General Topics affecting / related to the 1-4 unit Residential Real Estate Market

Here is an interesting application of the job loss protection gurauntees the auto industry introduced being applied to the Real Estate Market

http://www.mortgagenewsdaily.com/channels/video/79154.aspx

 

 

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Here is the website for the program the Real Estate Company is using as the insurance backstop for making this claim

http://www.helpprogram.org/index.htm

 

C.A.R. launches Mortgage Protection Program (Thursday, April 2, 2009)

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Want to feel frusturated and Raise your stress level? Click this link and read

Found this blog post on Active Rain.  Reading this post is the best way I think for the average layman to understand the frusturation with dealing with Lenders Loss Mitigation Departments.

 

This article did not surprise me though.  I've been waiting > 2 months for a Loss Mitigation Department to give me an updated approval.  I have a buyer willing to purchase property on terms approved by investor (based on Febuary 2009 BPO).  All I need is updated approval with new buyers name.

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Because of the declline in price's and the Sub Prime situation that accured ther are properties on the market, for $200000 and Under most are Short Sales or Bank owned, I CAN GET THEM FOR YOU, but you got to act fast because at these price's they will not last long. As you know many are out there looking at them, and with the all time low interst rate now offered, and the great loan pacages, now is the time to move. these properties will move fast, I wouldn't wait too long .........

Los Angeles County

City                     Bedrooms             Baths            Build Sq Ft              Prices

East Los Angeles (3)   2                        1                752-1501              $181000-$199000

Gardena (2)              …

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According to this Realtytrac report for first Quarter 2009, California was #3 in the country in terms of highest percentages of foreclosure filings at ~1.72%, Arizona just beat us out ~ 1.85% and Nevada was the undisputed champ at ~ 3.7%. Realtytrac defines a foreclosure filing as an NOD, NTS or a bank repossession.

The national average is ~.63% of all U.S. Properties (had some sort of foreclosure filing during that same time period.)

Defaults in California are up by record numbers according to this Dataquick article.  Up 80% from prior quarter (Q4 2008) and 19% from prior year quarter (Q1 2008). 

~70% of loans originated by ResMae 8/06=>11/06 have defaulted, Masters Financial and Ownit were both North of 60% too during that time period, WOW!!...

…

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As I understand it, the Home Valuation Code of Conduct (HVCC) was passed to erect a barrier between Loan originators having undue influence on appraisers.  Basically the Government is saying that Mortgage Brokers are twisting appraisers arm to inflate values so they enacted this law.  As I sit and try to understand this new law here are my initial thoughts:

  1. Lenders have whats called in house "Appraisal Review".  These departments basically analyze comparable sales to verify that appraisers aren't doing things like excluding better comparables.
  2. Why are some of the biggest lenders in the country allowed to run their own appraisal management companies?
  3. Why is there no oversight of Appraisal Management companies, no licensing required.
  4. There is a…

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I am adamant in my opinion that Obama’s mortgage plan will be a bust.   It seems difficult for people to understand that:

  1. borrowers need to be in homes they can afford, regardless of the level of rates;
  2. home prices should (and will) fall to levels consistent with area incomes;
  3. re-default rates will continue to rise for a host of reasons;
  4. seems like the only mod plan that is working is the one where banks actually cut principal by a significant amount; and
  5. it is horrific public policy to give people that have loan modifications a credit after 5 years if they have paid their mortgage on time over that period, but provide other folks like renters and homeowners who have paid their mortgage on the up and up no relief. 

In related news, don't…

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This is a really complicated process and I don't have alot of teaching experience so I hope you can get all of this in one sitting...

  1. Go to this website. (LA County Assesor)
  2. Download one page form: "Decline-in-Value Reassessment Application (Prop. 8)" (bottom of page).
  3. Complete and sign form. 
  4. Printout 2-3 sales comparables from 1/1/09 - 3/31/09 that support value you want property assessed at.  If you need help with comps try www.zillow.com or www.cyberhomes.com  If you still need help contact me at (cell # in signature below) or e-mail here.
  5. Put both pieces of paper into envelope with stamp and mail back to assesors office.

Now please allow me to go rest after that long, strenous teaching session...

If you choose to pay someone or some…

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