**  READ REAL ESTATE NEWS BELOW
             BOTTOM OF PAGE HAS CURRENT HOME LISTINGS

LOCAL MARKET   02/12/2010

        This market is changing all the time. We are still seeing multiple offers many buyers are placing offers without seeing the property , so we have 3-8 offers or more on many properties.Mostly lower priced homes about 10%-20% below market,then offers are coming in higher.

      We are told that in April we will see more repos hitting the market but remember we are down about 15% from last year repos, as the repos clear the market we will find it will be harder to find a home and buy it( this is 5 years down the road, once this happens we will see again new construction) The next three years we will see many opportunities to make money in Real Estate .


    ~  Come back next month for another update!~

  The following is information that has been collected via 
                    California Association of Realtors
 

                      Pending home sales rise 1 percent in December
NAR’s Pending Home Sales Index (PHSI) increased 1 percent to 96.6 in December from 95.6 in November, and is 10.9 percent higher than December 2008’s 87.1 index reading.  Although the index declined 3.8 percent to 119.9 in the West, which includes California, it is 18.64 percent higher than December 2008.

“For several months now we’ve been seeing stabilization in all of the home price measures as inventory is pulled down,” said NAR Chief Economist Lawrence Yun. “As a result, the housing wealth for many middle class families has begun to stabilize.”

Home sales up, prices down nationwide
Home sales in 25 metro areas increased 1.5 percent nationwide in November compared with the previous month, and 46.7 percent compared with November 2008, according to a report by Radar Logic Inc.  Prices decreased 4.2 percent across all metro areas surveyed; however, eight areas experienced year-over-year price increases.  Half of the areas with year-over-year price increases were in California, according to the report.  Radar Logic’s Residential Property Index (RPX), which measures changes in the price per square foot of homes, shows that transactions increased in 9 of the 11 months ending in November. 

"Affordability measures are at their highest levels in years and home sales are moving toward normal levels. Nationwide, foreclosure sales have declined from 29 percent of total sales in November 2008 to 23 percent of sales in November 2009," said Michael Feder, president and CEO of Radar Logic.

California home permits declined 44 percent in 2009
California homebuilders pulled 36,209 permits statewide in 2009, a 44 percent decline compared with 2008, and 83 percent lower compared with 2004, the peak of the current cycle, according to the California Building Industry Association (CBIA).  Last year also marked the second consecutive year of record-low housing production in California, according to CBIA.

According to statistics compiled by the Construction Industry Research Board (CIRB), home builders pulled permits for 25,046 single-family homes in 2009, down 24 percent from 2008, while multifamily permits totaled 11,163, down 65 percent from the previous year.

Permits totaled 3,594 in December, a 23 percent decline compared with December 2008, but a 39 percent increase from November 2009. Single-family permits totaled 2,460, up 28 percent from December 2008 and up 39 percent from November, while multifamily permits totaled 1,134, down 59 percent from December 2008 but up 40 percent from the previous month.

At-risk FHA borrowers to receive early relief assistance
Homeowners with loans insured by the Federal Housing Administration (FHA) experiencing financial hardship now are eligible for loss mitigation assistance prior to defaulting on their mortgage, the Dept. of Housing and Urban Development announced Friday.  Previously, borrowers with FHA-insured loans were not eligible for such assistance until after they had missed payments.

FHA also issued guidance to FHA-approved loan servicers on how to assist FHA borrowers who are facing “imminent default,” defined as an FHA borrower who is current or less than 30 days past due on the mortgage obligation and is experiencing a significant reduction in income or some other hardship that will prevent him or her from making the next required payment on the mortgage during the month that it is due.

To become eligible, borrowers must be able to document the cause of the imminent default which may include, but is not limited to, a reduction in, or loss of, income that was supporting the mortgage; or a change in household financial circumstances.

Loan servicers must document the basis for its determination that a payment default is imminent and retain all documentation used to reach its conclusion. The servicer’s documentation must also include information on the borrower’s financial condition.

Program encourages borrowers to pursue loan modifications
Freddie Mac and 13 national and local non-profit organizations recently announced the launch of Freddie Mac Borrower Help Centers, including one in San Bernardino.  The centers are designed to encourage delinquent borrowers to pursue mortgage workouts.  At the centers, Freddie Mac borrowers will receive free, confidential one-on-one mortgage counseling.  The company also is launching a separate Borrower Help Network which will offer similar counseling services over the phone to targeted Freddie Mac borrowers.

Delinquent borrowers with a mortgage owned by Freddie Mac can schedule free appointments by contacting the Borrower Help Center in their area.

To reach distressed borrowers located outside of the initial target areas, Freddie Mac also is launching a separate Borrower Help Network consisting of eight national and local non-profit organizations.  Together they are launching a national phone campaign to make contact with delinquent Freddie Mac borrowers who have stopped responding to their lenders. Counselors will provide free counseling, and help borrowers explore and understand their mortgage modification options.

More info.

Southern California Home Buyer’s Fair: March 13-14
Thousands of potential home buyers are expected to converge the weekend of March 13 and March 14 at the Los Angeles Convention Center for the FREE third annual Southern California Home Buyer’s Fair.  The event is sponsored by the C.A.R. and the Los Angeles Times.

The Southern California Home Buyer’s Fair, open 10 a.m. to 5 p.m., Saturday, March 13, and 11 a.m. to 4 p.m., Sunday, March 14, features more than 50 educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind.  Seminar topics range from understanding home prices and monitoring and fixing credit to applying for a mortgage and the importance of the home inspection. Several of the sessions also will be offered in Spanish.

The event is free to the public. In addition, the first 200 attendees each day will receive a free movie ticket (one ticket per person).   Please help us make this event a success with consumers by promoting the Southern California Home Buyer’s Fair.  C.A.R. has prepared a flyer members can share with clients at http://www.homebuyersfair.com/system/images/Consumer_Flyer.pdf.  We also have created online advertisements (Web banners) for members’ use.  Simply copy and paste the HTML code and place it on your Web site. Visit www.homebuyersfair.com/banner for more information.

More info.

 

CHECK WWW.RECOVERY.GOV

THE WHITE HOUSE WEB SITE  FOR THE FULL BREAK DOWNS  AND UPDATES ON THE STIMULI S PACKAGE

WHERE IS  THE ECONOMIC STIMULUS MONEY GOING? SEE THIS LINK

 
                           


  

NOW AVAILABLE IN ONTARIO 7 units -1,349,000.00
  bring offers~~~~~

Fontana-3 bedroom with one bedroom plus free standing unit --260,000 mixed use -very clean call Nadia for more info! 909-466-9994