May 18, 2010
La Jolla, CA---Southern California’s housing market leveled off last month as sales activity migrated ever-so-slightly from inland bargain areas toward entry- and mid-market neighborhoods closer to the coast. The overall median price was unchanged from the month before, but it jumped compared with April 2009’s low point, a real estate information service reported.
Sales of new and resale homes totaled 20,299 in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 0.9 percent from 20,476 in March, and down 1.0 percent from 20,514 for April 2009, according to MDA DataQuick of San Diego. Read More...
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Curt Hagman's Assembly Bill 1988 passed the Assembly last week and if passed by the state Senate and signed by the Governor, will eliminate the $8 million penalty the state Department of Education can charge the Chino Valley Unified School District for an accounting error during the 2008-2009 school year. The error occurred when two elementary schools, Doris Dickson and Rolling Ridge did not correctly account instructional time required for students. The instructional time was short 170 minutes over a period of 34 days. Curt's Bill will cut the makeup time to 10 days rather than 34 days thus absolve the district's penalty. The Board of Education denied the district's attempt to make up the missed time by requiring the students to attend summer school or do study time at home last year. District officials are also appealing the Board of Education to minimize the penalty.
Turn Key
• 1,188 sq. ft., 2 bath, 2 bdrm 2 story - 
MLS® $199,900 27657 Rim of the World Dr., Lake Arrowhead
Crest Park, Lake Arrowhead - Open House Sunday, May 30 from 9:30 AM to 4:00 PM. Adorable mountain cottage ideally located just off of Rim of the World Highway near the high school and 1.5 miles from Lake Arrowhead Village . This home is a must see with an upgraded kitchen, large fireplace with forced air heatalater, two spacious bedrooms, upgraded interior electrical and insulation, ceramic tile floors, berber carpet, 1 year old roof with 50 yr. warranty, newly installed retaining wall on large freshly stained deck, fenced double lot parcel with a gently sloped side lot, fresh exterior paint, build-up area with washer and dryer hookups and wine cellar/cooler, storage shed, gently sloped driveway and a county plowed road. Effective year built is 1975. Don't hesitate, this lovely ideally located cottage won't last! Seller is including all kitchen appliances and kitchen table. Newer snow blower negotiable
Property information
1. Short Sale Time Frames
If you are not in a hurry, short sales can be great buys! They may take from three to six months or more to purchase depending on the short sale situation. Short sale homeowners with mortgage liens from two different banks will most likely take longer for bank approval and can be much more complicated. Be sure to ask your agent if the home of interest has more than one lien holder.
2. Getting an Accepted Offer
Multiple offers are common in the market now, which means you will compete with other buyers. It is therefore very important to submit a strong, attractive and thorough offer! This means a pre-approval letter preferably from a direct lender including high FICO scores, proof of funds (down payment), reasonable earnest deposit, and an accurately prepared offer with applicable addendums. Short sales are often listed below market value to quickly engage buyers. Keep in mind, the accepted price of the home will ultimately be determined by the bank and will almost always be at market value.
3. Back-up Offers
Back-ups are offers that were not originally accepted and are being held by the listing agent on behalf of the seller should the current escrow fail or the buyer back out of the purchase. Many short sales take a long time to obtain lender approval. The buyer often gets impatient, or makes multiple short sale offers and changes their mind if during the wait, another home comes available they like better. When this happens, the listing agent will call the buyer’s agents that previously submitted offers, (back-ups) for the home before putting it back on the market. This happens quite often, so making back-up offers can lead to a successful purchase.
4. Accepted Offers
When your offer is accepted on a short sale, it is sent by the listing agent with the seller’s short sale package to the lien holder for short sale approval. There are thousands of short sale packages sent to banks every day. Banks have difficulty dealing with the volume of requests which is the main reason short sales take so long. Most, but not all brokers open an “accommodation escrow” during this waiting period which is the correct way to handle a short sale transaction. Escrow will be in a holding pattern until approval is received from the lender. The escrow holder may prepare escrow instructions for the principles as well as complete other documents and procedures during the wait, possibly catching any problems that may occur ahead of time. Once approval is received from the lien holders, escrow is completed.
5. Bank Approval
The first lien holder will demand a net proceeds amount at the close of the sale based on the broker’s price opinion (BPO) and other factors. Additional liens such as homeowners associations, tax liens, and mechanics liens must be paid before escrow can close. If these liens are extensive they will make it difficult to meet the lender’s net proceeds demand. In such cases, it can be necessary for the buyer and seller to contribute funds to satisfy the bank’s demands in order to complete the sale.
6. Short Sale Certification
Short sales are more likely to close if handled by an agent with short sale experience or a certified short sale specialist. Be sure your agent checks the experience of the listing agent for short sale listings in which you are interested. Buyer’s agents with short sale experience will also add to the likelihood of success on a short sale transaction.
7. Follow up
Your agent should follow up with you at least once a week or so during the waiting period and contact you with progressive actions, updates and communications.
8. Terms & Conditions
Most short sale listings are listed “as-is” which means the seller will do no repairs. Professional property inspections are highly recommended and should always be done on the purchase of any home. Although the seller has indicated no repairs will be done, health and safety issues must legally be addressed and solved by the seller. Banks will most likely take these issues in consideration in order to sell the property.
Many homeowners are facing foreclosure and attempting a short sale of their home to reduce the damage to their credit. Foreclosure will result in four years to gain back credit recovery compared to two years after a short sale. Currently, California law specifies if the homeowner defaults on their mortgage loan that was used to purchase their home, "purchase money loan", the liability is limited to the value of the home only. Therefore if the home forecloses, the lender cannot demand any more from the homeowner other than the home itself. However, should the homeowner refinance the original loan, the law no longer applies. Thus, if the home forecloses on a refinanced loan or a line of credit used to improve the home, the lender can sue the homeowner for the balance (deficiency) of the loan amount greater than the value of the property. For example, if the homeowner's refinanced mortgage was $350,000 and the home foreclosed at a value of $250,000, the former homowner could be liable for the $100,000 deficiency. This is also true on a short sale with a refinanced mortgage or line of credit used to improve the property.
The California Association of Realtors is sponsoring Senate Bill 1178 by State Senator Ellen Corbett (D-San Leandro) which will extend anti-deficiency protecton for consumers who have refinanced their original purchase money loans and now facing foreclosure. For more information on the bill, C.A.R has created a video for more informaton on the Bill.
ChinoHills.com just released this article...
"Concrete sign of mosquito-borne disease in our area"
May 17, 2010 - The West Valley Mosquito and Vector Control District has received confirmation that mosquitoes collected from the Southwest corner of Chino, near Euclid and the 71 freeway, have tested positive for the presence of West Nile virus. The mosquitoes were collected on May 4th, using a carbon dioxide-baited trap. This type of trap attracts female mosquitoes looking for blood meals.
District Manager Min-Lee Cheng, Ph. D., said, "This is a significant find. We have concerns that given the current weather trends, early rainfall, and high foreclosure rates in our area, that West Nile virus transmission could be higher this summer. This is the first concrete sign of mosquito-borne disease in our area this year."
Read more...
Warmington Homes has just released their preliminary floor plans for their Elements at Pine Valley, a gated community near Western Hills Golf Course. Construction will begin soon and models should be completed by this Fall. There will be about 56 single family homes approximately 2,800 to 3,200 sq.ft with 4 to 6 bedrooms. Prices are expected to start at the upper $700's. The development will be adjacent to Pine Valley Estates.
While showing homes driving the neighborhood on our way to one of the listings on our itinerary, my client saw a sign on another home and asked, "What about that home and why was't it on our list? Can we see it too?" Here are some reasons why the home did not show up on the MLS or was not included in the properties sent via email from the MLS.
The home may be listed over their price range.
The home may be in escrow.
The home may be listed by an out of area agent and not listed on our local MLS.
The home may not meet the specific criteria requested, i.e, not enough bedrooms, or lot is too small.
Homes are often overpriced and thus will not show up in the listings sent to the buyer. If it is over the price range filtered on the client's criteria for automated emailed listings, it will not be emailed from the MLS. If the buyer requests criteria filtered to return homes with at least 4 bedrooms, homes listed with 3 bedrooms will not be included in the client's listings emailed daily from the MLS. If the home was listed by an out of area agent and that agent did not list the home on the local MLS, it did not show up on the listings sent. It will then be necessary to look up the home on the reciprocal MLS to see if it is in the price range, fits the criteria and if there are any needed appointments to show it.
Agents will almost always leave their sign on the property after the home has opened escrow and until it closes. The transaction may fall out of escrow and the agent does not want to re-install the sign should that happen. The agent should, however, put a "sold" flyer on the sign when in escrow.
Have a question? Contact Gail.
Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
Please click on this link to view the MAY-2010 Newsletter Newsletter Housing Trends eNewsletter:
The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.
It also includes press releases with charts and videos, key market indicators and real estate sales and price statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.
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Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.
Sincerely yours,
Gail Griffin
Evergreen Realty & Assocites
860 W. Imperial Highway, Suite N Brea CA 92821
909-952-9515
www.chinohillsestates.com
Turn Key
• 1,188 sq. ft., 2 bath, 2 bdrm 2 story - MLS® $199,900
Crest Park, Lake Arrowhead - Adorable mountain cottage ideally located just off of Rim of the World Highway near the high school and 1.5 miles from Lake Arrowhead Village . This home is a must see with an upgraded kitchen, large fireplace with forced air heatalater, two spacious bedrooms, upgraded interior electrical and insulation, ceramic tile floors, berber carpet, 1 year old roof with 50 yr. warranty, newly installed retaining wall on large freshly stained deck, fenced double lot parcel with a gently sloped side lot, fresh exterior paint, build-up area with washer and dryer hookups and wine cellar/cooler, storage shed, gently sloped driveway and a county plowed road. Don't hesitate, this lovely ideally located cottage won't last! Seller is including all kitchen appliances and kitchen table.
Property information
 | The Inland Empire Area Market Report Mar-10
Source: Multi Regional Multiple Listing Service, Inc. | Multi Regional Multiple Listing Service, Inc. reports median single-family home price up 3.3% in Mar-10 over Feb-10, sales continue to climb to 4,727. Mar-10 Quick Facts: - The median price of existing single-family homes increased to $222,000 up 3.3% vs Feb-10
- Existing single-family home sales increased 27.2% from Feb-10 for a Mar-10 total of 4,727
- Condos increased in price to $209,000 up 4.5% vs Feb-10
- Existing condo sales increased 37.6% in Mar-10 over Feb-10 for a total of 706
| | | Powered by Clarus MarketMetrics® |
Mar-10 Multi Regional Multiple Listing Service, Inc. Regional Sales and Price Activity | Multi Regional Multiple Listing Service, Inc. | Median Price | Percent Change in Price from Prior Month | Percent Change in Price from Prior Year | Total # Units | Percent Change in Sales from Prior Month | Percent Change in Sales from Prior Year | | | Mar-10 | Feb-10 | Mar-09 | Mar-10 | Feb-10 | Mar-09 | | MLS Wide | | | | | | | | MRMLS (Single Family) | $222,000 | 3.3% | 11.0% | 4,727 | 27.2% | -18.2% | | MRMLS (Condo) | $209,000 | 4.5% | -2.8% | 706 | 37.6% | 15.9% | | | | | | | | | | MRMLS Region Cities | | | | | | | | Single Family Only | | | | | | | | Adelanto | $85,000 | 6.3% | -4.5% | 21 | 5.0% | -16.0% | | Apple Valley | $133,000 | 36.4% | 3.9% | 32 | 0.0% | 28.0% | | Arcadia | $879,000 | 9.9% | 38.4% | 19 | 26.7% | 35.7% | | Banning | $114,000 | -3.4% | 42.5% | 32 | -20.0% | -38.5% | | Beaumont | $214,200 | 9.8% | 8.8% | 52 | 6.1% | -10.3% | | Chino | $300,000 | -1.6% | 3.5% | 51 | 59.4% | 70.0% | | Chino Hills | $445,000 | 14.1% | 0.0% | 61 | 29.8% | 79.4% | | Colton | $115,000 | -11.5% | -10.5% | 32 | -27.3% | -46.7% | | Corona | $320,000 | -4.5% | 6.7% | 205 | 25.0% | -34.7% | | Covina | $325,000 | -0.8% | -4.4% | 39 | 14.7% | -17.0% | | Fontana | $200,000 | -4.8% | 5.3% | 242 | 28.0% | -23.7% | | Glendale | $705,000 | 48.4% | -2.9% | 2 | 100.0% | -92.6% | | Hemet | $119,900 | 0.8% | 2.1% | 117 | 9.3% | -23.0% | | Hesperia | $126,500 | 1.2% | 2.0% | 60 | 20.0% | -29.4% | | Highland | $169,000 | 5.6% | 47.9% | 61 | 96.8% | -25.6% | | La Puente | $234,000 | -6.4% | 1.7% | 36 | 28.6% | -29.4% | | Lake Elsinore | $194,000 | 4.9% | 7.8% | 114 | 22.6% | -17.4% | | Los Angeles | $190,000 | -13.2% | -25.5% | 96 | 24.7% | -3.0% | | Menifee | $196,750 | -1.6% | -2.2% | 104 | 50.7% | 18.2% | | Moreno Valley | $155,000 | 3.3% | 16.1% | 252 | 25.4% | -45.9% | | Murrieta | $240,000 | -6.1% | -0.3% | 171 | 40.2% | -26.9% | | Ontario | $226,520 | 0.7% | 5.4% | 93 | 25.7% | -8.8% | | Pasadena | $550,000 | -1.8% | -3.5% | 9 | -10.0% | -81.6% | | Perris | $144,500 | 3.2% | 1.8% | 136 | 34.6% | -37.9% | | Pomona | $220,500 | 3.5% | 13.1% | 80 | 56.9% | -3.6% | | Rancho Cucamonga | $335,000 | -0.4% | 7.6% | 111 | 46.1% | 0.9% | | Redlands | $226,500 | -0.5% | -13.9% | 42 | 16.7% | 7.7% | | Rialto | $156,000 | 4.0% | 7.6% | 107 | 30.5% | -10.1% | | Riverside | $195,000 | -8.0% | 8.3% | 327 | 26.3% | -28.4% | | San Bernardino | $95,000 | 2.8% | 17.3% | 189 | 11.2% | -36.8% | | San Jacinto | $145,000 | 2.1% | 18.9% | 71 | 10.9% | -21.1% | | Sun City | $122,500 | -5.8% | -4.8% | 44 | 22.2% | -8.3% | | Temecula | $272,500 | -0.9% | 8.8% | 159 | 19.6% | -5.4% | | Torrance | $595,000 | 3.2% | 13.3% | 59 | 84.4% | 43.9% | | Upland | $399,500 | 1.2% | 16.5% | 50 | 66.7% | -7.4% | | Victorville | $120,000 | 7.6% | 5.3% | 81 | 39.7% | -25.7% | | West Covina | $375,000 | -7.4% | 6.4% | 46 | 109.1% | 21.1% | | Wildomar | $245,000 | 11.4% | 6.5% | 31 | 10.7% | -47.5% | | Winchester | $246,750 | 2.8% | 5.5% | 38 | -22.4% | -17.4% | | Yucaipa | $202,000 | -0.7% | -10.4% | 59 | 63.9% | 18.0% |
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Single Family = Single-Family, Cabin
Condo = Condo, Stock Cooperative, Townhouse
Reports generated from Clarus MarketMetrics�
For regular market updates, subscribe to my Housing Trends e-Newsletter.
The MRMLS delivers, through local member associations, the most affordable, reliable, and convenient listing technology service available, and to provide products and services that support REALTORS� in maximizing use of property data to achieve business goals. Representing nearly 30,000 MLS subscribers, MRMLS is governed by the brokerage community, and owned by Inland Valleys, Tri-Counties, Palos Verdes Peninsula, Arcadia, Citrus Valley, East Valley, Inglewood, Montebello, South Bay, Southwest Riverside County, The Inland Gateway, and West San Gabriel Valley Associations of REALTORS�.
More Incremental Gains for Southland Real Estate Market
April 13, 2010
La Jolla, CA---Home sales and prices continued their steady but pokey climb up from the bottom in Southern California last month as buyers scrambled to take advantage of low prices and low mortgage interest rates. The market is still tilted toward low-cost distress sales, but not by as much as previously, a real estate information service reported.
A total of 20,476 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 33.3 percent from 15,359 in February, and up 5.0 percent from 19,506 in March 2009, according to MDA DataQuick of San Diego.
Sales always go up from February to March. Last month was the 21st in a row with a year-over-year sales increase. The March sales average is 24,936 going back to 1988, when DataQuick’s statistics begin. Read More...
La Jolla, CA.--Lending institutions started formal foreclosure proceedings on fewer California homes last quarter. It is unclear how much of the drop can be attributed to shifts in market conditions, and how much is because of changing policies, a real estate information service reported.
A total of 81,054 Notices of Default ("NODs") were recorded at county recorder offices during the January-to-March period. That was down 4.2 percent from 84,568 for the prior quarter, and down 40.2 percent from 135,431 in first-quarter 2009, according to San Diego-based MDA DataQuick. Read more....
Cortez, Country Springs and Eagle Canyon elementary schools in the Chino Valley Unified School District have been awarded the California Distinguished School Awards for their academic excellence! This is the first award for Cortez which also received a Title 1 Academic Achievement Award recognizing its significant progress on statewide test scores. This is the third time Country Springs has earned the award having previously earned it in 2000 and 2006.The California School Boards Association awarded Country Springs the Golden Bell Award in 2008 and in 2006 the school was named a National Blue Ribbon School which is the nation's highest honor! Eagle Canyon was also awarded the Distinguished School Award in 1997. Congratulations to the students, teachers and administration for their achievements in excellence!
Stonefield Development plans to build custom homes in Vellano soon. The company will hold an open house at the Vellano clubhouse on Saturday, January 30, 2010 from 11:00 a.m to 4:00 p.m presenting the custom home gallery. The company has also been approved by Chino Hills to build 28 homes in Carbon Canyon at Fairway Drive and Carbon Canyon Road This has resulted in controversy among Carbon Canyon homeowners in the area because of the manufactured slopes Stonefield plans to create to make the pads level with the road. Caltrans is demanding Carbon Canyon Road be widened which will cost the company around $1.2 million. For more information about Stonefield Development,
click here.