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Mortgage Refinancing : What's The First Step In The Process?

2010-04-18T18:10:00.000-07:00

Recent comments:
What is the best company for Mortgage Refinancing services?

If you're like most people, you probably have 1 or 2 little blemishes on your credit report. Does this mean that you cannot refinance your mortgage? Of course not. All situations are different, and your past credit history has a lot to do with how you begin the process. Based on this information, you can search for the mortgage refinancing terms that fit your specific circumstances.

There unfortunately is not a one-size fits all type of mortgage. There are many different options. The two that you may hear about most, would probably be

1. The Refinance that does have have any closing costs. If you were to take this route, you can lower your fees and deal with the lowest refinancing costs.

2. Another option would be called the "Cash out refinance". This way, not only do you not have to take out an additional loan, but you can get that well needed cash in your hand for other living expenses. This will raise your cash liquidity. A lot of people tend to want to save any extra cash they may have. However, you may also want to think about paying down some of your high interest balances that are growing by the month. You can save more money in the long-term doing it that way.

If you can wheel and deal the best refinanced mortgage, you can reap many benefits:

Save significantly on your interest costs. By refinancing, you will be able to lower your higher loan rates down to a lower one. The best time is when the interest rates are the lowest in the industry.

Are you in the market for refinancing your mortgage? Which option would you choose if you had the opportunity to do so. Would you be able to save money and pay lower interest on your current debt?

Related Comments:

Will I be able to do that even though I have bad credit?
Will the bank approve everything If I'm working?
I hope nothing changes just because I have a bankruptcy.
I wonder what the best company is.
There has to be some way for me to compare my options.

Does the federal government have a plan for me?
I heard that fha is the best way to go.
Is there even a such thing as free financing?
Maybe the government will have an option for you.
I need a new home loan.

What can I do about my home at this point?
Should I get a home mortgage refinancing loan
I wonder if the terms would be the same for my mobile home.
Maybe you can find the rate on that mortgage calculator refinancing site.
I don't know if I will be able to pay back the loan.

Non of those loans will be a good idea for me.
I've tried to get the best rate possible.
The rates on that loan are decent at best.
I need to get some advice on the matte asap.
With our bad credit, this will be a serious challenge.

Yes, I will go to the site and use a calculator.
I don't think you need more calculators to figure out your payment.
Will there be any closing costs associated with this deal?
I'm wondering who's the best company for the job.
The cost far outweighs the benefits of signing the contract.

what will the equity be at when it's all said and done.
I already know there are going to be outrageous fees associated with this.
They said they wanted to know how they could help during this tough time.
Those have got to be some of the lowest interest rates I've seen.
There will be around 20 lenders available for you to choose from.

The loan will be worth it in the long run.
That was one of the worst loans I ever had to deal with. The rate was outrageous.
I should just go online and take care of all of this now.
This is just another one of the options to keep in mind.
You should definitely check that program out.

I've tried both programs, and that one is the best byfar.
That is actually a very high rate. What is your credit like.
Does a 2% difference in the rates have a huge impact on the final payment?
They gave me a few tips for going through the entire process.
I went a national company.

Any new developments with the loan we've been promised.
I would definitely prefer a no cost solution.
My home was refinanced twice.
refinancing a mortgage
I cannot wait until we get to see our new home.

home mortgages
This is my first time going through the loan process.
This is only the second time that I've been in this situation.

refinancing your mortgage
What about the reverse option? I heard that's a good thing.
If I'm in VA, what is the best choice for me loan wise?

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Simple Home Improvement Tips...

2010-04-14T03:11:00.000-07:00

Is it a good idea to rent your Home improvement tools?

Maybe now is the perfect time to start thinking about that home improvement project. You may have been neglecting some aspects of your home for a while, but pull it together, and get it done! The weather is right, so that's no longer an excuse to procrastinate any longer.

Most of the repairs around our homes don't take very many resources or tools at all. Most of us probably have the right tools to do the job. I'm sure you too have a hammer, at least a flat head and phillips screwdriver, and your old trusty set of pliers. These can accomplish a lot themselves.

There are, however, some projects that most of us just won't find in our tool sheds. Unless you're a professional contractor, you will probably end up renting these heavy duty tools. That's actually a good thing, because who wants to spend thousands of dollars on equipment that will only be used once or twice?

Most of us may even put off simple & fast jobs solely because we don't feel like going through the hassle of it all. For example, who do you know that wants to pull a paint brush out to fine tune the corners of a wall? Let alone have the roller sprinkle paint all over their face and clothes. In this situation, renting a spray gun may be the solution for you. This will cut down on the prep and mess in most cases. This is just the beginning. There are several painting duties that can be replaced with professional rental tools.

So this may be a win win situation for you and your local rental company. You save time and effort, and they make a little cash. The right tools will make all the difference. Don't deal with the burden of purchasing thousands of dollars of equipment. Just rent it...

Bathroom Home improvement Projects that won't cost a limb...

What's home improvements without changing the bathrooms? Don't let this frequently used room get neglected when it's time for the home makeover. We don't generally think of the bathroom as a high priority in some cases. People tend to think kitchen, living room, yard, etc. The fact is that tremendous value can be added to the home by making very inexpensive changes. The possibilities are endless.

Looking to make a big impact without spending the big bucks? Don't let this little project be overlooked, because in some cases, the bathroom can be seen as a major part of many peoples lives. Just think of all of the uses the bathroom can have.

I always call my favorite change to any room, the "picture frame trim". This can be added anywhere in the house, but in the bathroom, you can allow it to have a special impact on the look and feel of one of the most private rooms in the house. It always gives you that "I can't put my finger on it" feeling whenever you see them, but don't quite notice what gives it that look. You can also add paint to coordinate the color scheme, but the trim alone, will be sure to make a huge impact on it's own.

Drapes, or curtains are another addition that can add a really different look and feel to your bathroom. These can go around your mirrors or windows. Also, given the various designs there are, you can have many options to work with in this area. Give the room more class. Most people think of huge and expensive additions when trying to make a change. But keep in mind, that often it's the small accents that add the biggest change of scenery. Again, the cost will at the bare minimum when compared to other options of decorating.

Most people don't even think outside the box when it comes to many projects around the home. Have you ever thought of doing anything different to the sink in your bathroom? You can paint them, or add other accents around them to give them a unique look. When all else fails while trying to think of design ideas, take a trip to your local Home Depot, and take a look at some of the designs they have on display.

These are very simple ideas that anyone can implement. Don't let the fact that they are cheap and easy downgrade how big of an impact they can have in your bathroom. Remember, it's usually the little things that matter when it comes to decorating your home.

By L. Seals

We could all use a change of scenery every now and then. Think about redecorating your home, and giving it that more modern look. Keep in mind, you don't have to do anything major. Sometimes the small changes make the biggest difference. A first step is to start with the area everyone sees first. This way, the change has a more instant impact.

1. Ever notice a clutter look when you walk into someones home? That person may not even notice that their home is cluttered. Sometimes we want to keep everything we come across. The truth is, most great looking homes don't have very many items in it at all. Use that garage or attic for the things you absolutely need to keep. This will greatly improve the space and look of your living area.

2. Everyone should try to coordinate the colors of their home. This gives it that "one in a million look." Try and make every area, including each room, have it's own theme or feel. This is especially cool for children. Every child has his or her favorite cartoon character or topic of interest. This will really personalize the area for them.

3. We all love to shop, but most of the time, it's for something we want, not for what we need. People are always so quick to get rid of something they've had for a while. You can try fixing it up, or altering it by changing the color. Older furniture is usually cheaper, better quality, and lasts longer. And don't forget, you can always simply move your current furniture and decor around to make it look very different without buying anything else.

4. Once you've gotten your furniture and surroundings situated, try customizing the drapes or curtains. The sky is the limit when it comes to these things because you are the person who decides what looks good and what doesn't. Add personal photos, and a few other accents, and before you know it, you too will have the original and unique looking home...
fabrics to give to your home a completely different look.

Are there any Fresno Ca Foreclosures in your area?
Do you know of any Sacramento CA foreclosures?

Commercial Real estate

Massachusetts Homes sales

mortgage seminar

Where's housing headed?

Current mortgage rates

Mortgage Refinancing

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Sunny Southern California : In March, Home Prices Jump...

2010-04-13T15:57:00.000-07:00

According to the Associated Press, prices for more expensive homes went up in March by around 14 % , compared to the same time last year. This is perhaps a sign that people are starting to feel a more comfortable about letting their cash go, especially the upper class.

According to a MDA Data Quick summary, home prices in the area have gone up roughly $35,000 since this time last year. Also, since February, the values have gone up approximately $10,000.

This is an interesting trend. Something has caused the focus of the real estate market to zone in on higher priced properties rather than focus on the cheaper, middle class homes.

That being said, the total number of foreclosures sold actually dropped to 38%, which is a sharp decrease from the 55 % it sat at around a year from now.

This is no doubt a good sign that although things are not completely back to normal, the upward sales of these homes, and the value at which they are gaining, shows that the market is continuously moving forward. The average of home sales in March, are still significantly lower than average, however.

With almost 2 years of sales gains, and being that there is still around an 18 percent below average number being sold, points to just how bad the economic downturn really was. Especially the real estate market.

Things could be a lot better. If banks would actually loosen the tight reigns they have on their capital, we could possibly see a significant growth in the number of home sales. Obviously, the act of lending is nowhere near normal levels.

Do you think this is a good or bad sign? Will these trends continue or move backwards in the coming months?

Noteworthy Pages...

2010-03-22T11:33:00.000-07:00

Direct Satellite TV
Usually, when I compare satellite providers, I take a quick look at the cost of their service and just assume that they are all the same. There are some popular carriers who always had low prices, and even hooked up the equipment on lease for no charge. The question is: Are they all the same? Looking closer, you'll see that each company can have its advantages. What makes them the better company is determined by what YOU are looking for in a satellite provider.

Sacramento Restaurants
Many restaurant owners go through the common steps of opening a business. They will search for the perfect location to set up shop, hoping that it is highly visible, and preferably in a high traffic area.

Old Sacramento Restaurants
The Restaurant business is one of the most competitive businesses to start up. Why? Well, for starters, given that your inventory is very perishable, you will have to constantly replace food and supplies whether or not business is going good.

Mortgage Cycling
Anyway, today we have a great show for you. On the Ultimate, Super, Fantastic, Mortgage...Resource Site! I had someone ask what Mortgage cycling was. So I want to discuss some aspects of "Mortgage Cycling Revealed".

Mexican Restaurants in Sacramento
When it comes to running any type of business, customer services is sometimes overlooked as an extra duty, only if the owner wants to go the extra mile. However, the MAIN goal of any business dealing with people on a personal basis, should be how those customers are treated.

Sacramento Food
I set out to find a restaurant in Sacramento that could fulfill the need that I had for barbecue. One that could fill the void left from no longer residing in the Bay Area. We used to drive back and forth every now and then.

Healthy Sacramento Restaurants
You would love to be a lot more healthy, wouldn't you? Well adding fresh veggies to our daily diets can really help get this done. Today, that task may be easier said than done. Practicing the science of strict veganism may not be all it it cracked up to ...

Sacramento Catering Company
Remember back in the day when you'd go to your neighbor's house, who had the refrigerator and garage full of cola?

Sacramento Catering

Sacramento Steak Restaurants
If you found this review, you're probably hungry, right? Well, I want to take a short moment to tell you of one of the coolest restaurants in the Sacramento area: "A Southern Komfort Cafe".

Mortgage Refinance
Steve was a dedicated Postal worker who had been on the job for over 15 years. He'd never been late a day since he began his job at the local post office.

Refinance 2nd mortgage Second
Appleton Mortgage refinance : Months had gone by, and everything seemed to be going so well. Steve's wife Deborah was getting closer to having their second child.

Current Mortgage Loans & Rates : 30-Year Fixed Mortgage Loans Back Below 5%, Lifting Demand...

2010-03-08T02:33:00.000-08:00

Recent comments:
I wonder what the current mortgage rates are.
Does anyone know the current mortgage interest rate figures right now?

According to several recent stories, the interest rates for 30 year fixed mortgages are below 5 % once again, fueling the demand for home ownership. The rates dipped to right at 4.97 percent.

The 15 year mortgage rates have dipped to 4.33 percent. When the price of owning a home begins to look more appealing, expect the demand to go up accordingly.

Surprisingly, this is all taking place during a time when it has been announced the government is actually putting together a new plan: One that will ask homeowners to leave their homes. This is a significant change of strategy, because not too long ago, President Obama tried to do whatever he could to make sure homeowners stayed in their homes.

That plan, which did not turn out too well for any number of reasons, has led the government to look at the problem from another perspective. So many people have been walking away from their overpriced homes they owe money on, that it seems like the common sense thing to do.

This will allow the owners to sell for less than they owe. That way, they have cash to work with during their difficult times.

The program is supposed to launch on April 5th, and for those who were not helped by the loan modification program, they can go through this "short sale" process to free themselves from the debt.

This is supposed to be good for everyone involved, and when the home is sold, everyone is to get a piece of the profit. The owner is said to be entitled to around $1,500 for relocation expenses.

It's all a complicated but necessary approach. What else can be done? What do you think will happen once the program is implemented?

Recent comments:
What are they for a fixed right now?
What will that look like for the 0 year?
What about if we want to refinance.
Have you gotten an answer from the bank yet?
I know California is in pretty bad shape, but what do the rates there look like?

If we live in VA, what can we expect to pay?
I have been trying to get a loan for the longest time.
That's a pretty good deal for living in Florida.
Living in Massachusetts, you probably can't get a better deal.
What does the term jumbo mean when you're dealing with mortgages?

What will we probably pay living in Illinois?
I don't have any idea what the rates in NJ are.
If I live in PA. and I want a loan, what can I look forward to paying?
New York is a great place to live, but I don't know about buying a home.
What will the cost look like with the Interest only?

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Save Energy : Home Star Helps Homeowners and Job Seekers...

2010-03-03T12:37:00.000-08:00

President Obama talked about the reasons the Home Star program would be of benefit for the environment and the economy. In Savannah, Ga., employees are training for energy retrofit projects. The Alliance to Save Energy praised the President for his efforts.

We've seen the construction industry take a heavy hit during this recession. However, some of the new projects being discussed will create much needed new jobs in the U.S. The Home Star program will play a huge role in the green energy movement.

Now if we break it down, the program will allow homeowners to get tax breaks. This will also lower energy bills for owners of homes that install these changes. Also, the plan will help create new jobs in the construction industry. This will be an all around positive for the economy and the environment, while saving homeowners money and giving them more money to spend or save.

Tax breaks for making these changes to ones home can be as high as $3,000. The discount can also be applied by having the owners pay only 50 of the cost for the additions. Water heaters, roofing services, and changes such as adding energy saving windows, are just a few things you can do to save money immediately and in the long run. A service Home Star also encourages is the ability for the homeowner to measure the footprint of the energy they use. This opens the door for additional discounts of $8,000 per household. This is possible if you reduce the energy costs by 20% or more...

How do you think this will affect the economy in the short and long term? How do you think it will affect the economy? Will homeowners feel the savings of this program?

Optimistically, Hundreds of Troubled Homeowners Attend Mortgage-modification Seminar...

2010-02-28T15:30:00.000-08:00

Many homeowners saw their once stable mortgage payments jump to almost double or more during the current housing crisis. Many who could not afford it simply stopped paying it, and others who could afford it, contemplated on not paying it. This all while the unemployment rates skyrocketed.

Many owners in that same situation, were attending a five-day mortgage-modification seminar organized by the Neighborhood Assistance Corp. of America that runs through Monday, March 1. It's aimed at giving counsel to loan borrowers and trying to give options to avoiding foreclosure.

Representatives of Bank of America, IndyMac, Litton, GMAC, Wells Fargo and other lenders are there to help give a helping hand. 8,000 borrowers registered to attend, however, the event was said to be open to anyone. So far, some have been able to solve their mortgage problem at the seminar.

Obviously, you could see the worried looks of people from all over as they packed the event.
Many hoped to get their payments down $200 or $300 lower than where it currently is.

The Neighborhood Assistance Corp. of America has been helping borrowers with advice and resources for almost 2 years.

What do you feel this program can do for homeowners? Do you think having these loans lowered can help the lenders while hurting the banks?...

Unfortunately, Commercial real estate next bubble to burst, Congressional panel warns

2010-02-25T10:12:00.000-08:00

We've all seen the turnaround in fears following the end of the current economic downturn. However experts, specifically the Congressional panel that monitors the U.S. financial system,
has warned that like the housing meltdown, the commercial sector could follow a similar path.

According to huliq.com, $1.4 trillion in commercial real estate loans will expire soon. When that happens, of course, those loans will need to be financed, and with the situation with residential loans and the current attitude of banks which won't lend, this could spell disaster.

A lot of these commercial Real estate losses, are also due to the fact that these loans are for more than the properties are worth. Sound familiar? It's bad business when homeowners walk away from their obligations, but commercial real estate? The sound should send shivers down your spine.

The most scariest aspect of this problem, is that many of these commercial loans were funded by small and mid-sized community banks. Obviously, they do not have the same financial muscle as some of the larger banks.

Maybe the small business stimulus government money will prevent another disaster in the real estate industry. Only time will tell.

What do you think will happen if many of these loans were to default? Do you see any light at the end of the tunnel? What do you think can be done to avoid this potential disaster?...

Good News, Mass. home sales, prices rise in Jan...

2010-02-24T01:12:00.000-08:00

Should you buy that home you're looking at, or wait a few more months? According to Boston.com, if you're in Massachusetts, home prices actually started to rise in January. That means the housing market in that area has risen for two months straight.

Overall, that would make January the 4th straight month of double digit percentage growth. But according to the article, some experts are still wary of what will happen the next few months, when the government's programs giving tax credits to homeowners, and when the interest rates that are artificially lowered, start to go back to normal.

Boston home values increased 0.9 percent, which was said to be a good indicator of where the housing market is headed. The question still remains, what will happen during June and July? With the recession coming to an end, many people really don't know what to expect with the sharp ups and downs in the economy or the housing market. It is seen as unfamiliar territory.

For the real indicator, experts need to see more homes go up for sale, because right now, in Boston, there is said to actually be a shortage of homes for sale.

So, what's to be made of the situation when you have a shortage of homes for sale, an increase of value, and interest rates on the rise? Not to mention an end to the government tax breaks? Only time will tell, as this really is a time unlike none we've seen...

The Hiring Freeze Affect On Washington's Weatherization Plan...

2010-02-23T10:36:00.000-08:00

We can all agree that weatherization of homes and business can be good for the health of the environment. However, according to the N.Y. Times, the plan so far has fallen short of expectations. A large chunk of the funding was supposed to be allocated to low income homes. The problem is, a lot of low-income homes are actually in trouble of being foreclosed on if they haven't already been.

The department of Energy's inspector general said that less than 2 percent has been assisted in many of the largest states.

The result is that there has been very little progress, and very few jobs created. The Winter is almost over. This is a time when most homes use heat to warm their living spaces. The most alarming problem is the fact that really no jobs have been created from the project.

There are however, new programs being created in order to create more jobs. I have no doubt that j0bs are one of the Obama administration's top priorities. It's all a learning process as the country moves into fairly unfamiliar territory. The new bill should address problems not solved by the last one.

Many will be quick to blame Obama for this situation. However, the inspector general in his report, stated that the project was doomed from the start by bureaucratic delays and the recession itself. Spending cuts caused by the economic downturn forced many states to trim personnel expenses.

Many of the workers who would be responsible for those duties were actually experiencing furloughs as state employees. Even worse, prevented the hiring of additional workers to give a hand in the process. This may be the individual states' fault, since these jobs would have been funded by the government. Why would the program not continue as planned?

For example, and hiring freeze in N.Y. was responsible for limiting the goal of 45,400 weatherized homes down to 280.

Pennsylvania had similar issues because of a deadlock in the state budget. Several other states have not weatherized any units.

Another obstacle was the decision of Congress to come up with what these workers should be paid by the contractors. Of course, everyone has varying opinions on what they should be paid.

Although almost 40,000 homes and buildings have been weatherized so far, there is still a long, long road to go.

What do you think will happen in the near future of this project? Do you think the states are to blame for not being in position to put the government funding to work? How much do you think this will help the environment?...

New Mortgage option may help lender, borrower...

2010-02-22T01:13:00.000-08:00

According to the Colorado Springs Gazette, for the sake of both parties, the borrower and the lender, a deed in lieu of foreclosure would be a good idea for homeowners who either can't afford their mortgage payments, or decide not to pay because the value of their homes are not worth what they are paying for them.

In doing this, the borrower is basically saying that the bank owns the property once again by means of a voluntary deed. For the bank, the reason this is good is because they can avoid letting the property go into foreclosure, therefore, saving on the costs of a foreclosed house. They bank may also save time in delays, and not having to evict the present occupant of the home.

For the borrower, this is a good idea because they no longer have to be held liable for the property. So if the borrower owes money on the loan, they will not be responsible for paying what is owed as long as the bank temporarily holds ownership of the property. In the meantime, the occupant also has up to around a year where they can purchase the property back at market rental property value. There are circumstances of being able to afford this new market rent of course. Remember, a bank really doesn't want the property to go into foreclosure, because it does cost them money.

For eligible owners, they would be able to go up to 6 months paying only the cost of utilities and normal maintenance. This sounds like a win-win for both parties. So far, only borrowers in Texas, Florida, Illinois, New Jersey, Michigan, and Ohio are eligible.

So what do you think about this new move? Do you think it will be a useful procedure for the lenders of mortgages and borrowers?...

Second Mortgage Tips On Paying Down The Loan...

2010-02-16T00:40:00.000-08:00

By L. Seals

With hard times looming, many homeowners have the need to fall back on home ownership as a way to get through tough situations. That can lead to the circumstance of taking out more than one mortgage for their home. This way, they can get significant problems of life solved. Credit card bills, medical bills, and so forth. This is where a second mortgage comes into play.

The only problem with that option, is that that 2nd mortgage is actually secured to your home, which can cause nightmarish problems if you have no ability to pay down that loan. This can be a way to solve problems, but also a way to create a new problem.

Wouldn't it be great to have an unexpected amount of cash fall out of the sky? A helpful inheritance? Maybe even win the lottery? Some of us may want to stash that cash away for a rainy day, which is actually a really smart thing to do. However, if you have outstanding bills that are increasingly worse, you may want to distribute that money to those problems. In the case of a second mortgage, use this money to pay down your principle. And of course, make sure your clear it is going to the principal.

The following situation is very typical in the credit card industry also:

When making payments toward your mortgage, be sure that you will not be penalized for paying the loan off early. Obviously, the credit cards need to make their money too, (or do they?) so they will usually stick you with some type of perk for their trouble, and may prevent you from being able to pay down your debt ahead of schedule. This is so that they can make money on interest. Who wants to give you money for nothing in return, right? This is usually only during the first few years though. You should try to pay the one without the penalty off first. And if possible, the one with the highest interest rate...

Where's Housing Headed?...

2010-02-12T12:46:00.000-08:00

By L. Seals

According to CNN, the rental market is what is driving the current housing market. A friend and I were discussing this very situation the other day.

We all know how bad the housing crisis was. It's hard to miss how bad it currently is. Many home owners, because of job losses, or increases in mortgage rates could no longer afford their homes. This, we've all seen. Millions have been forced out of their homes.

However, a trend that has not yet fully taken hold; situations where home owners are simply walking away from their investments, have yet to be fully realized. This, I predict will turn the market around again. Where many forecasters see the buyers market in full swing, we have yet to see what will happen once the people who can actually afford their homes, decide to leave it behind because it just is not worth what it once was. This will cause more rental properties to be available, which will eventually create the real buyers market.

Rents would actually fall, because people do not want to pay more for rent than for a mortgage. This will cause the housing values to fall even lower, creating the future buyers market.

My question: Where do you think the housing market is headed, and why?...

Find Your Foreclosure In CA. Valley homes are the most affordable in California...

2009-08-20T00:47:00.000-07:00

Related comments:

*I really need to find my first foreclosure in CA in order to make some money in the next few months.

*California foreclosure homes are really going for great prices right now.

By J.N. Sbranti
jsbranti@modbee.com

Home affordability has set a record in the Northern San Joaquin Valley.

Families can afford a higher percentage of homes in Stanislaus, Merced and San Joaquin counties than in any other region in California. And nearby Madera is the most affordable county in the state, data released today show.

In Stanislaus, for example, median-income families could afford 83.6 percent of the homes sold during April, May and June.

Read entire article here:

More choices...

Option #2...

Option #3...

Option #4...

Option #5...

Tips on Choosing Exterior House Colors and Materials

By Nazim Nice

Choosing exterior house colors can be quite a challenge. It often takes years of experience to learn what colors and materials will work together. The average person has never done this before and certainly dooesn't have training or professional experience. And choosing the wrong color paint or material can be a very expensive mistake that you'll likely have to accept for many years (or spend a lot of money to fix). Here are some tips to help you make the right choices.

Choosing the Right Paint Colors

The most common error I see in choosing exterior house color is that the color is too light. The sun will wash out colors outside, so choosing a light color will end up looking like white. When choosing colors, keep in mind that they usually need to be more grey or brown than you think. For example, a grey with a tint of green in it will read more green than you usually think when painted on the entire house. If you choose a color and can say 'now that's green', you've probably choosen too 'green of a green'. The primary exception to this rule would be in more tropical locations such as Florida or other locations where a lighter more reflective color is desired to keep a house cool. Here pastel and brighter colors can work very well.

If you are having trouble choosing siding and trim colors, keep them related to each other, like a cream trim and a darker beige on the same paint chip strip. Then add an accent color like a deep eggplant color.

Tips on Choosing Window Colors

Many homes have vinyl windows which will usually be white. Painting white vinyl with a dark paint can be disastrous because of the expansion of the vinyl in sunlight. The dark color will cause the vinyl to expand even more than normal, leading to paint and possibly window failure. If you have trim around a white vinyl window, it often works best to paint that trim white too. That will tend to make the vinyl windows blend in more, and look more like a traditional wood window.

If you are choosing new windows and you want to paint your house a darker color, consider choosing a window that is cream or almond color. A bright white window on a very dark house color will generally have too much contrast. If you choose cream or almond windows, and paint the trim a coordinating color, it will work better with the darker paint scheme. There are a few manufacturers that product a grey vinyl which can work well with a more modern house or a house with metal siding, or even brick. Generally I don't care for white vinyl on brick homes, unless the house is very traditional. Choosing a grey or almond window will almost always look better. If you have the budget for wood or metal clad windows, then you'll have many more color choices, and the mid-tone to darker colors often look better with brick.

Painting Brick:

Just because you have a brick house, don't automatically rule out painting the brick. You will still have the texture of the brick, but you won't be stuck to the same color, which date many, many homes. Of course, if you have a Frank Lloyd Wright mission style brick home, don't paint it! But most of our homes are not so inspired. Painting the brick can really freshen up a dark and dreary house. Consult a good paint store when painting brick to be sure to get compatible products.

How to Choose the Right Accent Colors

This is a place where you can afford to be a little riskier because generally accent colors are limited to a smaller area. I compare this to a woman who puts on makeup: the accent color is like putting on mascara and lipstick. But keep it classy! You know what too much makeup does to a woman. The same goes for a house.

How to Choose Roof Colors

When the roof of a house is visible, it can be a very prominent element. Choosing the wrong color roof is a very expensive mistake so it's important to understand some general rules. When choosing the roof, consider what color the house is going to be painted (or if it is brick or stone, consider the general tone of the material). If the house is being painted warmer colors, then a brown roof will be the right choice. If the house will be cooler colors (like greys, blues or greens), then a dark grey roof will work better. If you have to decide on a roof color first, one of the most common and versitile choices is a dark grey color. If your house used to have wood shake shingles and you are replacing it with a composition shingle, most manufacturers make a dark brown color that is similar to shake colors. If you are installing a metal roof, consider colors other than the traditional green, which works well on buildings with log siding, but not too much else. Again, choose a color that will allow you some flexibility in your house paint color choices.

Choosing colors can be really challenging. Remember, don't choose from a little paint chip! Even trained professionals have large sample boards painted (or paint directly on the house). Purchase a quart of a few colors of paint and look at your samples in different light and on different sides of your house. Color can change dramatically in different light, so put in the time to choose the right colors. When you do the results can be an amazing transformation.

About the author:
Nazim Nice is an architect at [http://www.motion-space.com]Seattle Architects: Motionspace Architecture + Design PLLC and has over 12 years of experience designing residential remodeling projects. He is also the founder of Lumen

ID, a company that makes custom engraved switchplates with [http://store.lumenid.com]switch labels.

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How to Give Your House a New Look

By Chuck R Stewart

Many people are upgrading their houses for many different reasons. Some may look at their pantry cabinets or kitchen appliances and realize that they need upgrading. Others may look at their kitchen pantry storage or cabinet space and want to expand the size of their kitchen. An upgraded house can increase the value of a home tremendously when trying to sell. With the current state of the home market, any difference that can make your home appeal to a buyer will be vital. These changes could also be a matter of functionality. If your current appliances are so old that they do not work, then it only makes sense to buy new updated equipment.

Another part of the house that a lot people frequently update is the bathroom. It is another aspect that home buyers are very interested in. Updating a bathroom may require a few different things. If the bathroom is very old, you may have to replace the entire bathtub or shower. Otherwise you could just buy new bathroom fixtures that give the room a new look. The flooring and countertops in a bathroom are things that many buyers look at. Two popular choices are marble or ceramic tiling. These give the bathroom a very classy appearance and are functional as well. You can add extras to your bathroom to further increase the appeal. One of these extras is heated floors. With ceramic or marble tiles, the floor of your bathroom can be very cold, so now they can put heating instruments under the floor to eliminate that problem.

Bathrooms are very important selling points to a house, especially when it comes to the master bedroom. Normally, the buyer of a home is going to be sleeping in the master bedroom. That means that the amenities to the bedroom are going to be very important to the selling of your home. The master bathroom is included among these. It just goes to show how important updating just one bathroom in our house can be. Walk in closets and other extras are nice, but many buyers look at the bathroom first when evaluating the master bedroom.

The key to selling your home is making sure that you have what the buyer is looking for. This may mean that you have to make certain changes when you find an interested buyer. The person may take a look at your home and notice a few things that they would like changed before they will buy the house. Then it is your choice, you can either spend the money to make the changes or hope that someone else will be interested in the house. That could be a very big risk considering how poor the economy is doing, which has a huge impact on the housing market. A good realtor should prepare you for all the trials that come with selling your house. They should know the difference between an upgrade to help sell the house and an investment that will not pay off.

Chuck R Stewart recently purchased a beautiful [http://www.wgwoodproducts.com/]pantry cabinet and [http://www.wgwoodproducts.com/]kitchen pantry storage unit for his remodeled kitchen.

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CA Foreclosed Homes : Updated. See What's New Today...

2009-08-18T15:31:00.000-07:00

Southern California Home Prices Fall on Foreclosures

By Dan Levy

Aug. 18 (Bloomberg) -- Southern California house and condominium prices fell 23 percent in July from a year earlier as foreclosures dominated sales, MDA DataQuick said.

Read entire article here:

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*I am looking for a few CA foreclosed homes for sale. I need to try and invest a little money in the real estate market.

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Why Square Footage Matters! Larger Homes Indicate Stable Values

By John Watch

Single Family sales activity through May 31, 2009 indicates that Northeastern Queens property values are stable across various segments of the market. Covering the areas of Bayside, Beechhurst, College Point, Douglaston, Flushing, Little Neck and Whitestone, 2,750 sales since 2003 that sold for over $10,000 are included in this analysis compared to 11,724 sales for all of Queens.

Median Sale Price: Analysis of the Queens County Single Family market indicates property values have declined 18% from 2008 and 21.3% since 2006. The sub-market of Northeast Queens indicates that property values are down 12.8% since 2006, with most of the decline occurring in 2009.

A more detailed analysis of the median sale price based on the square footage of the residence indicates an entirely different pattern of price value changes. When the sales data is stratified into the calculated rate per square foot based on sale price, the rate of change for Queens County is -10.58% since 2006 versus -21.3% based on the Median Sale Price. For Northeastern Queens the rate of change is -.37% versus -12.8%. The data clearly indicates that building size represents a significant impact relating to the value of the property.

Sales are stratified into 10 Building Size Groups in order to analyze the demand in the local markets. The most common property being sold is under 1,250 square feet representing 911 sales. This group of properties indicates a weaker overall value indicator which is 5% lower than 2008 and 9.9% lower than the peak of 2006.

Conversely, larger homes appear to be in demand and show no significant indication of property value declines. Houses from 1,750 to 2,000 square feet indicate an overall increase of 12.8% since 2006 with 286 sales analyzed. 2,000 to 2,500 square foot homes experienced a 5% overall since 2006 for a total of 374 sales. Both groups of properties indicate in increase in values from 2008 to 2009.

Overall larger homes appear to be holding stable with modest increases over the past three years when analyzed on a price per square foot basis. The greatest weakness in the market is homes under 1,750 square feet which on an overall basis declined by 13% since 2006, most of this occurring in homes under 1,250 square feet. This pattern appears to be consistent with other areas of Queens and New York City.

Property values in Queens County have declined 10.8% since 2006 based on the sales analyzed. Properties purchased in 2006 and 2007 represent a risk for longer recovery given the decline in values since 2006, but this does not apply to all areas of Queens. There is a definitive decline in sales activity since 2008; however as the peak selling season of May and June continues, sales activity is projected to increase and property values are projected to remain stable with modest increases. Northeastern Queens remains a strong area to live and property values are expected to remain stable into 2010.

John Watch

President & CEO, http://www.AccuriZ.com

*******************************************

Tips to Short Sell Your Home

By Randolph Rempe

We all know that the real estate market is currently swimming in a large amount of trouble. People no longer have the money to buy new homes. On top of that, those who do own homes are suddenly finding themselves in an upside down mortgage. This happens when the house is worth far less than what the person owes on this. If you are breaking under the pressure of your mortgage, it may be time to sell. Selling your home is another great way to get out from under a current foreclosure. If you are in a hurry and do not have a lot of time to waste you might want to try a short sell.

There are many advantages that come along when you do a short sell. For one thing, the buyer is going to be getting a great discounted price on the current home. The person that is selling the home will be able to get out from under their home. This means if you are facing a foreclosure, you should look to short sell so that you can get out quickly.

There are many things that you need to know about before you actually get started with this selling process. For one thing, you need to decide if you need a real estate agent or not. Real estate agents can get the job done in a quick amount of time.

The only problem that comes along with working with an agent is the fact that they cost extra money. If you already do not have money, it may be best to sell your home all by yourself. This may be trickier and more hard work, but it will keep you out of more debt.

You need to determine the current market value of your home. This can be difficult for most people. At one point you may have bought your house for more than it is worth in the market today. You can talk to an agent for free about the value of homes within your neighborhood. Of course, you can always get this information online as well.

From there, you can put your home up for sale and see who bites. If you already have someone that wants to buy your home you can get the short sell process started. Remember, the sooner that you get your home sold, the better your life is going to become.

Many people do not actually exhaust all of their options. If you have not talked to your loan company, you may want to. There are ways that you can avoid foreclosure and short sell. Many companies are a lot more willing to work with people to keep them in their homes.

Right now, everyone is struggling. The state of California is completely bankrupts and many other states are starting to follow. If you need a quick way out from under your future foreclosed home, look for a short sell. This is going to be the best way for you to get out and start all over again.

Guide to understanding how a Short Sell will help you cope with the current economic crises, now available on http://www.nphsrealestate.org/short-sale-experts

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Take Note: Foreclosure protection program a success...

2009-06-30T16:06:00.000-07:00

By Lisa Thomas-Laury

June 30, 2009 (WPVI) -- Philadelphia celebrated the one-year anniversary Tuesday of a city-run program that's been working to prevent home foreclosures, a program that has become a model for other cities across the nation.

It's called the Residential Mortgage Foreclosure Diversion Program. Of the thousands of people who have participated in the program, nearly 30-percent have been saved from foreclosure.

"At first I felt like just giving up but I had worked hard for this home."

Deserie Jones-Wright is a retired Philadelphia police officer; injured in the line of duty. Last summer, she found herself in foreclosure.

"My mortgage escalated because I wasn't on a fixed rate, my pension was only $2,055. My mortgage went up to $975."

That was 2 months after the inception of Philadelphia's Mortgage Foreclosure Diversion program which brings together homeowners, lenders, pro bono lawyers, and housing counselors every Thursday inside City Hall courtroom 676 to help save people's homes all over the city.

"We were about to face a tsunami of foreclosures based on predatory lending," said Councilman Curtis Jones.

The Councilman met with Judges Darnell Jones and Annette Rizzo.

"The program has been a lynchpin to bring in a seniors and assist them in keeping their homes and to offer other services to stabilize communities," said Honorable Annette Rizzo.

"Believe you me ideas are one thing but people who can make it come to fruition wholly different matter," said Honorable Darnell Jones.

Tuesday they came to celebrate a successful first year, with nearly 5,000 homeowners participating since last June about 1400 have been saved from foreclosure.

"It shows that a good idea can really take place and can do great things."

"When you work hard all your life and did all the right things you just don't think things like this can happen to you but they can."

Now, Deserie says she'll do whatever she could to help prevent the loss of home.

"If I have to go across the world to speak, I will, because it helped me, saved me and helped my children."

As we mentioned, Philadelphia's Mortgage Foreclosure Diversion Program has gained national attention. New York City wants to model a program after it. Pittsburgh and Boston have already implemented the same program. New Jersey, Kentucky and Maryland have visited Philly, to learn more about it and inquiries have come from as far away as Florida, Arizona and California.

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Fresno CA Foreclosure : House Prices Likely To Crash Through Fair Value And Bottom Down 45%-50%

2009-06-07T13:45:00.000-07:00

House Prices Likely To Crash Through Fair Value And Bottom Down 45%-50%

Henry Blodget-The Business Insider

House prices are finally approaching fair value. Unfortunately, unless the housing bubble behaves differently than almost every bubble before it, house prices will now crash right through fair value and stay below it for a number of years.

When prices do finally bottom, moreover, they aren't likely to recover quickly.

Whitney Tilson and Glenn Tongue of T2 Partners have put together an excellent presentation on the housing and mortgage markets. It's embedded here. Here are some key exhibits supporting the house prices will continue to fall another 10%-20% from today's level, as well as an excerpt of Whitney and Glenn's logic.

House prices are finally approaching their long-term trend. Note, however, that this is the trend because prices have spent about half the time below it:

If house prices stop falling at fair value (trend), this will be one of the first bubbles in history in which this has happened. Here's a GMO chart showing the mean-regression of a dozen prior bubbles.

Here's some detail on two stock-market bubble-corrections. Note how far and how long prices fell below fair value:

And here's Whitney and Glenn's take on the future of house prices:

We think housing prices will reach fair value/trend line, down 40% from the peak based on the
S&P/Case-Shiller national (not 20-city) index, which implies a 5-10% further decline from where
prices where as of the end of Q1 2009. It’s almost certain that prices will reach these levels.

• The key question is whether housing prices will go crashing through the trend line and fall well below fair value. Unfortunately, this is very likely.

In the long-term, housing prices will likely settle around fair value, but in the short-term prices will be driven both by psychology as well as supply and demand. The trends in both are very unfavorable.

– Regarding the former, national home prices have declined for 33 consecutive months since their peak in July 2006 through April 2009 and there’s no end in sight, so this makes buyers reluctant – even when the price appears cheap – and sellers desperate.

– Regarding the latter, there is a huge mismatch between supply and demand, due largely to the tsunami of foreclosures. In March 2009, distressed sales accounted for just over 50% of all existing home sales nationwide – and more than 57% in California. In addition, the “shadow” inventory of foreclosed homes already likely exceeds one year and there will be millions more foreclosures over the next few years, creating a large overhang of excess supply that will likely cause prices to overshoot on the downside, as they are already doing in California.

• Therefore, we expect housing prices to decline 45-50% from the peak, bottoming in mid-2010

• We are also quite certain that wherever prices bottom, there will be no quick rebound

• There’s too much inventory to work off quickly, especially in light of the millions of foreclosures
over the next few years

• While foreclosure sales are booming in many areas, regular sales by homeowners have plunged,
in part because people usually can’t sell when they’re underwater on their mortgage and in part
due to human psychology: people naturally anchor on the price they paid or what something was
worth in the past and are reluctant to sell below this level. We suspect that there are millions of
homeowners like this who will emerge as sellers at the first sign of a rebound in home prices

• Finally, we don’t think the economy is likely to provide a tailwind, as we expect it to contract the
rest of 2009, stagnate in 2010, and only then grow tepidly for some time thereafter.

What Simple Home Improvement tips would you suggest for my humble abode?

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Mortgage crisis robbing seniors of golden years: Sacramento CA foreclosures

2009-06-05T16:03:00.000-07:00

By Stephanie Armour, USA TODAY

Howard Weiss is 77 and scared.

This year, the semiretired distributor from Phoenix ran into financial problems and stopped making his mortgage payments. He was told his home was scheduled for a foreclosure auction in May.

CHART: Seniors feeling poorer

So Weiss scraped together more than $2,000 to stave off the foreclosure. He's still trying to figure out if he can get a mortgage modification so he can afford his home.

"This is the biggest mess I've had in my life," Weiss says. "I could break down and cry. I was about to lose everything. I've been through (the Korean War), through a lot of crises. Now I've turned everything over to the Lord. ... I'm so stressed this is going to kill me."

The worst economic crisis since the Great Depression has slashed home values and triggered an unprecedented surge in foreclosures across the nation. It's also taking an especially harsh toll on an often overlooked demographic: seniors who are retired or nearly so.

Conventional wisdom holds that most seniors have paid off their mortgages or have significant equity in their homes, but in reality hundreds of thousands are suffering in the housing crisis.

This population is being hit on all fronts. More than 600,000 seniors are delinquent or in foreclosure, according to AARP. A separate report by AARP found that 25.5 million seniors ages 50 and older have a mortgage. Unlike younger people, many are on fixed incomes and lack the money or job opportunities to catch up on payments when they fall behind.

Some seniors have been victimized by predatory lenders or made bad financial decisions, taking on adjustable-rate mortgages that reset to payment levels they couldn't afford. For others, their mortgage problems grew out of other financial pressures, such as staggering medical bills or helping adult children through financial difficulties.

Even those who own their homes free and clear are finding they can't rely on equity as a retirement nest egg because home values have dropped severely, especially in retirement-rich areas such as Florida, Nevada and California.

Some seniors who had planned to sell their homes and move into retirement communities have had to postpone their plans because they can't afford to take a loss on the sale of their current homes. Some older homeowners had been so confident that rising home values would provide retirement wealth that they neglected to save.

Now they face their final years with a dearth of financial resources to draw on. Thirty-six percent of workers ages 55 and older say the total value of their household's savings and investments — excluding the value of their primary home and any defined benefit plans — is less than $25,000, according to the Employee Benefit Research Institute.

Reversal of fortune

"It's terrible," says Dean Wegner, a certified credit counselor and mortgage specialist in Phoenix who has worked on Weiss' case. "I've got a lot of seniors who have just been nailed. They don't have retirement savings, and they've exhausted their equity. They're upside down (owing more on their mortgage than their homes are worth), they can't refinance and they're on a fixed income. They're scared to death. You can hear it in their voices. It's a sad situation."

Weiss' case reflects what many seniors are going through.

He was paying about $1,700 a month on his mortgage when he began having problems making payments because he was helping his son, who was unemployed. Because his home had lost so much value — from $290,000 to about $120,000 today — he couldn't refinance and lock in a lower rate.

Instead, he contacted an organization in Florida that he says offered to help him get a loan modification from his lender before Wegner got involved in the case.

Weiss says a counselor there advised him not to make payments on his home loan so he would be in a better position to negotiate a modification with his bank. He says he sent the organization $2,400 upfront to get the modification started.

So far, Weiss hasn't gotten any modification of his mortgage.

And because he got behind in payments, Weiss' lender began foreclosure proceedings on his home. According to Wegner, Weiss' bank also tacked the three months of back payments he hadn't made onto his loan balance.

That has left Weiss, who lives on a fixed income, scrambling to come up with money to save his home and pay $2,400 a month to catch up. That includes interest on the payments he didn't make.

His monthly income is about $4,000, which includes veteran disabilitychecks, money from his wife's retirement fund, his income and Social Security.

His wife, who lives at home with him, has Alzheimer's disease and is unaware of the situation, leaving Weiss to carry much of the financial worry.

Many others share his plight. Americans 50 and older represent nearly 30% of all delinquencies and foreclosures, according to an AARP analysis released in September.

The analysis found that more than 684,000 seniors 50 and older were delinquent on their mortgages or in foreclosure. Among those, nearly 50,000 were in foreclosure or had lost their homes.

The impact of subprime lending also has fallen disproportionately on those 50 and older.

Older Americans with subprime first mortgages — those given to borrowers with less-than-perfect credit — are nearly 17 times more likely to be in foreclosure than Americans of the same age with prime loans, according to AARP. For those under 50, the comparable multiple is about 13.

Such seniors "have saved up very little outside of their home and banked on home prices rising. No one talked about them falling, so they were heavily leveraged," says Dean Baker, an economist at the Center for Economic Policy and Research.

"This whole group is going to be hugely dependent on Social Security, and people don't fully appreciate the magnitude of the problem."

Some are simply planning to walk away from homes they no longer can afford.

Shawn Lee, 56, a retiree who owns a home in Seattle, had planned to sell it and retire to his other property in Mesa, Ariz.

He bought the Arizona home for $400,000 a few years ago; it's now worth about $200,000. With his retirement savings hit hard by stock market declines, he doesn't want to spend what savings he has making payments on the second home.

"I would have to spend my little bit of savings. It's a very tough situation," says Lee, who retired from the import and export business. "I decided I have to walk away. I won't have any money for retirement if I keep up with the payments."

Carrying mortgages at 60

Many seniors still owe on their homes.

In the fourth quarter of 2008, about 46% of older Americans around 60 who researched reverse mortgages had an existing traditional mortgage with an average debt of $149,683, according to Golden Gateway Financial. A reverse mortgage is one that makes payments to the homeowner from a home's equity.

There are few special programs among lenders or government agencies geared to help seniors with mortgage problems.

Mortgage giants Freddie Mac and Fannie Mae have none, and neither do some of the nation's largest lenders, such as JPMorgan Chase and Bank of America. The Department of Housing and Urban Development does offer a reverse-mortgage program for seniors.

Much of the help comes from non-profits and other services aimed at helping seniors. Legal Services, which provides counseling for low-income clients, reports that seniors with fixed incomes are especially vulnerable to being displaced by foreclosure.

The mortgage woes facing seniors also are creating challenges for retirement communities and assisted-living centers, which are finding that new members can't move in because they are saddled with homes they can't sell.

"We have found that the retirement communities, in particular, are struggling, since people usually sell their homes to finance the entry fees," Lauren Shaham, spokeswoman for American Association of Homes and Services for the Aging, said in an e-mail.

Two years ago, Fred Schoch, 75, a retired butcher in Hartwell, Ga., got on a waiting list for a retirement community. But now he can't sell his lakefront, 1-acre property because the market is so sluggish. A neighbor has had his home on the market for more than a year.

So Schoch and his wife, Joyce, have had to delay their retirement plans and are struggling to maintain the land. "Sooner or later, it'll be too much to take care of," Schoch says. "To buy into another place, we need money from this place. If we could sell, we'd move now."

Housing bubble's legacy

A substantial proportion — perhaps one-third — of older householders ages 55 to 64 will be less secure in retirement because of the housing bubble and its aftermath, according to a September analysis by the Center for Retirement Research at Boston College.

Vanished equity may be most threatening to seniors who own homes in markets that have seen the steepest price drops, such as Arizona, Southern California and South Florida.

"Their home is their largest asset, and that's taken a substantial hit. It's really impacting retirees right now," says Pete Flint, CEO of Trulia.com, a real estate search service.

"It's sad to see them go into foreclosure in their twilight years. It's very tragic," says Flint.

Macon McDavid and her husband, Jim, aren't facing foreclosure, but the vision they once had of their golden years is no more.

Instead of retiring, McDavid, 72, is sending out résumés in hopes of getting a job to help make ends meet. She and Jim own a home in Raleigh, N.C., and a vacation cottage in Sunset Beach, N.C.

When their son became ill, they spent about $70,000 on his medical care before he died. They were forced to take out a second mortgage. Meanwhile, the retirement savings they'd invested in the stock market lost about half its value.

Macon McDavid says they now have no choice but to sell one of the properties. The problem: There are no buyers, and the couple can't afford to take the loss they'd incur at current market prices.

"Our concern is about making payments. We have to decide which house to sell, but just because you put it on the market doesn't mean it will sell," McDavid says.

"All our life we worked to be where we are, and we're not there anymore."

SENIORS FEELING POORER | Story

Estimated wealth of households in the 55-64 age group and 65-74 age group in 2009 and change compared with households in those age groups in 2004*:

Households ages 55-64

Wealth		Change

Median net worth	$159,800	49%

Median financial assets	$52,600	41%

Median equity in all real estate	$65,900	54%

Households ages 65-74

Median net worth	$214,100	13%

Median financial assets	$79,600	81%

Median equity in all real estate	$98,200	27%

* = excludes wealth in defined benefit pensions. Source: Center for Economic and Policy Research

I wonder what the California foreclosures situation will look like in a year.
Easy home improvement tips are a sure way to increase the value of your home.
I have been looking at several Fresno CA foreclosures, but none seem right for us.

Commercial Real estate

Massachusetts Homes sales

mortgage seminar

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Current mortgage rates

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Southern California property values sink below historic norms: Los Angeles CA foreclosures

2009-06-05T14:23:00.000-07:00

By Peter Y. Hong - Los Angeles Times

June 5, 2009

Southern California property values have sunk below historic norms, various indexes show, but ongoing foreclosures and economic woes mean that the market bottom may not yet have been reached.

The forecasting firm IHS Global Insight reported this week that Los Angeles County home prices are now 6% undervalued. Its calculations are based on home prices, interest rates, area incomes, population density, and historic premiums and discounts in given markets.

By those measures, the firm said, Orange County is 11% undervalued and the Inland Empire is 16% undervalued. Even further below the historic norm are San Diego, at 21% undervalued, and San Francisco, which is 25% below normal, IHS said.

"If you get away from the coasts, houses are cheap," said Richard Green, director of USC's Lusk Center for Real Estate. Homes in many inland area are bargains relative to incomes and rents; some houses are selling for less than construction costs, Green said.

But problems beyond the housing market could thwart local real estate's recovery. California's inability to solve its budget woes is "so awful," Green said, "that it could create problems for business formation, which makes me really wonder about the prospects of job growth going forward."

California's unemployment rate was 11% in April, according to the California Employment Development Department, the fifth-highest rate in the nation.

IHS also qualified its findings, saying that "it is too early to call a bottoming," as "job losses continue, housing inventories remain elevated and consumers remain wary in light of economic uncertainty."

The IHS report came two weeks after a National Assn. of Home Builders index of purchasing ability hit the highest level in its 18-year history. The NAHB/Wells Fargo housing opportunity index showed that 73% of homes sold in the first quarter of this year were affordable to families earning the national median income of $64,000.

In Los Angeles County, 42% of homes sold in the first quarter were affordable to a median-income family, up from a recent low of 2% in the first quarter of 2006, the index showed. Orange County's home prices for the first quarter made 48% of homes sold affordable to a median-income family there, up from 3% in the fourth quarter of 2005.

The comparable first-quarter affordability index figure for the Inland Empire was 73%, up from 7% in mid-2006. San Diego County's index rose to 60% in the first quarter, compared with 4% in late 2005, and Ventura County's 61% affordability index was up from 8% in mid-2006.

The housing market still must clear a backlog of foreclosed homes and faces more than 100,000 potential foreclosures. In the first quarter, 135,431 mortgage defaults -- the first stage in the foreclosure process -- were recorded in California, MDA DataQuick said. Foreclosed properties are typically sold at deep discounts by lenders who need to get the properties off their books, dragging all prices down.

Low mortgage interest rates have also fueled many recent purchases. But the sub-5% loan rates so common in recent months may be history. The Mortgage Bankers Assn. reported that the average 30-year fixed-rate mortgage for the week ended May 29 was 5.25%, up from 4.81% the week before.

From what I see in the news, the California foreclosures situation is getting a lot worse.

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Time for a New Round of Stimulus

posted by Katrina vanden Heuvel - The Nation

"We might be witnessing the mother of all jobless recoveries."

That's how economist Bernard Baumohl described today's jobs report to the New York Times.

While there were "only" 345,000 jobs lost last month--as compared to 504,000 in April--the report doesn't account for the upcoming job losses as well as the ripple effect that will result from the GM bankruptcy. Nor does it reflect the severe budget shortfalls states continue to face. It did, however, reveal a continued collapse of wage growth, the highest unemployment rate in 25 years, and the loss of 156,000 manufacturing jobs.

Economic Policy Institute economist Heidi Shierholz writes today, "It is only in the midst of a historically steep recession that losing 345,000 jobs in a single month is actually taken as a good sign.... The US labor market is still hemorrhaging jobs. With the continued loss of jobs and hours along with the collapse of wage growth, it is time to start thinking very seriously about additional stimulus spending."

In fact, the Center for Economic and Policy Research (CEPR) is maintaining an "honor roll" of economists who have called for another stimulus "in an effort to promote forward thinking...and challenge those who have not yet faced up to the severity of the current recession."

"Many mainstream economists missed the housing bubble at the root of the current crisis and many have been slow to call for an additional recovery package," CEPR Visiting Scholar, Eileen Apellbaum, told me. "In the absence of a third economic stimulus, job loss is likely to exceed half a million jobs a month through the rest of this year and possibly longer. Pain for workers will continue to mount, and the budget problems of states will worsen.... A third stimulus is the best chance working families have for weathering this economic crisis."

Appelbaum's absolutely right about the fiscal outlook for states. The Center on Budget and Policy Priorities reports that "new mid-year FY2009 shortfalls of $60 billion have opened up in the budgets of at least forty-two states and the District of Columbia." (That doesn't include the initial $48 billion in shortfalls that these and other states faced when they originally adopted their budgets for the current fiscal year.) Also, forty-six states project deficits for the upcoming fiscal year--initial estimates project a $133 billion shortfall. Without additional help, we will see more layoffs, furloughs, and cuts in vital services that will only deepen economic hardship.

As economist and Nation contributor, Jamie Galbraith, wrote me in an e-mail: "This crisis is, above all, a crisis of unemployment, of foreclosures, and--as we see in California--of the essential services, including healthcare, that state and local governments provide. None of these will be remedied fast enough by the stimulus already in the pipeline. New, stronger, better targeted and faster-acting measures are needed, including general revenue sharing, a national infrastructure fund, a housing program and publicly-funded health care."

Meanwhile, the deficit hawks continue their damaging and alarmist talk of a federal debt that will soon be above 57 percent of GDP, or 82 percent of GDP by 2019. They overlook the fact that--as Mark Weisbrot, co-director of CEPR, writes--"the United States had a public debt of 109 percent of GDP in 1946, as it began the 'golden age' of its historically most rapid economic growth over the ensuing 27 years--growth that resulted in broadly shared prosperity, unlike that of the last three decades."

Just as we saw during the New Deal, there will be signs of recovery during which the deficit hawks will urge for spending cuts. In fact, after New Deal policies cut the unemployment rate from a peak of more than 25 percent to just over 10 percent in 1936, similar calls for fiscal restraint then led President Roosevelt to try to balance the budget. The result? The unemployment rate rose again in 1937 and 1938 and the country went back into a severe recession.

As economist and Nation contributor Dean Baker said to me, "The problem was not that Keynesianism failed, it was that it was not pursued with enough vigor."

It is indeed a time for vigor. In the absence of consumer spending and business investment, the government must step in and use these deficits in order to avert a depression. Our greatest deficit, after all, is our public investment deficit.

But another stimulus won't pass without serious work. The CEPR honor roll is one good effort to get economists involved. And progressive organizations are mobilizing the grassroots.

"Grassroots organizing is critical," Apellbaum said. "The disparities in the way Citigroup and GM were treated and in the amounts of money spent to bail each of them out makes clear what elite opinion thinks is important. Working people need to mobilize to get the help they--and the real economy--need."

Recent comments:

My brother said he wants to capitalize on the CA foreclosures situation.

I wonder what a CA foreclosure would cost me.

Can Entrepreneurs Save This Town?

By Amy S. Choi - BusinessWeek

On sunny afternoons, Lucy Whittle can be found tending to the lawn at the First Baptist Church in Los Banos, a small town of about 36,000 on the western edge of Merced County, in the heart of central California's San Joaquin Valley. Her husband, Melvin, is the pastor there, and she has a warm smile at the ready for church members and neighbors alike. But she'd rather be working.

Whittle is one of about 2,600 unemployed people in Los Banos. She hasn't worked since March 2008. Rather than look for yet another job, though, she has a different future mapped out—as a small business owner. Whittle is ready to launch a trucking company. But she and Melvin can barely make ends meet on his $32,000 salary, and she can't afford the $15,000 insurance policy necessary to get her truck on the road. "It's such a tiny amount of money," Whittle says. "But it may as well be $15 million right now."

Entrepreneurs, along with the rest of Merced County, are facing dire times. But not long ago, the area was booming. Developers added an estimated 60,000 housing units between 2002 and 2008, anticipating explosive growth from those commuting to jobs in the Bay Area and working at the new University of California campus, which opened in Merced in 2005. When the national housing market crashed, nearly all of Merced's new wealth was concentrated in those homes.

Home prices in Merced dove 42.3% in 2008 and continue to fall. The collapse coincided with a drought, forcing farmers to leave fields fallow and lay off employees. The dairy industry, another major employer, faced its own contraction because of a fall in milk prices and a drop in exports. Merced County now has a 22% unemployment rate. And despite a statewide moratorium on foreclosures—due to expire in June—it holds the dubious honor of having the nation's third-highest foreclosure rate.

Local authorities such as the Merced County Economic Development Corp. (MCEDCO) and the Los Banos Redevelopment Agency, along with the local Small Business Administration outpost, are counting on entrepreneurs to help create jobs and restore the region's economic health. "It'd be nice to get a big employer, but we believe it may be more effective to provide small businesses the resources to grow," says Scott Galbraith, chief executive of MCEDCO.

"The vast majority of the 5,000 businesses in the county are small companies. If we can get just half of them to hire one person, that's 2,500 jobs right off the bat, rather than working for 10 years to get a large employer into the region."

But those small companies can't grow—or hire—without help. Some agencies, such as the Los Banos Redevelopment Agency, which works in the western part of the county, provide microenterprise loans of up to $50,000 to help people start businesses, and they also try to help existing businesses find loans to spur growth. Merced College, meanwhile, has received a $68,000 planning grant to build a program for entrepreneurial studies, which it hopes to have up and running this fall. The college also wants to build a business incubator, but it's awaiting financing. The goal, says President Benjamin Duran, is to reach the hundreds of "grey economy" businesses, such as flea markets and home-based enterprises, and help them grow into companies that can create jobs.

These programs aim to support entrepreneurs, but what small business owners in Merced County need most is immediate financial relief. Without some aid, whether in the form of financing, refinancing, or debt assistance, it seems all but impossible that entrepreneurs, and would-be entrepreneurs such as Lucy Whittle, will be able to thrive, much less carry the rest of the economy on their shoulders.

Return to the BWSmallBiz June/July 2009 Table of Contents

Choi is a staff writer for BusinessWeek SmallBiz in New York.

I cannot believe the number of Los Angeles CA foreclosures out there right now.

Right now, the Sacramento CA foreclosures are almost as bad as in Los Angeles.

Current Mortgage Rate : What Rate Do You Plan On Paying?...

2008-06-22T17:04:00.000-07:00

Read below, or click here for more information...

"There are virtually an unlimited number of brokers on the internet, and off-line that can help you with your financial situation, or simply advise you on where the best place to find a mortgage provider to suite your specific credit needs may be".

Bad Credit Mortgages And Getting The Finance You Need

By: Joe Kenny

Bad credit can be financially crippling when trying to apply for a credit card or a loan or even more of a problem when applying for a mortgage. Bad credit can cause many sleepless nights and family stress, while trying to acquire a mortgage for your new home.

It is very easy indeed to lose your good credit status, a few late payments, or one missed payment can seriously damage your credit rating. A couple of weeks off work, sick, or some unforeseen large payment can easily damage your credit. Making it difficult to get a mortgage for your dream home.

Many people will turn to companies that specialize in helping people repair their credit status. These people may not realize that having bad credit does not necessarily bar you from getting a mortgage. It may, make it more difficult, and a little more inconvenient, but it certainly does not mean that mortgage is beyond your reach.

A bad credit mortgage may in fact be the best way of repairing your damage credit and regaining the confidence of lenders of all kinds. One of the main purposes of the bad credit mortgage is to repair the damaged credit score, and also get individuals back on the road to financial security.

Bad credit mortgages will give you the opportunity to show lenders and credit reporting agencies that your credit status was caused by situations outside of your control and you are in fact, well capable of making regular payments.

Making these regular payments can quickly show to lenders that you are a responsible borrower who wishes to resolve their credit history problems.

The first thing you need to do to obtain a bad credit mortgage is to find a company to lend you the money. It is not advisable to do this on your own unless you have considerable knowledge of the mortgage market.

It is quick and simple to secure the services of a mortgage broker, who has the knowledge and the skill to bring you together with a quality mortgage lender who will suit your needs.

When you find a broker, you need to make him aware from the beginning that your credit is less than perfect. That way, he can save time by knowing which lenders may be suitable for your needs.

Not only can a bad credit mortgage help you to resolve your credit score problems. It can also be used to fix some of your financial credit problems as well.

By credit mortgage can be used to fund paying off some of your existing debts, such as credit cards and car loans. Lowering your monthly payments by rolling all his debts into one payment, which will be far more affordable for you.

Some companies now specialize in these kind of mortgages, and are sympathetic to people who have found themselves in difficult financial and credit situations. They understand that circumstances beyond your control may have forced you to miss a couple of payments on a credit card. But that does not necessarily make you a bad risk of paying your mortgage in a timely fashion.

There are many mortgage brokers, some of them online, who can point you in the right direction and give you lots of useful advice about how to locate the best mortgage provider for your bad credit mortgage situation.

About the Author:

Joe Kenny writes for Glitec.org, offering cheap online mortgages and mortgages or visit Rebuild.org for great refinance quotes

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