14September2008

Housing Recovery Likely in 2010, (But Wait) Expert Predicts Beginnings Could Start in 2009

Posted by staceysloan under: Housing and Economy; Housing Recovery.

Real estate economist Richard K. Green, director of the USC Lusk Center for Real Estate, was interviewed by Jeff Collins of the OC Register.  For a complete transcript of his interview, just give me a call and I will email to you.  Essentially Green thinks 2010 is still about right for the recovery, but believes there is some chance for next year because prices have fallen sufficiently.

Green also was enthusiastic about the raising of the conforming loan limits and changes with FHA and the positive impact it would have on Southern California in particular.

IMPORTANT!  I ALSO HAVE A GREAT ARTICLE ON HOW NOT TO GET SCAMMED IF YOU ARE FACING FORECLOSURE!  THIS IS A MUST READ IF YOU ARE IN A DISTRESS SITUATION.  Give my office a call and I will email it over to you.   Have a great month and give me a call with any real estate related questions.  It’s my pleasure to serve you and your referrals.

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11May2008

Buying Bank Owned, FHA Loans and the Whole Enchilada

Posted by staceysloan under: Housing and Economy; Buying a Home; Housing Recovery.

There is a lot of conflicting information out there.  Have foreclosures peaked?  Maybe not everywhere, but Orange County is getting close.  The banks took possession of 698 properties in March, down 4% from February and down 13% from January. (Source:Dataquick)  They could spike again, slightly, over the next few months but indications would be that the number is stabilizing.  Some reasons are that more and more lenders are developing work out programs, loan modifications and loan relief.  Short sales are still out there but frankly they are the riskiest bet for a buyer.  You could be tied up for weeks waiting for a response from a lender, unlike a bank owned which is listed for a set price and is ready to go.  Remember, however, that most bank owned properties are sold “as is” and “buyer beware.”  They will need work and patience. Don’t expect to lowball these properties either as multiple offers are starting to make an appearance on these already price adjusted homes.  I want to say a word about FHA loans.  The loan limit on this product has risen to $729,000 in Orange

County.  It allows for a 3% down payment or 5% if it’s a “jumbo lite.”  The money can be gifted and need not be seasoned.  It is available for refinance up to 97% loan to value for rate and term.  This is a viable option for refinances if some of your equity has been lost.  Please call me for any questions on any real estate matter.  I am your expert on “the whole enchilada!”

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