Best of East Bay Real Estate

California to Receive $18 Billion in Mortgage Settlement

2012-02-14T16:49:00.000-08:00

On February 9, AttorneyGeneral Kamala D. Harris announced that California secured up to $18 billionfor its distressed homeowners as part of a $25 billion national multistatesettlement with the country's five largest loan servicers. More than $12 billionwill be used to offer short sales or write down loans over the next three yearsfor about 250,000 underwater homeowners in California, according to theattorney general. Relief will go to areas hardest hit by the foreclosure crisiswithin the first year of the settlement.

Although the actualsettlement has not yet been released, the attorney general has stated thatother financial benefits for California include $849 million forrefinancing 28,000 borrowers who are underwater but current on their payments;$279 million restitution for 140,000 homeowners who were foreclosed uponbetween 2008 and 2011; $1.1 billion for unemployed homeowners, transitionalassistance, and repairing blight; $3.5 billion to extinguish unpaid loans thatremain after foreclosure for 32,000 homeowners; and $430 million to the stateattorney general's office for costs and fees. As part of a Californiaguarantee, if the lenders fail to reduce principal balances by a minimum of $12billion, they will be required to pay fines up to $800 million to the state.

The loans involved inthis settlement are those owned or serviced by Bank of America, JPMorgan Chase,Wells Fargo, Citigroup, and Ally Financial Inc. The settlement releases thefive named lenders from certain federal and state claims pertaining torobo-signing and other foreclosure misconduct by the lenders. It does notaffect any individual's rights to bring legal action against a lender. It alsodoes not apply to the majority of mortgage loans, which are those owned byFannie Mae or Freddie Mac.

This mortgagesettlement does not change any homeowner's existing financial relationship witha settling lender. It does not relieve homeowners from any obligation. It doesnot require a settling lender to stop any foreclosure.

Homeowners seekingrelief under the settlement agreement should contact their loan servicer or a HUD-approved housing counselor. Moreinformation including detailed FAQs is also available from the California Attorney General's website,or visit the National Mortgage Settlement website.

Sewer Lateral Test or Replace for Sale of Homes in Oakland, Piedmont and Berkeley

2012-01-28T10:11:00.000-08:00

Oakland, Piedmont, Berkeley Sewer LateralPoint-of-Sale Requirements: The East Bay Municipal Utilities District (EBMUD) is now requiringsewer lateral inspections prior to homes being sold in Oakland, Emeryville andPiedmont. The inspections also are required for certain remodeling projects andwhen a property owner changes the size of their water meter.

The EBMUD point-of-sale requirementis in response to a court order from the the United States EnvironmentalProtection Agency (EPA). The EPA is requiring EBMUD repair damagedsanitary sewer pipes to prevent untreated waste from being released into theSan Francisco Bay. EBMUD is in turn passing the responsibility to individualproperty owners who will have to obtain a certificate from EBMUD showing theirsewer laterals are not damaged and are connected properly.

Please visit the EBMUD Website todetermine if a property is subject to the sewer lateral inspection requirementsand how to obtain a compliance certificate by clicking here.

Calling ALL Investors..Get your BULK Fannie Mae properties Here!

2012-01-10T16:28:00.000-08:00

Fannie Mae Bulk REO Sales Program Details Leaked | How to list REOs

January 10, 2012 · Leave a Comment

Calling ALL Investors….get your BULK Fannie Mae properties here!
The government is working on a Bulk REO sales program that may trigger a housing gold rush for those who qualify. (of course)
This is a quickly emerging story and the details are being worked out as you read this. Watch this CNBC video to get an idea of what is expected to be coming to an investor market near you.

www.realtycheck.cnbc.com

2012-01-10T16:24:00.001-08:00

Well Resources – Donating Wells Fargo Housing Foundation
Real Estate Owned (REO) Property Donation Program

Purpose : To facilitate the transfer of Wells Fargo owned or managed REO properties to cities and nonprofits seeking to revitalize neighborhoods and provide sustainable homeownership or rental opportunities to low- to moderate-income (LMI) people. Nonprofits must have completed at least two consecutive years of operations as of the date of application. Organizations must include financial statements, audited if possible, for the immediate prior two-year period and/or IRS Form 990 for the same period.

2012-01-07T10:50:00.000-08:00

BAY-O-VISTA 4 BEDROOM HOME PANORAMIC VIEWS

Prime location 4 bedrooms, 2 bath , 2437 SF home on a 11,000 Lot. Huge Family Room/Kitchen Area, Extra Large living room with picture window. 4 Car Tandem Garage with addition area for worshop or recreation room. Home is a fixer and priced at $460,000! Short Sale. Open Sunday 1/8 1-4 pm

For more information visit www.1726SkyviewDr.com
Visit my website for more properties www.joyelliott.com

2012-01-07T10:24:00.000-08:00

FIVE ISSUES FOR HOUSING IN 2012

Just as in 2011, in 2012 many will be trying to figure outwhere housing is headed. While the housing market didn’t worsen in 2011,it also didn’t stabilize either. This year, the story will be about localmarkets. While many housing markets rose and fell together, they’rerecovering at difference paces so talking about housing on a national level isnot beneficial.

Making sense of the story
Get the Full Story

San Leandro's Bay-O-Vista Home For Sale - Panoramic Views of SF Bay

2012-01-04T10:31:00.000-08:00

Just listed for sale...4 bedroom, 2 bath home, 2437 SF SINGLE LEVEL on a 11,000 SF lot.
It has a 4 car tandem garage (double deep) with a separate workshop/storage area.
Priced below market at $560,000. This home need updating throughout and that is reflected in the low price.
This home has the most important feature: Location, Location, Location. Flat lots,Single Level, Curb Appeal...Call for an appointment now..Joy Elliott 510-326-2716 or visit my website for more pictures

at www.joyelliott.com or email me at joy@joyelliott.com

FHA EXTENDS WAIVER OF ANTI-FLIPPING REGULATIONS THROUGH 2012

2012-01-04T10:15:00.000-08:00

FHA EXTENDS WAIVER OF ANTI-FLIPPING REGULATIONS THROUGH 2012

WASHINGTON – In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Acting Federal Housing Administration Commissioner Carol J. Galante today extended a temporary waiver of FHA’s anti-flipping regulations through 2012. Read FHA’s anti-flipping waiver.

“This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” said Galante. “FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can.”

With certain exceptions, FHA rules prohibit insuring a mortgage on a home owned by the seller for less than 90 days. In 2010, however, FHA temporarily waived this regulation through January 31, 2011, and later extended that waiver through the remainder of 2011. The new extension will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

The extension announced today is effective through December 31, 2012, unless otherwise extended or withdrawn by FHA. All other terms of the existing Waiver will remain the same. The Waiver contains strict conditions and guidelines to prevent the predatory practice of property flipping, in which properties are quickly resold at inflated prices to unsuspecting borrowers. The Waiver continues to be limited to sales meeting the following conditions:
•All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction;
•In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the Waiver will apply only if the lender meets specific conditions, and documents the justification for the increase in value; and
•The Waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Since the original waiver went into effect on February 1, 2010, FHA has insured nearly 42,000 mortgages worth more than $7 billion on properties resold within 90 days of acquisition.

FHA research finds that in today’s market, acquiring, rehabilitating and reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time

Countrywide Mortgages Discrimination of Blacks and Latinos Settlement

2011-12-30T10:20:00.000-08:00

By BRENT KENDALL
December 2011

The Justice Department faces the daunting task of tracking down more than 210,000 alleged victims and determining how to compensate them, following last week's $335 million fair-lending settlement with Bank of America Corp.'s Countrywide unit.

Minority borrowers who suffered the greatest harm from Countrywide's allegedly discriminatory mortgage-lending practices could be the most difficult to locate, observers say, because they are the victims most likely to have lost their homes to foreclosure and subsequently moved several times.

"It's going to be really difficult to find those families," said Janis Bowdler, a policy director at National Council of La Raza, a Latino civil-rights group.

The landmark case is also the first by the Justice Department that accuses a lender of steering borrowers to more costly mortgages, creating novel and possibly difficult questions on setting monetary payments for some victims. For example, how should the government compensate a family that both lost its home and was unfairly steered into a more costly subprime loan?

"It's not easy to calculate that kind of thing as a dollar amount," said Nina Simon, director of litigation for the Center for Responsible Lending. "No statistical model could compensate someone for that kind of harm."

The agreement, announced last Wednesday, was the largest residential fair-lending settlement in history. It resolved allegations that Countrywide and its subsidiaries engaged in a widespread pattern of discrimination against black and Hispanic borrowers from 2004 to 2008. If you think your are a victim Contact Bank of America...

Lengthy Time on Market Keeping Short Sale Inventory High

2011-12-07T11:11:00.000-08:00

Lengthy Time on Market Keeping Short Sale Inventory High
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October 2011

By: Oscar Wei, Senior Research Analyst

California home sales declined slightly on a month-to-month basis, but continued to improve year-over-year for the third consecutive month in September. There were 487,940 sales of existing single-family homes in September, an increase of 4.1 percent from September of last year, but a decrease of 2.1 percent from 498,320 sales in August. The statewide median price dropped 3.2 percent from August and declined in year-to-year terms for the eleventh consecutive month, falling 8.3 percent from $313,460 to $287,440.

The supply of housing continued to be lean at the state level, with an unsold inventory index of 5.1 months for September, a slight increase from 5 months in August but a decline from 5.9 months in the same month of last year. However, inventory levels varied considerably across segments of the market. As discussed in last month’s article, inventory levels are tightest for Real Estate Owned (REO) properties, followed by equity or non-distressed sales, with short sale inventory considerably higher. In September, the unsold inventory index levels for these categories were 2.6, 5.9, and 7.9 months respectively. But with the short sale median price averaging nearly 40 percent higher than the REO median price since the start of the year, the question arises, why are short sale inventories so much higher than inventory levels for the other categories?

Renting VS Buying

2011-12-03T12:22:00.000-08:00

Renting Versus Buying: 2011
This year California housing market conditions make a strong and compelling case for homeownership. With prices still well below the historic highs of just a few years ago and attractive mortgage rates, qualified buyers have a unique opportunity to own their own home.
The Monthly Savings of Buying Looks Enticing…
As seen to the right, a rigorous analysis of renting versus buying hears this conclusion out. As shown in the following chart, the monthly housing costs (principle, interest, taxes, and insurance or PITI) associated with buying a median-priced home of $301,430 is $1,590 (Fourth Quarter 2010 median priced home in California). This assumes the buyer is making a 20 percent downpayment and financing with a 30-year fixed rate mortgage at 4.62 percent. In comparison, the median rent on a three-bedroom two-bath apartment with renter’s insurance in California is $1,810. That means buying a home would save the homeowner $220 per month when compared to renting and the homeowner would save over $2,600 a year.
Renting Versus Buying in 2011
Renting Versus Buying Buying Median
Priced Home
Renting a
3Bdr/2Ba
Apartment
Mortgage Payment vs Rent $1,240 $1,790
Taxes & Insurance $350 $20
Total Monthly Housing Cost $1,590 $1,810
Monthly Housing Cost Savings Calculator
Out-of-Pocket Cost Savings of Buying
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
Homebuyer Monthly Savings = $220
Homebuyer Annual Savings = $2,640
Homebuyer 5-Year Savings = $13,200
Assumes a 20% downpayment, a 30-yr FRM of 4.62%, and all

Home Ownership is becoming less expensive than renting in some a growing number of cities

2011-12-02T14:25:00.000-08:00

The Wall Street Journal
Stronger lure for prospective home buyers
With the monthly cost of owning a home more affordable now than at any point in the past 15
years, homeownership is becoming less expensive than renting in a growing number of cities.
Making sense of the story
 The Wall Street Journal’s third-quarter survey of housing-market conditions in 28 of the
nation’s largest metropolitan areas found that home values declined in all but five
markets compared with the second quarter, according to data from Zillow Inc.
 Meanwhile, rent levels have risen briskly across the country and mortgage rates,
hovering around 4 percent, are the lowest in six decades.
 As a result, monthly mortgage payments on the median priced home – including taxes
and insurance – are lower than the average rent levels in 12 metro areas, according to
data compiled by Marcus & Millichap.
 Homeownership also is looking more affordable because after several years of declines,
apartment rents will rise approximately 4 percent this year, and rents are poised to pick
up even more momentum across the country next year, according to Marcus & Millichap.
 Affordability could continue to improve as prices slide even lower in coming months.
Price declines are likely because the share of “distressed” sales, including bank-owned
foreclosures, tend to rise in the winter, when traditional sales activity cools

Short Sale - Exit your home gracefully and you may get paid $3000+

2011-11-09T20:38:00.000-08:00

Exit Gracefully - Take Control of your Future
Loan modifications review at NO CHARGE...go direct to your lender at no cost to you.

You can take control of when homeownership is no longer affordable or the weight of homeownership has become too much to bear, MHA has a program that allows you to exit gracefully from the property Many lender pay $3,000+ in relocation assistance. Through Home Affordable Foreclosure Alternatives SM (HAFA SM), you won’t owe any more for the property after leaving, and you will be free from the threat of foreclosure. Learn more about this MHA program.

Each lender has their own Short Sale program and it is important to hire a informed Realtor to guide you through the process and avoid foreclosure.

When is a Short Sale is a situation in which the seller owes more money on the loan than the sale of the property will likely produce on the market and is unable or unwilling to bring money to closing.

If you have received a Notice of Default from your lender then you have formally began the foreclosure process. You can have a loan modiification and/or a short sale

Certified Short Sales Foreclosures Alternatives/Loan modifications AgentEmail me now: joy@joyelliott.com

2011-11-09T20:32:00.001-08:00

Email me now: joy@joyelliott.com

Thank you for considering using Joy Elliott as your Realtor® Joy is a Certified Short Sale and Foreclosure Alternative agent.. Joy has been licensed with the State of California Department of Real Estate as a salesperson under the license number #01088147 since 1990. She has been a full time salesperson since 1998 experiencing all market conditions during her career, both good markets and bad markets. Although she as worked at other brokerages she has found a home at People's Choice Brokers because of its' progressive philosophy and web based tools. She also has the ability to totally control your transaction handling the sale, purchase, loan, 1031 exchange, probate and most especially First Time Buyers. She can competently handle your Short Sales transaction, or REO/Foreclosure sale and purchase; guide Investors and find foreclosured properties with her investment guidence and experience. Her communication is clear and complete believing that all transactions are a partnership with her clients, an an important one at that!

If you are seeking a personable, experience professional please choose Your "Joy" in Real Estate.....Joy Elliott .