Santa Clarita Valley Real Estate

How to buy a home at a $100,000 discount With nearly 150,000 foreclosed homes on their books, Fannie Mae and Freddie Mac are trying to pare down their growing inventory of repossessed properties, in turn providing home buyers with tremendous purchasing opportunities. MAKING SENSE FOR CONSUMERS An analysis by SmartMoney magazine found that home buyers could save $100,000 on the price of a home by purchasing a foreclosed home owned by Fannie Mae or Freddie Mac as opposed to a similar fair-market property just a few blocks away. Fannie Mae’s homebuying program, which requires down payments as low as 3 percent on 30-year mortgages also can help buyers save money. However, buyers should note, smaller down payments generally translate into higher monthly mortgage payments. Another bonus to purchasing a Fannie Mae-owned home, the company doesn’t require private mortgage insurance, which most lenders require for buyers who put down less than 20 percent. Unlike many foreclosed pro

Foreclosure Timeline Seller's, Borrower's and even novice Realtor's are often confused by the entire foreclosure process; Foreclosure has never been simple but with the current backlog of bank owned properties and other pressures, it's become worse than ever. Here is an easy to read foreclosure process time line. It will help one understand the different methods used to handle and a purchase short sale, pre-foreclosures and foreclosed properties. If you have personal situation we can answer it, or get an answer to your question about your options for staying in your home, selling and moving on your schedule while helping you step by step through the process. 1. First month missed payment. This counts as day one for the bank but notice, the homeowner had 30 days just like normal to come up with a payment. They will always remain 30 days ahead of the bank schedule. 2. Second missed mortgage payment...day 30 for the bank. 3. Third missed mortgage payment...day 60

Today Dec 11, 2009 the House of Representatives approved the biggest changes in financial regulation since the Great Depression on Friday, marking a win for the Obama administration and top Democrats in Congress. The sweeping bill, which will have to be reconciled with any measure the slower-moving Senate might eventually approve, aims to safeguard the financial system and ward off future crises of the type that punished the nation in the past year with its deepest recession since the 1930s. The House voted 223-202 to pass the 1,279-page bill, which was hammered out in the months since last year's crisis convinced Democrats of an urgent need for reform. All of the chamber's Republicans and 27 Democrats voted against bill. "This legislation brings us another important step closer to necessary, comprehensive financial reform that will create clear rules of the road, consistent and systematic enforcement of those rules, and a stronger, more stable financial system," Pr

Myth #2 – You Must Be Behind on Your Mortgage to Negotiate a Short Sale While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency. If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left. No matter how many payments you are or not behind please call me right away to discuss you personal situation. When we talk will review all your options and advise you with answers to all of your questions, and update you on current laws and rights available to you.

CASH for Appliances— Coming Your Way SOON!! By the end of 2009, consumers nationwide will be able to take advantage of a federal "cash for appliances" program offering rebates on purchases of a wide array of home appliances certified as energyefficient by the EPA's Energy Star program. Backed by an initial $300 million in funding from the American Recovery and Reinvestment Act, the state-run rebate program is intended to help make American homes more energy-efficient while further stimulating the economy. Who Will Run the Program? Each state will administer its own cash for appliances program. The states will be free to select which residential Energy Star qualified appliances to include in their programs and the individual rebate amount offered for each appliance. What Can You Buy? The Department of Energy (DOE) has recommended that the states focus their cash for appliances rebate efforts on heating and cooling equipment, appliances, and water heaters as these products

Santa Clarita Valley Home Prices Bottoming Out Single-family homes sales during July in the Santa Clarita Valley held even with activity reported a year ago and gained 16.3 percent over this June. 235 homes closed escrow, down two sales or 0.8 percent from a year ago, but up 33 sales from this June. The 237 sales were the second highest monthly figure since the low point of this market of 99 sales was reported in January 2008. 88 condos changed owners, up three sales from a year ago and off a single transaction from the 89 closed escrows reported this June. Condo resales also have been gaining momentum since the low-water mark of 31 transactions in January 2008. Buyers interest in puchasing has increased across the board, with homes priced under $500,000 receiving the most activity and multiple bids common. "Inventory is half of what is was in 2008 while the pool of prospective buyers continue to expand as financing and low interest rates are available today. Plus th

MID-YEAR MARKET SUMMARY The California housing market showed more signs of emerging from the worst of the market downturn in June as the median price rose for the fourth straight month and sales registered significant year-to-year and year-to-date gains. At $274,740 in June, the median price rose to its highest level so far this year and stood 4.2 percent higher than the May revised median price of $263,600. The median remained well below levels of a year earlier, however, with a 26.4 percent decrease from the June 2008 median of $373,100. Year-to-year changes have been less severe in recent months and the June decrease was the smallest since February 2008. June sales dipped 6.0 percent from revised May sales of 546,750 homes to a June sales figure of 514,110 homes, but showed a 20.1 percent increase over prior year sales of 427,910 homes. This was the smallest percentage gain in a year, and smaller gains are expected through the rest of the year. Still, sales in the first

Last month Pending US home sales skyrocketed to their highest number in 7 years, a sure sign that the bottom is forming and that bargain seekers have arrived. The National Association of Realtors reported that its seasonally adjusted index of sales contracts signed (the Pending Home Sales Index) jumped 6.7% to 90.3, well ahead of analysts' expectations. Lawrence Yun, NAR chief economist, said buyers have responded to favorable market conditions. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market," he said. "Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers." Santa Clarita Home Value Santa Clarita CA Real Estate Agent | Santa Clarita CA Homes for Sale Weichert, Realtors - Hoshaw & Associates David Hoshaw, Broker, CRS, GRI, e-P

Homeowners seeking to refinance their mortgages may be surprised by the amount of paperwork required. During the “easy credit” years, some lenders did not require proof of income or documentation. Nowadays, most lenders require borrowers to provide pay stubs, banks statements, brokerage statements, and possibly tax returns. Self-employed individuals may be asked for a profit-and-loss statement. Those relying on bonus income should expect that most lenders will assume this year’s bonus will be a lot less than last year’s, which could make securing approval more difficult. Determining the amount of equity in the home is key to being approved for a new loan. Homeowners whose mortgage obligations are less than 80 percent of the home’s value are more likely to have refinancing options available to them. Other homeowners who are current on their mortgages, owe 80 percent to 105 percent of the home’s value, and have a loan owned by Fannie Mae or Freddie Mac may be able to refinance unde

Consumer confidence rose to 40.8 in May compared with the previous month and now stands at 54.9 (1985=100), according to a report released yesterday by The Conference Board. The Board’s Present Situation Index increased to 28.9 in May from 25.5 the previous month, while its Expectations Index rose to 72.3 this month compared with 51.0 in April “Continued gains in the Present Situation Index indicate that current conditions have moderately improved, and growth in the second quarter is likely to be less negative than in the first,” said Lynn Franco, director of The Conference Board Consumer Research Center. “Looking ahead, consumers are considerably less pessimistic than they were earlier this year, and expectations are that business conditions, the labor market and incomes will improve in the coming months. While confidence is still weak by historical standards, as far as consumers are concerned, the worst is now behind us." Consumers' short-term outlook improved significantly

Buyers and Investors: The Real estate market has changed and the opportunity factor to own your home has been enhanced recently with a large amount of available REO Homes, pre-foreclosure homes, low interest rates, lower home prices, 3% down programs, government programs, first time home buyers benefits, tax advantages, and investment opportunities. Real estate has always been one of the best and safest investments available and the best time to buy is always when the prices are at or near the bottom. Call or email our office for more details on how you can get into a good opportunity! Current Homeowners: Do you need to get out from under your over encumbered property? We can facilitate and negotiate a loan modification with your current lender if you qualify. Sellers: If you need to sell we can arrange to have your property sold with no selling costs to you, or loan balances owed to the lender(s). Our experience with short sales will create the best possible outcome for you, and pr