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June 2011 - Posts

Thursday, June 30, 2011 5:36 PM

IRS increases mileage rate

The IRS recently announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.
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Thursday, June 30, 2011 5:34 PM

Fraud Alert: California dominates mortgage fraud rankings

The Financial Crimes Enforcement Network (FinCEN) today, in its First Quarter 2011 Mortgage Loan Fraud (MLF) analysis, reported that the number of MLF suspicious activity reports (SARs) rose to 25,485, up 31 percent from 19,420 in the first quarter of
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Thursday, June 30, 2011 5:32 PM

Short Sale Soundoff: Citigroup offering incentives to short sale home

Citigroup's mortgage servicing branch CitiMortgage is offering an average of $12,000 to borrowers who complete a short sale this year. By comparison, the mortgage servicer was offering $1,500 payments on average in 2009, and $3,000-$5,000 payments
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Thursday, June 30, 2011 5:30 PM

FHFA House Price Index rises in April

U.S. house prices rose 0.8 percent on a seasonally adjusted basis from March to April, according to the Federal Housing Finance Agency’s monthly House Price Index. For the 12 months ending in April, U.S. prices fell 5.7 percent. The U.S. index is
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Thursday, June 30, 2011 5:28 PM

REALTORS®: New loan limit would hurt home sales

Orange County Register Unless Congress takes action, the current loan limits will expire on Sept. 30 and the cost of a mortgage could rise significantly, especially in high-cost areas such as California. Making sense of the story More than 30,000 California
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Thursday, June 30, 2011 5:26 PM

House Hunting Tips

Buying Points... When beginning the house hunt, some buyers go in blindly, not knowing how much house they can afford. Without this knowledge, buyers may find themselves viewing houses that aren’t within their budget. To prevent buyers from spending
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Thursday, June 30, 2011 5:24 PM

Home prices rise, snapping 8-month drop streak

CNNMoney The downward cycle in home prices broke in April after eight consecutive months of decline, according to the S&P/Case Shiller Indices. Read the full story
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Thursday, June 30, 2011 5:22 PM

Avoiding the misery of remodeling by choosing the right contractor

The New York Times As more people are turning to remodeling instead of moving – and with the decline in new construction meaning more eager contractors to choose from – it makes sense to know how to choose a general contractor. Read the full
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Thursday, June 30, 2011 5:18 PM

The tax man doesn’t want housing to recover

CNN During the housing boom, governments enjoyed windfalls from property taxes tied closely to home prices. But since the real estate bubble burst, the revenue stream officials had come to rely on to help pay for everything from education to roads has
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Monday, June 27, 2011 3:08 AM

Foreclosure myths, debunked

Although there are a number of programs available to help homeowners who have defaulted on their mortgages keep their home, the large amount of misinformation tends to result in troubled homeowners failing to contact their lender until it is too late.
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Thursday, June 23, 2011 8:36 AM

Home Price Index Fast Facts

Calif. median home price : May 2011: $$291,760 (Source: C.A.R.) Calif. highest median home price by region/county May 2011: San Mateo: $810,000 (Source: C.A.R.) Calif. lowest median home price by region/county May 2011: Merced $113,000 (Source: C.A.R.)
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Thursday, June 23, 2011 8:34 AM

Weekly Fraud Alert: FBI mortgage fraud website

From foreclosure frauds to subprime shenanigans, mortgage fraud is a growing crime threat that is hurting homeowners, businesses, and the national economy. The FBI has developed new ways to detect and combat mortgage fraud, including collecting and analyzing
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Thursday, June 23, 2011 8:33 AM

Updated HERS booklet now available

The California Energy Commission just released an updated 2011 Home Energy Rating Services (HERS) booklet with the following changes: Updated cover page Information on 2011 tax credits The 2011 updated edition of the HERS Booklet: What Is Your Home Energy
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Thursday, June 23, 2011 8:30 AM

California pending home sales rise in May on monthly and annual basis

California pending home sales rose in May, posting the first year-over-year increase in 18 months, C.A.R. reported Tuesday. C.A.R.’s Pending Home Sales Index (PHSI) was 118.3 in May, up 1.6 percent from April’s revised index of 116.4, based
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Friday, June 17, 2011 6:07 AM

California home sales, median home price decline in May

A weak economy and stringent financing conditions contributed to a slowdown in California home sales and median price during May, C.A.R. reported today. Home sales in May declined 5.8 percent from April and 14.4 percent from the previous year. Closed
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Friday, June 17, 2011 6:05 AM

Foreclosure activity slows in May, except in California

Foreclosure filing activity was down in May 2011, with fewer foreclosure filings in all states except California, where there was an increase in Notice of Trustee Sale filings, which may lead to more foreclosure sales in future months. Activity on the
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Friday, June 17, 2011 5:42 AM

June Market Snapshot

This month’s Market Snapshot , “The Price/Rate Trade-Off,” features: Which is better? A lower price or a higher rate? If home prices decline by 3 percent, the monthly PITI payment of a median-priced home in California in May, would decline
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Attachment(s): Market Snapshot June 2011.pdf
Friday, June 17, 2011 5:35 AM

Americans’ equity in their homes near a record low

YahooFinance Falling real estate prices are eating away at home equity. The percentage of their homes that Americans own is near its lowest point since World War II, the Federal Reserve said last week. The average homeowner now has 38 percent equity,
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Friday, June 17, 2011 5:34 AM

Three loan servicers penalized for mortgage modifications

San Diego Union-Tribune Three servicers – Bank of America, J.P. Morgan Chase Bank, and Wells Fargo Bank – are not making the grade in a federal program that modifies mortgages to help families stay in their homes, and, starting this month,
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Friday, June 17, 2011 5:30 AM

More loan servicers added to $2 billion mortgage-aid program

San Diego Union-Tribune More loan servicers are taking part in a $2 billion state effort to help low- to moderate-income homeowners avoid foreclosure. Read the full story
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Friday, June 17, 2011 5:29 AM

Some lenders allegedly deny mortgages to women on maternity leave

Los Angeles Times Two new legal actions by federal fair lending regulators suggest the mortgage industry needs to address the issue of possible discrimination against women who are pregnant or on maternity leave. Read the full story
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Friday, June 17, 2011 5:27 AM

Why investing in rentals could be a good move

MarketWatch As home prices fall and rents rise, some investors are plunking their money into real estate, chasing the cash flow that comes along with becoming a landlord. Read the full story
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Friday, June 17, 2011 5:26 AM

Short sales frustrating, but better than foreclosures

San Bernardino Sun As lenders grapple with the huge volumes of distressed properties and navigate the complex web of loan ownership created by bundling mortgages, transactions have stalled for months. Read the full story
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Friday, June 17, 2011 5:22 AM

California sales, prices snag in May

Inman News A weak economy and tightened financing conditions contributed to a slowdown in California home sales and median price during May, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported yesterday. Making sense of the story Home sales
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Thursday, June 09, 2011 5:15 PM

Avoid Falling Victim to Common Moving Industry Scams

Each year, about 15 million American households move, with the majority changing households between Memorial Day and Labor Day. Unfortunately, this same time period also is peak season for moving company scams. To avoid falling victim to common scams,
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Thursday, June 09, 2011 5:14 PM

Why it’s time to buy

The Wall Street Journal An index of sales agreements for previously occupied homes fell 11.6 percent last month to a reading of 81.9, the NATIONAL ASSOCIATION OF REALTORS® said Friday. A reading of 100 would be considered healthy. Read the full stor
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Thursday, June 09, 2011 5:12 PM

Will boomers and 20-somethings carry housing recovery?

San Diego Union-Tribune Baby boomers looking to downsize and young adults who can afford to finally move out will be key drivers of the residential recovery, says Harvard University’s state of the nation’s housing report, released Monday.
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Thursday, June 09, 2011 5:11 PM

Second Mortgage Misery

The Wall Street Journal Second-mortgage misery Almost 40 percent of homeowners who took out second mortgage – extracting cash from their residences to cover everything from vacations to medical bills – are underwater on their loans, more than
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Thursday, June 09, 2011 5:10 PM

Walk away from your mortgage? Time to get “ruthless”

CNN Money Walk away from your mortgage? Time to get “ruthless” In a recent survey by home finance company Fannie Mae, only about 27 percent of homeowners would consider walking away, that’s an increase from 15 percent last year. Read
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Thursday, June 09, 2011 5:08 PM

When the seller is the lender

The New York Times Mortgage underwriting is tight, and home sellers are anxious to unload properties into a stagnant market – it sounds as if it could be time to consider seller financing. Read the full story
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Thursday, June 09, 2011 5:06 PM

An old mortgage scam aims to hijack a payment or two

Los Angeles Times A mortgage scam in which con artists send letters telling borrowers they should begin sending their mortgage payments to a fictitious company that has begun servicing their loan, is making the rounds again. Unfortunately, by the time
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Thursday, June 09, 2011 6:42 AM

Single Story For Sale in Chino Hills

Rare Single Story with Large Lot • 1,584 sq. ft., 2 bath, 4 bdrm single story - MLS® $349,000 Chino Hills, San Bernardino County - Charming rare one story home in a prime area of Chino Hills close to shopping and schools. This lovely home features
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Thursday, June 09, 2011 6:34 AM

Fast Facts

Calif. median home price : April 2011: $293,570 (Source: C.A.R.) Calif. highest median home price by region/county April 2011: Marin $726,060 (Source: C.A.R.) Calif. lowest median home price by region/county April 2011: Merced $103,890 (Source: C.A.R.)
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Thursday, June 09, 2011 6:32 AM

Short Sale Soundoff: Lenders, sellers expected to lose $375 million due to short sales

A new study by CoreLogic shows banks and distressed home sellers will lose more than $375 million this year by selling undervalued houses to third-party buyers, which generally result in a quick sell and profit and tend to be fraudulent sales. According
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Thursday, June 09, 2011 6:29 AM

CAR.org wins prestigious award

C.A.R. was recently honored with an Outstanding Achievement Award by Interactive Media Awards (IMA) for its website, car.org. The Outstanding Achievement award is the second highest honor bestowed by IMA and an extremely challenging award to win. According
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Thursday, June 09, 2011 6:16 AM

GSEs complete more than 1.6 million foreclosure-prevention actions

Government-Sponsored Enterprises, Fannie Mae and Freddie Mac, have completed more than 1.6 million foreclosure-prevention actions since the beginning of conservatorship in the fourth quarter of 2008, with more than half of the actions resulting in loan
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Monday, June 06, 2011 7:33 AM

Beautiful Chino Hills Home - Back on the Market!

Stunning View Lot! • 2,529 sq. ft., 3 bath, 3 bdrm 2 story - MLS® $615,000 - Price Reduced! Chino Hills, San Bernardino County - Back on the market! Exquisite Chino Hills estate in prestigious Soquel Canyon. Located on a cul-d-sac, this meticulously
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Friday, June 03, 2011 3:44 AM

Short sales getting faster

Contra Costa Times 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,
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Friday, June 03, 2011 3:41 AM

Home prices: Double-dip confirmed

CNN Money Home prices hit another new low in the first quarter, down 5.1 percent from a year ago to levels not reached since 2002. It was the third straight quarterly drop for the S&P/Case-Shiller national home price index, which was released Tuesday.
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Friday, June 03, 2011 3:37 AM

Banks hit hurdle to foreclosures

Wall Street Journal 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
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Friday, June 03, 2011 3:33 AM

Home improvements that boost resale value

San Francisco Chronicle 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
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Thursday, June 02, 2011 4:00 AM

Weekly fraud alert: Federal audits accuse lenders of defrauding taxpayers

A set of confidential federal audits accuse the nation’s five largest mortgage companies – Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial – of defrauding taxpayers in their handling of foreclosures on homes
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Thursday, June 02, 2011 3:57 AM

Study: Homeowners who default on mortgage alone not a credit risk

A new TransUnion study revealed that consumers who only defaulted on their mortgage during the economic recession were far better risks than those consumers who went delinquent on multiple credit accounts, such as credit cards and auto loans. This was
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Thursday, June 02, 2011 3:55 AM

FHA, Fannie to allow qualified owners to refi into new mortgages for green upgrades

FHA and Fannie Mae have partnered to offer Green Refinance Plus, a program that allows owners of existing affordable rental housing properties to refinance into new mortgages that include funding for energy- and water-saving upgrades, along with other
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Thursday, June 02, 2011 3:53 AM

Home prices decline 4.2 percent in first quarter

The latest S&P/Case-Shiller Home Price Indices show that the U.S. National Home Price Index declined by 4.2 percent in the first quarter compared with the fourth quarter. Nationally, home prices are back to their mid-2002 levels. The S&P/Case-Shiller
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Wednesday, June 01, 2011 2:09 PM

April 2011 sales and price report - California home sales decline in April; median home price increases

LOS ANGELES – California home sales declined in April, while home prices increased, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally
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Wednesday, June 01, 2011 2:07 PM

A commuter tool to gauge gas costs

By Inman News For home buyers, real estate professionals, and others who are particularly worried about gas prices, a commute calculator at Cost2Drive.com can help to estimate their costs. The site asks users where they are going and what car they drive,
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