Ridgecrest Realty

Panetta Plan for Lean, Agile Military Reflects a Tighter Budget - Businessweek

2012-01-27T01:58:00.000-08:00

Panetta Plan for Lean, Agile Military Reflects a Tighter Budget - Businessweek: "Panetta’s plan, which will face a divided Congress in an election year, calls for shrinking the Army and Marine Corps by about 100,000 people, while placing greater focus on advanced missiles, new unmanned systems and a new strategic bomber, among other things."

'via Blog this'

Lawmakers Expected to Look at Fannie, Freddie Reform This Spring

2012-01-21T00:44:00.000-08:00

Lawmakers Expected to Look at Fannie, Freddie Reform This Spring: " Fannie Mae and Freddie Mac with an entity that continues to back conforming loans but as a nonprofit, not as a for-profit company."

'via Blog this'

FHA says: It's ok to flip that house - Dec. 29, 2011

2012-01-06T04:07:00.000-08:00

FHA says: It's ok to flip that house - Dec. 29, 2011: "In addition, if the new sale price is 20% or more above the previous selling price, the lender has to document and justify the increase and meet other conditions, such as making sure the home has been inspected."

'via Blog this'

U.S. Homes Set to Lose Nearly $700 Billion in Value During 2011; Total Loss Smaller Than Prior Four Years - Dec 22, 2011

2012-01-04T18:23:00.000-08:00

U.S. Homes Set to Lose Nearly $700 Billion in Value During 2011; Total Loss Smaller Than Prior Four Years - Dec 22, 2011:

'via Blog this'

What the Crystal Ball Says about the housing market in 2012 | Trulia Pro

2011-12-27T21:52:00.000-08:00

What the Crystal Ball Says about the housing market in 2012 | Trulia Pro: "Delinquencies will go down, but foreclosures will go up."

'via Blog this'

New Foreclosure Wave is Coming - US Business News - CNBC

2011-12-15T12:31:00.000-08:00

New Foreclosure Wave is Coming - US Business News - CNBC:

'via Blog this'

LoopNet - #1 in Commercial Real Estate Online

2011-12-01T02:14:00.000-08:00

LoopNet - #1 in Commercial Real Estate Online:

'via Blog this'

Bond Dealers See Fed Buying $545 Billion of Home-Loan Debt in Third Easing - Bloomberg

2011-11-28T00:59:00.000-08:00

Bond Dealers See Fed Buying $545 Billion of Home-Loan Debt in Third Easing - Bloomberg: "Primary Dealer Forecasts for Likelihood of Fed Bond Purchases

Firm Fed Purchases Amount Timing

Bank of America Mortgages# $800 billion Q2/Q3 2012
Bank of Nova Scotia Treasuries $600 billion 1st half 2012"

'via Blog this'

Bond Dealers See Fed Buying $545 Billion of Home-Loan Debt in Third Easing - Bloomberg

2011-11-28T00:49:00.000-08:00

Bond Dealers See Fed Buying $545 Billion of Home-Loan Debt in Third Easing - Bloomberg: "Housing Glut
At the current pace of sales it would take eight months to clear the inventory of available properties, compared with the average of 4.8 before 2007."

'via Blog this'

HARP 2 refinance plan a boost to borrowers, banks

2011-11-26T12:27:00.000-08:00

HARP 2 refinance plan a boost to borrowers, banks:

'via Blog this'

The Foreclosure Report - October 2011 | ForeclosureRadar

2011-11-15T16:54:00.000-08:00

The Foreclosure Report - October 2011 | ForeclosureRadar: "The Foreclosure Report - October 2011

Little Change in California, as Nevada and Washington Foreclosure Starts Plummet"

'via Blog this'

REO sales may not peak until 2013 « HousingWire

2011-10-18T05:31:00.000-07:00

REO sales may not peak until 2013 « HousingWire: "The sale of properties repossessed through foreclosure may not peak until 2013, keeping home prices from a meaningful recovery for some time, analysts estimated Monday."

'via Blog this'

August 2011 U.S. Foreclosure Market Report

2011-09-21T19:12:00.000-07:00

August 2011 U.S. Foreclosure Market Report: "Overall Year-Over-Year Activity Decreases for 11th Consecutive Month,
But Default Notices Jump 33 Percent from July"

'via Blog this'

Real Estate | Who are Fannie Mae and Freddie Mac? | Seattle Times Newspaper

2011-08-27T01:47:00.000-07:00

Real Estate | Who are Fannie Mae and Freddie Mac? | Seattle Times Newspaper: "Who are Fannie Mae and Freddie Mac?"

'via Blog this'

New home sales drop to six-month low - latimes.com

2011-08-25T18:32:00.000-07:00

New home sales drop to six-month low - latimes.com: This year is shaping up to be the worst year on record for new home sales

1250 AM WTMA: The Big Talker | News and Talk from Charleston, South Carolina

2011-08-25T02:51:00.000-07:00

1250 AM WTMA: The Big Talker | News and Talk from Charleston, South Carolina: "Rise in Short Sales Offers 'Glimmer of Hope' for Housing Market"

'via Blog this'

CHF Platinum - Participant Guide

2011-08-12T04:01:00.000-07:00

CHF Platinum - Participant Guide: "CHF PLATINUM — PARTICIPANT GUIDE"

How to Start a Payday Loan Business, payday loan franchise, cash advance business, cash advance franchise

2011-08-06T17:53:00.000-07:00

How to Start a Payday Loan Business, payday loan franchise, cash advance business, cash advance franchise: "Want to Start a Payday Loan Business ?"

Bank of America Real Estate Agent Resource Center

2011-07-26T16:21:00.000-07:00

Bank of America Real Estate Agent Resource Center: "Now You Can Substitute a New Buyer for One Who Walked Without Restart"

SB 458

2011-07-20T19:49:00.000-07:00

Short Sale Soundoff: Victory for short sale sellers
Last Friday, Gov. Jerry Brown signed SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.

Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.

SB 458 contains an urgency clause making it effective upon signing

Earthquake Guide - Cripple Walls

2011-06-28T15:34:00.000-07:00

Earthquake Guide - Cripple Walls: "CRIPPLE WALLS"

Foreclosure Backlog Gives Homeowners a Reprieve - NYTimes.com

2011-06-23T19:03:00.000-07:00

Foreclosure Backlog Gives Homeowners a Reprieve - NYTimes.com: "In the 27 states where the courts play no role in foreclosures, the pace is much more brisk — three years in California"

Medical bill collection accounts may be depressing loan applicants' credit scores - latimes.com

2011-06-23T19:00:00.000-07:00

Medical bill collection accounts may be depressing loan applicants' credit scores - latimes.com: "Titled the Medical Debt Responsibility Act, the bill would require the three national credit bureaus — Equifax, Experian and TransUnion — to expunge medical collection records of $2,500 or less from files within 45 days of their being paid or settled."

Bay Area foreclosure slowdown continues - San Jose Mercury News

2011-06-16T01:19:00.000-07:00

Bay Area foreclosure slowdown continues - San Jose Mercury News: "'I think this definitely is evidence the lenders are not just foreclosing because someone is delinquent. They are considering other options,' such as short sales or loan modifications, he said. 'They are also considering if the market can absorb that foreclosure before they complete the process and put it on the market.'"

REALTOR® Magazine-Daily News-Which Housing Values Have Suffered the Most?

2011-06-09T02:54:00.000-07:00

REALTOR® Magazine-Daily News-Which Housing Values Have Suffered the Most?: "High-priced homes have lost 38 percent of their value since values peaked in 2006. Lower priced homes, on the other hand, have dropped 63 percent since peaking in 2007."

About TransUnion: Newsroom -

2011-06-01T18:57:00.000-07:00

About TransUnion: Newsroom -: "Life After Foreclosure Study: Mortgage-Only Defaulters Not as Risky as Expected -- Says TransUnion"

Financing Foreclosed Homes - Mortgages - NYTimes.com

2011-05-19T18:34:00.000-07:00

Financing Foreclosed Homes - Mortgages - NYTimes.com: "FORECLOSED homes don’t show very well — financially strained borrowers may ignore maintenance; lenders turn off the water and power to cut the cost of letting the place sit. A poor appearance can complicate financing, but it doesn’t prevent sales."

Existing-Home Sales in U.S. Unexpectedly Fall - Bloomberg

2011-05-19T09:11:00.000-07:00

Existing-Home Sales in U.S. Unexpectedly Fall - Bloomberg: "Sales of existing U.S. homes unexpectedly declined in April, indicating the industry is struggling to gain traction as the economy expands."

housing-crash-getting-worse-marketwatch: Personal Finance News from Yahoo! Finance

2011-05-09T17:26:00.000-07:00

housing-crash-getting-worse-marketwatch: Personal Finance News from Yahoo! Finance: "Commentary: But all this bearish news makes me bullish

If you thought the housing crisis was bad, think again.

It's worse."

Fannie Mae Falls Back Into the Loss Column - WSJ.com

2011-05-07T03:42:00.000-07:00

Fannie Mae Falls Back Into the Loss Column - WSJ.com: "Fannie Mae reported a net loss of $6.5 billion for the first quarter as a weakening housing market dashed hopes that the company had stabilized."

March Pending Home Sales Index

2011-05-04T01:35:00.000-07:00

March Pending Home Sales Index: "LOS ANGELES (April 20) – The share of distressed homes sold in March declined from February, but was unchanged from a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. "

Federal government sues Deutsche Bank in NYC, alleging it committed mortgage fraud - The Washington Post

2011-05-04T01:32:00.000-07:00

Federal government sues Deutsche Bank in NYC, alleging it committed mortgage fraud - The Washington Post: "NEW YORK — The federal government sued Deutsche Bank Tuesday, saying the bank committed fraud and padded its pockets with undeserved income as it repeatedly lied so it could benefit from a government program that insured mortgages."

S&P | Indices | Equity | Americas

2011-04-27T18:29:00.000-07:00

S&P | Indices | Equity | Americas: "Latest Press Release
Home Prices Edge Closer to 2009 Lows According to the S&P/Case-Shiller Home Price Indices(PDF)
26-Apr-2011 09"

Home building trends: Housing expert John McIlwain talks about what a building revival would look like - latimes.com

2011-04-21T18:23:00.000-07:00

Home building trends: Housing expert John McIlwain talks about what a building revival would look like - latimes.com: "The numbers report for the home-building industry couldn't have been more grim in February: New-home construction in the U.S. fell to a pace that would translate to about 250,000 homes for all of 2011, which would be the fewest built since the Commerce Department began keeping track in 1963.

If home building isn't dead, there's certainly time to think about what it would look like when it revives, perhaps from 2013 to 2015. That's according to John McIlwain, a senior fellow at the Urban Land Institute in Washington, which studies trends in housing and development."

U.S. home sales rise - DailyBulletin.com

2011-04-21T18:20:00.000-07:00

U.S. home sales rise - DailyBulletin.com: "Investors lifted U.S. home sales last month, plunking down cash to grab cheap homes at risk of foreclosure. But purchases made by first-time homebuyers fell, a troubling sign for the weak housing market.
Sales of previously occupied homes rose in March to a seasonally adjusted annual rate of 5.1 million, the National Association of Realtors said Wednesday. That's a 3.7 percent increase from the February pace, but far below the 6 million homes a year that economists say represents a healthy market."

NCMSDC: Northern California Minority Supplier Development Council

2011-04-18T13:10:00.000-07:00

NCMSDC: Northern California Minority Supplier Development Council: "MBE Certification Application Instructions
Please read the detailed instructions CAREFULLY before you proceed:

Step 1: Fill out the online Minority Business Certification Application. Do not use all caps or all lower case when filling out the application. Do not use symbols or punctuation when entering in numbers or percentages (ex. $, %, commas). Simply enter in the digits only, otherwise the system will not save your application."

Media: News Releases > Fannie Mae Announces 3.5 Percent Buyer Assistance on

2011-04-13T19:12:00.000-07:00

Media: News Releases > Fannie Mae Announces 3.5 Percent Buyer Assistance on: "Washington, DC — Fannie Mae announced today that people purchasing a Fannie Mae-owned HomePath property will receive up to 3.5 percent in closing cost assistance. The initial offer must be submitted on or after April 11, 2011; and the sale must close on or before June 30, 2011 to be eligible for the incentive. Additionally, buyers must reside in the home as their primary residence (sales to investors are excluded)."

For Good or For Bad: Further Foreclosure Delays Likely to be Caused by California Senate Bill 729 | ForeclosureTruth

2011-04-13T01:46:00.000-07:00

For Good or For Bad: Further Foreclosure Delays Likely to be Caused by California Senate Bill 729 | ForeclosureTruth: "California Senate Bill 729 would require that lenders evaluate a timely loan modification request and provide the homeowner with a clear denial before beginning the foreclosure process with the Notice of Default. This is intended to stop the lender from double tracking the loan modification process with the foreclosure process, which has been said to sometimes result in a premature foreclosure on an otherwise qualified loan modification candidate. Stopping a premature foreclosure sale is good thing, but let’s not forget that there may be times when a denied loan modification is also a good thing."

Homepath Financing on FNMA REO's

2011-04-09T20:39:00.000-07:00

Homepath Financing on FNMA REO's: "Investment Properties
The HomePath program is perhaps the only program that allows for the purchase of investment properties with as little as 10% down (only singles and 2-units; 3-4 require 25%). This really opens a door that has been closed for a while as there appears to be many interested in acquiring real estate as an investment but the down payment is a hurdle. Under this program the current limit of not more than 4 properties financed by same borrower with Fannie Mae is expanded to the “old” 10 unit rule. Note that after 4 properties the down payment required goes to 25%. The adjustment for the property being investment is 2.5 points vs. normal 3 points but with less than 20% down the buyer would also have to pay for the no PMI option and that is an additional 1.75 points for a total of 4.25 points. No special treatment for seller credits on investments, standard rules apply."

Housing market: 11.4% of all U.S. homes are vacant - Mar. 28, 2011

2011-04-01T05:55:00.000-07:00

Housing market: 11.4% of all U.S. homes are vacant - Mar. 28, 2011: "The national vacancy rate at 11.4% according to a release Tuesday from the Census Bureau.

'Vacant homes equal more downward pressure on home prices,' said Brad Hunter, chief economist for Metrostudy, a real estate information provider."

2011-03-30T19:32:00.000-07:00

The chart above depicts the annual returns of the 10-City and the 20-City Composite Home Price Indices.
In January 2011, the 10-City and 20-City Composites recorded annual returns of -2.0% and -3.1%,
respectively. On a monthly basis, the 10-City Composite was down 0.9% and the 20-City Composite fell
1.0% in January versus December 2010. Only San Diego and Washington D.C. posted positive annual
growth rates in January 2011. These are the only two cities whose annual rates remained positive
throughout 2010. Every other MSA has either moved back into or has always been in negative territory

Real Estate News and Advice

2011-03-25T02:20:00.000-07:00

Real Estate News and Advice By 2015, new homes will be 10 percent smaller, greener and packed with more technology and "universal" features than today's homes, according to a new study by the National Association of Home Builders.

New home sales break record low set last August. - Mar. 23, 2011

2011-03-25T02:01:00.000-07:00

New home sales break record low set last August. - Mar. 23, 2011: "New home sales fell 16.9% in February, to the lowest level since the government began keeping records in 1963, as the reeling housing market failed to generate any momentum."

Home resales decline: Home resales fall 9.6% in February and prices are near 9-year low - latimes.com

2011-03-25T01:58:00.000-07:00

Home resales decline: Home resales fall 9.6% in February and prices are near 9-year low - latimes.com: "Sales of previously owned homes dropped 9.6% in February and prices fell to their lowest level since 2002, reflecting a continued slump in the U.S. real estate market."

State by State Estimate of Shadow Inventory : Economists' Outlook

2011-03-24T09:22:00.000-07:00

State by State Estimate of Shadow Inventory : Economists' Outlook: "REO that is not currently on the market is added back to get the final shadow inventory estimate. Again, the REO not currently on the market is estimated based on state level share of existing sales that are foreclosures and this data comes from the NAR’s RCI."

One More Worry About Reverse Mortgages - NYTimes.com

2011-03-17T18:41:00.000-07:00

One More Worry About Reverse Mortgages - NYTimes.com: "It is the saddest of paradoxes: a government-backed financial maneuver intended to free up extra money for struggling older people turns out to have left some widows and widowers on the brink of foreclosure."

Earthquake Shakes Dollar

2011-03-15T11:23:00.000-07:00

Earthquake Shakes Dollar: "But, as Japanese demand for new debt drops and the supply of outstanding debt being offered for sale increases, that will inevitably result in much higher interest rates for U.S. Treasury debt. The higher interest rates go hand in hand with a lower value for the U.S. dollar. The dollar was already near a multi-year low before this disaster. The catastrophe will almost certainly accelerate the further decline of the value of U.S. currency."

New Rules for First-Time Home Buyers - SmartMoney.com

2011-03-11T00:10:00.000-08:00

New Rules for First-Time Home Buyers - SmartMoney.com: "Not long ago, first-time buyers accounted for 40% of home sales. Now they're down to 29% and falling, experts say, as first-time buyers confront a steady accumulation of rising fees, costs, and rates."

Foreclosures: Foreclosure activity drops sharply nationwide - latimes.com

2011-03-09T22:12:00.000-08:00

Foreclosures: Foreclosure activity drops sharply nationwide - latimes.com: "The decline in foreclosure actions — from default notices to bank repossessions — dropped the most in states where a court order is required to take back a home; such so-called judicial states do not include California."

2011-03-09T18:33:00.001-08:00

If you’re the owner of even a single unit of rental property, starting this year you must start tracking all vendors doing at least $600 worth of work for you. Federal law now requires you to send them an IRS 1099 form.

Government wants fewer wild horse and burro roundups

2011-03-06T15:24:00.000-08:00

The federal corrals in Ridgecrest, the closest to the Inland area, hold about 650 horses and 350 burros rounded up in California, Arizona and Nevada, said Art DiGrazia, who oversees the corral.

Green On Green “Violence” in California

2011-03-06T15:17:00.000-08:00

In June 2009, Southern California Edison announced it signed a contract to purchase energy from Ridgecrest. However, in January of this year, Solar Millenium announced it canceled the project. The company’s CEO Josef Eichhammer stated in a letter to the California Energy Commission and the BLM that the project is “unlikely to be open to a recommendation of approval.”

Ridgecrest came under heavy criticism from conservationist groups and local citizens for its potential impact on Mojave Desert tortoises (listed as an endangered species) and ground squirrels, the amount of water it would use, and Valley Fever spores it might stir up. Valley Fever is a respiratory disease native to the Mojave Desert, the San Joaquin Valley of California, and parts of Arizona.

solar news ridgecrest

2011-03-06T15:13:00.000-08:00

Borrego Solar purchased 10 MW of Yingli Solar PV modules in 2010, which were used in several high-profile projects, including the San Diego Community College District (San Diego, CA, 2.8 MW), City of Ridgecrest (Ridgecrest, CA, 500 kW), and San Diego County Water Authority (San Diego, CA, 1.8 MW). In total, these projects created approximately 400 green jobs, and are expected to deliver enough clean solar energy to power approximately 8,500 homes.solar news ridgecrest

Obama to offer solutions for housing finance - BusinessWeek

2011-02-11T05:16:00.000-08:00

Obama to offer solutions for housing finance - BusinessWeek: "Homebuyers will face potentially higher interest rates under any of three Obama administration options for reducing government support of the mortgage market, the price of ending the country's dependence on financially teetering housing finance giants Fannie Mae and Freddie Mac."

Home sales: U.S. home prices slide into 'double dip' - latimes.com

2011-01-25T19:19:00.000-08:00

Home sales: U.S. home prices slide into 'double dip' - latimes.com: "U.S. home prices slide into 'double dip'
After rebounding last year with help from tax incentives, home sale prices fell in November — the fourth month-to-month decline in a row — according to the Case-Shiller Index."

Home Owners Recoup More with Exterior Replacement Projects, REALTORS® Report

2011-01-06T12:35:00.000-08:00

"“This year’s Remodeling Cost vs. Value Report highlights the importance of exterior projects, which not only provide the most value, but also are among the least expensive improvements for a home,” said National Association of REALTORS® President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “Since resale value can vary by region, it’s smart for home owners to work with a REALTOR® through the remodeling and improvement process; they can provide insight into projects in their neighborhoods that will recoup the most when the owners are ready to sell.”"

REALTOR® Magazine-Daily News-Congress Calls for Foreclosure Program Revamp

2010-12-18T09:23:00.000-08:00

REALTOR® Magazine-Daily News-Congress Calls for Foreclosure Program Revamp "Congress Calls for Foreclosure Program Revamp
The government should retool its foreclosure-prevention program because so far it hasn’t worked, a report released Tuesday by the Congressional Oversight Panel declares.

The program 'will never have the reach necessary to put an appreciable dent into the foreclosure crisis,' the report says.

The report calls for the Treasury Department to set objectives and hold banks that administer mortgages accountable for failing to complete loan modifications properly. It also recommends allowing borrowers to apply for loan modifications online and calls for a system to monitor cases and intervene when borrowers fall behind on their payments on modified mortgages."

REALTOR® Magazine-Daily News-U.S. Orders End to Dual-Track Process

2010-12-10T11:30:00.000-08:00

REALTOR® Magazine-Daily News-U.S. Orders End to Dual-Track Process: "U.S. Orders End to Dual-Track Process
Acting Comptroller of the Currency John Walsh last week told banks to stop foreclosure proceedings if the borrower is starting or in the midst of a loan-modification program.

This dual-track system has hastened foreclosure for many borrowers who were caught between instructions to pay lower payments during a loan-modification trial period and punishing fines for failure to pay the full amount if the loan mod failed.

One regulator disagreed with the change, saying that lenders needed to be able to press forward with foreclosures, especially when borrowers clearly weren’t going to meet loan-modification standards"

RPC - Frequently asked questions

2010-12-04T02:15:00.000-08:00

RPC - Frequently asked questions: "Manufacturer of finely crafted tiny houses and park model RVs

How much do they cost
Depends on size, features and complexity of the design.
The least expensive is a bare bones 12x16+4' porch Camp Cabin model for $15,000. This is a complete turn key cabin and is very basic- just right for a rental."

Plans | Little House on the Trailer

2010-12-04T02:00:00.000-08:00

Plans | Little House on the Trailer: "120 square foot, 8′ x 15′ simple structure, designed for a tiny house, studio, home office or shed. Everything you need including a cut list, a shopping list that you can take to your local Home Depot and Lowes. Build the basic shell for as little as $1295 plus your labor.

Typically plans of this quality and detail sell for $100 but to make them more accessible to more buyers we’re keeping our house plan price to $27. Here is what the plans include:"

REALTOR® Magazine-Daily News-Buyers Show Growing Interest in Tiny Houses

2010-12-04T01:19:00.000-08:00

Magazine-Daily News-Buyers Show Growing Interest in Tiny Houses: "Buyers Show Growing Interest in Tiny Houses
The tightly built, tiny home is one small segment — no pun intended — of real estate sales that is doing relatively well."

Prices fell during the third quarter and may continue down. - Nov. 30, 2010

2010-12-02T18:24:00.000-08:00

Prices fell during the third quarter and may continue down. - Nov. 30, 2010: "U.S. home prices fell 2% in the third quarter after having gained steadily since early 2009.

The S&P Case-Shiller Home Price Index has recorded gains in four of the previous five quarters, including a 4.7% jump between April and June 2010. That leaves national home prices down 1.5% year over year and off 2% compared to the second quarter, according to the Index, which was released Tuesday."

States, mortgage lenders in talks over fund for borrowers in foreclosure mess

2010-11-18T18:16:00.000-08:00

States, mortgage lenders in talks over fund for borrowers in foreclosure mess: "State attorneys general and the country's biggest lenders are negotiating to create a nationwide fund to compensate borrowers who can prove they lost their home in an improper foreclosure, state and industry officials said."

Unemployed? Get a federal loan to pay your mortgage - Oct. 5, 2010

2010-10-14T18:40:00.000-07:00

Unemployed? Get a federal loan to pay your mortgage - Oct. 5, 2010: "You can soon apply for a no-interest government loan for up to $50,000 to pay your mortgage and cover your arrears. The loan, which can offer assistance for up to two years, will be forgiven if the homeowner stays in the house for five years."

Obama vetoes foreclosure bill as anger grows

2010-10-07T23:42:00.000-07:00

Obama vetoes foreclosure bill as anger grows: "President Obama stepped into a growing political furor over the nation's troubled foreclosure system Thursday by vetoing a little-known bill that critics say would have made it easier to evict homeowners who missed their payments."

First Priority Financial - Content Pages - California Home Loans - California FHA 203k Refinance

2010-09-29T19:39:00.000-07:00

First Priority Financial - Content Pages - California Home Loans - California FHA 203k Refinance: "California FHA 203k Refinance loans is by far the most incredible program out there. FHA will allow you to refinance your California Home and make improvements all in one loan. The value of your home will be based on the 'As completed' value - meaning once the work is done your house will be worth more and with this knowledge FHA allows you to borrow against that would be value.

Take a look at some of the items you can do to improve your home:

Roofs, gutters and downspouts
HVAC systems (heating, venting and air conditioning)
Plumbing and electrical
Minor kitchen and bath remodels
Flooring: carpet, tile, wood, etc.
Interior and exterior painting
New windows and doors
Weather stripping & insulation
Improvements for persons with disabilities
Energy efficient improvements
Stabilizing or removing lead-based paint
Decks, patios, porches
Basement completion and waterproofing
Septic or well systems
Purchase of new kitchen appliances or washer / dryer
Installing Solar Panels!!!!!
Check out this video on how to use the California Renovation Loan to your advantage."

Rates Drop to New Lows

2010-09-24T20:08:00.001-07:00

Magazine-Daily News-Mortgage Rates Drop to New Lows: "Mortgage Rates Drop to New Lows
Fixed mortgage rates have maintained recent lows or set new ones for more than two months now, sinking to 4.42 percent on 30-year loans for the week ended Aug. 19. The rate is down from 4.44 percent last week and is the lowest ever recorded since Freddie Mac launched its survey almost 40 years ago.

The fixed 15-year average also hit a new low, at 3.9 percent; while five- and one-year adjustable-rate mortgages remained flat at 3.56 percent and 3.53 percent, respectively.

Source: The Wall Street Journal, Amy Hoak (08/20/10)"

Multifamily Property Market Is on the Mend

2010-09-24T20:03:00.000-07:00

"Multifamily Property Market Is on the Mend
Sales of multifamily housing is picking up nationwide, commercial practitioners say.

Buyers believe the sector is a sound bet because current prices are below construction costs in many cases and rental business is improving. Plus, there has been little additional development in the past couple of years and some industry analysts believe that shortly there will be a shortage in some markets."

Mortgage cramdowns: Debate might give new life to mortgage cramdown legislation - latimes.com

2010-09-24T15:50:00.000-07:00

Mortgage cramdowns: Debate might give new life to mortgage cramdown legislation - latimes.com: "Debate might give new life to mortgage cramdown legislation"

Foreclosure Activity Increases 4 Percent in August

2010-09-22T20:27:00.000-07:00

Foreclosure Activity Increases 4 Percent in August: "Foreclosure Activity Increases 4 Percent in August"

HUD

2010-09-20T21:17:00.000-07:00

HUD: "Types of Listings; HUD markets properties in three categories: Insured (IN), Insured with Escrow (IE) and Uninsured (UI). Each property type offers different opportunities to the savvy buyer:"

Foreclosures Rise; Bank Repos at New High - TheStreet

2010-09-16T02:43:00.000-07:00

Foreclosures Rise; Bank Repos at New High - TheStreet: "Foreclosures rose at an elevated rate for the second month in a row, according to RealtyTrac, with one in every 381 U.S. homes receiving a foreclosure filing."

REOMAC - About

2010-09-06T02:48:00.000-07:00

REOMAC - About: "About REOMAC

REOMAC, founded in 1985 in California, began as a forum for lenders with REO assets to share best practices with their peers. As time went on and the association grew, it became important to include related industry professionals and expand our membership categories. Today, REOMAC is the premier non-profit trade association serving the mortgage default servicing industry nationwide. We are dedicated to providing our members with unparalleled educational and networking opportunities. We are also committed to delivering timely information that our members can put to practical use to mitigate losses on defaulted mortgage loans; provide ancillary services to lenders and servicers; or help manage, market, maintain, sell and ultimately dispose of non-performing real estate assets."

Bank REO Homes & Properties for Sale

2010-09-05T17:49:00.000-07:00

Bank REO Homes & Properties for Sale: "California has the highest inventory of reo properties in the entire country. The staggering number of California reo homes and properties offered for sale at banks and lenders are primarily due to the extraordinary loss of home equity due to property price falls and job losses resulting from the financial crisis. Since California is the most populous state in US with about 40 million people and most developed, it has suffered the most due to the real estate bubble burst during the past two years. Home owners and investors in california real estate of all types: commercial, residential, apartments, multi-family have suffered equity loss due to the declining home prices. So the number of California REO homes is at historical highs.

REO Homes in California CA"

2010 Tax Credit for New Home / First-Time Buyer

2010-09-05T02:46:00.000-07:00

2010 Tax Credit for New Home / First-Time Buyer: "Reservation Requests: We will accept reservation requests for the New Home Credit by fax only beginning May 1, 2010. If you are applying for the First-Time Buyer Credit, you will not be able to request a reservation before escrow closes. Reservation requests received before May 1, 2010, or after escrow closes will be denied.

If a buyer wishes to request a reservation, before the close of escrow:
The seller must complete Parts I, II, & III of Form 3549-RR, Reservation Request for New Home Credit.
The buyer completes Parts IV & V.
Fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB at 916.855.5577. If escrow has opened, it is best for the escrow person, on behalf of the buyer and seller, to fax the completed Form 3549-RR and the required pages of the purchase agreement to FTB and provide a copy to the buyer. If escrow has not opened, the buyer may fax it to FTB. (The buyer retains ultimate responsibility to ensure the completed reservation request and the required pages of the purchase agreement are submitted timely to the FTB.)
Do not fax the entire purchase agreement. Only fax the pages which show:
Property address
Buyer's name
Seller's name
Purchase price
Deposit amount
Buyer's signature
Seller's signature"

2010 Tax Credit for New Home / First-Time Buyer

2010-09-05T02:42:00.000-07:00

2010 Tax Credit for New Home / First-Time Buyer: "How to apply
Applications: We will accept applications by fax only beginning May 1, 2010. Do not use the 2009 application. Applications received before May 1, 2010, or before escrow closes will be denied. We are currently only accepting applications for the New Home Credit. Any applications received after August 15, 2010 for the First-Time Buyer Credit will be denied. (Updated 08/19/10)

Within two weeks (14 calendar days) after the close of escrow:
The seller must complete Parts II, III, and also Part IV (if the home has never been occupied) of Form 3549-A, Application for New Home / First-Time Buyer Credit, and provide a copy to the buyer or escrow person.
The buyer will complete Parts I, V & VI of Form 3549-A.
Fax the completed Form 3549-A and the final settlement statement (generally the buyer's HUD-1 statement) to FTB at 916.855.5577. It is best that the escrow company, on behalf of the buyer, fax the completed application and settlement statement to FTB and provide a copy to the buyer. (The buyer retains ultimate responsibility to ensure the completed application and settlement statement are submitted timely to the FTB.)"

2010 Tax Credit for New Home / First-Time Buyer

2010-09-05T02:25:00.000-07:00

2010 Tax Credit for New Home / First-Time Buyer: "Important Update (08/16/10): FTB only accepting New Home Credit Applications.
FTB has stopped accepting First-Time Buyer applications as of midnight Sunday, August 15, 2010. We have received more than enough to fully allocation the $100 million. We needed to accept additional First-Time Buyer applications since we have received so many duplicate, revised, and late applications. However, we will only issue approved certificates of allocation until the $100 million is exhausted. All First-Time Buyer applications received after August 15, 2010 will be denied. We will continue to accept New Home reservation requests and applications until further notice. (Updated 08/19/10)"

2010-08-24T17:59:00.000-07:00

Foreclosure Mills: Wall Street’s Latest Fraud Scheme � SpeakEasy

2010-08-22T19:45:00.000-07:00

Foreclosure Mills: Wall Street’s Latest Fraud Scheme SpeakEasy: "Foreclosure Mills: Wall Street’s Latest Fraud Scheme
Financial giants have figured out yet another way to profit from fraud. After devastating communities across the country with shady subprime loans, the mortgage industry has launched a new assault on America’s neighborhoods. Big banks are now outsourcing their foreclosure processing to shady law firms with a history of breaking the law for a quick buck. These foreclosure scammers forge documents, backdate signatures, slap families with thousands of dollars in illegal fees and even foreclosure on borrowers who haven’t missed a payment."

All you (n)ever wanted to know about Ridgecrest (Los Angeles: fit in, transplants) - California (CA) - City-Data Forum

2010-08-21T04:52:00.000-07:00

All you (n)ever wanted to know about Ridgecrest (Los Angeles: fit in, transplants) - California (CA) - City-Data Forum: "All you (n)ever wanted to know about Ridgecrest
Overview
Ridgecrest revolves around China Lake. Everybody works there, or works in support of it. It is simply known as 'The Base'. Coming from a large city, the people of Ridgecrest will surprise you. Many residents of the area have lived there their entire lives, many of whom dropped out of high school, had 3 kids before age 21, can't keep steady work etc, and have not experienced much outside of Ridgecrest. There are many deeply entrenched families in town, and after living there a few months you will know who they are. The other half of the population are transplants, either folks who moved there to work on base, got stationed at China Lake while in the Navy, retirees, people who moved up there for cost of living, a few LA transplants etc. It seems big at 25,000, but when you realize that there is no other large population center for 90 miles in any direction, the isolation becomes apparent. Valley fever can set in, and sometimes you'll wonder if there's anything beyond those mountains. Ridgecrest can seem like its own little world in that way."

2010 New Laws

2010-08-20T16:58:00.000-07:00

2010 New Laws: "HOA� AB 313
(eff. 1-1-10)
Assessments�
AB 313 prohibits an HOA from making assessments on separate interests within the common interest development based on the taxable value of the separate interests according to the local assessor’s office, unless the association was already doing so on or before December 31, 2009, in accordance with its governing documents.� An association that is responsible for paying taxes on the separate interests within the common interest development is not subject to this prohibition.

Adds Section 1366.4 to the CA Civil Code.��

HOA� AB 899�
(eff. 1-1-10)
Disclosures�
AB 899 requires an HOA to include in the Assessment and Reserve Funding Disclosure Summary a specified statement regarding the interest rate earned on reserve funds and the assumed inflation rate applied to major component repair and replacement costs.� The HOA must also provide, at an owner’s request, a new Disclosure Document Index.� Furthermore, all the disclosure documents on this Index can be provided electronically (e-mail, fax, etc.).�

Amends Sections 1350.7 and 1365.2.5 and adds Section 1363.005 of the CA Civil Code.�"

Credit After Foreclosure, Bankruptcy, or Short Sale

2010-08-20T16:48:00.000-07:00

Credit After Foreclosure, Bankruptcy, or Short Sale: "Credit After Foreclosure, Bankruptcy, or Short Sale

One of the concerns a consumer has after experiencing a bankruptcy, foreclosure, or short sale (referred to as a 'preforeclosure sale' by Fannie Mae when the owner is in default) is the ability to obtain credit to purchase another home.� Fannie Mae has updated its credit guidelines in the FNMA Selling Guide, June 30, 2010. [ Note:�This is a 1,234 page�PDF document that takes a long time to download.]� This legal article summarizes those guidelines in Part I.� In addition, since lenders use FICO scores�in order to determine the creditworthiness of a borrower, this article covers the impact of a bankruptcy, foreclosure or short sale on FICO scores in Part II.�"

Fannie Mae DO - HCLTV to 100%

2010-08-20T16:47:00.000-07:00

Fannie Mae DO - HCLTV to 100%: "HCLTV refers to the amount that a HELOC 2nd is set up for at closing, not the amount drawn.

LTV- 1st
CLTV- amount drawn on 2nd at closing
HCLTV- total availablity of credit after closing."

2010-08-20T01:01:00.000-07:00

Homeowner Confidence Slides Again

Gmail - Market Matters Weekly Advisory - ridgecrestrealty@gmail.com

2010-08-19T22:25:00.000-07:00

Gmail - Market Matters Weekly Advisory - ridgecrestrealty@gmail.com

Sacramento Bee

Appraisal sites on Net often fail to pin down accurate prices
Over the last five years, one of the newest developments in real estate is the ability for home buyers and sellers to search online for a home’s value. Popular Web sites such a Zillow.com, Cyberhomes.com, and Eppraisal.com offer free home estimates, but some consumers and real estate industry professionals say the values calculated often are inaccurate and misleading.

MAKING SENSE OF THE STORY FOR CONSUMERS

Housing Crash Continues

2010-08-19T13:55:00.000-07:00

Housing Crash Continues: "The only true sign of a bottom is a price low enough so that you could rent out the house and make a profit. Then you'll know it's safe to buy for yourself because then rent could cover the mortgage and all expenses if necessary, eliminating most of your risk. The basic buying safety rule is to divide annual rent by the purchase price for the house:

annual rent / purchase price = 3% means do not buy
annual rent / purchase price = 6% means borderline
annual rent / purchase price = 9% means ok to buy"

Housing Crash Continues

2010-08-19T13:54:00.000-07:00

Housing Crash Continues: "Housing Crash Continues -- It's Still A Terrible Time To Buy
Why?
By Patrick Killelea
Last updated 29 June 2010 (minor changes)

Because house prices will keep falling in most places. Prices are still dangerously high compared to incomes and rents. Banks say a safe mortgage is a maximum of 3 times the buyer's annual income with 20% downpayment. Landlords say a safe price is a maximum of 15 times the house's annual rent. Yet on the coasts, both those safety rules are still being violated. Buyers are still borrowing 6 times their income and putting only 3% down, and sellers are still asking 30 times annual rent, even after recent price declines."

Magazine-Daily News-Decision on Fannie and Freddie May Come Soon

2010-08-14T01:36:00.000-07:00

Magazine-Daily News-Decision on Fannie and Freddie May Come Soon: "Decision on Fannie and Freddie May Come Soon
Government and banking experts meet next week to decide the future of Fannie Mae and Freddie Mac.

The likeliest solution is a complex one. The Mortgage Bankers Association is proposing a system where risk-based fees on a class of mortgage-backed securities would be charged in exchange for a government guarantee against losses.

Whatever the outcome, it is unlikely that Fannie and Freddie will be able to pay back the nearly $150 billion in taxpayer bailout money t"

Short sales soar in California, U.S. - latimes.com

2010-08-12T17:19:00.000-07:00

Short sales soar in California, U.S. - latimes.com: "Short sales soar in California, U.S.
Real estate deals in which lenders agree to take less for a property than the balance on the mortgage have tripled since 2008, a report says."

2010 Tax Credit for New Home / First-Time Buyer Frequently Asked Questions

2010-08-11T22:44:00.000-07:00

2010 Tax Credit for New Home / First-Time Buyer Frequently Asked Questions: "How do I reserve a New Home Credit?
Buyers who will qualify for the New Home Credit and enter into an enforceable contract on or after May 1, 2010 to purchase a new home may apply for a reservation using FTB 3549-RR, Reservation Request for New Home Credit. Both the buyer and seller must certify on the form that they have entered into an enforceable contract. Specific pages of the purchase agreement must be faxed to FTB along with the reservation request so FTB can verify the information. FTB will send the buyer a letter stating whether the reservation request is approved, revised, or denied."

Dead Peasants Insurance FAQ : Questions & Answers about Corporate Owned Life Insurance (COLI), Janitor Insurance

2010-08-03T01:49:00.000-07:00

Dead Peasants Insurance FAQ : Questions & Answers about Corporate Owned Life Insurance (COLI), Janitor Insurance: "What is “Dead Peasant” Insurance?
Dead Peasant Insurance is sometimes used as a shorthand reference for life insurance policies that insure a company’s rank-and-file employees and name the company as the beneficiary. This means that the company receives the life insurance benefits when the covered employees die. This insurance may also be called “janitor insurance,”…"

Tax Sales from GovernmentAuctions.org�

2010-05-29T18:06:00.000-07:00

Tax Sales from GovernmentAuctions.org: "How Do Tax Lien Sales Work?
What are Tax Liens?
When a property owner fails to pay property taxes for a specific amount of time, a tax lien is filed against him or her by their local government or county. The local government or county then sells the lien – at auction – to an authorized third party, who in turn collects on the lien, which is the taxes owed which is often a substantial interest. The tax lien purchaser can make a significant amount of money in as little as a few days. The tax lien purchaser also buys the right to own the property if the delinquent property owner fails repay the lien amount plus interest within a specific amount of time. "

The Payoff – What You Can Expect to Accomplish

With tax liens, you can make a significant amount of money in short amount of time due to the high interest rates on tax liens (New Jersey offers 18% per year for a two year period, plus an additional penalty of up to 6%). The exciting part is that if a bank forecloses on the property within the tax lien repayment period, they will pay you the cost of the lien plus interest at full maturity. In other words: Mr. Sanders purchases a Tax Lien Certificate in Illinois worth $10,000, with the full 36% interest rate, and the bank forecloses on the property the following day. The bank will pay Mr. Sanders $19,000 – what the lien plus interest would have been at full maturity or 36% a year times 2½ years. In this situation, Mr. Sanders would make $9,000 – almost doubling his investment in a single day.

Purchasing a tax lien gives the purchaser the right to own the property, if the lien is not repaid. In that situation, the property would have been bought for just the taxes owed. So, if the tax lien owned by Mr. Sanders has not been repaid after two-and-a-half years, he will now own the property for just $10,000 – his initial investment.

The risk on tax liens is very low for four main reasons: (1) state and local governments control the tax lien process, ensuring stability; (2) property owners risk losing their property if they do not repay the lien with interest; (3) in most states you receive the property if the delinquent owner does not repay the lien plus interest; (4) the value of a tax lien is not affected by the economy (unlike the stock market). In fact, a poor economy usually means that more people fail to pay their property taxes, enhancing the amount of tax liens available.

Investing in tax liens is something that very few people understand. Every year there are thousands of tax lien sales. And when these sales happen, there are usually hundreds of liens available, giving you a great chance to find a valuable investment at an extremely discounted rate.

. . . Activate Your Account With Us . . .

The Payoff – What You Can Expect to Accomplish

This is where the money is made. For example, in Illinois, the interest rate ranges from 18%-36% a year, with a two-and-a-half year redemption period. Additionally, if the bank or local government were to foreclose on the property, the lien holder would be eligible to receive full maturity on the lien. So say for example, Mrs. Jefferson would purchase a Tax Lien Certificate in Arizona worth $10,000 and the bank or local government were to foreclose on the property the following day, they could be obligated to pay Mrs. Jefferson $11,600 – the cost of the lien at full maturity.

However, if the property owner would fail to pay the lien back, and the bank or local government failed to foreclose on the property, the third party may be able to file a lien foreclosure, which can lead to a Tax Deed Sale (which you can read about here). The property owner and all possible lien holders have been informed of the legal implications of their failure to pay property taxes. The tax deed sale will usually result in either the property being transferred to the third party directly, or would give the property owner the right to make the first bid on the property.

A Tax Deed Sale is a public sale, usually at auction. More importantly, the now owner of the property after the lien foreclosure/tax deed sale, owns the property free and clear. All other liens are usually wiped out – property taxes take precedent, because the government wants to be paid – and any mortgages no longer use the property as collateral. What this means is that you would most likely own the property free and clear; however, it is best to check with local officials to ensure that the original property owner has no right of redemption.

Ridgecrest Realty

2010-04-18T14:31:00.000-07:00

Builder

California Tax Credit


	$100,000,000 in Tax Credits Available for New Homes in California! California New Home Buyer Tax Credit Summary*

	· Tax Credit is available to buyers who purchase a new home for use as their principal residence for at least two years. · The maximum tax credit amount is $10,000. · $100,000,000 in tax credits available for new homes. When the $100,000,000 runs out, this opportunity is gone! · The credit is available for new homes that close escrow on or after May 1, 2010 and before August 1, 2011 (as long as a binding contract is signed by December 31, 2010). · There are no income limitations. · There are no first-time home buyer requirements to receive the new home tax credit.
When combined with the Federal First-Time Home Buyer Tax Credit of up to $8,000, eligible new home buyers in California can receive UP TO $18,000 in tax credits!
	Not all buyers will qualify. The requirements for qualifying for the California Tax Credit and the Federal Tax Credit are NOT the same.