New Bill To Speed Up The Short Sale Process

A new bill to improve the process for approving short sales may soon bring relief to distressed homeowners who are unable to keep their homes and hope to avoid foreclosure. The bill, recently introduced in the U.S. House and strongly supported by the National Association of REALTORS®, would impose a deadline of 45 days on lenders to respond to short sale requests.


The legislation, the “Prompt Decision for Qualification for Short Sale Act of 2011,” was offered in Congress by U.S. Reps. Tom Rooney (R-Fla.) and Robert Andrews (D-N.J.).

“The current short sale process can be time-consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a homeowner from foreclosure,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.

“REALTORS® and consumers continue to raise issues about delays in the short sale process, because lenders are unable to decide whether to approve a short sale. After many months of delays, and with no response from lenders, potential buyers are losing patience and cancelling their contracts, often resulting in the property entering foreclosure. A short sale minimizes the negative impact on sellers and generally costs the lender less than a foreclosure,” said Phipps.

NAR has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13% of recent home sales, according to NAR data. Phipps praised Reps. Rooney and Andrews for their efforts on the bill and urged Congress to pass the bill quickly.

“As the leading advocate for homeownership and housing issues, REALTORS® want to help more homeowners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time,” said Phipps. “Streamlining short sales transactions will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the overall number of foreclosures. This benefits sellers, lenders, buyers and the entire community.”

For more information, visit http://www.realtor.org./


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Fha Mortgage Insurance Premium To Rise on April 18, 2011

FHA Mortgage Insurance Premium to Rise


Leave a Comment It is about to get more expensive for people to get an FHA loan.  Back in February, HUD announced that starting April 18, when you get an FHA loan, you can expect your monthly mortgage payment to be slightly higher thanks to higher Mortgage Insurance Premiums required by HUD.

FHA Mortgage Insurance Premium: Required on All FHA Loans When you get an FHA loan, there are two types of mortgage insurance that is required to be paid by the borrower:

■Up Front Mortgage Insurance Premium (also known as UFMIP)

■Monthly Mortgage Insurance Premium (also knowns as MI or MIP)

The change to FHA mortgage insurance starting on April 18 is a change to the monthly mortgage insurance premium, or MIP. Technically, the monthly mortgage premium is calculated as an annual amount and then paid monthly — but it is often referred to as a monthly mortgage insurance premium.

How much of a change will there be starting April 18? It depends on your loan term and how much money you are putting down (which will determine your loan-to-value ratio). Here is a simple breakdown:

■15-year loans with over 90% loan-to-value = 0.50% (up from 0.25)

■15-year loans with under 90% loan-to-value = 0.25% (up from 0)

■30-year loans with over 95% loan-to-value = 1.15% (up from .90)

■30-year loans with under 95% loan-to-value = 1.10% (up from .85)

FHA MIP Rising: How Much More Expensive?

In terms of monthly mortgage payments, how much more will these changes cost the average consumer? 
Here is what someone with an FHA loan would pay if they got their loan prior to the change assuming a $200,000 loan amount with a 30-year loan and 3.5% down payment:

200,000 x .90% = $1,800 annually or $150 paid in FHA MIP each month.

And here is what they look like after the April 18, 2011 change:

200,000 x 1.10% = $2,200 annually or $183.33 paid in FHA MIP each month.

Total difference in monthly payment due to the increase in FHA MIP?   $33.33  Same FHA loan. Same FHA fixed rate. Same 30-year loan term. Same FHA lender.  Just more expensive.



Justin McHood works for Academy Mortgage and is based in Chandler, AZ.

Burbank Probate and Foreclosed Homes

Probates

2121 N Evergreen St 3BR 1BA 1048 sqft Home 6000 sqft Lot,Priced $ 387,000
445 N Orchard Drive 3BR 2BA 1380 sqft Home, 6750 sqft Lot,Priced $ 429,000

Foreclosures

1819 N Brighton St 4BR,3BA, 3101 sqft Home, 7250 sqft Lot, Priced $ 534,900
333 Victory CT 6BR,5BA, 2867 sqft Home, 5500 sqft Lot, Priced $ 567,900

This homes are available, if you are interested on any one of them, just send me an email to: gapm@juno.com or call me at: 818 481 9211.

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Banks Commited Mortgage Fraud on Many Mortgage Loans

Do you know who really owns your mortgage?


As Scott Pelley reports on “60 Minutes” this week, that question has become a nightmare for many homeowners since the invention of mortgage-backed securities. Yes, those were the exotic investments that sparked the financial collapse in this country. And the’re still causing problems.

As it turns out, Wall Street cut corners when it bundled homeowners’ mortgages into securities that were traded from investor to investor. Now that banks are foreclosing on people, they’re finding that the legal documents behind many mortgages are missing. So, what do the banks do? As Pelley explains in this video, some companies appear to be resorting to forgery and phony paperwork in what looks like a nationwide epidemic.

Even if you’re not at risk of foreclosure, there could be legal ramifications for a homeowner if the chain of title has been lost. Watch the “60 Minutes” report and listen to Pelley’s discussion with “60 Minutes Overtime” editor Ann Silvio about the findings of his reporting team.

This is a short video that discusses the problem. Watch the entire video here:

 

Spring Real Estate Market Conditions

Optimism about the housing market isn't quite sweeping the nation, but Americans remain sold on the value of home ownership at a good time to be bullish about buying a home. With home sales and prices still falling, the spring could shape up as an opportune time to make a deal.

The housing downturn hasn't shaken consumers' resolve to consider home ownership an integral part of an American Dream, even among home owners with homes that have lost value. The eighth quarterly "Allstate-National Journal Heartland Monitor Poll: The American Dream" revealed that nearly nine out of 10 homeowners say they would buy their same homes again.

Among those with homes with lost value, the same percentage said they would buy their home again. Also, seven of 10 Americans say they would advise a friend or family member to buy a home as a long-term asset.  The spring could be a good time to take that advice.

Existing-home sales, completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 9.6 percent to a seasonally adjusted annual rate of 4.88 million in February from 5.40 million in January. February 2010 sales were 2.8 percent below the pace in February 2010, according to the National Association of Realtors (NAR).

The slow sales pushed the median price down to $156,100, the lowest level since February 2002, setting the stage for spring bargains.   Some experts say the housing market is years away from a full blown recovery and the home buyer tax credit is kaput. However, improvements in employment and manufacturing and other economic sectors, bargain home prices and affordable interest rates could light a fire under buyers who've been sitting on the fence.

"Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers," said Lawrence Yun NAR chief economist.

The Allstate survey of 1,000 Americans also found.

- Buying a home was the best investment among 24 percent, behind "investing in retirement savings" (38 percent), but ahead of "saving money in the bank" (20 percent), and "investing in the stock market" (6 percent).

- A majority, 58 percent of those who believe the housing crisis will remain a serious problem would still recommend buying a home.

- Americans are evenly split on whether the federal government should continue policies to encourage home ownership at the same level (46 percent) or scale them back because they cost too much (46 percent).

- More than half of Americans (52 percent) blame the housing crisis on banks and lending institutions for misleading borrowers and approving bad loans, while 32 percent blame people who bought homes and took out mortgages they couldn't afford, and only 12 percent blame government policies that encouraged too many people to try to own their own homes.

"Owning a home continues to be the bedrock of the American Dream � even as incomes are down, jobs are scarce and families struggle to make ends meet," said Thomas J. Wilson , Allstate chairman, president and chief executive officer.

"Homeownership is viewed positively by the vast majority of Americans as both a place to raise a family and a sound investment," he added.


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Pending Home Sales All Over The US in February 2011

Pending Home Sales Surprise to the Upside:  Pending sales of previously owned U.S. homes unexpectedly rose in February, a trade group said Monday, pointing to a modest pick-up in home sales.

The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in February, increased 2.1 percent to 90.8. Economists had expected the index, which leads existing home sales by a month or two, to fall 1.0 percent after a previously reported 2.8 percent decline.

"We may not see notable gains in existing-home sales in the near term, but they're expected to rise 5 to 10 percent this year with the economic recovery, job creation and excellent affordability conditions providing confidence to buyers who have been on the sidelines," said NAR chief economist Lawrence Yun.



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Home Values and Prices Around The USA

According to PMI Group Monthly Analysis:  In previous house price boom and bust periods,
house prices moved above their fundamental values only to fall below them for a while. While this simple analysis can help to identify areaswhere house prices appear to be out of line with incomes, it can’t tell us when a correction will occur.

As a result, while some areas appear to have already fallen well beyond their fundamental values, they could still fall further. What the analysis does say, however, is that at some point, there should be a recovery in house prices in these markets that will bring them back into balance with incomes.

States where house prices are too low, although they had no bubble Indiana is a good illustration of a surprising pattern seen for areas where prices tracked incomes quite closely even during the housing bubble, but then still got hit by declining house prices as a result of the Great Recession. Other states
with similar patterns include Arkansas, Kentucky, Kansas, Iowa, Mississippi, Nebraska, Ohio, Oklahoma, South Dakota, Texas, and Wyoming. It is likely that house prices in these areas will recover along with job growth, which is already happening in manufacturing and agriculture.

Since disposable income is not available at the state level, we made a minor adjustment to the state-level per capital income data by adjusting it for how national disposable per capita income compares to national per capita income over time. 

There are many measures of affordability, some based on prices relative to monthly house costs, including taxes, insurance and mortgage payments, while other measures compare house prices to rents. Here, we compare house prices and adjusted per capita income1 in order to study how they evolve over time. Over time, house prices and income should grow at similar rates, otherwise housing would become either increasingly affordable or unaffordable. We used two different measures of house prices, the CoreLogic House Price Index (HPI) built on all transactions and the CoreLogic HPI excluding distressed sales, since they tell somewhat different stories. 

States where house prices have over-corrected from the boom and are very affordable Michigan is an example of a state that had a housing boom, with prices moving upward at a pace much faster than the capacity of homeowners to pay for them – but where prices appear to have significantly over-corrected.

The data for Michigan suggest house prices were overheated in the decade before 2007, but have since
overshot too far to the downside of income, both relative to a 1995 base year of 100. 1995 as the base year because it was a relatively stable period for both housing and the overall economy). An index value of 120, for example, would signify that income or the HPI is 20 percent higher than it was in the base year of 1995.

Since there is some concern that the house price indices which include distressed sales undervalue properties not sold as short sales or from REO, we also show the CoreLogic HPI that excludes distressed sales.

Comparing the different HPIs, the index that excludes distressed sales lessens the underpricing
seen in most areas, but it only explains a portion of the under-pricing relative to incomes. Other states that have a broadly similar pattern to Michigan include Alabama, Georgia, Idaho, Illinois,
Missouri, Montana, Nevada, New Mexico, and West Virginia.
 
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Quote of The Day

If you have an hour, will you not improve that hour, instead of idling it away?

 Lord Chesterfield

 
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Real Estate, Mortgage, Airline, Financial and Other News

The dow jones closed with 11,774.59 points and Nasdaq close at 2636.05

Korean Air will start receiving the 787-900 from boeing starting 2016

The supply of popular hybrid and fuel efficient cars is fallin as demard for imports is increasing as well as the prices.

The us labor Labor Deparment reported that wholesale food prices jumped 3.9% in February over January, the highest monthly increase in 37 years.

Nordstrom Store is moving out of the Glendale Galleria to The Americana also in Glendale California.

Six more banks repay U.S. Bailouts. The Treasury Deparment said it had received proceeds of $ 475 million wen the banks repurchased prefered shares and other investments that the department got in exchange for its cash injection.

Apple shares fall afted been downgraded by JMP Securities, Apple shares dropped $ 15.42 or 4.5% to $ 330.01

Guess profit up but sales down. Revenue rose 18% to $ 756.9 million. Its current quarter profil forecast of 41 to 44 cents a share was below the 61 cents expected by analist.

Ex Freddie Mac chairman and chief executive has been notified by U.S. regulators that he may face civil claims for failing to fully disclose the company exposure to risky mortgages.

The Obama administration wednesday asked Congress to pass legislation to protect online consumers privacy.

U.S. businesses sold more industrial suplies,chemichals and farM products abroad in the final three months of last year, pushing the deficit in the broadest measure of foreign trade down for the first time since spring 2009.

Alberto Pacheco

Realtor Calbre Lic 01200694

818 481 9211

Keller Williams Porter Ranch

Real Estate Consultant

http://www.granadahills.kwrealty.com  Real Estate News, Mortgages, Trends

Blog: www.losangelescountyrealestate.blogspot.com

albertopachecorealtor@gmail.com

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Home Building Declines 22.5%

Home construction declines 22.5% in February 2011 comparing to January to a seasonally adjusted 479000 homes according to the Commerce Department. It was the lowest since April 2009 and the second lowest dating back more than a century.
Single family homes which make roughly 80 % of home construction, fell 11.8 % in February .

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Andrew Carnegie Quote For Today

And while the law of competition may be sometimes hard for the individual, it is best for the

 race

because it ensures the survival of the fittest in every department.

Andrew Carnegie

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Daylight Savings For The Spring of 2011

Daylight Savings Start on 03/13/2011 at

2:00 AM

 

Before you go to bed tonight make sure you adjust your watch and clocks One Hour Ahead

We Will Be Missing One Hour of Sleep.

DO NOT FORGET

 

GOD BLESS YOU ALL

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Quote of The Day

It was a high counsel that I once heard given to a young person, "Always do what you are afraid to do."

 Ralph Waldo Emerson

FIND THE LOWEST PRICED HOMES IN THE SAN FERNANDO VALLEY

Quote of The Day

For true success ask yourself these four questions: Why? Why not? Why not me? Why not now?

James Allen

 
IT IS THE TIME FOR YOU TO BECOME A REAL ESTATE INVESTOR, THERE ARE PLENTY OF HOMES TO FLIP

Investors Foreclosures, Bank Owned, Reo's, Repossessed Homes available in Arleta as of 03/02/2011

9235 Laurel Canyon Ave 3 Bedrooms, 2 Bath , 1222 sq ft Home and 6480 sq ft Lot

9333 Stanwin Ave  3 Bedrooms, 2 Bath, 1394 sq ft Home and 8460 sq ft Lot

9572 Lev Ave  3 Bedrooms, 2 Bath, 1472 sq ft Home and 7560 sq ft Lot

9640 Stanwin Ave   4 Bedrooms, 2 Bath, 1612 sq ft Home and 6473 sq ft Lot

9806 Woodale Ave  2 Bedrooms, 2 Bath, 1222 sq ft Home and 6300 sq ft Lot

13580 Bromwich Ave   3 Bedrooms, 2 Bath,  1236 sq ft Home and 6105 sq ft Lot

13655 Muscatine Ave   3 Bedroom,  2Bath,  1274 sq ft Home and 5616 sq ft Lot

The measurements  on homes and lots provided by tax assessors. I f you are thinking in buying and flipping these homes could be a good investment for you, if interested in getting more information, call me at 818 481 9211 or e-mail me at: alberto@sfvalleyhotproperties.com

The 83rd Oscar Awards 2011

Best Support Actor: Christian Bale

For Make up: the Wolf Man

For Custom Design: Alice in Wonderland

Best Animated Feature : Toy Story 3

Original Music Score: The Social Network

Sound Editing: Inception

Visual Effects: Inception

Best Original Song For Toy Story 3: We Belong Together

Best Director: Tom Hooper For The King Speech

Writing ( Adapted Screen Play): The Social Network

Actress in Leading Role:  Black Swan

Best Picture: The King's Speech

Quote of The Day

Men are anxious to improve their circumstances, but are unwilling to improve themselves; they therefore

remain bound.

James Allen

 
 
 
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