Wednesday, June 29, 2011

Corrections Are Being Made In Mortgage Delinquencies

If the delinquencies continue to drop, either early in the game or late, then we are seeing some recovery. In my optimistic eyes, we are.

Reading on HousingWire this morning an article about the lower percentages of early stage delinquencies. Lowest since 2008. Great! Still a lot in the inventory already being taken back by the bank. Or so late in the process that the homeowners just are waiting to lose the possession of their home.

But, the amount of home mortgages that are current, is at 88.6%. Phew, that's a really good thing.

I think we are getting a handle on it. I believe we are still going to see a very lengthy recovery period. But, I think these are good signs that we are finally working in a right direction. That everyone, sellers, banks, Realtors and buyers, are understanding the process and helping, as best they can, to work through this market.

We all just have to...don't we now?!?!?

Sunday, June 26, 2011

What's Selling In the SCV?

Everything! There is so much hoop-lah about doubtful buyers, hard to get loans, challenging sales. But, people are still buying, sellers are still selling....and, yes.....60% of our market is still distressed sales.

Activity right now in Santa Clarita, per our local MLS:

ACTIVE : 1204
Standard Sales : 527
REO's : 152
Short-Sales : 499

UNDER CONTRACT ( pending or back-up) : 872
Standard Sales : 195
REO's : 147
Short Sales : 530

Standard Sales : 119
REO's : 84
Short-Sales : 97

Please continue to pay special attention to the number of active and under contract short-sales compared to the number of sold short-sales. They still remain a challenge! But, the number of closed escrows has bumped up a bit in the last couple of months. That's in our local news. By about 10%. That's great. The inventory has shrunken a bit, but here's to hoping we get more inventory soon!

Wednesday, June 22, 2011

Nice Mortgage Rates Again Today!

Mortgage Interest Rates for Fixed Rate Mortgages*
Rates as of Wednesday, 22nd June, 2011:
 TermConformingAPRPayment per
JumboAPRPayment per
30-Yr. fixed3604.5%4.49%$5.074.5%4.59%$5.07
15-Yr. fixed1803.75%3.99%$7.273.75%3.99%$7.27
7-Yr. fixed ARM3603.5%3.51%$4.493.875%3.61%$4.70
5-Yr. fixed ARM3603.0%3.59%$4.223.25%3.66%$4.35
VA 30 Fixed3604.75%5.11%$5.225%5.46%$5.37
FHA 30 Fixed3604.75%5.99%$5.225%6.02%$5.37
FHA 5 yr fixed-arm3603.5%3.62%$4.493.75%3.72%$4.63
20 yr fixed rate 417,0002404.25%4.71%$6.194.625%4.98%$6.39

Tuesday, June 21, 2011

Valencia And Surrounding Areas

As I read an article a few days ago, it suggested that we would not rebound til 2025. Yes, 2025. I spoke with some trusted associates about that statement and we all have to agree, it is still based upon locale.

Quite possibly the entire country will not be at the 2006 values until 2025. But, our lovely state of California posted a 12% increase in home sales. People still want to live here.

And, in Santa Clarita, they really want the amenities and community that we offer. And, 209 more buyers showed that just in the last 30 days.

We will rebound, ultimately. It will take Valencia some time, but we will rebound sooner than the entire country. We go up quickly and we go down quickly......Santa Clarita will go up quicker than most.

Friday, June 17, 2011

Good Karma !!

I'm a firm believe in what goes around comes around. I try very hard to always do the right thing. Not to lie, cheat or steal.

And, I always have had a pretty charmed life. Not to say there hasn't been crap in my life as well. Death, Divorce...what's the other D thing? Don't know!

At any rate, I work hard, play a little, and make sure my peeps are taken care of. Clients know this, lenders know this, and associate agents know this also.

So, is it a wonder, that when there were 6 offers in little first-time buyers were selected???

I'm so happy for them. But, I do warn them it's just the beginning. And, if this doesn't pan out for whatever wasn't meant to be.

Rock On Escrow!!!

Tuesday, June 14, 2011

New Loan that helps with what would normally be FHA buyers!

I'm so excited!!! Thanks again to one of my favorite lenders I've got ways to help buyers even more! The FHA condo certification system is allowing many condo complexes to expire their FHA approval.

What does that mean? Means that if my buyer wants to buy in one complex and is doing an FHA loan, it may not fly. Also that my seller will have less buyers to choose from.

So, now we have a loan that is pretty dang close to FHA. Have to put down 5% instead of 3 1/2%, but heck, if you can buy what you want....I'm all over it.

Further questions? Shoot me an e-mail :

Monday, June 13, 2011

Online: Free HAMP Calculator

As part of the family of Certified Distressed Property Experts I have access to additional tools that other Realtors may not.

The information below is one of the most recent bits I grabbed to share with my friends, family and clients!


The Treasury Department is offering a free online calculator that helps borrowers estimate whether or not they qualify for the Home Affordable Modification Program ( HAMP).

The calculator is available at

In the two years since its launch, HAMP has helped more than 270,000 borrowers receive permanent loan modification, thus lowering their monthly mortgage payments. That number falls far short, however, of the millions of homeowners at risk of foreclosure — which is bad for homeowners and bad for the housing market. The current glut of foreclosures — stalled by paperwork delays — poised to hit the market is already far more than can absorbed by first-time home buyers, according to the research firm Campbell Surveys.

That is why HAMP is so important. Every homeowner who modifies a loan and stays in a distressed property adds one less property to an already flooded market.


We have enough inventory stuck up in the pipeline. It needs to be flushed through.

I hope at least one person reads this and is successful at a modification.

Wednesday, June 8, 2011

The Bank Wanted Money All Right

I read through all my news again this morning. Same old, same old. We are struggling, but we are still hanging tough. Company opened doors to actually help people complete strategic defaults. Homeowners with HELOC's (Home Equity Line loans) are more likely to be in default. Nevada has lower rate of foreclosures, etc. etc. etc.

And, here I have that ready, willing and able buyer that we wrote an offer for last week? Remember, the one that was an REO, sitting for quite a while, we wrote @ 90%? Bank came back as a no-go, stand-firm, cough up or shut up kind of attitude. So, we walked away. The house just isn't worth what the bank wants for it.

And, we found a better one! A Standard Sale too! So, now we are waiting to hear back on that one.

Another client story? Yep, a SS one. Agent said she had another offer, still showing as active. She received out offer and yet still, of course, 4 days later, neither buyer that submitted has heard back. So, nice as pie, I left a message this morning wanting to know if the seller really wanted to sell? Waiting for a call back, I'm thinking she'll e-mail me instead.....

Then there's the new client, wants to see a couple properties, both in back-up on our MLS. Of course, only one is noted as such. The other? Hmmm.....SS, out of the area agent, e-mails me that there is an offer at the bank, but of course, it still shows as active. And, lo & behold, the seller hasn't returned my call about showing yet either.

Then, there's the standard sale listing I just took. YIPPEE, you'd think. But, it's a first time buyer type of place to purchase. Condo.....and, unfortunately the complex is not FHA approved....which is the loan program so many are utilizing right now.

I could keep going, but you will get bored. Basically, all things are status quo. We're working through it. And, we will continue to do so!

Monday, June 6, 2011

Open House Conversation

Been away from my blog for too long!

Sat an awesome Open House yesterday with my favorite mortgage broker. We shall do it again this coming Sunday if you want to come visit. Click the link for further info.

The topic is the amazing amount of people that are looking to buy in today's market. The news states that the consumer is wary of purchasing but the buyers that came in yesterday are very interested in taking advantage of the low prices and the low interest rates.

The house I sat yesterday was worth well over a 1.3 or 1.4 million in the recent height. Getting it for under a mill, on the lake? Awesome!

And, the guests thought so too. Many, as usual for open houses, were looking at a lesser price range but still were impressed with what could be had for the price of the home we held open.

My mortgage broker discussed loan options with people, I discussed housing scenarios. We were a great team.  

But, our discussions when there were no guests were the best. We actually had some time to discuss where he thought we were going, where I thought we were going. Pretty close in idea, pretty close. But, we both felt that the 2012 election would have an impact. AND, that things needed to change for our economy to re-build itself. And, that those things were obtainable.

For now, buying is awesome. And, I say hold onto your homes for 5 years if you buy now. Investor? Yowza, awesome time to buy! First time buyer, fantabulous!

And...... if your a Standard Seller, super nice!!!

Wednesday, June 1, 2011

Let's See If The Bank Wants Some Money!

Working with lots of buyers right now. Wrote an offer for one of them again last night.

It's an REO (Real Estate Owned), foreclosed on by the bank last April. Yes, 4/2010! Listed about a year later on our MLS. And now, it's been sitting on the market for almost a month already.

So, we wrote an offer for 90% of list price, asked for some buyer closing costs. AND, it's an FHA loan so there will possibly be some lender required repairs as well.

I checked with the listing agent, no offers on the property. The agent also says the buyer has a better shot at seller concessions if we use their lender. Some 'in cahoots' action going on there, I would presume. I don't rightly care as long as the terms of the loan are the same and we get it closed on time and my clients get closing cost assistance.

So, what cha' think? Will the bank take the offer? Will they be happy that someone wants to take it off their hands? Golly, you would think so. But, as we are all aware, the banks think in mysterious ways!

Cross your fingers for my peeps!