The Boards of Directors of San Fernando Valley headquartered California United Bank and Conejo Valley based California Oaks State Bank announced yesterday that the companies entered into a merger agreement providing for California United Bank to acquire California Oaks State Bank.
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.
Price: $698,000
Style: Bungalow, Salt Box
Bed: 2 Bath: 2
Stories: Three or more levels
Year built 1963
View of Catalina Island, City Lights, Coastline, Ocean, Panoramic vista
ASqFt 1,020
ALotSize 2,500
Parking: Concrete Driveway, Single Door Attached Garage
For more information on this property, click here.
Contact Nick Roshdieh today if you are interested in this property!
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
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!
Bank of America is now starting a new short sale program that will target certain homeowners, in the hard hit states of California, Florida, Arizona and Nevada, according to a top level B of A official. In this new program, B of A will pre-screen home owners who have been considered for a modification under the Home Affordable Modification Program (HAMP) and a short sale under the Home Affordable Foreclosure Alternatives (HAFA) program. And these borowers have either fallen out of these programs or were declined during the qualification process.
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
This report is for standard sales and short sales in Anaheim . This article is brought to you by the realtor experts at the Short Sales ASAP group, who are #1 in short sale property listings and closings in Orange County. Currently, there are a total of 348 detached homes listed for sale in Anaheim , California. The median price of these active homes for sale is $369,900 and the average price per square foot is $252 . Of this total, 165 are short sale listings active for sale. . These short sale listings represent 47% of the total inventory of detached homes for sale. The median price of these short sale properties is $340,000 and the average price per square foot is $239 .
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.
This report is for standard sales and short sales in Aliso Viejo . This article is brought to you by the realtor experts at the Short Sales ASAP group, who are #1 in short sale property listings and closings in Orange County. Currently, there are a total of 104 detached homes listed for sale in Aliso Viejo , California. The median price of these active homes for sale is $565,000 and the average price per square foot is $308 . Of this total, 33 are short sale listings active for sale. . These short sale listings represent 32% of the total inventory of detached homes for sale. The median price of these short sale properties is $495,000 and the average price per square foot is $289 .
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.
A smaller percentage of Orange Countyhomeowners were saddled with “underwater mortgages” in the second quarter as more homes entered the foreclosure process even as price declines slowed, real estate website Zillow.com said Monday.
Fewer homeowners with so-called underwater mortgages — where the amount owed on the mortgage exceeds the home’s value — is nevertheless a positive for the housing market as it could portend fewer defaults and foreclosures down the road.
The percentage of American single-family homes with mortgages in negative equity fell to 21.5 percent in the second quarter from 23.3 percent in the first quarter and 23 percent a year ago, according to the Zillow Real Estate Market Reports.
These underwater mortgages are one of the biggest banes of homeowners since negative equity makes many of them unqualified for home loan refinancing and prevents some from selling.
“While fewer homeowners were underwater in the second quarter than the first, it is not yet time to break out the champagne bottle,” Stan Humphries, Zillow chief economist, told Reuters in an interview.
“While some of the downward pressure on negative equity is coming from stabilization in home value trends, the larger factor is the enormous volume of foreclosures occurring within the stock of homes in negative equity,” he said.
Article from MSNBC via Reuters. Written by Julie Haviv
This report is for standard sales and short sales in Laguna Niguel . This article is brought to you by the realtor experts at the Short Sales ASAP group, who are #1 in short sale property listings and closings in Orange County. Currently, there are a total of 182 detached homes listed for sale in Laguna Niguel, California. The median price of these active homes for sale is $889,000 and the average price per square foot is $381 . Of this total, 36 are short sale listings active for sale. These short sale listings represent 20% of the total inventory of detached homes for sale. The median price of these short sale properties is $640,000 and the average price per square foot is $316 .
For attached condominiums, there are 91 condo units currently listed for sale in Laguna Niguel . The median price for these listed condominiums is $360,000 and the average price per square foot is $294 . Of this total, 44 are short sale condo listings. The median price of these short sale condos is $265,000 , and the average price per square foot is $264 . The ratio of short sale condo listings to listings is 48% .
Currently, there are 118 detached homes under contract in escrow, and the median price of these pending properties is $664,500 . Of this total pending properties, 64 are short sales, which is 54% of the total detached properties in escrow in Laguna Niguel . The median price is $599,000 .
For condominiums, there are now 116 attached units in escrow, and the median price is $266,000 . Of this number, 79 are short sales in escrow in Laguna Niguel . These short sale condos are 68% of the total units in escrow, and the median price is $260,000 .
In the past 90 days, there have been a total of 108 detached homes that have sold and closed escrow in Laguna Niguel . The median price of these sold homes was $705,000 and the average price per square foot was $309 . Of this total were 31 short sale properties, which was 29% of the total sales. The median price was $655,000 , and the average price per square foot was $277 .
For attached condos, there have been a total of 102 condominium sales in the past 3 months. The median price was $278,000 , and the average price per square foot was $251 in Laguna Niguel . In addition, there were 36 short sale condos that sold and closed escrow during this same period of time, which was 35% of the total number of units sold. The median price of the sold short sale condos was $250,000 , and the average price per square foot was $217 .
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 Laguna Niguel short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
This report is for standard sales and short sales in San Juan Capistrano . This article is brought to by the short sale broker at Short Sales ASAP group, who are #1 in short sale property listings and closings in Orange County. Currently, there are a total of 93 detached homes listed for sale in San Juan Capistrano , California. The median price of these active homes for sale is $1,329,000 and the average price per square foot is $505 . Of this total, 9 are short sale listings active for sale. . These short sale listings represent 10% of the total inventory of detached homes for sale. The median price of these short sale properties is $829,000 and the average price per square foot is $266 .
For attached condominiums, there are 40 condo units currently listed for sale in San Juan Capistrano . The median price for these listed condominiums is $220,000 and the average price per square foot is $233 . Of this total, 18 are short sale condo listings. The median price of these short sale condos is $200,000 , and the average price per square foot is $217 . The ratio of short sale condo listings to listings is 45% .
Currently, there are 65 detached homes under contract in escrow, and the median price of these pending properties is $675,000 . Of this total pending properties, 31 are short sales, which is 48% of the total detached properties in escrow in San Juan Capistrano . The median price is $562,000 .
For condominiums, there are now 40 attached units in escrow, and the median price is $140,000 . Of this number, 30 are short sales in escrow in San Juan Capistrano . These short sale condos are 75% of the total units in escrow, and the median price is $125,000 .
In the past 90 days, there have been a total of 44 detached homes that have sold and closed escrow in San Juan Capistrano . The median price of these sold homes was $810,000 and the average price per square foot was $295 . Of this total were 8 short sale properties, which was 18% of the total sales. The median price was $589,000 , and the average price per square foot was $244 .
For attached condos, there have been a total of 54 condominium sales in the past 3 months. The median price was $150,000 , and the average price per square foot was $172 in San Juan Capistrano . In addition, there were 24 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 $125,000 , and the average price per square foot was $149 .
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 San Juan Capistrano short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com. For information about the new Government HAFA program for short sale, visit: www.gotHAFA.com
