The State Board of Education is holding the $7 million dollar fine over the heads of the Chino Valley School District. Although a bill introduced by Assemblyman Curt Hagman was unanimously passed by the state assembly and now waiting the state senate's approval, the State Board of Education staff has recommended a denial of the District's solution of an extended 34 days of school in lieu of the fine. So far the students at Rolling Ridge and Dickson Elementary Schools have completed 13 of the 34 days. This District's solution began without the required approval of the State Board of Education and thus if denied, the students will stop classes immediately.
The State Board of Education's meeting scheduled for July 8 will include issues regarding the letter sent to parents in May informing them about their children's extra 34 days of school attendance in lieu of the $7 million penalty. The problem was caused by a calculation error in required daily school hours. The letter sent to parents did not indicate the classes were a part of the current school year or that students were required to attend. Parents were told in the letter that their children's final grades will not be affected by their performance in the extended school days which implied they were not regular school days. Another issue is the poor attendance of the extended school days.
Curt Hagman's bill AB35XXX has passed the state assembly and is now waiting the state senate's approval. If passed, the state will reduce the make up days to 10 and waive the Chino Valley Unified School District penalties of $7.5 million dollars for the miscalcuated (shorted) minutes of each day during the last school year. The error resulted in a requirement of 34 additional make up days of school attendance in lieu of the penalty. The problem applies to grades 4-6 at Dickson and Rolling Ridge Elementary Schools. Students started the additional days on the 15th of June and will continue attending school until the bill passes the senate and is signed by the governor.
Sales are up in California. See the report at DataQuick.
Southern California median prices are going up. See the report at DataQuick.
Record high foreclosures in CA. See the report at DataQuick.
April Home Sales by County and City. See the report at DataQuck.
Curt Hagman, our Assemblyman has come to the rescue! He introduced a bill that was unanimously passed last week to waive the penalties caused by the time error at Rolling Ridge and Dickson elementary schools. The spreadsheet error in attendance minutes required the students to make up the time by attending an additional 34 days this summer which students began on the 15th of June. If approved by the Appropriations Committee and state legislator's vote as early as Monday, the 22nd, students can have their summer off! The bill (AB35XXX) will not only waive the penalties, but the lost minutes will be made up with just 10 days attendance rather than 34 days. Thank you Curt!
• 1,471 sq. ft., 2 bath, 2 bdrm 2 story - 
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North Corona - Available for back-up offers. Beautifull condo located in the quiet neighborhood of Sierra Del Oro close to the 91 and 71 freeways. Over $50,000 in recent upgrades which include newly installed kitchen cabinets and granite countertops with tile back splash, stainless steel appliances, recessed lighting, base and crown molding, fresh paint, newly installed doors, hardware and door jams, upgraded carpet and hardwood floors, travertine fireplace facing and wood mantle, newly installed bathroom cabinets and granite counters, newly tiled master shower and floor, master bedroom walk-in closet addition, back patio retaining wall and upgraded garage door and cabinets. This gorgeous condo is a must see! Sq.ft not taped, buyer to verify. Short sale subject to lender approval.
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It seems the students of Rolling Ridge and Dickson Elementary Schools are attending a 34 day detention due to a school district error! Students will have to attend school an extra 34 days as a result of the District's miscalculation of daily required minimum classroom minutes. Although students have achieved their academic requirements including time, the district error has resulted in 34 days of mandatory attendance for students from fourth through sixth grades. The District needs to make this up to the students somehow. That is quite a blow to their summer vacation!
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El Rancho, Gird and Los Serranos elementary schools will be closed as a result of a $44 million dollar budget deficit facing the school board. Over 160 of our certified elementary school teachers and 65 temporary teachers will receive preliminary layoff notices. Parents are angry, teachers are angry and the children are shaken and anxious. Boundary changes will result in students traveling longer distances and crowded disrupted schools. The schools chosen for closure were blamed on low enrollment and inefficiency by board officials.
El Rancho students will be relocated to Walnut, Marshall, Rhodes and Cortez elementary schools. Gird students will be transferred to Marshall, Newman and Dickson schools. Los Serranos students will be sent to Oak Ridge, Glenmeade and Litel elementary schools.
The Districts hopes to save $6.3 million dollars by closing the three schools. Other budget cuts were in secretary positions, elimination of athletic team transportation, increased rents for district facilities and other positions at the district office.
Claremont, Ontario-Montclair and Fontana school districts have also sent layoff notices to employees.
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Chino Hills, San Bernardino County - Available for back-up offers. Extraordinary Elegance & stunning style throughout this beautiful Tuscan style Taylor Woodrow home located on a prime lot with panoramic city lights, valley and mountain views. This rare find in Chino Hills features a private courtyard, Juliet balcony, detached office/gym, 5 bedrooms, 3 full baths, one bedroom and bath on main floor, study alcove, loft/bonus room, formal dining and living rooms, family room with fireplace, spacious master suite with retreat, large walk-in closet and deck, spacious gourmet kitchen with center island, stainless steel appliances and walk-in pantry, upgraded carpet, hardwood and tile flooring, fresh paint, upstairs laundry, French doors, media niche, block wall fencing, Tuscan style pavers, three car tandem garage, & possible RV parking. Bonus features...security system, fire sprinklers, surround sound, J Boxes, cable/SAT/CAT 5/Phone inside and out, interior and exterior audio, and more. This gorgeous turnkey home is a must see! Buyer to verify sqft.
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John Rowe, superintendent of Chino Hills State Park, gets a closer look at the devastation caused by a tidal wave of wind and fire that swept into the park Nov. 15. With flames shooting 80 feet into the sky, more than 95% of the 14,100-acre park was quickly obliterated.
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Did you purchase your home between late 2003 and mid 2007? If so, you may be paying too much in property taxes! Homeowners whose home values have gone down signifcantly may benefit from Prop.8 ( not the Prop. 8 of 2008) which is an assessment appeal allowing a review of your home's value as a result of a value decline. The county tax assessor re-values the homeowner's property to the current market value thereby adjusting the property taxes until home values increase.
The deadline to file an appeal is November 30, 2008, so don't delay! Call the clerk of the Board of Supervisors at 909-387-3841 and ask for an Application for Changed Assessment form. Better yet, download a from from http://sbcounty.gov/assessmentappeals/. You must fill in your assessor's parcel number, assessor's value from your tax bill and your opinion of your home's current market value. This is best obtained by a Realtor. Be sure to pay your taxes until your appeal has been reviewed which may take some time. If your appeal is approved, you will receive a refund. An appeal can be applied for every year as long as values continue to decline.
The Chino Valley School District is one of the best in the Inland Empire and a big draw for home buyers in Chino and Chino Hills. Sending your child to a top rated school is just plain good parenting! The API score is the Academic Performance Index based on state tests taken every Spring. The numeric index ranges from the lowest at 200 to the highest at 1,000. The statewide target is 800.
Congratulations to Cortez, Gird, Rhodes, El Rancho, Dickey, Liberty, Dickson, Canyon Hills, Townsend, Los Serranos and Walnut schools for their substantial increase in scores! 
Here are the results of this year's testing and the corresponding change in API scores:
| | | 2008 | 2007 | Change |
| Elementary: | | | | |
| Borba | | | 775 | 785 | -10 |
| Briggs | | | 826 | 849 | -23 |
| Butterfield Ranch | | 897 | 903 | -6 |
| Cattle | | | 844 | 841 | 3 |
| Chaparral | | | 796 | 799 | -3 |
| Cortez | | | 809 | 766 | 43 |
| Country Springs | | 928 | 921 | 7 |
| Dickey | | | 734 | 702 | 32 |
| Dickson | | | 736 | 713 | 23 |
| Eagle Canyon | | 875 | 876 | -1 |
| El Rancho | | | 742 | 710 | 32 |
| Gird | | | 757 | 717 | 40 |
| Glenmeade | | 845 | 839 | 6 |
| Hidden Trails | | 901 | 900 | 1 |
| Liberty | | | 883 | 858 | 25 |
| Litel | | | 869 | 888 | -19 |
| Los Serranos | | 813 | 796 | 17 |
| Marshall | | | 747 | 768 | -21 |
| Newman | | | 766 | 772 | -6 |
| Oak Ridge | | 920 | 925 | -5 |
| Rhodes | | | 946 | 910 | 36 |
| Rolling Ridge | | 908 | 912 | -4 |
| Walnut | | | 763 | 749 | 14 |
| Wickman | | | 897 | 894 | 3 |
| | | | | |
| Junior High: | | | | |
| Canyon Hills | | 881 | 859 | 22 |
| Magnolia | | | 751 | 753 | -2 |
| Ramona | | | 710 | 727 | -17 |
| Townsend | | 838 | 820 | 18 |
| Woodcrest | | 743 | 734 | 9 |
| | | | | |
| High School: | | | | |
| Ayala | | | 792 | 799 | -7 |
| Chino | | | 618 | 662 | -44 |
| Chino Hills | | 770 | 779 | -9 |
| Don Lugo | | | 672 | 670 | 2 |
| | | | | |
| Alternative School: | | | | |
| Boys Republic | | 592 | unk | 0 |
| Buena Vista | | 445 | 469 | -24 |
| Chino Valley Learning | 351 | 402 | -51 |
The nation’s banks are in less danger of failing today than they were during the savings & loan crisis of the late 1980s and early 1990s, when more than 1,000 financial institutions failed and taxpayers funded a bailout totaling more than $125 billion. How does the current crisis compare? To date this year, only six lenders have failed and the Federal Deposit Insurance Corporation (FDIC) has only 90 banks on its "watch" list, compared with 575 banks in 1994. However, former FDIC Chair William Isaac recently called bank failures a "lagging indicator" rather than a "leading indicator" and predicted there will be more bank failures this year as lenders cope with subprime lending losses. Banks and loan servicers may be beginning to catch up with troubled loan workouts, but the numbers of borrowers who require assistance continues to rise. During the first six months of this year, Countrywide says it modified the terms of 86,000 loans, and Bank of America, which recently acquired Countrywide, reports that counselors are completing more than two workouts for every completed foreclosure. Hope Now, an alliance of lenders, says it conducted 70,000 loan modifications in May, although an estimated 85,000 families lost their homes that month. Even if loans are modified borrowers still may not be able to make their mortgage payment if they have lost a job, for example. According to a working group of the Conference of State Bank Supervisors, 32,000 loans that were modified in recent months already are delinquent again. That may be because few loan modifications actually result in lower monthly payments due to a cut in the principal loan balance. In California, only 1.3 percent of loan modifications involved such a reduction. IndyMac Bancorp’s new management, the Federal Deposit Insurance Corporation (FDIC), has halted foreclosures and said it is focusing on modifying existing loans to make them more affordable for IndyMac borrowers. The bank has about $15 billion in mortgage loans in its own portfolio and manages servicing for another $185 billion in mortgages owned by other institutions. FDIC officials said they were examining troubled loans contained in the broader servicing portfolio loan by loan to determine whether they can be modified. However, borrowers serviced by IndyMac who need help may want to move quickly: The FDIC hopes to sell the troubled thrift and its assets within 90 days. IndyMac reopened under federal oversight on Monday after regulators closed its doors on Friday. Last year, it ranked as the tenth-largest mortgage lender and eight-largest mortgage servicer in the county.
Here are a few notes on legal issues from the California Association of Realtors Board of Directors meeting in Sacramento on June 5, 2008.
REO and vacant properties are being rented by crooks. They collect the first and last months rent plus the security deposit and then skip town.
Some cities are cleaning up the REO properties and attaching liens against the title.
A lawyer group in the Monterey area is making offers to purchase short sale properties from the owners and promising to help them. They turn around and rent the property back to the owners for three years. The owners are offered to purchase the property at the end of the lease term or get a percentage of the profit when it is sold.
Some banks are requiring the short sale sellers to sign an affidavit that they were truthful in their original loan application and thus giving the banks the rights to go after them.
Watch out for REO addendums that give the unilateral cancellation rights to the lender up to the closing without cause.
Buyers should upgrade their title insurance policy when purchasing REO property.
In San Diego, a company is promising homeowners to rescue them from foreclosures by the use of "Land Grants". They are charging $10,000 to each homeowner and having the properties transferred to their names. After the transfer, they rent the properties back to them.
Some agents are charging the homeowners up to $2,000 in cash to help them with their short sales, foreclosures or loan modifications....watch out!
Some homeowners associations are charging from $250 to $1100 to produce the HOA documents.
Scam artists see the "NOD" as an invitation to come out and take advantage of the sellers in trouble.
When selling a home as a short sale, the owner should seek legal and tax advice (capital gains, phantom tax on the debt forgiveness, recapturing the depreciation and other possible issues),
A law firm up north is purchasing recourse 2nd trust deeds that were wiped and going after the borrowers.
Per DataQuick, foreclosures in California were at the highest level in the first quarter of 2008 in more than 15 years. The lending industry's irresponsible practices during the real estate boom in 2005 and 2006 are the main reason for foreclosures and declining home values.
"The main factor behind this foreclosure surge remains the decline in home values. Additionally, a lot of the 'loans-gone-wild' activity happened in late 2005 and 2006 and that's working its way through the system. The big 'if' right now is whether or not the economy is in recession. If it is, the foreclosure problem could spread beyond the current categories of dicey mortgages, and into mainstream home loans," said Marshall Prentice, DataQuick's president.
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