Search results matching tag 'corona homes for sale'

One in Four Borrowers is Underwater on their Home

278262 — 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

2 Story For Sale in Sierra del Oro

278262 — Sun, 08 Nov 2009 20:15:00 GMT

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• 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

278262 — Sun, 08 Nov 2009 19:56:00 GMT

[photo:listing:7083033]

• 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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Welcome to Paradise! Executive Home for Sale in South Corona

278262 — Tue, 03 Nov 2009 23:29:00 GMT

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Executive Home, Private Paradise!

• 5,941 sq. ft., 5 bath, 5 bdrm 2 story - $1,500,000 - Not A Short Sale!

South Corona, Corona - Welcome to Paradise! Private & Elegant Estate in Crown Ranch, The Premier Destination in Corona. Orange Country Close, You Will Live in Grandeur!. HIghly Upgraded Home, Seller Spent Over $700,000 in the Backyard Alone! Upon Entrance, You Will Be Greeted With Slate and Granite Flooring, Soaring Ceilings and a Romantic Wrought Iron Spiral Staircase That Will Take Your Breath Away. Cherry Cabinets and Granite Counters Await You In The Kitchen Along With Impressive Crown Molding Throughout. An Extensive Media Center With Surround Sound is Both Inside and Out, Ideal For Socializing. This Home Has Four Fireplaces To Create The Perfect Mood No Matter Where You Roam. For The Ultimate Luxury, Try a Massage From Your Own Personal Masseuse In Your Private Retreat Off the Master Suite. Impress Your Friends As You Entertain Them With Your Gorgeous Pool/Spa and Built In Bar-B-Que. And For The Sports Enthusiast, A Full Soccer Court Awaits You. Perfect Location, Private Cul de Sac. Motivated Seller Says Bring Your Offer Today!

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Do YOU Want $8000?

278262 — 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

Changes to Home Affordable Refinance Program (HARP) July 2, 2009

278262 — Thu, 09 Jul 2009 18:18:00 GMT

The Obama administration eased eligibility rules Wednesday for its Home Affordable Refinance Program, lifting the maximum loan-to-value ratio to 125% from 105%.

This change should make refinancing available to more people whose homes are worth less than their mortgages.

HARP is open to homeowners whose loans are owned or guaranteed by Fannie Mae or Freddie Mac, the mortgage finance giants now under government control. It covers first mortgages only.

The refinance program, launched this year, has gotten off to a slow start, in part because the maximum 105% loan-to-value ratio was too low to include many homes that have fallen sharply in value.

The new 125% maximum means an eligible homeowner with a $375,000 mortgage can refinance if his or her house is worth at least $300,000. But the borrower still must be able to afford the new loan. Income requirements are an increasing problem as unemployment soars and many workers are dealt pay cuts.

Treasury Secretary Timothy F. Geithner said the move to raise the loan-to-value limit was "a crucial step in our broader efforts to get America's housing market and economy on the path to recovery."

Liane Thomas, a REALTOR(R) in Corona, Ca, says "If you are underwater on your loan and unable to make your payments, please call your loan servicer first. As them to help you stay in your home." If they cannot help you, consider other options like bankruptcy, a short sale, or a deed in lieu before letting your house go to foreclosure.

Information provided by
The Thomas Group, Keller Williams Realty
Serving Corona, Riverside, Norco and surrounding areas
www.AllCoronaHomes.com
951.454.3805

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

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

278262 — 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

278262 — 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

278262 — 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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