Search results matching tag 'eastvale real estate'

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

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

NEW Homes For Sale In Corona, Ca. Eastvale

278262 — Tue, 24 Nov 2009 17:58:00 GMT

If you have been waiting for brand new homes in the Eastvale area of Corona, your wait is over! We have a few BRAND NEW, never lived in homes available.

Sizes range from 1220 sq. ft. to 2220 sq. ft., there are one and two story homes available, and feature from 3 - 5 bedrooms. They are located freeway close, and near new shopping centers, and new schools.

These homes qualify for the first time homebuyer tax credit, as well as the move up home buyer tax credit.

If you would like more information, please call for details!

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

12843 Prairie Circle in Eastvale Corona is Sold!

278262 — Fri, 23 Oct 2009 19:47:00 GMT

Eastvale, Corona - The single story at 12843 Prairie Circle has been sold. If you have a house to sell, call the team that can get the job done! Short sales are welcome!

Property information

Liane Thomas,
Keller Williams Realty, The Thomas Group
www.AllCoronaHomes.com
951 454-3805
dre #01704162

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

Existing Home Sales Up June 2009!

278262 — 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

278262 — 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

Avoid Foreclosure

278262 — Sun, 26 Jul 2009 18:40:00 GMT

Home owners who are facing foreclosure often dread dealing with the facts that got them to that place. If they think back to when they first bought that home, losing their home was probably the furthest thing from their mind. Few home owners actually plan to go into foreclosure.

Reasons For Pending Foreclosure

Apart from those who knowingly participate in mortgage fraud, most homeowners are faced with a sudden and usually unexpected change in their circumstances that force them to stop making timely mortgage payments. Here are a few of those reasons:

Job Loss
Sudden illness or medical emergency
Death in the family
Divorce or loss of second income
Excessive debt obligations
Job demotion or promotion denials
Inability to pay an adjustable interest rate that increases
Unexpected major home maintenance expense

Ways to Avoid Foreclosure

The best way to avoid foreclosure is to prevent the filing of a Notice of Default. Lenders do not want to foreclose but will file a Notice of Default to protect their interests, if necessary. If you know you are unlikely to meet your mortgage obligation, the first thing you should do is call your lender.

Don't put it off, be embarrassed or ignore letters from your lender because those responses will make the situation worse, not better. Depending on your particular situation and hardship circumstances, here are some options your lender might propose to you:

Time to make up your payments.
Lenders might agree to wait before taking legal action against you and let you work out a repayment plan that is affordable for you. This is called forbearance.
Forgive a payment.
If you can agree on a way that you will be current after missing a payment or two (without the means to pay it back), the lender might give you a break and waive your obligation. This is called debt forgiveness, and it rarely happens.
Spread out the missed payments over a longer term.
For example, if your payment is, say, $1,200 a month, the lender might let you add $100 a month to each payment for a year until you are caught up.
Change the terms of your loan.
If your mortgage is an adjustable loan, the lender might freeze the interest rate before it increases or change the interest rate to a more manageable rate for you. A lender might also extend the amortization period.
Add the back payments to your loan balance.
If you have sufficient equity and meet the lender's lending guidelines, the lender might increase your loan balance to include the back payments and re-amortize the loan.
Make a separate loan to you.
Certain government loans contain provisions that let borrowers who meet specific criteria apply for another loan, which will pay back the missed payments.

Ways to Stop Foreclosure

When the lender files a Notice of Default, your options are limited. That is why it is better for you to call your lender before falling behind on your payments, because lenders are often reluctant to work out repayment schedules after foreclosure proceedings have been commenced.

You will be given a certain time period to bring the payments current, pay the costs of filing the foreclosure and stop the foreclosure. This is called reinstatement of your loan. If you cannot make up the missed payments and the lender will not work with you, here are a few other options to stop foreclosure:

Sell Your Home.
Interview at least 3 successful real estate agents who are well versed in foreclosure prevention. Get a realistic opinion of your homes market value and how long it will take to sell it. You might be tempted to hire a discount broker, but many sellers feel they need the exposure and marketing that full service brokers offer. Compare both to determine which best meets your needs and time frame.
Consider a Short Sale.
If your home is worth less than the amount you owe, you might be a candidate for a short sale. A short sale does affect your credit, but it's not as bad as a foreclosure. A good agent will negotiate with your lender to find out if the lender will cooperate on a short sale. Many times, the lender will cover the costs associated with a short sale.
Sign a Deed-in-Lieu of Foreclosure
This is called deeding the home back to the lender. The homeowner give the lender a properly prepared and notarized deed, and the lender forgives the mortgage, effectively canceling the foreclosure action.

If you are in a situation that could leave you facing a forclosure, please know you have options. Call for a free consultation.

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

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

278262 — 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:

The Thomas Group, Keller Williams Realty

Serving Corona, Norco, Riverside, and surrounding communities

(951) 454-3805