Hot off the press! OC home sales up for the 17th straight month

December 15, 2009

Signs of an improving Southern California market continues. MDA Dataquick reported Tuesday that Southern California home sales were up for the 17th straight month. Furthermore, November was the first month in more than two years that the median home price in Orange County did not fall.
Take a look at the numbers:

County
Price
Vs. ‘08
Sales
Vs. ‘08

Los Angeles
$329,000
-3.2%
6,257
24.2%

Orange
$432,250
8.1%
2,528
16.1%

Riverside
$200,000
-9.1%
3,745
0.7%

San Bernardino
$160,000
-13.6%
2,751
15.3%

San [...]

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Is it time to buy or refinance?

December 13, 2009

As most of you know, and per my last blog post, mortgage rates hit an all time low last week. They have recently inched up but still are at record low levels. Many of you might be asking yourselves, how long are they going to stay at these levels? There are several factors that many people [...]

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Rates on 30 Year Mortgages Drop Again!

November 25, 2009

If you missed last Springs record low mortgage rates, your prayers have been answered. Interest rates on 30 year mortgages dropped this week to match the record low set last Spring.
Rates for 30-year mortgages averaged 4.78 percent this week, down from 4.83 percent last week and equaling the record low reached the week of April [...]

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Homebuyer Tax Credit Extension Approved By The Senate & The House Of Representatives! (Update, Now Approved By The President)

November 5, 2009

The home-buyer tax credit was voted on and approved by the Senate on Wednesday & Congress  approved it today. President Obama is expected to sign it shortly, but as it stands now, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior [...]

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The House and The Senate Approve Extension of The Conforming Home Loan Limits

October 30, 2009

The House and The Senate moved quickly to approve the Government Sponsored Enterprise (GSP) through the end of 2010. They were due to expire at year end. Both chambers cleared the loan limit extension late Thursday as part of a continuing funding resolution. President Obama is expected to sign the continuing resolution (CR) shortly.
The maximum [...]

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Hot off the Press: Senate Democrats Reach Deal On Homebuyer Tax Credit

October 28, 2009

You need to read this article carefully! As of right now, The Senate has NOT passed anything to do with extending the Tax Credit. However,  the Senate Democrats say they have reached an agreement. The Republican side of the Senate say that they are very close. Once all the leaders reach an agreement, the Senate has to vote, then [...]

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U.S. Home Sales Up 9.4 % For Septemeber!

October 23, 2009

Another sign that a recovery in the housing sector is on the way. The National Association of Realtors released today their figures saying that sales across the country rose 9.4% to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August. The inventory of unsold [...]

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New Law In Place For Buyers of Bank Owned Homes

October 22, 2009

If you purchased a Bank Owned property in the past few years, you were obligated to use an escrow company and Title Company that were chosen by the bank (The Seller), even though in some cases you paid for Title and escrow. I am happy to report that this monopolistic practice has come to an [...]

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Orange County Home Inventory Drops to 2006 Levels!

October 8, 2009

The most recent inventory numbers are leaving many people scratching their heads asking how can the inventory in Orange County drop to a 2.42 month supply? buyer’s are asking why do I have so much competition to buy?
Typically in a normal market in Autumn the inventory drops. This is due in part to the families getting [...]

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Bank owned property disclosures & addendums, are you kidding me?

September 21, 2009

If you are looking to purchase a bank owned property, buyer be ware! Many of the banks have come up with their own disclosures and addendum’s that are ludicrous and absurd. Some of the terms include:
Requiring inspections to be complete, or waiving the right to inspect the property – again before the bank will even [...]

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