Open House!

We have A New Listing...
and will be holding it open this Sunday


3096 Conquista Ave.

3 BR / 2 BA / 1,308 SQFT
$455,000


Please stop by this Sunday October 31
We will be there 1pm to 4pm

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5 Bedrooms!

3802 Palo Verde Ave.



5 Bedrooms / 2 Baths / 2,096 SQFT
$499,900

Please email or call us if you know anybody looking for a large home!

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Short Sales Resisted as Foreclosures Are Revived

Read the NY Times article...


http://www.nytimes.com/2010/10/25/business/25short.html?ref=us


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90815 Stats

Average Sales Price in 90815



Click here for more housing statistics for 90815

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90808 Homes On Market Stats

Click here for more housing statistics for 90808

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Some Major Banks Are Halting Foreclosures.

California to join multistate inquiry of foreclosures by banks

In late September and early October several major lending institutions began voluntarily halting foreclosures in select states while they reviewed their foreclosure processes. This action is in response to findings that questioned whether some lenders/servicers were following the correct procedures to foreclose on a property.

MAKING SENSE OF THE STORY FOR CONSUMERS

• To date, Bank of America is the only lender that has extended its foreclosure moratorium to California, where the vast majority of foreclosures are conducted without a court order.
  
  
• Non-judicial foreclosures in California, however, do have legal requirements that lenders must follow. For example, California law requires that lenders for certain mortgage loans made between Jan. 1, 2003, and Dec. 31, 2007, attempt to make contact with borrowers to discuss options for avoiding foreclosure at least 30 days before filing a notice of default. Lenders also must sign a declaration in the notice of default stating that they tried to contact the borrower, made contact with the borrower, or fall within an exception (such as a bankruptcy filing).
  
  
• This halting of foreclosures is a voluntary action taken on the part of these lenders/servicers and has not been mandated by either the states or the federal government. The participating lenders and servicers believe their internal review processes should take anywhere from a few weeks to 30 days to complete.
  
  
• It is important to note that Bank of America is temporarily suspending foreclosure sales, but not necessarily halting its actions during other stages of the foreclosure process.

Click here to read the full LA Times story

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Unemployed? Get a federal loan to pay your mortgage

Unemployed and can’t pay your mortgage? You soon can apply for a no-interest government loan for up to $50,000 to pay your mortgage and cover your arrears. The loan, which can offer assistance for up to two years, will be forgiven if the homeowner stays in the house for five years.

Click here to read the full CNN story

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Fast Facts

Calif. median home price: August 2010: $318,660 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region August 2010: Santa Barbara So. Coast $777,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region August 2010: High Desert $127,860 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Second quarter 2010: 64 percent (Source: C.A.R.)

Mortgage rates: Week ending 10/07/2010 30-yr. fixed: 4.27 Fees/points: 0.8% 15-yr. fixed: 3.72% Fees/points: 0.7% 1-yr. adjustable: 3.40% Fees/points: 0.7% (Source: Freddie Mac)

Short Loans

Refinancing Into Shorter Loans

Grim headlines about the housing market can make that final mortgage payment seem like a distant dream. But a growing number of homeowners are refinancing into shorter-term mortgages designed to make the dream become a reality sooner.

Click here to read the full NY Times story

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Garage Sale

Your Neighbors Are Having a Garage Sale Saturday and Sunday!

Please stop by and check it out!


3639 Studebaker (N/Wardlow)

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