Is your escrow is still drudging along???
Well be sure it closes before July 1st as the next few weeks are crucial for home buyers who need to close escrow before the end of June to claim the federal home-buyer tax credit.
Prospective purchasers with binding contracts in place as of April 30, 2010 have to close their transaction by June 30, 2010. If the transaction closes July 1st, the buyer will lose out on the tax credit.
Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, will have until April 30, 2011 to claim the tax credit. Qualifying income limits are $125,000 for single taxpayers and $225,000 for joint taxpayers.
The maximum allowed home purchase price will be $800,000.
Wednesday, June 2, 2010
Thursday, May 13, 2010
Foreclosures Finally Plateau?
NEW YORK (CNNMoney.com) -- The foreclosure plague may have finally reached its peak in April 2010 -- but don't expect delinquency statistics to plummet anytime soon.
The total number of foreclosure filings -- notices of default, auction notices and bank repossessions -- fell by 9% from March to April, and 2% compared with April 2009, according to data released Thursday by RealtyTrac, the online marketer of foreclosed properties.
This is the first time that has happened in the history of the report, which goes back to January 2006.
But the number of homes repossessed during April is at an all-time high of 92,432. That is a 45% increase over April 2009. If repossessions continue at this pace, more than 1.1 million homes will be lost in 2010.
"There were two important milestones in the April numbers that show foreclosure activity has begun to plateau, but at a very high level that will not drop off in the near future," said RealtyTrac CEO James Saccacio.
Saccacio said he expects the pattern to become the norm for many months, with the overall numbers of filings staying high, but not increasing, and repossessions remaining at record levels.
The reason that repossessions can rise while filings hold steady is that lenders are working through a backlog of delinquent properties, taking more of them through the entire process to repossession, rather than letting them linger in limbo.
Walkaways
The numbers of repossessed properties, also called real-estate owned or REOs, have been boosted by a spike in the number of homeowners voluntarily giving up their homes because their the value has dropped so precipitously.
These "strategic defaults" now account for nearly one in three foreclosures, according to a recent report from the University of Chicago Booth School of Business and Northwestern's Kellogg School of Management. That's up from 22% 12 months earlier.
Some homeowners walk away when they are "underwater," owing far more than the value of their home, because they realize that they will never recoup the losses. The further homeowners fall underwater, the more likely they are to leave.
About one in four U.S. homeowners is underwater, according to CoreLogic, a financial data provider. Nearly 5 million of those borrowers owe mortgage debt that exceeds their property values by 25% or more. The total of negative equity in these deeply underwater borrowers is a whopping $655 billion.
Foreclosure epicenters
Nevada continues to rank as the worst-hit foreclosure state, with one of every 69 households receiving some kind of filing. That's nearly six times the national rate which is one household for every 387 receiving a filing.
Foreclosures: How bad is your state?
Arizona had the second highest rate; Florida the third; and California the fourth. California, the largest state in the union, had nearly 70,000 filings, more than any other state. Michigan, where the vast number of foreclosures can be traced to job losses and economic turmoil, recorded more than 19,000.
The metro area market that recorded the highest rate of foreclosure filings in April was Las Vegas, where one of every 60 homes was delinquent, Second was Modesto, Calif., with one in 101, and neighboring Merced, where one in 104 homeowners was in some stage of default.
The total number of foreclosure filings -- notices of default, auction notices and bank repossessions -- fell by 9% from March to April, and 2% compared with April 2009, according to data released Thursday by RealtyTrac, the online marketer of foreclosed properties.
This is the first time that has happened in the history of the report, which goes back to January 2006.
But the number of homes repossessed during April is at an all-time high of 92,432. That is a 45% increase over April 2009. If repossessions continue at this pace, more than 1.1 million homes will be lost in 2010.
"There were two important milestones in the April numbers that show foreclosure activity has begun to plateau, but at a very high level that will not drop off in the near future," said RealtyTrac CEO James Saccacio.
Saccacio said he expects the pattern to become the norm for many months, with the overall numbers of filings staying high, but not increasing, and repossessions remaining at record levels.
The reason that repossessions can rise while filings hold steady is that lenders are working through a backlog of delinquent properties, taking more of them through the entire process to repossession, rather than letting them linger in limbo.
Walkaways
The numbers of repossessed properties, also called real-estate owned or REOs, have been boosted by a spike in the number of homeowners voluntarily giving up their homes because their the value has dropped so precipitously.
These "strategic defaults" now account for nearly one in three foreclosures, according to a recent report from the University of Chicago Booth School of Business and Northwestern's Kellogg School of Management. That's up from 22% 12 months earlier.
Some homeowners walk away when they are "underwater," owing far more than the value of their home, because they realize that they will never recoup the losses. The further homeowners fall underwater, the more likely they are to leave.
About one in four U.S. homeowners is underwater, according to CoreLogic, a financial data provider. Nearly 5 million of those borrowers owe mortgage debt that exceeds their property values by 25% or more. The total of negative equity in these deeply underwater borrowers is a whopping $655 billion.
Foreclosure epicenters
Nevada continues to rank as the worst-hit foreclosure state, with one of every 69 households receiving some kind of filing. That's nearly six times the national rate which is one household for every 387 receiving a filing.
Foreclosures: How bad is your state?
Arizona had the second highest rate; Florida the third; and California the fourth. California, the largest state in the union, had nearly 70,000 filings, more than any other state. Michigan, where the vast number of foreclosures can be traced to job losses and economic turmoil, recorded more than 19,000.
The metro area market that recorded the highest rate of foreclosure filings in April was Las Vegas, where one of every 60 homes was delinquent, Second was Modesto, Calif., with one in 101, and neighboring Merced, where one in 104 homeowners was in some stage of default.
Sunday, May 9, 2010
Are you underwater too?
60 Minutes just aired an interesting piece about homeowners who owe more on their mortgage than what the house is worth. While those who cannot afford their payments are forced into bankruptcy, a growing number of homeowners who CAN afford their payments are simply "walking away" from their homes. In some estimates, 1 in 5 homeowners who go into default, CAN afford to make their payments but are choosing not to!
Nearly 11 million homeowners nationwide are in such circumstances. California has it pretty bad at 33% but our neighbors to the east Arizona and Nevada are in much worse condition boasting negative mortgage rates at 50% and 65% respectively.
According to Bloomberg:
“A growing number of U.S. homeowners owe more than their properties are worth after prices extended their two-year decline in the first quarter.
Almost 21.8 percent of all owners were underwater as of March 31. At the end of the fourth quarter, 17.6 percent of homeowners owed more than their original mortgage, while 14.3 percent had negative equity three months earlier.
Property values dropped 14 percent from a year earlier in the first quarter, reducing the median value of all U.S. single- family homes, condominiums and cooperatives to $182,378, Zillow said. The gain in underwater homeowners will lead to more bank repossessions, the company said.”
With more foreclosures on the way, we will probably see prices continue to fall until we solve our double digit unemployment rate and see fewer homeowners simply walking away from their homes.
Nearly 11 million homeowners nationwide are in such circumstances. California has it pretty bad at 33% but our neighbors to the east Arizona and Nevada are in much worse condition boasting negative mortgage rates at 50% and 65% respectively.
According to Bloomberg:
“A growing number of U.S. homeowners owe more than their properties are worth after prices extended their two-year decline in the first quarter.
Almost 21.8 percent of all owners were underwater as of March 31. At the end of the fourth quarter, 17.6 percent of homeowners owed more than their original mortgage, while 14.3 percent had negative equity three months earlier.
Property values dropped 14 percent from a year earlier in the first quarter, reducing the median value of all U.S. single- family homes, condominiums and cooperatives to $182,378, Zillow said. The gain in underwater homeowners will lead to more bank repossessions, the company said.”
With more foreclosures on the way, we will probably see prices continue to fall until we solve our double digit unemployment rate and see fewer homeowners simply walking away from their homes.
Wednesday, October 7, 2009
Another 4plex just steps from Beverly Hills
http://www.postlets.com/res/2780885
Charming 4plex in an amazing Beverlywood/Beverly Hills Adj. location. All 4 units are rented with good standing tenants and high rents. All 4 units have undergone upgrades in the past 4 years including remodeled kitchens and bathrooms. Laundry facilities on site, 4 garage parking spaces, hardwood floors throughout in every unit, water softener system, grassy courtyard.
Gross income is just under $94,000 per year!
1 unit @ $2100
2 units @ $1900
1 unit @ $1889
Charming 4plex in an amazing Beverlywood/Beverly Hills Adj. location. All 4 units are rented with good standing tenants and high rents. All 4 units have undergone upgrades in the past 4 years including remodeled kitchens and bathrooms. Laundry facilities on site, 4 garage parking spaces, hardwood floors throughout in every unit, water softener system, grassy courtyard.
Gross income is just under $94,000 per year!
1 unit @ $2100
2 units @ $1900
1 unit @ $1889
Monday, September 21, 2009
Tuesday, July 28, 2009
New Listing - 11272 Laurie, Studio City
First time on market in over 20 years!!! 3 Bedrooms, 2.5 Bathrooms + Den located in the most sought after CARPENTER School District. Fabulous unobstructed canyon views from the family room, Large LR with fireplace, formal DR, wet bar, Paneled den, all bedrooms have walk-in closets, master bedroom with 2 walk-in closets, private pool & grassy back yard, OVER 2600+ sqft and 15,000 lot size. Great floor plan, needs TLC. Easy to show.
Proudly offered at $899,000
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