9388 Santa Monica Bl, Beverly Hills, CA 90210
This Month the Spelling Manor was mentioned in the National Post and was once again showcased as one of America's most expensive and opulent homes. Another notable property highlighted in the article was a $100 Million dollar estate located in Lake Tahoe California. Owned by the co-founder of Tommy Hilfiger, Joel Horowitz.read article here!
The closing date for the federal home buyer has been extended to September 30th 2010, a three month extension from the original June 30th date. According to CNNMoney.com, an estimated 200,000 home buyers would not have met the original closing deadline to be eligible for the tax credit. President Obama is expected to sign the bill as early as today.
Via CNNMoney.com and Inman.com
During the month of May, the median home price hit $305,000, the first time since October 2008 that the figure reached over $300,000 and is a 22.5% increase from May 2009. A total of 22,270 new and previously owned properties were sold in Southern California last month and sales last their highest level for a May since 2006. The rise in median home prices can be attributed to homebuyer tax credits as well as low interest rates.
Home Buyer Tax Credit Extension06/10/2010
The Senate unveiled an amendment to the homebuyer tax credit to push back the closing deadline today. The current deadline of June 30th for the close of sale is coming up, and if this new bill goes through, the closing deadline would be extended until to September 30th. The proponents of this extension believe that it will allow the banks more time to close transactions, especially short sales. Under the current homebuyer tax credit, buyers had to have entered a contract by April 30th, and had until June 30th to close the transaction to eligible. The amendment is part of a jobs and tax bill that will be voted on next week at the soonest.
Yesterday the Senate voted to ban two high risk lending practices that contributed to the housing bubble. Stated income loans, also referred to as ?liar loans,? allowed borrowers to state their income and without any proof or verification. Lenders will now be required to verify a borrower?s income and their ability to repay the loan. The bill also bans lenders from offering mortgage brokers and loan officers bonuses for steering borrowers towards higher interest rates or other conditions that favored the lender. Both of these practices have been blamed for the subprime mortgage crisis. This new legislation is an amendment to a larger financial regulatory reform bill currently working through congress.
A report released today from ForeclosureRadar.com suggests that successful loan modifications and short sales are increasing in California due to the increase in foreclosure cancellations. The foreclosure cancellation rate has drastically increased to a 174.4% year-over-year gain for April and a 32% increase since the beginning of 2010. According to the founder and CEO of ForeclosureRadar.com, Steve O?Toole, ?The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction.? Foreclosure filings rates are also down for the first time since January. Cancellation is one of the 3 outcomes of foreclosure; the other two are sale to a third party, or to become a REO.
Via
With the federal homebuyer tax credits set to expired at the end of this week, Coldwell Banker has announced a new promotion with a closing credit of its own. The new Buyer Bonus Sales Event starts May 1st and runs until July 31st offering buyers a closing credit of 3% of the accepted offer price up to $8,000 on participating homes. This credit will be available to all buyers of participating houses, regardless of income or home buyer status. Sellers who take part in the program will not only offer buyers an incentive with the credit, but will also receive exclusive marketing via Coldwell Banker?s promotion, which will be advertised on online, through television commercials and on social media. Starting May 1st, buyers will be able to search for participating homes on the Buyer Bonus website: http://buyerbonus-cb.com/
Via Inman.com and coldwellbanker.com
Fannie Mae announced today that it will be reducing the waiting period from 4 years to 2 years for new mortgages for borrowers who have agreed to a deed-in-lieu of foreclosure. These new guidelines have been announced in order to convince more delinquent borrowers to agree to deed-in-lieu of foreclosures instead of the costly legal fees for the lender of traditional foreclosures.
The new policy will apply to loan applications submitted after June 30th and will require a minimum down payment of 20% for borrowers with a deed-in-lieu within the last 2 years and only 10% for those who have had a deed in-lieu of foreclosure within the last 2 to 4 years.
Via Inman.com
Via Inman.com
The April edition of Sally's exclusive newsletter, The Jones Report, is now live on Sally's website. Some of the highlights of this months edition are:
Read The Jone's Report now!
- California legislature approves tax break for people in foreclosure, short sales
- Home prices in California show strong, unexpected gains in January
- Southern California media price and sales volume up
- New and upcoming listing
Read The Jone's Report now!
Today the state Legislature approved a new measure designed to give Californians whose homes were foreclosed on or sold in a short sale a tax break. The bill will waive state taxes on mortgage debt that has been forgiven by a short sale or foreclosure and is estimated to affect 34,000 tax payers. The measure is expected to be signed by Governor Schwarzenegger so that people can take advantage of it by April 15th. The measure will also provide tax credits to green energy companies.
California $10,000 Home Buyer Tax Credit03/30/2010
Last week Governor Schwarzenegger extended and expanded the $10,000 homebuyer tax credit. The new bill, AB183, provides homebuyers with an estimated $200 million in state income tax credits starting May 1st, increasing last year?s tax credit by $100 million. The credit is equal to $10,000 or 5% of the purchase price, whichever is less and will be spread out over three years. The credit is available to anyone who buys a newly built home or to first time home buyers. To be eligible for the credit, first time home buyers can purchase a new or existing home, but existing homeowners can only purchase a newly built home. Those buying existing homes must close escrow by December 31st 2010, while new home buyers must enter a contract by December 31st 2010 and close escrow by August 1, 2011. To receive the full $10,000 credit, a homeowner must owe at least $3,333 in state income tax a year. The credit will be distributed on a ?first come, first served? basis.
Home prices in Southern California increased 10% in February when compared to prices in February 2009. The median price paid for a southland homes was $275,000 in February, the third consecutive month of a year over year increase as well as a 1.3% increase in price from January. The rise in home prices is a sign that foreclosures sales are not dominating the market as much as they were in 2009. In February a total of 15,359 homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties according to the Los Angeles Times.
Expo Line Phase 2 gets the green light!03/22/2010
Expo Line Phase 2 gets the green light!
Last month, Los Angeles approved Phase 2 of the new Exposition Light Rail Transit Line. The Expo Line is designed to connect Downtown Los Angeles with Culver City, and eventually to Santa Monica. Phase 2 concentrates on the extension of the already approved Downtown Los Angeles to Culver City route all the way to Santa Monica. Phase 1 construction has already started, and operation is planned to start next year in 2011. There has been concern about the location of the Expo Line, especially since the train will border Cheviot Hills. You can read more about the location of the line and the planned stations on the Expo Line website.
March Edition of The Jones Report is Live!
This month?s edition of Sally?s exclusive newsletter, The Jones Report, is now live! The Jones Report features exclusive real estate information, articles and listings.
Highlights from this issue include:
New, In Escrow and Sold Listings
The number of people receiving permanent loan modifications under the federal foreclosure prevention program is steadily rising according to data released by the Treasury. Over 170,000 people have received permanent loan modifications, 15.5% of those who entered the program, up from 11.5% during January. The Obama administration?s foreclosure prevention program reduces eligible borrowers? monthly payments to 31% of pretax income. Although it has received criticism for not doing enough, 91,800 additional permanent modifications have been approved and are pending acceptance, and another 835,000 borrowers are currently in trial loan modifications. New federal initiatives have also been announced to help even more people who are struggling to keep their homes. Last month President Obama announced $1.5 billion towards the five states hit hardest by foreclosures, including California, and the government will soon implement another foreclosure alternative for people who do not qualify for modifications.
On Friday, President Obama announced a new $1.5 Billion program to help troubled homeowners in California, Arizona, Nevada, Florida and Michigan. These five states have been hit the hardest by the housing crisis. Funded by money from the TARP bank bailout, it will support state housing agencies to prevent foreclosures, assist with loan modifications and affordable housing opportunities. This initiative is the latest program from the federal Home Affordable Modification Program which was enacted to prevent foreclosures.
The average interest rate on a 30 year fixed rate jumbo mortgage dropped to 5.79% two weeks ago, almost a 5 year low according to Informa Research Services of Calabasas. Jumbo mortgages refer to loans that are over $729,750 in the metropolitan statistical area and are over the maximum limits for Freddie Mac and Fannie Mae. The rate has since increased to 5.88% on Tuesday, but it?s still down from the 7% of late 2008. Rates are now even lower for hybrid adjustable mortgages, where the rate is fixed for a set amount of time before adjusting. The financial crisis resulted in Jumbo Mortgages rates increasing since lenders did not want to gamble on the higher risk of larger loans. Down-payment requirements for these loans are also relaxing; Wells Fargo Home Mortgage now is requiring a 20% down payment in Los Angeles County, which is 5% lower than last year. Jumbo mortgages still remain harder to get than before the financial crisis, but lower rates reflect the banks? growing confidence in the housing market.
Via
CitiMortage?s alternative to foreclosure02/16/2010
CitiMortgages has just launched a new program offering an alternative to foreclosure. The program is designed for homeowners who have already missed at least three monthly payments. Instead of failing further behind on their payments, CitiMortage is offering borrowers the option to stay in their home for up to six months, if they hand over the deed. This transaction is referred to as a ?deed-in-lieu of foreclosure? and saves the lender the legal fees of foreclosure. In return CitiMortgage will offer relocation counseling and financial incentives. The program is designed for homeowners who are considering walking away from their property and started last Friday in Texas, Florida, Illinois, Michigan, New Jersey and Ohio.
Via CNNMoney.com
The February edition of Sally's exclusive Real Estate newsletter, the Jones Report, is now live on SallyForsterJones.com.
Highlights from this issue:
Read The Jones Report now!
Highlights from this issue:
- Southland home sales, median price up over last year
- California mortgage defaults drop by 24.3%
- Fannie Mae offers help with closing costs for foreclosure buyers
Read The Jones Report now!
To reduce their inventory of foreclosed homes, Fannie Mae is offering buyers up to 3.5% of the final sales cost back as to be used for closing costs or for appliances. This incentive will last until May 1st and applies to any owner-occupants who purchase properties listed on the Fannie Mae owned website HomePath.com. Fannie Mae hopes to reduce their inventory of foreclosed homes with this new incentive.
The award winning wines from my listing, Rocky Oaks Estate in Malibu, have just won another award! The 2008 Syrah won a Silver Medal and the 2007 Cabernet Sauvignon won a bronze medal in their respective categories. The San Francisco Chronicle Wine Completion is the largest wine competition in America. This is very exciting for all of us, and congratulations to all involved. See the complete list of winners here.
I've also posted photos from the exclusive preview and wine tasting I hosted at Rocky Oaks Estate in October, where guests had a chance to taste these award winning wines.
Southern California has seen the highest number of home sales for the month of December since 2006 with 22,328 homes sold, 12.1% up from December 2008 according to Dataquick. The median price for a home also rose 4% from the price in December 2008. This is first time in more than two years there was a year over year increase and was the eight month in a row that prices have either risen or stayed stable according to the Los Angeles Times.
Source:
On February 1st 2010, the FHA will temporarily remove the 90 day waiting period on resale properties.
Although there are some exceptions, current FHA policy won?t insure a mortgage if the seller has owned the property for less than 90 days. This policy has kept those seeking FHA insurance from purchasing many banked owned and other resale properties. According to the HUD, most flipped properties are resold in less than 90 days, making sellers reluctant to accept potential FHA backed buyers due to the costs of holding the property for over 90 days. With this new change in policy, the FHA hopes to speed up the sale of foreclosed properties, especially to first time buyers.
Source:
http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011
iPhone users will now be able to access the 4 million listings from Realtor.com on the new app available for free at the App Store. Users will be able to search for homes and open houses on the go. The app even makes use of the iPhone?s GPS by showing users listings based on their current locations. Each property page offers detailed information and up to 25 photos of the home, and the ability to contact the agent directly from the app. Users can then save homes to their favorites or share their favorites with others through email, Twitter or Facebook. This app is currently only available for iPhone users, but Realtor.com is looking to bring the app to other mobile devices.
http://www.realtor.com/iphone?source=a27518
Via http://www.mytechopinion.com
http://www.realtor.com/iphone?source=a27518
Via http://www.mytechopinion.com