Welcome to Chino Hills California Real Estate, Gail Griffin Sign in | Help

March 2011 - Posts

Thursday, March 31, 2011 6:29 PM

Finance Site Now Offering Mortgage Tool

San Diego Tribune: Users of the popular persona-finance website Mint.com now can get loan offers from several lenders once they plug in specifics that include income, credit score, down payment, ZIP code and years they plan on living in the future home.
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Thursday, March 31, 2011 6:25 PM

Home Prices Near a Double Dip

CNN Money: January home prices fell for the sixth month in a row, edging closer to a double dip. The S&P/Case-Shiller home price index covering 20 major markets fell 3.1% year-over-year, hovering near the market's bottom set in April 2009. "January
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under:
Thursday, March 31, 2011 6:22 PM

Proposed Settlement Would Force Banks to Allow Short Sales for Delinquent Homeowners

LA Times : Major banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork, according to government
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Thursday, March 31, 2011 9:13 AM

C.A.R., NAR oppose down-payment requirement for QRM Exemption

On Tuesday, U.S. bank regulators submitted a proposal that would require lenders to originate mortgages with at least a 20 percent down payment if they want to repackage the loan to sell to other investors without keeping some of the risk on their books.
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under:
Thursday, March 31, 2011 9:06 AM

Weekly Fraud Alert: Tips to Avoid Loan Modification, Mortgage Relief Scams

The DRE recently issued a new Consumer Alert, providing tips to help consumers avoid falling victim to loan modification and mortgage relief scams. The typical scam involves the promise of a loan modification or other mortgage or foreclosure relief in
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Thursday, March 31, 2011 9:04 AM

First-time Home Buyer Credit and Tax Refunds Update

The IRS recently released information on processing issues that are impacting a small percentage of tax returns involving repayment of the First Time Homebuyer Credit (FTHB), primarily involving 2008 home purchases. While most of these returns are processing
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Thursday, March 31, 2011 9:01 AM

Study Explores Impact of Short Sale, Foreclosure on FICO Score

FICO recently released research findings that explore the impact short sales and foreclosures have on FICO scores. The study simulated various types of mortgage delinquencies on three representative credit bureau profiles of consumers scoring 680, 720,
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Thursday, March 31, 2011 8:55 AM

Call for Action: Protect the Mortgage Interest Deduction!

As part of its FY 2011 budget, the Obama administration has proposed limiting the value of the Mortgage Interest Deduction, which is being attacked as part of ongoing budget negotiations. On Monday, NAR issued a Call for Action urging REALTORS® to
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Thursday, March 24, 2011 7:11 AM

Weekly Fraud Alert - Rental Listings Lead to ID Theft

If it’s too good to be true, it probably is. More would-be renters are reporting that scammers are listing rental properties on Craigslist at extremely attractive prices, then using rental applications submitted by interested parties to steal the
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Thursday, March 24, 2011 7:09 AM

US Treasury to Begin Selling Its Remaining MBS Portfolio

The U.S. Dept. of the Treasury recently announced that it plans to sell up to $10 billion in agency-guaranteed mortgage-backed securities (MBS) per month, subject to market conditions. “We’re continuing to wind down the emergency programs
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Thursday, March 24, 2011 7:05 AM

NAHB: Home Buyers 31-45 Likely to Lead Home-buying Recovery

Generation X – young families and adults ages 31 to 45 – are likely to lead the home buying recovery as it gets underway, according to real estate experts who spoke at an educational webinar produced by the National Association of Home Builders
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Thursday, March 24, 2011 7:02 AM

Freddie Mac Videos Dispel Common Foreclosure Myths

Freddie Mac this week launched a series of videos aimed at helping consumers separate foreclosure fact from fiction. Each 90- to 120-second video, which can be viewed on Freddie Mac’s YouTube Channel dispels one of five common myths that may prevent
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Thursday, March 24, 2011 6:58 AM

California Pending Home Sales, Distressed Sales Rise in February

California pending home sales, distressed sales rise in February Pending home sales rose in February, as did the share of distressed properties sold, C.A.R. reported Monday. C.A.R.’s Pending Home Sales Index (PHSI) was 112.1 in February, rising
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Monday, March 21, 2011 6:47 AM

Chino Hills High School Wins Academic Decathalon!

Congratulations Chino Hills High School academic team! The Chino Hills High School Academic Team won first place in the division II at the United States Academic Decathlon championship held in Sacramento. The competition starts at the county level as
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Monday, March 21, 2011 6:26 AM

Goldspotted Oak Borer Threat to Oak Trees

The Goldspotted Oak Borer is a beetle that has killed thousands of oak trees in San Diego County and is a threat to our local trees. It has attacked older mature Coast Live Oaks, Canyon Live Oaks and California Black Oaks. There are thousands of Coast
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under:
Friday, March 18, 2011 11:02 AM

Home Prices Drop in February

Pasadena Star News: Following three months of sales gains, California home sales posted a weaker-than-expected performance and declined in February, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The statewide median price
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Friday, March 18, 2011 10:58 AM

Passing the Test on Canceled Mortgage Debt Has Tax Rewards

NYTimes: With hundreds of thousands of homeowners having negotiated loan modifications or short sales or been foreclosed upon during the past year, the Internal Revenue Service has issued fresh guidance on how to handle canceled mortgage debt in the upcoming
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Friday, March 18, 2011 10:54 AM

Average Rate on 15-Year Mortgage Dips Below 4 Percent

SF Chronicle: Fixed mortgage rates tumbled this week and the 15-year loan dipped below 4 percent for the first time in three months. Read full story...
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under:
Wednesday, March 16, 2011 6:08 PM

Foreclosure Filings Significantly Decline in California

Foreclosure filings in California dropped to levels not seen since late 2008 when governmental intervention temporary slowed the foreclosure filing process, according to a report from ForeclosureRadar. Notice of Default filings declined 12.8 percent month-over-month
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Wednesday, March 16, 2011 6:05 PM

Weekly Fraud Alert - Fake IRS Communications

The IRS receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes, or notices claiming to be from the Internal Revenue Service. Many of these scams fraudulently use the Internal Revenue Service name or logo
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Wednesday, March 16, 2011 6:03 PM

FHFA Grants HARP One-Year Extension

The Federal Housing Finance Agency announced this week a one-year extension of the Home Affordable Refinance Program (HARP), a refinancing program administered by Fannie Mae and Freddie Mac. The program was set to expire on June 30 of this year. Additionally,
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Wednesday, March 16, 2011 5:57 PM

California Home Sales-Median Price Decline in February

Following three consecutive months of sales gains, California home sales declined 9 percent in February to 497,660 units, compared with the previous month, on a seasonally adjusted annualized rate, according to C.A.R.’s February sales and price
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Friday, March 11, 2011 9:37 AM

New Rules for First-time Home Buyers

Without a house to sell, first-time buyers have had a field day in the depressed housing market. Until recently, anyway. A series of new rules, regulations, and policies have changed the landscape, making buying that new home harder and more expensive
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Friday, March 11, 2011 9:33 AM

FHA Powers What's Left of the Home Market - Wall Street Journal

As one of the few backers of low-down-payment mortgages in time of stringent lender underwriting, the Federal Housing Administration has become a primary means of financing for U.S. home buyers. Read full story...
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Friday, March 11, 2011 9:28 AM

Mortgage Practices Overhaul Proposed - Wall Street Journal

State and federal officials are pushing to more tightly regulate the way banks and other mortgage servicers treat struggling homeowners in a bid to stem foreclosures. Read full story...
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under:
Friday, March 11, 2011 9:25 AM

Banks Drag Feet on Short Sales, Survey Finds

L.A. Times : The CALIFORNIA ASSOCIATION OF REALTOR® (C.A.R.) published its findings of a survey this week, which show that tedious lender requirements and poor communication hamper short sales. MAKING SENSE OF THE STORY Fewer than three of five short
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Thursday, March 10, 2011 12:08 PM

House Votes to Eliminate 1099 Requirement for Small Businesses

The U.S. House of Representatives passed a bill last week to repeal a tax-reporting requirement (known as the 1099 provision) for small businesses, including landlords, in the 2010 health care overhaul law. The provision would have required millions of
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Thursday, March 10, 2011 12:02 PM

Weekly Fraud Alert: Selling a Mortgage

As most real estate professionals know, once originated, mortgages rarely remain with the original lender. As a result, a new type of fraud has recently come to light. In this type of scam, someone purports to be the new owner of a mortgage and sends
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Thursday, March 10, 2011 11:56 AM

Fewer Than Three of Five Short Sales Close in California - C.A.R.

LOS ANGELES (March 8) – Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures, according to a Short Sale Lender Satisfaction Survey
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Thursday, March 10, 2011 11:47 AM

C.A.R. open letter on short sales

This letter was published in the Bakersfield Californian, Fresno Bee, Los Angeles Times, Mercury News, Sacramento Bee, San Diego Union Tribune and the San Francisco Chronicle. March 10, 2011 An important message from the CALIFORNIA ASSOCIATION OF REALTORS®:
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Wednesday, March 09, 2011 4:32 PM

California Association of Realtors Open Letter Ad

On March 10, 2011, C.A.R. is placing an open letter advertisement in California’s seven largest daily newspapers, calling on lenders and industry regulators to streamline and improve the short sale process. C.A.R. is taking a leadership role in
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Friday, March 04, 2011 11:29 AM

Getting a Mortgage Before the Door Shuts!

If you have been sitting on the fence trying to decide whether to buy a new house or refinance a mortgage, you should act soon. New loans are starting to get costlier. The mortgage market is facing pressures from new laws and regulations, still-declining
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Friday, March 04, 2011 11:27 AM

Talking Points...

The U.S. mortgage-lending landscape has changed from the height of the real estate cycle, when many lenders generously offered zero-interest terms and no-down payment loans. Now, the situation is much different. Most lenders have more stringent lending
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Friday, March 04, 2011 11:20 AM

Only One in Four Got Mortgage Relief! WSJ

Just one in four of the 2.7 million homeowners who sought to participate in the Obama administration's signature mortgage assistance program have succeeded in getting their monthly payments reduced. The rest failed to qualify for the program or were
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Friday, March 04, 2011 11:17 AM

Why 2011 May be the End of the Housing Crash - The Wall Street Journal

There might finally be some good news this year about the nation's dismal housing market. Or, at least, the bad news could stop. Either way, it will be welcome relief for current homeowners as well as for potential real-estate investors. Reasons to
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Friday, March 04, 2011 10:55 AM

IRS Eases Rules on Property Liens for Delinquent Taxpayers

LA Times: The Internal Revenue Service says it’s trying to help people who are struggling to pay delinquent tax bills, so it’s reducing the number of property liens and easing rules for small businesses to enter into installment agreements.
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Friday, March 04, 2011 10:50 AM

Five signs that say “buy” - The Wall Street Journal

Home buyers sitting on the fence wondering if now is the right time to buy should consider five factors when making this decision: Jobs, recent sales activity, construction, mortgage availability, and anecdotal evidence. Each of these issues can help
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Thursday, March 03, 2011 9:36 AM

Green Tip of the Week: Energy Upgrade California

A new statewide program launched this week in California that will give homeowners rebates worth up to $4,000 if they make significant energy-efficient improvements to their house. More Info...
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Thursday, March 03, 2011 9:31 AM

Home Values Decline in Fourth Quarter

Freddie Mac’s Conventional Mortgage Home Price Index (CMHPI) declined 2.6 percent in the fourth quarter compared with the third quarter. U.S. home values decreased 4.3 percent compared with the fourth quarter a year ago. The CMHPI Classic Series,
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,
Thursday, March 03, 2011 9:26 AM

Weekly Fraud Alert: DRE issues new consumer alert

The California Department of Real Estate has issued a new consumer alert on what consumers can do to prevent themselves from becoming victims in real estate and home loan relief scams. The alert also is intended to remind consumers to be continually cautious
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,

Attachment(s): ConsumerAlert_ProtectYourselfFromGettingRippedOff.pdf
Thursday, March 03, 2011 9:22 AM

C.A.R. Reintroducing Anti-Deficienty Protection Bill

C.A.R. is sponsoring SB 458 (Corbett), a re-introduction of SB 1178 (Corbett) from 2010, which proposes to extend anti-deficiency protections to cover the refinance of purchase money mortgages that include debt incurred to acquire, construct or improve
Posted by Gail Griffin, GRI, e-PRO | 0 Comments
Filed under: ,