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New Short Sales Guidelines - Are they working?

The government announced new Short Sales guidelines early in November.  After talking to many of my fellow agents it appears that very little has changed in the minds of the borrowers.  They still can't talk to their bank, they get different answers to the same question depending on who they are speaking to.  Many homeowners have upon learning that their mortgage does not qualify because they took out the loan over a year ago shake their heads and say " I'm upside down and need help just like the fellow who took out his loan a few months later". 

It seems funny to me that we have home values that have fallen to 2005 values but only those homes sold in 2009 can do a short sale!  What is the logic in this?  If you haven't read the new guidelines here they are:

"To qualify under these new guidelines:

• The property must be the home owner's principal residence.
• The home owner must be delinquent on the mortgage or close to defaulting.
• The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
• The borrowers' total monthly mortgage payment must exceed 31 percent of their before-tax income.

Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.

Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines."

Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009)

Mortgage loan delinquencies rise, Foreclosures Flat

 

Foreclosures are everywhere!

I believe everyone is feeling the fallout from this recession but some parts of the US are coming out a bit on top.  Here is a great interactive map from NPR that shows you where you might move if you want to get away from the heavy hit counties.
 
Foreclosures are everywhere!
Just click on this link and find your state on the right hand side to narrow your search.

While on the site you might review the unempoyment rate as well.

Just looking at the U.S. as a whole is interesting and if your are from the middle part of our great county you might be smiling more that us on the coasts. 

Market Conditions in Corona, CA

 I am the type of person that believes we should look at the glass half full so I am happy to report that the Corona, CA real estate market is improving.  Lets get some good press out to the public and let them know that things will turn around.  Here are some facts:

 Months                                       Units                                 Median Price                            Avg Days on Market

Jul-09	862	329,000	99
Jun-09	1,006	329,850	110
May-09	1,108	325,950	119
Apr-09	1,335	329,000	116
Mar-09	1,570	321,950	115
Feb-09	1,682	324,900	116
Jan-09	1,884	328,900	124
Dec-08	1,970	330,000	129
Nov-08	2,131	330,900	119
Oct-08	2,375	339,000	113
Sep-08	2,473	349,900	113
Aug-08	2,513	354,000	113
Jul-08	2,667	360,000	108

The number of homes for sale are down 68% but the median price is increasing.  With less homes on the market surply and demands takes over.  Days on the market is decreasing which means the buyers are acting on good buys. 

The average months supply of inventory is down 78.3%. 

It's time for buyers to start realizing that unless things change soon they should be in the market now!  

Appraisal rules rewritten Poorly

Appraisal rules rewritten Poorly

Wake up America!

Are you paying attention to our government?

Money is tight for us all but the consumer better keep a keen eye on the government in the coming weeks.  More laws are being prepared to raise money for the county, city and federal government.  Do you think they don't concern you!  Think again.  Many areas are trying to pass point of sale laws that will have a homeowner replacing wood-burning devices, windows, air conditioners and plumbing before closing can take place.  The REALTOR®  Action Fund is fighting to protect homeowners but we need everyone to get involved.

If you think I am calling wolf then let me point out two laws that affect millions of sales in the coming years.

New laws have taken effect in San Luis Obispo County requiring residents in Los Osos to retrofit plumbing fixtures at point of sale because of the town's dwindling water supply.  Specifically, toilets are to be replaced with toilets rated at no more than 1.28 gallons per flush (gpf).

Contra Costa County in the San Francisco Bay Area adopted an ordinance which requires gas shut-off valves be installed downstream of the meter and at the point of appliance on all buildings sold within unincorporated areas of the county prior to entering into an agreement for sale or prior to close of escrow.

The California Energy Commission currently has a state-wide point of sale ordinance for energy conservation in their strategic plan and the California Public Utilities Commission has a recommendation for local point of sale ordinances in their recently released draft California Energy Efficiency Strategic Plan.  Therefore, in the future all local governments may be required to adopt more stringent standards.

Since we are seeing very few sales with homeowners walking away from the closing table with equity many transactions are going to fall out of escrow if homeowners don't have money to pay for these requirements and the buyer will not pay for them.

It's time to tell our legislators that point of sale is not the time to demand these repairs.
 

Corona, CA getting a Certified Farmers’ Market!

Come join the fun and support this new effort.  A big thank you for all who worked so hard to achieve this great market for Corona.

Riverside, CA Homes are selling!

Financial Incentives and Uniform Process for Short Sales

·      Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions)

Reprint from :CALIFORNIA ASSOCIATION OF REALTORS®