November 2009 
There are 7 blog entries for November 2009.
Element Auction - Marina Del Rey CA 90292 December 13th 2009
Sunday, November 29th, 2009 at 7:37pm. 1326 Views, 3 Comments.
If you've found this blog post you are most likely already interested in the Element Lofts developed by the now bankrupt John Laing homes.
I spent all day saturday 11/28/09 with clients looking at all the different floorplans and learning about how the auction (run by IntelliMarket) is going to be run.
Debunking the Shadow Inventory Myth in the Los Angeles Foreclosure Market
Sunday, November 29th, 2009 at 2:45am. 306 Views, 0 Comments.
“Shadow inventory” is the term many Real Estate prognosticators have been using to describe homes that were foreclosed on which the bank held on to and did not try to resell right away, in hopes of selling them later on when the market is more favorable to the bank, at a higher price. By taking the number of foreclosures that banks have taken back and subtracting the number of foreclosures they have since resold, one can find the number of foreclosures the banks still have possession of, their “shadow inventory”. The numbers of such properties were on the rise until September of 2008, when banks began reselling foreclosure properties at a rate higher than the number of foreclosures they were receiving from trustee sales. Sales transactions have been…
2010 Extension of the $8000 Homebuyer Tax Credit Explained
Saturday, November 28th, 2009 at 8:09pm. 232 Views, 1 Comments.
Due to the success of the 2009 Homebuyer Tax Credit program lawmakers (on November 6, 2009) have extended and expanded eligibility for the $8000 Homebuyer Tax Credit into 2010. This popular rebate program proved to be an incentive to first time homebuyers and caused a direct increase in home sales at the end of 2009. The original program was due to expire on November 30, 2009. The Worker, Homeownership, and Business Assistance Act of 2009 extends this deadline for closing on the homes until April 30, 2010 or until June 30, 2010 for those buyers who have a binding contract in effect by the end of April 2010.
To qualify as a first time homebuyer the buyer must not have owned a primary residence in three years previous to the purchase date. Lawmakers…
Los Angeles Short Sales Flooding the Market in late November 2009
Thursday, November 26th, 2009 at 4:08pm. 196 Views, 0 Comments.
Los Angeles Short Sale Market Report
As of 11/26/09 there are over 1,000 short sales being sold publicly via the SoCAL MLS/CARETS IDX data feed in Active status in the city of Los Angeles alone, 1,015 to be exact (this does not include anything listed in Los Angeles County). 790 of the 1,015 are listed below the Fannie Mae traditional conforming loan amount of $417,000 and 945 of the 1,015 are below the new super conforming loan amount limit of $729,000. Of these 1,015 listings 310 are priced below $200,000. Only 25 of the properties are listed at $1 million+ price range. My takeaway: Short Sales are typically much better suited for the first time FHA approved home buyer than REO's because
Los Angeles Real Estate Lament
Tuesday, November 17th, 2009 at 2:08am. 130 Views, 0 Comments.
Los Angeles Real Estate Lament
I hesitate to make a list
Of all the countless deals I’ve missed:
Bonanzas that were in my grip-
I watched them through my fingers slip.
The windfalls, which I should have bought
Were lost because I over-thought:
I thought of this, I thought of that;
I could have sworn I smelled a rat.
And while I thought things twice,
Another bought them at the price.
It seems I always hesitate,
Then make my mind up much too late.
A very cautious man I am.
And that is why I never buy.
How Nassau and how Suffolk grew!
North Jersey! Staten Island, too!
While others culled those sprawling farms
And welcomed deals with open arms-
A corner here, ten acres there,
Compounding values year by year.
I chose to think, and as I thought,
They bought the deals I…
How to find out who the REO lender for a Los Angeles Property is
Thursday, November 5th, 2009 at 7:32pm. 267 Views, 0 Comments.
Although it was originally brought to my attention by Phyllis Rockower of the Real Estate Investors Club of Los Angeles, this article was originally written by County Records Research, an Orange County based company that provides Foreclosure Data for Southern California Real Estate Investors. The founder of this company Kurt DeMeire is a great source of knowledge on Foreclosure Investing, if you have the cash to buy properties at the courthouse steps, you may want to check out some of Kurts' Foreclosure Investing Training Videos or attend one of Ward Hanigans lectures on Foreclosure Investing. I used to think this type of investing was too theoretical because nobody had this kind of money laying around but these days its seems like I'm the only chump…
Changes to FHA Streamline Loan Underwriting Guidelines applicable as of 11-17-2009
Tuesday, November 3rd, 2009 at 8:35pm. 556 Views, 0 Comments.
The following changes apply to new case numbers assigned on or after November 17, 2009:
o Seasoning: At the time of application, the borrower must have made at least 6 payments within the month due on the FHA-insured mortgage being refinanced.
o Payment History: At the time of loan application, the borrower must exhibit an acceptable payment history as follows:
§ For mortgages with less than a 12 month payment history, the borrower must have made all mortgage payments within the month due.
§ For mortgages with a 12 month payment history or greater, the borrower must have 0x30 in the last 12 months, and made all mortgage payments within the month due for the three months prior to the date of the loan…
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