YOUR WEEKLY REAL ESTATE
GUIDE SERVICING: 92014, 92067,
92075, 92091, 92127 & 92130
This Week Featuring 44 Properties
Tuesday, July 26, 2011
Wednesday, July 20, 2011
San Diego, Carlsbad, San Marcos housing market looks better than most...
real-estate-forecast-home-prices-limp-into-2012-07082011.html
Monday, July 18, 2011
Selling a Home for less than owed to the bank? Short Sale Victory...!
LAW AGAINST SHORT SALE DEFICIENCIES EXPANDED
In a major victory for REALTORS®, Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.
Although a lender cannot require a borrower to pay any additional compensation in exchange for a short sale approval, the new law does not prohibit a borrower from voluntarily offering a monetary contribution to a lender in hopes of obtaining a short sale. A lender is also permitted under the new law to negotiate for a contribution from someone other than the borrower, such as other lenders, agents, relatives, and the like.
Exceptions to the new law include a lender seeking damages for a borrower’s fraud or waste; a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; a lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.
This law is fully set forth as Senate Bill 458 (Corbett) at www.leginfo.ca.gov.
In a major victory for REALTORS®, Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.
Although a lender cannot require a borrower to pay any additional compensation in exchange for a short sale approval, the new law does not prohibit a borrower from voluntarily offering a monetary contribution to a lender in hopes of obtaining a short sale. A lender is also permitted under the new law to negotiate for a contribution from someone other than the borrower, such as other lenders, agents, relatives, and the like.
Exceptions to the new law include a lender seeking damages for a borrower’s fraud or waste; a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; a lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.
This law is fully set forth as Senate Bill 458 (Corbett) at www.leginfo.ca.gov.
If you are Selling your Home you are legally required to...
CARBON MONOXIDE DETECTORS REQUIREMENT - THE TIME IS HERE!
As of July 2, 2011, homeowners now have another regulation to meet. The new California law (California Health and Safety Code 132600 et. seq.) requires carbon monoxide detectors in "every" dwelling intended for human occupancy." Other dwelling units have until January 1, 2013.
As of July 2, 2011, homeowners now have another regulation to meet. The new California law (California Health and Safety Code 132600 et. seq.) requires carbon monoxide detectors in "every" dwelling intended for human occupancy." Other dwelling units have until January 1, 2013.
Home Buying Affordability In Jeopary for San Diego County
Bill Calls for Extending Jumbo Loan Limits
Daily Real Estate News | Monday, July 18, 2011
A bill introduced late last week calls for extending the current conforming loan limits on government-backed mortgages at Fannie Mae and Freddie Mac for another two years.
The bill, introduced by Rep. John Campbell, R-Calif., and Rep. Gary Ackerman, D-N.Y., would allow the government-sponsored enterprises and the Federal Housing Administration to guarantee or buy mortgages worth up to $729,750 in many neighborhoods.
The current loan limits are set to expire Oct. 1. If an extension isn’t granted, the maximum mortgage amount in high-cost areas will drop from $729,750 to $625,500 (however, that limit will vary throughout the country).
"With the economy remaining fragile and the housing sector still struggling to recover, now is not the time to make the cost of mortgages more expensive," Ackerman said.
The National Association of Home Builders has said it fears more than 17 million homes nationwide will become ineligible for more affordable federal funding if the loan limit expires. However, last week, Federal Reserve Chairman Ben Bernanke saidhe was confident that the private market, including investors and insurers, would fill the void if the conforming loan limits expired — although likely at a higher cost to borrowers.
Daily Real Estate News | Monday, July 18, 2011
A bill introduced late last week calls for extending the current conforming loan limits on government-backed mortgages at Fannie Mae and Freddie Mac for another two years.
The bill, introduced by Rep. John Campbell, R-Calif., and Rep. Gary Ackerman, D-N.Y., would allow the government-sponsored enterprises and the Federal Housing Administration to guarantee or buy mortgages worth up to $729,750 in many neighborhoods.
The current loan limits are set to expire Oct. 1. If an extension isn’t granted, the maximum mortgage amount in high-cost areas will drop from $729,750 to $625,500 (however, that limit will vary throughout the country).
"With the economy remaining fragile and the housing sector still struggling to recover, now is not the time to make the cost of mortgages more expensive," Ackerman said.
The National Association of Home Builders has said it fears more than 17 million homes nationwide will become ineligible for more affordable federal funding if the loan limit expires. However, last week, Federal Reserve Chairman Ben Bernanke saidhe was confident that the private market, including investors and insurers, would fill the void if the conforming loan limits expired — although likely at a higher cost to borrowers.
Carmel Valley, Solana Beach, Rancho Santa Fe, Santaluz, & Del Mar Homes for Sale
This Week Featuring 32 Properties
YOUR WEEKLY REAL ESTATE
GUIDE SERVICING: 92014, 92067,
92075, 92091, 92127 & 92130
PITCH 10:45 AM TO 12:00 PM EVERY TUESDAY CARAVAN 1:00 PM TO 4:00 PM
702 MAP GUIDE
Each week Real Estate Agents feature
selected properties to their fellow
agents. This is your 702 Map Guide to
the properties featured this week.
Included you will find maps by zip code
as well as a Featured List of those
properties pitched at today’s marketing
session. Contact Karen at Ranch and Village Homes for the list of these properties.
YOUR WEEKLY REAL ESTATE
GUIDE SERVICING: 92014, 92067,
92075, 92091, 92127 & 92130
PITCH 10:45 AM TO 12:00 PM EVERY TUESDAY CARAVAN 1:00 PM TO 4:00 PM
702 MAP GUIDE
Each week Real Estate Agents feature
selected properties to their fellow
agents. This is your 702 Map Guide to
the properties featured this week.
Included you will find maps by zip code
as well as a Featured List of those
properties pitched at today’s marketing
session. Contact Karen at Ranch and Village Homes for the list of these properties.
Is buying a house still a good investment...consider this
July 13, 2011
Dear Sir:
The author ignores some important facts in arguing against the financial benefits of owning a home (“A Home is a Lousy Investment,” July 11, 2011). First, most home buyers do not pay cash for a home, but instead take out a mortgage along with a down payment. Following the author’s example, a home buyer in California who purchased a median priced single-family home in 1980 ($99,550) with a 20 percent down payment ($19,910) would see that investment grow to $296,820 when the home was fully paid off in 2010. Investing the same $19,910 in the Dow-Jones Industrial Index in 1980 would result in a balance of just over $238,000 in 2010 and be subject to taxes on the investment gains along the way.
Second, during the 30-year period while the homeowner is whittling down their mortgage balance and banking home equity, the renter has been paying rent that has increased by an average of 3.7 percent per year even as the monthly principal and interest payments on a 30-year fixed rate mortgage remain level. Based on rental trends, it is not too difficult to come up with reasonable scenarios where the investor who rents a home will pay significantly more in rent than the homeowner will pay in mortgage interest over the span of the 30-year mortgage. That’s because rent payments for a comparable home could easily exceed the principal and interest payment on a 30-year fixed rate mortgage in as few as seven or more years. In the end, the homeowner will have a free and clear asset while the renter will continue to pay rent.
Third, many homeowners also are able to take advantage of deductions for mortgage interest and property taxes when filing their federal income tax return making the cost of ownership even more favorable compared with renting. Furthermore, a capital gains deduction of up to $500,000 ($250,000 for single homeowners) applies when the home is sold.
Fourth, homeownership builds wealth. According to the Federal Reserve’s 2009 Survey of Consumer Finances, the median net worth of the typical homeowner exceeds $190,000 but is less than $4,000 for the typical renter. Given this difference, it’s hard to see how long-term renting is a strategy for financial stability and independence.
And, finally, people who buy homes well within their budget are long term planners. Research suggests that people who are long term thinkers and willing to forego short term gratification do well in many dimensions of life-wellness measures. That is why homeownership meets long term objectives and provides great incentives for people to work hard and lay the foundation for a stable and successful country.
Lawrence Yun
Chief Economist, NATIONAL ASSOCIATION OF REALTORS®
Washington, D.C.
Dear Sir:
The author ignores some important facts in arguing against the financial benefits of owning a home (“A Home is a Lousy Investment,” July 11, 2011). First, most home buyers do not pay cash for a home, but instead take out a mortgage along with a down payment. Following the author’s example, a home buyer in California who purchased a median priced single-family home in 1980 ($99,550) with a 20 percent down payment ($19,910) would see that investment grow to $296,820 when the home was fully paid off in 2010. Investing the same $19,910 in the Dow-Jones Industrial Index in 1980 would result in a balance of just over $238,000 in 2010 and be subject to taxes on the investment gains along the way.
Second, during the 30-year period while the homeowner is whittling down their mortgage balance and banking home equity, the renter has been paying rent that has increased by an average of 3.7 percent per year even as the monthly principal and interest payments on a 30-year fixed rate mortgage remain level. Based on rental trends, it is not too difficult to come up with reasonable scenarios where the investor who rents a home will pay significantly more in rent than the homeowner will pay in mortgage interest over the span of the 30-year mortgage. That’s because rent payments for a comparable home could easily exceed the principal and interest payment on a 30-year fixed rate mortgage in as few as seven or more years. In the end, the homeowner will have a free and clear asset while the renter will continue to pay rent.
Third, many homeowners also are able to take advantage of deductions for mortgage interest and property taxes when filing their federal income tax return making the cost of ownership even more favorable compared with renting. Furthermore, a capital gains deduction of up to $500,000 ($250,000 for single homeowners) applies when the home is sold.
Fourth, homeownership builds wealth. According to the Federal Reserve’s 2009 Survey of Consumer Finances, the median net worth of the typical homeowner exceeds $190,000 but is less than $4,000 for the typical renter. Given this difference, it’s hard to see how long-term renting is a strategy for financial stability and independence.
And, finally, people who buy homes well within their budget are long term planners. Research suggests that people who are long term thinkers and willing to forego short term gratification do well in many dimensions of life-wellness measures. That is why homeownership meets long term objectives and provides great incentives for people to work hard and lay the foundation for a stable and successful country.
Lawrence Yun
Chief Economist, NATIONAL ASSOCIATION OF REALTORS®
Washington, D.C.
Tuesday, July 12, 2011
Coming soon.
Ranch & Village Homes will be introducing San Diego North County community websites over the next several months. We are a premium real estate sales and marketing team that operates from the Coldwell Banker office in Rancho Santa Fe, Ca.
We refer to our community websites as "Village Sites". Each of our village sites is focused on a particular community including: Rancho Santa Fe, Fairbanks Ranch, La Jolla, Del Mar, Santaluz, Carlsbad, Solana Beach, Encinitas, and more. Each site will contain comprehensive data about the community including statistics, events, local features, and plenty of videos. Our sites are for locals and prospective residents alike. We welcome your participation in these sites as well as your suggestions.
www.RanchAndVillageHomes.com
We refer to our community websites as "Village Sites". Each of our village sites is focused on a particular community including: Rancho Santa Fe, Fairbanks Ranch, La Jolla, Del Mar, Santaluz, Carlsbad, Solana Beach, Encinitas, and more. Each site will contain comprehensive data about the community including statistics, events, local features, and plenty of videos. Our sites are for locals and prospective residents alike. We welcome your participation in these sites as well as your suggestions.
www.RanchAndVillageHomes.com
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