Obama On Jobs and Mortgages

Obama On Jobs and Mortgages

Okay, so once again, I was reading.  I do so love to read, just not really for business, but it's a necessary evil.  I came across this article in REUTERS talking about how Obama wants to talk with congress on MORTGAGES on September 7th. (Since I read the article Ihave learned that jobs will be included and that the talk has been postponed perhaps until the end of September.)  I wish a good joke would come to mind right now.  I can picture it now, his way of fixing taking over the way mortgages are handled.


But seriously folks, the article is really good.  Part of BHO's plan is to target mortgages that may be underwater.  If the people are current on their payments, it is said that they will be allowed to modify their mortgages to the new lower rates.  The problem with this is that the banks have been telling everyone that if they want to modify they have to be behind on the payments.  Seriously, this just happened to a good friend of mine.  And they are still not sure if mortgages that are less than 80/20 LTV will be included or not.  Obviously the plans have not yet been firmed up!


"White House officials had long been wary of trying aggressive new programs to revive the housing market. The prevailing view at the White House over much of the last two years was that any remedies would cause at least as many problems as they solved."


I loved the part in the article where it asks, THE CHICKEN OR THE EGG".  The just of this question and explaination is do we work on housing now or create jobs first.  Seems to me that if people were employed, they'd be better equipped to pay those modified mortgage payments.  And BHO has been reluctant to do anything whatsoever about jobs thus far.  Christina Romer, a former top BHO exec says that the people would be much better served by job creation programs than messing fixing the mortgage programs.


 "A bold jobs program might be just as effective and better targeted to those who need help the most. Also, healing the economy is as likely to heal the housing market as programs aimed directly at housing," said Romer, a professor at the University of California, Berkeley.


Of course, it had to be a Senator, and I use the term loosely, from our wonderful state of California who co-authored this brilliant new piece of legislation.  Really, Ms. Boxer, can't you get at least this right?  


The bondholders/shareholders are crying foul.  They would be on the losing end of this proposition.  Quite a few number of fund managers have invested heavily into Fannie, Freddie, and bonds.  They are having such a hard time in that market, too.  


So we shall wait and see how this all pans out.  I mean after all, isn't that what we have become, a passive people?

INVESTORS, RENTALS AND HOUSING RECOVERY

INVESTORS, RENTALS AND HOUSING RECOVERY


Okay, so I just LOVE how the media is picking up REAL ESTATE stories right now.  They seem to be addressing some of the issues, but not the cause and effect of the things that are happening.


This article on CNBC seems to do a pretty good job of exploring the whole enchilada, so to speak. (Goodness, I miss that restaurant.)  It starts out by suggesting that investors are the solution to this housing crisis that we are experiencing.  And then goes on to say that unfortunately the investors seem to be pulling back.  WOW, REALLY?  I just did a blog last week on the very topic in California.  


The statistics, especially for California are that the all cash  and the non-owner occupied purchases are on the decline in a big way.  And as this article points out, it can be attributed to a couple of different things; one being the extra rules placed on these homes and another is the fact that right now buyers are on the decline, period.  

Diana, the author of this article, suggests that quite possibly investors should start looking to the long-term.  Instead of flipping homes, they should think about renting since the rents are on the upswing and the rental inventory is going down really fast.  I know in my area, there are many short sales that have tenants in them that would love nothing better than to stay and keep renting.  Voila, instant income!  And it's extremely hard to find a buyer that will allow this to happen right now.

So Diana says that we should take the extra rules off of investors and make it easy for them to purchase and rent.  Maybe that will get their mind off that instant payoff of flipping.  This coupled with proposed breaks for them just may put the real estate market back on track.

Of course, you really know, it's all about jobs...

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
(909) 670-2711 Direct
LindaKMayer@live.com
Linda's Website

CALIFORNIA HOME SALES IN JULY 2011

CALIFORNIA HOME SALES IN JULY 2011

Okay, so DQ News posted it's information for July Sales In California this year.  so forgive me if I write a statistical blog.  They really do paint the picture of what's happening in theCalifornia Real Estate Market.

The median sale price for a single family residence in CALIFORNIA is $252,000.

The average mortgage payment being taken on now is $1027.

Home sales which are typically higher in the summer months have gone down 11% from June and 1.4% from July 2010.


Distressed Sales account for more than 1/2 of the entire home sale in July. 34.6% were REO's and 17.3% were short sales.  Both numbers are trending downward.


Foreclosure acitivity is slowing down but is still at historic highs.


And people are getting smarter.  There are less homes being purchased with more than one mortgage.  


Investor purchases (cash purchases and non-owner occupied) are slowing down as well.

HOW DOES THIS AFFECT YOU:  There is more inventory on the books, so more homes for you to choose from.  The all cash offers were taking up quite a few of the homes before.  Now they are slowing down as well, so you have a much better chance of getting YOUR offer accepted.  Because the distressed property sale are going down, there are more standard sale and a much easier time of getting your home bought or sold.

And, as always, if you have real estate questions or need to buy or sell a home, please feel free to call me, a local expert.  I will be honored to assist you.

CALIFORNIA LIVING!

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
(909) 670-2711 Direct
LindaKMayer@live.com
Linda's Website

IN THE AFTERMATH - HOW TO LET YOUR LOVED ONES KNOW YOU ARE SAFE

IN THE AFTERMATH - HOW TO LET YOUR LOVED ONES KNOW YOU ARE SAFE

Okay, so most of you know that I used to work for the American Red Cross and still volunteer for them.  They are a fantastic organization who do amazing things during and after disasters.  From single family fires to devastating hurricanes, they are there.  In fact, we are already signed up to go if need be through this upcoming, or should I say already here, hurricane season.  They are prepared!


So, after the major disaster when you finally realize you are okay and can think, what do you think of?  Finding your family members, friends and loved ones.  Making sure they are safe and letting them know you are as well.  The phones are out, the cell phone lines are overwhelmed and you need to get a message out and see if you've received one.



Voila- SAFE AND WELL from the American Red Cross.  Safe and Well is a website where you can list yourself as safe and okay so your family can search and so can your friends.  They can also register and let everyone know about their situation as well.  It's pretty simple, so you don't have to put private and personal information, but it can bring peace of mind to worried loved ones and yourself. 


Personally I would reccommend that you put the webpage into your smartphone so that it will be available if need be.
And, shameless plug, don't forget to take your CPR and First Aid Classes.  You never know when it will come in handy... but that's a story for another blog!



**Just for everyone's information:  The American Red Cross does NOT get government funds.  ALL services are provided due to the generous contributions of the American people.

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

HIGHS AND LOWS - LA VERNE, CA - AUGUST 24, 2011

HIGHS AND LOWS - LA VERNE, CA - AUGUST 24, 2011

Okay, so here are the prices in LA VERNE, CA as of today, August 24, 2011.


Single Family Residence


Lowest Price        $  179,000
Highest Price       $3,500,000
Average              $    385,000
No. of Listings                 150
Sold this Week                    3

What this means to you: You have more information so you can make an informed decicion on whether LA VERNE is a good decision for your family and if the prices are within your grasp.

The other thing you can take away from this is the saturation rate.  The saturation rate is determined by the amount of sale in a week and the number of listings on the market.  So in this case, there are 150 homes currently listed.  If you divide those by the three sold this week, it means that it would take more than 50 weeks to sell everything already in the inventory if no more listings are put into the market place.   

How this affects you:  If you placed your home on the market today it could take as long as 12 months to sell your home or as little as a day.  This would depend on how competitive your price is, the condition of your home and the aggressiveness of your agent's marketing campaign.  If you are a buyer, there are more homes to choose from and you have a better chance of getting an offer accepted.



Condos and Townhomes
Lowest Price        $    67,900
Highest Price       $  359,900
Average              $   229,000
No. of Listings                 17
Sold this Week                  4


So the saturation of condos and townhomes is four weeks if nothing more comes onto the LA VERNE REAL ESTATE MARKET.


And, as always, if you have real estate questions or need to buy or sell a home, please feel free to call me, a local expert.  I will be honored to assist you.

Warmest Regards,
Linda K. Mayer,

Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

HIGHS AND LOWS - SAN DIMAS, CA - AUGUST 24, 2011

HIGHS AND LOWS - SAN DIMAS, CA - AUGUST 24, 2011

Okay, so here are the prices in SAN DIMAS, CA as of today, August 24, 2011.

Single Family Residence

Lowest Price        $  183,500

Highest Price       $2,250,000

Average              $    335,000

No. of Listings                 136

Sold this Week                    7

What this means to you: You have more information so you can make an informed decicion on whether SAN DIMAS is a good decision for your family and if the prices are within your grasp.

The other thing you can take away from this is the saturation rate.  The saturation rate is determined by the amount of sale in a week and the number of listings on the market.  So in this case, there are 136 homes currently listed.  If you divide those by the seven sold this week, it means that it would take more than 19 weeks to sell everything already in the inventory if no more listings are put into the market place.   

How this affects you:  If you placed your home on the market today it could take as long as five months to sell your home or as little as a day.  This would depend on how competitive your price is, the condition of your home and the aggressiveness of your agent's marketing campaign.  If you are a buyer, there are more homes to choose from and you have a better chance of getting an offer accepted.

Condos and Townhomes

Lowest Price        $  160,000

Highest Price       $  398,000

Average              $   274,000

No. of Listings                 35

Sold this Week                  1

So the saturation of condos and townhomes is 35 weeks if nothing more comes onto the SAN DIMAS REAL ESTATE MARKET.

And, as always, if you have real estate questions or need to buy or sell a home, please feel free to call me, a local expert.  I will be honored to assist you.

SAN DIMAS LIVING! 

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

HIGHS AND LOWS - CLAREMONT, CA - AUGUST 24, 2011

HIGHS AND LOWS - CLAREMONT, CA - AUGUST 24, 2011

Okay, so here are the prices in CLAREMONT, CA as of today, August 24, 2011.


Single Family Residence
Lowest Price        $  159,000
Highest Price       $4,000,000
Average              $   489,000
No. of Listings                 147
Sold this Week                   4

What this means to you: You have more information so you can make an informed decicion on whether CLAREMONT is a good decision for your family and if the prices are within your grasp.

The other thing you can take away from this is the saturation rate.  The saturation rate is determined by the amount of sale in a week and the number of listings on the market.  So in this case, there are 147 homes currently listed.  If you divide those by the four sold this week, it means that it would take 36.75 weeks to sell everything already in the inventory if no more listings are put into the market place.   

How this affects you:  If you placed your home on the market today it could take as long as eight months to sell your home or as little as a day.  This would depend on how competitive your price is, the condition of your home and the aggressiveness of your agent's marketing campaign.  If you are a buyer, there are more homes to choose from and you have a better chance of getting an offer accepted.


Condos and Townhomes
Lowest Price        $  145,000
Highest Price       $  702,688
Average              $   375,000
No. of Listings                 24
Sold this Week                  1


So the saturation of condos and townhomes is 24 weeks if nothing more comes onto the CLAREMONT REAL ESTATE MARKET.


And, as always, if you have real estate questions or need to buy or sell a home, please feel free to call me, a local expert.  I will be honored to assist you.

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

LINDA'S MOST AMAZING PIZZA SERIES #1

LINDA'S MOST AMAZING PIZZA SERIES #1

Okay, so I was thinking that since it's that time of the year again, football games, kids back to school, looking forward (way forward) to the holidays, it's also time for pizza again!  So I'm going to do a local pizza series for just that very reason.  It's based on family favorites, all of us have a different one, nut I'll only choose three or four.  After all, there are seven of us!

This week I'll begin with Mama Patrillo's in LA VERNE.  This is Lucy and my favorite.  Mama Patrillo's is a full-service Italian Restaurant. They start you out with homemade bread with the oil and vinegar to dip it in.  Sometimes we ask for butter because it's really good that way, too. Lucy and I go here quite a bit when we're by ourselves.  We start with their antipasto salad - simply amazing and end up with their pizza.  Lucy and I LOVE the plain and simply pepperoni pizza.  You can get any crust you wish, but the standard one is our favorite.  They must do something really special to the pepperoni, maybe cook it before they put it on, because it comes out crunchy and perfect every time.  I love crunchy! They have this amazing cucumber and tomato salad in season which is almost as amazing as their antipasto. My husband loves the spaghetti and their Italian sausage.  He gets this because he doesn't like crunchy food.  Ya, I married him anyway.  Must be LOVE.

They recently opened a sports bar next door.  You can get the same food in the bar if you'd like while watching like around eight different big screens.  Totally different atmosphere than the restaurant.  I've seen local teams, local Realtors and lots of other friends there watching some game or other on tv.  And they have amazing homemade chips and salsa in the bar as well.  No kids are allowed in the bar area, it's strictly 21 or older.

So, if you're looking for a fun place or a romantic place, Mama Patrillo's has got you covered.

LA VERNE LIVING!

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

Mortgage Rates in U.S. Tumble to Lowest in More Than 50 Years

Okay, so once again I was reading an article.  Thought I'd share some good news with all of you out there in real estate land..... LOL


This article in Bloomberg says that according to Fannie Mae the interest rates in the US have dropped to the lowest in more than half a century!  That's 50 years for some of you!



The average rate for a 3--year fixed is now at 4.15 percent with a 15-year fixed at 3.36 percent down from 3.5.  Now I'm not one for numbers, (that's why I do the real estate side!) but these seem amazingly low to me.  And this is what is MOST IMPORTANT for determining your monthly payment when you go to purchase a home, buy a home, whatever you want to call it.  So if you're looking to buy, relocate or find a place for a family member, NOW would be the time!


And as always, if you have real estate questions or need some help with selling or buying a home, turn to an expert.  Give me a call and I will be more than happy to assist you.

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

CLAREMONT REAL ESTATE MARKET WATCH - AUGUST 13-19, 2011

CLAREMONT REAL ESTATE MARKET WATCH - AUGUST 13-19, 2011

MARKET WATCH

New Listing (13)
Price Change (13)
Back On Market (3)
Backup Offer (2)
Expired (1)
Pending (6)
Sold (4)

Okay, so this is another exciting week for real estate in CLAREMONT.  There are 13 new listings and three back on the market.  That's sixteen new homes for the week.

As you can see here, more homes are coming into the real estate market than are being sold.  Only four homes completed the sale process with the sixteen homes coming onto the market, properties seem to be moving a little slow in CLAREMONT.  

This week six went pending (into escrow) and two went into back up status (an offer was submitted to the bank) for a total of eight that should soon be going into escrow and closing sale.  I say should because the different banks are different and take different amounts of time, allowing for buyers to back out or change their mind.  That is why a good agent will take back up offers, in case the first buyer backs out.

Pricing.  Wow, I can't say enough about an agent who knows how to price properly from the beginning.  It is important for buyers and sellers alike to know just exactly what they are dealing with.  So thirteen price changes is actually quite a lot especially right now.

And, as always, if you have real estate questions or need some help with selling or buying your home, turn to a local expert.  Give me a call and I will be more than honored to assist you.

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

LA VERNE REAL ESTATE MARKET WATCH - AUGUST 13-19, 2011

LA VERNE REAL ESTATE MARKET WATCH - AUGUST 13-19, 2011

Market Watch

New Listing (9)
Price Change (14)
Back On Market (5)
Backup Offer (5)
Expired (5)
Pending (4)
Sold (2)

Okay, so this is another exciting week for real estate in LA VERNE.  Nine new listings and two sold.  A little bit different from the sister-city SAN DIMAS.  

In SAN DIMAS there were more sold than coming onto the market.  But as you can see here, quite the opposite is true.  Only two home completed the sale process with nine new listings and five back on the market.  This city is moving pretty slowly at getting rid of their inventory.  This may be due to the banks timetable or other factors.

This week four went pending (into escrow) and five went into back up status (an offer was submitted to the bank) for a total of nine that should soon be going into escrow and closing sale.  I say should because the different banks are different and take different amounts of time, allowing for buyers to back out or change their mind.  That is why a good agent will take back up offers, in case the first buyer backs out.

Pricing.  Wow, I can't say enough about an agent who knows how to price properly from the beginning.  It is important for buyers and sellers alike to know just exactly what they are dealing with.  So fourteen price changes is actually quite a lot especially right now.

And, as always, if you have real estate questions or need some help with selling or buying your home, turn to a local expert.  Give me a call and I will be more than honored to assist you.

LA VERNE LIVING!

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

SAN DIMAS REAL ESTATE MARKET WATCH - AUGUST 13-19, 2011

SAN DIMAS REAL ESTATE MARKET WATCH - AUGUST 13-19, 2011

Market Watch

New Listing (4)
Price Change (17)
Back On Market (5)
Backup Offer (4)
Expired (2)
Pending (11)
Sold (7)

Okay, so this is another exciting week for real estate in SAN DIMAS.  Four new listings and seven sold.  As you can tell, the homes are getting sold and the inventory is shrinking.  So if you are thinking of buying a home, it's time before they all get gobbled up.  And if you are thinking of selling your home, well the laws of supply and demand come into play.  Lower supply, larger demand raises those home prices just a bit for you.  


Wow, eleven homes went into escrow this week.  That means that in approximately 30-45 days these should become sold houses as well.  Congrats to  those families and good luck in your new home!  Four homes have gone into back up status which, as I have explained before means that an offer has gone to the bank and they are taking more offers in case the buyer drops out.  Hopefully they will all go into escrow and become sold as well.  Congratulations to all those agents with the sales, escrows and backups!  Go get 'em.



Pricing.  Wow, I can't say enough about an agent who knows how to price properly from the beginning.  It is important for buyers and sellers alike to know just exactly what they are dealing with.  So seventeen price changes is actually quite a lot especially right now while homes are getting sold at a really fast pace.


And, as always, if you have real estate questions or need some help with selling or buying your home, turn to a local expert.  Give me a call and I will be more than honored to assist you.

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website

SAN DIMAS - HOME OF THE SAINTS

SAN DIMAS - HOME OF THE SAINTS


Okay, so if you're just moving into the area for SAN DIMAS HIGH SCHOOL, you're in for a treat.  If you've been here for a while, this blog will be useful for you.


San Dimas is home of the SAINTS.  And their website is done by the students.  Which is all well and good, but there are no school sports calendars YET.  That's okay, so I'll write about the SCHOOL CHOIR CALENDAR.  I found it a very interesting calendar as they have performances right from the get-go!  September 9th begins with a choir retreat and that very next Monday they have auditions for some of the small choral groups.



I loved my years in choir.  We had the BEST director and the BEST singers.  And naturally we had the BEST choir retreat ever!  We went to San Francisco and sang with other schools in a "command performance".  All the schools learned the same songs and we sang together as a very large group.  So I think it's extremely important for friends and family to support the local prgram.  After all, some schools are losing their programs by leaps and bounds and we are lucky to still have this choir here.


So check out the calendar, even if you don't have someone in the program and show some support for the SAN DIMAS SAINTS!

Warmest Regards,
Linda K. Mayer,
Realtor, Office Manager  
License # 01767321
A Realtor you can Trust!
(626) 824-8927 Cell
LindaKMayer@live.com
Linda's Website