Search results matching tag 'Market Conditions'

Obama Outlines Job Creation Agenda

278262 — Tue, 08 Dec 2009 19:29:00 GMT

The president says savings from cheaper corporate bailouts frees up funds that can be used on jobs programs and energy-efficient home projects. The total cost of his proposal is not yet known.

By Christi Parsons and Jim Puzzanghera

10:24 AM PST, December 8, 2009

Reporting from Washington

President Obama today proposed to spend money on job creation available because of smaller than expected corporate bailouts, in part by building roads, expanding credit for small business and encouraging energy-efficient home projects.

In a morning address at a nonpartisan Washington think tank, Obama unveiled a mix of proposals that he said would generate the greatest number of jobs while generating the greatest value for the economy.

"There is only so much government can do," Obama said. "Job creation will ultimately depend on the real job creators: businesses across America. But government can help lay the groundwork on which the private sector can better generate jobs, growth and innovation."

The total financial cost of the proposal hasn't been determined, according to administration officials familiar with the package that the president described. Obama only meant to draw the broad strokes of the overall plan, said one, adding that the White House plans to work with members of Congress to determine the size and scale of many of the components.

But administration sources suggested the cost would be partly -- and possibly mostly -- offset by $200 billion which the federal government was supposed to lose on the Troubled Assets Relief Program but now expects to recoup.

"That means we have space to do these proposals and to have a lower deficit than what we were expecting," said one administration official who requested anonymity to speak about the thinking at the White House.

In his morning speech at the Brookings Institution, Obama called for tax cuts to encourage additional business investments next year, with a particular focus on struggling small business.

He called for a one-year elimination of the tax on capital gains from new investments in small business stock. The economic stimulus act signed into law in February allowed a 75% exclusion from capital gains taxes on small business investments.

He also called for an extension through 2010 of the Reinvestment and Recovery Act provision, which lets small businesses expense up to $250,000 of qualified investments, as well as for an extension of the provision that speeds up the rate at which businesses can deduct the cost of capital expenditures.

Obama also proposed a new tax cut for small businesses to encourage hiring in 2010, and an elimination of fees and increasing guarantees for small businesses that borrow through the major Small Business Administration programs through the end of next year.

The president also wants to encourage people to retrofit their homes in energy-efficient ways. He called on Congress to consider providing rebates for consumers who undertake such projects, which White House aides say would not only lower consumers' energy bills, but also boost the hard-hit construction industry.

He also proposed expanding popular Recovery Act programs to leverage private investment in energy efficiency.

The ideas outlined this morning don't constitute the president's entire agenda for job creation, administration officials said. The administration will work with Congress on these and other projects, one official said.

In particular, the official said, the administration is focusing on ways to increase the competitiveness and export capacity of U.S. business overseas.

During his morning address, ticking off a list of steps that his administration has taken to create or save jobs, the president said his work is "far from done."

Getting job growth on track with more general economic growth is critical to recovery, Obama said.

"Even though we have reduced the deluge of job losses to a relative trickle, we are not yet creating jobs at a pace to help all those families who have been swept up in the flood," Obama said. "There are more than 7 million fewer Americans with jobs today than when this recession began.

"That's a staggering figure and one that reflects not only the depths of the hole from which we must ascend, but also a continuing human tragedy," he said. "And it speaks to an urgent need to accelerate job growth in the short term while laying a new foundation for lasting economic growth."

cparsons@tribune.com

jim.puzzanghera@latimes.com

Thanks to the LA Times for this story.

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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

278262 — 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

Open House ~ Executive Home in Mockingbird Canyon, Riverside, on Sunday

278262 — Wed, 04 Nov 2009 23:24:00 GMT

[calendar:2009-11-08 2009-11-08]

Riverside County, California - We invite everyone to visit our open house at 14957 Old Grove Road on November 8 from 10:00 AM to 1:00 PM.

Property information

June 2009 California Housing Market Fast Facts

278262 — 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

Changes in Home Loans May Affect You

278262 — 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

388 Smokeridge Trail in CALIMESA is Sold!

278262 — Fri, 17 Jul 2009 22:05:00 GMT

Calimesa - The single story at 388 Smokeridge Trail has been sold. This was a short sale and we were able to get top dollar for it in record time. The bank agreed with us that the seller had a true hardship and the bank has forgiven the balance of the home loan!

If you are underwater on your home, please consider a short sale. We'd love to help you, too!

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

Property information

3803 Clarkson Street in Riverside is Sold!

278262 — Fri, 17 Jul 2009 22:04:00 GMT

Riverside, San Bernardino - The 2 story at 3803 Clarkson Street has been sold. This was a short sale that the family owed over $400,000 and we were able to sell it for $189,000. AND the bank agreed with us, and told the seller they did not have to repay the difference! AND the bank paid all the fees associated with the sale, so it didn't cost the homeowners anything to get out from under this house!

So if you owe more on your house than it is worth, and you have a reason why you cannot make your payments, we'd like to try to help you too! Please call for a free consultation.

Liane Thomas, REALTOR®, CDPE©, dre ca 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

Property information

May 2009 California Housing Fast Facts

278262 — 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

Quick Facts about Home Ownership in California May 2009

278262 — Mon, 06 Jul 2009 04:08:00 GMT

Calif. median home price - May 09: $267,570 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region April 09: Santa Barbara So. Coast $875,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region April 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 6/25/09 30-yr. fixed: 5.42% Fees/points: 0.7%
15-yr. fixed: 4.87% Fees/points: 0.7% 1-yr. adjustable: 4.93% Fees/points: 0.7% (Source: Freddie Mac)

info provided by:

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

CNN Says Housing Market may be Stabilizing!

278262 — 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