Nevada City Real Estate and Grass Valley Homes for Sale Blog by Gary J. Tippner Grass Valley

Home clearance sale coming from “desperate” sellers

2012-03-06T10:02:00.000-08:00

Home clearance sale coming from “desperate” sellers

Home prices are already a third off their highs, but this summer could bring the real discounts. Buyers are still cautious, and anxious sellers will have to price aggressively to get them off the fence.

-according to CNN Money

Who Has The WORST Housing Market Now?

2012-02-13T12:11:00.000-08:00

Florida makes up of 25% of ALL foreclosures in the US. It takes on average 806 DAYS to foreclosure on a home in Florida. In Florida homes have depreciated 50% from the boom.

Renting Grass Valley homes is getting more expensive

2012-02-12T09:49:00.000-08:00

Renting a home is getting more expensive.

More reasons to buy a home now!

There are certain situations where renting short term probably makes sense. It may make sense if you are retiring to a different region of the country and are not yet sure where you want to set down roots for the next 15 years. It may make sense if you have a one-year employment contract that will probably require a move to another place upon termination.

However, in most other cases, renting right now makes little sense for several reasons.

• Even though prices may still soften, waiting to buy wouldn't make sense as the cost of owning a home may still increase.

• Mortgages may soon become much more expensive than they are right now.

• Owning a home is less expensive than renting a home in 72% of major U.S. cities.

• Rental costs are about to explode.

Let's take a closer look at the last reason. We have often said that the cost of anything is based on supply and demand. The number of widgets for sale and the number of widget buyers together create the price for widgets. That will also apply to rents. There is a much larger demand for rentals right now. The economy has forced many to leave their foreclosed homes and other buyers are afraid to plunge into homeownership.

At the same time, the supply of rentals is rapidly decreasing. Apartment vacancy has dropped significantly since the recession, which ultimately drives up rental rates.

When supply is rapidly decreasing and demand is quickly increasing, prices have only one place to go – and that is UP! That is exactly where rental prices are headed.

Bottom Line
Is now a good time to rent? We think not. You can buy a home today at a discounted price and get a 30-year mortgage at a historically low interest rate and with no money down. You can set your housing expense for the next thirty years. On the other hand, rental costs are poised to increase for years to come.
If you have any questions about your personal situation, contact Gary Tippner

$26B Mortgage Settlement?

2012-02-10T11:51:00.000-08:00

After months of wrangling, the long-awaited foreclosure settlement between the government and the banks appears to be at hand.

A $26 billion settlement was announced Thursday morning between the federal government, state attorneys general and the five biggest banks in the mortgage market: Ally Financial (the old GMAC), Bank of America, Wells Fargo, JP Morgan and Citigroup. (Editor's note: An earlier version incorrectly identified Ally Financial as being the old GE Capital.)

The settlement is being hailed as the biggest multi-state settlement since the 1998 tobacco agreement. But the settlement is too small to really help the housing market, or even do much for individual victims of fraud and abuse. The deal may, in fact, hurt housing by sending a message to people who've stayed current on their mortgages that irresponsible behavior is what gets rewarded in America. That, presumably, is not the intention of policymakers but the "moral hazard" fallout from the settlement. More Americans may "walk away" from uneconomic loans, which will put additional pressure on local housing markets.

Furthermore, several experts note that for all the rhetoric about punishing corporate crimes and helping victims of abuse, the banks have once again gotten away with a slap on the wrist and may end up benefiting most of all from the settlement.

According to The Wall Street Journal, the settlement will be broken down as follows:

$5 billion in cash payments, including $1.5 billion to borrowers who were wrongly or illegally foreclosed on between September 2008 and December 2011. Borrowers could receive up to $2,000, depending on the number filing claims.

$20 billion in "credits" the banks will receive for principal write-downs and other aid to homeowners at risk of default, up to $20,000 per. This tally includes $3 billion for refinancing of mortgages currently under water.

(Yes, I know 20 + 5 = 25, not 26. It's unclear what the "extra" $1 billion will be earmarked for as details are still emerging on the plan.)

A Drop in the Bucket

Now, $26 billion is a lot of money but it's a drop in the bucket compared with the trillions of dollars of household wealth that's been lost since the bursting of the credit bubble in 2008. Furthermore, $2,000 is a small price to pay to homeowners who lost their homes in illegal foreclosures. The $20,000 mortgage modification is great, except the average deficit for underwater mortgages in America is $50,000.

In addition, the $20 billion isn't coming out of the banks' pockets; it's coming from investors and, ultimately, taxpayers.

"The mortgage principal write-downs are guaranteed to come almost entirely from securitized loans, which means from investors, which in turn means taxpayers via Fannie and Freddie, pension funds, insurers, and 401 (k)s," writes Yves Smith at Naked Capitalism. "That $20 billion actually makes bank second liens sounder, so this deal is a stealth bailout that strengthens bank balance sheets at the expense of the broader public."

Meanwhile, several Fed watchers believe the central bank is gearing up for another round of quantitative easing that will focus on (wait for it) mortgage-backed securities. If QE3 is focused on MBS, it will further ease pressure on bank balance sheets and make any hit from modifications easier to digest.

Every state AG, with the exception of Oklahoma, has reportedly agreed to the settlement. One housing expert speculates key holdouts such as New York Eric Schneiderman and California's Kamala Harris agreed to the settlement in return for promises that the banks aren't being completely left off the hook.

During the State of the Union address last month, President Obama called for a new financial crimes unit to pursue mortgage-related fraud.

Not coincidentally, the SEC is now reportedly stepping up its investigations of illegal marketing and selling of mortgage-backed securities during the boom. The Journal reports Ally, Bank of America, Citigroup, Goldman Sachs and Deutsche Bank are among the firms being examined in the civil investigation.

.....JUST ANOTHER CASE OF THE POLITICIANS AND BIG BANKS IN BED TOGETHER.....
G.

Nevada City News & Events

2012-02-09T13:05:00.000-08:00

Nevada City News & Events

Mardi Gras Celebration Feb 18 & 19

President’s Day Weekend (Feb. 18-19, 2012) Community Event

20th Annual Mardi Gras Weekend Celebration in Historic Nevada City

Mardi Gras Masquerade Ball

Saturday, Feb. 18, 2012. Hours: 8-midnight

Featuring the Holcomb Brothers Band

(Traditional Cajun food available)

Miners Foundry, 325 Spring Street, Historic Downtown Nevada City

Tickets $12-$15. (Event usually sells out. Advance tickets recommended)

(530) 265-2692, http://www.nevadacitychamber.com/ -or- http://www.minersfoundry.org/

Mardi Gras Parade

Sunday, Feb. 19, 2012, at 2 p.m.

(Premier Mardi Gras celebration in the Sierra Foothills)

Broad Street, Historic Downtown Nevada City

Free Event for the Whole Family. Dress in your finest Mardi Gras attire!

Mardi Gras Street Faire

Sunday, Feb.19, 2012. Hours: 11-4

North Pine & Commercial Streets, Historic Downtown Nevada City

Food, drink, craft, clothing vendors.

Carnevale ! (New)

Sunday, Feb. 19, 2012. 3-6 p.m.

Miners Foundry, 325 Spring Street, Nevada City

After Parade Event for the Whole Family Food, Drink, Family Entertainment. $5 Adults, Children Free.

I
NFORMATION:

Nevada City Chamber of Commerce

(530) 265-2692 • (800) 655-NJOY

http://www.nevadacitychamber.com/

The Truth About Appraisals

2012-02-08T09:53:00.000-08:00

The appraisal process often confuses consumers. They may feel that their Grass Valley home or Nevada City home is worth a higher dollar amount, and so the appraised value doesn't always make sense to them. It is important to know that the appraiser is completely independent from lenders, buyers, sellers, and real estate agents, and that the guidelines to which they adhere are dictated by the Uniform Standards of Professional Appraisal Practice (USPAP) and Fannie Mae.

In essence, these important guidelines help appraisers put a fair market value on homes based on comparable sales in the same area, and the home must be bracketed in size and value.

For example, there is no set dollar figure associated with a great view, pool, spa, bathroom upgrades, etc. If a homeowner installs a custom pool that cost them $30,000, but the local marketplace supports the value of a pool at $15,000, then that item will be bracketed as [$15,000] on the appraisal.

On the other hand, the upgrading or remodeling of an older home is rarely reflected in full in the final appraisal. This is because typically 25-40% of the project involves demolition and the fixing of issues that aren't uncovered until the project has already begun, such as plumbing or wiring that may need updating or after the fact permits.

Ultimately, the value of the upgrades must be supported by comparable examples within the same marketplace. These comparisons must be drawn from current market activity within the last six months. This is a safeguard to prevent appraisers from attaching too high a value to the home in question, and opening up the appraisal for review. This guideline further states that appraisers can only base their opinion on the value of home sales that have actually closed.

In short, a bank will only loan based on the appraisal value minus down payment, basically, in most cases.

I can refer you to a local appraiser to give you the best information and more detail. Contact me for Grass Valley and Nevada City market analysis and approximate home value.

1031 EXCHANGES OF VINEYARDS AND EVEN WINE!

2012-02-07T10:55:00.000-08:00

1031 EXCHANGES OF VINEYARDS (#156)

"RAISE A GLASS AND TOAST VINO AND TAX DEFERRAL OPPORTUNITIES"

“Wine is sunlight, held together by water” —Galileo

“I cook with wine and sometimes I even add it to the food” —W.C. Field

People have enjoyed vineyards and wine for thousands of years. With demand increasing, prospective vintners are buying up vacant land and planting grapes. When sold, many of these vineyards are suitable properties for a tax deferred 1031 exchange. The sale of a vineyard or winery may include several different types of property that may qualify for tax deferral in a 1031 exchange including:

The land associated with the vineyard itself;

The facilities and outbuildings that are a part of the wine making operations, including the caretaker’s house, wine tasting facility or other property used in the wine operation;

Water rights (if treated as a real property interest under local law); and

Equipment and other personal property used in the production of wine.

VINEYARDS AND DEPRECIATION

Many of the components of a vineyard may be depreciated over 10 years using straight line depreciation. Although this provides a nice tax advantage for the property owner during the depreciation period, the deprecation creates a considerably higher tax liability at the time of sale. When the property is sold, depreciation is recaptured and taxed at a Federal rate of 25% — a rate much higher than the current Federal capital gain tax rate of 15%. When a vineyard owner adds this depreciation recapture tax to the applicable Federal tax on the remaining gain, as well as state and local income taxes, they may end up with considerably less after-tax dollars than they expected. By contrast, through a 1031 exchange, the property owner can dispose of the vineyard and defer some or all of the capital gain and depreciation recapture taxes.

If the owners also have a residence on the wine property, the residence may qualify for exclusion of capital gain taxes under IRC Section 121. This residence portion of the property sale is normally excluded from the portion of the sales price allocated to the exchange, since IRC Section 1031 only applies to property held for investment or used in a business. For more information on the tax exclusion under IRC Section 121, click on Primary Residence Rules.

PERSONAL PROPERTY

Section 1031 also permits personal property held for investment or used in a business to be exchanged for other similar personal property, provided that the replacement property is in either the same General Asset Class or the same Product Class as the relinquished property. A vineyard sale may include significant amounts of irrigation equipment and tractors, as well as the machinery used to extract juice from the grapes and to bottle the wine. Note that the IRS has established 13 General Asset Classes, while the more detailed Product Classes are specified in the North American Industry Classification System (NAICS).

Wine collectors may also exchange their collections, provided the wine is held primarily for investment. So if a wine connoisseur wants to exchange a collection of Mouton-Rothschild for a collection of Latour, they might also obtain the tax deferral benefits of a 1031 exchange.

Please Use Asset Exchange Incorporated for you 1031 Exchange Needs
http://apiexchange.com/index_main.php?id=8&idz=237

Nevada City Fine Homes Luxury Homes

2012-02-05T11:37:00.000-08:00

Here is a link to Nevada City Fine Homes for Sale Nevada County Real Estate

Please contact Gary Tippner for anything you see or any questions you have regarding this market.

Bulk Foreclosure Sales

2012-02-05T11:22:00.000-08:00

Bulk Foreclosure Sales Could Cause Bigger Bank Write-Downs

As government, federal regulators and big-money private investors try to figure out a plan for bulk sales of foreclosed properties, big banks are already making deals, but they are few and far between.

The trouble is, they are looking at even bigger write-downs than forecast if they sell these distressed properties in bulk.

One of the things that might be holding these bulk sales back is that the assets might not have been fully written down by the banks. The problem for the banks is that in that scenario, when they sell off these assets in bulk, they have to recognize pretty significant losses all at once, rather than spread those losses out over a longer period of time.

No details on the deal until it closes, but those deals are still rare, despite investor appetite, because the banks would have to take bigger write-downs on the value of those properties than originally thought.

Bank officials will tell you that the write-downs are taken when the properties are taken back as REO (real estate owned), that is, when they are officially repossessed by the lender. That value is based on the current market value of those properties. In some markets, the bank will be able to sell REOs at pretty close to the market value. But if they sell the properties in bulk to investors, they will have to offer deep bulk discounts, and that means additional write-downs.

The same could be true of any bulk program with the government, involving current and future REOs at Fannie Mae, Freddie Mac and the FHA.

Sources say there was a big meeting this week in Washington, DC about just that.

The players included Treasury and HUD officials, representatives of Fannie and Freddie and their conservator, the FHFA, along with private equity investors and housing non-profits.

SHADOW INVENTORY WORRIES

2012-02-03T11:17:00.000-08:00

SHADOW INVENTORY WORRIES

There were 2.38 million unsold homes on the market last month, the fewest since March 2005. That represented a 6.2 months' supply at December's sales pace, the lowest since April 2006 and down from a 7.2 months' supply in November.

However, the inventory of unsold homes tends to decline in winter. (what? is it because more homes list in summer than winter?)

A supply of 6 months is generally considered ideal and anything higher suggests prices will decline further.

The NATIONWIDE median sales price fell 2.5 percent to $164,500 in December from a year ago. For 2011 as a whole, prices dropped 3.9 percent to an average of $166,100, the lowest since 2002.

Further pressure could come in the months ahead as banks finish working out kinks in the foreclosure process and push more homes onto the market.

"That so-called 'shadow' inventory has to come to the market eventually and will keep downward pressure on home prices long after a pickup in building and sales activity"

Home sales hit an 11-month high

2012-02-01T11:12:00.000-08:00

WASHINGTON (Reuters) - Home sales hit an 11-month high in December and the number of properties on the market was the fewest in nearly seven years, pointing to a nascent recovery in the housing sector.

The National Association of Realtors said on Friday existing home sales increased 5 percent to an annual rate of 4.61 million units, with all four of the nation's regions recording gains.

Sales of both multifamily and single-family homes rose.

"It seems that the housing sector may be slowly picking itself up off of the mat," said Omair Sharif, an economist at RBS in Stamford, Connecticut.

The fairly upbeat data and reports that debt-stricken Greece was close to a deal with its private-sector creditors pushed U.S. Treasury debt prices lower. Stocks on Wall Street were mixed, while the dollar was little changed against a basket of currencies.

While the home sales pace was a touch below economists' expectations, December marked the third straight month of gains, adding to hopes that a tentative recovery was taking shape.

But a glut of unsold properties that is weighing down on prices and stringent lending practices by banks is likely to make progress painfully slow.

LOOKING TO HELP

The Federal Reserve has suggested a number of ways other policymakers could step in to help the beaten-up market, including giving government-controlled mortgage finance firms Fannie Mae and Freddie Mac a bigger role in refinancing loans.

Some officials at the Fed say the central bank should consider further purchase of mortgage-backed securities as a way to help spur a stronger recovery, but no action is expected at a policy meeting next Tuesday and Wednesday.

The data on previously owned homes was just the latest in a number of signals on housing to show improvement, gains economists pinned to an improving labor market.

Data earlier this week showed single-family home starts rose for a third straight month in December and optimism among builders this month was the highest in four-and-a-half years.

"It is very encouraging that the current phase of the recovery is being driven by economic fundamentals as opposed to being fostered by temporary stimulus," said Millan Mulraine, a senior macro strategist at TD Securities in New York.

Existing home sales in December were up 3.6 percent from a year earlier. A total of 4.26 million homes were sold last year, up 1.7 percent from 2010.

But the road to recovery will be bumpy. Distressed properties, foreclosures and short sales, which typically occur at deep discounts, accounted for 32 percent of overall sales last month, little changed from November.

A third of pending existing home sales contracts were canceled, the NAR said.

"There is every reason to believe that banks are not going to reduce credit standards back to pre-recession days, when all that was required was the ability to fog a mirror - and only a faint fog was necessary," said Steven Blitz, a senior economist at ITG Investment Research in New York.

"This, plus the slow pace of the upturn, will keep the housing market from a dynamic turn. It is, however, increasingly safe to say the market has finally turned positive."

9 Rich-Kid Stocks Bucking the Terrible Economy

2012-01-29T11:47:00.000-08:00

Most of the world's wealthiest people have no conception that the rest of us have been living in a gut-wrenching recession for the past three years. Just look at their spending: $400 for skin-tight, ripped blue jeans, $68 for a rubber mat to perform the ascetic practice of yoga, $9,000 for diamond earrings that look like chandeliers, and $100,000-plus for a car when the average American home sells for $260,000.

Investors have taken note of this as shares of many luxury-goods purveyors are up by double-digits over the past three months.
For example, the leisure-goods sector, as tracked by Morningstar, has risen 16.7% over the past three months and an annual average of 45% over the past three years, so the latest rally could be sustainable.
So why fight it? Consider it an investment opportunity and buy stocks that have benefited from what is a consistently strong trend: wealthy people, especially the noveau riche, paying up for name-brand goods.
A key factor for most of the luxury-goods sellers, and what bodes well for their futures, is that demand for brand-name, and what some call "aspirational" goods that suggest wealth, is booming in emerging market countries such as Brazil, Russia, India and China, in particular.

Here are nine stocks that are benefiting from demand for their expensive products or services:

Wyndham Worldwide (WYN)
Company profile: Wyndham is the world's largest operator of time shares, rentals and luxury hotels.
Share performance: up 31% in the past three months; 28% in 2011; three-year average annual return of 68%.
Investor takeaway: Morningstar found a unanimous eight "buy" ratings for its shares in a survey of analysts. The company has been taking care of shareholders as it set aside $600 million for share buybacks in 2011 and has the potential to reduce total shares outstanding by more than 15% over the next several years. It has also increased dividends per share more than three-fold since 2008," Morningstar said.

Lululemon(LULU)
Company profile: Lululemon is a specialty retailer of upscale women's athletic apparel. Its original focus was on yoga clothing but it has expanded its offerings to include a wide range of sports as well as comfort wear. The company has a $6 billion market value. Most sales are through its 140 company-operated retail stores. Customers are willing to pay up to $150 for a jogging skirt and $68 for a yoga mat.
Stock performance: up 7.7% in the past month; 36% in 2011; three-year average annual return of 133%.
Investor takeaway: Goldman Sachs added Lululemon to its "conviction buy" list Jan. 4, with a $64, six-month price target (then a 37% upside). The bank said: "We believe LULU still offers one of the most compelling growth stories in retail, with continuing brand, sector-leading annual sales, growth of over 30%, and substantial runway still ahead."
But there's no doubt that its success will attract competitors, and the formidable Nike(NKE) is making a move on the sector.
From a totally different angle on its appeal, Morningstar says Lululemon "could attract interest from strategic buyers or private equity firms at the right price, given that the retailer has no debt, attractive growth prospects, and a strong free cash flow position."

Coach(COH)
Company profile: Coach makes high-quality, brand-name goods, including handbags, leather accessories, business cases, footwear, jewelry, sunwear, travel bags, watches and fragrance products. It's seeing huge sales growth in China and Japan. Handbags sell for up to $420.
Share performance: up 16.6% in the past three months; 12% in 2011; three-year average annual return of 43%.
Investor takeaway: Morningstar analyst Paul Swinand wrote that, "even during the challenges of the recession, Coach's fundamentals were excellent, with three-year historical operating margins above 30% and returns on capital around 40%."
Free cash flow generation also has been high, historically greater than 20% of revenue. S&P Capital IQ has it rated "strong buy" with five stars, its highest rating. It gives its shares a $77 price target, a 23% premium.

Whole Foods Market(WFM)
Company profile: Whole Foods is the largest U.S. retailer of natural and organic foods and has about 300 stores, including ones in Canada and England. In addition to groceries, it sells environmentally safe household items; meat, poultry, and seafood free of growth hormones and antibiotics. It is sometimes derisively referred to as "whole paycheck" for its relatively high-priced goods.
Share performance: up 11.6% in the past three months; it gained 38% in 2011; three-year average annual return of 93%.
Investor takeaway: The company resonates with people who can afford to pay for what they perceive to be goods that represent health and wellness.
S&P Capital IQ has Whole Foods rated "buy." Morningstar analysts write that "Whole Foods generated over $800 in sales per square foot in fiscal 2010, significantly higher than that of the average supermarket," and note that it has no debt and the ability to fund new-store growth without borrowing.

Daimler(DAI)
Company profile: Daimler has some of the top luxury car brands in the world including Mercedes-Benz and Maybach (which it's phasing out). It also owns stakes in a wide range of other automakers.
Share performance: up 8.7% in the past three months; down 30% in 2011; three-year average annual return of 11.3%.
Investor takeaway: S&P has it rated "hold." But Morningstar says the company's "brand equity, combined with cost-cutting initiatives, gives it the ability to report strong profits as vehicle demand normalizes. Daimler's luxury brands are some of the most valuable in the world and give the company some protection against the cyclical downturns of auto sales."
And luxury-car sales are also on the rise. On Thursday, Daimler said its Mercedes-Benz cars division's global sales hit a record 1.36 million, a rise of 7.7% year-over-year. In the U.S., 2011 sales rose 13%, and German luxury-car rival BMW(BMW) had similar gains. In particular, it's seeing booming sales in Russia, Brazil, India and China.
Capital Research and Management (American Funds) owns almost 4% of its shares, more than double that of the next largest shareholder. The German company doesn't have significant U.S. analyst coverage.

Tiffany(TIF)
Company profile: The Tiffany brand goes on fine jewelry it designs and makes as well as china, fashion accessories, timepieces, fragrances and gift items sold at its retail stores. Expect to pay $9,000 for a pair of "Tiffany Legacy" diamond chandelier earrings.
Share performance: up 7% over the past three months; up 8.2% in 2011; three-year average annual return of 39%.
Investor takeaway: S&P rates Tiffany "strong buy" with five stars, its highest rating with a $90 price target, a 36% premium. S&P says it has tremendous worldwide growth opportunities, especially in emerging market countries such as China.
"Assuming share buybacks under the company's $400 million repurchase authorization, we see earnings per share of $3.80 in fiscal 2012 and $4.20 per share in fiscal 2013," S&P said.
Morningstar analyst Paul Swinand writes that "exposure to the steady (wedding) engagement market makes Tiffany a stock to buy on short-term dips, such as the Japan crisis or a Europe blowup, and its long-term brand and strong balance sheet make it attractive when the market mood is dark."

Ruth's Hospitality Group(RUTH)
Company profile: Ruth's Hospitality Group is the owner, operator and franchiser of upscale steakhouses, primarily under the Ruth's Chris name. It has about 130 restaurants worldwide, about half of which are company-owned. Morningstar says the average check is $75. It's definitely a small-cap stock at a $190 million market value.
Share performance: up 28% in the past three months; up 8% in 2011; three-year average annual return of 46%.
Investor takeaway: Fidelity owns 14% of its shares, double that of the next highest investor. S&P, which doesn't rate it, said Wall Street analysts give it three "buy" ratings, one "buy/hold" and three "holds."

True Religion(TRLG)
Company profile: True Religion Brand Jeans is an apparel company that specializes in premium denims, with prices of up to $398 for one pair of girls skin-tight "distressed" jeans. Other products include: corduroy pants, skirts, shirts, shorts, jackets, blazers, hoodies and T-shirts.
Share performance: up 22% in the past three months and 55% in 2011; three-year average annual return of 38%.
Investor takeaway: Morningstar's review of analysts' ratings found three "buys," one "outperform," one "hold" and one "underperform." Columbia Wanger Asset Management owns 9% of its shares. They have an $894 million market value.

Brunswick(BC)
Company profile: Brunswick makes a wide range of recreational products, including Sea Ray, Boston Whaler and Bayliner boats, Mercury and Mariner outboard engines; fitness equipment, under the Life Fitness and Hammer Strength brands; and billiards and bowling equipment.
Share performance: up 22% in the past three months; down 3.4% in 2011; three-year average annual return of 54%.
Investor takeaway: The recession hurt boating industry sales across the board, but Brunswick stayed afloat, which means it can gain market share as competitors sink into oblivion. But the industry may never return to the glory days of 2007 to 2008.
Mutual fund firms appear to like it as Wellington Management owns 11.7% and Fidelity 10% of the company's outstanding shares. A Morningstar survey of analysts found five "buy" ratings, one "outperform" and three "holds."

NEW FIRE PREVENTION FEE

2012-01-27T09:36:00.000-08:00

FIRE PREVENTION FEE

The Governor signed AB 29 of the First Extraordinary Session (ABX1 29) into law on July 7, 2011. ABX1 29 imposes a $150 annual wildfire protection fee per habitable structure for property owners in the State Responsibility Areas (SRA). SRA lands cover about 31 million acres in 56 counties, and include an estimated 1.1 million to 1.5 million individual parcels, and approximately 800,000 habitable structures. Public Resources Code Section 4210 provides a legislative finding and declaration that the presence of structures within the SRA can pose an increased risk of fire ignition and an increased potential for fire damage within the state's wildlands and watersheds and that the costs of fire prevention activities should be borne by the owners of these structures.

The State Board of Equalization (BOE) is required to annually assess and collect the fee from property owners on behalf of the California Department of Forestry and Fire Protection (CDF) in accordance with the Fee Collection Procedures Law. CDF is responsible for providing the BOE with a list of property owners who are liable for the fire prevention fee, and the amount to be assessed. However, the BOE is currently waiting to receive funding from the State of California in order to begin its collection duties, so the BOE has not yet finalized its method for the billing procedure of the Fire Prevention Fee.

Fed's Housing Fix?

2012-01-26T11:30:00.000-08:00

Does Fed's Housing Fix Means Everyone Loses?

The Federal Reserve Chairman Ben Bernanke on Wednesday proposed policies that would force a recovery in housing, but cautioned that there was no single solution to the housing market's problems and that everyone from investors to taxpayers would need to feel the pain.
In a 26-page white paper, the Fed outlined ways to ease some of the pressures afflicting the housing market.

While some of the weakness was due to weak labor market conditions and poor demand, policies that would address the excess inventory of foreclosed homes, borrower access to mortgage credit and inefficient foreclosure procedures should be considered, the central bank said.

The large inventory of foreclosed or surrendered properties is contributing to excess supply in the for-sale market, placing downward pressure on house prices and exacerbating the loss in aggregate housing wealth. At the same time, rental markets are strengthening in some areas of the country, reflecting in part a decline in the homeownership rate," the paper noted.
"Reducing some of the barriers to converting foreclosed properties to rental units will help redeploy the existing stock of houses in a more efficient way. Such conversions might also increase lenders' eventual recoveries on foreclosed and surrendered properties."

The regulator is considering issuing guidance to banking organizations and examiners to clarify supervisory expectations regarding rental of residential REO properties by such organizations while such circumstances continue (and within relevant federal and statutory and regulatory limits).

As of September 2011, U.S. commercial banks had $10 billion in residential REO properties on their balance sheets, while savings and loans had an additional $1.4 billion. But serviced-for-others REO portfolios managed by banking organizations are significantly larger than their owned portfolios.

The Fed also suggested that banks actively consider alternatives to foreclosures such as deeds-in-lieu of foreclosure or more and EASIER short sales, which can help reduce transaction costs and minimize negative effects on communities.

The central bank warned that failure to take action would mean the adjustment process in the housing market will take longer adding to "deadweight" losses, pushing house prices lower and prolonging the downward pressure on the wealth of current homeowners and the resultant drag on the economy at large.

Government Foreclosure to Rental Plan Being Worked On

2012-01-24T11:44:00.000-08:00

The White House is close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals.

The Federal Reserve, Treasury, HUD, Fannie Mae and Freddie Mac are working out details of the plan, including what the pricing for such a sale would be, the government's role in the plan and identifying those with the operational experience to manage such properties, according to the report.

The policy aims at reducing the foreclosure supply in the market.

Banks repossessed fewer homes in 2011, but much of the slowdown was because of foreclosure processing delays. The recent spike in "default filings" points to a fresh wave in foreclosures in 2012, which could hold prices down further. The number of properties in the foreclosure pipeline is more than four times the number of REO -- or real estate owned properties -- for which foreclosure processing has been completed, according to the Fed.

Families who have lost their homes to foreclosure also tend to move to single-family rentals, so a proposal to convert foreclosures to rentals will also make sense.

Investors have been snapping up foreclosed properties at bargain prices and converting them into rental units, but large-scale conversions have not taken place.

For one, investors are willing to buy bulk properties only at significant large discounts, partly because they are unable to get debt financing for such transactions. Mortgages are available for individual one-to-four family homes and multi-family units but not for a portfolio of single-family homes.

Bank Owners of foreclosed properties worry that selling in bulk will affect their recoveries.
The Fed expects that providing investors with some sort of debt financing will improve the prices investors are willing to offer for the bulk properties and is debating whether such financing should be subsidized.

Banks are generally not allowed to engage in real estate property ownership or management and guidelines call for disposal of properties as soon as possible.

Still, recognizing the realities of the current market, banks have been allowed to rent properties directly or through third party vendors so long as they show good -faith efforts to sell the property.

Finally, as the Fed itself acknowledges, not all foreclosed homes are suitable for rent because of their condition, their location or because rental cash flow might not provide adequate compensation for the cost of the property.

Still, compared to a tax credit, which has only a temporary impact, an REO-to-rental program might have a more "lasting effect" and could alleviate concerns about the effect of "shadow inventory" on the housing market over the next couple of years, the analysts said.

Could be helpful.... Or not.... depending on the buffoons implementing this..... IMHO

Bay Area, Silicon Valley, San Francisco, Real Estate, House Price, and Mortgage Blog - Burbed

2012-01-21T10:23:00.000-08:00

Hilarious Real Estate Blog that shows how agents and homes are marketed. Poorly....

http://www.burbed.com/

Bay Area, Silicon Valley, San Francisco, Real Estate, House Price, and Mortgage Blog - Burbed

Simple Guide to Short Sales

2012-01-18T10:25:00.000-08:00

Simple Guide to Short Sales

What is a Short Sale?

Recently, the "Short Sale" has become a mainstream way of buying and selling real estate throughout the Grass Valley area and beyond. Simply put, a Short Sale is a real estate transaction that is put together by the buyer and seller and presented, for approval, to the seller's mortgage holder. Due to financial hardship, the seller is unable to make payments to that lender. The lender is entitled to approve this type of sale since they may potentially suffer a financial loss.

Additionally, for a Short Sale to take place, the seller's primary residence must have fallen in value to less than the amount the seller currently owes to the lender. This is also referred to as being "upside down" on a mortgage. The negotiated selling price of the property will reflect that lower value.

How it Works

A Short Sale transaction is unique and involved in that the seller and buyer, with assistance from their brokers, actually collaborate on a Proposal that the buyer will present to the seller's financial institution. Generally, the lender is not contacted until the proposal is complete. Loss Mitigation and Resource Recovery Departments currently receive more proposals than they can handle. Those with insufficient information or inadequate offers are ignored. Here's where the knowledge of an experienced real estate broker becomes absolutely necessary.

Fair Market Value

The property can be a "bargain", and the proposal might request that the lender consider a price that's lower than what the seller originally paid. However, in order to satisfy the seller's lender, the current asking price should fall within the range of the property's "fair market value" . Fair Market Value is determined using several factors. Negotiating a property's current value can include comparable neighborhood sales, knowledge of the property's marketing history, appraised value, and thorough knowledge of any maintenance and/or structural issues.

As-Is Property

A Short Sale is an "as-is" purchase. This relieves the seller of any additional expense that could become apparent through inspections. If renovations or repairs are necessary they should be fully documented. A capable buyer may find these issues are beneficial in price negotiations with the seller's lender. A buyer who must depend on hired renovators should carefully consider the property's condition.

Is a Short Sale Right for You?

The experience of a broker comes into play in determining whether a particular Short Sale should be pursued. A seller who owns multiple properties may not be eligible for this type of sale. Buyers interested in a quick sale, may want to concentrate effort on "approved" (price is already set by the lender) Short Sales. A singly financed property will be more easily negotiated than one with multiple lien holders or equity lines of credit. A broker can also determine whether the amount of equity a seller has in the property will become fruitless or advantageous in working with the lender. Completing a thorough title search is necessary.

Lenders Make the Final Call

Every financial institution has an independent philosophy of what constitutes a reasonable Short Sale offer. Knowledgeable brokers will assist the seller and buyer in determining down payment, price, and whether a cash offer is beneficial to their proposal.
The buyer's broker will need to be especially attuned to the time restraints of arranging financing. Escrow closing dates, as short as 20 days, are determined by the lender, and are rarely extended. Because of this, all financing must be in place, early on, in negotiations. Both parties must be ready to move when the seller's lender approves the Short Sale.
Generally, the lender forgives the seller for the difference between the mortgage owed and the selling price, and assumes the loss. The advantage to the lender comes in recouping funds from that sale and thereby making them available for other lending opportunities. Also, the lender avoids Foreclosure and the subsequent responsibility for maintenance and sale of the property. But, it is the responsibility of the seller and buyer to convince the lender that their Short Sale Proposal is a win-win situation for all parties involved.
The seller should make sure their broker is familiar with the Mortgage Forgiveness Debt Relief Act of 2007 that will most likely relieve the seller from taxes due on the difference between a property's sold price and amount owed.

How Grass Valley's Alternative Realtor - Gary Tippner - Can Help You

A Short Sale, while do-able, is a complex real estate transaction. Gary Tippner is sensitive to the needs of sellers and buyers in this unpredictable, evolving real estate format. His team takes pride in having researched and educated ourselves so that we provide the best guidance and creative opportunities available to Short Sale home sellers and buyers in Sacramento County, Nevada County and Placer County.
We offer no-obligation, no-pressure advice. To speak with a broker about Short Sales, We invite you to schedule a consultation.

Should You Hire a Lawyer or Real Estate Agent

2012-01-16T09:56:00.000-08:00

Although the commission is usually paid by the seller, the cost may be indirectly passed on to you. And real estate lawyers charge exorbitant hourly rates.

This raises the question -- do you need a real estate agent or attorney to help you buy a home?

What the Law Says
Every state has its own set of real estate laws. For the most part, a real estate agent's help is not legally required, though agents can help you with tasks that border on legal ones, such as preparing a home purchase contract. In some states, however, only a lawyer is allowed to prepare the home purchase documents, perform a title search, and close the deal.

Reasons to Hire an Agent
The process of buying a house is complex, and most people find it's easiest to get through with an agent by their side. Paperwork will be flying around like a small tornado, and it can be helpful to have someone familiar with the process to deal with it. Other parts of the transaction will be happening quickly too -- hiring inspectors, negotiating over who pays for needed repairs, keeping up good relations with the sellers (through their agent) and more. All of this is second nature to an experienced agent. What's more, experienced real estate agents usually have contacts with good inspectors, mortgage loan brokers, and others who can make your buying process easier. And they know what's considered appropriate behavior and practice in your geographical area.

Don't Use the Seller's Agent
One of the best reasons to hire a real estate agent is that the sellers are likely to use their own agent -- and you want to keep that agent from taking over the process. In fact, the seller's agent may pressure you to let him or her represent both of you, in a "dual agency" relationship that primarily benefits the seller. (The less scrupulous sellers' agents don't make it clear that they're working for both people, but if only one agent is involved in your transaction, it's fair to assume that the agent's loyalties are with the seller.) It's better to have your own agent than settle for dual agency.

Keep Control Over the Process
You're the only one who really knows what you want in a house. Even if your agent is scouting out homes for you, there's a lot to be said for scanning the listings and attending open houses yourself. You may find out that your agent doesn't understand your needs as well as you thought.

Educate Yourself
Even if you do use an agent (or a lawyer), it's wise to learn as much as you can about the home-buying process. For example, educating yourself about the market value of comparable homes in the area will protect you against over-aggressive agents who might urge you to bid high for a particular house. And you'll prevent misunderstandings and reduce the stress of being told to "sign here" if you study the contents of the various real estate documents in advance.

Reasons to Hire an Attorney
Except in states where it's mandated, an ordinary real estate transaction doesn't require an attorney's help. By now, real estate transactions are so standardized that most people in your state will use the exact same purchase contract, just filling in a few blanks.

However, if legal issues arise that your real estate agent can't answer, you'll need an attorney's help. Although good agents know a lot about the negotiating and contracting part of the process, they can't make ANY judgments on legal questions. For example, what if your prospective new home has an illegal in-law unit with an existing tenant whom you want to evict in order to rent the place to a friend? Only a lawyer can tell you with any certainty whether your plans are feasible. Or, if you're drafting any unusual language for the purchase contract, or are concerned about some language in your mortgage, you may want to have an attorney look the documents over.

Real estate agents normally work on commission, not salary. They receive their slice only after your home search is over, the contract negotiated, and the transaction complete. (In many cases, they end up doing a lot of work for nothing, perhaps because the buyers lost interest or can't close the deal.)
The seller typically pays the commission to both the seller's agent and your agent -- usually around 6% of the sales price, to be split between the two agents. This percentage isn't cast in stone, however. For example, the seller might negotiate the percentage down if the house is particularly expensive. (And in probate sales, the court sets the commission.) Some buyers' agents have even been known to offer the buyer a percentage of their commission at closing.

Agents paid on commission have a built-in conflict of interest
Even an agent who represents only you, and not the seller, has a financial interest in seeing the deal go through. While experienced, reputable agents won't let this interfere with their advice to you, it may cause less scrupulous agents to insist that you'll never get the house unless you bid high, to recommend home inspectors who make light of potential problems, or to otherwise compromise your interests.
I always tell it like it is.

How Attorneys Are Paid
Attorneys normally charge by the hour, at rates ranging from $150 to $350. You may also find attorneys who charge flat fees for specific services, such as preparing real estate closing documents. Although attorneys tend to prefer handling the entire case with a "blank check" from you regarding hours to be spent and tasks to be accomplished, you're hiring the attorney, and you can call the shots. If you prefer to hire an attorney for only a limited number of hours, or for specific tasks, such as answering a legal question or reviewing a document, you can negotiate this (and you should record your agreement in writing).

Please contact Gary Tippner for help at callgarytoday @ gmail.com

Housing's Huge Supply and Demand Imbalance

2012-01-14T09:43:00.000-08:00

Housing's Huge Supply and Demand Imbalance

"Pent-up demand."

That is the rallying cry of the housing bulls, as they forecast the great recovery of 2012. So many potential buyers are doubled up with family, stuck in undesirable rentals or just plain afraid to put their current home on the market, but that's about to change, say these optimistic prognosticators.

Pent-up demand exists, no question, but it has nowhere to go right now for the vast majority of organic home buyers. When I say organic, I'm excluding investors from the mix, because that demand is high and building up cash like mad. I mean regular lower to upper middle-class Americans still struggling in today's rough economy.

"There are relatively few borrowers that can qualify for a mortgage given today's tight lending standards," "Aside from FHA and VA mortgage, you need 20% down, and that's very, very difficult for most borrowers."

There is more distress in the housing market than some of the leading mortgage data providers portray. There might be eight to ten million more foreclosures over the next six years, because of borrowers currently in mortgage modifications.

That includes borrowers who have never missed a payment before, but are deeply underwater and are apt to default because borrowers just like them are defaulting on a regular basis.

Plus household formation has been running very low of late, just 5-800,000 a year. A normal level is 1.1 to 1.2 million units a year.

The only way to re-balance supply and demand is to get investors into the market in force to buy up these properties and meet the huge rental demand that will continue for several years. Hedge funds are busy working on deals, but I think government needs to help guide if hedge funds are involved. Fannie Mae and Freddie Mac are currently sitting on a huge supply of foreclosed properties and facing even more down the pike.

Will Low Mortgage Rates Stop Foreclosure Wave?

2012-01-12T15:47:00.000-08:00

I don't think low mortgage Rates will stop the foreclosure wave.

Mortgage rates remained amazingly low for 2011, but that won't stop a coming wave of foreclosures in 2012.

Mortgage rates finished near all-time historic lows in 2011. Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey. The 30-year fixed rate mortgage rate ended 2011 with an average 3.95% for the week ending Dec.29, 2011, up from the previous week's rate of 3.91 % but significantly lower than the 4.86% averaged in the year-ago period.

The 15-year fixed-rate mortgage averaged 3.24%, up from 3.21%, but lower than the 4.20% averaged a year earlier.

Looking ahead, Freddie Mac economists expects mortgage rates to remain very low at least through mid-2012, as the Federal Reserve has indicated that it will keep the federal funds rate near zero till as late as mid-2013.

They do expect housing prices to bottom in the later part of 2012. Sales volume is still low, even given the strong current affordability of housing. And ample distressed sales and sluggish home-buying demand will continue to keep prices soft in many markets: Expect U.S. house-price indexes to move lower before bottoming out in 2012, with modest appreciation forestalled until 2013."

With rents climbing and housing affordability remaining at its best level in years, some economists are predicting that buyers who have stayed on the sidelines will return to the market in 2012. Hedge funds are beginning to bet on a recovery in the housing market, the Wall Street Journal reported on Thursday.

Meanwhile, pending home sales, a forward looking indicator of existing home-sales activity showed signs of improvement, increasing 7.3% on a monthly basis to 100.1 in November, its highest level in 19 months. But there also is a higher than normal amount of cancellations before escrow finalizes.

Still, the biggest overhang for the housing market remains the significant foreclosure inventory that is yet to be cleared from the market as well as "shadow" inventory- properties that will ultimately wind up in foreclosure.
One in every 579 housing units received a foreclosure filing in November 2011, according to RealtyTrac. Overall foreclosure activity dropped 3% in November from the previous month, but a new wave of foreclosures could be coming in 2012.

Bank of America, JPMorgan Chase, and Wells Fargo together account for more than 60% of the first mortgages in the country.
The three are among the big mortgage servicers that have been in year-long negotiations with federal regulators and the state attorneys general to reach a settlement over alleged improper foreclosure practices including robo-signing.

The robo-signing controversy and the ongoing negotiations have stalled the foreclosure process for banks. However, analysts maintain that banks need to clear their foreclosure inventory soon for housing values to fully correct and then make a stable recovery.

Bank of America has the most troubled mortgage portfolio. Real estate owned and repossessed assets amounted to over $2.6 billion in the first 9 months of 2011.

Gary's Predictions for Real Estate in 2012

2012-01-10T12:13:00.000-08:00

These are my opinions.... At least I don't sugar coat like others. I am always upfront with people.
These are based on national data. Your location might do worse or better. I hope better. Nevada County, Placer County, CA and Olympia, WA are desirable areas.

Home prices will fall another 5% through Q2 before bottoming toward year's end.
Prices are already on a downward trajectory, as foreclosure inventories rise. Banks/mortgage servicers are finally working through a huge backlog of delinquent loans, and as those distressed properties come to market, they will consequently lower home prices. With lower conforming-loan levels, as well as a tight lending environment and the possibility of rising mortgage rates, prices will bottom out in the fall.

Foreclosure inventories will rise while new delinquencies remain elevated.
Inventories will continue to rise, as around three million distressed properties progress to final bank repossession. Banks will likely ramp up the process following the usual holiday slowdown, especially given positive rulings on the MERS front (the auto recorder for so so so many loans for years), and judicial states lifting their moratoria. Foreclosures will come quickly through the winter and spring months then abate toward year's end. The downward pressure on overall home prices will put more borrowers underwater and in turn keep delinquencies elevated, although not much higher than now.

Rents will rise, as will rental occupancy rates.
Until the employment market really starts cooking, young employees and potential first-time home buyers will remain on the sidelines, waiting for home prices to bottom. That means continued high demand for rental apartments, especially in higher-priced markets. The big question is: When do rents get too high vs. the cost of home ownership and push people back to buying?

Housing starts to be a tale of two markets.
Single-family home building will struggle to stay above a 600,000-unit annualized pace, as builders continue to compete with foreclosed properties. Slight improvement in demand will keep them going, but not by much. Meanwhile, the minimal supply of multi-family apartment buildings will keep investors pouring money into new construction. Builders will respond with increased multi-family starts, not just in trophy markets, but also mid-sized ones where inventories are lower.

Inventories of homes for sale hit a new high this spring.
They did bounce way up, from a 7.5-month supply in January to a 9.5-month supply in July, but didn't hit a new record. We had no way of knowing the robo-signing foreclosure paperwork scandal would bring foreclosure numbers down so far for so long.

The office and apartment sectors will gain again.
In office, occupied stock rose in every quarter through Q3, the vacancy rate declined and effective rent was all in positive gains. The apartment sector is on fire, with rents rising every quarter and vacancies falling to a 2006 low.

Spring will tell.
The season was muted -- at best. Sales didn't surge, nor did they plummet. The robo-signing foreclosure issues really skewed the numbers, as well as damaged consumer sentiment. Home prices gained seasonally, slightly, but fell back again. The tight mortgage market, along with appraisal accuracy issues, plagued real growth.

Just the facts. What agent is going to tell you the real truth? I am one of the few. Other agents may find me negative but someone has to be looking at all the data and tell the truth to others and stop sugarcoating.
But what some find to be bad news may simply find relief in having less uncertainty. While others can gain from information because they will know what to do. And some will really gain because they see opportunity.
Wanna talk? Just email me right now at callgarytoday @ gmail.com

How to get your home ready to sell in 2012

2011-12-28T10:09:00.000-08:00

Study the local market. The most successful home sales are the listings that are priced right from day one. Ask any agent: even in the toughest markets, there are listings that sell quickly, mostly because the one-two punch of the property itself and how its price looks to buyers like if it's a very strong value.

In order to position yourself and your property at the point of pricing nirvana, you’ll need to do some leg work. Stat. You don’t need to pick an exact price this moment, unless you’re planning to list your home super soon, but you can get started on what I like to think of as the ‘thinking seller’s’ three-pronged approach to pricing now, by:

visiting open houses,
studying nearby listings, and
talking with an agent.

Before the year is up, try to visit a handful of open houses in your neighborhood. This will help you get a sense of the types of homes that are on the market, what condition they’re in, and how they are priced. Keep in mind that no home is going to be exactly like yours, but if it’s similar in size, location and features, then buyers that see that property will probably be the same buyers that come to see yours - and they will be comparing list prices.

Another great prep tool in gearing up to sell your home in 2012 is to study similar homes for sale on Trulia or Zillow! Pay particular attention to what features they have, how they are described and priced, any incentives the sellers are offering (e.g., closing cost credits, etc.) and how long they’ve been on the market. (Hint: you might not want to price your home right in line with one that’s been on the market over a year. Obviously, that home is overpriced, and that is NOT a result you want to replicate!)

Finally, one of the most efficient and nuanced ways to get to know your local market is to begin speaking with an agent who sell homes in your area. Ask these pros for their opinion on what you should list your home for, what recent sales they think are the most comparable (and why), and how long they would expect your sale to take given their experience and current conditions.

Get a head start on your ‘home' work. How much prep work your home needs really depends on its current condition. A good starting point for many sellers is to order an inspection. Most buyers will get their own inspection before closing a deal if some time has passed, but getting ahead of them with your own will help you avoid any unwanted surprises later on in the transaction. An inspection will give you a reality check on your home’s condition, enabling you to decide upfront whether it’s worth it to fix something now or simply reduce the price in consideration thereof.

DO THIS:
(a) obtain any advance inspections your real estate agent recommends,
(b) have any reasonable repairs completed,
(c) pre-pack and declutter your place, and
(d) prettify your home’s curb appeal - painting the shutters and sprucing the landscaping goes a long way toward attracting buyers.

Please visit http://www.callgarytoday.com and contact Gary Tippner for help.

Homes Sales Data

2011-12-25T10:05:00.000-08:00

Housing inventories fall to new four-year low in October
The number of homes listed for sale fell for the fifth straight month in October, hitting the lowest level in more than four years.

New-home sales edge higher nationwide
The Census Bureau reported an annual sales rate of 307,000 new homes last month, up 1.3 percent from a downwardly revised rate of 303,000 homes in September.

Second homes for retirement have pros and cons that need to be considered

2011-12-22T09:58:00.000-08:00

If you have plans to buy a home at the beach, in the mountains or in the desert for your retirement years, you might be tempted to take the plunge and buy your future home now while interest rates and home prices are low.

Financial experts say buying your retirement home five to 10 years before you stop working could be beneficial. However, people in this age group should be aware of the risks of tying up money and perhaps losing flexibility with a second home purchase.

"While there's no denying that we have historically low interest rates and low home values right now, anyone considering buying a second home before they retire needs to run the numbers," says Kimberly Foss, president of Empyrion Wealth Management in Roseville, Calif. "People get stars in their eyes sometimes at the prospect of retirement, but the reality is that they may not be."

Foss says she recommends clients max out their 401(k)s and make sure they have adequately insured their future before thinking about buying retirement homes.

"I recommend that people have 12 months' (worth) of expenses in the bank as an emergency fund," Foss says. "If they choose to buy another property, they will need extra money to cover those expenses, too."

For 50- and 60-somethings with plenty of discretionary income, buying a home with cash is an option. Others need financing.

There are three basic options for financing a home, says Patrick Cunningham, vice president
of Home Savings and Trust Mortgage in Fairfax, Va.

The home can be financed as an owner-occupied home if the buyer lives in it as a primary residence, as a second home or as an investment.

"Second-home financing means that you will need to qualify to pay the mortgage on both your current home and your second home," Cunningham says. "If you need some additional income to qualify for the loan, you can rent the property, and a lender will use some of your rental income for a loan approval."

Cunningham suggests that financing a property as a second home rather than as an investment property is the better option because interest rates, qualification guidelines and down payment requirements are generally more lenient on second homes than on investments. He says an investment loan always requires a down payment of at least 20 percent or 25 percent.

People getting ready to retire might want to consider the benefit of buying homes before they stop working because a mortgage approval could be more difficult to obtain without an income.

"Conventional loans are written off your income, and you have to prove you have the means to repay the loan," Cunningham says.

Foss says one of the primary benefits of buying a home before retiring can be the generation of rental income.

"Income from a rental property can act as a hedge against the low interest rate environment we are in and against future inflation because you can raise the rent to offset inflation when it hits," Foss says.

Foss says if you can handle the expense and hassle of a rental property, this could be a good way to use the property before it becomes your primary retirement residence.

Charles Duck, president of Charles Duck Real Estate in Phoenix, says the pre-retirement buyers he works with are looking for bargain-priced luxury homes because they offer more certainty of future appreciation.

"Some people are deciding to buy now and leave the property empty for a while or to use a place as an occasional vacation home," Duck says. "Others decide to rent the property until they are ready to use it."

When choosing a home a few years before retirement, Duck says the first consideration should be the location.

"Many retirees want an urban-suburban location where they can walk to amenities and restaurants," Duck says.

Duck says this cohort of buyers should consider looking for low-maintenance houses with all the living spaces on one floor, so the future retirees can avoid climbing stairs.

Foss says if you are 10 years or more away from retirement, you may want to opt to rent a vacation home for a month at a time to avoid getting stuck with a permanent decision about your retirement destination.

"People change a lot between age 50 and 90, Foss says, "so I like the idea of keeping your options open and allowing for flexibility."

Mortgage rates inched up this week as the stock market rallied, but they remain near record lows.

Cascade Shores Real Estate, Nevada City - Cascade Shores Homes for Sale, MLS Listings

2011-12-20T16:29:00.000-08:00

Cascade Shores Real Estate, Nevada City - Cascade Shores Homes for Sale, MLS Listings

House prices are finally nearing a bottom? What other data shows

2011-12-19T09:56:00.000-08:00

House prices are finally nearing a bottom

After falling nearly 35 percent from their 2007 peak, nationwide house prices are finally approaching “normal” levels on two key valuation measures: The “price-to-rent ratio,” which measures house prices relative to what the houses might rent for, and the “price-to-income-ratio,” which measures house prices relative to average incomes.

Help with home down payments

2011-12-15T09:54:00.000-08:00

Help with home down payments

With most lenders requiring borrowers to put down at least 20 percent as a down payment – unless using an FHA or VA loan, or purchasing mortgage insurance – the best holiday gift some people might receive would be help with a down payment on a house.

Making sense of the story
According to a survey by Trulia, the biggest barrier to buying a home these days is saving for the down payment. The survey, conducted over the summer, found that 51 percent of renters said coming up with money for the down payment was preventing them from buying, while 35 percent identified qualifying for a mortgage as the stumbling block.

Under federal tax law, each individual is permitted to give money or valuables worth up to $13,000 to a single recipient in a calendar year. A married couple could jointly bestow up to $26,000 a year per recipient.

According to one financial planner, there also is the option of lending a relative or close friend the money for the down payment, or the closing costs, then forgiving the loan in a future year. The recipient would have to pay interest on the loan until it was forgiven, at which point it would become a gift.

Another way to help with the down payment is to pay other expenses, such as tuition, thereby freeing up money to make a home purchase. Gifts for educational or medical expenses are not subject to taxes, as long as they are paid directly to the educational or medical institution.

However, prior to giving the money, gift-givers should consider their own financial picture, and they should make sure the recipient is responsible and not behind on other payments that could be subject to debt collection.

Market Will Take Five More Years to Adjust to Normal

2011-12-12T09:48:00.000-08:00

Fannie Mae: Market Will Take Five More Years to Adjust

We are five years through a 10-year adjustment process, said Fannie Mae chief economist Doug Duncan at the Five Star MPact Mortgage Conference and Expo Tuesday morning.

so, does this mean we are at the bottom?

Another Real Estate Brokerage Gets Out of it

2011-12-10T09:37:00.000-08:00

Prudential sells its real estate franchise business

Brookfield Residential Property Services -- the Canadian-based franchisor that provides services in the U.S. under the Real Living brand -- has acquired Prudential Real Estate and Relocation Services for $110 million, the companies said.

10 Low-Cost Tips to Improve Your Home's Appeal

2011-12-10T08:37:00.000-08:00

10 Low-Cost Tips to Improve Your Home's Appeal

By P a i g e T e p p i n g

RISMEDIA, August 10, 2010--When selling your home, the goal is to sell it quickly for the highest price while investing as little as possible in renovations. With a limited budget and a little effort, you can greatly increase your home's appeal by focusing on what prospective buyers can see on their first visit. The experts at BuyOwner.com offer the following recommendations for preparing a house for sale and staging it for showings.

Tip #1: Refresh the exterior
First impressions count when it comes to selling a home. Most buyers won’t even leave their car if they don’t find the exterior appealing. The best ways to improve your home’s exterior include:
-Repairing and/or replacing trims, shutters, gutters, shingles, mailboxes, window screens, walkways and the driveway.
-Painting siding, trim and shutters and lamp and mailbox posts.
-Pressure washing vinyl siding, roofs, walkways and the driveway.
-Washing windows.

Tip #2: Spruce up the lawn and landscape
Home buyers associate the condition of your lawn and landscaping with the condition of your home’s interior. By improving the outside, you affect buyers’ impression of the entire property. The best ways to enhance the yard include:
-Mowing and edging the lawn.
-Seeding, fertilizing and weeding the lawn.
-Keeping up with regular lawn maintenance by frequent watering.
-Trimming and/or removing overgrown trees, shrubs and hedges.
-Weeding and mulching plant beds.
-Planting colorful seasonal flowers in existing plant beds.
-Removing trash, especially along fences and underneath hedges.
-Sweeping and weeding the street curb along your property.

Tip #3: Create an inviting entrance
The front door to your home should invite buyers to enter. The best ways to improve your entry include:
-Painting the front door in a glossy, cheerful color that complements the exterior.
-Cleaning, polishing and/or replacing the door knocker, locks and handles.
-Repairing and/or replacing the screen door, the doorbell, porch lights and house numbers.
-Placing a new welcome mat and a group of seasonal potted plants and flowers by the entry.

Tip #4: Reduce clutter and furniture
A buyer cannot envision living in your home without seeing it. A home filled with clutter or even too much furniture distracts buyers from seeing how they can utilize the space your home offers. If you have limited storage space, you may want to consider renting a temporary storage unit to place items you wish to keep. The best ways to declutter your home include:
-Holding a garage sale to prepare for your move, getting rid of unnecessary items.
-Removing clutter such as books, magazines, toys, tools, supplies and unused items from counter tops, open shelves, storage closets, the garage and basements.
-Storing out-of-season clothing and shoes out of sight to make bedroom closets seem roomier.
-Removing any visibly damaged furniture.
-Organizing bookshelves, closets, cabinets and pantries. Buyers will inspect everything.
-Putting away your personal photographs, unless they showcase the home. Let buyers see themselves in your home.
-De-personalize rooms as much as you can.

Tip #5: Clean, clean, clean
The cleanliness of your home also influences a buyer's perception of its condition. The appearance of the kitchen and bathrooms will play a considerable role in a buyer's decision process, so pay particular attention to these areas. The best ways to improve these areas include:
-Cleaning windows, fixtures, hardware, ceiling fans, vent covers and appliances.
-Cleaning carpets, area rugs and draperies.
-Cleaning inside the refrigerator, the stove and all cabinets.
-Removing stains from carpets, floors, counters, sinks, baths, tile, walls and grout.
-Eliminating house odors, especially if you have pets.
-Considering air fresheners or potpourri.

Tip #6: Make minor repairs
The small stuff does count, especially with first-time home buyers. Without dismissing the importance of repairing major items such as a leaky roof or plumbing, you do not need to spend money on replacing these items. Instead, focus on the minor repairs that will make your home visually appealing. The best ways to improve your home include:
-Repairing ceilings and wall cracks.
-Repairing faucets, banisters, handrails, cabinets, drawers, doors, floors and tile.
-Caulking and grouting tubs, showers, sinks and tile.
-Adding fresh paint to ceilings, walls, trim, doors and cabinets.
-Tightening door handles, drawer pulls, light switches and electrical plates.
-Lubricating door hinges and locks.

Tip #7: Showcase the kitchen
The heart of any home is the kitchen. If you are going to spend any money on renovations, this is the one area where you will see the greatest return. Even with a modest budget, focusing on a few key areas can make a great difference in getting the asking price for your property. The best ways to showcase the kitchen include:
-Replacing cabinet doors and hardware.
-Installing under-cabinet lighting.
-Replacing light fixtures.
-Replacing outdated shelving with pantry and cabinet organizers to maximize space.
-Baking cookies or cupcakes for a showing, to create a homey smell.

Tip #8: Stage furniture
Furniture placement can enhance the space of your home while giving buyers an idea of how to best utilize the space with their own belongings. Take some time to rethink how different areas in your house could be used. Some ideas to think about include:
-Moving couches and chairs away from walls in your sitting and family rooms to create cozy conversational groups.
-Creating a reading corner in the master bedroom.
-Clearing an empty room to set up a reading space.
-Turning an awkward space into a home office.
-Setting the dining room table with your best china.
-Set wine glasses in front of the fireplace or next to a Jacuzzi tub.

Tip #9: Light up the house
Create a sense of openness and cheerfulness in your home through its lighting. To improve the lighting try:
-Opening shades and drapes to let the sunshine warm and brighten rooms.
-Installing brighter light bulbs in rooms that tend to be dark.
-Adding additional lamps for ambient lighting.
-Turning on all the lights for a showing.

Tip #10: Add fresh touches
You can easily add color and style to your home by adding fresh touches throughout. Some ideas to consider include:
-Placing fresh floral arrangements in the entry and master bedroom.
-Placing bowls of bright-colored fruit in the family room and the kitchen.
-Filling an empty corner with a potted leafy plant.
-Setting new hand soap in the bathrooms.
-Displaying fresh towels near sinks.

grass valley center for the arts event calendar

2011-12-09T12:22:00.000-08:00

Drew Harrison – In the Spirit of Lennon

The Center for the Arts presents
Friday, December 16

Paula Poundstone – NEW YEARS EVE!

The Center for the Arts presents
Saturday, December 31, 8:00PM

David Hidalgo & Louie Perez of Los Lobos

The Center for the Arts presents
Sunday Singer/Songwriter Series
An Evening of Storytelling & Songs
Sunday, January 15

An Intimate Evening with Lucinda Williams

Sunday, January 22
Sunday Singer/Songwriter Series

John Doe former leader of X

The Center for the Arts presents
Saturday, February 4, 2012

Complete
grass valley center for the arts event calendar

Photos with Santa through Dec 21 Nevada City

2011-12-09T11:32:00.000-08:00

Photos with Santa through Dec 21

Photos with Santa
National Hotel
217 Broad St, Nevada City

• Saturday Dec. 10
10am to Noon & 1:30pm to 4pm

• Sundays Dec. 11 & 18
1:30pm to 6pm

Wednesdays During Victorian Christmas Dec 7, 14 & 21
5pm to 9pm

$5 – All Money donated to the local Mason’s Eastern Star Charities during Victorian Christmas

Wild & Scenic Film Festival Jan 13-15

2011-12-09T11:30:00.000-08:00

Wild & Scenic ® Film Festival Jan 13-15

Festival Dates: Friday, January 13 through Sunday, January 15, 2012

Festival Locations: Downtown Nevada City, Headquarters located at the Veteran’s Building 415 N. Pine St., Film Screenings at the Miners Foundry, Nevada Theatre, Odd Fellows, Nevada City Elementary and Veteran’s Building.

Tickets: Online at www.wildandscenicfilmfestival.org beginning Dec. 1st. In person at SYRCL office, 216 Main St., beginning Dec. 1, Mon-Thurs, from 12-5pm until January 12th.

Short Synopsis: Celebrate a decade of inspiring activism with SYRCL (South Yuba River Citizens League) this January. Now the largest film festival of its kind, this year’s films combine stellar filmmaking, beautiful cinematography and first-rate storytelling. Wild and Scenic Film Festival informs, inspires and ignites solutions, and creates positive probabilities to restore the earth and human communities.

Each year, the Wild & Scenic® Film Festival draws top filmmakers, celebrities, leading activists, social innovators and well-known world adventurers to the historic downtown of Nevada City, California. Now known as “the next Sundance” the Wild and Scenic experience proves the power of film and passion.

Wild & Scenic Film Festival – Decade of Inspiring Activism

Films: Films to Change Your World
Over 117 films have been accepted for the January 13-15, 2012 festival. The program committee spent close to 2,000 hours previewing 345 film submissions. As always, over 100 filmmakers, activists and special guests will be in attendance this year.

28 World and US film premieres.
Film genres include: award-winning films about nature, community activism, adventure, conservation, water, energy and climate change, wildlife, environmental justice, agriculture, and Native American and indigenous cultures.

Local Filmmakers Showcase
Filmmakers: A Few Confirmed Filmmakers Steve & Ann Dunsky, filmmakers of Green Fire: Aldo Leopold and a Land Ethic For Our Time Anne Makepeace, director of “We Still Live Here”, which will be featured at the WSFF, as part of our Native American film session. Farrell Cunningham, the only speaker of Maidu under 80 years old, is teaching Maidu classes locally and will speak in conjunction with the film. http://www.plumtv.com/videos/we-still-live-here

Previous Special Guests: Sir Patrick Stewart, Peter Coyote, Daryl Hannah, Ron Kauk, Colin Beavan, Julia Butterfly Hill, Winona LaDuke, and Jeremy Jones.

Current Special Guests: Native poet and activist John Trudell, Democracy Now! journalist Amy Goodman, cosmologist Brian Swimme, naturalist David Lukas, John DeGraaf (environmental filmmaker & director of the Happiness Project), river activist Marion Stoddart, Estella Leopold (not confirmed, but very likely), Hans Florine (speed climbing world record holder), Zeb Hogan (aquatic ecologist, National Geographic Explorer), Andy Maser (filmmmaker, National Geographic Explorer), Jason Rainey (Executive Director, International Rivers)

Hallmark’s “The Christmas Card” Showtimes

2011-12-09T11:28:00.000-08:00

This November and December “The Christmas Card,” the Hallmark Channel’s highest-rated original film of all time, will be aired on the following dates (Pacific Time):

*** be sure to check your local cable guide for the exact times***

2011 Showtimes:
December 8, 10:00 p.m.
December 9, 4:00 p.m.

For more information visit Hallmark Channel’s Website.

Experience the magic of Nevada City first hand at Victorian Christmas. This annual, family tradition takes place in December and features holiday activities for all ages: childrens’ pony rides, carriage rides, live entertainment, savory yuletide treats and libations, and of course, Father Christmas! The event is held in December, three Wednesday nights, and two Sunday afternoons. There is no admission charge.

Grass Valley and Nevada City Bed and Breakfast Christmas Tour - FREE

2011-12-09T11:26:00.000-08:00

Bed and Breakfast Christmas Tour Dec 15th

In the spirit of Christmas giving, three local Bed and Breakfasts have elected to “Show Off” for the holidays. Decorated in their Christmas grandeur, these inns will open their doors and welcome visitors to step back in time and enjoy the splendor of an old fashioned holiday season.

On December 15th the Elam Biggs Bed and Breakfast and the Swan Levine House in Grass Valley will welcome all visitors from 4:30 to 7:00 PM, and in Nevada City, the Deer Creek Inn will do the same… and best of all…, IT IS FREE. Not only will you get to see the heart of these magnificent Inns, but of course, we never let anyone leave hungry. So, be sure to indulge in the holiday treats offered up and well… just consider it another Christmas gift from the Innkeepers.

In these hard economic times we must share with one another the small gifts that each of us has to offer. We will share the beauty of our inns with you and you can share those wonderful smiles that make this season, as they say… “A Joy to Remember”. Happy Holidays and we will see you on December 15th.

In Grass Valley:
Elam Biggs Bed and Breakfast
220 Colfax Avenue
Grass Valley, CA 95945-6844
(530) 477-0906

The Swan Levine House
328 South Church Street
Grass Valley, CA 95945-6709
(530) 272-1873

In Nevada City:
Deer Creek Inn
116 Nevada Street
Nevada City, CA 95959
(530) 264-7038

Nevada City Victorian Christmas

2011-12-09T11:24:00.000-08:00

Victorian Christmas In Nevada City

Wednesdays, Dec 7, 14 & 21 5-9pm
Sundays, Dec 11 & 18 1:30-6pm

Welcome the holiday season in style in historic Nevada City, a quaint, Gold Rush town nestled in the foothills of the snow-capped Sierra where each year the town’s picturesque downtown transforms into a genuine Christmas card come to life. It’s a magical setting of hilly streets outlined with twinkling white lights and authentic gaslamps, wandering minstrels and carolers dressed in Victorian attire, and a myriad of visitors sharing holiday cheer and good tidings.
Nevada City’s Victorian Christmas evokes holiday memories of an earlier era. Join us for Strolling Carolers, Children’s Activities, Carriage Rides, Roasted Chestnuts, Holiday Shopping, Handcrafted Chirstmas Gifts, and much more!

Read more about Victorian Christmas here: http://www.nevadacitychamber.com/blog/nevada-city-events/victorian-christmas

Nevada County Housing Rebound

2011-12-09T09:37:00.000-08:00

Barclays analyst sees housing rebound coming in 2012

Barclays Capital predicts a housing recovery buoyed by improving jobs numbers and the fact prices for non-distressed homes will have stabilized...

You say "tomato" I say.... well you know.

But the fact is at least there is a lot of homes to choose from at great prices and still for the moment very very low interest rates.

Is lease to own home or rent to own purchase worth the risk?

2011-12-08T13:17:00.000-08:00

A lease-to-own house purchase (also "rent-to-own purchase" or "lease purchase") is a lease combined with an option to purchase the property within a specified period, usually three years or less, at an agreed-upon price. Such arrangements have proliferated in the post-crisis market because many potential homebuyers can't meet the tougher loan qualification requirements today, and many potential sellers are unable to realize a satisfactory price in any other way.

Lease-purchase plans can be structured in such a way that both parties benefit. They can also be structured so that all the benefits flow to one of the parties and none to the other.
Buyers especially need to be careful because they usually know less about the market than sellers, and the seller usually provides the contract.

Please contact me about these types of arrangements. They can be minefields if not careful.

Country Christmas Fair Nevada County

2011-11-16T12:02:00.000-08:00

November 25, 26 and 27

Nevada County Fairgrounds

GIFTS AND CRAFTS GALORE: With multiple buildings filled with thousands of unique gifts and crafts, you'll find something for everyone on your list - plus a little something for yourself.

FESTIVITIES: In between shopping, enjoy strolling carolers, the magical gingerbread house display, wagon rides, delicious food, the bell ringing RiverBells, and photos with Santa and Mrs. Claus. Or, for a slower pace, grab a cup of hot chocolate and a bag of kettle corn and sit and enjoy the bonfire. We've even got some chestnuts roasting on an open fire!

FREE BABYSITTING AND ERRAND ELVES: The Northern Mines Girl Scouts will offer free babysitting so parents can drop off their children while they enjoy holiday shopping. Errand elves will also be available to assist you throughout the event.

CANNED FOOD DRIVE: The Nevada County Fairgrounds has teamed up with HOPE (Help Other People Eat) for a canned Food Drive. Bring a can of food on Sunday, November 27, from 10 am to 4 pm, and get $1 off Sunday's admission price. All food donated will help feed those in need in Nevada County.

INFORMATION:

Friday, November 25 from 10 am - 5 pm

Saturday, November 26 from 10 am - 5 pm

Sunday, November 27 from 10 am - 4 pm

Admission: $4 for adults and free for children 12 and under. Parking is $5; however, Faire-goers will receive one free admission for each paid parking pass.

For information, visit http://www.nevadacountyfair.com/ or call (530) 273-6217.

Gingerbread House Competition

Now is the time for holiday bakers to think about the creation of a magical Gingerbread House to enter into the 9th annual Gingerbread House Competition held at the Country Christmas Faire.

Competitors may enter any of the 11 categories, including children, teens, adults, special needs, families, groups and businesses. There is even a category for children under 8 years of age who want to enter a house made by a kit.

Entry forms must be received at the Fairgrounds by Friday, November 18; the actual gingerbread house entry must be delivered to the Fairgrounds on Tuesday, November 22. All Gingerbread House exhibitors will receive two free passes to the Country Christmas Faire.

Entry forms and a complete list of rules can be picked up at the Fairgrounds office on McCourtney Road, or downloaded here. For more information, call (530) 273-6217.

Mortgage Rates Head Lower Making Another Record

2011-11-15T13:12:00.000-08:00

As the financial crisis hit a high in Europe last week, here in the U.S. mortgage rates headed lower making another all time record. The potential of a Greek default held everyone's attention even as some positive data was being released for the U.S. economy. By Friday, the results of this turmoil caused low mortgage rates to decrease even further. A survey of wholesale and direct lenders show that some mortgage rates declined from .125% to .500% bringing most of them once again to historical lows.

Monthly mortgage payment almost 40% cheaper than 2006

2011-11-14T11:46:00.000-08:00

Housing affordability improved dramatically because of declines in both prices and mortgage interest rates, according to David Stiff, chief economist at Fiserv .

"The monthly mortgage payment for a median-priced single-family home is now $700, compared to $1,140 in 2006 — a decline of nearly 40%," he said in comments on the latest release from Fiserv.

Home prices in the U.S. will decline 3.6% into mid-2012 and then rebound 2.4% in second half 2012 through the first half 2013, according to Fiserv Case-Shiller projections.

Fiserv’s indices look at home price trends in 384 U.S. markets. Prices fell in 340 markets, with 302 of them hitting new lows in the second quarter.

The National Association of Realtors found a similar trend. On Wednesday, the trade group revealed that the median price on existing home sales fell in most of the 150 metropolitan areas surveyed by the organization in the third quarter.

Price declines and low mortgage rates have resulted in a ratio of monthly mortgage payments to median family income that is the lowest on record based on Fiserv analytics.

Why not check out some Nevada County houses?

4% Mortgage Unreal

2011-11-11T15:15:00.000-08:00

Government efforts to make lenders pay for soured mortgages may be keeping potential borrowers from record-low interest rates, slowing home sales and refinancing as banks tighten standards to avoid more demands for refunds.
Lenders are insisting on higher credit scores and more documents than required by the Federal Housing Administration and government-backed Fannie Mae and Freddie Mac. Quicken Loans Inc. and Vision Mortgage Capital are among firms saying they are increasing scrutiny of would-be borrowers in response to pressure to cover losses incurred on U.S.-backed housing debt.

Mortgage rates as low as 3.94 percent are proving insufficient to revive housing. Sales of existing homes fell 3 percent last month, National Association of Realtors data show, and 18 percent of the group’s members reported contract cancellations, at least twice as high as in normal circumstances. Among the reasons were refusals of loan applications after appraisals came in below sales prices.

Faulty mortgage lending and foreclosure practices have cost the five biggest U.S. home lenders more than $68 billion since 2007, according to data compiled by Bloomberg News. Much of the amount has stemmed from losses tied to Fannie Mae, Freddie Mac and the FHA, which together buy or insure more than 90 percent of new mortgages.

“Documentation standards are getting more and more onerous because no one wants to manufacture an imperfect loan, even if the imperfection is really insignificant,” said Quicken Loans CEO Bill Emerson, who leads the eighth-largest U.S. home lender and No. 1 online mortgage originator.

President Barack Obama’s latest push to help more borrowers refinance into cheaper rates may hinge on the effectiveness of changes to Fannie Mae and Freddie Mac repurchase rights. FHFA acting Director Edward DeMarco told reporters yesterday that the companies would offer “substantial” relief from buyback demands without providing “blanket or absolute” protection as they expand the federal Home Affordable Refinance Program for borrowers with little or no equity in their houses.

While the average rate on a 30-year fixed loan was 4.11 percent in the week ended Oct. 20, the historically low costs don’t capture the “very, very harsh underwriting standards” that potential home buyers face, said Ron Peltier, CEO of HomeServices of America, the property brokerage owned by billionaire Warren Buffett’s Berkshire Hathaway Inc. The process is “the most embarrassing, difficult thing you can imagine,” Peltier said in an Oct. 13 interview at Bloomberg headquarters in New York.

The average time between mortgage application and closing rose to about 52 days last year, three weeks longer than in 2008, according to J.D. Power and Associates surveys.
Pressure from the GSEs has “definitely stanched the flow of credit to the mortgage market, but we had clearly gone too far,” said Richard Eckert, an analyst in San Francisco at securities firm B. Riley & Co. who wrote research on subprime lenders during the housing boom and then joined a hedge fund betting against property loans during the collapse. “We’ve got to return to some kind of happy balance.”
Bank of America Corp. (BAC) has scaled back mortgage lending as CEO Brian T. Moynihan prepares for new capital requirements and grapples with demands that it compensate investors including Fannie Mae and Freddie for losses.

While the FHA allows down payments as low as 3.5 percent from borrowers whose credit scores are at least 580, lenders are setting the bar higher, such as at 620, he said.

Lenders “feel like they’re being held accountable for things beyond their control,” he said. “The only thing the industry can do is tighten up on the front end.”

The unit of Plymouth Meeting, Pennsylvania-based Continental Bank also started taking additional looks at consumers’ credit files shortly before completing loans, based on Fannie Mae and Freddie Mac guidance, Lowrie said. It finds more situations like the potential borrower who took out a new car lease while waiting for the application to clear, “and now that loan’s going back to underwriting again,” she said.

Why own a home rather than rent? It's more than about money.

2011-11-08T14:40:00.000-08:00

The Joys of Owning a Home

Experts talk about the latest statistics about long-term wealth, home values, and interest rates, yet there's a much more sentimental side to home ownership.

In fact, many home buyers are drawn to home ownership for these warm and fuzzy reasons.

Owning a home allows you to put down roots, both figuratively and literally. On one hand you become part of a neighborhood and community. When you rent, neighbors come and go as quickly as leases renew. Homeowners, however, tend to stay put longer.

What does this mean for you? You can develop, many times, lifelong relationships. This also means your home will see you through many of life's important milestones.

It makes sense. Many people enter the realm of home ownership as young couples looking to build a nest. They plan on starting their own family and need room to expand and grow. These family homes will see many firsts and will be the container of countless memories. Additionally, home ownership gives families more room to entertain and this means extended family will also share in building memories.

It's not just young families, though, that seek home ownership. Families with teenagers seek larger homes to room their growing brood. Retiring adults may wish to start a new phase and new memories, seeking out warmer climates or smaller, more manageable homes.

These little moments are what life is all about. Memories from Christmas mornings and summer vacations will fill minds for years to come.

On the other hand you literally can put down roots by planting trees and shrubs! Renters are rarely allowed to do much gardening. Digging up the landlord's yard is frowned upon. As a homeowner you are able to create your own green oasis, including trees that will mature alongside your children and gardens.

There is a certain pride that comes with home ownership. This little piece of property and land is yours. This security allows people to form deep attachments to both the land and home.

This pride of ownership spurs many owners to make improvements and additions, both to keep the home in working order and to make it more comfortable and usable, which in turns improves neighborhood values and overall curb appeal.

Why do people buy? They may be initially motivated by changes in circumstance, such as a new job or a new family, but they buy based on emotional responses. People want a house that can become their home, where they'll fill it with good times and memories. Be sure to remember this sentimental side of home ownership the next time you read about stocks, bonds, and housing woes.

How Bad Is The Credit Damage After Short Sale Or Foreclosure?

2011-11-07T16:11:00.000-08:00

How much impact does a short sale have on FICO® Scores? How about a foreclosure? Since I frequently hear these questions from clients and others, I thought I’d share new FICO research that sheds light on this very subject.

The FICO study simulated various types of mortgage delinquencies on three representative credit bureau profiles of consumers scoring 680, 720 and 780, respectively. I say “representative profiles” because we focused on consumers whose credit characteristics (e.g., utilization, delinquency history, age of file) were typical of the three score points considered. All consumers had an active currently-paid-as-agreed mortgage on file.

All in all, we saw:

The magnitude of FICO® Score impact is highly dependent on the starting score.

There’s no significant difference in score impact between short sale/deed-in-lieu/settlement and foreclosure.

While a score may begin to improve sooner, it could take up to 7-10 years to fully recover, assuming all other obligations are paid as agreed.

In general, the higher starting score, the longer it takes for the score to fully recover.

Even if there’s minimal difference in score impact between moderate and severe delinquencies, there may be significant difference in time required for the score to fully recover.

This study provides good benchmarks of score impact from mortgage delinquencies. However, it is important to note that research was done only on select consumer credit profiles. Given the wide range of credit profiles that exist, results may vary beyond what’s in the charts above.

Existing-Home Sales Off in September but Higher Than a Year Ago

2011-11-05T14:36:00.000-07:00

Existing-Home Sales Off in September but Higher Than a Year Ago

Washington, DC, October 20, 2011

Existing-home sales were down in September on the heels of a strong gain in August, but remain well above a year ago, according to the National Association of Realtors®.

Total existing-home sales¹, which are completed transactions that include single-family, town homes, condominiums and co-ops, declined 3.0 percent to a seasonally adjusted annual rate of 4.91 million in September from an upwardly revised 5.06 million in August, but are 11.3 percent above the 4.41 million unit pace in September 2010.

Lawrence Yun, NAR chief economist, said the market has been stable although at low levels, and there is plenty of room for improvement. “Existing-home sales have bounced around this year, staying relatively close to the current level in most months,” he said. “The irony is affordability conditions have improved to historic highs and more creditworthy borrowers are trying to purchase homes, but the share of contract failures is double the level of September 2010. Even so, the volume of successful buyers is higher than a year ago and is remaining fairly stable – this speaks to an unfulfilled demand.”

HARP Refinance Program Expanded

2011-10-27T14:13:00.000-07:00

HARP Refinance Program Expanded

Borrowers who are current on their home loans may be able to refinance for lower interest rates, even if they are seriously upside down. The Federal Housing Finance Agency (FHFA) announced today that it will broaden the scope of the Home Affordable Refinance Program (HARP) by removing the current 125 percent loan-to-value cap for fixed-rate mortgages backed by Fannie Mae and Freddie Mac. Other program enhancements include, among other things, reducing certain fees, eliminating the need for a new property appraisal if the FHFA has a reliable automated valuation model (AVM) estimate, and extending HARP until the end of 2013. New federal guidelines for the HARP changes should be released to mortgage lenders and servicers by November 15.

The basic eligibility requirements for an enhanced HARP loan are as follows:
Existing mortgage loan must be owned or guaranteed by Fannie Mae or Freddie Mac. To check whether a borrower has a Fannie Mae or Freddie Mac loan, go to http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx.
Existing mortgage loan must have been sold to Fannie Mae or Freddie Mac before June 1, 2009.
Existing mortgage loan cannot have been refinanced under HARP previously (except for Fannie Mae loans refinanced between March and May 2009).
Current loan-to-value (LTV) ratio must be more than 80%.
Existing mortgage loan must be current, with no late payments in the past six months, and no more than one late payment in the past 12 months.
More information is available from FHFA at http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf.

What is the HARP plan by Obama? Refinancing.

2011-10-27T13:59:00.000-07:00

NEW YORK (TheStreet) -- President Obama's expansion of the Home Affordable Refinance Program, or HARP, is a winner all around, for "underwater" home borrowers looking to refinance at historically low rates, for Fannie Mae (FNMA_) and Freddie Mac (FMCC_), who can limit foreclosure losses, and for the president's reelection prospects.

It's easy to go with the knee-jerk reaction and say that the expanded refinance program simply puts off a day of reckoning for Fannie and Freddie -- since the refinanced borrowers will still owe more than their homes are currently worth.

But the expansion of refinancing activity will actually lower the government-sponsored mortgage giants'risk.

Not only will the borrowers qualifying for the refinancing be limited to those who have already demonstrated that they are good credit risks, the program's incentives to steer borrowers into shorter-term mortgages mean that for many of the new loans, principal balances will be repaid faster. It will also be better for the GSEs to look for some recovery in home prices over the next several years, rather than dealing with more foreclosures now, each of which could easily lead to a 50% loss.

HARP is offered to mortgage borrowers who are current on mortgage loans that are guaranteed by Fannie Mae or Freddie Mac, whose home values have dropped so much that the current loan-to-value ratio is over 80%. The program has been extended through December 2013, and is available for loans sold to Fannie or Freddie before May 31, 2009.

Under the expanded HARP, borrowers will be able to refinance for up to 125% of a home's current value, but the 125% loan-to-value cap will be removed during the first quarter of 2012.

With long-term interest rates at historically low levels, this is a wonderful time to refinance a home mortgage, and the federal government is looking to make it much easier for borrowers whose homes have lost so much value that the outstanding loan balance is higher than the home is worth.

The Federal Housing Finance Agency, which regulates Fannie and Freddie, on Monday announced, along with the two mortgage giants, several enhancements to HARP, in order to reduce "risk for Fannie Mae and Freddie Mac and bringing a measure of stability to housing markets," according to FHFA Acting Director Edward J. DeMarco.

Buy A House, Get A Visa Foreign Investors and Investments

2011-10-26T16:21:00.000-07:00

Attention Canadian snowbirds, well-heeled Brazilians and boom-era Chinese nationals looking for a little piece of that increasingly elusive thing called “The American Dream.”

America has your number and, literally, it’s $500,000.

In a comprehensive bill that aims to spur foreign travel and spending in the U.S., Senators Charles E. Schumer (D-NY) and Mike Lee (R-UT), have proposed providing a three-year residential visa to foreign nationals who invest at least $500,000 in residential real estate in the U.S. At least $250,000 must be spent on a primary residence where the visa holder will live for at least 180 days out of the year while paying taxes to the U.S.

Investor Warren Buffett offered an early version of this real estate inducement back in August. During an interview on PBS, Buffett suggested that if the U.S. altered policy and opened the door for “rich immigrants,” those resources would be welcomed in a struggling U.S. economy, especially in the area of residential housing.

Inducements for foreign national purchase of U.S. real estate is seen another important step towards bolstering prices and shoring up markets in foreclosure-centric areas.

“There is no silver bullet out there. And really, the path forward is a lot of small steps like this that we’re going to take,” according to Stan Humphries, Zillow’s chief economist.

Real estate analysts have said this proposal could lift demand for U.S. homes and help ease the housing crisis. According to Humphries, foreigners spent more than $80 billion on U.S. homes last year, a 24 percent increase from the year before. A quarter of those buyers were Canadian. Another 25 percent of foreign investors in residential U.S. property is made up of investors from China, Mexico, United Kingdom and India — a percentage that could be boosted should the proposal become law.

The proposal has gotten the thumb’s up from the U.S. Chamber of Commerce, the U.S. Travel Assocation and the American Hotel & Lodging Association.

Homes Sales Data as of 10/28/2011

2011-10-26T16:09:00.000-07:00

Here are the talking points from Case/ Shiller:

* Some improvement noted marking the fifth straight month that at least half of the cities in the survey showed monthly gains.

* The biggest price increases were in Washington, Chicago and Detroit. The greatest declines were in Atlanta and Los Angeles.

* The August data provides a “modest glimmer of hope” that some areas may have bottomed out and could be turning around, said David M. Blitzer, chairman of S&P’s index committee. He noted that cities in the Midwest — Chicago, Detroit and Minneapolis — have shown some strength since May.

* Overall home prices were “flat” and a recovery in the struggling housing market was not on the horizon. Over the past 12 months, prices have fallen in all but two cities. Detroit and Washington were the only two cities to show year-over-year gains.

* Given the overwhelming level of inventory that remains on the market .(banks shadow inventory).. further price declines seem almost assured to help clear the market.

* Prices are certain to fall again once banks resume millions of foreclosures that have been delayed because of a yearlong government investigation into mortgage lending practices.

* Home prices have stabilized in coastal cities over the past six months.

* Home prices in many cities, including Cleveland, Detroit, Las Vegas, Phoenix and Tampa, have reached their lowest points since the housing bust more than four years ago.

* Sales of previously occupied home sales are on pace to match last year’s dismal figures — the worst in 13 years. Sales of new homes fell to a six-month low in August and this year could be the worst since the government began keeping records a half century ago.

* Foreclosures and short sales — when a lender accepts less for a home than what is owed on a mortgage — makes up about 30 percent of all home sales last month, up from about 10 percent in past years. The large number of unsold homes and foreclosures are sending prices lower and hurting sales.

1031 Exchanges Grass Valley Nevada City

2011-10-25T14:17:00.000-07:00

1031 Exchange Process: Step By Step

Investors unfamiliar with 1031 Exchanges may envision the process as being intimidating and difficult. In reality, it doesn’t have to be. In order to successfully complete an exchange, investors must simply follow the following basic steps:

Set up an Exchange Account with a 1031 Exchange Company - The 1031 Exchange account MUST be opened before close of escrow on the property being sold. Waiting until the last minute is not recommended, but some companies can open a ‘rush’ account if necessary.
Insert the Appropriate Language into the Sales Contract - The appropriate 1031 language should be added to the Purchase & Sale contract for the property being sold. A 1031 Exchange company will provide all language if necessary.
Execute the Exchange Agreement - At the close of escrow, the 1031 Exchange company will coordinate with the escrow company to obtain all of the necessary signatures on all exchange documentation.
Locate Replacement Property - The most difficult process of the exchange can often be finding the right replacement property within the required timeframe. The IRS requires that potential replacement property is identified on or before day 45 of the exchange and property must be acquired on or before day 180 of the exchange.
Submit 45 Day Identification Letter - The Identification Letter MUST be submitted no later than day 45 of the exchange. All potential replacement properties must be identified in writing in an unambiguous manner.
Request Funds for Deposits - Money for deposits can be disbursed from the exchange account. Clients are required to send the 1031 Exchange company the “Disbursement Form” indicating how much money needs to be distributed and to whom. Deposits can also come from the clients personal funds and then reimbursed to the client at the closing of the property.
Obtain Appropriate Signatures - At the close of escrow of the replacement property, 1031 Exchange company will work with the new escrow company to obtain all appropriate signatures for all exchange documentation. Depending on the nature of the transaction, additional steps may need to take place. The 1031 Exchange company will work closely with the client to ensure a successful transaction.

I can help you with your 1031 Exchanges and refer you to a 1031 Exchange company. Please contact me today to get started.

HOUSE PRICES STABILIZE October 2011

2011-10-25T13:22:00.000-07:00

HOUSE PRICES STABILIZE AT LOWER LEVELS

In Tuesday's other main economic report, the S&P/Case Shiller composite index of house prices in 20 metropolitan areas was flat compared with the month before on a seasonally adjusted basis, frustrating expectations for a gain of 0.1 percent. (that's called a gain? more like a statistical variation of nothingness)

On a seasonally adjusted basis, prices fell in 14 of 20 cities, with Atlanta and Las Vegas among the biggest losers, according to the S&P/Case-Shiller data.

The annual rate of decline slowed, however, with prices in the 20 cities down 3.8 percent compared with a year-over-year decline of 4.1 percent the month before. That still was a bigger drop than the expected 3.5 percent decline in August.

Analysts said the weaker-than-expected home price data was disappointing but not altogether shocking as the market struggles to get out from under a glut of unsold homes and ongoing foreclosures that are holding prices down.

While prices are forecast to remain depressed for some time, any further declines are expected to be modest.

"This has been a five-year process and I think we are at least closer to the end of the hemorrhaging in housing prices than we've been in a long, long time," said Chan.

The struggling housing market continues to be one of the biggest hurdles for the economic recovery as attempts to bolster the sector have had limited success.

In the latest efforts, the Obama administration said on Monday it would expand a mortgage refinancing program in a step that could help up to a million borrowers.

"I'm glad that they're trying. This was a clever idea. But more needs to be done," Yale economist and index co-founder Robert Shiller told Reuters Insider.

A separate home price index from the Federal Housing Finance Agency showed prices declined 0.1 percent in August from July.

The index is calculated using purchase prices of houses financed with mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac.

(Well, are we done yet?)

(Gotta sell? Wanna buy? Want to talk about this stuff? I'm here for you.)

Insuring your Vacant Property

2011-09-28T15:38:00.000-07:00

We’ve all been there; getting ready for a closing and the buyer has issues with the price of homeowners insurance or in some circumstances obtaining it at all. When a property becomes vacant, a standard homeowner policy may give the carrier the right to cancel mid-term, lower coverage levels or even deny a claim
Contact your agent when your property goes vacant!

Overpricing your home in Grass Valley

2011-09-24T15:06:00.000-07:00

When setting the sales price of their home, many sellers are tempted to tack on a few percentage points to “leave room to negotiate”.

Overpricing a home can have many ramifications for a home seller. It can limit the number of potential buyers who can afford your home, reduce showings and create an impression in the marketplace that the homeowners aren’t really serious about selling their home. Serious homeowners who overprice their home often get caught in the trap of price reduction after price reduction trying to catch up to the market. Your home will also get considered stale by other agents and buyers who don't need to wait for you. Not good.
During the past year, U.S. home sellers slashed more than $24 billion from home listings on Trulia .com. Trulia’s Q1 Home Offer Report indicated that on average, most sellers will reduce their list price after 79 days on the market, choosing to cut their original list price by 8 percent. Following a first reduction, 35 percent of those sellers then will make a second adjustment. Maybe a third, then maybe weekly. And some more time passes..... How long do you want to wait? What if you are trying to buy another home? Can't if your home is not in a solid escrow. Your dream home is now being bought by somebody else.

Most home buyers look at least 10-15 homes minimum before making a buying decision. Because of this, setting a competitive price relative to the competition is an essential component to a successful marketing strategy.

Whenever I have a seller looking for more than their home is worth compared to the tremendous competition – I show them homes in that price range. Then I ask them what they would pay for their home – knowing what the competition is… If they still quote the overpriced number I would congratulate them and say “Well, you turned out to be the highest bidder on your home. Congratulations! You still get own it!”. Then I ask them gently again if they would like to SELL it… I know it sounds harsh. But pricing it right at the beginning is the most important thing of all to get something sold in a reasonable time frame. Doesn't matter what agent you have, how many open houses, how many ads, how much internet exposure, doesn't matter.

10 Upgrades Under $100 to Boost Your Nevada County Home's Value

2011-09-19T10:44:00.000-07:00

You might assume that only big-budget home renovations will produce valuable results. But there's good news for homeowners on a budget. Plenty of inexpensive upgrades - like these - can pay off when it comes time to sell.

1. Add a fresh coat of paint. At about $30 a gallon, paint is one of the least expensive ways to spruce up your living space. Add paint in neutral, earth-tone colors to bring out the best in each room.

2. Explore energy updates. Evaluate your home's energy efficiency by going to the U.S. Department of Energy website. There, you can get tips to make improvements that sellers will appreciate.

3. Fix minor plumbing and electrical problems. It's worth your while to take care of these problems before a potential buyer uncovers them during a home inspection.

4. Add storage. Lack of closet space can be a deal breaker for some buyers. Adding a DIY wire or laminate system to all closets will give them the appearance of being more spacious and organized.

5. Let light in. Ditch dark and heavy drapes for simple wood blinds and/or upholstered cornices. Update or add lighting fixtures - wall lights, lamps, ceiling fans with lights - to give the rooms a bright, more updated look.

6. Give kitchen appliances a face lift. Mismatched appliances can make a kitchen look outdated - but that doesn't mean you need to replace them. Many appliances can be updated with new doors or face panels.

7. Don't neglect the bathroom. Simple fixes can make a bathroom look more modern in no time. Get a new shower curtain, switch out the old toilet seat with a new one and replace drab or damaged flooring with vinyl tiles.

8. Update your front door. It's the first part of your house that potential homebuyers see. Give it a fresh coat of paint and consider switching out your current lock-and-handle set for a sturdy, more modern piece of hardware.

9. Power up. Rent a power washer - it's less expensive than hiring someone to do it - and thoroughly clean your house's exterior.

10. Curb appeal. When it comes to your yard, definitely sweat the small stuff. Clean up clutter and have it hauled away or store it in the shed. Get rid of weeds and add some in-season plants and flowers to your walkway or in pots on your front porch. Make sure to mow your lawn as needed - potential home buyers frequently drive by unannounced.

Hope this helps! Contact me for more tips! These tips will also help investors get their rental properties rented out faster and for a better rent. If you need a good referral to a property management company in Grass Valley or Nevada County, please contact me.

Gary

Timing Buying and Selling Your Grass Valley Home

2011-09-13T10:18:00.000-07:00

Do I find a new place first, then List my place.?
Do I sell my place first then start looking? Yep, a typical "chicken & egg" question.

Suggestion: List your place 1st while beginning to very seriously look for another place. If you find a new place of your dreams, but have not sold your current place, you can try to purchase the new home contingent on the sale of your existing place. Historically, Sellers have not been all that interested is this type of contract, but the market has changed! A Contingent Offer is often viewed as better than no Offer. If another, non-contingent Offer comes along, you may lose the place, but you at least gave it a shot.

If you have an acceptable Offer on your place, but have not yet found another acceptable place:

* You could try to delay the closing on your current place as far out to the future as possible. This will give you more time to find a replacement.

* The Buyer of your place might be okay with Closing, taking title of your place, and then renting the home back to you for a month or two, while you find another place. Of course, you would be paying the Buyer of your place Rent, usually at market rates, or at least equal to the new Owners' carrying cost of owning the home. But there is a worry about the lender mucking this up.

Contact me for help with timing all this relocating.
Gary
Grass Valley and Nevada City and Nevada County.
Now covering Placer County.

Boxer claims White House mortgage refinance

2011-09-09T09:24:00.000-07:00

Sen. Barbara Boxer (D-Calif.) said the major mortgage refinance program the Obama administration reportedly began developing mirrors her own.

According to The New York Times, the Obama administration is developing a plan to help more underwater borrowers refinance their mortgage, granting them relief under historically low rates.

Boxer and Sen. Johnny Isakson (R-Ga.) resubmitted S. 170 in June to eliminate refinancing barriers and fees for borrowers with mortgages guaranteed by Fannie Mae and Freddie Mac.

Fannie Mae and Freddie Mac's lack of participation in such major refinancing and principal write-down programs, under the direction of their conservator the Federal Housing Finance Agency, has left many underwater borrowers trapped in their current payments.

Boxer met with the head of FHFA in June in an effort to persuade him to implement the program administratively and without congressional action.

Currently, more than 8 million Fannie or Freddie loans carry an interest rate of more than 6%. The Boxer bill would target roughly 2 million borrowers for a refinance into today's lower interest rate loans, many with loan-to-value ratios above 125%. She claims the program would not cost the FHFA any taxpayer funds and would reduce defaults by keeping these borrowers from walking away.

"We’ve received the letter and will respond to the senator," an FHFA spokesperson said.

The Treasury Department declined to comment on the reported program.

Geez, somebody do something soon.... Been since June...
G.

Mortgage bond market activity, Obama, and Short Sale connection

2011-09-05T09:05:00.000-07:00

The market for mortgage backed securities is increasingly volatile this week as a dour economic outlook fans speculation that our government will come to the aid of homeowners who have been unable to take advantage of record low interest rates.

Traders reported very volatile trading recently in some MBS (mortgage backed securities) amid speculation that the Obama administration would remove at least some hurdles to refinancing for borrowers with weaker credit and whose loans are underwater.
The administration has been weighing numerous options to stabilize the battered housing market–a key source of weakness in the economy.

So if you still have some kind of job, there might be hope. Let's hope something gets done here that the Placer and Nevada County housing market can actually use.

REO and Short Sale properties selling at an even larger discount

2011-09-01T08:44:00.000-07:00

The share of bank-owned homes and homes in some stage of foreclosure like short sales dropped 5 percent from the first quarter to the second quarter, falling from 36 percent to 31 percent, but was up from 24 percent in second-quarter 2010, according to a report released today by foreclosure data provider RealtyTrac.
And these distressed properties are selling at a larger discount these days. So better prices for buyers but regular sellers need to take this into account when pricing your home for sale. This is your competition. If you want your home sold, you have got to price it at least close to the average market. If you need help comparing actual sold home prices (homes you see listed at a certain price mean nothing... they might have been sitting on the market for many many months) please contact me for help in find market pricing for a home to get sold in this market.

FHA multifamily loans at record high - Cash Investors at work

2011-08-29T08:44:00.000-07:00

FHA multifamily loan originations at record high

The rise in loans for multifamily units reflects an underlying trend in demand for rental property. The FHA has endorsed nearly 1,100 multifamily loans this fiscal year, which runs until October 1, more than seven times the amount it backed three years ago.

Foresthill, CA Homes for Sale Price Trends

2011-07-11T13:01:00.000-07:00

Average price per square foot for Foresthill CA was $116, a decrease of 20% compared to the same period last year. The median sales price for homes in Foresthill CA for Mar 11 to May 11 was $197,250 based on 40 home sales. Compared to the same period one year ago, the median home sales price decreased 2.4%, or $4,750, and the number of home sales decreased 9.1%. There are currently 51 resale and new homes in Foresthill on Trulia, including 61 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Foresthill CA was $301,914 for the week ending Jun 22, which represents an increase of 5.1%, or $14,727, compared to the prior week.

Courtesy of Trulia

Auburn, CA and Placer County Housing Market Trends

2011-07-09T12:57:00.000-07:00

Average price per square foot for Auburn CA was $134, a decrease of 13% compared to the same period last year. The median sales price for homes in Auburn CA for Mar 11 to May 11 was $205,000 based on 230 home sales. Compared to the same period one year ago, the median home sales price decreased 23.7%, or $63,615, and the number of home sales decreased 6.5%. There are currently 331 resale and new homes in Auburn on Trulia, including 3 open houses, as well as 336 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Auburn CA was $403,064 for the week ending Jun 22, which was unchanged compared to the prior week.
Courtesy of Trulia

Nevada City Housing Market Summary

2011-07-06T12:54:00.000-07:00

Average price per square foot for Nevada City CA was $158, a decrease of 10.2% compared to the same period last year. The median sales price for homes in Nevada City CA for Mar 11 to May 11 was $233,750 based on 105 home sales. Compared to the same period one year ago, the median home sales price decreased 8.8%, or $22,550, and the number of home sales increased 11.7%. There are currently 238 resale and new homes in Nevada City on Trulia, including 135 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Nevada City CA was $428,940 for the week ending Jun 22, which represents an increase of 0.1%, or $371, compared to the prior week.
Courtesy of Trulia

Grass Valley Home Sales Market Trends

2011-07-05T12:52:00.000-07:00

Grass Valley Home Sales Market Trends
As of July 5, 2011

Average price per square foot for 95945 Grass Valley CA was $150, a decrease of 6.8% compared to the same period last year. The median sales price for homes in Grass Valley CA for Mar 11 to May 11 was $213,000 based on 261 home sales. Compared to the same period one year ago, the median home sales price decreased 13.8%, or $33,981, and the number of home sales increased 14.5%. There are currently 363 resale and new homes in Grass Valley on Trulia, including 1 open house, as well as 320 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Grass Valley CA was $358,068 for the week ending Jun 22, which represents an increase of 1.7%, or $5,884, compared to the prior week.
Courtesy of Trulia

Double-Dip in Home Prices?

2011-06-11T10:07:00.000-07:00

This month’s Market Snapshot, “Possibilities of a Double-Dip in Home Prices,” features:

California Market: The California median home price fell by nearly 60 percent from peak to trough, hitting bottom more than two years ago in February 2009 at $245,230. Although the median declined in February of this year to $271,320, it stood at $293,570 in April, nearly 20 percent higher than the February 2009 trough. The February 2011 median was likely the low for this year, given the seasonal behavior of home prices and the likelihood that market fundamentals will improve somewhat as the general economy continues its slow recovery.
National Market: By comparison, the U.S. median home price fell 32 percent from peak to trough – about half of the decline experienced by the California market. However, prices nationally only hit bottom this past February at $156,900. The national median rose to $163,200 in April, and should climb as the market moves through the peak season, but it remains precariously close to this February’s trough.

According to C.A.R.

Home improvements that boost resale value

2011-06-09T10:04:00.000-07:00

Home improvements that boost resale value

When deciding which home improvements to make, many homeowners consider the amount of resale value the improvement may or may not make and compare that against the cost of the renovation. Homeowners concerned with making home improvements that will pay off when it’s time to sell the property, should consider the following tips.

Making sense of the story

The first improvement/repair homeowners should consider are those that impact the home’s basic structures and systems. Potential home buyers generally do not want to face expensive repairs, and if items such as the foundation, roof, air conditioning, water heater, or other basic structure need to be fixed, the property will be considered a fixer-upper and its market price will be discounted accordingly.
Some minor replacements will produce big results for minimal cost. Replacing and coordinating bathroom and kitchen hardware and fixtures are generally inexpensive, but tend to make a big difference. The same can be said for getting rid of any dated finishes, such as old wallpaper and brass light fixtures.
Homeowners who don’t know when or even if they will be able to sell their home are advised to choose home improvement projects carefully. Unless the home is located in an upscale neighborhood and the property already is immaculate, owners can skip expensive upgrades – such as remodeled bathrooms – and focus on the fundamentals.

-according to The San Francisco Chronicle

Banks hit hurdle to foreclosures

2011-06-03T10:01:00.000-07:00

Banks hit hurdle to foreclosures

Banks trying to foreclose on homeowners are hitting another roadblock, as some delinquent homeowners are successfully arguing that their mortgage companies can’t prove they own the loans, and therefore don’t have the right to foreclose.

-according to the Wall Street Journal

Short sales getting faster

2011-06-03T09:57:00.001-07:00

Short sales getting faster

When it comes to short sales, the real estate transaction involving a mortgage that is worth more than the home it is tied to has long belied its name as a quick deal. That is starting to slowly change, thanks to increased bank staffing, a Department of Treasury program that aims to speed up the transactions and more of a general acceptance of the deal.

-according to the Contra Costa Times

1031 Exchanges Grass Valley Nevada City

2011-05-21T10:39:00.000-07:00

1031 Exchange Process: Step By Step

Set up an Exchange Account with a 1031 Exchange Company - The 1031 Exchange account MUST be opened before close of escrow on the property being sold. Waiting until the last minute is not recommended, but some companies can open a ‘rush’ account if necessary.
Insert the Appropriate Language into the Sales Contract - The appropriate 1031 language should be added to the Purchase & Sale contract for the property being sold. A 1031 Exchange company will provide all language if necessary.
Execute the Exchange Agreement - At the close of escrow, the 1031 Exchange company will coordinate with the escrow company to obtain all of the necessary signatures on all exchange documentation.
Locate Replacement Property - The most difficult process of the exchange can often be finding the right replacement property within the required timeframe. The IRS requires that potential replacement property is identified on or before day 45 of the exchange and property must be acquired on or before day 180 of the exchange.
Submit 45 Day Identification Letter - The Identification Letter MUST be submitted no later than day 45 of the exchange. All potential replacement properties must be identified in writing in an unambiguous manner.
Request Funds for Deposits - Money for deposits can be disbursed from the exchange account. Clients are required to send the 1031 Exchange company the “Disbursement Form” indicating how much money needs to be distributed and to whom. Deposits can also come from the clients personal funds and then reimbursed to the client at the closing of the property.
Obtain Appropriate Signatures - At the close of escrow of the replacement property, 1031 Exchange company will work with the new escrow company to obtain all appropriate signatures for all exchange documentation. Depending on the nature of the transaction, additional steps may need to take place. The 1031 Exchange company will work closely with the client to ensure a successful transaction.

I can help you with your 1031 Exchanges and refer you to a 1031 Exchange company. Please contact me today to get started.

Renting Grass Valley homes is getting more expensive

2011-05-15T09:49:00.000-07:00

Renting a home is getting more expensive.

More reasons to buy a home now!

• Even though prices may still soften, waiting to buy wouldn't make sense as the cost of owning a home may still increase.

• Mortgages may soon become much more expensive than they are right now.

• Owning a home is less expensive than renting a home in 72% of major U.S. cities.

• Rental costs are about to explode.

Housing market data show signs of strength

2011-05-12T09:34:00.000-07:00

R I S M E D I A, May 11, 2011—The active housing market data show signs of strength and improvement in the real estate market, despite new lows being reported in the lagging data.The latest market report from Altos Research shows real-time market conditions, with increases in both median prices and inventory in most markets across the United States.

The latest real estate market analysis from Altos Research shows an increase in median prices and housing inventory, and predicts the trend will continue into the summer months. Altos Research tracks the housing market in real-time in order to capture what’s happening right now, versus the traditional method of reporting what happened a few months ago.

“Sellers are entering the market to take advantage of the larger pool of buyers, and we also have demand being fueled by low interest rates and comparatively low prices.”

Contact Gary Tippner if you are thinking about selling in this housing market.

Housing market data show signs of strength

2011-05-11T09:36:00.000-07:00

“Sellers are entering the market to take advantage of the larger pool of buyers, and we also have demand being fueled by low interest rates and comparatively low prices.”

Contact Gary Tippner if you are thinking about selling in this housing market.

Log Homes Grass Valley Nevada City

2011-05-10T11:46:00.000-07:00

Here is a link to Nevada County Log Homes Grass Valley Log Homes for Sale Nevada City

Please contact Gary Tippner for anything you see or any questions you have regarding this market.

Best Nevada County Wineries

2011-05-08T14:32:00.000-07:00

Best Nevada County wineries praised in S.F. Chronicle tasting contest

NEVADA COUNTY WINERIES WERE BIG WINNERS in the S.F. Chronicle's annual wine tasting contest, one of the most prestigious regional contests.

The winning wineries included Avanguardia, Indian Springs, Lucchesi, Montoliva, Naggiar, Pilot Peak, Sierra Starr, Smith, Solune and Szabo.

Pilot Peak's Porta Joyas

Pilot Peak won the prestigious "Best of Class: Judge's Choice" award for its port.

A list of the winners and their winning wines is here:
Avanguardia: Silver (Ampio), Bronze (Sangineto), Bronze (Premiato)
Indian Springs: Gold (Hog Wild Red), Silver (Hog Wild White), Silver (Barbera), Bronze (Cab), Bronze (Chardonnay), Bronze (Syrah Port), Bronze (Primitivo)
Lucchesi: Silver (Port), Bronze (Cab), Two Bronze (Chardonnay), Bronze (Sauvignon Blanc)
Montoliva: Silver (Sierra Bella), Silver (Aglianico), Silver (Teroldego), Bronze (Sangiovese), Bronze (Sangiovese Estate)
Naggiar: Silver (Petite Syrah), Bronze (Mourvedre), Bronze (Malbec), Bronze (Grenache)
Pilot Peak: "Best of Class: Judges' Choice" (Porta Joyas), Bronze (Barbera), Bronze (Paramour), Bronze (Tempranillo)
Smith: Silver (Red blend), Bronze (Cab), Bronze (Primitivo), Bronze (Syrah)
Sierra Star: Silver (Sauvignon Blanc), Silver (Rhone blend), Silver (Zin), Bronze (Cab), Bronze (Cab Franc)
Solune: Silver (Tempranillo), Bronze (Cab Franc), Two Bronze (Petite Syrah), Bronze (Tempranillo)
Szabo: Silver (Syrah), Bronze (Primitivo)

Find them using http://maps.google.com

If you would like to see some homes let me know or if you just want to check out the area and have some advice on stuff to see, give me a call at 1-877-311-GARY or visit this page for Nevada County area info.

Cheaper to buy than rent

2011-05-04T11:42:00.000-07:00

Cheaper to buy than rent in 78% of major cities

It is cheaper to buy a home than to rent one in 39 of the nation's 50 largest cities, according to a quarterly report released today by real estate search and marketing site Trulia.

Trulia's rent vs. buy index compared the median list price with the median rent on two-bedroom apartments, condominiums and townhomes listed on Trulia.com as of April 1, 2011, in the 50 most populous cities in the U.S. While 72 percent of the cities favored buying in the previous quarter's report, 78 percent favored buying in this latest report.

"As we head into the summer buying season, those looking to buy a home should be encouraged by improvements in the market and feel optimistic about their chances of finding an affordable home -- much more so than in previous years."

nevada county gas prices

2011-05-02T10:01:00.000-07:00

Nevada County Gas Prices
and the effect on your home buying process.

Before you sign on the dotted line for that apartment or home whose great price you just can't pass up, make sure you've figured out how your new location is going to fit into your life. It might just end up costing you more in commute costs as affordable housing moves from the urban cores to the suburbs.
A new study by the Center for Neighborhood Technology has found that a growing number of communities that are considered affordable aren't quite so affordable when transportation costs are factored in to the median income.
Its analysis of 377 metropolitan areas, which includes 161,000 neighborhoods and 80 percent of the U.S. population, found that even though seven out of 10 U.S. communities are considered affordable, that number decreases to two in five -- or 39 percent -- when transportation costs are included in the mix.
Housing is considered affordable if it costs less than 30 percent of household income, and the analysis ups that to 45 percent when transportation costs are added in.
But considering that transportation is the second-largest household expense next to housing, it often costs more than the allotted 15 percent of the budget.
The Center for Neighborhood Technology actually found that the portion of household income most people spend ranges from 12 percent in walkable communities with sidewalks, nearby stores, and public transportation to 32 percent for those who have no option but to drive long distances to get anywhere.
When communities have few transportation options and require driving long distances for basic necessities, already stressed household budgets are very vulnerable to spikes in gas prices and rising transportation costs," said Scott Bernstein, president and founder of the center.

Gary J. Tippner REALTOR®
Short Sales and Foreclosure Resource SFR Certified
Network Real Estate DRE# 01871153
1-877-311-GARY Direct
1-888-965-0018 FAX
www.callgarytoday.com - Don't buy or sell - till you have read my special reports

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Fannie Mae HomePath RENOVATION program

2011-05-01T10:32:00.000-07:00

Fannie Mae HomePath RENOVATION program

The long awaited Fannie Mae HomePath Renovation program is now offered by us on all Fannie Mae HomePath eligible homes. This program will allow a qualified buyer to purchase a HomePath home and use up to 35% of the sales price or $35,000, whichever is less to fix up the home and to a maximum mortgage amount not to exceed the conforming limit currently $417,000. Eligible properties can be located by contacting me. Mortgage Insurance is not required however an appraisal is required for this program.

Maximum LTV 97% with a minimum credit score of 660 and 80% with a minimum credit score of 620.

Investment properties are allowed up to 75% LTV and 700 minimum credit score.

Eligible properties are:
1 to 4 unit properties
Planned Unit developments
Low rise condo

Eligible Borrower must be individuals and NO for-profit or non-profit investors, corporations, trust, partnerships.

All work is to be completed by a licensed contractor. Do it yourself projects are not eligible for financing and all improvements are to benefit the value of the property. Improvements are to be completed within 3 months of the loan closing date.

Give me call at 1-877-311-GARY or visit my site at http://www.callgarytoday.com for much more additional information!

Existing Home Sales Rise

2011-04-27T10:29:00.000-07:00

R I S M E D I A, April 21, 2011—Sales of existing-home sales rose in March 2011, continuing an uneven recovery that began after sales bottomed last July, according to the National Association of REALTORS®. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops.

All-cash sales were at a record market share of 35% in March, up from 33% in February; they were 27% in March 2010. Investors accounted for 22% of sales activity in March, up from 19% in February; they were 19% in March 2010. The balance of sales were to repeat buyers.

Some renters are looking to homeownership as a hedge against inflation. The typical buyer today plans to stay in a home for 10 years, while rents are projected to rise at faster rates over the next few years. As buyers gain more financial security, the advantages of homeownership become more obvious. Rents will continue to trend up, especially in comparison with a fixed-rate loan which provides financial stability and gradual accumulation of equity over time.

Give me call at 1-877-311-GARY or visit my site at http://www.callgarytoday.com for much more additional information!

How To Get A Loan After A Short Sale Or Foreclosure

2011-04-20T16:05:00.000-07:00

What are the absolute bare-minimum * guidelines * to obtain a mortgage?

….and perhaps more interesting…how to obtain a mortgage soon after a Short Sale..read on…

By far the easiest mortgage to obtain is a FHA loan:

1) 3.5 percent down payment, based on the purchase price of the home (e.g., $7,000 on a $200,000 home), or a gift of that same amount;

2) 3 percent to 6 percent of the purchase price, on top of the down payment, for closing costs, or a credit from the seller of the same amount; and

3) 640 FICO credit score — the middle score of those generated by the three credit bureaus (some banks will lend to borrowers with middle scores lower than 640, but will require more than the minimum down payment).

Lenders will want you to document income, asset and job history documentation, current paycheck stubs, two months’ bank statements and two years of W-2 forms or tax returns, and:

a minimum of two years have passed since the discharge of a bankruptcy;
a minimum of three years have passed since a foreclosure;
anywhere from zero to three years have passed since a short sale, depending on the circumstances surrounding the short sale.

As a professional can tell you it would have to be an awfully good reason for the consumer to have done a short sale to get the underwriter to sign off on it. Something like being transferred to a job in a different area, and not being able to rent the home out because it wouldn't pencil. You would need to deal with an experienced mortgage professional who was licensed, and has the knowledge of how to document what happened. We used to call FHA loans, "tell the story of what happened loans." An Underwriter has the ability to sign off and approve the loan if it meets certain very stringent guidelines. That said, the problem we are all having these days is "investor overlays." That's when the investor that purchases the loans lays their guidelines over, or in addition to HUD's.

Additional info on the statement “depending on the circumstances”…..here are a couple.
1.) Short sold home must have had 0 Late payments in the previous 12 months.
2.) Borrower must have proof of severe circumstance (ie. death of spouse who was previous joint borrower / income earner to pay previous short sale mortgage, forced job transfer to a different state or “significant distance” to remain employed, etc.

*Information culled from various sources. Please always contact a professional to get the most current information.

If you have any questions please contact Gary Tippner!

So, give me call at 1-877-311-GARY or visit my site at http://www.callgarytoday.com

Foreclosure mess

2011-04-18T14:01:00.000-07:00

Scott Pelley of "60 Minutes" spoke with one former robo-signer, Chris Pendley, a man who had been paid to sign the name "Linda Green" thousands of times over the course of an average workday on mortgage documents.

"When you came in to Docx on your first day, what did they tell you your job was gonna be?" Pelley asked.

"They told me that I was gonna be signing documents for using someone else's name," Pendley remembered.

"Did you think there was something strange about that in the beginning?" Pelley asked.

Yeah, it seemed a little strange. But they told us and they repeatedly told us that everything was above board and it was legal," Pendley said.

Pendley told Pelley he had no previous experience in banking, in legal documents, and that there were no requirements for the job.

"You had to be able to hold a pen?" Pelley remarked.

"Hold a pen," he agreed.

Asked if he understood what these documents were, Pendley said, "Not really" . . . .

Pendley showed us how he signed mortgage documents as "Linda Green." He told us Docx employees had to sign at least 350 an hour. Pendley estimates that he alone did 4,000 a day.

There was an actual Linda Green, Pendley discovered, but she was no bank president either; she is a former shipping clerk for an auto parts store who was also hired on as a robo-signer at Docx. One plaintiff in a pending lawsuit discovered that Green is named as a vice president for 20 different banks in different mortgage documents, all bearing strikingly different renditions of her signature. She didn't agree to an on-camera interview, but she told Pelley that the company selected her name because it was short and easy to sign rapidly on the doctored ownership documents.

All 50 state attorneys general are currently conducting an investigation into the foreclosure mess--including cases that involve forged documents like these. And Shelia Bair, head of the Federal Deposit Insurance Corporation, told CBS she thinks the banks should have to pay billions to set up a compensation fund for those who are being forced to accept foreclosure without proper documentation.

Be sure to work closely with your agent AND title company during any real estate transaction. I will work hard to gain your trust and prove this over the years together to you and your friends and family.

So, give me call at 1-877-311-GARY or visit my site at http://www.callgarytoday.com

Nearly 4,500 HAFA Short Sales and Deeds-in-Lieu Completed

2011-04-16T13:53:00.000-07:00

Filed under: Why is this NATIONWIDE number so low fer cryin' out loud!

The Treasury Department released a new report on the government’s foreclosure prevention efforts Friday. In addition to the Home Affordable Modification Program (HAMP) numbers that are regularly recounted, new this month are details on short sales and deeds-in-lieu, as well as second lien modifications.

Treasury reports that as of the end of February, 4,488 homeowners completed a short sale or deed-in-lieu (DIL) under the Home Affordable Foreclosure Alternatives (HAFA) program. The federal program provides up to $3,000 for relocation assistance after a homeowner exits the home.

Another 10,177 homeowners have agreements in place with their servicers for HAFA short sale and DILtransactions. Treasury notes in its report that the HAFA short sale timeline “lasts at least 120 days,” and requires the cooperation of junior lien holders in order to complete the transaction.

So, give me call at 1-877-311-GARY or visit my site at http://www.callgarytoday.com

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