Over the last 18 months, the administration has rolled out just about every program it could think of to prop up the ailing housing market, using tax credits, mortgage modification programs, low interest rates, government-backed loans and other assistance intended to keep values up and delinquent borrowers out of foreclosure. The goal was to stabilize the market until a resurgent economy created new households that demanded places to live.

July housing sales sank 26 percent from July 2009 and there is again a growing sense of exhaustion with government intervention. Some economists and analysts are now urging a dose of shock therapy that would greatly shift the benefits to future homeowners: Let the housing market crash.

Why? When prices are lower, these experts argue, buyers will pour in, creating the elusive stability the government has spent billions upon billions trying to achieve. “Housing needs to go back to reasonable levels,” said Anthony B. Sanders, a professor of real estate finance at George Mason University. “If we keep trying to stimulate the market, that’s the definition of insanity.”

The further the market descends, however, the more miserable one group — important both politically and economically — will be: the tens of millions of homeowners who have already seen their home values drop an average of 30 percent.

The poorer these owners feel, the less likely they will indulge in the sort of consumer spending the economy needs to recover. Obviously, if homeowners see an identical house down the street going for half what they owe, temptation to default may cause more problems than already exist.

It became apparent last week that the administration is deeply worried when the secretary of housing and urban development, Shaun Donovan, appeared to side with current homeowners, telling CNN the administration would “go everywhere we can” to make sure the slumping market recovers.

Mr. Donovan even opened the door to another housing tax credit like the one that expired last spring, which paid first-time buyers as much as $8,000 and buyers who were moving up $6,500. The cost to taxpayers was in the neighborhood of $30 billion, much of which went to people who would have bought anyway. Though the administration quickly backed away from this plan.

Among other initiatives being discussed are $3 billion to keep the unemployed from losing their homes and a refinancing program that will try to cut the mortgage balances of owners who owe more than their property is worth. A previous program with similar goals had limited success.

If last year’s tax credit was supposed to be a bridge over a rough patch, it ended with a glimpse of the abyss. The average home now takes more than a year to sell. Add in the homes that are foreclosed but not yet for sale and the total is greater still.

Post from: Orange County Real Estate Blog

Post from: Orange County Real Estate Blog

The acquisition is valued at approximately $17.3 million, with approximately half that amount being paid in cash and the balance in the form of shares of California United Bank common stock. As of June 30, 2010, California United Bank had total assets amounting in $532.0 million, total deposits of $420.2 million and seven offices. While California Oaks State Bank had assets of $136.7 million, total deposits of $114.0 million and three offices. Upon completion of the transaction- by close of the fourth quarter 2010, California United Bank will have over $650.0 million in assets and $530.0 million in deposits.

California United Bank intends to continue to operate both of California Oaks State Bank’s branches as full-service branches. At close of the merger, California United Bank will feature six full-service branches; located in Encino, Santa Clarita Valley, Los Angeles, South Bay, Conejo Valley and Simi Valley and three commercial lending offices located in Glendale/San Gabriel Valley, Orange County and Walnut Creek.

The merger was agreed upon unanimously by both banks Board of Directors. However, the acquisition is still subject to approval by bank regulatory authorities and the shareholders of each of California United Bank and California Oaks State Bank as well as other customary conditions.

Post from: Orange County Real Estate Blog

For more information on this property, click here.
Contact Nick Roshdieh today if you are interested in this property!

-Nick Roshdieh
eVantage Real Estate
Main: 949-334-2913
Office: 949-388-3396
NickRealEstate@cox.net
http://facebook.com/NickRoshdieh
DRE License: 01339587

Post from: Orange County Real Estate Blog

Price: $425,000
Style: Carriage House, Condominium
Bed: 2  Bath: 3
Stories: Three or more levels
Year built: 2004
View: Park or Greenbelt view, Peek-A-Boo View
HOA Dues $ // 163 + $ // 193
ASqFt 1,600
Parking: Attached Garage, Direct Access, Guest Parking

For more information on this property, click here.
Contact Nick Roshdieh today if you are interested in this property!

-Nick Roshdieh
eVantage Real Estate
Main: 949-334-2913
Office: 949-388-3396
NickRealEstate@cox.net

DRE License: 01339587

Post from: Orange County Real Estate Blog

Price: $529,000
Style: Single Family Residence, Ranch, Traditional
Bed: 5  Bath: 3
Stories: Two Levels
Year built: 1996
View: Tree top view
HOA Dues $65 + $0
ASqFt: 2,100
ALot Size: 3,814
Parking: Direct Access Garage, Driveway, Attached Garage

Special Conditions: Short Sale/Offer(s) Submitted, Short Sale/Subj to Lender Approval**

For more information on this property, click here.
Contact Nick Roshdieh today if you are interested in this property!

-Nick Roshdieh
eVantage Real Estate
Main: 949-334-2913
Office: 949-388-3396
NickRealEstate@cox.net

DRE License: 01339587

Post from: Orange County Real Estate Blog

Bank of America states that the purpose of this program is give these home owners a better alternative, then foreclosure. They intend to provide a custom program with incentives that are attractive to homeowners experiencing a true hardship.  This type of proactive response will help to bring stability to the beleaguered Orange County housing market.  This new test short sale program, was developed to streamline the process.  In that regard,  B of A will use the previous documents that the home owner had submitted, so that no new documents are needed from the prospective seller. 

One of the very important beneifts of this new Bank of America short sale program, is that they will be waiving deficiencies, which is the difference between what the home sells for and how much is left on the mortgage.  This is a huge benefit to any Orange County home owner who may be contemplating a short sale with a Bank of America loan.  Another beneficial feature of this new short sale program, is the B of A will offer the seller a $3,000 relocation fee, for cooperating with the short sale.  If  the property does not sell, then B of A will consider a deed-in-lieu of foreclosure in order to satisfy the mortgage.

B of A will not be selecting which real estate agent to work with, therefore it is advised that a homeowner work with a certifeid and experienced short sale realtor.  B of A will assign a short sale specialist to work with the real estate agent and the homeowner to market the property for 120 days.  Letters have already been mailed to qualified homeowners, and this will be a six month trial program. 

One of the major stumbling blocks to getting short sales approved, is that the for many loans, the beneficiary is some other investment institution other than Bank of America, and it is often difficult for B of A to get that investors approval in time to meet the time lines of a purchase offer.  In this test program, B of A has worked with the investor before hand, to get their preliminary approval so that the short sale can close faster.

There is great need for short sales at this time.  Freddie Mac recently reported that its short sale figures were up 600% from two years ago and said it had completed 22,117 short sales in the first half of 2010, up nearly 180% from 7,914 in the first half of 2009.  In addition, a research firm named Core Logic, has reported taht short sales in the US have tripled since 2008. In addition,   Bank of America has completed more than 25,000 short sales to date.  B of A is committed to improving the short sale process, and test for new ways of completing short sales to help their  customers avoid foreclosure with a dignified exit.

For more inforamtion or questions about short sales in Orange County, HAFA short sales, or the new Bank of America short sale program, feel free to contact the short sale experts at ShortSalesASAP.com  or email us at:  Info@ShortSalesASAP.com

Post from: Orange County Real Estate Blog

For attached condominiums, there are 191 condo units currently listed for sale in Anaheim . The median price for these listed condominiums is $275,000 and the average price per square foot is $215 . Of this total, 114 are short sale condo listings. The median price of these short sale condos is $250,000 , and the average price per square foot is $199 . The ratio of short sale condo listings to listings is 60% .

Currently, there are 328 detached homes under contract in escrow, and the median price of these pending properties is $340,000 . Of this total pending properties, 196 are short sales, which is 60% of the total detached properties in escrow in Anaheim . The median price is $328,000 .

For condominiums, there are now 168 attached units in escrow, and the median price is $215,000 . Of this number, 123 are short sales in escrow in Anaheim . These short sale condos are 73% of the total units in escrow, and the median price is $205,000 .

In the past 90 days, there have been a total of 317 detached homes that have sold and closed escrow in Anaheim . The median price of these sold homes was $345,000 and the average price per square foot was $233 . Of this total were 95 short sale properties, which was 30% of the total sales. The median price was $335,000 , and the average price per square foot was $209 .

For attached condos, there have been a total of 317 condominium sales in the past 3 months. The median price was $366,000 , and the average price per square foot was $233 in Anaheim . In addition, there were 139 short sale condos that sold and closed escrow during this same period of time, which was 44% of the total number of units sold. The median price of the sold short sale condos was $267,000 , and the average price per square foot was $197 .

As can be seen above, the ratio of Pending in Escrow short sale listings, to Pending total listings is a much higher percentage, compared to the ratio of Sold short sale properties to Sold total properties. This illustrates that short sales fail at a high rate. Property owners who owe more than their home is worth, should seek to work with an experienced Anaheim short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.

Post from: Orange County Real Estate Blog

For attached condominiums, there are 129 condo units currently listed for sale in Aliso Viejo . The median price for these listed condominiums is $319,900 and the average price per square foot is $271 . Of this total, 72 are short sale condo listings. The median price of these short sale condos is $295,000 , and the average price per square foot is $263 . The ratio of short sale condo listings to listings is 56% .

Currently, there are 60 detached homes under contract in escrow, and the median price of these pending properties is $549,900 . Of this total pending properties, 28 are short sales, which is 47% of the total detached properties in escrow in Aliso Viejo . The median price is $450,000 .

For condominiums, there are now 115 attached units in escrow, and the median price is $285,000 . Of this number, 81 are short sales in escrow in Aliso Viejo . These short sale condos are 70% of the total units in escrow, and the median price is $275,000 .

In the past 90 days, there have been a total of 74 detached homes that have sold and closed escrow in Aliso Viejo . The median price of these sold homes was $575,000 and the average price per square foot was $283 . Of this total were 23 short sale properties, which was 31% of the total sales. The median price was $560,000 , and the average price per square foot was $247 .

For attached condos, there have been a total of 147 condominium sales in the past 3 months. The median price was $350,000 , and the average price per square foot was $346 in Aliso Viejo . In addition, there were 57 short sale condos that sold and closed escrow during this same period of time, which was 39% of the total number of units sold. The median price of the sold short sale condos was $316,000 , and the average price per square foot was $236 .

Property owners who owe more than their home is worth, should seek to work with an experienced Aliso Viejo short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.

Post from: Orange County Real Estate Blog

Post from: Orange County Real Estate Blog