Thursday, October 31, 2013
Special Report: New Standards For Mortgage Signings -# Notary
Special Report: New Standards For Mortgage Signings: A special committee of executives from major lenders and title companies has announced a new set of standards for signing agents. The group, called the Signing Professionals Workgroup, introduced the standards at the Mortgage Bankers Association’s 100th Annual Convention in Washington D.C. on Tuesday.
Wednesday, October 30, 2013
City of Claremont Halloween Spooktacular
Halloween Spooktacular
Thursday, October 31, 2013
The City of Claremont and local businesses will sponsor the annual Halloween Spooktacular on October 31st in the Village from 3:00 p.m. to 7:00 p.m. This event provides children ages 2 to 12 years with an unforgettable, fun, and entertaining experience in an environment that is safe alternative to traditional door-to-door "Trick or Treating." Free games for the children will be located in front of the Claremont Depot and a variety of roving entertainment will be provided throughout the Village. In addition, many local businesses and shops will be participating in handing out candy to children of all ages, starting at 3:00 p.m. Admission is free.
Activities in the Village:
3-5pm - Trick or Treat
Activities at the Depot:
4-6pm - Free Games, Entertainment and Face Painting
5pm - Howl-o-ween Dog Costume Contest
5:30 - 6:30 pm - The Animal Guys Wildlife Presentation
6:30pm - Children's Costume Contest
Call 399-5490 for more information.
Tuesday, October 29, 2013
Monday, October 28, 2013
Friday, October 25, 2013
Thursday, October 24, 2013
Saturday, October 19, 2013
Friday, October 18, 2013
Thursday, October 17, 2013
Drop, Cover and Hold On
Don't forget today is the California Shake Out at 10:17am Pacific Time. Go online to get further information to protect yourself from a Earthquake.
Wednesday, October 16, 2013
Attention Homeowners & Prospective Buyers
Call Kim Cunningham for all your real estate needs 909-749-5442
Realty Executives Experts
9220 Haven Ave
Rancho Cucamonga, Ca 91703
Tuesday, October 15, 2013
Walmart Shelves Emptied After EBT Glitch
Walmart Shelves Emptied After EBT Glitch: ABCNEWS.COM - Louisiana customers went on a shopping spree after a power outage temporarily lifted caps on spendin
The Computer Glitch That Halted Nasdaq Trading for 3 Hours
The Computer Glitch That Halted Nasdaq Trading for 3 Hours: ABCNEWS.COM - Traders and investors were unable to buy and sell stocks while computers were down today.
Monday, October 14, 2013
Saturday, October 12, 2013
Wednesday, October 9, 2013
Calif Assoc of Realtors. releases its 2014 California Housing Market Forecast
C.A.R. releases its 2014 California Housing Market Forecast
For release:
October 8, 2013
California home sales and prices to rise in 2014 as market transitions
toward primary home buyers
LOS ANGELES (Oct. 8) – After distressed sales lost their hold on much of California’s market, the state’s housing market will continue to improve in 2014, with sales shifting toward primary home buyers and both sales and home prices posting further gains, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2014 California Housing Market Forecast,” released today.
The C.A.R. forecast sees sales gaining 3.2 percent next year to reach 444,000 units, up from the projected 2013 sales figure of 430,300 homes sold. Sales in 2013 will be down 2.1 percent from the 439,400 existing, single-family homes sold in 2012.
“The housing market has improved over the past year, and we expect this trend to continue into 2014,” said C.A.R. President Don Faught. “As the economy enters the fourth year of a modest recovery, we expect to see a strong demand for homeownership, as buyers who may have been competing with investors and facing an extreme shortage of available housing return from the sidelines.”
C.A.R.’s forecast projects growth in the U.S. Gross Domestic Product of 2.8 percent in 2014, after a projected gain of 1.8 percent in 2013. With nonfarm job growth of 1.9 percent in California, the state’s unemployment rate should decrease to 8.3 percent in 2014 from 9 percent in 2013 and 10.5 percent in 2012.
The average for 30-year fixed mortgage interest rates will rise to 5.3 percent but will still remain at historically low levels.
The California median home price is forecast to increase 6 percent to $432,800 in 2014, following a projected 28 percent increase in 2013 to $408,600.
“We’ve seen a marked improvement in housing market conditions in a year with the distressed market shrinking from one in three sales a year ago to less than one in five in recent months, thanks primarily to sharp gains in home prices,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “As the market continues to improve, more previously underwater homeowners will look toward selling, making housing inventory less scarce in 2014. As a result of these factors, we’ll see home price increases moderate from the double-digit increases we saw for much of this year to mid-single digits in most of the state.”
“The wildcards for 2014 include federal, fiscal, monetary and housing policies – such as the mortgage interest deduction and mortgage finance reform – as well as housing supply and the actions of the Federal Reserve, which will ensure a higher rate environment,” Appleton-Young continued.
Appleton-Young will present an expanded forecast Thursday afternoon during CALIFORNIA REALTOR® EXPO 2013 (http://expo.car.org), running from Oct. 8-10 at the Long Beach Convention Center in Long Beach, Calif. The trade show attracts nearly 8,000 attendees and is the largest state real estate trade show in the nation.
Also at REALTOR® EXPO 2013, don’t miss “Understanding Today’s Consumer: The Impact of Demographic Trends”- REALTORS® who grasp the state’s changing consumer makeup will have the upper hand in understanding how to appeal to emerging clients. Will the American Dream of homeownership undergo a change in perception among the American populace as it grows increasingly diverse? Presented by C.A.R.’s brand new Thought Leadership Program and moderated by C.A.R. CEO Joel Singer, the session features panelists Dowell Myers, Riva Froymovich, and Susan Brown.
A second Thought Leadership Program on Thursday discusses “Tomorrow’s Housing: The Future of California Real Estate” - Will future housing markets and public policy reflect the needs and desires of an increasingly diverse client base? Will the American Dream be redefined in the years to come with respect to homeownership? Panelists Joel Kotkin, Joe Mathews, and Perry Wong, will provide the answers to these questions and more. CEO Joel Singer will moderate.
Journalists who would like to attend CALIFORNIA REALTOR® EXPO 2013, please email Lotus Lou at lotusl@car.org or call (213) 739-8304. For more information on CALIFORNIA REALTOR® EXPO 2013, visit http://expo.car.org.
2014 CALIFORNIA HOUSING FORECAST
Indicator 2008 2009 2010 2011 2012 2013f 2014f
SFH Resales (000s) 381.4 474.9 416.5 422.6 439.4 430.3 444.0
% Change 30.4% 24.5% -12.3% 1.4% 4.0% -2.1% 3.2%
Median Price ($000s) $348.5 $275.0 $305.0 $286.0 $319.3 $408.6 $432.8
% Change -37.8% -21.1% 10.9% -6.2% 11.6% 28.0% 6.0%
30-Yr FRM 6.0% 5.0% 4.7% 4.5% 3.7% 4.1% 5.3%
1-Yr ARM 5.2% 4.7% 3.8% 3.0% 2.7% 2.7% 3.1%
f = forecast
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
Tuesday, October 8, 2013
Long shutdown could hurt housing market recovery
If the standoff lasts for weeks, it could stall sales because lenders can't access IRS data. FHA and other government-backed loans also could be affected.
By E. Scott Reckard, Andrew Khouri and Alejandro Lazo
October 4, 2013, 5:00 a.m.
A prolonged government shutdown could deliver a substantial blow to an already softening housing recovery.
If the political standoff lasts for weeks, it could stall sales because lenders can't use IRS documents to confirm borrower qualifications. The impasse could also threaten loans backed by agencies such as the Federal Housing Administration.
"With each passing day, the anxiety in the marketplace is building," said Stuart Gabriel, director of UCLA's Ziman Center for Real Estate.
The FHA's staff has been greatly reduced, which may cause delays in "processing or closing of FHA-insured loans," according to the U.S. Department of Housing and Urban Development, which oversees the agency. For now, the FHA — traditionally an insurer of loans to first-time and low-income buyers — will continue to endorse new single-family loans. The agency currently insures about 26% of all single-family home purchases.
"The longer the shutdown lasts, the more serious the impact will be," a HUD contingency plan said.
Some are already feeling the pain.
Ron Tanzman, an agent in Calabasas, said two of his buyers planned to use FHA-backed loans, but the deals are now on hold.
"You can't close any FHA deals right now," he said. "We just got notice from the lender that we are in a stalemate."
The federal government partially shut down Tuesday after Congress — amid a fight over Obamacare — failed to pass a budget, forcing the furlough of roughly 800,000 workers and the first federal shutdown in 17 years.
An extended mortgage market freeze could further stall a housing recovery that has cooled after rapid price increases earlier this year. The threat comes just as mortgage rates are falling again, which normally would entice buyers. Rates have tumbled for the third straight week, with Freddie Mac pegging the 30-year fixed loan at an average of 4.22%, down from 4.32% last week.
But a short government shutdown should cause only small headaches, because most loans close at the end of the month and take up to 60 days to do so, said Keith Gumbinger, vice president of HSH.com, which tracks mortgage rates. Lenders are still taking applications, Gumbinger said, expecting the shutdown will end soon.
Most lenders use IRS transcripts of borrowers' tax filings to confirm their income and ability to pay.
"A few days' delay in getting documentation shouldn't derail too many deals," Gumbinger said.
The shutdown entered its third day Thursday with major mortgage lenders such as Wells Fargo & Co. and JPMorgan Chase & Co. operating much as usual. They said they anticipated only minor disruptions — so long as the shutdown didn't stretch past, say, three weeks. Most borrowers near completion of a loan have already had items such as tax returns verified, they said.
New mortgage applicants were being asked to fill out the usual paperwork. Processing of government-backed loans from the Federal Housing Administration and the Department of Veterans Affairs also continued as usual at major lenders that are pre-authorized to issue such loans.
Wells Fargo is among the lenders with delegated authority from FHA and VA to write loans, which are computer-processed and approved. The only problem with such mortgages would occur if borrowers fall outside predetermined guidelines for credit scores or income, requiring them to get special approval for government loans, said Tom Goyda, a spokesman for Wells Fargo Home Mortgage, the largest residential lender.
Experts said mortgage seekers should discuss timelines and expectations with their lender, and inquire about longer commitments, longer rate locks and extension policies for each.
"Right now, it's business as usual," said Los Angeles area Realtor Rose Fahey, who hasn't run into problems with a deal currently in escrow, in which the buyer has a conventional loan.
The greater fear, economists say, is that Congress fails to raise the debt ceiling by Oct. 17, causing the nation to default on its debt and mortgage rates to skyrocket. Affordability would take a dive and potential buyers would grow increasingly uncertain about the economy, said UCLA's Gabriel.
"We are playing with something big and bad and nasty," he said of a possible default.
scott.reckard@latimes.com
andrew.khouri@latimes.com
alejandro.lazo@latimes.com
Copyright © 2013, Los Angeles Times
Sunday, October 6, 2013
Saturday, October 5, 2013
Friday, October 4, 2013
More Housing Choices For US Buyers as Int'l Shy Away
As the real estate market offered amazing deals from short sales to foreclosures, international buyers were careful to spring into action and close on those deals. But it seems now the market is changing and those same buyers are starting to lose some interest in buying U.S. properties.
Start Growing Loyal Leads!
Markets such as Miami, Las Vegas, Phoenix, and San Francisco have lost some of the appeal. Investors are backing away as the U.S. dollar appears to strengthen compared to the Indian rupee and Canadian dollar. The Canadian dollar lost about 2 percent against the U.S. dollar. Couple that with the rising housing prices and, according to an article by Reuters, the U.S. real estate market is becoming less enticing for international buyers.
For sellers that means you may be seeing more Americans vying for your home. Selling your home to an investor (whether they are foreign or not) is a different experience than selling to buyers who plan to live in the home.
Understanding your ideal target market such as a family vs. an investor, helps you create a specific marketing campaign that intrigues your target audience to come see your home.
Start by taking a good look at your home and seeing if any repairs need to be made. More than investors, buyers who plan to live in the home will likely be more concerned with making sure that the house is in good working order. Usually because they would prefer to move in and not have to do a lot of fixing up whereas investors are used to searching for the best deals which means the property may need a lot of repairs. But because they're getting a cheaper price, investors understand they'll be repairing the home to make it ready to rent.
Next create some notes that you'll be giving to your agent about your home. What makes it unique? What types of upgrades have you done? Surprisingly, after you live in a home for many years, you can forget some of the important upgrades. So take inventory and recall all the enhancements that you have completed on your home and share them with your agent.
Focus on the neighborhood. Investors and buyers who plan to live in the home both care about the neighborhood. It tells them something about the people in the area and the potential risk in the future. For instance, if there are a lot of foreclosures in the area, it's likely that home prices will continue to drop and the area may become filled with more renters than owners. It's not always the case but, often, renters don't provide as much care for a property as the homeowners would. So the neighborhood could decline even more. If, however, the neighborhood is in great shape with some, but not too many homes for sale, this could be very appealing to any buyer. Play up the factors that differentiate your home from others on the street. Explain the advantage of your location, lot size, upgrades, etc.
Selling your home is like finding an online dating match. And, that's exactly where the hunt begins for homes too–on the Internet. So put your home's best side forward with the most attractive curb appeal photos possible. That'll get buyers interested and possibly following up with an "in-person" viewing. Then let your home's unique characteristics shine and seduce the buyer.
Thursday, October 3, 2013
Housing: The bidding are back !
NEW YORK (CNNMoney)
The bidding wars are back. Seemingly overnight, many of the nation's major housing markets have gone from stagnant to sizzling, with for-sale listings drawing offers from a large number of house hunters.
In March, 75% of agents with broker Redfin said their clients' offers were countered by rival bids, up from 56% who said so in late 2011.The competition has been most intense in California, where 9 out of 10 homes sold in San Francisco, Sacramento and cities in Southern California drew competing bids during the month. And at least two-third of listings in Boston, Washington D.C., Seattle and New York generated bidding wars.
"The only question is not whether a new listing will get multiple bids but how many it will get. One home in an Elk Grove, Calif., subdivision recently received 62 separate bids. The final sale price was for more than $150,000, well above its $129,000 asking price.
In Cambridge, Mass., two condos that could be combined into one large home hit the market two weeks ago for $800,000 each, according to Pat Villani, president of Coldwell Banker Residential Brokerage in New England.
"The brokers stopped taking names after the number of bidders reached 250," she said. The winning bidder offered $2 million for both units.
The competition has been most tense in California, where 9 out of 10 homes sold in San Francisco, Sacramento and cities in Southern California have been drawing competing bids.
Inspirational Quote Of The Day"
In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later. – Harold Geneen
Tuesday, October 1, 2013
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