Market Update : home for sale

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

Standard Sale in Cypress, Ca! Big 2 BR Townhome with Den, Garage, and more!

Liane Thomas — Mon, 23 Nov 2009 19:14:00 GMT

We are please to announce the listing of this beautiful townhome in Cyrpress, Ca. Great location, and in the Los Alamitos School District, too. Features 2 bedrooms, plus a den, 1.5 baths, an oversized one car garage, a low tax rate, and low association fees.

Please view the tour and call to schedule your private showing!

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

Townhouse For Sale in Cypress

Liane Thomas — Fri, 13 Nov 2009 23:03:00 GMT

• 1,031 sq. ft., 2 bath, 2 bdrm townhouse - MLS® $290,000 - Standard Sale!

Cypress, Orange County - Cute townhome in Cypress, in the highly desirable Los Alamitos School District. Walking distance to schools and shopping. You'll love the large living room with newer wood floors. The kitchen has newer cabinets and countertops. The downstairs den (could easily be converted to a 3rd bedroom) has a private 1/2 bath and slider doors out to the private patio. The master bedroom features a private patio, too. Recently remodeled with newer carpet, steel front door, and dual paned windows and slider door. The full bath upstairs has tile floor and a newer vanity and sink. Nice community with greenbelts, tot lot, pool, and spa. One car garage and one parking space included! Plan your visit today!

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2 Story For Sale in Sierra del Oro

Liane Thomas — Sun, 08 Nov 2009 20:15:00 GMT

• 3,031 sq. ft., 3 bath, 5 bdrm 2 story - $550,000 - Priced To Sell Fast!

Sierra del Oro, Corona - Luxury Living Orange County Close! You must see this highly upgraded Sierra del Oro, Corona Pool Home! The elegance starts at the gated courtyard entrance, and continues to the 3 sided slate fireplace, the granite in the kitchen, and to the romantic master suite. Newer stainless steel appliances including a double oven, and 5 burner gas cook top. You will love the low maintenance landscaping, and the inviting rock pool and spa. This is a standard sale, no long waits for banks. You'll save money too, with low tax rate, and no HOA fees. Commuter close to Orange County, and close to great schools, shopping center, and so much more. Call to see this beauty today!

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Big 4 Bedroom Home For Sale in South Corona

Liane Thomas — Sun, 08 Nov 2009 19:56:00 GMT

• 3,486 sq. ft., 3 bath, 4 bdrm single story - $649,000 - Standard Sale!

South Corona, Corona - Visit me first. Stunning South Corona Pool Home! Standard sale, no long waits! This beautiful 4 bedroom, 3 bath home is on one of the largest lots in the tract! Granite in the kitchen, honey maple cabinets, city lights view, and a 4 car garage, too. Romantic master suite has private bath with separate oval tub and shower. Highly upgraded, including a whole house fan, and insulated, drive thru garage. Fenced yard, fully landscaped, with a sparkling rock pool. Commuter close to freeway and shopping. Plan your visit today.

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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

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

HOMEOWNERS BEWARE: Foreclosure Rescue Scams

Liane Thomas — Thu, 11 Jun 2009 13:28:00 GMT

Brought to you by your Realtor®, Liane Thomas, and the California Association of Realtors®

With the recent rise in foreclosures, foreclosure-related scams have exploded onto the real estate scene. These so-called “foreclosure rescue companies” claim they will help save your home, but in reality are out to make a profit -- at your expense.

Red Flags for Foreclosure Rescue Scams
If you are at risk of or in foreclosure, you should be on the lookout for foreclosure scams. Here are some of the red flags to watch out for:

• Asks for money upfront before providing any service
• Instructs you not to contact your lender, lawyer, housing counselor, family, friends, or others
• Asks for mortgage payments to be made directly to his or her company or a bank account set up by that person, rather than your lender.
• Requires payment only in the form of cash, cashier’s check, or wire transfer
• Promises to stop the foreclosure process, no matter the circumstances
• Advises you to transfer your property deed or title to his or her company
• Offers to fill out paperwork for you
• Asks for something to be done immediately and without delay. This includes pressuring you into signing paperwork that you have not had the chance to read thoroughly or do not fully understand
• Encourages you to lease your house and buy it back over time
• Offers to buy your house for a fixed price that is not set by the housing market at the time of sale
• Asks for you to give a power of attorney
• Asks for signatures on a grant deed or deed of trust
• Asks for signatures on a document that has lines left blank
• Fails to provide copies of signed documents
• Refuses or fails to put an oral promise in writing

Report Fraud
If you have been a victim of a foreclosure-related scam or approached by a scam artist, you may report the incident to the following organizations and government enforcement agencies:
• California Attorney General
http://ag.ca.gov
• California Department of Real Estate
www.dre.ca.gov
• Department of Housing and Urban Development (HUD)
www.hud.gov
• Federal Trade Commission (FTC)
www.ftc.gov
• Your local Better Business Bureau
www.bbb.org

Legitimate Resources
If you are at risk of foreclosure or have already received a foreclosure notice, you should contact your lender immediately.
Homeowners also may seek the advice of a reputable housing, financial or credit counselor, attorney, or other qualified professional.
Homeowners may visit the U.S. Department of Housing and Urban Development (HUD) Web site at http://www.hud.gov/ to view its Guide to Avoiding Foreclosure and its list of California HUD-approved housing counseling agencies. In addition, the non-profit Homeownership Preservation Foundation has a 24/7 toll-free Homeowner’s HOPE Hotline at (999) 995-HOPE.

Copyright© 2009 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Permission is granted to C.A.R. members only to reproduce this material for non-commercial purposes. Other
reproduction or use is strictly prohibited without the express written permission of the C.A.R. Legal Department. All rights reserved.
The information contained herein is believed to be accurate as of April 9, 2009. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney.

If you are facing foreclosure, we'd like to talk with you. We will explain what your options are, and where to go for help. There is no cost for this service.
Liane Thomas, REALTOR(R), and Certified Distressed Property Expert
The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside, and surrounding communities
951 454-3805
www.AllCoronaHomes.com

Banks Accepting More Short Sales!

Liane Thomas — Fri, 05 Jun 2009 15:36:00 GMT

Did you know the Obama administration, through the Making Home Affordable program, is giving lenders and loan providers an incentive of up to $1,000 for each completed short sale? This is in addition to $1,000 to share the cost of paying any second-mortgage lenders to release their claim on the property. These incentives offered by the government, coupled with lenders wanting to reduce bad loans, are likely to increase the number of short sale transactions. "Without a doubt, lenders are more willing to work through short sales," said Andre L. Mitchell, the executive vice president of the Lynx Mortgage Bank. "In this marketplace if the lenders can negotiate in any way to get rid of a bad loan, they're going to do it." Banks may lose less money in short sales than in foreclosures, where banks may carry the house for a considerable period of time before selling it. Analysts believe short sales are often the best option, even for homeowners thinking about a new loan to save the home. "It's gotten to the point where people understand that sometimes you have to start over," says Mitchell. "A loan modification might help you in the short term, but sometimes what people need to do is get out completely."

Personally, we are seeing short sales getting approved faster, and the process is becoming easier than it has been in the past. We have been helping homeowners who are underwater since 2007. If you are a homeowner who is underwater, behind in payments, or facing a foreclosure, we'd love to talk with you. There is no obligation, and no cost to you. Thanks!

Brought to you by:
Liane Thomas, REALTOR(R)
Thomas Realty Group, Inc.
951.454.3805
www.AllCoronaHomes.com
www.FreeRiversideHomeSearch.com

Home Sales Jump ~ April 2009

Liane Thomas — Tue, 02 Jun 2009 19:02:00 GMT

Pending US Home Sales Surge

Pending US home sales skyrocketed to their highest number in 7 years, a sure sign that the bottom is forming and that bargain seekers have arrived. The National Association of Realtors reported that its seasonally adjusted index of sales contracts signed (the Pending Home Sales Index) jumped 6.7% to 90.3, well ahead of analysts' expectations. Lawrence Yun, NAR chief economist, said buyers have responded to favorable market conditions. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market," he said. "Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers."

So what does that mean to you? If you want to sell your home, this is probably the best time since 2006. Call me for a no obligation consultation to find out what your house is worth in todays market. We can help you sell your home fast, even if you owe more than your home is worth!

If you are considering buying a home, you MUST close escrow before the end of November to cash in on the tax credit. That means you need to be in escrow by September, and that means you need to be looking for a home TODAY! Please take advantage of this awesome opportunity pass you by!

Brought to you by:
Liane Thomas, REALTOR(R)
The Thomas Group, Keller Williams Realty
951.454.3805
www.AllCoronaHomes.com
www.FreeRiversideHomeSearch.com

Price Reduced on 3803 Clarkson Street in Riverside

Liane Thomas — Tue, 26 May 2009 19:16:00 GMT

Riverside, San Bernardino - Announcing a price reduction on 3803 Clarkson Street, a 1,752 sq. ft., 3 bath, 3 bdrm two story home with 2 car garage. Now MLS® $179,000 - Just Reduced! + BONUS.

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2 Story For Sale in Horsethief Canyon

Liane Thomas — Wed, 13 May 2009 01:27:00 GMT

• 1,320 sq. ft., 3 bath, 3 bdrm 2 story - MLS® $249,000 - NOT a Short Sale!

Horsethief Canyon, Corona - Welcome to Horsethief Canyon Ranch, a beautiful, master planned community nestled at the base of the Cleveland National Forest. This is your chance to own a beautiful, well kept home offered by the original owner. Many upgrades include marble entry, newer carpet, granite tops in kitchen, basswood shutters, and custom paint. Turnkey home on one of the largest lots in the tract, large covered patio and basket ball court in the back! Living room has vaulted ceilings, wood floor, and a two sided fireplace. Large master has a private bath, and many windows to capture the stunning views of the hills. Community features parks, hiking trails, volleyball, tennis and basketball courts, baseball diamond, swimming pools, spas, clubhouse, and so much more. Award winning Elementary school walking distance. Conveniently located commuter close to the 15 freeway and Ortega highway. Also near a new shopping center, Glen Ivy Spa, Tom’s Farms, and the Lake Elsinore Outlet Center. Visit today!

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Price Reduced on 13481 Falling Star Drive in Horsethief Canyon

Liane Thomas — Wed, 13 May 2009 01:27:00 GMT

Horsethief Canyon, Corona - Announcing a price reduction on 13481 Falling Star Drive, a 1,320 sq. ft., 3 bath, 3 bdrm 2 story. Now MLS® $249,000 - NOT a Short Sale!.

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Why this may be the BEST time to upgrade to your dream home!

Liane Thomas — Fri, 01 May 2009 15:04:00 GMT

Here are the top five reasons current home owners should consider upgrading to their dream home:

1. Interest rates are at historic lows, which means you can buy more house than you could a year ago - for the same monthly mortgage payment.

2. Prices have come down. Even if your current home is worth less than during the last housing market peak, your dream home is likely more affordable too.

3. There are plenty of homes on the market right now, both new construction and existing, giving you lots of choice-and negotiating power.

4. You can move in to your new home faster, as many builders either have completed homes in inventory or they can start work right away due to the production slowdown.

5. You may have outgrown your home, but it’s probably someone else’s ideal starter home. With the $8,000 tax credit expiring Nov. 30, now is the time to market your home to first-time buyers.

Have questions? Please call or visit our website..

Liane Thomas
The Thomas Group, Keller Williams Realty
1860 Compton Ave
Corona, Ca. 92881
951.454.3805
www.AllCoronaHomes.com
www.FreeRiversideHomeSearch.com

Do you qualify for an FHA loan?

Liane Thomas — Mon, 27 Apr 2009 02:16:00 GMT

So we had the joy of sitting with a really great couple over the weekend. This husband and wife were reviewing an offer that came in over the weekend on the home we are selling for them. We got to the part about the buyers loan, and they were really surprised how easy it was for this first time home buyer to finance their home. The buyer is using and FHA home loan with a very small down payment, and they are getting a super low interest rate in the low 5% range.

So, do YOU qualify for this great loan? Here are the details...

In San Bernardino and Riverside county, the loan limit is $500,000.

In Los Angeles and Orange county, the loan limit is $729,750

FHA loans require a minimum 3.5% down payment. This money can be a gift. Yep, mom and dad can give you the money to move out of their house!

FHA allows a seller contribution up to 6%. That means the seller of the house can pay nearly all of the costs associated with your home purchase.

FHA does not require you to have gobs of money in the bank.

FHA allows a non-occupant co-borrower for a single family home.

If you want to know how easy it is to buy your dream home, call us. No cost, no obligation.

Thanks,

Liane Thomas, REALTOR(R)
The Thomas Group, Keller Williams Realty
951 454-3805
www.AllCoronaHomes.com