listings.

The Best of Both Worlds-Income from the Comfort of Home

2008-07-25T12:14:00.000-07:00

by Kristine Miller

Mom's can and are making money from home with the Internet and their home computers. Every day women leave the corporate world to stay at home with family and still maintainthat income. They are not sacrificing wages either. Many are making more money thanthey ever before. It can be done!Ternet has revolutionized almost every aspect of human interaction, and the influence is perhaps most greatly felt in the way that we do business. Limitations of geography have been largely removed from the commercial equation, and it is now possible to do business with someone on the other side of the planet as though they were sitting right next to you. This mobile office concept has been incredibly liberating to those who choose to raise their children full time but need to earn some extra income as well. Many stay at home mothers have been pleasantly surprised to learn that there are multiple ways that they can make money while working from home, even if they have been out of the workforce for several years. Perhaps the easiest way to break into the home based business world is to consider freelancing. If you happen to be a skilled writer, web designer, graphic artist, or have other creative skills, then you can apply those skills right away as a home based freelance professional. Many companies and individuals are always looking for skilled freelancers to assist with web pages, news releases, logo design, and many other project types. The most important thing to consider when beginning your career as a work at home freelancer is how best to promote yourself and your services. Gather old copies of work that you have done and organize it into a portfolio. If your skills are a bit rusty, then you can brush up on the techniques of your trade by creating sample works that can also go into your portfolio. Once your portfolio has been established, it is time to start looking for clients. The cheapest method is to search for message forums that are dedicated to your field. These message forums often have special areas set aside that will allow you to advertise your services for free. The most effective way to promote your services on the internet is to look into contextual advertising. Many companies, including the internet heavyweights Yahoo! and Google, offer services that place small text ads on search engine results pages that display your ad whenever someone searches for a keyword that relates to your business. This means that your ad is targeted only to customers that are searching for the service that you offer. The great thing about directed contextual advertising is that you are only charged when a customer clicks on your link. If your skills lie in areas that are not immediately amenable to home based freelancing, it is still possible to use the power of the internet to make money while staying at home. Many companies are looking for home based clerical workers to assist in fields such as accounting, data entry, billing, medical transcription, sales, and other areas that require little or no previous experience. The best way to find work from home jobs of this type is to visit the many internet jobs portals such as Monster.com and CareerBuilder.net and search for work at home opportunities. You will be surprised at the number of income generating opportunities that are available through these and other internet job portals. Regardless of your skill level and experience, there are many great work-at-home opportunities available that will allow you to earn a good income working from the comfort of home. Work-at-home opportunities are great for stay at home moms, women looking to return to the workforce after years of raising their children, as well as others who just want to avoid the frustration of a commute. If you are curious about the Real Estate Market, or would like to consider buying or selling an Orange County Home, send me Deborah Shane an email or call me at: 949-218-2018 Email: CaCoastalProperties@gmail.com

Planning an Italian Dream Vacation?

2008-06-15T19:49:00.000-07:00

If you ever wanted to plan a trip to Italy, this is a great plan to save and have a great time.

Few travel destinations are as magical as Italy. This week’s column answers questions from three MSN Travel readers about visiting Tuscan vineyards, touring Rome and keeping trip costs down. By Pauline Frommer

Q: My fiancé and I would like to go to Italy next year sometime after we're married. We're both avid wine enthusiasts and are hoping we can visit some classic vineyards. I imagine us sitting on a beautiful Italian hillside on a perfect day while we sip wine and eat cheese. I know this is very romanticized, but where can we create something like this? — Komal

A: I see that you’ve been reading a lot of Frances Mayes, the author of “Under the Tuscan Sun.” You know what? She doesn’t exaggerate Italy’s charms, and neither do you. I have no doubt you’ll be able to re-create the vineyard experience you’re daydreaming about.

But since Italy has about as many vineyards as we have strip malls in the U.S., you’ll want to start narrowing down where to go. The region of Chiani is the most popular area for vino visits, but consequently gets the biggest crowds and costs the most. Hotels and restaurants in the area are a good 30 percent higher than they are in most other parts of Italy.

Prices are much lower in Apulia, Italy’s largest grape-growing region (accounting for 17 percent of The Boot’s output), but the name of its signature wine, Primitivo, could also describe the wine-tasting experience here. Most of the vineyards are not yet open for visitors, so wine touring can be frustrating.

I turned to my buddy Reid Bramblett, Italy specialist extraordinaire and author of the site ReidsGuides.com, for advice, and he suggested the following Tuscan itinerary. It avoids the most heavily touristed spots and introduces you to several wine varietals, giving your tastings a welcome diversity.

Stop 1 - The Maremma area: If one region of Tuscany could be described as “undiscovered,” this would be it. Set at the very southern edge of the district, it’s a wildly beautiful area of pine forests, quiet beaches and yes, vineyards. It’s also where many of the famed “Super Tuscans” come from (that’s a hyperbolic name for wines that blend several grape varieties and therefore can’t carry any of Italy’s official labels). Cheaper than the rest of Tuscany and sparsely populated, this area will be a relaxing way to start your trip and quite different from what’s to come. Stop 2 - Montalcino: Famous for its Brunello wines, this dramatic hill town sits atop a tall cliff. Most visitors tour the town and a nearby Romanesque abbey, doing their tastings in the enoteca in the 14th-century fortezza that guards the town.

Stop 3 - Pienza: Hometown boy Pope Pius II (1405-1464) put Pienza on the map after becoming pope, when he decided to engage the services of architect Bernardo Rosselino to transform the town into the perfect Renaissance village. Today, its center is an exquisite architectural gem. (How gorgeous? Franco Zeffirelli’s “Romeo and Juliet” was filmed here, not in Verona.) Many of Pienza’s streets are lined with terrific wine shops, which carry a wide range of local vintages. You can sip them while nibbling on the town’s fresh sheep-milk cheese, widely considered the best pecorino in all of Italy.

Stop 4 - Montepuliano: The wine of this hill town is justifiably called “Vino Nobile,” and its tasting rooms are highly atmospheric — some are set in caves that have been in use since Etruscan times. Round out your visit by seeing Renaissance palazzos, winding medieval alleys and the delightful surrounding vineyards.

Stop 5 - Chianciano Terme and Orvieto: Right outside Montepulciano, the waters of the spa town known as Chianciano Terme are said to heal ailments of the liver (and let’s hope you haven’t contracted one at the end of a wine-tasting tour of this intensity!). Head here for some early-in-the-day pampering, and then drive 45 minutes to the butte-topped town of Orvieto, in the neighboring region of Umbria. It’s famous both for its Orvieto Classico and for its glittering, mosaic-crusted duomo (don’t miss the fresco cycle by Fra Lippo Lippi inside).

This itinerary won’t take much travel time to cover, so you can spend as little or as much time in and around these towns as you wish. When should you go? “Autumn is my favorite time of year for Tuscany,” says Bramblett. “Italians are at heart still hunter-gatherers, and this is when they hunt wild boar, gather chestnuts for chestnut-flour pastries and harvest the grapes and olives. You’ll find that there’s an abundance of seasonal goodies to taste and fests to participate in if you visit in September and October.” Another reason fall is a great time to visit is that airfares and hotel rates are significantly lower after the summer rush. See our European Travel Guide
One final word: If you want to complete your winery experience, consider lodging at a working winery or an olive farm (or some combination of the two). For information on these types of agriturismo experiences — which are often cheaper than hotels — go to the Web site BeyondHotels.net, which has a number of excellent links to different agritourism sites in Italy.

Q: My husband, 26-year-old son and I are traveling to Rome in October and plan to stay in Italy for seven days. Do you recommend that we visit Rome the entire time or venture out to surrounding towns such as Assisi? Should we purchase a Eurail pass or buy tickets on the Italian railroad? — J.M. Stuart

A: That’s a tough one. You could easily spend a week in Rome and not hit all of its highlights. One of the joys of Rome is simply hanging out — sampling salamis in an enoteca, watching the chic throngs stroll by or getting lost in the winding alleyways of the Trastevere neighborhood.

Ooh, but the countryside and hill towns are also such a delight! You won’t go wrong just staying in Rome, but you might consider breaking up the trip, spending four nights in The Eternal City and then two nights in Assisi (take the train to nearby Orvieto for one day; see above). You can do all your travel by train, but a Eurail pass doesn’t make sense for a trip this short. Simply buy your tickets once you’re there.

Q: Is there such a thing as Italy on a budget? I ask because my husband is Italian but has never been there before. It’s my dream to surprise him with a trip to Italy. Do you have any suggestions or tips? — A Reader

A: Any suggestions or tips? Yeah, only about a complete book’s worth — but I’ll try to stick with a few key points here.

Timing is everything: Plan your vacation for December through early March (excluding the holidays) and you’ll save hundreds of dollars. In those off-season months, hotel rates are often slashed by as much as a third, and trans-Atlantic airfares can drop by $400-$500 from their summer highs. And because much of Italy is fairly far south, in such places as Rome and Naples the weather may be more temperate in winter than in the pizza-oven-hot months of July and August.

Look to alternative accommodations: I sometimes feel like a broken record, but alternatives to hotels are often the best way to save money while offering travelers a more authentic experience. On a trip to Rome about three years ago, I stayed in a private room (with private bath) in the large, antique-laden apartment of a local, just four blocks from the Pantheon, for about $95 a night — a great rate for pricey Rome. Each morning, owner Francesca served my husband and me a wonderful breakfast and gave us great suggestions for local restaurants to try. Other than that, we didn’t see her at all.

We found that room through the Bed & Breakfast Association of Rome: http://www.b-b.rm.it/. That’s just one of the many great lodging alternatives in Italy, ranging from monastery and convent stays to private villa rentals to farm stays (see above).

Consider a package: In winter, such companies as Go-Today.com, Expedia.com and Gate1Travel.com frequently offer packages that bundle airfare and hotel for a week in Rome or Florence for as little as $799. Shop around and you could score a deal (especially if you can travel between November and mid-March).

Look to alternative airlines and routings: London is the cheapest gateway from the U.S. into Europe, as well as a hub for low-cost carriers that then fly on to the rest of Europe. Sometimes you can save a bundle by booking a flight into London from the U.S. and then hopping on one of the cheapo carriers there — say Ryanair or EasyJet. Yes, you’ll need to factor in the possible cost of changing airports, and your travel time will be greater, but the savings may be worth it.

You could also try the same strategy in the U.S., by getting to New York City (usually the cheapest U.S. gateway to Europe) and then hopping a low-cost flight on Eurofly euroflyusa.com This airline, new to the U.S. market, flies between New York’s JFK airport and Italy and often undercuts the competition, even in high season, by $300-$500.

These are just a few of the ways to keep your costs down on a dream vacation to Italy. For more ideas, please read the columns I’ve written on other European destinations; you can find all of my Vacation Doc articles archived here. Buon viaggio!

There is many places in Southern CA to visit also, like San Clemente, Dana Point, Newport Beach, Napa Valley and others that have similar beauty. It's great living on the coast of Ca. Ocean View Properties in Southern California. If you are curious about the Real Estate Market, or would like to consider buying or selling an Orange County Home, send me Deborah Shane an email or call me at: 949-218-2018 Email: CaCoastalProperties@gmail.com

What’s Ahead For Home Sales?

2008-05-22T00:19:00.001-07:00

This is from one of my Lender friends.

It may be tough to see a silver lining in the real estate world right now…foreclosures do not seem like they are going to decrease any time soon and you know what that does to home prices. But there are some big time positive factors coming to play and this could mean the market will snap back a little quicker this summer then you may be lead to believe if you watch the doom and gloom news.

For starters, rates are still low and falling home prices have made the market as affordable now as it was back in 1997. Real wages continue to increase, and ultimately that is what drives people into moving up and moving out-affordability. And though many “fear” that the housing market will push us into recession the facts just don’t bear that out. Residential Housing only makes up 4.6% of the GDP. Home sales were booming in 2001 and 2002 yet the economy still slipped into a mild recession. Our industry was not enough to pull the economy out of recession, and it is not enough to pull the economy into one. Possibly more bullish then all of this though is the stock market over the last 2 months. Quietly, the Dow is up over 1000 points. And all the technical market indicators point to a rally this summer. Stocks always price out 3-6 months ahead so that bodes well for the economy.

More then anything else, the psychology of the market is keeping a lid on the market. People are afraid of what is going to happen so they are holding off on purchasing a home. A sustained stock market rally will help change the psychology of the market. As soon as the “average joe” no longer fears for the eminent collapse of America, you will see those people pulling the trigger on home sales. With great affordability and rising wages, all we need is a positive psychology and the sales will begin. And once they start, that will feed more sales. I think this summer is going to be better then we expect and with a lot less Realtors still in the business, this should make for a great year.

Southern CA home sales jump 22 percent in April from March

2008-05-20T09:20:00.000-07:00

SAN DIEGO - Home sales surged 22 percent in April in Southern California as bargain-hunters bought lower-end homes in areas hardest hit by foreclosures, a research firm said today.
Sales of new and resale homes and condos reached 15,615 in April, up from 12,808 in March and the highest monthly total since August, according to DataQuick Information Systems.

The monthly increase of 22 percent in the six-county region is well above the average gain of only 1.2 percent from March to April since DataQuick began keeping statistics in 1988.
Homes under $500,000 accounted for two-thirds of the monthly gain, DataQuick said. Riverside County, which the firm calls the "epicenter" of foreclosures and price declines in Southern California, posted the region's only annual sales increase, its first in two years.
"Quite a few more buyers stepped off the sidelines last month to snap up homes at substantial discounts relative to the market's short-lived peak," said DataQuick President Marshall Prentice.

Foreclosures drew buyers, according to DataQuick. Nearly 38 percent of homes resold in April were in foreclosure at some point during the previous 12 months, compared to 36 percent in March and only 5 percent in April 2007. In Riverside County, foreclosures accounted for 53 percent of resale homes sold.

April's median home price in Southern California was $385,000, down 24 percent from $505,000 in April 2007. Search for more homes at Deborah's MLS Search site.

Despite the sales surge since March, April sales were down 19 percent from 19,269 in the same period last year, marking the weakest April tally since 1995, DataQuick said. "We continue to look for evidence of a sales bounce in the mid-priced and higher-end markets along the coast," Prentice said. By Elliot Spagat Associated Press

Fannie Mae to institute new policy on down payments

2008-05-20T08:53:00.000-07:00

In an effort to help get the housing market back on its feet, Fannie Mae, the largest buyer of U.S. home loans, will begin following a new policy on down-payment requirements for conventional, conforming mortgages that it purchases or guarantees. The change takes effect June 1.
The Washington, D.C.-based company will accept up to 97 percent loan-to-value ratios for conventional, conforming mortgages processed through its automated underwriter system. For loans written outside the system, the maximum loan percentage will be 95 percent.
The down-payment requirements of 3 or 5 percent will apply to loans for single-family, primary residences. Down-payment requirements will vary for other types of occupancy, property and transactions, Fannie Mae said.

"This new down-payment policy reinforces our goal to support successful home owning, not just home buying, as we seek to bring liquidity to all communities and help the housing market recover," said Marianne Sullivan, Fannie Mae's senior vice president in charge of single-family credit policy and risk management, in a statement.

The new policy will replace the one that was adopted last December requiring higher down payments in markets where home prices are declining.

Fannie Mae (NYSE: FNM) reported a $2.2 billion loss in the first quarter ending March 31, compared with a $961 million profit a year ago. On a diluted share basis, Fannie Mae lost $2.57 compared to earnings of 85 cents a year ago.

The company plans to raise $6 billion in new capital. You can find a great lender on my site too.

Wow! Prices are dropping like flies!

2008-04-09T14:53:00.000-07:00

Yep, that's what's going on in Orange County these days. I was just at an auction a few weeks ago and a San Juan Capistrano Condo, that would normally go for around $300,000. went for $225,000. Now some of the others on the market in that same community are going for $279,000 ish.

That's just one example of the fact that we are in a Buyers market, big time. Now you
can buy a South Orange County Home for a lot less, than in the past and interest rates are at an all time low. Yes it is defiantly a Buyers market. South Orange County real estate and Ocean View Homes are just waiting for the perfect family to buy them. Let me help you find the perfect fit for you and your family ORANGE COUNTY MLS. You will find Real Estate in San Clemente and San Clemente Homes, Dana Point Ca Homes, I have Homes in Talega San Clemente, Talega Houses for Sale, Capistrano Real Estate, Laguna Beach Ca Homes, Homes in Newport Beach Ca, Newport Beach Luxury Homes, Newport Coast Homes for sale, Corona Del Mar Homes for sale, Homes in Laguna Niguel Ca, Laguna Hills Homes, Real Estate Mission Viejo, Search for Orange County Luxury Homes & Ocean View Property on the Orange County MLS. My name is Deborah Shane and I will take care of you, because I am trustworthy, loyal and hard working. I can also evaluate, list and market your home to sell. Deborah's Action Marketing Plan.

From my Lender: FANNIE, FREDDIE TO OVERHAUL APPRAISALS IN CUOMO DEAL

2008-03-05T14:00:00.000-08:00

My Loan Guy sends me these very interesting articles about whats going on in the Lending Industry and also closer to home, the Orange County Ca Real Estate & Mortgage Industry. This article has some good info in it.

March 3 – Fannie Mae and Freddie Mac, the biggest sources of financing for U.S. home loans, reached an agreement with new York Attorney General Andrew Cuomo to buy mortgages only from lenders that adopt new standards intended to ensure independent home appraisals. The new rules announced today prohibit mortgage brokers from selecting appraisers and lenders from using in-house staff to do valuations for any home loans the government-chartered companies purchase. In most cases lenders will also be barred from using appraisal management firms they own or control. There are many significant provisions in the agreements that are designed to strengthen the independence of appraisers, including eliminating broker-ordered appraisals, prohibiting appraiser coercion, and reducing the use of appraisals prepared in-house or through captive appraisal management companies in underwriting mortgages. The agreements also enhance quality control in the appraisal process and establish a complaint hotline for consumers. The agreements include a Home Valuation Code of Conduct that the Enterprises will apply to lenders selling mortgages to Fannie Mae or Freddie Mac. The Code becomes effective on January 1, 2009.

It's a Buyer's Market In The OC

2008-02-24T15:58:00.000-08:00

It's a Buyers Market in South Orange County Ca. To find a South Orange County Ca home at a great price and Search the Orange County MLS Yourself!! Go to Deborah Shane, Orange County Realtor for Real Estate in Orange County Ca & San Clemente Ca Homes, Dana Point Ca Homes, Talega Homes, Capistrano Homes and all South Orange County MLS Listings.

So............ should you be buying? Now is a great time to buy, prices for Orange County Ca Real Estate are down and negotiations are going on right now as we speak. Not to mention that interest rates are still very low. I had quite a bit of competition out there for the Homes in Laguna Niguel Ca, the homes in San Clemente Ca and the Dana Point Ca homes, in the last month. We put in an offer and before our 24 hrs were up, someone came along and put in another offer and got the Laguna Niguel Home. On another one, one day after we had an accepted offer, buyers were lining up to see the property, while we were trying to measure for furniture. Buyers are buzzing around like bees this month too. Wow, that's great, Spring should prove to be a great time for Buyers. You can get a great price on a purchase in Orange County right now, go to OC MLS and do a search and see. You can also search the San Diego MLS yourself at SD MLS.

2008-02-13T14:25:00.000-08:00

Now's the time to buy a home you can love. Search the Orange County MLS Yourself !! And see how prices are dropping. I'ts true, go to my site and check for yourself. Then call me and we can go see them. If you need to talk to a lender, I know someone who can help, who's honest and has 30 years experience. You can real lost so imformitive articles about the Orange County Market on my website. Go to Deborah Shane Orange County Realtor for Real Estate in Orange County, San Clemente CA Homes, Dana Point CA Homes, Talega Homes, San Juan Capistrano Homes and all Orange County MLS Listings.