IET Real Estate Los Angeles Blog

WHAT IS RENT CONTROL?

Rent control, or rent stabilization, is much more than the 4% maximum increase to which people refer. It is a collection of laws that regulate how much a landlord can raise (or must reduce) the rent, limit the reasons for eviction, and more.

 

 

ARE YOU UNDER LOS ANGELES’ RENT CONTROL?

the City of Los Angeles itself is a huge area covering neighborhoods we know by name, which are so large that we think of them as cities. See the Map to be sure. (http://www.caltenantlaw.com/LAcommunities.htm)

IS YOUR UNIT EXEMPT? Next, you need to know if your unit is under rent control. Rent control covers all residential units EXCEPT those fitting specified categories. The two biggest exemptions are (1) single family dwellings and (2) units

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Interesting Takeaways from "Should A Borrower With An Underwater Mortgage Strategically Default?" by Evan Nemeroff
  • 31% (15.3 million) of U.S. homeowners who have a mortgage underwater
  • nearly three-quarters have properties that are 40% below their buying cost
  • When homeowners were asked in the survey why they would not choose to strategically default, 37% cited moral reasons, while 35% indicated it didn’t make sense since they intend to live in that house for an extended period of time.
  • The most common reason for avoiding strategic default cited by homeowners was that it is a moral issue.
  • Even though one out of every three homeowners with a mortgage is underwater today, Zillow said 90.8% of these homeowners are current on their mortgage and
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This is why the current political administration making the housing industry out to be the culprits for the country's financial meltdown in 2007 and over regulating the industry as a response makes no sense.  Especially in an economy where we need to be allowing industry opportunities to grow and flourish.  What happened to going in and making "change" with a scapel as opposed to a "cleaver" Mr. President?
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The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand.

 

-Sun Tzu     

Who has time to spend all day in their temple making calculations? ...especially when American Idol is about to start? right!!!

 

Thats where the smart general brings IET Real Estate into the picture.  We will furiously calculate Los Angeles Residential Real Estate Market Data for you, so you can see how hard Simon disses someone this week and still end up victorious in your Los Angeles Real Estate transaction battles.

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With the economy leaving many areas throughout the nation to take a hit, the Long Beach area has been no different. However, California homebuyers looking to purchase a home in the area have ample reason to celebrate as the Long Beach real estate trends for fall 2011 continue to favor buyers. 

The most recent release of real estate statistics in Long Beach showed that the average listing price in for the area was $423,611, which is a 1.2 % decrease in the average sale price from the week before. In layman’s terms, the average home price in Long Beach dropped more than $5,300 in the course of 7 days. Also, since October 19, the average price for a home for sale in Long Beach dropped from $430,000 to less than $424,000. 

 

An additional factor which could

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The Mortgage Debt Relief Act runs out this year.  This means that sellers considering doing a short sale should start now in order to avoid closing next year because if they close next year the 1099 that the lender will send them will cause them to have to pay Federal and State income taxes on the amount that the lender lost as ordinary income.  This protection has nothing to do with gains it is the lenders loss that you will be paying taxes on.
So make sure that if you are on the fence about whether or not to start a short sale you are aware of this.  See links below for the State of California and the IRS documents on this law which was enacted in 2007 and ends this year, December 31st 2012.     Follow this link for more info on Los Angeles…
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