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May 2012 - Posts

Saturday, May 26, 2012 3:33 PM

Home Price Stats and Facts for April

Calif. median home price : April 2012: $308,050 (Source: C.A.R.) Calif. highest median home price by region/county April 2012: Marin, $783,850 (Source: C.A.R.) Calif. lowest median home price by region/county April 2012: Siskiyou County, $103,330 (Source:
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Saturday, May 26, 2012 3:30 PM

App lets homeowners compare energy use with neighbors

Facebook, the Natural Resources Defense Council (NRDC) and Opower have joined with 16 utilities to launch a social energy app that leverages the Facebook platform to allow people to quickly and easily start benchmarking their home’s energy usage
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Saturday, May 26, 2012 3:26 PM

Nationwide housing affordability reaches new record high

Nationwide housing affordability hit a new record high for a second consecutive quarter in the first three months of this year, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). Yet tight lending
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Saturday, May 26, 2012 3:24 PM

Short Sale Soundoff: Update to the BofA Third-Party Authorization Form

As announced earlier, Bank of America will now only accept its own standardized Third-Party Authorization form. This two-page document requires signed acknowledgments from all borrowers and designated representatives to the short sale. The form has been
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Saturday, May 26, 2012 3:22 PM

HUD: Counseling prepares families for homeownership, stay in homes

The U.S. Dept. of Housing and Urban Development (HUD) has released two reports on the impact HUD-approved housing counseling has for those families who purchase their first homes and those struggling to prevent foreclosure. In both studies, HUD found
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Saturday, May 26, 2012 3:17 PM

Investors Take Caution

Talking Points With banks looking to unload not only homes they’ve repossessed but homes with delinquent mortgages, they are courting more investors. However, investors should take caution, especially in some of the nation’s hottest foreclosure
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Saturday, May 26, 2012 3:16 PM

FHA new foreclosures jump as modified loans default

Bloomberg News The number of Federal Housing Administration-insured home loans entering foreclosure jumped in March after half the mortgages it modified to ease repayment terms were in default again a year or more later. Read the full story
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Saturday, May 26, 2012 3:14 PM

Mortgage settlement could go in state’s budget hole

San Francisco Chronicle In his revised 2012-13 budget released last week, Gov. Jerry’s Brown proposed using most of the state’s $411 million in revenue coming to the state as part of the national mortgage settlement to help shrink the general
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Saturday, May 26, 2012 3:13 PM

Foreclosure activity sinks to a five-year low

The Los Angeles Times Foreclosure filings – default notices, scheduled auctions, and bank repossessions – were logged on 18,780 homes in April, according to RealtyTrac. That was a drop of 5 percent from the prior month and a 14 percent decline
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Saturday, May 26, 2012 3:12 PM

Home sales surge in April

CNNMoney Sales hit 4.62 million homes in April, rising 3.4 percent compared with a month earlier and up 10 percent from April 2011, according to the NATIONAL ASSOCIATION OF REALTORS®. Read the full story
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Saturday, May 26, 2012 3:11 PM

Why this may be the ideal time to buy real estate

Time Magazine For home buyers thinking about making a move on a piece of property, right now is possibly the best time. Buyers can still take advantage of low prices in most places around the country, and mortgage rates are at once-in-a-lifetime record
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Saturday, May 26, 2012 3:09 PM

How to pump up your credit score

The New York Times To avoid another real estate bubble, many lenders have tightened their mortgage requirements. According to a report by the Federal Reserve, a majority of banks are less likely to offer loans to people with a FICO score of 620 and a
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Friday, May 18, 2012 7:50 AM

Seller Tip - What Offer to Accept

Talking Points Most real estate professionals agree that the first offer sellers receive on their home is usually the best offer. Of course, this isn’t true in every situation, but there are reasons why agents believe this, and why they often suggest
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Friday, May 18, 2012 7:49 AM

Shopping for loans online

The New York Times Shopping for a mortgage online can save borrowers a lot of time, and possibly money if they find the right deal. But working with these so-called online marketplaces can also be overwhelming for some people, especially as the various
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Friday, May 18, 2012 7:48 AM

More mortgage reductions in California?

San Diego Union-Tribune Officials with Keep Your Home California, which gives out mortgage aid, announced last week that it now allows Freddie Mac and Fannie Mae to participate in the $2 billion state program. Read the full story
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Friday, May 18, 2012 7:45 AM

Mortgage deal cash is divvied

Los Angeles Times About half of the $410 million flowing into California’s coffers from the national mortgage settlement with major banks will be pumped into the state’s housing counselors and legal services agencies that help struggling homeowners.
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Friday, May 18, 2012 7:43 AM

Shadow inventory: 46 months to clear distressed housing supply

DSNews It will take 46 months to clear the market’s supply of distressed homes, or the shadow inventory, according to estimates from Standard & Poor’s Rating Services based on first-quarter 2012 data. Read the full story
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Friday, May 18, 2012 7:41 AM

Lenders are using a variety of tools to prevent mortgage fraud

The Los Angeles Times Borrowers considering inflating their income, even just a tad, checking the box to indicate they plan to live in the home when they’re not, or exaggerating their job description better think twice. Lenders are turning to websites
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Thursday, May 17, 2012 1:44 PM

Internet crime increases in 2011

According to a report by the Internet Crime Complaint Center (IC3), 2011 marked the third consecutive year that the IC3 received more than 300,000 complaints. The 314,246 complaints represent a 3.4 percent increase over 2010. The reported dollar loss
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Thursday, May 17, 2012 1:42 PM

Housing affordability reaches all-time high in Q1 2012

Housing affordability in California set a new record high in first quarter 2012 rising to 56 percent, according to C.A.R.’s first quarter Housing Affordability Index. The increase can be attributed to record-low interest rates and stabilization
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Thursday, May 17, 2012 1:40 PM

Short Sale Soundoff: BofA increases relocation assistance payments

Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – from $2,500 to $30,000 – at the completion of a qualifying short sale. To qualify for the enhanced
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Thursday, May 17, 2012 1:37 PM

Website helps homeowners, buyers protect the “American Dream”

Despite the fact that Americans overwhelmingly support homeownership, legislative and regulatory proposals now under consideration would greatly harm homeowners, home buyers, the housing market, and the nation's economy, according to the National
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Wednesday, May 16, 2012 2:50 PM

Gateway Center in Chino Hills to Expand

The Gateway Village shopping center where Sprouts and Chili's are located will be expanded north of the Lindora Medical Weight Loss Clinic west of the freeway on Grand Avenue. There will be a major chain that will occupy 10,000 square feet of a new
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Friday, May 11, 2012 6:51 AM

B of A extends modification offers

Bank of America Home Loans has begun reaching out to customers who may be eligible for forgiveness of a portion of the principal balance on their mortgage under terms of a recent settlement among five major banks, 49 state attorneys general, and the federal
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Friday, May 11, 2012 6:44 AM

B of A Refines Process for Valuation Disputes

Process Refined for Valuation Disputes Bank of America has refined the process for settling valuation disputes during a short sale. The value of a property is established by independent third-party vendors shortly after a short sale is initiated. Occasionally,
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Friday, May 11, 2012 6:41 AM

C.A.R. fights fraud with new video PSAs

In response to reports of increasing mortgage fraud, C.A.R. has created public service announcements (PSAs) to educate homeowners and warn consumers about the risks of being scammed by third parties, such as those that promise loan modifications for an
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Friday, May 11, 2012 6:39 AM

Don't Borrow During Escrow!

Talking Points It has become standard practice for lenders to check borrowers’ credit scores in the weeks leading up to the closing, sometimes even the day prior to closing. Large purchases can use up a considerable proportion of a borrower’s
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Friday, May 11, 2012 6:38 AM

Borrowers face big delays in refinancing mortgages

The Wall Street Journal Clogged mortgage pipelines have created headaches for hundreds of thousands of Americans trying to take advantage of low mortgage rates. Read the full story
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Friday, May 11, 2012 6:36 AM

BofA begins contacting distressed homeowners about principal cuts

Los Angeles Times As part of a foreclosure-abuse settlement, Bank of America has started notifying about 200,000 borrowers that they may qualify for reductions of as much as $100,000 on their mortgage balances. Read the full story
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Friday, May 11, 2012 6:35 AM

Consumer bureau targets predatory lending

CNNMoney The Consumer Financial Protection Bureau said Wednesday that it is considering a new set of rules that will focus on mortgage points and fees, the current complexity of which can make it difficult for home buyers to assess different loan offers.
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Friday, May 11, 2012 6:34 AM

That new foreclosure tsnuami? Still waiting

The Wall Street Journal For at least the last six months or so, a lot of peope were talking about a “new wave” of foreclosures threatening to smother the U.S. housing market in gloom once again. However, according to data released this week
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Friday, May 11, 2012 6:32 AM

Another record low for mortgage rates

CNNMoney The rate on 30-year mortgages averaged 3.83 percent this week, Freddie Mac reported Thursday. Last year at this time, it stood at 4.63 percent. Read the full story
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Friday, May 11, 2012 6:31 AM

Mortgage-aid revisions paying off for lenders and some borrowers

Los Angeles Times Changes to streamline the Home Affordable Refinance Program are helping some underwater homeowners get lower-interest loans. Those still-above-market rates, meanwhile, are boosting banks’ profits. Read the full story
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Friday, May 11, 2012 6:30 AM

Freddie Mac to eliminate fee on deeply underwater loan refis

The Wall Street Journal In the latest bid to help homeowners hit by the housing crash, Freddie Mac is set to drop a fee associated with refinancing deeply underwater loans. Read the full story
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Friday, May 11, 2012 6:27 AM

When to refinance again

The New York Times Those who refinanced their mortgages a year or so ago, when interest rates averaged just below 5 percent for a 30-year fixed-rate loan, may be wondering whether it’s time to refinance yet again now that rates are at least a full
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Thursday, May 03, 2012 5:54 PM

Cash Incentives Attract Buyers

Points Home sellers looking for additional incentives to attract home buyers may want to talk to their REALTOR® about offering cash incentives. No matter how perfect a house may seem to the seller, the new owners will want to change something about
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Thursday, May 03, 2012 5:52 PM

New guidelines are a tall order for short sales

San Francisco Chronicle Fannie Mae and Freddie Mac have issued new guidelines designed to speed up short sales and make them more consistent, but real estate agents question whether they are achievable in the real world. Read the full story
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Thursday, May 03, 2012 5:51 PM

FHFA delays principal reduction ruling

HousingWire The Federal Housing Finance Agency delayed its decision to allow principal reduction on Fannie Mae and Freddie Mac mortgages. Read the full story
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Thursday, May 03, 2012 5:50 PM

U.S. homeownership rate at 15-year low

The Los Angeles Times High foreclosure rates and a strong rental market pushed the homeownership rate in the U.S. to a 15-year low, even as projections for the housing market few brighter. Read the full story
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Thursday, May 03, 2012 5:48 PM

Avoiding mortgage relief scams

The New York Times The offers seem like answers to the prayers of a struggling homeowner: A promise of legal tactics to forestall foreclosure, reduce mortgage balances and interest rates, or restore credit. But these so-called mass joinder lawsuits being
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Thursday, May 03, 2012 4:32 PM

New stores to open at The Shoppes in Chino Hills

Dillion's Irish Restaurant and Pub recently opened in March as well as a hat store... Caps, Untd . Two more retail stores will open this summer at The Shoppes, Charming Charlie , a jewelry and accessories stores, and eCosway , a retailer selling private
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Thursday, May 03, 2012 4:31 PM

Tip of the Week: C.A.R. adds consumer fraud information to car.org

With the recent landmark National Mortgage Settlement between the nation’s five largest real estate loan servicers and state attorneys general over faulty foreclosure practices, troubled homeowners are at risk of falling victim to scam artists offering
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Thursday, May 03, 2012 4:26 PM

Economists say housing outlook continues to slowly brighten

Mirroring the uneven economic recovery, the housing market is expected to move in a slow, gradual upward path in 2012, while encountering its share of speed bumps along the road, according to a forecast presented by the National Association of Home Builders
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Thursday, May 03, 2012 4:23 PM

Homeownership, vacancy rate decline slightly in Q1

National vacancy rates in the first quarter of 2012 were 8.8 percent for rental housing and 2.2 percent for homeowner housing, according to the Department of Commerce’s Census Bureau. The rental vacancy rate of 8.8 percent was 0.9 percentage points
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