Market Update : eastvale

Help for California Homeowners ~ Workouts Beat Foreclosure 2 - 1

Liane Thomas — Tue, 15 Dec 2009 22:20:00 GMT

Writer Brittany Dunn, DSNews.com

In her testimony before the State Assembly Select Committee on the safety and protection of at-risk communities in California, Faith Schwartz, executive director of the HOPE NOW alliance, said more than 279,000 California homeowners received mortgage workout solutions through October 2009. Compared to an estimated 139,000 foreclosure sales in the state this year, workout solutions currently outpace foreclosure sales at a ratio of 2-to-1 in California.Nearly 500,000 California homeowners are delinquent on their mortgage by 60 days or more. These homeowners need assistance, and it is a significant challenge,” Schwartz said. “At the same time, the number of workout solutions offered demonstrates that help is being provided, and the mortgage servicing industry has made a serious commitment to helping distressed borrowers avoid foreclosures.”

Schwartz also reported on the President’s Home Affordable Modification Program (HAMP), which HOPE now members support and participate in. She testified that on average, the Treasury Department has reported that over 20,000 homeowners are approved every week for HAMP trial modifications, saving homeowners $550 a month on their mortgage. HOPE NOW said its goal is to turn as many trial modifications as possible into permanent modifications.

However, HAMP is not the only useful loan workout tool that servicers are using to help borrowers. According to HOPE NOW, 2.6 million homeowners nationwide received a non-HAMP mortgage workout that prevented foreclosure in 2009, and 5.8 million homeowners have taken advantage of non-HAMP workout solutions since mid-2007. These solutions include loan modifications, repayment plans, extended forbearance, deed in lieu, and short sales.

In an effort to help California borrowers facing foreclosure, HOPE NOW has held several events to give troubled homeowners the opportunity to meet face to face with their loan servicer. To date, these services have helped over 10,000 California borrowers avoid foreclosure, HOPE NOW said.

“HOPE NOW continues to encourage worried homeowners to seek help by calling the Homeownership Preservation Foundation’s Homeowner’s HOPE Hotline or by working with a local HUD-certified counseling organization that provides free counseling services,” Schwartz said. “HOPE NOW has also launched a web portal, HOPE LoanPort with six counseling agencies, six nationwide servicers, and a mortgage insurer.”

Not sure where to start? Call me for a free consultation....

Liane Thomas, REALTOR®, CDPE©
The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside, and surrounding communities
(951) 454-3805
www.AllCoronaHomes.com
www.FreeNorcoHomeSearch.com
www.FreeRiversideHomeSearch.com
Ca DRE #01704162

It Is Getting Harder to Buy a House

Liane Thomas — Tue, 08 Dec 2009 15:59:00 GMT

FHA to toughen rules for borrowers

The Federal Housing Administration (FHA) is proposing raising minimum credit scores for borrowers who receive FHA-backed mortgages, increasing down payment requirements, and limiting the amount of money sellers can provide toward closing costs. The proposed changes are part of an effort to shore up the agency's finances, which have been hit with rising defaults to its mortgage insurance program.

So what does this mean to you?

Historically, the FHA has played a critical role in propping up the housing market by insuring lenders against default after the mortgage market failed. Currently, the agency guarantees approximately 30 percent of all home loans and 20 percent of refinancings. In the past, the FHA has resisted raising down payments or insurance premiums, fearing it would be shutting out qualified borrowers and stunting the housing market's recovery.

The FHA is hoping that the proposed changes, including requiring that borrowers bring more cash to the closing table, will ensure that borrowers are less likely to default on their loans. Officials at FHA have yet to determine how much cash will be required.

Up-front cash can include down payments as well as other payments. Currently, FHA borrowers can put down as little as 3.5 percent. One lawmaker has introduced legislation that would require FHA borrowers to put down a minimum of 5 percent. The agency also currently allows sellers to provide up to 6 percent of the home's value toward closing costs or down payments. Secretary of Housing and Urban Development (HUD) Shaun Donovan has said he wants the maximum permissible level to be lowered to 3 percent, in line with industry norms.

The FHA has decided "for the time being" to raise its minimum credit score requirements for new borrowers. The new requirements have yet to be determined. Presently, borrowers with credit scores as low as 500 may qualify for an FHA loan.

So if you are thinking about buying a home in 12-18 months, and you plan on using an FHA loan, you might want to consider moving that plan up and buying sooner rather than later. It may cost you a lot more next year.

Brought to you by:

Liane Thomas, REALTOR®
The Thomas Group, Keller Williams Realty
1860 Compton Avenue
Corona, Ca 92881
Serving Corona, Norco, Riverside, and Surrounding Communities
951.454.3805
www.AllCoronaHomes.com

Have You Seen The New Show "Hoarders"? Do You Need To De-Clutter?

Liane Thomas — Tue, 08 Dec 2009 14:57:00 GMT

Last week I caught the premier of the show "Hoarders" on A & E (if you missed it, you can go to their website to view the entire episode). It was amazing, and got me to thinking about how someone goes from being a pack rat (guilty!) to being a hoarder.

The show inspired me to get rid of some of the clutter around my home, and my office. It seems like a big task, but by breaking it down, it can be done in 10 easy steps.

Step # 1: Set A Schedule

You are much more likely to stick to a routine, whatever it may be, if you work on a schedule. In addition, this allows you to clean when you can minimize interruptions and maximize your time.

Step # 2: Set A Goal For Each Room

If you can visualize what you want, you will be better able to achieve it. By setting goals for each room, you can note the things that need changing and work toward that goal one day at a time.

Step # 3: Create A Timeline

When do you hope to have your home completely free of clutter? One week, two weeks or even a month? Depending on your schedule and the amount of clutter that you have, it may take anywhere from a few days to a few weeks before you can kick back and relax again.

Step # 4: Start Small

The clutter in your home didn't appear overnight, and it won't disappear overnight either. If you start small, you will be less likely to get frustrated and give up midway through your cleanup.

Step # 5: Categorize Your Clutter

When cleaning, it's important to categorize your items into groups. By separating the items that you want to keep, toss and donate, you will be able to move through your clutter quickly and efficiently.

Step # 6: Letting Go

A good rule of thumb for uncluttering your home is to get rid of anything that you haven't used within the past year. If it's still useful, consider donating it to a good cause. Otherwise, toss it.

Step # 7: Storing Your Seasonal Apparel

When storing seasonal clothing, purchase a sturdy plastic storage bin with a lid and roll your clothes instead of folding them in an effort to maximize storage capability. When full, snap the lid on and slide the unit into your closet.

Step # 8: Closet Organization

Did you know that your choice of clothes hangers can greatly impact the storage capacity of your closet? Wire hangers take up less space and can save your shirts from getting that annoying shoulder bump that often arises from the use of plastic hangers.

Step # 9: Shoes Blues

When it comes to storing shoes, many homeowners are fighting a losing battle with clutter. How many pairs of shoes do you own? How neatly are they stored? If your shoe storage has you down, try purchasing clear lidded shoe boxes. These handy creations can house each pair of shoes and can be stacked neatly in your closet. And best of all, you can see your shoe collection without having to sift through a sea of sandals.

Step # 10: Read The Labels

If you have medicine, food or anything else with an expiration date in the home, check to make sure that the items are still good. If the expiration date has already come and gone, throw them away.

If these ideas inspire you, please respond and share your success! Thanks, Liane

Brought to you by:

Liane Thomas, REALTOR®
The Thomas Group, Keller Williams Realty
1860 Compton Avenue
Corona, Ca 92881
Serving Corona, Norco, Riverside, and Surrounding Communities
951.454.3805
www.AllCoronaHomes.com

One in Four Borrowers is Underwater on their Home

Liane Thomas — Sun, 29 Nov 2009 10:04:00 GMT

One in four borrowers is underwater
Despite recent indicators that the housing market is improving,a new report shows that one in four mortgage borrowers are underwater, meaning they owe more on their mortgage than their home currently is worth. According to First American CoreLogic, nearly 10.7 million households had negative equity in their
homes in the third quarter, accounting for about 23 percent of all U.S. homeowners. Most homeowners, however, still have equity, and nearly 24 million owner-occupied homes do not have a mortgage, according to the U.S. Census Bureau.

A study by credit-scoring company Experian shows that approximately 588,000 borrowers strategically defaulted on their mortgages last year, even though they could afford to pay--more than double the number in 2007. Homeowners with negative equity are more likely to strategically default if they live in a state where the bank cannot pursue their assets in court, according to a study by the Federal Reserve Bank of Richmond. California is
an example of a state with anti-deficiency laws protecting homeowners from personal liability under certain circumstances.

"Borrowers who are less than 20 percent underwater are likely to maintain their mortgage if their loan is modified and the payments reduced," said an official with Citigroup's mortgage unit. "Beyond 120 percent, the most effective modification is a complete loan restructuring, including a principal reduction."

So what does this mean to you? If you are underwater on your home, you are not alone. And you do have options....loan modification, short sale, deed in lieu of foreclosure, foreclosure, and bankruptcy are just a few. Not sure what to do first? Call for a free consultation. We will help you find the options available to you, no cost, no obligation, no pressure.

Brought to you by:

Liane Thomas, REALTOR®
The Thomas Group, Keller Williams Realty
1860 Compton Avenue
Corona, Ca 92881
Serving Corona, Norco, Riverside, and Surrounding Communities
951.454.3805
www.AllCoronaHomes.com

June 2009 California Housing Market Fast Facts

Liane Thomas — Sun, 02 Aug 2009 13:23:00 GMT

Calif. median home price - June 09: $274,740 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region June 09: Santa Barbara So. Coast $850,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region June 09: High Desert $108,600 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - First Quarter 2009: 69 percent (Source: C.A.R.)

Mortgage rates - week ending 7/23/09 30-yr. fixed: 5.2% Fees/points: 0.7% 15-yr. fixed: 4.68% Fees/points: 0.7% 1-yr. adjustable: 4.77% Fees/points: 0.6% (Source: Freddie Mac)

Information Provided by:

Liane Thomas, REALTOR(R)
The Thomas Group, Keller Williams Realty, CA DRE#01704162
Serving Corona, Norco, Riverside, and the surrounding communities
www.AllCoronaHomes.com
951.454.3805

Existing Home Sales Up June 2009!

Liane Thomas — Tue, 28 Jul 2009 14:59:00 GMT

According to the National Association of Realtors (NAR), existing home sales in June rose by 3.6% to an annual rate of 4.89 million, the highest since last October. Lawrence Yun, NAR chief economist, said: "The increase in existing-home sales occurred in all major regions of the country." Analysts say that this signals moderation in housing slump.

"Market-clearing price levels are resulting from the foreclosure wave," said John Ryding, chief economist at RDQ Economics. "This will be a protracted bottom, rather than anything that will show a quick recovery." The national median existing-home price for all housing types was $181,800 in June, which is 15.4% below June 2008, according to the NAR. Analysts expect to see depressed home prices for many more months to come. Tax incentives and drop in interest rates have contributed to the rise in home resales. But concerns about unemployment are keeping many prospective homeowners in the sidelines.

Information provided by:

Liane Thomas, REALTOR(R) dre ca 01704162
Thomas Group, Keller Williams Realty
Serving Corona, Riverside, Norco, and surrounding communities
www.AllCoronaHomes.com
951.454.3805

New Home Sales Up June 2009

Liane Thomas — Tue, 28 Jul 2009 13:48:00 GMT

Sales of newly built, single-family homes rose 11% in June, 2009 to a seasonally adjusted annual rate of 384,000 units, according to numbers released by the U.S. Commerce Department. Coming on the heels of an upwardly revised number for May, the gain marks a third consecutive month of improved sales activity.

“This is good news that indicates the nation’s housing market may be in the process of turning the corner,” said Joe Robson, chairman of the National Association of Home Builders (NAHB) and a home builder from Tulsa, Okla. “That said, the key to moving us out of recession is to get Americans back to work. Congress and the Administration should know that housing can be a significant generator of good jobs. We need to make housing a priority in the recovery process, otherwise we could continue to bounce along a bottom for some time.”

“The big gain in home sales last month was reflected in three out of four regions and helped shrink the inventory of new homes for sale to its lowest level in years,” said NAHB Chief Economist David Crowe. “Even so, the pace of home sales in June 2009 was still more than 21 percent off the pace of sales in the same month last year, so we still have quite a way to go. The concern now is that complicating factors-particularly job losses, appraisal issues that are torpedoing more than a quarter of new-home sales, and the impending expiration of the first-time buyer tax credit-threaten to stifle the positive momentum.”

The number of newly built homes on the market declined for a 26th consecutive month in June, falling 4.1% to 281,000 units. This marks a relatively thin 8.8-month supply at the current sales pace.

New-home sales rose by double-digits in the Northeast (29.2%), Midwest (43.1%), and West (22.6%) in June. Meanwhile, sales activity declined 5.3% in the South, which is the country’s largest housing market.

Information provided by:

Liane Thomas, REALTOR(R) dre ca 01704162
Thomas Group, Keller Williams Realty
Serving Corona, Riverside, Norco, and surrounding communities
www.AllCoronaHomes.com
951.454.3805

Save $3500 Off A New Car. Cash for Clunkers!

Liane Thomas — Tue, 21 Jul 2009 01:29:00 GMT

If you have an old car and you're thinking about upgrading to a new vehicle, you'll definitely want to look into the Government's new Consumer Assistance to Recycle and Save (CARS) Act of 2009...as you might be able to get some cash for that clunker!
The CARS Act-also knows as "Cash for Clunkers" was passed by Congress late last month and signed into law by President Obama. The program is designed to get older, less fuel-efficient vehicles off the road by providing buyers with a trade-in voucher when they upgrade to a new, fuel-efficient vehicle. The program offers different voucher incentives depending on the type of vehicle you trade in, as well as the gas mileage of the new vehicle you drive off in. The voucher is good on either domestic or imported vehicles, and it can be applied towards either the purchase or the lease of a new vehicle.

Trading in a Car for a New Car?
If you're considering upgrading your car, here's a quick look at what you can expect:
IF you trade in an older car that gets 18 mpg or less...
AND you purchase or lease a new car that gets at least 22 mpg...
You can qualify for a $3,500 voucher that is applied to the price of the new car.
In addition, you can get an extra $1,000-for a total of $4,500-if you upgrade to a new car that gets 10 mpg better than the old car that you're trading in.

Want to Upgrade an SUV, Truck or Minivan?
If you're upgrading an SUV, truck or minivan, the numbers work out a little different:
IF you trade in an older SUV, pickup truck or minivan that gets 18 mpg or less...
AND you purchase or lease a new SUV, pickup or minivan that gets at least 2 mpg better gas mileage than the vehicle you're trading in...
You can qualify for a $3,500 voucher that is applied to the price of the new SUV, truck or minivan.
In addition, the voucher increases to $4,500 if the miles per gallon of the new truck or SUV is at least 5 mpg higher than the old one you're trading in.

What's the Catch?
There are a number of provisions that must be met in order to qualify for the incentive. First and foremost, the vehicle that you're trading in must have been built in the last 25 years-meaning, it's a 1984 model or newer.
Second, it must only get 18 mpg or worse. Remember, the program is aimed at getting low mileage vehicles off the road. So, if your car gets 25 mpg, it's not the type of car this program is targeting.
Additionally, the vehicle must be drivable, must be registered, and must have been insured for at least the past year. Essentially, you have to actually trade in a vehicle that you've been using, as opposed to a dead car that's been stored on blocks for a couple of years while you tried to figure out what to do with it.

Should You Take Advantage of CARS?
Basically, this program is designed to replace older, less fuel-efficient vehicles with new fuel efficient ones. If your vehicle is fuel efficient, you probably don't even qualify.
Additionally, if your vehicle has a trade-in value that's greater than $3,500 or $4,500, the program doesn't make much sense for you. That's because the program requires your trade-in to be destroyed, since one goal of the program is to get older, gas-guzzlers off the road for good. That means, the dealership probably won't add-in much additional trade-in value. In fact, you'll probably only see a modest bump equal to the approximate scrap value of your vehicle. So, if you can get, say, $5,000 or more for your vehicle as a trade-in without the program, you're probably better off going that route.

Don't Wait Too Long
The CARS program is supposed to run until November 1, 2009 or until the money Congress set aside for the program run out. So if you're considering this program, don't wait too long - contact a dealer about your trade in and which new vehicle you'd like to purchase or lease.
The final rules and details of the program are expected to be released at the end of July. In the meantime, you may want to visit the government's official CARS website at http://www.cars.gov for more information, including a FAQ page-and to see if your vehicle qualifies for the program.

Brought to you by:

Liane Thomas, REALTOR®, CDPE©

The Thomas Group, Keller Williams Realty

Serving Corona, Norco, Riverside, and surrounding communities

(951) 454-3805

www.AllCoronaHomes.com

www.FreeNorcoHomeSearch.com

www.FreeRiversideHomeSearch.com
Ca DRE #01704162

Changes in Home Loans May Affect You

Liane Thomas — Fri, 17 Jul 2009 22:37:00 GMT

Starting July 30, 2009, if the APR on an initial Good Faith Estimate is no longer accurate (within a 0.125% range) at close of escrow, a lender must generally provide a residential borrower with a new disclosure and a three-day right to rescind before consummating the loan. REALTORS(R) are forewarned that, because of this new three-day waiting period, a lender's failure to timely provide corrected disclosures has the potential of delaying funding of the loan and close of escrow.

This new requirement is part of the Mortgage Disclosure Improvement Act (MDIA) implementing new loan procedures to protect borrowers and foster greater transparency in mortgage lending. For loan applications submitted on or after July 30, 2009, the new MDIA changes to the Truth In Lending Act are generally as follows:

- Applicability: The new MDIA rules pertain to federally-related mortgage loans covered under RESPA and secured by a consumer's dwelling. The rules apply to both purchase and refinance loans.

- Early Disclosures: A lender must provide a borrower with an initial Good Faith Estimate within three business days of receiving the borrower's written loan application as specified. For this provision, a "business day" is generally defined as a day on which the lender's offices are open for business.

- Upfront Fees Restriction: Neither a lender nor any other person may impose an upfront fee on the borrower (except for credit report) until the borrower has received the early disclosures in person or, if mailed, three business days after the early disclosures are mailed. For this rule, a "business day" is defined as all calendar days except Sundays and legal public holidays as specified.

- Seven-Day Waiting Period: A lender must wait seven business days after providing the early disclosures before consummating the loan. For purposes of this waiting period, a "business day" is defined as all calendar days except Sundays and federal legal holidays as specified. A borrower may waive the waiting period in writing in case of personal financial emergency, such as an imminent foreclosure sale.

- Re-disclosure Requirement: If the final Annual Percentage Rate (APR) at loan consummation varies more than 0.125% (or 1/8 of one percent) from the initial APR on the early disclosures of a regular transaction, the lender must provide the borrower with a corrected disclosure at least three business days before the loan is consummated. For purposes of this waiting period, a "business day" is defined as all calendar days except Sundays and federal legal holidays as specified.

- Three-Day Waiting Period: For corrected disclosures, a lender cannot consummate a loan until three business days after the borrower receives the corrected disclosure in person. If the corrected disclosure is mailed, the borrower is deemed to have received it three business days after it is placed in the mail. A borrower may waive this waiting period in writing in case of a bona fide personal financial emergency, such as an imminent foreclosure sale.

What does this mean to you? Let's say you go to sign loan docs, and find out that the interest rate or fees are higher than quoted. At that point, you are stuck because if you don't sign, you don't get the house, and you are supposed to be moved out of your apartment by the weekend. So you lump it and sign. These new laws will require the lender to notify you when the rate changs, so you won't get a nasty surprise.

Information provided to you by:

Liane Thomas, REALTOR®, CDPE©, Lic # 01704162

The Thomas Group, Keller Williams Realty

Serving Corona, Norco, Riverside, and surrounding communities

(951) 454-3805

www.AllCoronaHomes.com

www.FreeNorcoHomeSearch.com

www.FreeRiversideHomeSearch.com

May 2009 California Housing Fast Facts

Liane Thomas — Thu, 16 Jul 2009 14:24:00 GMT

Calif. median home price - May 09: $267,570 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region May 09: Santa
Barbara So. Coast
$875,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region May 09: High
Desert
$106,210 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - First Quarter
2009: 69 percent (Source: C.A.R.)
Mortgage rates - week ending 7/9/09 30-yr. fixed: 5.20%
Fees/points: 0.7% 15-yr. fixed: 4.69% Fees/points: 0.7% 1-yr.
adjustable: 4.82% Fees/points: 0.6% (Source: Freddie Mac)

brought to you by:

Liane Thomas, REALTOR(R), The Thomas Group, Keller Williams Realty, dre 01704162
Serving Corona, Norco, Riverside, and the surrounding communities
www.AllCoronaHomes.com
951.454.3805

Do YOU Want $8000?

Liane Thomas — Tue, 14 Jul 2009 14:05:00 GMT

Would You Like $8,000? Buy a Home. Soon!

To stimulate the economy, Washington juiced up the stimulus plan passed last year in February. Two benefits for FTHBs (First Time Home Buyers) were that the amount of the tax credit was increased from up to $7,500 to $8,000. And, more importantly, the amount of the credit does not have to be repaid!

To qualify for the credit the individuals buying a home cannot have owned a home in the last three years. So, while the credit is discussed as a credit for first-time buyers, anyone who has not owned a home in the last three years is eligible.

There are income limitations to fully qualify but they are quite liberal. Single tax filers earning up to $75,000 and joint filers earning up to $150,000 based on modified adjusted gross income can earn the full credit. A partial credit is available for those earning up to $95,000 and $170,000 respectively.

The amount of the tax credit is based on a percentage of the price of the home, specifically 10% of the purchase price, up to $8,000. This means if someone purchases a home for $70,000 their credit would be $7,000 and if the amount of the home purchased is $100,000, the credit would max out at $8,000.

Note! The deadline to take advantage of this opportunity is November 30, 2009. Close in December, and you just lost $8,000.

Homes Have Never Been More Affordable
FTHBs are leading the way, taking advantage of one of the best home buying opportunities ever, providing support for the real estate market. As indicated earlier, FTHBs have accounted for as much as 53% of purchases for any month this year.

Who can blame them? In short, no one. Home prices have fallen to levels not seen in years and interest rates hit their lowest point ever. This combination led to the highest home affordability ever recorded.

The National Association of Realtors® tracks what is known as the Home Affordability Index. The Home Affordability Index is arrived at as a function of both median home prices, available interest rates, and median family income.

The index represents the amount of monthly income that is required to pay a mortgage payment. In 2005, approximately 23.3% of a family's monthly income was required to carry a mortgage payment. With falling home prices and interest rates, the percentage of monthly income required to pay a mortgage payment is now approximately 15%.

This means that for a family at the median income level purchasing a home priced at the median income level, the monthly mortgage payment has declined nearly 36%! This is great news for anyone shopping for a home today.

You can take advantage of the low down FHA program, and combine it with this tax credit!

Get Busy, Time is Short!
In order to take advantage of both the available tax credit and low interest rates, anyone going into contract should strive to have their purchase agreement not later than mid-October. This will allow some time cushion in the event anything pops up in the purchase process and still allow for closing in time to take advantage of the available tax credit.

Home prices have fallen to levels not seen since the start of the decade in many parts of the country, interest rates are still near all time lows, and the availability of free money from the IRS all mean that the time to act is now. It is always easy to look back and identify times people should have acted, and this could well be one of those times people will look back and say, "Wow, I should have bought a home in 2009!"

Brought to you by:

Liane Thomas, REALTOR(R)
The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside, and surrounding communities
www.AllCoronaHomes.com
951.454.3805

CNN Says Housing Market may be Stabilizing!

Liane Thomas — Sun, 05 Jul 2009 21:20:00 GMT

CNN is searching for a bottom in the housing market

With consumer confidence rising in May to its highest level in eight months, housing starts increasing more than 17 percent in May compared with the previous month, and sales of existing homes climbing 2.9 percent in April nationwide, it appears that the housing market may be stabilizing.

So what does that mean to you?

Although sales of existing, single-family homes rose 35.2 percent in May in California, compared with a year ago, the median price declined 30.4 percent during that same year. Some industry analysts predict that as specialized adjustable-rate mortgages, known as option ARMS and Alt-A mortgages, reset over the next 18 to 24 months, prices could decline further before stabilizing.

"We are seeing strong buying activity, particularly in those boom and bust markets, where prices have declined significantly. Buyers are coming in and fighting over properties -- there is multiple bidding in California and Florida," says Lawrence Yun, chief economist with the NATIONAL ASSOCIATION OF REALTORS(R).

Sales of existing homes are soaring as many investors and first-time buyers purchase distressed properties. Yun estimates that about 50 percent of current sales involve distressed properties, and he expects the trend to continue as foreclosures rise in the months ahead.

Although some economists predict home prices will continue to decline in the coming months, California'ss median home price rose for the third consecutive month in May, posting the largest monthly increase on record for the month of May.

Some buyers are trying to time the bottom of the market and purchase once it appears that prices are consistently and steadily rising. Many housing forecasters advise against this approach as buyers should not view their homes solely as investment opportunities. Historically, the average annual rate of return on a home lived in for five years or more is nearly 12 percent, based on data C.A.R. has collected over the last 40 years.

If you are thinking of selling your home, now is an excellent time with low inventory and the seasonal spike we get this time of year. Even if you are underwater on your home, like so many families, we'd like to help you find a solution. Call for a free consultation. Thanks!

Liane Thomas, REALTOR(R), CDPE
The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside, and Surrounding Communities
www.AllCoronaHomes.com
951 454-3805

California Running Out of $10,000 Tax Credits for New Homes

Liane Thomas — Sat, 20 Jun 2009 09:56:00 GMT

First-time home buyers wanting to take advantage of the state's $10,000 tax credit may have less time than originally expected. California set aside $100 million to help home buyers purchase newly built homes, hoping to jump start the residential-construction market. According to state officials, the tactic has worked well and is helping to entice home buyers into the market. However, there only is approximately 20 percent of the program?s funding remaining.

The program launched in March, and as of June 3 nearly $24 million in tax credit certificates already had been issued, according to the state's Franchise Tax Board, leaving nearly $76 million in credit available. Many applications still are in the pipeline awaiting approval. If all of the submitted applications are approved, only $17.5 million would remain in the fund.

The California state legislature is considering adding another $200 million to the program. However, securing approval may be difficult due to the state's estimated $24 billion budget deficit. A bill to extend the program already has won Assembly approval and now is awaiting activity in the state Senate.

So what does this mean to you? If you are considering buying a new home, you need to move fast! If you are a first time home buyer you, and you have completed the home buying process before 12/1/09, you could cash in on a much as $18,000 in tax credits. Need help finding you home? Call or email us! We offer a free service to get you in touch with a professional in your area who will help you find you home AND secure your tax credit!

Thanks!

Information provided by:
Liane Thomas, REALTOR(R), CDPE
The Thomas Group, Keller Williams Realty
Serving Corona, Riverside, Norco, and surrounding communities
www.AllCoronaHomes.com
www.FreeRiversideHomeSearch.com
951.454.3805

New 90 Day Foreclosure Rule in California

Liane Thomas — Thu, 18 Jun 2009 00:02:00 GMT

Recent news headlines have caused confusion by mischaracterizing the new California Foreclosure Prevention Act as a 90-day moratorium and incorrectly stating that the lender must modify delinquent loans before it begins foreclosure. In reality, the foreclosure process for certain owner-occupied residential first trust deeds has been extended by 90 days, effective June 15, but an exemption is available for lenders with comprehensive loan
modification programs as defined by the Act.

Under pre-existing law, a lender must wait three months after filing a notice of default before it can file a notice of sale. The new California Foreclosure Prevention Act extending that time frame by another 90 days may not have much practical impact.

So what does that mean to you? If you find yourself unable to make your monthly payment, first, call your loan servicer. The phone number should be on your payment coupons. Ask first for the Home Retention or Loan Modification Department. Then honestly explain your situation. Ask them to help you keep your home. Your loan servicer will not charge you for this service.

If you cannot get your loan modified, please call me. As a Certified Distressed Propery Expert, I can help you figure out what to do next. Foreclosure is not your only option.

Thanks,

Liane Thomas, REALTOR(R), e-PRO, CDPE
The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside and surrounding communities
www.AllCoronaHomes.com
www.FreeRiversideHomeSearch.com
951.454.3805

Price Reduced on 12843 Prairie Circle in Eastvale, Corona

Liane Thomas — Thu, 11 Jun 2009 13:45:00 GMT

Eastvale, Corona - Announcing a price reduction on 12843 Prairie Circle, a 2,063 sq. ft., 2 bath, 4 bdrm single story "Hard to Find!". Now MLS® $325,000 - Approved Short Sale! Yes, the sale was approved and the buyers have found a different home! Call today to see this beautiful home!

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