Source: Housingwire
San Francisco and other California metros are poised for the country’s strongest levels of appreciation in the coming year, according to a forecast from Veros Real Estate Solutions.
Veros also predicted that select markets in the Northeast will continue depreciation trends, though these trends look to be easing.
The future home price index conducted by Veros continues to report significant strengthening and improvement throughout the nation, particularly in the west, including Texas.
On average for the top 100 metro areas, Veros anticipates 3.1% appreciation over the next 12 months. This marks the fourth consecutive quarter where the index has shown forecast appreciation.
Most areas of the country are now predicted to see appreciation with far fewer areas showing a decline. At the time the forecast was released, nearly 90% of U.S. markets are expected to see appreciation, while the remaining 10% are expected to experience a drop in home prices.
Last quarter only saw 75% of markets appreciating, with 25% of markets depreciating.
All markets in the top 5 positions now have double-digit forecast appreciation, with California markets dominating the list.
The San Francisco market is dealing with a serious shortage of housing inventory, with supply down nearly 80% from what it was at the 2008 peak. Affordability is inching its way back into the San Francisco market, although prices are still relatively expensive compared with the rest of the country.
The market’s low supply, historically good affordability, relatively low unemployment and continued low interest rates have pushed this market to the No.1 position, with 12.7% appreciation forecast.
The Los Angeles and San Jose markets are seeing significantly reduced housing supply, down more than 70% and 75% from their peaks, respectively. Los Angeles’ affordability is back at levels not experienced in more than 10 years, and the low unemployment rate in San Jose has helped position these two markets in the second and third spots, respectively.
"Overall, the recovery in the housing market is forecast to continue to accelerate and quite significantly over the previous quarter," said Eric Fox, vice president of statistical and economic modeling at Veros.
"We have been consistent in our position over the past year that the recovery will be lengthy and gradual, which it has been, while many were talking about 'shadow inventory' pulling the housing market back down and creating another recession. Now we are finally over the hump with appreciation being the forecast norm," he said.
Fox said strong appreciation is expected for months 13 to 24 in the forecast, although it will not be as strong as in the first 12-month period.
He added, "That is to say, we are seeing the first signs a year or two from now that the rapid increase of prices will slow a bit in many parts of the country. However, we don't foresee drastic slowing - simply some moderation."
URL to original article: http://www.housingwire.com/fastnews/2013/06/28/san-francisco-seen-strongest-real-estate-market
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, June 28, 2013
Thursday, June 27, 2013
U.S. mortgage rates jump
Source: The Business Journal
Alex Veiga, Marcy Gordon, AP Business Writers
(AP) U.S. mortgage rates have suddenly jumped from near-record lows and are adding thousands of dollars to the cost of buying a home. The average rate on the 30-year fixed loan soared this week to 4.46 percent, according to a report Thursday from mortgage buyer Freddie Mac. That's the highest average in two years and a full point more than a month ago. The surge in mortgage rates follows the Federal Reserve's signal that it could slow its bond purchases later this year. A pullback by the Fed would likely send long-term interest rates even higher. In the short run, the spike in mortgage rates might be causing more people to consider buying a home soon. Rates are still low by historical standards, and would-be buyers would want to lock them in before they rise further. But eventually, more expensive home loans could price some people out and slow the housing market's momentum, which has helped drive the U.S. economy over the past year. "People are getting off the fence a little bit more or choosing to buy now instead of choosing to buy three months from now," said Anthony Geraci, a Cleveland real estate broker-owner who says he's seeing more sales activity lately in his market. Mortgage rates are rising because they tend to track the yield on the 10-year Treasury note, a benchmark for most long-term interest rates. The 10-year yield began rising from near-record lows in May after speculation grew that the Fed might be closer to reducing its bond purchases. In early May, the average rate on a 30-year mortgage was 3.35 percent, just above the record low of 3.31 percent. But rates began to surge — and stocks plunged — after Fed Chairman Ben Bernanke made more explicit comments last week about the Fed's plans. He said the Fed would likely scale back its bond buying later this year and end it next year if the economy continued to strengthen. The rate on 30-year loan soared from 3.93 percent last week to 4.46 percent this week — the biggest one-week jump in 26 years. The effect on buyers' wallets in just the past two months is striking. A buyer who locked in a 3.35 percent rate in early May on a $200,000 mortgage would pay $881 a month, according to Bankrate.com. The same mortgage at a 4.46 percent rate would run $1,008 a month. The difference: $127 more a month, or $45,720 over the lifetime of the loan. Those figures don't include taxes, insurance or initial down payments. Jed Kolko, chief economist at Trulia, a real estate data analysis firm, thinks many would-be buyers will start to take note. "Some buyers will reconsider jumping into the market; others will speed up their (home) purchases before rates go higher," Kolko said. The rate hike comes at a critical time. Low mortgage rates have helped fuel a housing recovery that has kept the economy growing modestly despite higher taxes and steep federal spending cuts. In May, completed sales of previously occupied homes surpassed the 5 million mark for the first time in 3½ years. And those sales could rise further in June because the number of people who signed contracts to buy homes rose last month to the highest level since December 2006. There's generally a one- to two-month lag between a signed contract and a completed sale. Greater demand, along with a tight supply of homes for sale, has driven up home prices. It's also led to more home construction, which has created more jobs and contributed to economic growth. Lower rates have also inspired a refinancing boom over the past two years. Many homeowners have locked in rates below 4 percent. That has lowered their monthly payments, leaving them with more cash to spend elsewhere and fuel more economic growth. The average rate on a 15-year fixed mortgage, a popular refinancing instrument, soared this week to 3.50 percent — its highest point since August 2011 — from 3.04 percent last week. A report this week suggested that the economy might not be as strong as some had thought. The government cut its growth estimate for the January-March quarter to an annual rate of just 1.8 percent — much lower than the 2.4 percent rate it estimated a month ago. A key reason for the downgrade was that consumers spent less than previously thought. Less spending has led some economists to predict that growth will stay weak through the summer and fall short of the Fed's more optimistic forecast of 2.3 percent to 2.6 percent growth for all of 2013. The downgrade for economic growth has cast some doubt on the likelihood that the Fed will reduce its stimulus later this year. Several Fed voting members have stressed in recent days that Bernanke's comments made clear that any pullback in bond purchases would hinge on the economy's performance, not a calendar date. Those reassurances and solid, if not spectacular, economic data have helped boost stocks in recent days and reverse a jump in long-term interest rates. The yield on the 10-year Treasury note fell Thursday to 2.47 percent, down from its two-year high of 2.66 percent on Monday. Geraci says he doesn't think higher mortgage rates will hurt a housing market in which there aren't nearly enough available homes in many areas. "So buyers that find a nice home, no matter what the rates are, are going to move on it," Geraci said. "If there's enough supply, people might sit and wait a little bit and see if the rates come down." Rising rates motivated Alex Backus to act two weeks ago and sign a contract on a $365,000 three-bedroom house in the Seattle suburb of Edmonds, Wash. Backus, 30, had searched listings for two months before signing the contract. He locked in a 30-year loan at a fixed rate of 4.125 percent. "Seeing that interest rates were starting to come back up, it seemed like now was the time to really start to get serious about buying a home," said Backus, an aerospace engineer.
URL to original article: http://www.thebusinessjournal.com/news/national/6688-u-s-mortgage-rates-jump
For further information on Fresno Real Estate check; http://www.londonproperties.com
Alex Veiga, Marcy Gordon, AP Business Writers
(AP) U.S. mortgage rates have suddenly jumped from near-record lows and are adding thousands of dollars to the cost of buying a home. The average rate on the 30-year fixed loan soared this week to 4.46 percent, according to a report Thursday from mortgage buyer Freddie Mac. That's the highest average in two years and a full point more than a month ago. The surge in mortgage rates follows the Federal Reserve's signal that it could slow its bond purchases later this year. A pullback by the Fed would likely send long-term interest rates even higher. In the short run, the spike in mortgage rates might be causing more people to consider buying a home soon. Rates are still low by historical standards, and would-be buyers would want to lock them in before they rise further. But eventually, more expensive home loans could price some people out and slow the housing market's momentum, which has helped drive the U.S. economy over the past year. "People are getting off the fence a little bit more or choosing to buy now instead of choosing to buy three months from now," said Anthony Geraci, a Cleveland real estate broker-owner who says he's seeing more sales activity lately in his market. Mortgage rates are rising because they tend to track the yield on the 10-year Treasury note, a benchmark for most long-term interest rates. The 10-year yield began rising from near-record lows in May after speculation grew that the Fed might be closer to reducing its bond purchases. In early May, the average rate on a 30-year mortgage was 3.35 percent, just above the record low of 3.31 percent. But rates began to surge — and stocks plunged — after Fed Chairman Ben Bernanke made more explicit comments last week about the Fed's plans. He said the Fed would likely scale back its bond buying later this year and end it next year if the economy continued to strengthen. The rate on 30-year loan soared from 3.93 percent last week to 4.46 percent this week — the biggest one-week jump in 26 years. The effect on buyers' wallets in just the past two months is striking. A buyer who locked in a 3.35 percent rate in early May on a $200,000 mortgage would pay $881 a month, according to Bankrate.com. The same mortgage at a 4.46 percent rate would run $1,008 a month. The difference: $127 more a month, or $45,720 over the lifetime of the loan. Those figures don't include taxes, insurance or initial down payments. Jed Kolko, chief economist at Trulia, a real estate data analysis firm, thinks many would-be buyers will start to take note. "Some buyers will reconsider jumping into the market; others will speed up their (home) purchases before rates go higher," Kolko said. The rate hike comes at a critical time. Low mortgage rates have helped fuel a housing recovery that has kept the economy growing modestly despite higher taxes and steep federal spending cuts. In May, completed sales of previously occupied homes surpassed the 5 million mark for the first time in 3½ years. And those sales could rise further in June because the number of people who signed contracts to buy homes rose last month to the highest level since December 2006. There's generally a one- to two-month lag between a signed contract and a completed sale. Greater demand, along with a tight supply of homes for sale, has driven up home prices. It's also led to more home construction, which has created more jobs and contributed to economic growth. Lower rates have also inspired a refinancing boom over the past two years. Many homeowners have locked in rates below 4 percent. That has lowered their monthly payments, leaving them with more cash to spend elsewhere and fuel more economic growth. The average rate on a 15-year fixed mortgage, a popular refinancing instrument, soared this week to 3.50 percent — its highest point since August 2011 — from 3.04 percent last week. A report this week suggested that the economy might not be as strong as some had thought. The government cut its growth estimate for the January-March quarter to an annual rate of just 1.8 percent — much lower than the 2.4 percent rate it estimated a month ago. A key reason for the downgrade was that consumers spent less than previously thought. Less spending has led some economists to predict that growth will stay weak through the summer and fall short of the Fed's more optimistic forecast of 2.3 percent to 2.6 percent growth for all of 2013. The downgrade for economic growth has cast some doubt on the likelihood that the Fed will reduce its stimulus later this year. Several Fed voting members have stressed in recent days that Bernanke's comments made clear that any pullback in bond purchases would hinge on the economy's performance, not a calendar date. Those reassurances and solid, if not spectacular, economic data have helped boost stocks in recent days and reverse a jump in long-term interest rates. The yield on the 10-year Treasury note fell Thursday to 2.47 percent, down from its two-year high of 2.66 percent on Monday. Geraci says he doesn't think higher mortgage rates will hurt a housing market in which there aren't nearly enough available homes in many areas. "So buyers that find a nice home, no matter what the rates are, are going to move on it," Geraci said. "If there's enough supply, people might sit and wait a little bit and see if the rates come down." Rising rates motivated Alex Backus to act two weeks ago and sign a contract on a $365,000 three-bedroom house in the Seattle suburb of Edmonds, Wash. Backus, 30, had searched listings for two months before signing the contract. He locked in a 30-year loan at a fixed rate of 4.125 percent. "Seeing that interest rates were starting to come back up, it seemed like now was the time to really start to get serious about buying a home," said Backus, an aerospace engineer.
URL to original article: http://www.thebusinessjournal.com/news/national/6688-u-s-mortgage-rates-jump
For further information on Fresno Real Estate check; http://www.londonproperties.com
Fresno's McCaffrey Homes wins grand award
Source: The Business Journal
Fresno’s McCaffrey Homes won a grand award -- the top honor for architectural excellence -- for its Tribeca plan 4 at The Heights at Loma Vista during the recent Gold Nugget awards competition. Competition was heavy with hundreds of entries from across the U.S. and internationally submitted. Prior to the Gold Nugget ceremony, the grand awards were announced. McCaffrey Homes won four merit awards. The grand awards are selected each year from a pool of merit award honors. “Winning a grand award at the Gold Nuggets is extremely gratifying,” said Lauren McCaffrey Knowlton, vice president of marketing for McCaffrey Homes. “ In addition to the grand award for its Tribeca plan, McCaffrey Homes received merit awards for Chelsea plan 1 and Greenwich plan 2 homes at The Heights at Loma Vista, as well as a merit award for The Gallery Carnelian plan 2. The two developments are located in Clovis. Tribeca plan 4 was recognized for its high-energy ratings, use of side and rear yard spaces and street appeal.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/6684-fresno-s-mccaffrey-homes-wins-grand-award
For further information on Fresno Real Estate check: http://www.londonproperties.com
Fresno’s McCaffrey Homes won a grand award -- the top honor for architectural excellence -- for its Tribeca plan 4 at The Heights at Loma Vista during the recent Gold Nugget awards competition. Competition was heavy with hundreds of entries from across the U.S. and internationally submitted. Prior to the Gold Nugget ceremony, the grand awards were announced. McCaffrey Homes won four merit awards. The grand awards are selected each year from a pool of merit award honors. “Winning a grand award at the Gold Nuggets is extremely gratifying,” said Lauren McCaffrey Knowlton, vice president of marketing for McCaffrey Homes. “ In addition to the grand award for its Tribeca plan, McCaffrey Homes received merit awards for Chelsea plan 1 and Greenwich plan 2 homes at The Heights at Loma Vista, as well as a merit award for The Gallery Carnelian plan 2. The two developments are located in Clovis. Tribeca plan 4 was recognized for its high-energy ratings, use of side and rear yard spaces and street appeal.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/6684-fresno-s-mccaffrey-homes-wins-grand-award
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, June 26, 2013
Loan applications decline as mortgage interest rates skyrocket
Source: Housingwire
By Brena Swanson
Mortgage applications fell 3% last week as mortgage rates rose on fears of less Fed intervention in the mortgage-bond market. The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan balance shot up to 4.46% from 4.17% a week earlier: the highest it's been since August 2011, the Mortgage Bankers Association reported. For the same week ending June 21, refinance applications dipped 5% even as purchase applications edged up by 2%. The shift in the nation's refi activity accompanied a sharp rise in mortgage rates. "Interest rates moved up sharply following the Federal Reserve press conference last Wednesday where it was indicated that the Fed could begin tapering their asset purchases later this year," said Mike Fratantoni, MBA’s vice president of research and economics. Since then, rates have shifted in an upwardly direction. On the other hand, refinancing activity continued to fall, with refis representing only 67% of all mortgage applications. Applications overall moved inverse to rates in this week's report, with mortgage rates rising across the board. Hitting its highest level since March 2012, the 30-year, FRM jumbo increased to 4.52% from 4.23% a week earlier. Additionally, the average 30-year, FRM backed by the FHA climbed to 4.20% from 3.85%. The 15-year, FRM also rose to 3.55% from 3.30%, while the 5/1 ARM grew to 3.06%, it's highest level since October of 2011.
URL to original article: http://www.housingwire.com/news/2013/06/25/loan-applications-decline-mortgage-interest-rates-skyrocket
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Brena Swanson
Mortgage applications fell 3% last week as mortgage rates rose on fears of less Fed intervention in the mortgage-bond market. The average contract interest rate for a 30-year, fixed-rate mortgage with a conforming loan balance shot up to 4.46% from 4.17% a week earlier: the highest it's been since August 2011, the Mortgage Bankers Association reported. For the same week ending June 21, refinance applications dipped 5% even as purchase applications edged up by 2%. The shift in the nation's refi activity accompanied a sharp rise in mortgage rates. "Interest rates moved up sharply following the Federal Reserve press conference last Wednesday where it was indicated that the Fed could begin tapering their asset purchases later this year," said Mike Fratantoni, MBA’s vice president of research and economics. Since then, rates have shifted in an upwardly direction. On the other hand, refinancing activity continued to fall, with refis representing only 67% of all mortgage applications. Applications overall moved inverse to rates in this week's report, with mortgage rates rising across the board. Hitting its highest level since March 2012, the 30-year, FRM jumbo increased to 4.52% from 4.23% a week earlier. Additionally, the average 30-year, FRM backed by the FHA climbed to 4.20% from 3.85%. The 15-year, FRM also rose to 3.55% from 3.30%, while the 5/1 ARM grew to 3.06%, it's highest level since October of 2011.
URL to original article: http://www.housingwire.com/news/2013/06/25/loan-applications-decline-mortgage-interest-rates-skyrocket
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, June 25, 2013
Valley unemployment continued to drop in May
Source: The Business Journal
The state unemployment rate dropped to its lowest point in nearly five years in May and all four Central Valley counties’ unemployment rates continued to improve, according to the monthly release from the Employment Development Department on Friday. The 8.1 percent statewide unemployment rate in May is the lowest it has been since November of 2008. However California still remains above the national rate of 7.3 percent. All of the four counties saw lower their month-over-month unemployment rates as many of the crops began to be harvested in May. The year-over-year unemployment rates also improved, however Kings County was the only county that did not see a decrease in its civilian labor force over the past year. Madera County remained the lowest of the four counties in the Valley, with an unemployment rate of 10.4 percent. That rate is down from 12.4 percent in April and 13.4 percent last May. Despite a 2 percentage drop in the year-over-year unemployment rate, the county only increased its total employment by 300 jobs or 0.7 percent. Its civilian labor force decreased by 0.3 percent during that time. Fresno County’s unemployment rate dropped to 11.8 percent in May—its lowest rate since October 2008—from 13.3 percent in April and 14.9 percent in May of 2012. Its year-over-year total employment increased by 800 jobs or 0.2 percent as the civilian labor force fell by 0.8 percent. Fresno County added 13,000 farm jobs in May. Tulare County saw its year-over-year unemployment rate drop 2.8 percentages to 12 percent in May from 14.8 percent in the same month in 2012. It was also below the 13.6 percent rate of this April. The total number of jobs for the county decreased by 900 or 0.6 percent and the civilian labor force shrunk by 1 percent. Kings County’s 12.1 percent unemployment rate in May was the highest of the four counties but it also had the largest percentage increase in year-over-year total employment. The unemployment rate dropped compared to April’s rate of 13.8 percent and last May’s rate of 14.9 percent. Kings County was the only one of the four counties to increase its civilian labor force over the past year, as it grew by 0.3 percent. The total year-over-year employment for the county increased by 500 jobs or 1.1 percent.
URL to original article: http://www.thebusinessjournal.com/news/employment/6624-valley-unemployment-continued-to-drop-in-may
For further information on Fresno Real Estate check: http://www.londonproperties.com
The state unemployment rate dropped to its lowest point in nearly five years in May and all four Central Valley counties’ unemployment rates continued to improve, according to the monthly release from the Employment Development Department on Friday. The 8.1 percent statewide unemployment rate in May is the lowest it has been since November of 2008. However California still remains above the national rate of 7.3 percent. All of the four counties saw lower their month-over-month unemployment rates as many of the crops began to be harvested in May. The year-over-year unemployment rates also improved, however Kings County was the only county that did not see a decrease in its civilian labor force over the past year. Madera County remained the lowest of the four counties in the Valley, with an unemployment rate of 10.4 percent. That rate is down from 12.4 percent in April and 13.4 percent last May. Despite a 2 percentage drop in the year-over-year unemployment rate, the county only increased its total employment by 300 jobs or 0.7 percent. Its civilian labor force decreased by 0.3 percent during that time. Fresno County’s unemployment rate dropped to 11.8 percent in May—its lowest rate since October 2008—from 13.3 percent in April and 14.9 percent in May of 2012. Its year-over-year total employment increased by 800 jobs or 0.2 percent as the civilian labor force fell by 0.8 percent. Fresno County added 13,000 farm jobs in May. Tulare County saw its year-over-year unemployment rate drop 2.8 percentages to 12 percent in May from 14.8 percent in the same month in 2012. It was also below the 13.6 percent rate of this April. The total number of jobs for the county decreased by 900 or 0.6 percent and the civilian labor force shrunk by 1 percent. Kings County’s 12.1 percent unemployment rate in May was the highest of the four counties but it also had the largest percentage increase in year-over-year total employment. The unemployment rate dropped compared to April’s rate of 13.8 percent and last May’s rate of 14.9 percent. Kings County was the only one of the four counties to increase its civilian labor force over the past year, as it grew by 0.3 percent. The total year-over-year employment for the county increased by 500 jobs or 1.1 percent.
URL to original article: http://www.thebusinessjournal.com/news/employment/6624-valley-unemployment-continued-to-drop-in-may
For further information on Fresno Real Estate check: http://www.londonproperties.com
Report: Distressed down statewide, not in Valley
Source: The Business Journal
Statewide shares of distressed home sales dropped again in May, although that wasn't the case throughout most of the San Joaquin Valley. According to the California Association of Realtors, distressed sales, which include short sales, sales of bank-owned properties and other foreclosure sales, stood at 38 percent of all home sales in Fresno County. That's flat compared to April but still better than 57 percent in May 2012. In Tulare County, distressed sales actually inched up to 37 percent in the month from 34 percent the prior month but stayed well below a 56-percent share last year. Madera County saw its distressed sales rise to 52 percent in May compared to 47 percent the month before. That's still well below 79 percent in May 2012. Kings County was one of a few in the San Joaquin Valley whose distressed sales declined in the month, going from 40 percent in April to 38 percent in May. However, May 2012 percentages weren't available. The statewide average was even lower than the San Joaquin Valley, with 21.8 percent of home sales considered distressed. That's down from 24.4 percent in April and 44.2 percent a year ago. Of California's home sales, the share of short sales was 14 percent, down from 14.8 percent the prior month and 21 percent last year. The share of real estate-owned sales, including bank-owned homes, fell into single digits for the second straight month, dropping from 9.2 percent in April and 22.8 percent in May 2012 to 7.3 percent. Equity sales, or non-distressed property sales, climbed to 78.2 percent compared to 75.6 percent in April and 55.8 percent in May 2012. The available supply of homes remained tight but was relatively unchanged from April. The unsold inventory index for real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, stayed flat at 1.7 months. The index for short sales dropped from 2.7 months in April to 2.3 months in May while the index for equity sales dropped from 2.9 months to 2.8 months.
URL to the original article: http://www.thebusinessjournal.com/news/real-estate/6637-report-distressed-down-statewide-not-in-valley
For further information on Fresno Real Estate check: http://www.londonproperties.com
Statewide shares of distressed home sales dropped again in May, although that wasn't the case throughout most of the San Joaquin Valley. According to the California Association of Realtors, distressed sales, which include short sales, sales of bank-owned properties and other foreclosure sales, stood at 38 percent of all home sales in Fresno County. That's flat compared to April but still better than 57 percent in May 2012. In Tulare County, distressed sales actually inched up to 37 percent in the month from 34 percent the prior month but stayed well below a 56-percent share last year. Madera County saw its distressed sales rise to 52 percent in May compared to 47 percent the month before. That's still well below 79 percent in May 2012. Kings County was one of a few in the San Joaquin Valley whose distressed sales declined in the month, going from 40 percent in April to 38 percent in May. However, May 2012 percentages weren't available. The statewide average was even lower than the San Joaquin Valley, with 21.8 percent of home sales considered distressed. That's down from 24.4 percent in April and 44.2 percent a year ago. Of California's home sales, the share of short sales was 14 percent, down from 14.8 percent the prior month and 21 percent last year. The share of real estate-owned sales, including bank-owned homes, fell into single digits for the second straight month, dropping from 9.2 percent in April and 22.8 percent in May 2012 to 7.3 percent. Equity sales, or non-distressed property sales, climbed to 78.2 percent compared to 75.6 percent in April and 55.8 percent in May 2012. The available supply of homes remained tight but was relatively unchanged from April. The unsold inventory index for real estate-owned homes, or number of months to deplete the supply of homes at the current sales rate, stayed flat at 1.7 months. The index for short sales dropped from 2.7 months in April to 2.3 months in May while the index for equity sales dropped from 2.9 months to 2.8 months.
URL to the original article: http://www.thebusinessjournal.com/news/real-estate/6637-report-distressed-down-statewide-not-in-valley
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, June 24, 2013
Second-home sales shift to Generation X
Source: Housingwire
By Megan Hopkins
The average age of a consumer looking to buy a second home is 50, said Chris Kelsey, president of Long Cove, a private community on Cedar Creek Lake built to give Dallas-area families a close-to-home getaway. "A lot of people are wondering how the desires of consumers are changing now that we’re coming out of the recession," said Kelsey. The whole second-home industry has been predicated on Baby Boomers, said Kelsey, although the industry is now crossing the threshold from Boomer to Generation X. "Boomers are becoming grandparents," said Kelsey, who noted that their motivation for buying is often for extended family. On the other hand, Generation X is simply approaching the natural point in life where a second home becomes a feasible option. What’s interesting, notes Kelsey, is the language used by the Baby Boomers compared to Generation X. Boomers often refer to their second home as a "vacation home," while Gen X typically calls it a "second home." "This distinction is important to them because they don’t see their resort property as a place for vacation," said the Kelsey & Norden Resort Real Estate Survey. "Instead, they think of it as an extension of their regular lives, a second home where they are connected to a community of like-minded friends and can provide their kids an alternative experience to their urban or suburban neighborhoods. And with the shift comes a similar shift in vocabulary." Kelsey added that Gen X is notorious for its distaste for gated communities and their dislike of inclusivity. "They may want a gated community, they may just not want to celebrate the fact that they’re in a gated community," said Kelsey. And while they may not want to gloat about their status symbols, it seems that all second-home consumers want to ensure their second homes are large enough to accommodate. According to Kelsey, "If they’re buying a lot, they’re buying anywhere from 4,000-9,000 square feet." However, one thing Kelsey noted is that these trends are very regional. For example, "some places were way overbuilt and they’ve had to chew though a ton of overbuilt inventory, other places like here [Dallas] not so much." Regardless, second-home sales seem to be flourishing, "Our most important overall finding is that our industry’s front line reports increased sales activity and optimism. Though modest, sales specialists are clearly expressing improvement in outlook and sales velocity from the same time last year. In fact, 64% of survey respondents report that their sales activity has increased since last year while only 12% report a decrease. Hearteningly, this appears to be across the board, with all major geographic concentrations registering increased sales activity," said the Kelsey & Norden Resort Real Estate Report.
URL to original article: http://www.housingwire.com/news/2013/06/21/second-home-sales-shift-generation-x
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Megan Hopkins
The average age of a consumer looking to buy a second home is 50, said Chris Kelsey, president of Long Cove, a private community on Cedar Creek Lake built to give Dallas-area families a close-to-home getaway. "A lot of people are wondering how the desires of consumers are changing now that we’re coming out of the recession," said Kelsey. The whole second-home industry has been predicated on Baby Boomers, said Kelsey, although the industry is now crossing the threshold from Boomer to Generation X. "Boomers are becoming grandparents," said Kelsey, who noted that their motivation for buying is often for extended family. On the other hand, Generation X is simply approaching the natural point in life where a second home becomes a feasible option. What’s interesting, notes Kelsey, is the language used by the Baby Boomers compared to Generation X. Boomers often refer to their second home as a "vacation home," while Gen X typically calls it a "second home." "This distinction is important to them because they don’t see their resort property as a place for vacation," said the Kelsey & Norden Resort Real Estate Survey. "Instead, they think of it as an extension of their regular lives, a second home where they are connected to a community of like-minded friends and can provide their kids an alternative experience to their urban or suburban neighborhoods. And with the shift comes a similar shift in vocabulary." Kelsey added that Gen X is notorious for its distaste for gated communities and their dislike of inclusivity. "They may want a gated community, they may just not want to celebrate the fact that they’re in a gated community," said Kelsey. And while they may not want to gloat about their status symbols, it seems that all second-home consumers want to ensure their second homes are large enough to accommodate. According to Kelsey, "If they’re buying a lot, they’re buying anywhere from 4,000-9,000 square feet." However, one thing Kelsey noted is that these trends are very regional. For example, "some places were way overbuilt and they’ve had to chew though a ton of overbuilt inventory, other places like here [Dallas] not so much." Regardless, second-home sales seem to be flourishing, "Our most important overall finding is that our industry’s front line reports increased sales activity and optimism. Though modest, sales specialists are clearly expressing improvement in outlook and sales velocity from the same time last year. In fact, 64% of survey respondents report that their sales activity has increased since last year while only 12% report a decrease. Hearteningly, this appears to be across the board, with all major geographic concentrations registering increased sales activity," said the Kelsey & Norden Resort Real Estate Report.
URL to original article: http://www.housingwire.com/news/2013/06/21/second-home-sales-shift-generation-x
For further information on Fresno Real Estate check: http://www.londonproperties.com
Housing lays foundation for better investor opportunities
Source: Housingwire
By Christina Mlynski
With the economy improving, most investors understand this means the Federal Reserve’s bond-buying program will eventually come to an end. This should not come as a surprise since the central bank has signaled eventual tapering. However, rising agency mortgage-backed securities yields will pressure yields higher across all credit products, according to JPMorgan Chase. "We expect to see the risk premium between prime/subprime floaters to compress. The nature of this move higher in rates should benefit bonds levered to the housing market recovery more," said JPMorgan ($50.56 -1.4%) analysts John Sim, Abhishek Mistry and Nabeem Hashem. Federal Reserve Chairman Ben Bernanke commented on how the housing market may be strong enough to withstand higher borrowing costs and how the economy is improving, during a conference last week. As a result, nonagency MBS investors should note that the housing market is supporting economic growth and creating jobs. Additionally, rising home prices increase household wealth and support consumption spending and consumer sentiment. Furthermore, unemployment levels should continue to improve, meaning the central bank’s open-ended third round of quantitative easing program will begin to wind down sooner rather than later. For instance, state and local governments that have been a major drag on the economy are now coming into a position where they no longer have to lay of large numbers of workers, the report said "We think the reaction to the Fed announcement is overdone. The better economic prospects should imply tighter credit spreads, benefiting legacy paper," JPMorgan analysts noted. As a result, fundamentals have not changed, if anything they have actually improved. Thus, investors believe that home prices will be up somewhere between 5% and 10% in 2013. Additionally, investors believe the number of existing home sales will hit 5.18 million this year. "We view the overall weakness in the sector to be a buying opportunity and expect new issue spreads should be back in the context of 200 over swaps when the dust settles (albeit at slower pricing speeds)," JPMorgan analysts added.
URL to original article: http://www.housingwire.com/news/2013/06/24/housing-lays-foundation-better-investor-opportunities
For further information on Fresno Real Estate check: http://wwww.londonproperties.com
By Christina Mlynski
With the economy improving, most investors understand this means the Federal Reserve’s bond-buying program will eventually come to an end. This should not come as a surprise since the central bank has signaled eventual tapering. However, rising agency mortgage-backed securities yields will pressure yields higher across all credit products, according to JPMorgan Chase. "We expect to see the risk premium between prime/subprime floaters to compress. The nature of this move higher in rates should benefit bonds levered to the housing market recovery more," said JPMorgan ($50.56 -1.4%) analysts John Sim, Abhishek Mistry and Nabeem Hashem. Federal Reserve Chairman Ben Bernanke commented on how the housing market may be strong enough to withstand higher borrowing costs and how the economy is improving, during a conference last week. As a result, nonagency MBS investors should note that the housing market is supporting economic growth and creating jobs. Additionally, rising home prices increase household wealth and support consumption spending and consumer sentiment. Furthermore, unemployment levels should continue to improve, meaning the central bank’s open-ended third round of quantitative easing program will begin to wind down sooner rather than later. For instance, state and local governments that have been a major drag on the economy are now coming into a position where they no longer have to lay of large numbers of workers, the report said "We think the reaction to the Fed announcement is overdone. The better economic prospects should imply tighter credit spreads, benefiting legacy paper," JPMorgan analysts noted. As a result, fundamentals have not changed, if anything they have actually improved. Thus, investors believe that home prices will be up somewhere between 5% and 10% in 2013. Additionally, investors believe the number of existing home sales will hit 5.18 million this year. "We view the overall weakness in the sector to be a buying opportunity and expect new issue spreads should be back in the context of 200 over swaps when the dust settles (albeit at slower pricing speeds)," JPMorgan analysts added.
URL to original article: http://www.housingwire.com/news/2013/06/24/housing-lays-foundation-better-investor-opportunities
For further information on Fresno Real Estate check: http://wwww.londonproperties.com
Friday, June 21, 2013
Intolerable neighbors may affect home value
Source: Housingwire
Is a neighbor hurting your home's value?
By Stephanie AuWerter
Love thy neighbor? Yeah, right. We're lucky if we can even tolerate them. A recent survey by Harris Interactive and State Farm Insurance found that 60% of Americans have a pet peeve with someone who lives nearby. A bad neighbor "can make your life a total nightmare," says Bob Borzotta, managing editor of NeighborsFromHell.com, whose message boards contain more than 42,700 posts on unfriendly neighbor behavior. At the extreme, certain next-door nuisances -- such as annoying pets, unkempt yards, foul odors, and dangerous trees -- could reduce your home value by 5% or more, according to the Appraisal Institute. Case in point: Omaha real estate appraiser John Bredemeyer says that a few years ago he saw a house in his area sell for 8% less than comparable homes nearby, owing largely to the large, snarling dogs next door. "Raising kids there?" he says. "I don't think so." Related: Get a lazy co-worker to pick up the slack So what's your recourse? "You can move to the woods," Borzotta says. "Or you can expect issues and learn how to deal with them properly." Try this conversation before you start eyeing log cabins. The Ground Rules Temper your temper. "The worst thing to do is march over when you're angry and demand action," says Mary Greenwood, author of How to Negotiate Like a Pro. Take 24 hours. Give notice. Don't try to work this out over the hedgerow. Schedule a time to chat. Maybe even invite the offender to your house, a friendly gesture that also allows him to see his ugly satellite dish from your perspective. Do your homework. Before the conversation, research what state laws or local ordinances apply, in case your neighbor needs extra persuading. Related: How to talk about money before saying 'I do' Keep a log. A record of your dispute can help refresh your memory should you eventually go to the authorities or to court, says Emily Doskow, co-author of Nolo's Neighbor Law. Your Best Approach 1. Opening gambit: "Hey, Doris, I haven't seen you in a while. Everything okay with you?" Why it works: Understanding your neighbor's circumstances may allow you to see the problem differently, says Susan Hackley, managing director of the Program on Negotiation at Harvard Law School. Maybe the dog that's been incessantly barking is outside more often because the owner has a visitor who's allergic. Or the yard is a mess because your neighbor was ill. Best case, you'll find out that the situation is temporary. But if not... 2. Make it about you: "My child naps in the afternoon and won't sleep unless it's quiet. Thing is, Champ is often outside barking then." Why it works: Focus on how the problem affects you, and your comments will probably be better received than "Your beagle barks too much" -- which sounds like a criticism. Using "I" statements rather than "you" statements helps you avoid coming across as confrontational, says Matt Phillips, executive director of the National Association for Community Mediation (NAFCM). 3. Parrot back: "I totally understand that you can't bring Champ to work and that doggie day care is too costly." Why it works: "The neighbor needs to feel like you get it," says Michael Donaldson, author of Negotiating for Dummies. Show you understand her perspective by rephrasing what she says in your words. Hearing what's important to her can also help you come up with solutions that work for both of you. Should you learn that she's concerned about the cost of removing a sick tree that hangs over your house, for example, you could suggest splitting the bill (if you're feeling so generous). 4. Know what you'll take: "It'd be great if Champ stopped barking altogether, but what I really need is for him to be quiet from 2 to 4 p.m." Why it works: You're stating what you see as a reasonable resolution. Donaldson suggests figuring out in advance what your ideal outcome is, what you'll tolerate, and when you'll walk away. Walking away means being ready with an "or else" plan -- like calling the cops if your neighbor refuses to turn down the blaring music after midnight. 5. Lay on the law: "You probably didn't know that there's a local ordinance on noise. I brought a copy." Why it works: As the saying goes, "Speak softly and carry a big stick." Handing your neighbor a copy of the law shows that you're serious and, if needed, have some powerful next steps, says Roger Dawson, author of Secrets of Power Negotiating. "But approach it gently," he advises. You don't want to come across as a jerk who's looking for any excuse to escalate. 6. Seek outside help: "Hmmm. We don't seem to be getting anywhere. Can we give mediation a try?" Why it works: At mediation, you and your neighbor sit down with a third party to find a solution. "It puts positive attention toward the goal of working the issue out for both sides," says Nolo's Doskow. Roughly 75% of those who use mediation walk away with an agreement, according to the NAFCM, which supports about 400 centers. Prices typically range from zero to $200 a person (often based on what you can afford) for a three- to four-hour session. Hiring a lawyer costs a lot more. An initial consult usually runs $500 to $1,000; going to court can add $2,500 at minimum. Plus, you'd be stuck living next door to someone you're litigating against. Awkward. Better to try to settle the issue with a neighborly handshake.
URL to original article: http://www.housingwire.com/fastnews/2013/06/21/intolerable-neighbors-may-affect-home-value
For further information on Fresno Real Estate check: http://www.londonproperties.com
Is a neighbor hurting your home's value?
By Stephanie AuWerter
Love thy neighbor? Yeah, right. We're lucky if we can even tolerate them. A recent survey by Harris Interactive and State Farm Insurance found that 60% of Americans have a pet peeve with someone who lives nearby. A bad neighbor "can make your life a total nightmare," says Bob Borzotta, managing editor of NeighborsFromHell.com, whose message boards contain more than 42,700 posts on unfriendly neighbor behavior. At the extreme, certain next-door nuisances -- such as annoying pets, unkempt yards, foul odors, and dangerous trees -- could reduce your home value by 5% or more, according to the Appraisal Institute. Case in point: Omaha real estate appraiser John Bredemeyer says that a few years ago he saw a house in his area sell for 8% less than comparable homes nearby, owing largely to the large, snarling dogs next door. "Raising kids there?" he says. "I don't think so." Related: Get a lazy co-worker to pick up the slack So what's your recourse? "You can move to the woods," Borzotta says. "Or you can expect issues and learn how to deal with them properly." Try this conversation before you start eyeing log cabins. The Ground Rules Temper your temper. "The worst thing to do is march over when you're angry and demand action," says Mary Greenwood, author of How to Negotiate Like a Pro. Take 24 hours. Give notice. Don't try to work this out over the hedgerow. Schedule a time to chat. Maybe even invite the offender to your house, a friendly gesture that also allows him to see his ugly satellite dish from your perspective. Do your homework. Before the conversation, research what state laws or local ordinances apply, in case your neighbor needs extra persuading. Related: How to talk about money before saying 'I do' Keep a log. A record of your dispute can help refresh your memory should you eventually go to the authorities or to court, says Emily Doskow, co-author of Nolo's Neighbor Law. Your Best Approach 1. Opening gambit: "Hey, Doris, I haven't seen you in a while. Everything okay with you?" Why it works: Understanding your neighbor's circumstances may allow you to see the problem differently, says Susan Hackley, managing director of the Program on Negotiation at Harvard Law School. Maybe the dog that's been incessantly barking is outside more often because the owner has a visitor who's allergic. Or the yard is a mess because your neighbor was ill. Best case, you'll find out that the situation is temporary. But if not... 2. Make it about you: "My child naps in the afternoon and won't sleep unless it's quiet. Thing is, Champ is often outside barking then." Why it works: Focus on how the problem affects you, and your comments will probably be better received than "Your beagle barks too much" -- which sounds like a criticism. Using "I" statements rather than "you" statements helps you avoid coming across as confrontational, says Matt Phillips, executive director of the National Association for Community Mediation (NAFCM). 3. Parrot back: "I totally understand that you can't bring Champ to work and that doggie day care is too costly." Why it works: "The neighbor needs to feel like you get it," says Michael Donaldson, author of Negotiating for Dummies. Show you understand her perspective by rephrasing what she says in your words. Hearing what's important to her can also help you come up with solutions that work for both of you. Should you learn that she's concerned about the cost of removing a sick tree that hangs over your house, for example, you could suggest splitting the bill (if you're feeling so generous). 4. Know what you'll take: "It'd be great if Champ stopped barking altogether, but what I really need is for him to be quiet from 2 to 4 p.m." Why it works: You're stating what you see as a reasonable resolution. Donaldson suggests figuring out in advance what your ideal outcome is, what you'll tolerate, and when you'll walk away. Walking away means being ready with an "or else" plan -- like calling the cops if your neighbor refuses to turn down the blaring music after midnight. 5. Lay on the law: "You probably didn't know that there's a local ordinance on noise. I brought a copy." Why it works: As the saying goes, "Speak softly and carry a big stick." Handing your neighbor a copy of the law shows that you're serious and, if needed, have some powerful next steps, says Roger Dawson, author of Secrets of Power Negotiating. "But approach it gently," he advises. You don't want to come across as a jerk who's looking for any excuse to escalate. 6. Seek outside help: "Hmmm. We don't seem to be getting anywhere. Can we give mediation a try?" Why it works: At mediation, you and your neighbor sit down with a third party to find a solution. "It puts positive attention toward the goal of working the issue out for both sides," says Nolo's Doskow. Roughly 75% of those who use mediation walk away with an agreement, according to the NAFCM, which supports about 400 centers. Prices typically range from zero to $200 a person (often based on what you can afford) for a three- to four-hour session. Hiring a lawyer costs a lot more. An initial consult usually runs $500 to $1,000; going to court can add $2,500 at minimum. Plus, you'd be stuck living next door to someone you're litigating against. Awkward. Better to try to settle the issue with a neighborly handshake.
URL to original article: http://www.housingwire.com/fastnews/2013/06/21/intolerable-neighbors-may-affect-home-value
For further information on Fresno Real Estate check: http://www.londonproperties.com
Hope Now: 70,000 home loan mods finalized in April
Source: Housingwire
By Kerri Ann Panchuk
Mortgage servicers modified 70,000 home loans in April, bringing the total to 6.39 million modifications since 2007, according to data from HOPE NOW. HOPE NOW, a private alliance of mortgage servicers, investors and insurers and non-profits, releases monthly data tracking the number of loans saved through servicers’ proprietary modification programs and the government's Home Affordable Modification Program, or HAMP. Of the homeowners receiving modifications in April, 58,000 benefited from proprietary loan mods, while 11,966 received adjustments through HAMP. Since 2007, servicers have delivered 5.2 million proprietary loan modifications to U.S. borrowers. Despite a large number of borrowers saved, foreclosures remain a significant part of the real estate buying-and-selling cycle. Foreclosure sales in the same month of April edged up 14% from March, hitting 59,000 sales total. Foreclosure starts, on the other hand, reached 115,000 starts – a figure mostly unchanged from March. Approximately 27,000 short sales were finalized in April, bringing the short sale total to 1.26 million in four years. Serious delinquencies also declined 9% in April, with 2.17 million loans classified as 60 days or more past due, down from 2.38 million a month earlier. Of the proprietary loan modifications completed, 93% included a fixed-interest rate of five years or more, while 83% included reduced principal and monthly interest payments. Loans modified with more than 10% reductions in principal and interest payments accounted for 76% of the total modifications.
URL to original article: http://www.housingwire.com/news/2013/06/21/hope-now-70000-home-loan-mods-finalized-april
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
Mortgage servicers modified 70,000 home loans in April, bringing the total to 6.39 million modifications since 2007, according to data from HOPE NOW. HOPE NOW, a private alliance of mortgage servicers, investors and insurers and non-profits, releases monthly data tracking the number of loans saved through servicers’ proprietary modification programs and the government's Home Affordable Modification Program, or HAMP. Of the homeowners receiving modifications in April, 58,000 benefited from proprietary loan mods, while 11,966 received adjustments through HAMP. Since 2007, servicers have delivered 5.2 million proprietary loan modifications to U.S. borrowers. Despite a large number of borrowers saved, foreclosures remain a significant part of the real estate buying-and-selling cycle. Foreclosure sales in the same month of April edged up 14% from March, hitting 59,000 sales total. Foreclosure starts, on the other hand, reached 115,000 starts – a figure mostly unchanged from March. Approximately 27,000 short sales were finalized in April, bringing the short sale total to 1.26 million in four years. Serious delinquencies also declined 9% in April, with 2.17 million loans classified as 60 days or more past due, down from 2.38 million a month earlier. Of the proprietary loan modifications completed, 93% included a fixed-interest rate of five years or more, while 83% included reduced principal and monthly interest payments. Loans modified with more than 10% reductions in principal and interest payments accounted for 76% of the total modifications.
URL to original article: http://www.housingwire.com/news/2013/06/21/hope-now-70000-home-loan-mods-finalized-april
For further information on Fresno Real Estate check: http://www.londonproperties.com
Monday, June 17, 2013
Ex-BofA employees allege mishandling of HAMP applications
Source: Housingwire
By Kerri Ann Panchuk
Bank of America is prepared to address allegations from former employees who claim the mega bank routinely stalled the application process for the government’s Home Affordable Modification Program and wrongfully informed homeowners about the status of documents already on file. The former staff members also claim employees at BofA steered clear of allowing completed loan mods in favor of less favorable solutions that eventually landed in borrowers laps after a long period of struggle in trying to obtain a modification. At one point, allegations even surfaced that employees had to pick appropriate reasons for denying old loan modification applications to justify HAMP denials submitted to the Treasury. Bank of America’s ($13.24 0.17%) response was submitted to HousingWire Monday. The controversial declarations are part of an ongoing case in a federal court within Washington state. BofA has not had a chance to respond in court records yet, but is expected to soon. The case – Kamie Kahlko v. Bank of America – took a more pointed turn when several former BofA employees in customer service positions offered declarations in the case suggesting the bank was more interested in delaying HAMP applications and eventually steered troubled borrowers into solutions or situations that were more profitable for the bank. In several of the depositions, the former employees painted a picture of a servicer that routinely stalled and failed to timely process documents associated with HAMP loan modification requests. One woman working as a customer service representative said she "was instructed to inform every homeowner who called in that their file was under review – even when the computer system showed that the file had not been accessed in months or when the homeowner had already been rejected for a loan modification." She added, "Bank of America regularly ignored completed loan modifications and did not treat the loan as having been modified in its computer system. Even after a homeowner signed and returned modification documents, BofA’s computer system continued to show the loan as delinquent." A man formerly employed as a Case Management Team Manager also filed a declaration in the case, claiming BofA "used a common strategy of delaying HAMP applications." Common tactics included telling borrowers documents were still missing – even when they had already been filed – or simply saying cases were still under review, he alleged. The former team managersays once the bank delayed long enough, borrowers were offered another solution that was usually less beneficial to homeowners. "The unfortunate truth is that many and possibly most of these people were entitled to a HAMP loan modification, but had little choice but to accept a more expensive and less favorable in-house modification," the former employee claimed. The case team manager went on to claim that BofA would hold a "blitz" twice a month, encouraging teams to clear out backlogs of HAMP loan mod applications by denying any file that had financial documents older than 60 days. He claims these files included homeowners who provided all of the necessary documents for HAMP and who had complied with terms of the trial term period. "During a blitz, a single team would decline between 600 and 1,500 modification files at a time for no reason other than that the documents were more than 60 days old," the case team manager said. He said managers and underwriters were advised to decline the mods and find suitable explanations for reporting purposes to the U.S. Treasury. The U.S. Treasury oversees the government's HAMP program, which was designed to help distressed borrowers by offering more robust loan modification initiatives. BofA in a statement denied the content of the former employees' declarations. "Bank of America has successfully completed more modifications for our customers in need of assistance than any other servicer under the Home Affordable Modification Program," the bank wrote in a statement.
URL to original article: http://www.housingwire.com/news/2013/06/17/ex-bofa-employees-allege-mishandling-hamp-applications
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Kerri Ann Panchuk
Bank of America is prepared to address allegations from former employees who claim the mega bank routinely stalled the application process for the government’s Home Affordable Modification Program and wrongfully informed homeowners about the status of documents already on file. The former staff members also claim employees at BofA steered clear of allowing completed loan mods in favor of less favorable solutions that eventually landed in borrowers laps after a long period of struggle in trying to obtain a modification. At one point, allegations even surfaced that employees had to pick appropriate reasons for denying old loan modification applications to justify HAMP denials submitted to the Treasury. Bank of America’s ($13.24 0.17%) response was submitted to HousingWire Monday. The controversial declarations are part of an ongoing case in a federal court within Washington state. BofA has not had a chance to respond in court records yet, but is expected to soon. The case – Kamie Kahlko v. Bank of America – took a more pointed turn when several former BofA employees in customer service positions offered declarations in the case suggesting the bank was more interested in delaying HAMP applications and eventually steered troubled borrowers into solutions or situations that were more profitable for the bank. In several of the depositions, the former employees painted a picture of a servicer that routinely stalled and failed to timely process documents associated with HAMP loan modification requests. One woman working as a customer service representative said she "was instructed to inform every homeowner who called in that their file was under review – even when the computer system showed that the file had not been accessed in months or when the homeowner had already been rejected for a loan modification." She added, "Bank of America regularly ignored completed loan modifications and did not treat the loan as having been modified in its computer system. Even after a homeowner signed and returned modification documents, BofA’s computer system continued to show the loan as delinquent." A man formerly employed as a Case Management Team Manager also filed a declaration in the case, claiming BofA "used a common strategy of delaying HAMP applications." Common tactics included telling borrowers documents were still missing – even when they had already been filed – or simply saying cases were still under review, he alleged. The former team managersays once the bank delayed long enough, borrowers were offered another solution that was usually less beneficial to homeowners. "The unfortunate truth is that many and possibly most of these people were entitled to a HAMP loan modification, but had little choice but to accept a more expensive and less favorable in-house modification," the former employee claimed. The case team manager went on to claim that BofA would hold a "blitz" twice a month, encouraging teams to clear out backlogs of HAMP loan mod applications by denying any file that had financial documents older than 60 days. He claims these files included homeowners who provided all of the necessary documents for HAMP and who had complied with terms of the trial term period. "During a blitz, a single team would decline between 600 and 1,500 modification files at a time for no reason other than that the documents were more than 60 days old," the case team manager said. He said managers and underwriters were advised to decline the mods and find suitable explanations for reporting purposes to the U.S. Treasury. The U.S. Treasury oversees the government's HAMP program, which was designed to help distressed borrowers by offering more robust loan modification initiatives. BofA in a statement denied the content of the former employees' declarations. "Bank of America has successfully completed more modifications for our customers in need of assistance than any other servicer under the Home Affordable Modification Program," the bank wrote in a statement.
URL to original article: http://www.housingwire.com/news/2013/06/17/ex-bofa-employees-allege-mishandling-hamp-applications
For further information on Fresno Real Estate check: http://www.londonproperties.com
Friday, June 14, 2013
Actress Jodie Foster listed home for $6.4 million
Source: Housingwire
Jodie Foster is selling her home at 9219 Flicker Way in the Hollywood Hills for $6,399,000! Property records show the actress purchased this ‘Bird Street’ estate from model Cheryl Tiegs in 1995. With a distinguished address and oodles of famous neighbors, Foster’s Spanish Villa is the ultimate celebrity hideaway, as it offers privacy, security and style. The home has 4 bedrooms, 4 full and 2 half bathrooms, an office and an attached guest suite. Adjacent to a formal dining room, a butler’s pantry leads to a stunning kitchen. A luxurious master suite features a sitting area, walk-in closets, fireplace and sauna. Outside, the central courtyard pool and brick patio are shielded by a high-reaching hedge for the utmost seclusion – a must for the notoriously private Foster, who had never openly discussed her private life in the public until she outed herself in an emotional speech while accepting a lifetime achievement award at the Golden Globes. In other real estate moves, Jodie was busy last year. She sold her Beverly Hills mansion for $8.3 million in January 2012 and purchased the home she and her sons are likely to be moving in to – a 5 bedroom, 6 bathroom, 3,752 square foot home in Beverly Hills she paid $11,750 for on June 25, 2012.
URL to original article: http://www.housingwire.com/fastnews/2013/06/14/actress-jodie-foster-listed-home-64-million
For further information on Fresno Real Estate check: http://www.londonproperties.com
Jodie Foster is selling her home at 9219 Flicker Way in the Hollywood Hills for $6,399,000! Property records show the actress purchased this ‘Bird Street’ estate from model Cheryl Tiegs in 1995. With a distinguished address and oodles of famous neighbors, Foster’s Spanish Villa is the ultimate celebrity hideaway, as it offers privacy, security and style. The home has 4 bedrooms, 4 full and 2 half bathrooms, an office and an attached guest suite. Adjacent to a formal dining room, a butler’s pantry leads to a stunning kitchen. A luxurious master suite features a sitting area, walk-in closets, fireplace and sauna. Outside, the central courtyard pool and brick patio are shielded by a high-reaching hedge for the utmost seclusion – a must for the notoriously private Foster, who had never openly discussed her private life in the public until she outed herself in an emotional speech while accepting a lifetime achievement award at the Golden Globes. In other real estate moves, Jodie was busy last year. She sold her Beverly Hills mansion for $8.3 million in January 2012 and purchased the home she and her sons are likely to be moving in to – a 5 bedroom, 6 bathroom, 3,752 square foot home in Beverly Hills she paid $11,750 for on June 25, 2012.
URL to original article: http://www.housingwire.com/fastnews/2013/06/14/actress-jodie-foster-listed-home-64-million
For further information on Fresno Real Estate check: http://www.londonproperties.com
San Francisco parking spot sells for $82K
Source: The Business Journal
Written by Associated Press
(AP) — It seems parking spots aren't immune from the recent surge in San Francisco real estate prices. The San Francisco Chronicle reported on Thursday ( http://bit.ly/175w2RE) that a spot in the city's trendy South Beach neighborhood sold last week for $82,000. The 8 by 12-foot parking space is in an enclosed garage in a condominium building. While it may seem like a lot of money, real estate agents say parking could be a good investment. It can add as much as $100,000 to the purchase price of a property, or be rented out at rates of $400 to $450 a month — the going rate in South Beach.
URL to original article: http://www.thebusinessjournal.com/news/state/6501-san-francisco-parking-spot-sells-for-82k
For further information on Fresno Real Estate check: http://www.londonproperties.com
Written by Associated Press
(AP) — It seems parking spots aren't immune from the recent surge in San Francisco real estate prices. The San Francisco Chronicle reported on Thursday ( http://bit.ly/175w2RE) that a spot in the city's trendy South Beach neighborhood sold last week for $82,000. The 8 by 12-foot parking space is in an enclosed garage in a condominium building. While it may seem like a lot of money, real estate agents say parking could be a good investment. It can add as much as $100,000 to the purchase price of a property, or be rented out at rates of $400 to $450 a month — the going rate in South Beach.
URL to original article: http://www.thebusinessjournal.com/news/state/6501-san-francisco-parking-spot-sells-for-82k
For further information on Fresno Real Estate check: http://www.londonproperties.com
Wednesday, June 12, 2013
PG&E issues warning following Fresno scams
Source: The Business Journal
Pacific Gas & Electric Co.'s is warning its electricity customers to beware of false billing calls after receiving reports in Fresno of a telephone scam demanding payment for allegedly past due bills. Fresno customers reported callers threatening to disconnect their electricity if they didn't make immediate payment through a prepaid cash card, such as PayPal, Green Dot card or Money Pack Card. PG&E is now reminding its customers that its representatives will never ask for immediate payment with prepaid cash cards over the phone or in person. Other red flags for potential scams are when callers ask for personal information or a checking or credit card number over the phone. Customers are also urged to ask for identification before allowing anyone claiming to be a PG&E representative inside their home. Those who have an appointment with PG&;E will receive an automated call back or a personal call from a PG&E gas service representative within 48 hours prior to a scheduled visit. Customers with concerns about the legitimacy of a call about a past due bill, service request or request for personal information should call PG&E customer service line at 1-800-743-5000.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/6484-pg-e-issues-warning-following-fresno-scams
For further information on Fresno Real Estate check: http://www.londonproperties.com
Pacific Gas & Electric Co.'s is warning its electricity customers to beware of false billing calls after receiving reports in Fresno of a telephone scam demanding payment for allegedly past due bills. Fresno customers reported callers threatening to disconnect their electricity if they didn't make immediate payment through a prepaid cash card, such as PayPal, Green Dot card or Money Pack Card. PG&E is now reminding its customers that its representatives will never ask for immediate payment with prepaid cash cards over the phone or in person. Other red flags for potential scams are when callers ask for personal information or a checking or credit card number over the phone. Customers are also urged to ask for identification before allowing anyone claiming to be a PG&E representative inside their home. Those who have an appointment with PG&;E will receive an automated call back or a personal call from a PG&E gas service representative within 48 hours prior to a scheduled visit. Customers with concerns about the legitimacy of a call about a past due bill, service request or request for personal information should call PG&E customer service line at 1-800-743-5000.
URL to original article: http://www.thebusinessjournal.com/news/energy-and-environment/6484-pg-e-issues-warning-following-fresno-scams
For further information on Fresno Real Estate check: http://www.londonproperties.com
Tuesday, June 4, 2013
Home prices reach higher ground
Source: Housingwire
By Christina Mlynski
Home prices continue to surprise, posting a double-digit annual gain in April. Home prices, including distressed sales, increased 12.1% year-over-year, representing the biggest annual increase since February 2006 and the 14th consecutive monthly increase, CoreLogic said Tuesday. Additionally, home prices, including distressed sales, increased by 3.2% from March to April. "Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20% or more," said Dr. Mark Fleming, chief economist for CoreLogic ($25.00 -0.51%). Excluding distressed sales, home prices increased 11.9% on a yearly basis. While home prices, excluding distressed sales, also increased on a monthly basis to 3% in April compared to March. The states with the steepest price appreciation rates included Nevada, where prices rose 24.6% annually, followed by California, (19.4%), Arizona (17.3%), Hawaii (17%) and Oregon (15.5%). On the flip side, the states where prices dropped the most include Alabama (1.6% decline) and Mississippi where values fell 1.7%. Of the top 100 Core Based Statistical Areas, measured by population, 94 posted year-over-year increases in April, unchanged from March. "The pace of the housing market recovery quickened in April as home prices rose across the U.S.," said Anand Nallathambi, president and CEO of CoreLogic. He added "For the second consecutive month, all 50 states registered year-over-year home price gains excluding sales of distressed homes. We expect this trend to continue, bolstered by tight supplies and pent up buyer demand."
URL to original article: http://www.housingwire.com/news/2013/06/03/home-prices-reach-higher-ground
For further information on Fresno Real Estate check: http://www.londonproperties.com
By Christina Mlynski
Home prices continue to surprise, posting a double-digit annual gain in April. Home prices, including distressed sales, increased 12.1% year-over-year, representing the biggest annual increase since February 2006 and the 14th consecutive monthly increase, CoreLogic said Tuesday. Additionally, home prices, including distressed sales, increased by 3.2% from March to April. "Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20% or more," said Dr. Mark Fleming, chief economist for CoreLogic ($25.00 -0.51%). Excluding distressed sales, home prices increased 11.9% on a yearly basis. While home prices, excluding distressed sales, also increased on a monthly basis to 3% in April compared to March. The states with the steepest price appreciation rates included Nevada, where prices rose 24.6% annually, followed by California, (19.4%), Arizona (17.3%), Hawaii (17%) and Oregon (15.5%). On the flip side, the states where prices dropped the most include Alabama (1.6% decline) and Mississippi where values fell 1.7%. Of the top 100 Core Based Statistical Areas, measured by population, 94 posted year-over-year increases in April, unchanged from March. "The pace of the housing market recovery quickened in April as home prices rose across the U.S.," said Anand Nallathambi, president and CEO of CoreLogic. He added "For the second consecutive month, all 50 states registered year-over-year home price gains excluding sales of distressed homes. We expect this trend to continue, bolstered by tight supplies and pent up buyer demand."
URL to original article: http://www.housingwire.com/news/2013/06/03/home-prices-reach-higher-ground
For further information on Fresno Real Estate check: http://www.londonproperties.com
Subscribe to:
Posts (Atom)
