Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!
Hello world!
Reply
Know Your Options
These days you have to know your options. If your buying a home you have to know your options. If your selling your home, you need to know your options. If you are trying to loan mod or short sale, well you know the answer. Know your options!
Luckily Fannie Mae has created a web site that answers a lot of questions if you have a Fannie Mae loan. They will explain options to stay in your home or options to leave your home. They also offer in person or telephone support to answer your questions.
So your probably thinking, “Do I have a Fannie Mae loan?” Well here’s how you can find out. Go to Fannie Mae Lookup and see if your mortgage is owned by Fannie Mae. All you do is input your address and answer a couple of questions and it will tell you on the spot if you have a Fannie Mae loan.
Next thing you want to do is is visit Know Your Options by Fannie Mae and read all the valuable information on how they can help you resolve your issue. Then contact me. I can help you along the way and guide you through this sometime, troublesome process. My contact information is below.
Diego Loya
Certified Pre-Foreclosure Specialist
Associate Broker – Coldwell Banker Town & Country
626-606-5037
diego@myhomeownerhotline.com
Concern About Another Housing Dip
Housing’s Adverse Feedback Loop
When will we see a housing recovery. These words are often spoken about when I meet with homeowners contemplating what they show do, sell or stay? Most homeowners have one of these three issues.
#1 I have some equity in my home. I’m not sure whether right now is the best time to sell. Should I hold on and try to get a little more for my home in six months, a year, or more.
#2 I received a loan modification but it is still not enough to keep my family from sinking into more debt. Should I sell now or is the market going to rebound and I will regain my equity.
#3 I cannot afford my home. I was denied a loan modification. I need to sell my home in a short sale before my lender forecloses. Am I going to sell then regret it later because my house value went up.
The housing recovery as well as the whole economic recovery is a complicated beast. There are many moving parts to the matter and what confuses many is how we see Wall St recovering and big business recovering so small business and real estate should be recovering too, right?
This is the article from The Housing Matrix. It is a great short explanation of the real estate recovery as well as the overall economy recovery.
BANKS/LENDERS
Much of the concern about another housing dip centers on the banks. A sharp house-price decline could lead to more foreclosures, hammering profits and reducing lending, such as it is. Here is a look at just a few factors that contribute to housings Adverse Feedback Loop.
Economist Michelle Meyer identifies an “adverse feedback loop” where:
Lower Home Prices => Tighter Bank Credit => Fewer Jobs => Prolonged Housing Recession
HOME EQUITY
Economists at Bank of America Merrill Lynch say one key to a jobs recovery is an improvement in housing – because so much job creation is driven by new businesses that have in recent years been financed in part by home equity borrowing.
It has been reported that over $1 Trillion in homeowner’s equity has been lost during this past recession, so far. This represents Billions of dollars that are no longer available to small businesses. Whatever the final numbers are this traditional source of financing small businesses has been severely limited creating another adverse feedback loop:
Lower Home Prices => Lower Home Equity => Less Financing Available for Small Business (a key source of financing) => Fewer New Jobs => Prolonged Housing Recession
THE OTHER FACTORS
Truth is that you can create additional adverse feedback loops for Shadow Inventory, Distressed or Foreclosed Housing and you have the same outcome – Prolonged Housing Recession. The feedback loops seem unlimited.
Recently, we hear that an economic recovery will exclude both jobs and housing. While the other economic fundamentals are encouraging it is will be difficult for any sustained economic recovery to exclude the key factor to economic growth over the past 30 years – housing. Housing has and continues to be the primary support to the US economy and very little commerce is not impacted by housing: land, building materials, the trades (jobs), furnishings, appliances and local, state & federal tax revenues, and on and on.
Any genuine economic recovery must include jobs and housing.
If you would like to discuss this further or have any questions, contact us. We are more than happy to assist you.
We take pride in provide the most current accurate information to the community. Let’s get together and discuss your possibilities.
Request In Depth Information
Please enter your request for additional information in the form below. We will contact you on the next business day to send you the detailed information requested. For more immediate assistance, please call our office during business hours.
WARNING | Keep Away From Loan Modification Services
Many Loan Modification Businesses are Scams
Another loan modification outfit was busted and closed down. Prosecutors from Ventura County have filed a felony complaint against four people alleging they ran a fraudulent home foreclosure rescue program from an Oxnard office called, “USA Home Recovery Service.” They solicited business from radio ads targeting Spanish speaking homeowners. The defendants collected thousands in upfront fees promising to save homes from foreclosure. Prosecutors allege the clients received no actual services and lost thousands of dollars in addition to losing their homes.
Fraudulent Home Foreclosure Rescue Program
If you are contacted by a loan modification / home retention / home recovery type of service, be very wary of them. First off, most cannot charge an up front fee. Check with the California Department of Real Estate to see if they are an approved loan modification business. But the most important thing to remember is if what they promise you sounds to good to be true, it is.
Do you know you can do a loan modification on your own? Most lenders have simplified and streamlined the process. Some like Bank of America can tell you over the phone if you can qualify for a HAMP modification. If you feel a little worried or confused and just don’t want to fill the paperwork yourself without a professional looking it over first, give us a call. We can help you by getting you the appropriate forms and help put together your loan modification package. We will even followup with the lender through the loan modification process. If you qualify, we will help get you approved all at no cost! So what do you have to lose, give us a call at (626) 606-5037 or fill out the contact form below.
[contact-form-7 404 "Not Found"]
Where Are Home Prices Heading?
Housing Prices – Are They Going Up, Down or All Around
One of the biggest questions I get asked when I’m around the Hacienda Heights, La Habra Heights and La Habra area is where are home prices headed. It seems like everyone has a different answer according to what they saw on TV, read in the paper or heard from their friends or family. I cannot say exactly where we will be later this year but one thing is most likely, prices overall will drop 3-5% in the 91745 and 90631 zipcodes. This is caused by a continued upswing in foreclosure bound properties like short sales. Short sales will be the leader in housing inventory uptick. Bank owned properties will stay steady as will standard sales, those real estate sales with equity. Although standard sales will thin out as more and more equity sellers move and are replaced by non or little equity buyers becoming homeowners. But here’s the kicker. If we can sift through and drop the number of foreclosures bound properties, this will normalize the market and keep prices at current levels.
This foreclosure report article shows you exactly how many foreclosures there are in Hacienda Heights, La Habra Heights and La Habra.
Foreclosure map for 91745 and 90631
This is a great article published today from the Housing Matrix.
The National Association of Realtors (NAR) reported that the number of signed purchase contracts for existing homes rose. Their index rose 3.5% in November. Even though the index remains 5.0% below its November 2009 The NAR’s Pending Home Sales Index took a steep dive following the expiration of the homebuyer tax credit in April.
Post-Tax Break Bounce Back
This is a sign that housing is regaining its health, even though the index remains 5.0% below its November 2009 measurement. This indicates that home sales are recovering without direct government stimulus. The NRA describes it as “a gradual recovery into 2011.”
The West posted the largest month-over-month jump of 18.2 percent, which is 0.4 percent above November 2009. The Northeast reported gains of 1.8 percent from a year earlier but is still 4.2 percent down from October. The South fell 1.8 percent while the Midwest declined 4.2 percent from October, according to the NAR.
What Caused the Increase?
Lawrence Yun, NAR chief economists, attributes this gain to an improvement in increased housing affordability, and overall economic improvements.
Will the Gain Continue?
“Further gains are needed to reach normal levels of sales activity…All the indicator trends are pointing to a gradual housing recover…Home price prospects will vary depending largely upon local job market conditions,” says Yun.
Looking Forward: How Will Home Prices Fair?
“The national median home price, however, is expected to remain very stable even with a continuing flow of distressed properties coming onto the market, as long as there is a steady demand of financially healthy home buyers…As we gradually work off the excess housing inventory, supply levels will eventually come more in-line with historic averages, and could allow home prices to rise modestly in the range of 2 to 3 percent in 2012,” according to Yun.
See How Many Foreclosures Are On Your Street
Map of Foreclosures for Hacienda Heights La Habra Heights La Habra
Maybe you are just curious or need to make an important decision on whether to go forward with a loan modification or short sale. Here you see the amount of properties that are in some sort of the foreclosure process.
As of 1-10-2011, Hacienda Heights has a total of 341 properties in some sort of foreclosure. 115 are in pre-foreclosures, meaning that they have missed at least 3 months worth of payments and their lender has issued a Notice of Default, NOD.From this point, the borrower has at least 90 days to became current or come to some arraignment with the lender to make payments, modify the loan or sell the property on their own, most likely a short sale.
201 are scheduled for auction. At this point the borrower has not made payments or a successful arraignment with the lender and the 90 days since the notice of default has passed. The lender has issued a Notice of sale, NOS. This document will state the property will be up for sale at auction on a certain date.As of 1-10-2011, the properties listed for auction have a sale date pending in less than 4 weeks.
25 are bank owned. The lender was not able to sell the property at auction and the home has reverted back to the lender. At this point the lender will put the home for sale as a bank owned home.
In La Habra Heights, as of 1-10-2011, there are a total of 44 properties in some sort of foreclosure. 16 are Notice of Default, NOD, Pre-foreclosure properties. 25 are scheduled for auction within the next 4 weeks and 3 are bank owned.
In the city of La Habra, as of 1-10-2011, there are a total of 357 properties in some sort of foreclosure. 124 are Notice of Default, NOD, Pre-foreclosure properties. 192 are scheduled for auction within the next 4 weeks and 41 are bank owned.
This map does not include any homeowners that are late on their mortgage payments and have not received a notice of default, NOD. This is estimated to be at least 25% of homeowners.
If you would like a more detailed area or list of foreclosures in your interested area or have any questions, contact us. We are more than happy to assist you.
We take pride in provide the most current accurate information to the community. Let’s get together and discuss your possibilities.
Request In Depth Information
Please enter your request for additional information in the form below. We will contact you on the next business day to send you the detailed information requested. For more immediate assistance, please call our office during business hours.
[contact-form-7 404 "Not Found"]
Recent Home Sales in La Habra Heights
A mix of Standard, Short Sales and Bank Owned Properties Sold in La Habra Heights
A mixture of homes were sold both in November 2010 and December 2010 making up standard sales, short sales and bank owned homes.
Let’s define what a standard sale, short sale and bank owned(reo) are:
A standard home sale consists of the homeowner either having equity or funding the difference owed versus sold in a sale. There is no negotiation with the lender and escrow is a typical 30 to 60 days from acceptance of an offer. There are two parties involved, a buyer and seller. This sale is one you would normally think of.
A short sale is a a sale of a home where the borrower (owner/seller) owes more on the house than what the house is worth. Here the lender is involved in a negotiation to settle the amount the property will sell for. There is typically three parties involved. The seller, buyer and lender holding the note on the property. Escrow typically will last 30 to 60 days but prior lender approval of the sale must be obtained. This lender approval can usually last 60-90 days but sometimes longer. If you are lucky, it can be shorter, but rare.
A bank owned/REO home is a property that went through the foreclosure process and did not sell at the foreclosure auction. At that point the lender takes the property back and puts the house back for sale. The lender now is the seller. There are two parties involved, the buyer and seller. There is no negotiation lender approval. Escrow typically takes 30-60 days.
In November 2010 there were 2 homes/condos sold in the community of La Habra Heights, 90631. 1 of these properties sold were Standard Sales. 1 were Short Sales sold and 0 were Bank Owned/REO properties sold.
In December 2010 there were 6 homes/condos sold in the community of La Habra Heights, 90631. 5 of these properties sold were Standard Sales. 0 were Short Sales sold and 1 were Bank Owned/REO properties sold.
In January the trend should continue with around the same number of homes sold. Standard sales should continue to dominate the market while short sales and bank owned sales should make up. As the months pass and the number of past standard sales add up the trend will become less standard sales available and the short sale market will grow as lenders push homeowners facing foreclosure to sell in a short sale. Bank owned properties will remain steady. The number of sales of standard sales will slump while pre foreclosure and foreclosed homes rise. How much, keep posted.
Home Sales in Hacienda Heights for November 2010
Home Sales in Hacienda Heights for December 2010
Data from CRMLS.
We take pride in provide the most current accurate information to the community. Let’s get together and discuss your possibilities.
Request In Depth Information
Please enter your request for additional information in the form below. We will contact you on the next business day to send you the detailed information requested. For more immediate assistance, please call our office during business hours.
[contact-form-7 404 "Not Found"]
Recent Home Sales in La Habra
A mix of Standard, Short Sales and Bank Owned Properties Sold in La Habra
A mixture of homes were sold both in Novemver 2010 and December 2010 making up standard sales, short sales and bank owned homes.
Let’s define what a standard sale, short sale and bank owned(reo) are:
A standard home sale consists of the homeowner either having equity or funding the difference owed versus sold in a sale. There is no negotiation with the lender and escrow is a typical 30 to 60 days from acceptance of an offer. There are two parties involved, a buyer and seller. This sale is one you would normally think of.
A short sale is a a sale of a home where the borrower (owner/seller) owes more on the house than what the house is worth. Here the lender is involved in a negotiation to settle the amount the property will sell for. There is typically three parties involved. The seller, buyer and lender holding the note on the property. Escrow typically will last 30 to 60 days but prior lender approval of the sale must be obtained. This lender approval can usually last 60-90 days but sometimes longer. If you are lucky, it can be shorter, but rare.
A bank owned/REO home is a property that went through the foreclosure process and did not sell at the foreclosure auction. At that point the lender takes the property back and puts the house back for sale. The lender now is the seller. There are two parties involved, the buyer and seller. There is no negotiation lender approval. Escrow typically takes 30-60 days.
In November 2010 there were 40 homes/condos sold in the community of La Habra, 90631. 16 of these properties sold were Standard Sales. 13 were Short Sales sold and 11 were Bank Owned/REO properties sold.
In December 2010 there were 55 homes/condos sold in the community of La Habra, 90631. 30 of these properties sold were Standard Sales. 10 were Short Sales sold and 15 were Bank Owned/REO properties sold.
In January the trend should continue with around the same number of homes sold. Standard sales should continue to dominate the market while short sales and bank owned sales should make up. As the months pass and the number of past standard sales add up the trend will become less standard sales available and the short sale market will grow as lenders push homeowners facing foreclosure to sell in a short sale. Bank owned properties will remain steady. The number of sales of standard sales will slump while pre foreclosure and foreclosed homes rise. How much, keep posted.
Home Sales in La Habra for November 2010
Home Sales in La Habra for December 2010
Data from CRMLS.
We take pride in provide the most current accurate information to the community. Let’s get together and discuss your possibilities.
Request In Depth Information
Please enter your request for additional information in the form below. We will contact you on the next business day to send you the detailed information requested. For more immediate assistance, please call our office during business hours.
Recent Home Sales in Hacienda Heights
A mix of Standard, Short Sales and Bank Owned Properties Sold in Hacienda Heights
A mixture of homes were sold both in November 2010 and December 2010 making up standard sales, short sales and bank owned homes.
Let’s define what a standard sale, short sale and bank owned(reo) are:
A standard home sale consists of the homeowner either having equity or funding the difference owed versus sold in a sale. There is no negotiation with the lender and escrow is a typical 30 to 60 days from acceptance of an offer. There are two parties involved, a buyer and seller. This sale is one you would normally think of.
A short sale is a a sale of a home where the borrower (owner/seller) owes more on the house than what the house is worth. Here the lender is involved in a negotiation to settle the amount the property will sell for. There is typically three parties involved. The seller, buyer and lender holding the note on the property. Escrow typically will last 30 to 60 days but prior lender approval of the sale must be obtained. This lender approval can usually last 60-90 days but sometimes longer. If you are lucky, it can be shorter, but rare.
A bank owned/REO home is a property that went through the foreclosure process and did not sell at the foreclosure auction. At that point the lender takes the property back and puts the house back for sale. The lender now is the seller. There are two parties involved, the buyer and seller. There is no negotiation lender approval. Escrow typically takes 30-60 days.
In November 2010 there were 33 homes/condos sold in the community of Hacienda Heights, 91745. 14 of these properties sold were Standard Sales. 9 were Short Sales sold and 10 were Bank Owned/REO properties sold.
In December 2010 there were 35 homes/condos sold in the community of Hacienda Heights, 91745. 23 of these properties sold were Standard Sales. 7 were Short Sales sold and 5 were Bank Owned/REO properties sold.
In January the trend should continue with around the same number of homes sold. Standard sales should continue to dominate the market while short sales and bank owned sales should make up. As the months pass and the number of past standard sales add up the trend will become less standard sales available and the short sale market will grow as lenders push homeowners facing foreclosure to sell in a short sale. Bank owned properties will remain steady. The number of sales of standard sales will slump while pre foreclosure and foreclosed homes rise. How much, keep posted.
Home Sales in Hacienda Heights for November 2010
Home Sales in Hacienda Heights for December 2010
Data from CRMLS.
We take pride in provide the most current accurate information to the community. Let’s get together and discuss your possibilities.
Request In Depth Information
Please enter your request for additional information in the form below. We will contact you on the next business day to send you the detailed information requested. For more immediate assistance, please call our office during business hours.
[contact-form-7 404 "Not Found"]
Home Sales in La Habra for 2010
La Habra Real Estate Home Sales, Year in Review 2010
2010 home sales of single family residences
2010 is just a memory and now as we enter 2011 let’s look back and see how the real estate market treated the city of La Habra. As a whole prices rose 7.3% from $377,621.88 in 2009 to $405,302.76 in 2010.
Taking a closer look. Depending on the price point is whether prices gained or dropped.
Homes priced from $100,000 – $200,000 dropped 1.2% - average price $181,300
Homes priced from $200,000 – $300,000 dropped 2.9% - average price $257,915.68
Homes priced from $300,000 – $400,000 rose 0.6% - average price $352,238.90
Homes priced from $400,000 – $500,000 dropped 1.5% - average price $431,300
Homes priced from $500,000 – $600,000 rose 1.7% - average price $537,055.56
Homes priced from $600,000 – $700,000 rose 0.4% - average price $632,840.13
Homes priced from $700,000 – $800,000 rose 8.4% - average price $767,416.67
Homes priced from $800,000 – $900,000 rose 0.8% - average price $843,333.33
Homes priced from $900,000 – $1,000,000 rose 3.2% - average price $936,980
Homes priced from $1,000,000 – $1,100,000 (none sold)
Homes priced from $1,100,000 – $1,200,000 rose 1.9% - average price $1,050,000
No homes sold over $1,200,000 price range.
Download 2010 Real Estate Home Sales in La Habra
Data from CRMLS.
We take pride in provide the most current accurate information to the community. Let’s get together and discuss your possibilities.
Request In Depth Information
Please enter your request for additional information in the form below. We will contact you on the next business day to send you the detailed information requested. For more immediate assistance, please call our office during business hours.
[contact-form-7 404 "Not Found"]