FHA loans soar in Sacramento area
FHA loans soar in Sacramento area
The number of government-backed FHA loans jumped sharply last year, propping up a local real estate market otherwise saturated by loan denials.
During 2008, lenders issued 8,998 FHA loans in the Sacramento region, up from 649 during 2007, according to statistics released this week by the Federal Financial Institutions Examination Council.
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Wednesday, 9 September 2009
Backlash against banks growing over mortgage modifications
Backlash against banks growing over mortgage modifications
James Seeley, a machine shop supervisor at the University of California, Davis, just wants a modified mortgage that he and his wife, Sandi, can better afford.
It’s a common quest in this economy. Seeley’s wages are being cut. His house in Natomas has lost almost half its value. And he owes more than it’...
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Friday, 4 September 2009
Sacramento-area man called the housing crash
Hats are off today to Sacramento’s Michael Choe, 43, a supervising engineer with the state Department of Toxic Substances Control. This week he earned his second appearance in Time magazine since 2005 – for making good calls in this crazed real estate market.
Choe sold high in 2004.
He rented for four years.
He bought low in 2008.
As the housing crash con...
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Monday, 17 August 2009
Troubled homeowners wrestle with loan holders
Troubled homeowners wrestle with loan holders
By Kevin G. Hall
http://www.sacbee.com/business/story/2111186.html?storylink=pd
WASHINGTON – Nearly three years into the deepest U.S. housing slump in generations, lenders are modifying only a small number of problem mortgages, and rising foreclosures are restraining the economy’s recovery.
The Obama administr...
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Monday, 27 July 2009
US Home Prices have Smallest Decline in 10 Months
July 22 (Bloomberg) -- U.S. home prices had the smallest annual drop in 10 months, signaling the free fall of property values is abating in the three-year housing slump at the center of a global recession.
Prices declined 5.6 percent in May from a year earlier and rose 0.9 from April, the Federal Housing Finance Agency in Washington said today. Economists expected a 0.2 percent drop for ...
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Monday, 13 July 2009
Mortgage defaults spread as even 'safe' borrowers falter
Mortgage defaults spread as even ’safe’ borrowers falter
By Jim Wasserman and Dale Kasler
jwasserman@sacbee.com
http://www.sacbee.com/business/story/2017811.html
The mortgage default crisis has an ominous new face. It’s your neighbor with a traditional fixed-rate loan.
No longer is the real estate bust simply the result of exotic, subprim...
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Sunday, 5 July 2009
Small banks start feeling financial stress
Small banks start feeling financial stress
By Charles Piller
cpiller@sacbee.com
http://www.sacbee.com/topstories/story/2000836.html
At first, the Sacramento region’s small, business-oriented community banks appeared to have sidestepped the plight of banking titans that staggered under the burden of home mortgage defaults. Now some are showing signs of st...
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Wednesday, 1 July 2009
Home Affordable refi program expanded
Home Affordable refi program expanded
Loan-to-value ceiling raised from 105% to 125%
By Inman News, Wednesday, July 1, 2009.
http://www.inman.com/news/2009/07/1/home-affordable-refi-program-expanded
Inman News
Homeowners who are up to 125 percent underwater will be allowed to refinance under the Obama administration’s Home Affordable Refinance Program...
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Saturday, 27 June 2009
Despite programs meant to help, many homeowners still frustrated
Home Front: Despite programs meant to help, many homeowners still frustrated
By Jim Wasserman
jwasserman@sacbee.com
http://www.sacbee.com/business/story/1978579.html
Day in and day out since 2007, callers who struggle with mortgages throughout the Sacramento region, those who can’t sleep for worrying, who want to stay with houses that have lost $150,00...
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Wednesday, 24 June 2009
"We're in a slow, but definite recovery mode"
"We’re in a slow, but definite recovery mode"
http://www.sacbee.com/static/weblogs/real_estate/archives/2009/06/were-in-a-slow.html?mi_atom=Home%20Front
So says Alexis McGee, president of Fair Oaks-based Foreclosures.com, which tracks the nation’s foreclosure markets for real estate investors. Here’s McGee’s new national roundup:
...
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Wednesday, 10 June 2009
Use of short sales on rise in Sacramento housing market
Use of short sales on rise in Sacramento housing market
By Jim Wasserman
jwasserman@sacbee.com
http://www.sacbee.com/business/story/1933643.html
For years real estate agents have steered buyers away from "short sales," labeling them a mind-numbing, difficult experience that could exhaust the patience of the biblical Job.
Now buyers can hardly avoid th...
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Friday, 5 June 2009
Rate-rise threatens economic relapse
Rate-rise threatens economic relapse
http://www.inman.com/buyers-sellers/columnists/loubarnes/rate-rise-threatens-economic-relapse
The economic optimists are still in charge of markets, rates and stocks still rising. However, the divergence is widening between them and those worried about credit and latent weakness. It may take a month or two to figure whose stubbornnes...
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Wednesday, 3 June 2009
Waiting game on low mortgage rates backfires
Waiting game on low mortgage rates backfires
By Mark Glover
mglover@sacbee.com
http://www.sacbee.com/business/story/1903523.html
Sacramento-area homeowners and prospective first-time homebuyers might be wondering: Did we miss the boat on mortgage rates?
The short answer from experts is: Probably, but rates are still very attractive.
For ...
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Wednesday, 20 May 2009
Information on the Home Loan Program
Information on the Home Loan Program
PDF Documents - To read PDF documents, you need a PDF viewer. Links to viewer software can be found at this link.
IN THE NEWS:
Effective immediately, Certificates of Eligibility will no longer display a veteran’s date of birth. This change was made to limit the amount of personal data being displayed on Certificates of Elig...
Posted by Ernie Hernandez at 8:29 PM in Category:
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Sunday, 10 May 2009
Signs Point to Sacramento Housing Recovery
Many GreatWest GMAC Real Estate Professionals have been noticing that the Sacramento housing market has been stabilizing. About 80% of the foreclosure market is completed, and sales have doubled in number since a year ago. It appears that the housing market declines of the past months have began to slow, rather than continuing to dive over a cliff.
The Wall Street Journal released a few...
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Friday, 8 May 2009
Zillow: Many in area owe more than home is worth
Zillow: Many in area owe more than home is worth
http://www.sacbee.com/business/story/1837044.html
Home values in El Dorado, Placer, Sacramento and Yolo counties dropped by $7.3 billion in the first three months of 2009 and have lost $40 billion in the past year, according to online real estate evaluator Zillow.com.
The Seattle firm estimates that 35.4 percent of homeown...
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Monday, 4 May 2009
Fed says more banks tighten home loan standards
Fed says more banks tighten home loan standards
By JEANNINE AVERSA
AP Economics Writer
http://www.sacbee.com/830/story/1832585.html
WASHINGTON -- A larger share of banks has made it more difficult for people to obtain home mortgages over the last three months even as demand has grown, the Federal Reserve reported Monday.
The Fed’s new quarterly surve...
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Saturday, 11 April 2009
Snag a great deal on a short sale
Snag a great deal on a short sale
Short sales - where a lender agrees to take less than it’s owed on a mortgage - are rising sharply. Here’s how you can profit.
Source: CNNmoney.com
(Money Magazine) -- When Brian Gavitt, a physician, and his wife Gayleen, a stay-at-home mom, started to eye homes in Sacramento last winter, they knew they were looking in the ha...
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Wednesday, 8 April 2009
don't expect Bay Area Buyer's anytime soon
Home Front: Don’t expect those Bay Area shoppers anytime soon
ShareThisBy Jim Wasserman
jwasserman@sacbee.com
Published: Friday, Apr. 3, 2009 - 12:00 am | Page 1B
In area conversations about real estate it’s often an act of faith that a widening gap between Sacramento and Bay Area home prices might soon spark a new migration east to buy houses cheap and put an end to...
Posted by Ernie Hernandez at 11:04 AM in Category:
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don't expect Bay Area Buyer's anytime soon
Home Front: Don’t expect those Bay Area shoppers anytime soon
ShareThisBy Jim Wasserman
jwasserman@sacbee.com
Published: Friday, Apr. 3, 2009 - 12:00 am | Page 1B
In area conversations about real estate it’s often an act of faith that a widening gap between Sacramento and Bay Area home prices might soon spark a new migration east to buy houses cheap and put an end to...
Posted by Ernie Hernandez at 10:15 AM in Category:
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Tuesday, 7 April 2009
Home Front: Don't expect those Bay Area shoppers anytime soon
Home Front: Don’t expect those Bay Area shoppers anytime soon
By Jim Wasserman
jwasserman@sacbee.com
Published: Friday, Apr. 3, 2009 - 12:00 am | Page 1B
In area conversations about real estate it’s often an act of faith that a widening gap between Sacramento and Bay Area home prices might soon spark a new migration east to buy houses cheap and put an end t...
Posted by Ernie Hernandez at 7:25 PM in Category:
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Friday, 3 April 2009
MORTGAGE RATES FALL AGAIN THIS WEEK WHILE HOME SALES RISE
For Immediate Release
April 2, 2009
Article from: www.freddiemac.com
MORTGAGE RATES FALL AGAIN THIS WEEK, HITTING ANOTHER RECORD-BREAKING LOW
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending Apr...
Posted by Ernie Hernandez at 9:54 AM in Category:
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MORTGAGE RATES FALL AGAIN THIS WEEK WHILE HOME SALES RISE
For Immediate Release
April 2, 2009
Article from: www.freddiemac.com
MORTGAGE RATES FALL AGAIN THIS WEEK, HITTING ANOTHER RECORD-BREAKING LOW
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending Apr...
Posted by Ernie Hernandez at 9:12 AM in Category:
Mortgage & FinanceLink directly to this article.
MORTGAGE RATES FALL AGAIN THIS WEEK WHILE HOME SALES RISE
For Immediate Release
April 2, 2009
Article from: www.freddiemac.com
MORTGAGE RATES FALL AGAIN THIS WEEK, HITTING ANOTHER RECORD-BREAKING LOW
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending Apr...
Posted by Ernie Hernandez at 8:16 AM in Category:
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Thursday, 2 April 2009
Why Use a REALTOR
Many consumers consider selling their home directly but eventually turn to REALTORS®. Smart home sellers realize they need the expertise in pricing their home, making connections with REALTORS® working with buyers, arranging and staffing open houses, and coordinating with other professionals in the sales process.
Only about half of all real estate agents are REALTORS® -- the top half, in ...
Posted by Ernie Hernandez at 7:49 PM in Category:
Selling PropertyLink directly to this article.
Why Use a REALTOR
Many consumers consider selling their home directly but eventually turn to REALTORS®. Smart home sellers realize they need the expertise in pricing their home, making connections with REALTORS® working with buyers, arranging and staffing open houses, and coordinating with other professionals in the sales process.
Only about half of all real estate agents are REALTORS® -- the top half, in ...
Posted by Ernie Hernandez at 7:47 PM in Category:
Buying PropertyLink directly to this article.
Monday, 30 March 2009
The facts on FHA-insured Loans
Monday, March 30, 2009- Posted by Inman News
The facts on FHA-insured loans
The Ups and Downs of FHA: The importance of Federal Housing Administration-insured loans in the home mortgage market has changed markedly over the years. This has been due less to changes in the FHA itself than to changes in the broader market in which it operates.
In the early 1990s, FHA had about 15 perc...
Posted by Ernie Hernandez at 6:05 PM in Category:
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Thursday, 26 February 2009
New $8,000 Credit for First Time Home Buyers
Obama: Aid 9 million homeowners Wide-ranging $75 billion plan will use government money to subsidize rates and insure servicers against falling home prices.
By Tami Luhby, CNNMoney.com senior writer
Last Updated: February 18, 2009: 10:05 AM ET
NEW YORK (CNNMoney.com) -- President Obama is
unveiling a $75 billion multi-pronged plan Wednesday that seeks to help up to 9 mill...
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Sunday, 22 February 2009
Understanding Points
Often home buyers who are obtaining a mortgage for a newly purchased home, will ask their GreatWest GMAC Real Estate Professional, “What are points?”
The answer - Each point or discount point, as real estate professionals and mortgage lenders often refer to them, are equal to 1% of the loan amount. For example, on a $100,000 loan, one discount point equals $1,000. And ½ discount point ...
Posted by Ernie Hernandez at 9:29 AM in Category:
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Tuesday, 20 January 2009
Saundra Battaglia is New Manager of GreatWest GMAC Yuba Office
GreatWest GMAC Real Estate is announcing the association of Saundra Battaglia, as the Manager of their office in Yuba City.
Saundra Battaglia has significant real estate experience, beginning in 1985. In the past she has owned and operated Red Carpet franchises in Yuba City and Colusa. And, was associated with Stromer Realty. She has a background in farm/land sales, residential sales,...
Posted by Ernie Hernandez at 7:43 PM in Category:
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Wednesday, 14 January 2009
The Tax Value of Home Ownership
During this Important Tax Filing Season it is Important to Remember the Value of Home Ownership.
Although during this tax-filing season we are keenly aware some homeowners are having difficulty paying their mortgages, it is important to realize the benefits which come with home ownership.
Here are some points to consider, and discuss with your tax professional:
· Mortgage int...
Posted by Ernie Hernandez at 4:03 PM in Category:
Buying PropertyLink directly to this article.
Wednesday, 7 January 2009
It happened again this week
It happened again this week. A GreatWest GMAC Professional received a call from an old friend, to say she and her husband were having difficulties with their mortgage(s), and were a little upside down on their home. They didn’t quite know what to do about it.
Real Estate Agents have increasingly seen this scenario - Homeowners who are in deep trouble because they either are in hom...
Posted by Ernie Hernandez at 6:49 PM in Category:
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Tuesday, 23 December 2008
A Holiday Message from GreatWest GMAC
Not long ago, a Great West GMAC Real Estate professional lamented that as a child, she would often daydream about living in a home similar to the doll house she had. The doll house became among the most cherished of her memories.
As we grow older and hopefully mature to a certain degree, we realize that what we wish for as a child isn’t always possible. However, something about the littl...
Posted by Ernie Hernandez at 2:41 PM in Category:
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Sunday, 21 December 2008
Why It's So Hard to Modify a Mortgage
MSNBC has an article on their website today which is very informative. It answers many of the questions about "Why It’s So Difficult to Modify a Mortgage"
The article delves into (1) Unscrambling the egg (2) Who’s in charge (3) Tranche warfare (4) Two mortgages (5) Taking a haircut (6) No rules (7) Legal tangles (8) Doing the math (9) Loans that will never work.
I fo...
Posted by Ernie Hernandez at 4:57 PM in Category:
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Friday, 24 October 2008
The Cyclic World of Housing
The other day, someone asked a real estate professional if they felt sorry about putting people into homes they couldn’t afford.
After being a little dumbfounded for a moment, the agent explained they didn’t think they had placed any buyers in homes, which fit that category. Many of their clients had been professional people, who had purchased nice homes with fairly traditi...
Posted by Ernie Hernandez at 7:01 PM in Category:
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Sunday, 14 September 2008
Senators Call For Freeze on Foreclosures
Various news agencies in the last several days have reported that four U.S. Senators have urged mortgage companies, Fannie Mae, and Freddie Mac to temporarily halt foreclosures on loans they hold.
The lawmakers advised the new chief executives and federal regulator now running Fannie Mae and Freddie Mac. The beleaguered companies, seized by the government a week ago, should help struggling bo...
Posted by Ernie Hernandez at 5:09 AM in Category:
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Friday, 16 May 2008
What’s Up With Reverse Mortgages?
Not long ago, a GreatWest Real Estate professional lamented, that after being in the business of selling homes to folks for a couple of decades, something was beginning to happen. The agent was noticing more and more of those “kids” they had sold homes to in the early 1980’s were ringing them up and asking, “What’s up with Reverse Mortgages???”
Of course, those “kids” in the early 1980s,...
Posted by Ernie Hernandez at 5:01 AM in Category:
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Thursday, 21 February 2008
During this Important Tax Filing Season
During this Important Tax Filing Season it is Important to Remember the Value of Home Ownership.
Although during this tax-filing season we are keenly aware some homeowners are having difficulty paying their mortgages, it is important to realize the benefits which come with home ownership.
Here are some points to consider, and discuss with your tax professional:
· Mortgage int...
Posted by Ernie Hernandez at 7:02 AM in Category:
Free Information & ToolsLink directly to this article.
Tuesday, 18 December 2007
Turning Dreams into Reality
Turning Dreams into Reality
Not long ago, a Great West GMAC Real Estate professional lamented that as a child, she would often daydream about living in a home similar to the doll house she had. The doll house became among the most cherished of her memories.
As we grow older and hopefully mature to a certain degree, we realize that what we wish for as a child isn’t always possi...
Posted by Ernie Hernandez at 3:44 PM in Category:
Market ConditionsLink directly to this article.
Saturday, 15 September 2007
Chicken Little
Everybody’s Business
Chicken Little’s Brethren, on the Trading Floor
By BEN STEIN
Published: August 12, 2007
THE job of an economist, among many other duties, is to put things into perspective. So, because I am an economist, among other duties, here is a little perspective on the recent turmoil in the stock and bond markets.
Here is the first instance in which prop...
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Wednesday, 15 August 2007
Mortgage Market Mayhem
Swanepoel speaks out
RISMEDIA, August 13, 2007–The public media this past week headlined the apparent surprise “mortgage meltdown” as many reported the filing for bankruptcy protection by the nation’s 10th-largest residential financer; American Home Mortgage Investment Corp., Melville, New York. Real estate, contradictory to its glamorous profile a year or two ago, was again headlined but...
Posted by Ernie Hernandez at 4:13 PM in Category:
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Thursday, 2 August 2007
Foreclosures are on the rise
Statistics released Tuesday showed the number of area homeowners missing at least two monthly mortgage payments reached record levels during April, May and June. The number of homeowners ultimately losing their residences to banks also surged.
The second-quarter numbers were stark for the state as well. DataQuick Information Systems reported that 53,943 homeowners -- the highest in 10 y...
Posted by Ernie Hernandez at 11:18 AM in Category:
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