Calif. median home price - November 07: $488,640 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region November 07: Santa Barbara So. Coast $1,075,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region November 07: High Desert $262,650 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third Quarter 07: 24 percent (Source: C.A.R.)
Mortgage rates - week ending 12/20: 30-yr. fixed: 6.14%; Fees/points: 0.4% 15-yr. fixed: 5.79%; Fees/points: 0.4% 1-yr. adjustable: 5.51%; Fees/points: 0.6% (Source: Freddie Mac
Thursday, December 27, 2007
Saturday, December 22, 2007
Merry Christmas
I just wanted to take this opportunity to wish you all a very Merry Christmas. If in the coming year there is anything I can do to assist you, your friends or family members, remember I am just a phone call away. I hope all your dreams come true in the coming year!!!!
Friday, December 21, 2007
Tax Break For Mortgage Debt Forgiveness
TAX BREAK FOR MORTGAGE DEBT FORGIVENESSPresident Bush signed into law today a new measure giving tax breaks to homeowners who have mortgage debt forgiven. Under preexisting law, the debt forgiven by a lender, such as for short sales and refinances, was generally taxable to the borrower as debt discharge income. With the passage of the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer does not have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence.This tax break applies to debts discharged from January 1, 2007 to December 31, 2009. Qualified principal residence indebtedness is debt incurred in acquiring, constructing, or substantially improving the residence (up to $2 million for refinances).For purposes of calculating capital gains, any debts discharged excluded from income under the new law must be subtracted from the basis of the taxpayer's principal residence (but not below zero). However, taxpayers may generally exclude from capital gains income up to $250,000 (or $500,000 for married couples filing jointly) for properties owned and used as their principal residence for at least two of the last five years.For a copy of the Mortgage Forgiveness Debt Relief Act of 2007, go to http://www.govtrack.us/congress/bill.xpd?bill=h110-3648.
Good News!
RISMEDIA, Dec. 21, 2007-Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors. However, a recovery for new-home sales is unlikely before 2009.
For more information, visit http://www.REALTOR.org/press_room/news_releases/2007/ehs_dec07_trend_up_2008.html.
For more information, visit http://www.REALTOR.org/press_room/news_releases/2007/ehs_dec07_trend_up_2008.html.
Wednesday, December 19, 2007
4 Reasons to Sell During The Holidays
RISMEDIA, Dec. 19, 2007-Serious home buyers are always ready to make a purchase when they find the right home at a good price. That’s why the holiday season is just as a good a time as any to sell a home-in fact, it can be a great time.
“Timing is everything when it comes to selling a home,” said Diane Turton, broker of record at Diane Turton, Realtors. “We explain to our customers that the process is simple - the right home buyer comes along, sees your house, says ‘I love the home’ and makes an immediate offer.”
Home sellers need to seize the opportunity by preparing their home, so that it is ready to show a buyer at anytime. Here are four good reasons to either put a home on the market right now during the holiday or keep it on the market if it already is listed with a real estate firm.
1. Homes look their best during the holidays - Right now, many homes look more inviting than at any other time of the year. Holiday decorations and the clean look of homes, without clutter, make properties look more inviting inside and out. Live evergreens and scents of the season remind buyers of the warmth they are looking for in their new home.
2. Less competition - Most home sellers believe the holidays are too distracting to sell or buy or home so they take their house off the market. Less competition, in fact, makes it a good idea to do just the opposite because your home is more likely to be seen.
3. More serious buyers - Buyers shopping for a new home at this time of year are ready to act, and these are the kinds of buyers a seller truly wants to attract. Like everyone else, homebuyers have a long list of things to do during the holidays. If they are making time to visit homes in December and early January, it is quite clear they are ready to make an offer.
4. Strong connection between home and holidays - There’s no better time for buyers to see themselves in a new home. It’s the holidays and for many homebuyers the season inspires images of friends, family and home. According to Turton, the reality is that people buy homes in December and even during the week between Christmas and New Year’s Day.
“Timing is everything when it comes to selling a home,” said Diane Turton, broker of record at Diane Turton, Realtors. “We explain to our customers that the process is simple - the right home buyer comes along, sees your house, says ‘I love the home’ and makes an immediate offer.”
Home sellers need to seize the opportunity by preparing their home, so that it is ready to show a buyer at anytime. Here are four good reasons to either put a home on the market right now during the holiday or keep it on the market if it already is listed with a real estate firm.
1. Homes look their best during the holidays - Right now, many homes look more inviting than at any other time of the year. Holiday decorations and the clean look of homes, without clutter, make properties look more inviting inside and out. Live evergreens and scents of the season remind buyers of the warmth they are looking for in their new home.
2. Less competition - Most home sellers believe the holidays are too distracting to sell or buy or home so they take their house off the market. Less competition, in fact, makes it a good idea to do just the opposite because your home is more likely to be seen.
3. More serious buyers - Buyers shopping for a new home at this time of year are ready to act, and these are the kinds of buyers a seller truly wants to attract. Like everyone else, homebuyers have a long list of things to do during the holidays. If they are making time to visit homes in December and early January, it is quite clear they are ready to make an offer.
4. Strong connection between home and holidays - There’s no better time for buyers to see themselves in a new home. It’s the holidays and for many homebuyers the season inspires images of friends, family and home. According to Turton, the reality is that people buy homes in December and even during the week between Christmas and New Year’s Day.
Thursday, December 13, 2007
Help for Homeowners Facing Foreclosure
BUSH ADMINISTRATION ANNOUNCES PLAN TO ASSIST HOMEOWNERS FACING FORECLOSUREThe Bush Administration laid out details Dec. 6 outlining a plan to offer a five-year freeze on mortgage rates for eligible borrowers facing threats of foreclosure due their inability to keep up with resets on their adjustable, subprime mortgages. "This is a private sector effort, involving no government money;" said U.S. Department of Treasure Secretary Henry M. Paulson, Jr.Under the terms of the plan, interest rates on adjustable subprime mortgages taken out between Jan. 1, 2005, and July 31, that are scheduled to reset between Jan. 1 and July 31, 2010, will hold at their introductory offers for five years. It is hoped that the plan could provide relief for some 1.2 million struggling homeowners by giving them time to ride out the slowing housing market until they are able to refinance their loans into more affordable, fixed-rate loans.To read Paulson's statement, go directly to: http://www.ustreas.gov/press/releases/hp716.htm.
Existing Homes Sales to Trend Up
Existing-Home Sales to Trend Up in 2008
WASHINGTON, December 10, 2007 -
Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors®. However, a recovery for new-home sales is unlikely before 2009.
Lawrence Yun, NAR chief economist, said the worst part of the credit crunch has already worked its way through the data. “The unusual mortgage disruptions that peaked in August were clearly seen in lower home sales that were finalized in September and October, so the market was underperforming,” he said. “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels.”
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in October, increased 0.6 percent to an index of 87.2 from an upwardly revised reading of 86.7 in September. It was the second consecutive monthly gain, but remained 18.4 percent below the October 2006 index of 106.8. “The broad trend over the coming year will be a gradual rise in existing-home sales, but because sales are exceptionally low in the final months of 2007, total sales for 2008 will be only modestly higher than 2007,” Yun said.
WASHINGTON, December 10, 2007 -
Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors®. However, a recovery for new-home sales is unlikely before 2009.
Lawrence Yun, NAR chief economist, said the worst part of the credit crunch has already worked its way through the data. “The unusual mortgage disruptions that peaked in August were clearly seen in lower home sales that were finalized in September and October, so the market was underperforming,” he said. “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels.”
The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in October, increased 0.6 percent to an index of 87.2 from an upwardly revised reading of 86.7 in September. It was the second consecutive monthly gain, but remained 18.4 percent below the October 2006 index of 106.8. “The broad trend over the coming year will be a gradual rise in existing-home sales, but because sales are exceptionally low in the final months of 2007, total sales for 2008 will be only modestly higher than 2007,” Yun said.
Wednesday, December 12, 2007
Recent Activity
SFR and Condo Activity from November 25 through December 1:
New Actives:
MRMLS: 1870 Sandicor: 854 SoCalMLS: 2018
New Pendings:
MRMLS: 552 Sandicor: 436 SoCalMLS: 463
Closed Sales:
MRMLS: 455 Sandicor: 305 SoCalMLS: 591
Expired Listings:
MRMLS: 2274 Sandicor: 680 SoCalMLS: 1558
Cancelled Listings:
MRMLS: 448 Sandicor: 303 SoCalMLS: 978
New Actives:
MRMLS: 1870 Sandicor: 854 SoCalMLS: 2018
New Pendings:
MRMLS: 552 Sandicor: 436 SoCalMLS: 463
Closed Sales:
MRMLS: 455 Sandicor: 305 SoCalMLS: 591
Expired Listings:
MRMLS: 2274 Sandicor: 680 SoCalMLS: 1558
Cancelled Listings:
MRMLS: 448 Sandicor: 303 SoCalMLS: 978
Friday, December 7, 2007
Thursday, December 6, 2007
California Fast Facts
Calif. median home price - October 07: $497,110(Source: C.A.R.)
Calif. highest median home price by C.A.R. region October 07: Santa Barbara So. Coast $1,325,000(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region October 07: High Desert $265,880(Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third Quarter 07: 24 percent (Source: C.A.R.)
Mortgage rates - week ending 11/29: 30-yr. fixed: 6.10%; Fees/points: 0.5% 15-yr. fixed: 5.73%; Fees/points: 0.5% 1-yr. adjustable: 5.43%; Fees/points: 0.7% (Source: Freddie Mac)
Calif. highest median home price by C.A.R. region October 07: Santa Barbara So. Coast $1,325,000(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region October 07: High Desert $265,880(Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third Quarter 07: 24 percent (Source: C.A.R.)
Mortgage rates - week ending 11/29: 30-yr. fixed: 6.10%; Fees/points: 0.5% 15-yr. fixed: 5.73%; Fees/points: 0.5% 1-yr. adjustable: 5.43%; Fees/points: 0.7% (Source: Freddie Mac)
6 Tips on How to Avoid Foreclosure
RISMEDIA, Dec. 6, 2007-The AICPA, one of the nation’s largest non-profit professional organization representing more 340,000 CPAs across the country specializing in the area of tax, accounting, auditing and personal finance, suggests the following steps to minimize the risk of foreclosure if they hold sub-prime mortgages:
Step 1) Make your payments on time; call your lender if you’re going to be late.
If you think you’re going to be late making a mortgage payment, the first thing you should do is to pick up the phone and call your lender. Often times, lenders are willing to work with you if you are upfront with them and tell them in advance when you are facing a problem. They will frown on you if you fail to pay on time and do not alert them to your current financial situation.
Step 2) Ask your lender how a foreclosure would impact your credit score.
If you decide that foreclosure is the only possible solution for you, you need to understand that it will impact your overall credit score. Some experts say it could lower your score by more than 100 points. Be sure to ask your lender your credit score will be affected should you choose this option.
Step 3) Identify a decision maker at your lender; keep accurate records.
Make sure you are speaking to the right person in the right department who has the authority to work out a solution with you. Be sure to take careful notes from each conversation you have, including the name of the person with whom you spoke, their contact details and the key points from the discussion.
Step 4) Talk to your lender about alternatives.
When you are in this kind of situation, don’t be afraid to ask for “forbearance.” Forbearance is a request to suspend your payments or to temporarily reduce your payments for a short period of time. If you request this, be sure to have documentation that you are trying your best to pay the bills. These documents may include recent pay stubs, a letter of intent if you recently accepted a new job, and bank account statements.
Step 5) Watch your monthly budget and expenses.
Managing your monthly budget can be difficult and frustrating, but it is nevertheless one of the ways to help you get a handle on your expenses when you are trying to figure out a solution to your mortgage situation. One of the most important aspects of controlling your budget is to determine where your money is going. The CPA profession has created free tools and calculators to help you better manage your monthly budget. This free calculator can be accessed on the 360 Degrees of Financial Literacy Web Site: “Homeowners’ Tab” in the tools section.
By entering your income and monthly expenditures, you can see how much you have left to save and where your money is being spent. In addition, you can click the “View Report” button to compare your budget breakdown to ideal targets, which can help identify areas for improvement.
Step 6) Do additional research.
Visit the CPA profession’s Web site at www.360FinancialLiteracy.org for free articles, calculators and resources to help you with personal finance issues such has home ownership and debt management. In addition, the US Treasury has additional resources available to the public on this topic. This information can be accessed at: http://www.treas.gov/topics/financial-markets/.
Step 1) Make your payments on time; call your lender if you’re going to be late.
If you think you’re going to be late making a mortgage payment, the first thing you should do is to pick up the phone and call your lender. Often times, lenders are willing to work with you if you are upfront with them and tell them in advance when you are facing a problem. They will frown on you if you fail to pay on time and do not alert them to your current financial situation.
Step 2) Ask your lender how a foreclosure would impact your credit score.
If you decide that foreclosure is the only possible solution for you, you need to understand that it will impact your overall credit score. Some experts say it could lower your score by more than 100 points. Be sure to ask your lender your credit score will be affected should you choose this option.
Step 3) Identify a decision maker at your lender; keep accurate records.
Make sure you are speaking to the right person in the right department who has the authority to work out a solution with you. Be sure to take careful notes from each conversation you have, including the name of the person with whom you spoke, their contact details and the key points from the discussion.
Step 4) Talk to your lender about alternatives.
When you are in this kind of situation, don’t be afraid to ask for “forbearance.” Forbearance is a request to suspend your payments or to temporarily reduce your payments for a short period of time. If you request this, be sure to have documentation that you are trying your best to pay the bills. These documents may include recent pay stubs, a letter of intent if you recently accepted a new job, and bank account statements.
Step 5) Watch your monthly budget and expenses.
Managing your monthly budget can be difficult and frustrating, but it is nevertheless one of the ways to help you get a handle on your expenses when you are trying to figure out a solution to your mortgage situation. One of the most important aspects of controlling your budget is to determine where your money is going. The CPA profession has created free tools and calculators to help you better manage your monthly budget. This free calculator can be accessed on the 360 Degrees of Financial Literacy Web Site: “Homeowners’ Tab” in the tools section.
By entering your income and monthly expenditures, you can see how much you have left to save and where your money is being spent. In addition, you can click the “View Report” button to compare your budget breakdown to ideal targets, which can help identify areas for improvement.
Step 6) Do additional research.
Visit the CPA profession’s Web site at www.360FinancialLiteracy.org for free articles, calculators and resources to help you with personal finance issues such has home ownership and debt management. In addition, the US Treasury has additional resources available to the public on this topic. This information can be accessed at: http://www.treas.gov/topics/financial-markets/.
Tuesday, December 4, 2007
Open House
Make sure you mark your calendars for Sunday December 9th. Plan on taking a break from shopping, to come by and visit. I am holding an Open House at 7962 Woodpecker Way in Santee. Come by and see this immaculate, move in ready home. Check out the flyer in the archives. If you need directions, please feel free to give me a call. Take Care and see you there.
Sunday, December 2, 2007
Million Dollar Views, Not A Million Dollar Price Tag
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