Home Values

Options for Struggling Homeowners

If you’re a homeowner struggling with or behind on your mortgage payments – first you’re not alone – second the best thing you can do is to be aware of and understand your options.  No matter what your financial situation, the WORST thing you can do is NOTHING.   There are options and your financial situation will likely determine which is the best path for you to take.  If you absolutely can not make the mortgage payment, now or in the near future, at this point you should be looking at how to minimize your loss and the impact to your financial and credit situation.

Reinstatement

Acknowledging the delinquency and working with your lender to bring the loan current.

Reinstatement is the acknowledgment by a loan Servicer that a loan in default has been brought current by the homeowner. There are several different workout options that would generate a reinstatement. The most common options are defined below.

Loan Modification: A written agreement between the Homeowner and the loan Servicer to temporarily, or permanently, alter one or more of the terms of the original agreements. There are several types of loan modifications, including (1) rate reduction; (2) capitalization; (3) term extension; and (4) one-time assumption.

NOTE: Anything in writing can be modified, i.e. interest rates, term of loan, due date, etc. All changes must be in writing.

Option 1: Rate Reduction Modification

This type of loan modification may permanently reduce the interest rate associated with the loan, thus lowering the monthly payment for the Homeowner.

Option 2: Capitalization/Forbearance

Capitalization/Forbearance means adding the delinquent payments into the remaining balance and updating the payment due date and perhaps “recasting” the payment amount. Capitalization may be used when other modifications would not be appropriate, such as, if the interest rate is already at or below the market rate, or if the delinquent amount due is just too much for the Homeowner to pay back within the specified period of time.

Option 3: Term Extension

Term extension is extending the amount of time the Homeowner has to repay their loan to achieve a reduced monthly payment (i.e. 15 year mortgage extended to 30 years). Term extensions are often used together with an interest rate reduction or a capitalization modification.

Option 4: One-Time Assumption

Most mortgages are non-assumable, which means the loan cannot be transferred from one owner to another. However, as a form of loss mitigation/Home Retention,the loan Servicer may opt for a one-time assumption, in order to facilitate the sale of the property. Generally if the Homeowner can demonstrate hardship, Fannie Mae and Freddie Mac will allow a one-time assumption. HOWEVER, the transaction must be an “arm’s length” transaction. In other words, there cannot be any pre-existing relationship between the Homeowner and the individual assuming the mortgage.

Option 5: Loan Type Conversion
Some Homeowners with an adjustable rate mortgage (ARM) may not be able to keep up with increased payments during times of increasing interest rates. In this case, the loan Servicer may opt to modify the loan type to avoid increasing the interest rate. The loan could be converted to a fixed rate mortgage.

If you’re unable to pay your mortgage and don’t think you will be able to soon, the follow are some options you may want to consider:

Pre-Foreclosure Sale

In a pre-foreclosure sale, the lender/servicer allows the Homeowner to sell the house within a 2 to 4 month time frame. During this time, the house must be actively marketed.

Short-Sale

A short-sale requires that prior to the sale, the Servicer agrees that the sales proceeds from the sale of the Homeowner’s home will satisfy the debt, even if that amount is less than what the Homeowner owes on the loan. The Homeowner may be responsible for taxes on the forgiven debt.  This may be an option if you need to sell for other reasons, such as job relocation or divorce.  The Homeowner should refer to a Tax Attorney or their Tax Accountant.

Deed-in-Lieu

A deed-in-lieu of foreclosure is when the Homeowner voluntarily gives the property deed to the loan Servicer in exchange for forgiveness of the debt. In this situation, the Homeowner does not have a foreclosure or deficiency judgment on his or her credit report. The Servicer will report a derogatory report on the Homeowner’s credit report.

NY Time Touts Highland Park as new LA Cultural District

HIGHLAND PARK in northeast Los Angeles holds many honors: the first town to be annexed by Los Angeles (in 1895), the backdrop for Quentin Tarantino’s “Reservoir Dogs” and a historic trust of Craftsman and Victorian-style homes.

But few would ever confuse Highland Park for a cultural district. Until now. What was once a sleepy strip of garish 99-cent stores and auto parts shops is turning into a thriving neighborhood of cool restaurants and boutiques that draw young trendsetters in skinny jeans, flannel shirts and Converse high tops.

The turnaround started a few years ago, when real estate prices in nearby Silver Lake and Echo Park increased significantly. Priced-out artists, actors and writers were drawn to Highland Park’s walkable streets and its glut of handsome old homes. Not only was it aesthetically appealing, but the area also had parks, hills and a hushed, small-town feel.

Much of the flurry is clustered along a five-block stretch of York Boulevard, the main drag. “It’s an odd mix of artists, young families and traditional Latino culture,” said Matt Schodorf, who recently opened Café de Leche (5000 York Boulevard; 323-551-6828; www.cafedeleche.net), a Latin-style cafe, with his wife, Anya. “The landscape has changed significantly. Now, everything is centered on one street. It’s rare to find a walking culture in L.A.”

A prime example of the area’s youthful do-it-yourself spirit is Orecul77 (5159 York Boulevard; 323-254-2600; www.orecul77.com), a kind of hipster tailor shop where the owner, Tawni Lucero, renovates old dresses into “one-of-a-kind wearable pieces of art.” The funky brightly colored store, which opened last November, charges $55 to $75 for each dress.

Highland Park feels particularly alive at night, when young arrivals gather at places like the York (5018 York Boulevard; 323-255-9675; www.theyorkonyork.com), a stylish gastropub with brick walls and chalkboard menus. On weekends, the L-shaped bar is often five deep with floppy-haired students from Occidental College nearby, local women in short skirts and high heels and artist types from Silver Lake with shaggy beards and trucker hats.

A few doors down is Johnny’s (5006 York Boulevard; 323-551-6959), a dimly lighted bar with a “Cheers”-like vibe and a jukebox that bounces from Iggy and the Stooges to Led Zeppelin. The pool and foosball tables are a major draw, as are the chilled Jägermeister shots ($6). A favorite among York Street business owners, the bar often blurs into unofficial town hall meetings.

“We’re in a city of nearly four million people, but here it feels like a small town,” said Amy O’Connell, an owner of Society of the Spectacle (4563 York Boulevard; 323-255-4300; www.societyspectacle.com), a fashionable eyewear boutique in a converted 1920s bungalow. “I mean, where else in L.A. do people honk as they drive past?”

By JAMIE BRISICK, NY Times Travel Section July 2009

C.A.R. Launches Mortgage Protection Program

 On Thursday, April 2, 2009 the Housing Affordability Fund has launched a new program designed to provide peace of mind to first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss, and subsequently being unable to meet their monthly mortgage obligations.

Through the C.A.R. Housing Affordability Fund’s Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit.

 To qualify for the Mortgage Protection Program, Applicants must:

 · Be a first-time home buyer – someone who has not owned
a home in the last three years.

· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009

· Use a California REALTOR® in the transaction

· Purchase the property in California

· Be a W-2 employee (cannot be self-employed)

 For more information to to get an application call (800) 941-2297.

Does It Pay to Renovate Your Home?

Renovations can make a big difference in how fast you sell your home and how much return on investment you get. But before you hire a contractor, find out which improvements are most likely to pay you back.

“If you’re going to stay for less than five years, be budget conscious about what you’re doing,” says Everett Collier of the National Association of the Remodeling Industry. “But if you’re going to stay for more than five years, think about what will make you happy.”

Recouping Your Investment

	National Average Cost	Recouped Amount of Cost
Midrange kitchen remodel	$17,928	85.2%
Midrange bathroom remodel	$12,918	84.9%
Master suite addition	$94,331	72.6%
Midrange sunroom addition	$49,551	66.3%
Home office remodel	$20,057	63.4%

Kitchens

Typically, kitchens cost the most of all rooms to remodel, but you’ll also enjoy a big gain in sales price – as much as 80% of what you spend on a major, midrange remodeling job, according to the recent Remodeling magazine Cost vs. Value Report 2006.

If resale is your top priority, go for broad appeal.

• When replacing or adding cabinets, use lighter woods and nothing too contemporary.
• Stick with features and finishes common to your neighborhood and to the kind of house it is. Don’t put granite countertops in a starter home, for instance.
• Ask local salespeople what sells best.
• Change out cracked and stained countertops, but not always with pricey granite. Less expensive options include ceramic tile and concrete.
• Select up-to-date appliances. If you’re on a budget, visit retailers that sell secondhand appliances or those almost as good as new.
• Keep in mind that if the kitchen is shabby to begin with, any upgrades will help impress potential buyers.

Bathrooms

A major redo with new flooring, pedestal sinks, designer tubs, and showers with multiple shower heads can cost as much as $40,000, says Gregory A. Miedema of the National Association of Home Builders. “It’s the higher-end options like granite, frameless glass shower doors, and basin vessel sinks that add to the cost,” he says. A midrange bathroom remodel costs $12,918.

However much you spend, upgrading the bath garners rewards at resale. Recoup 84.9% for a midrange job, and in some regions even more – in the Pacific Northwest, for instance, up to 103.2%, according to the Remodeling report.

A few quick fixes include:

• Painting cabinet doors and updating hardware.
• Adding stylish new faucets.
• Reglazing worn tub and tiles.
• Replacing older fluorescent lighting fixtures.

“Lighting changes can make a big difference in buyers’ reactions,” says Pat V. Combs, president of the National Association of Realtors.

Master Suite

Remember, if you upgrade your home you may need to upgrade your insurance coverage, too. Renovations can up the cost of what it would take to rebuild, so make sure you have enough coverage.

A spacious master suite with a sitting nook, a changing area, and a closet that has organizers in place can make buyers swoon. And the master bath is a real selling point.

Without big bucks, plush towels, candles, and new cabinet pulls can make the master bath seem inviting and updated.

Outdoor Deck

If right for your climate, outdoor living areas make great investments. You can recoup more than 75% of the cost. To dress up an existing, weathered deck, restain it for minimal cost, says Dean Herriges of the National Association of the Remodeling Industry. Power-wash synthetic decks or clean them according to the manufacturer’s directions. “Buyers are looking for the least amount of work they’ll have to do, so if these things are done, it adds value,” Mr. Herriges says.

Attics and Basements

The attic might transform into an extra bedroom, an office, or a playroom. “Especially in older houses, look into it,” Ms. Farrar-Wegener says. “Get it as cleaned out as possible. Put in good lighting so people can see the potential.” Basements, too, have potential for more living space, Ms. McCormick says. But she says not to spend a lot on them. Buyers often expect this part of the house to be unfinished, so it’s not necessary to spruce it up just to sell the home.

Choose Upgrades Wisely

Not all additions add value. A midrange sunroom addition can average $49,551, with a potential for recouping the cost of only 66.3%. Home office remodels cost on average $20,057, recouping only 63.4% of their cost. Look at neighborhood trends. “It doesn’t make sense to put in a media room when no one else in the area is doing that,” Ms. Farrar-Wegener says. “Yours isn’t a neighborhood where people will look for those kinds of amenities.”

Bottom Line

“People want to envision living in your home,” Ms. McCormick says. “If you let things go and get out of date, the impression will be that you’ve left other things, like the roof and furnace, unattended, too.”

However, before spending loads of money on upgrades, consider whether your home is in a declining market. If so, it’s less likely that you’ll be able to recoup your costs.

Remember, if you upgrade your home you may need to upgrade your insurance coverage, too. Renovations can up the cost of what it would take to rebuild, so make sure you have enough coverage.

Source for all average cost figures: Remodeling 2006 Cost vs. Value Report, Remodeling magazine.

Can’t find a job? Create one

NEW YORK (CNN) — Madame Alexander was one of the great innovators in the doll industry.
by Peter Bregman

According to the company that bears her name, she made the first doll with moving eyelids, the first doll based on a licensed character (Scarlett O’Hara from Gone with the Wind), the first doll fashioned after a living person (Queen Elizabeth) and many others.

But what’s most interesting is how and why the company got started.

Beatrice Alexander’s father owned the first doll “hospital” in New York City, where broken porcelain dolls were sent to be repaired. That got her thinking. Maybe porcelain wasn’t the best material for a doll. So she sat around her kitchen table with her four sisters, and they started a business sewing dolls out of cloth. Theirs were not the only cloth dolls (Raggedy Anne was already popular), but they created a Red Cross doll, a smart choice so soon after World War I. She put all the dolls in a big suitcase and lugged them around to local mom and pop stores where she made small sales.

Can’t find a job? Create your own

No bank would lend to her; she was a 20-something woman in the early 1900s, a poor risk. So she scraped together what she could and just started. Eventually, she found someone who was willing to loan her $1,600, which she paid back in half the time she was allotted.

After four years of dragging that suitcase door to door, she got her first big break: a big sale to FAO Schwarz.
Forbes magazine recently profiled the most popular toys of the past 100 years, and Madame Alexander topped the list from the 1920s. It beat the yo-yo.

There’s a lesson here for us. We’ve lost 4.4 million jobs since the economic mess started. And many of those jobs aren’t coming back. John Silvia, chief economist at Wachovia, told The New York Times, “There are going to be fewer stores, fewer factories, fewer financial services operations. Firms are making strategic decisions that they don’t want to be in their businesses.”

Don’t Miss
Bregman: Make the recession work for you

At this point, outplacement is just a bad bet. There is no place to be placed. Companies aren’t hiring, they’re firing.  And when eventually they do emerge from this recession, those companies that are still solvent won’t rehire to previous levels. Over the years, companies have gotten leaner as employees have gotten more productive. And they won’t rehire as much when times improve because they’ll want to keep their profit margins high. It’s quite possible that the age of big business tending to thousands of workers is coming to a close.

Looking for a job might make you feel better, but it won’t pay your mortgage. Don’t waste your time looking for a job that isn’t there.
There is another way. It’s the great opportunity of our time. For many people, it’s the only one. And it might actually make you happier than you were at the old job.

Start a business.

Wait, hold on. Before you get all angry at how out of touch I am, hear me out.

In a New York Times article, “Weary of Looking for Work, Some Create Their Own,” Ryan Kuder who started a Web design company after unsuccessfully looking for work for months said, “It’s probably easier right now to find a problem, solve it and charge people than it is to find a job.”

Easier doesn’t mean easy or painless. Any way you cut it, these are terrifying times we live in. And starting a company is a risky proposition. But this is one time when looking for a job might be riskier.

A friend of mine, Ben Dubrovsky, recently laid off from his technology job in Boston, Massachusetts, shared with me an idea he’s trying at his local synagogue. He’s pulling a group of people together to brainstorm business ideas that leverage their skills, talents, passions and experience.

“We’re not looking for a trillion dollar return. We’re looking for sustainable employment. Jobs that will give people an ongoing living, not companies as a vehicle for creating empires,” he said to me.

Then they’ll look to their synagogue community for advice, contacts or investment. Perhaps even a synagogue-based micro-finance bank where small loans could help start these businesses — businesses driven by passion.

Brilliant. Ben’s idea can translate to any community where people trust and care for each other. There are an estimated 400,000 churches in the United States.

Imagine if each one could generate 10 jobs; that would be 4,000,000 jobs — roughly the same number that President Obama is looking for out of the stimulus at a fraction of the cost. If you think that’s unrealistic, imagine we got half that. Or even a quarter. Insane? Maybe. But it just might work.

Don’t wait until you come up with the perfect idea.

You’ll be better off if you work out the kinks as you face them. Just get started. And this is the perfect time to start a new business. Marketing costs are way down because of the Internet and less competition. And as I wrote in a recent article about the new economy, small companies are replacing big ones because we trust people more than companies.

Just ask Howie Jacobson, author of “Adwords for Dummies,” who started his Internet marketing business during the last downturn.
He told me the entrepreneurs he knows all seem to be doing pretty well in this economy. They don’t have huge infrastructures to support. They don’t need to sell a million widgets just to stay in business. They’re comfortable with modest profits that sustain their lifestyles. MailScanner has detected a possible fraud attempt from “www.ireport.com” claiming to be iReport.com: How are you surviving in this economy?
Madame Alexander had a wise model for finding work. She started a business doing work she loved, with people she loved, solving a problem others were willing to pay money to have solved. It was a small company that took very little investment but gave her and others meaningful, sustainable work.

In other words, start a business in your kitchen with your sisters.

Search All MLS Listings In California!

Go to www.Cal-MLS.com to start your search today!

Common Misconception Keeps Investment Profits in the Hands of the Wealthy

 “The wealthy are trolling for bargains,” snipes Blanche Evans of RealtyTimes.com. Evans’ comments betray a limiting viewpoint common to working-class Americans. Many people believe that investing – whether in business, stocks, or real estate – is only for those who are already wealthy. In reality, investing is the easiest way to grow wealthy, and the reason that wealthy investors are “trolling for bargains” is because they are aware of this fact and are eager to take advantage of the phenomenal opportunity created by the current housing situation.

Limited viewpoints cause people to exclude themselves from investment opportunities – and therefore the opportunity to be financially free – before they even try. Further supporting this picture are the results of a University of Michigan study on consumer sentiment, reported on by RealtyTimes.com’s Kenneth R. Harney. While the study found that people do see opportunities in the declining real estate market, it also showed that people are too worried about losing their jobs as a result of a recession to take action on those investment opportunities. They have taken themselves out of the game before they even step on the field!

T. Harv Ecker, author of Secrets of the Millionaire Mind and founder of Peak Potentials training, teaches that beliefs like “investing is only for rich people” and “investments are too risky” are what hold working-class citizens back from reaching their full financial potential. Real Estate is known to be the most solid long-term investment one can make, and can be quite reliable as a short-term investment if one has educated oneself to make smart decisions. Peak Potentials offers several courses on investment that will be beneficial to poor, middle-class, and rich people alike; Peak Potentials training comes highly recommended by this blogger, whose viewpoint, drive, confidence, and general level of happiness were all radically improved after attending the Millionaire Mind Intensive 3-day seminar. To get a glimpse of what the seminar is like, take a look at the free online teleseminar!

Other Resources:
Investment training & resources from http://www.mikewatsoninvesting.com/
How to Buy Stocks from http://www.ehow.com/
Investing in Real Estate from moneycentral.msn.com
Your Financial Health from http://www.brookestephans.com/
Try buying stocks online through www.sharebuilder.com/
T. Harv Ecker’s Rich Life Club (membership fee)

Articles used in this post:
http://realtytimes.com/rtpages/20080417_realtyviewpoint.htm http://realtytimes.com/rtpages/20080417_realestateoutlook.htm http://www.realestateabc.com/insights/roi.htm

Rose Bowl Flea Market

The Rose Bowl Flea Market and Market Place is held the second Sunday of every month, rain or shine, at the World Famous Rose Bowl in Pasadena California.

Location: Rose Bowl Stadium1001 Rose Bowl DrivePasadena, CA 91103

more at http://www.rgcshows.com/RoseBowlFleaMarket/tabid/52/Default.aspx

Home Sales on the Rise as Prices Continue Falling

Bad news for seller profits is GREAT news for buyers and investors! As home prices continue to decrease, buyers are finding a home or investment property purchase to be increasingly affordable. Reflecting this reality are the home sales statistics for February of 2008, which show a 2.9% increase in sales nationwide.

Lenders have toughened requirements for mortgages, however buyers should not despair as the Fed and the Office of Federal Housing Oversight continue to take action to restore balance to the housing market. The Fed has made drastic cuts to the interest rates, bringing them down to 2.25% over the last several months. According to an article on Bloomberg.com, “[t]he Office of Federal Housing Oversight lowered the capital requirement on Fannie Mae and Freddie Mac to 20 percent from 30 percent last week. The initiative may immediately pump $200 billion into the mortgage market.” Higher limits on FHA and conventional mortgages should also serve as a boost to buyers (FHA-backed loan limits were recently raised to $729,750 in high-cost areas such as Los Angeles and New York, up $300,000 from the previous limit).

For more information, take a look at:
Bloomberg.com
BizJournals.com
FHALoanPros.com

Looking to buy? It’s a buyer’s market! Check out LABestDeals.com to see the lowest priced and best valued properties in Los Angeles and the surrounding areas.

FHA Loan Limit increases

Well everybody, here is some great news on the FHA increases, please read below.  

HUD released the new FHA loan limits for California, with the remainder of the country soon to follow. OFHEO has not, however, but in theory the median home price data could allow loan officers to calculate the new conforming loan limit for Freddie Mac and Fannie Mae (it’s 125 percent of the median home price, or $417,000, whichever is more, up to a maximum of $729,750). 14 California counties saw their loan limits for FHA bumped all the way up to the $729,750 cap. Most were in the San Francisco Bay Area or northern California (Alameda, Contra Costa, Marin, Monterey, Napa, San Francisco, San Mateo, Santa Cruz, and Santa Clara) with five more in the L.A. area (Los Angeles, Orange, San Benito, Santa Barbara, and Ventura). Below is a link to the pr piece from HUD. We will endeavor to tell you more specifics on the timing as we receive information from the investors.
http://www.hud.gov/news/release.cfm?content=pr08-026.cfm&CFID=1862283&CFTOKEN=35888399
Here is what we have from a news source.
Article link http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/03/06/BUJBVEACQ.DTL
Here is a list from Walls Street Journal, county by county: http://online.wsj.com/article/SB120475762910514877.html?mod=googlenews_wsj

Local Niche Markets Holding Strong

While much of the country flounders in a buyer’s market, flooded with inventory that maintains downward pressure on home prices, some areas have retained seller’s market status. Compare La Canada’s average sales prices with those of nearby Glendale (right). Although these areas are only a few miles apart, one can clearly see that Glendale has felt the effects of the housing market slowdown much more than has La Canada.

So what makes La Canada and La Crescenta, both strong local markets, so hardy in comparison with neighboring cities? We’ve all heard the saying that in Real Estate, it’s all about “location, location, location,” and these areas boast several key factors that make their location ideal. Easy freeway access along with proximity to employment hubs like Pasadena and Glendale attract residents who want to avoid long commutes, yet don’t want to live in big cities; Excellent schools and low crime rates encourage population by those who need a good place to raise a family; and, as suggested by La Canada Realtor Carey Haynes in a recent Valley Sun article, there may also be an element of nostalgia involved in keeping the Crescenta-Canada valley market strong. La Crescenta and La Canada neighborhoods are well established and largely populated by families who raised children and retired there, and Haynes points out that some of these children are now trying to “get back to where they were raised.”

To the West, Tujunga and Sunland have also maintained relatively stable home prices, although they are on a decline. To the East, we see a little less stability; yet the overall trends in Altadena, Pasadena and South Pasadena suggest that these areas remain desirable places to live. With the right marketing, homes in this region may still draw multiple offers and a sales price greater than the list price, in true “seller’s market” style.

Sellers in these areas (and really, in any situation) who are having trouble generating interest for their homes may want to consider some cosmetic work on their homes or yards, to catch the eyes of buyers, in addition to re-evaluating their price. Consultation with a Realtor who can help analyze currents trends in their local market will be very beneficial when deciding for how much to list a home; hiring the agent who suggests the highest list price would be counterproductive, as most buyers won’t even look at a property they feel is out of their price range.

With all the benefits offered by life in the Crescenta-Canada valley, this is a great place to be on either side of a Real Estate transaction. Check out these links for more information on the area:

LaCanadaFlintridge.com – Official city website

DescansoGardens.org – Local attraction, a huge, beautiful garden with thousands of roses and other spectacular flowers and foliage; a great place to walk or hike, with a Japanese tea house for lunch or snacks. Host your wedding here!

CVHistory.org – Official website for the Crescenta Valley Historical Society

Trails.com – Try their 14-day free trial for access to information on thousands of hiking trails nationwide, or sign up for a year of access for $49.95.

Appraiser Sues Washington Mutual

Sacramento, California real estate appraiser Jennifer Wertz has sued Washington Mutual Bank, alleging that WaMu pressured her to appraise properties dishonestly. Wertz asserts that she had worked with WaMu in the past, but when she used the term “declining” to describe local property values, a WaMu manager scolded her; and threatened to ban her from all further assignments if she did not cooperate with Wamu’s insistence that she describe the market in more favorable terms. Wertz refused to knuckle under to the pressure, preferring to operate within the parameters of state and federal laws as well as professional ethics. Wertz was subsequently discontinued as a WaMu associate.

Appraisers have long complained of pressure from banks to inflate property values. Florida appraiser Pamela Crowley states that “[lenders] have threatened and taken so much business away from competent and ethical appraisers who refused to play their games,” supported by appraiser Gary Crabtree’s assertion that pressure from lenders ” ‘has been endemic, industry-wide,’ and is a ’significant contributing factor’ in many mortgage fraud cases and foreclosures” (Los Angeles Times). Crabtree is the principal appraiser for Bakersfield’s Affiliated Appraisers.

Hopefully, Wertz’s lawsuit is the beginning of a large-scale reform of the mortgage and lending industry.

Read More:
LATimes.com
HeraldTribune.com
StarTribune.com

Fed Lowers Rates Again

The fed lowered interest rates again today, bringing the federal funds rate to 3.0% and the discount rate to 3.5%. The decision was prompted by continuing economic struggles in the U.S. and fears of a global recession. It is hoped that the lowered rates will revitalize the U.S. housing market, which has been declining in the wake of the subprime lending disaster. Lower interest rates should make new mortgages and refinancing more accessible to those who have been affected by the credit crunch.

Read more here.

Emergency Rate Cut: Evidence of Confidence or Fear?

The Fed issued an emergency rate cut of 0.75% this morning, a large increment compared to the typical 0.25% adjustments. As U.S. and world markets continue to stall or decline, U.S. Treasury Secretary Henry Paulson displayed a glimmer of optimism, stating that the rate cut is “very constructive” and “shows to this country and the rest of the world that our central bank is nimble and is able to move quickly to respond to market conditions.” Paulson asserts that this “should be a confidence builder.” Some economists, however, took the opposite perspective, characterized by statements such as those of Insinger de Beaufort’s fixed income strategist Marc Ostwald, who contends that “this does everything but shore up confidence and will be seen as a panic reaction.”

Does the rate cut show confidence or insecurity? Read more:

News.Sky.com

Money.CNN.com

NYTimes.com

Market Brings New Rules for Pricing a House

How do you price a home in this market? Pat Hiban of the Pat Hiban Real Estate Group in Ellicott City, Md., says comparables are irrelevant these days. Read More

Join Our Winning Team

Join our Team! Please feel out the online form and we will contact you soon.

Build Wealth

“Keller Williams® Realty offers an income opportunity unparalleled in the real estate industry.” – Althea Osborn

One of the values of being part of Keller Williams® involves its profit share system. It is the most significant compensation innovation in real estate history; an open-end profit-share program. This system allows any Keller Williams® associate, affiliate broker or employee the opportunity to participate in the profits they help generate without assuming any financial risks.

This program goes beyond ordinary income opportunities. Through our associate vesting program, it continues for life, even after an associate stops listing and selling real estate. It is an insightful look at what future compensation programs will be measured against.

Keller Williams® University Training

Formally established in 1996, Keller Williams® University is a tangible extension of the company’s ongoing commitment to learning and growth. Since its founding in 1983, Keller Williams® Realty has strived to offer its Associates and Brokers the finest career and business training available. Its educational programs have been focused on increasing the personal productivity, sales skills and career development of its people.The most fundamental and time-tested principles of business, marketing and customer service have been blended with the latest in effective educational methods. For this reason, among others, the Keller Williams® System has rapidly expanded across the U.S. and become one of the fastest growing national real estate companies in the country.

The Keller Williams Philosophy

Our Mission: To build careers worth having, businesses worth owning and lives worth living.

Our Vision: To be the Company of choice for a new generation of real estate agents and owners.

Our Values: God, Family, then Business.

Our Goal: 500 Market Centers. 50,000 Associates. 5,000 Millionaires.

Our Belief System: Our beliefs are an essential part of who we are and how we conduct business.

The Keller Williams® Belief System is the foundation for providing the ultimate in service for our clients.

WI4C2TS Our Belief System In Action…

Win-Win. . . Or no deal

Integrity. . . Do the right thing

Commitment. . . In all things

Communication. . . Seek first to understand

Creativity. . . Ideas before results

Customers. . . Always come first

Teamwork. . . Together Everyone Achieves More

Trust. . . Starts with honesty

Success. . . Results through people

Opportunities

Keller Williams® University

Build Wealth

Join Our Winning Team