glendoraREALTORmom

New, new, new!

2012-01-05T14:59:00.000-08:00

This is the month we, as consumers are hit with weight loss plans, planning calendars, organization systems, etc. all in the name of starting new -- starting fresh -- new beginnings! So here we are, January 2012! What have you decided to do "new" this year? What are you looking to renew?

As a goal oriented person, I always make "new" goals this time of year. My husband and I have professional and personal goals -- short and long term. When we bought our first house, it was the realization of a long-term goal -- and it felt wonderful. Sometimes, in a world that changes constantly, and is about new beginings on a cyclical basis, it is nice to have some constants.

For many people, the constant is their home. I love real estate because it is the realization of someone's long term goal when they buy a home. Even selling a home is usually part of a new plan with some good goals attached.

I am a fourth generation Glendoran, and as such I can still walk past the first house my great-grandfather built here in town (On Leadora Ave). My kids, fifth generation Glendoran's, do not yet realize how lucky they are to have so many constants around them. Even though we are surrounded by family history, my grandfather eventually moved up to Redding to retire (not before he built some more there).

Moving is synonymous with change, and change can be wonderful. If you plan to move this year, and need someone who will work for your best interest -- and who is a full-time realtor with roots in town (and extended roots to Temple City) -- give me a call. I can and will work hard to make your dreams a reality.

Happy Holidays and Welcome 2012!

2011-12-16T11:27:00.000-08:00

As I begin this post, I am sitting at my office desk surrounded by calendar magnets and Christmas Cards. As I address envelopes, I realize a great number of my family Christmas cards are also going to include a calendar magnent (saving the environment one combined mailing at a time!) The reason, though, is that many friends are clients and clients are friends. I am sincerely thankful to each friend that has also been a client. It is a true testimony to be able to say friends choose me - it is a true blessing, indeed!

As I look back on my year, it has been a whirlwind of activity. The real estate market has not been any easier, but I have been able to close deals and get people where they'd like to be -- or need to be -- and that feels great!

I thank each of you that has chosen me - or referred me - this year. As I have sold from Temple City to Fontana, I can say I put my heart into each transaction. And I am thankful for the friendships I have nurtured through the integrity I have in my business.

By the way -- RATES ARE RIDICULOUSLY LOW! Buy or refi if you can -- you'll be so glad you did!

Merry Christmas and Happy New Year!

Stacy

Hello, Fall!

2011-09-20T12:50:00.003-07:00

There’s an older children’s book called Now it’s Fall by Lois Lenski I read each year to my kids as the season’s change – the beginning and end are the same….
“Summer’s over,
Now it’s fall -
Just the nicest time of all”

It is a basic rhyme that holds a lot of truth to it! Fall is here – a time to harvest what was worked on throughout the year. A time to clean out, start over, make changes….the last few months of a year, one last chance to make it end on the right note!

If you have been watching the news, reading a magazine or newspaper, you are probably aware that the economic recovery has been slow in the United States (and many parts of the world). What this year has taught many of us is that once again, with interest rates low and prices rock bottom, it has been a fantastic year to buy a home. For those with equity, it has been a great time to sell. Buyers are coming out of the woodwork with cash, or large down-payments, or just highly credit-qualified. Over 60% of the population can now afford the median home price in LA County. That statistic is truly remarkable.

Have you been on the fence about moving? Are you ready to make a change? Why not now? After all, “summer’s over, now it’s fall…Just the nicest time of all!”

Warm Regards,

Stacy Dover
REALTOR ®
DRE #01768476

Summer is here - NOW WHAT?!

2011-06-22T09:48:00.000-07:00

As a mom of three, I am constantly preparing my household for the next transition...maybe that's why I seem to clean more frantically, read more and write more at a seasons transition. There's a shift in the house and how we function every few months. Summer is here - so now what?!

Well, all the kids are home and keeping busy with various activities, and this is the traditional busy time for me in real estate. My desk is full of prospects, newletters and listing information. My head is full of the latest stats (for the most part!) and my coffee is warm and my mind fully caffeinated. So now what? Well, interest rates are seriously at historic lows (OK, I know I have said this before, but truthfully, I do not know how much lower we can go). Conventional and FHA rates are nearly the same (high 4's low 5's). Buyers that have been waiting have a seriously prime, once in a generation time to buy. Why keep waiting?

Many of us that bought in the last decade may wish we had waited for a time such as this. I have helped many families who got caught in the upswing and due to job loss, or health issues could no longer afford their home. But, many of these families, who just a few short years ago had to short sale their home, have been able to get back in to the market.

How is this possible? Well, there are several factors. My theory includes the need for housing does not cease to exist (and if rent is just as much, why not buy?)Houses in the San Gabriel valley - especially foothill areas - are positioned in much desired locations. The locations are prime because of schools, safety, scenery and proximity to urban work centers (i.e. downtown LA, Pasadena). Despite the economy here - it is worse other places. FHA loans still have low rates, high loan limits and low downs (3.5%). There are also other programs that have been very helpful with regard to buyer assistance. The economy needs the housing industry to recover and there are more loan programs to help people than before!

If you are on the fence, still wondering and worried about a double dip (which has not happened in LA County), stop fretting and get buying! Trust me when I say this is once in a generation conditions for prime buying!

If you are looking to sell your home for any reason - whether you have equity or not - I am here to help you as well. This is the best time to look at all of your options!

Call or email if you would like to discuss the current state of the market! Be ready for change! The time to move couldn't be better!

January - A time to Re-start!

2011-01-25T14:01:00.000-08:00

Recharge your thoughts - your goals - your life! January is a month that makes change seem not only possible, but exciting!

The past year saw babies born, very special people pass away, homes built, sold, foreclosed on; Interest rates were at (and continue to hover around) historic lows. Home sales were awesome the beginning of the year, and slowed a bit at the end (a normal occurence).

As the new year is ramping up and new opportunities appear, I have spent some time thinking of my "job" in real estate and what really matters to me, and usually my clients. I am reminded of where I think some of my "sales" philosophy comes from.

My great grandparents, Claude and Octavia Browning were home builders and sellers. They began Browning & Sons Construction in Glendora, California. When they began their business, Glendora was a very small town. There were no "tract" homes. But, there was a lot of land. My great-grandfather built their first home on Leadora Ave. (between Minnesota and Cullen Ave.) The house is still there - and I drive by it several times a day. He went on to build countless homes all over town, one at a time. Each home was built by Claude, and then decorated by Tava (as she was known). Tava also was the one who actively worked to sell the home. Tava did not have her real estate license; In those days, it was done very differently. They waited until the house sold and bills were paid before starting the next home. Amazing! They accrued zero debt as they went on this way until moving to Redding in the later 1960's. In Redding, the building process continued and included my grandfather, who eventually took over the business.

This past year I was holding an open house in Glendora when high school friends of my grandparents wandered through. We got to talking - and since I had never met them before I didn't know who they "knew" in town. Once I mentioned my family, they smiled and their faces lit up. They recalled the building not of houses, but of Glendora's four square church my great-grandparents attended. They recalled my great-grandfather building the actual church building decades ago. What was interesting to me was I had never realized he was such a big part of building the church. They never talked about what they did - they were very humble.

So, as this new year begins, I fondly recall The Browning Family and the legacy they built in the early real estate of Glendora! You won't find information on them in the library, and they don't have any buildings or parks named after them. But, their business philosophy will remain in me; Treat people right, be honest, be fair and sell each home one at a time. It's the biggest purchase most people will ever make. And last, give back. Whenever you can, find a way to give back to your community. You never know what child will meet your grandchild in 60 years and be able to smile at your memory and what you did for others!

Where are we headed?

2010-12-01T13:36:00.000-08:00

NODs and Trustee’s Deeds: Grim signs of real estate’s present condition | first tuesday journal online

The above link is an article I know will garner a lot of discussion.
I seem to not attend a party or gathering without someone asking me where I think the real estate market is headed in the coming year. The past several years have offered us a mixed bag of ups and downs - prices went up for a bit, interest rates went down. Then NOD's (Notice of Defaults) went up, yet the number of foreclosures went down (as they were NOD's being held and not processed). Prices have gone steady - even down in parts, sales have slowed, interest rates are down and the year is ending with a sense of uncertainty. Where are we headed?

The economy in general is struggling. As anyone can see from looking at friends and family out of work, moving or losing a home due to new financial situations, there is a definite air of uncertainty. Then there is that sign of hope we see - glimmering out in the darkest, blackest sky: A house on my grandma's street closed about $40K over asking price (Yes, OVER in this market)... interest rates are still in the 4% range (what's this talk about them ticking up?!) Inventory is steadily priced and so it becomes easier to ascertain that, for a buyer, this is a wonderful time to make the committment.

Now, we know there is talk of more foreclosure, more "shadow inventory" the banks are holding on to, and we are still in dire need of more, long-term jobs. But, if your job is steady, you've been out there, watching the market, wondering and waiting - I cannot think of a better time to buy. What if prices go down 2% or even 5%? Guess what? Even if prices go down, there is always the chance of interest going up. There's always risks involved with homeownership. There's risks involved in life - in every decision we make, every committment we make.

I think the economy has given us all a good chance to reassess what we are willing to risk. If you are ready to make the leap into homeownership, I still think if you can make the committment, it's a pretty safe risk!

Fall - A great time to make a move!

2010-09-14T10:18:00.000-07:00

Fall and Back to School time has always felt more like a "new" year to me than January 1st. The weather changes (yes, even in southern California), the kids get back into a routine, soccer and football start - new things are all around us. As much as real estate is busy in spring and summer - fall is also a time I notice changes brewing in people who were "waiting". Fall is the great equalizer for many - you know there may have been goals made for the year in January, but between the business and fun of spring and summer things got passed up. Fall is when you decie if you want to spend the holidays where you are - or somewhere else.

That is why I think Fall is a great time to move! You don't have the heat to contend with when you have an open house. People looking are more serious and are ready to seal the deal before the end of the year. Even big banks with bank owned properties are ready to move inventory -- and you just might get an offer accepted now that would not have happened in May (I have one in the works as I write this).

What does fall mean - besides cooler temps, leaves, harvest? Well, it is that one last chance to make a stab at the goals you had for the year. It's the last stretch of the race to completion - and if your goal for 2010 was to make a move - NOW is the time!

Early Lessons - Lifelong Application

2010-07-31T22:15:00.000-07:00

I have been re-reading an old favorite parenting resource by Dr.'s Henry Cloud & John Townsend called Raising Great Kids (co. 1999). I love this book because it is full of practical wisdom and advice - nothing dogmatic - just a very down to earth guide of "Parenting with Grace & Truth". As with this book, I find most of what is taught in leadership training, parenting or professional enrichment classes can be applied across the board in various facets of life.

The current chapter I am reading, "Living in an Imperfect World: Reality", is so applicable to the world of real estate today, I wanted to share a section:
"Not only will your children frustrate themselves and be frustrated by others, but the world will frustrate them as well. Birthday parties will get rained out. Pets will die. Toys will break and bicycles will get stolen. In short, they will experience the lost ideal of not living in Eden. They will have many days in which very frustrating things will happen.
But so do all the happy people in the world. Your job is to help your children develop the character that will enable them to be happy in a world that daily gives them opportunity to be miserable" (Cloud & Townsend, PP. 110-111)

Why is this relevent now, in the current real estate market? Well,many homeowners are still, as they say, "upside down" in their mortgage. That is a bad thing and it can be a miserable fact for a hard working person. Some people I have consulted with bought at the height of the market (unbeknownst to them) and are now working double shifts to keep up -- or face a short sale. It can be easy to go to the place of frustration, fear, anxiety and hopelessness. There are also potential homeowners wondering if they should buy now -- "will the market crash again?", "will I lose my job?", "what will the payment do to my entertainment/college/preschool fund?"
It is my job to boost and maintain consumer confidence in the housing sector - and confidence is what makes a sale. When I instill confidence in my client and reinforce their ability to make wise choices, they feel ready to either sell their house, or move forward on a purchase. Much of this confidence happens in steps, just a child learns to trust the world, people have to learn to trust their REALTOR (R). And therein lies my comparison of this parenting resource to being a REALTOR (R) in the southern California housing market: I am here to help homeowners and potential homeowners navigate the confusion and sometimes frustration of the housing market and I strive to always do so with grace and truth. As the Dr,'s Cloud & Townsend write, "Only the internalized character of grace and truth can help children negotiate lifes ups and down successfully. And that character can only come from a loving but truthful parent (or REALTOR!) who forces them to deal with reality, accept themselves and others, and continue on to pursue their ideals" ( P.112). As always, if you have any questions, or know someone who is looking to buy or sell, please send them my way! I promise to take good care of them (and be honest at the same time)!

California home prices jump 20.9% in May

2010-06-19T11:07:00.000-07:00

California home prices jump 20.9% in May
Tax incentives spur sales. The median home price rises to $278,000, reflecting less a rise in housing values than a shift in sales toward more expensive coastal markets.

By Alejandro Lazo, Los Angeles Times
June 18, 2010

Fueled by tax incentives, California home sales rose in May, helping lift the Golden State's median home price by 20.9% from its year-earlier mark.

The median was $278,000 last month, MDA DataQuick of San Diego said, a 9% increase from April. But that reflects less a rise in the actual valuation of homes than a continued shift in sales away from cheaper, inland areas of the state toward more coastal markets.

That shift is being driven partly by an increasing willingness of owners in pricier neighborhoods to sell at a lower price, DataQuick has said. And much of the jump in sales has been driven by a surge of buyers rushing to close deals to take advantage of state and federal tax incentives.

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"In the second half of the year, there's obviously going to be less wind in the market's sails, given the fading tax credits," MDA DataQuick President John Walsh said. "A healthier job market and low mortgage rates will be key to driving demand."

A total of 40,965 new and previously owned houses, condominiums and town homes sold last month, a 9.3% increase from April and a 4.9% jump from May 2009. Experts fear that once the effects of the credits wane, sales and prices could slump again.

"Of course, you are going to see a slowdown; these programs basically steal sales from the future," said Christopher Thornberg, principal of Beacon Economics. "Now that may be a good policy option, but understand when you get to the future you are going to feel the effects of that. It's just the nature of the beast."

The federal credits of up to $8,000 for first-time buyers and $6,500 for some current homeowners required that deals be reached by April 30 and close by June 30, though Senate Democrats have moved to extend the closing deadline to Sept. 30.

The California credits, which kicked in May 1, are for first-time buyers and purchasers of new homes, with $100 million set aside for each credit. The state credit for first-time buyers is quickly running out. The state's Franchise Tax Board said Thursday that it had received applications claiming an estimated 80% of the first-time credit. It expects to run out of money for the first-time credit much faster than the one for new homes as those sales often lag because of the time it takes to construct a home and because the resale market is much bigger. The state did not say Thursday how many applications had been received for the new-home credit.

In the San Francisco Bay Area, sales took off in some of the region's costlier neighborhoods last month, DataQuick reported, helping push the median home price above $400,000 for the first time since the U.S. was gripped by the financial crisis 21 months ago. The decline in bank-owned inventory there helped the median sale price for all property types reach $410,000, up 10.8% from April and 20.1% from May 2009. Sales jumped 18% in May over April and 11% over May 2009.

The Southland's median price rose 22.5% from its year-earlier level to $305,000, DataQuick said Tuesday, and sales jumped 7.2% from May 2009.

What kind of agent do you want?

2010-06-01T10:44:00.000-07:00

What is the first picture that comes to mind when you think of a REALTOR (or real estate agent?) Someone like a used-car salesman, trolling along, looking for the next "victim"? Do you think of someone slick, boisterous, dimple cheeked and twinkle eyed? Or do you think of a slender, sly Eddie Haskell like person, waiting to manipulate the next situation? All of these perceptions are negative - and too often, they are true.

But, I am here to say, we are NOT all like any of those people. I prefer the honest, discerning approach to sales. I sometimes feel like a counselor, navigating through the process with an emotional couple, or people in all sorts of transition. A huge part of my job is establishing trust with my clients. If you have an agent that you have worked well with, you know what I mean. If you have an agent that made you question things more than understand them, I think you also know what I mean!

So, what are some good criteria when looking for a truly honest, hardworking agent?

1. Make sure that the facts they use to represent themselves are true -- and not inflated! I know of an agent who has claimed to be an expert in a certain area of sales - yet I know he did far less sales then he claims. It is aggravating to me and other agents -- and it is scary to think of the clients that believe him!
2. Make sure their Real Estate license is current, assigned to a broker in the area you are looking to move, and that they do not have any violations against them! (Look on CAR.org and enter license look-up)
3. Make sure their advertisements are where they say they are! Ask for copies, or look on your own. Do you see the ads they said they are paying for? You should!
4. Ask for references. A good reference can help clarify if the agent is the right choice for you!
5. Remember experience counts, but so does integrity! Look for honesty, validate what you are told and make sure they are not "too busy" to personally meet you at properties or inspections! A good agent will always schedule their time and be present.

Of course the above criteria are totally based on what I would want in a REALTOR. I made this list myself after buying our first home with a "Top Producing" agent. I realized I would do the job very differently -- and became a REALTOR. As a wife and mom, I know purchasing a home is one of the most important decisions a person can make....MAKE SURE you are with a TRUSTED AGENT!!!!

Happy House hunting!!!!

First Time Home Buyers Get into the Market!

2010-05-24T10:50:00.000-07:00

Entry-level housing affordability stood at 66 percent in Q1 2010
For release:
Thursday, May 13, 2010
C.A.R. reports entry-level housing affordability at 66 percent in the first quarter of 2010

Quick Facts:

· C.A.R. First-time Buyer Housing Affordability Index stood at 66 percent in the first quarter of 2010 compared with 69 percent in the first quarter of 2009

· The median price of an entry-level home in California was $246,270 in the first quarter of 2010

· The estimated monthly payment including taxes and insurance was $1,380 in the first quarter of 2010

· The minimum household income needed to purchase an entry-level home in California in the first quarter of 2010 was $41,540.

LOS ANGELES (May 13) -- The percentage of households that could afford to buy an entry-level home in California stood at 66 percent in the first quarter of 2010, compared with 69 percent for the same period a year ago, according to a report released today by the CALIFORNIA ASSOCIATION OF REALTORS®(C.A.R.).

C.A.R.’s First-time Buyer Housing Affordability Index(FTB-HAI) measures the percentage of households that can afford to purchase an entry-level home in California. C.A.R. also reports first-time buyer indexes for regions and select counties within the state. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.

The minimum household income needed to purchase an entry-level home at $246,270 in California in the first quarter of 2010 was $41,540, based on an adjustable effective interest rate of 4.33 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $1,380 for the fourth quarter of 2010. At $41,540, the minimum qualifying income was $3,910 greater than a year earlier when households needed $37,630 to qualify for a loan on an entry-level home.

At 84 percent, the HighDesert region was the most affordable area in the state. The San Luis ObispoCounty region was the least affordable in the state at 52 percent, followed by the San FranciscoBay region at 53 percent.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

C.A.R. First-time Buyer Housing Affordability Index

C.A.R. Region
Q1 2010
Q4 2009

Q1 2009

California
66
64

69

California – Condos
70
68

72

United States
79
78
r
77

High Desert
84
84

83

Los Angeles
56
53

57

Monterey Region
67
65

71

Northern California
67
65

63

Northern Wine Country
60
58

60

Orange County
54
53

56

Palm Springs/Lower Desert
73
74

75

Riverside/San Bernardino
78
78

77

Sacramento County
80
79

80

San Diego County
58
57

60

San Francisco Bay
53
50

62

San Luis Obispo County
52
48

49

Santa Barbara area
56
50

64

Santa Clara County
55
52

62

Southern California
65
63

68

Ventura County
60
59

65

COUNTY

Alameda
54
52

62

Contra Costa
46
44

50

Fresno
77
77

77

Marin
41
40

41

Merced
85
84

84

Riverside
77
78

77

San Bernardino
81
81

79

San Francisco
37
35

39

San Mateo
42
41

51

Santa Cruz
45
43

53

Sonoma
62
59

63

* -- percentage of California households that can afford to purchase an entry-level home

r – revised

Source: CALIFORNIA ASSOCIATION OF REALTORS®

C.A.R. Region
Housing
Affordability Index
Entry-Level Price
Monthly Payment Including Taxes & Insurance
Minimum
Qualifying Income

California
66
$246,270
$1,380
$41,540

California - Condos
70
$220,720
$1,240
$37,230

United States
79
$141,190
$790
$23,810

High Desert
84
$104,810
$590
$17,680

Los Angeles County
56
$281,700
$1,580
$47,510

Monterey Region
67
$254,140
$1,430
$42,860

Northern California
67
$211,640
$1,190
$35,700

Northern Wine Country
60
$297,970
$1,680
$50,260

Orange County
54
$413,680
$2,330
$69,770

Palm Sprgs/Lwr Desert
73
$154,530
$870
$26,060

Riverside/SBernardino
78
$153,390
$860
$25,870

Sacramento County
80
$152,520
$860
$25,720

San Diego County
58
$322,120
$1,810
$54,330

San Francisco Bay
53
$440,440
$2,480
$74,290

San Luis Obispo County
52
$310,110
$1,740
$52,300

Santa Barbara Area
56
$319,760
$1,800
$53,930

Santa Clara County
55
$476,000
$2,680
$80,280

Southern California
65
$252,910
$1,420
$42,660

Ventura County
60
$373,960
$2,100
$63,070

County

Alameda
54
$389,010
$2,190
$65,610

Contra Costa
46
$512,390
$2,880
$86,420

Fresno
77
$127,580
$720
$21,520

Marin
41
$655,860
$3,690
$110,620

Merced
85
$88,310
$500
$14,890

Riverside
77
$161,190
$910
$27,190

San Bernardino
81
$131,250
$740
$22,140

San Francisco
37
$574,790
$3,230
$96,950

San Mateo
42
$597,550
$3,360
$100,780

Santa Cruz
45
$437,750
$2,460
$73,830

Sonoma
62
$306,290
$1,720
$51,660

Source: CALIFORNIA ASSOCIATION OF REALTORS ®

Seller Tips from Glendora REALTOR Mom!

2010-02-22T08:22:00.000-08:00

As the official "busy" selling season starts I awake this morning with thoughts swirling in my head about things I have learned over the last few years -- and tips I have for some sellers. Now that I have had a cup of coffee in me, let's get started!

1. Attachment to your home: Something I realize before I even go on an appointment is that a seller usually, genuinley loves and is attached to their home. That is plain and simple. The home could be big, small, clean, filthy, overcrowded, nicely decorated, in disrepair or remodeled....any condition, really. As human beings, we tend to form attachments to places and things -- even if we think we don't! My advice for sellers: Admit you are attached to something about your home and start to let go. Sometimes what may seem as the smallest of attachments can cloud judgement later on - and sometimes cause a deal to stall.

2. Presentation of your home: Sellers tend to like what they have in their home and how it is decorated. Some buyers are not able to see past wallpaper or bedspread colors and patterns. Try as they might, these buyers look at the whole package, failing to realize the package they are buying does not include the bedspread. As a seller, the best thing you can do is depersonalize your home - and tone it down. If you know your style is busy and eclectic, try to pack up some of the busier pieces. Put away some of your personal photos, knick knacks, etc. A cleaner look will help you sell your home and all potential buyers see the best of your home!

3. Photos of your home: Remember that the photographs are taken to help draw buyers in. The more, the better. The exception? If you have rooms that lack decent lighting, or walls with wood paneling (that are dark and make a room look smaller). As REALTORs (R) we will take photos and post the best representation of your home. Sometimes, 5 out of the 10 photos are not helpful -- so we won't post them - all to help the potential buyers see your house in its best light!

4. Pricing your home: REALTORS (R) want to get your house sold! In order to do that, sometimes that means pricing your home for less than what you think it is worth. Zillow's Zestimates are not fully accurate -- big shock! Funny thing is, I usually have people quoting Zillow only when it gives a higher price than what they are told they can get....Usually, though, Zillow so off base, it can't be supported with true Comparable Properties. The folks at Zillow have succeeded in making the average internet surfer think they know the value of their home -- or their neighbors'....that's about it! Trust your REALTOR (R) and their market knowledge - if you don't, get a second opinion!

5. Showing your home: It seems there has been an increase in Appointment Only listings -- I speak from experience. A house can still be sold while making an appointment, and it certainly takes away from the hassle of being disturbed while the baby is napping -- but guess what? Sometimes buyers are visiting from out of town, or maybe they just happened to drive by your house on the way to another....so, accessibility becomes a real plus! If there is a lock-box, your house can get shown easier. I know it can be a drag, but in today's market it is more important than ever. Many people are looking at vacant homes that are easy to see. The average seller has the advantage if they have a lock box -- why not show off your great home at every chance you get? The objective is to sell your home...make it easier to get the job done!

In closing, I have listed 5 points of advice I think will help when selling your home. As your REALTOR(R) my objective is yours -- to get the job done!!! Stay tuned for Buyer Tips -- coming soon!

Stacy

25 days till Christmas! Countdown to 2010!

2009-11-30T10:00:00.000-08:00

Well, the holidays are officially upon us! Can you stand it? The endless commercials for toys and products that will most likely end up running out of batteries or in a landfill somewhere in a few months??!! This year the Dover's are trying to be intentional about everything we buy - for instance, each kid is getting their own tree! Keeley's orange tree has been planted, Zack wants a lemon tree and Ian wants an apple tree. While I loved to garden as a child, I am finding it just as rewarding now - but requiring more effort!

The Dover garden is growing and indeed, we will have/or are yielding plenty of our own peas, pumpkins, tomatoes, garlic, oregano, and basil (we have TONS if anyone needs any, please let me know!!) We have started composting with my gift to myself of a new compost bin!!! I purchased it from the city of Glendora for $25!!! What makes this possible is of course because we have our own land and we can do with it what we please.....but it doesn't take much! Anyone with a small patch of dirt can grow things!! So as we approach the holidays, I encourage you all to consider planting a seed of some kind - literally and figuratively. Being intentional about what is planted is our responsibility as human beings (at least I think so).

We will all fail at times, but we can keep trying!!! And if you are looking for a place to plant your garden, and are thinking you might want to lease - or buy a place that makes it possible - I am always here! Those of you that know me and may have even been my clients have seen how I take pride in the leg-work, the research and the true responsibility that comes with finding your HOME. With the great tax credits for new and existing home buyers, this is a wonderful time to intentionally purchase a place that you can plant your seeds!

If you are ready to put down your roots, give me a call!!! And if you are like me, and are still testing the ground to see what grows - I wish you the best of luck on your efforts!!!

May 2010 be a time to focus on and realize the abundant blessings already yours!

Time Flies!

2009-10-20T08:54:00.000-07:00

Wow! I have been BUSY! As you may already know, I have had my best year yet in real estate! Despite economic woes in nearly all business sectors, and many facing pay-cuts and unemployment, the real estate market is bouncing back!

What has caused the surge in home purchases? From my perspective several factors have caused this.

1. Interest rates remain low - we are under 7% folks, this is awesome!
2. FHA is a mere 3.5% down - and most loans are going FHA (Not much of a difference in interest rates)
3. Prices have been slashed everywhere - what a great time for a discount purchase!
4. More sellers are ready to move up since prices are lower on the high end of homes!
5. Reality has set in - people realize that prices won't get so high as they were in 2002-2006 - but, the the economy is reliant on the housing industry in so many different ways - so there MUST BE STABILIZATION!
6. The FIRST-TIME HOME BUYERS TAX CREDIT of up to $8,000 - which is set to EXPIRE November 30, 2009.

If you have not heard, most homes do not stay on the market for extended periods of time anymore - and if they do - it's usually due to the same old truths: priced too high and not properly marketed.

Most homes - including my own listings - have multiple offers - and sellers realize this!

I am so excited to approach the last quarter of 2009 as one of the top 18 REALTORS(R) in ERA's Broker council! I am as dedicated as ever to provide my clients with the utmost in service and professionalism.

If you or anyone you know if looking for a REALTOR(R) please pass on my information today!!!

*Don't forget to look for my new ad in the latest edition of HOMES & LAND*

As always,
Stacy Dover - REALTOR (R) - Building Dreams starts with Community!

Honesty, Integrity...Service you can TRUST!

First Time Buyers are EVERYWHERE!

2009-04-22T12:01:00.001-07:00

The past month has kept me very busy! It is wonderful to see so many people able to finally afford a home in Southern California! Over 50% of the population can now afford the median priced home in California! This is astounding! As a result, I have been working with first-time buyers like never before!

I have properties listed that are in escrow with first time buyers, and I have many prospective buyers I have been taking out to various locations to view properties. I have been from Los Angeles to Fontana and I can say this for sure: Properties in the $300,000 range are getting multiple offers! Here are a few tips if you are starting your search:

1. Make sure you are working with a licensed REALTOR - someone that can advise you of the market, trends and how to make a good offer!
2. Once you have found a REALTOR - stay loyal! They will loyally work for you and need to know you are committed. If you are asked to sign a buyer's agreement, whether a one-page contract or a standard Buyer Broker Agreement - do not be afraid! If you are a serious buyer, these documents will only protect your rights as a buyer - and assure you are receiving the highest level of service!
3. Be realistic! IF you are looking at bank owned, or any other As-is homes, remember, you are getting a great deal, but expect to put money into the home -- even if it is as basic as a toilet or light fixtures. Great deals are out there, but the homes need basic amenities as well.
4. Get pre-qualified with a DIRECT LENDER. Many banks are requiring direct lenders! This is easy and free of charge - call me if you need a local lender.
5. Stay open to the area you want to live in. Make a list of priorities and if you cannot find your home in one place - be willing to look somewhere else.
6. Stay focused and committed! Buying a home is a huge step - make sure you are ready to stick with the purchase!
7. If you are getting an FHA loan be sure any condos or homes with associations are HUD approved for FHA loans. I learned that if this is not the case, a certification is not an easy process.

As always, I can help am here to answer your questions!

Stacy Dover - REALTOR

Happy Earth Day!

2009-04-22T11:58:00.000-07:00

As more of the world becomes aware of what is being dubbed "green living" or Eco-friendly, the California Association of REALTORS is publishing tips for green living. Given the heat these past couple of days, and the plants wilting around me, I thought this weeks' tip was very appropriate:

C.A.R. Green Tip of the Week: More drought tips
Californians may face water rationing this summer. In response, the California Landscape Contractors Association has provided tips for use by homeowners and businesses.

. Do not use high nitrogen fertilizers during a drought. They encourage growth but the plants will need more water.
. Heavily mulch all flower and soil beds. Mulch helps keep water in the soil. Do not use rocks/gravel because they add heat to the soil and moisture evaporates faster.
. Mow grass higher to promote deeper root growth and hold more moisture. Aerate the lawn and fill the holes with compost so the water can infiltrate deeper.

For more green real-estate-related tips and discussion, visit C.A.R.’s green blog (http://blogs.car.org/) and C.A.R.’s Green Web site (http://green.car.org/).

Good News for the Housing Market

2009-03-19T13:28:00.000-07:00

I have a quick update on the current housing market!! Guess what? it is good news!!!

The word is spreading....

** Suze Orman (Financial Guru) is telling everyone to invest in REAL ESTATE!!!

** On this morning's TODAY show, a financial expert stated that he believes this spring's selling season will be "THE BEST SELLING SEASON IN 3 YEARS!!"

** The housing crisis is widepsread in America, but . . . out of the thousands of counties in this country just 35 counties in the entire US are actually in a depressed market!

* Over 90% of the people in this country are PAYING THEIR MORTGAGES ON TIME!!!!

** Through out the U.S., over 4.9 MILLION HOMES SOLD IN 2008!!

** The market in our area is UP SIGNIFICANTLY!!! As of January 2008, there were 338 open escrows. As of January 2009, there were 950 open escrows!

** The largest demographic currently purchasing homes is FIRST TIME HOME BUYERS aged 24-34. Just a few short years ago, only 8% of people in this group could afford the median priced home. Now, thanks to favorable market conditions, 59% of 24-34 year old first time home buyers can now afford a median priced home!

What does this mean for you? If you are a buyer - things are better than they have been for years! Coupled with the federal and state tax credits, you are actually getting PAID to buy a home! This has never happened before! And, if you are a seller, HOLD ON tight!!! The market is just getting started!! The current upswing will continue as incentives are great, interest rates ARE VERY LOW and inventory is plentiful!!

BUY - OR - SELL NOW AND LOOK SMART LATER!!!
AS ALWAYS -- I AM HERE TO HELP!

HONESTY, INTEGRITY . . . SERVICE YOU CAN TRUST!

STACY DOVER

New Home Buyer Tax Credit!!!

2009-03-02T09:16:00.000-08:00

If you have not found the low interest rates, low homes prices and vast inventory reason enough to buy - that is - if you are STILL ON THE FENCE!!!! Well, you now have more reason to GET OFF THE FENCE, STOP PAYING SOMEONE ELSE"S MORTGAGE with your rent money and BUY!!!! Here's why: According to the California Association of REALTORS (R) A $10,000 state tax credit will benefit a projected 10,000 new-home buyers starting Sunday and, in turn, could help beleaguered home builders, the California Building Industry Association said yesterday.

The measure, costing $100 million over the next three years, was included in the budget compromise passed by the Legislature and signed by Gov. Arnold Schwarzenegger last week. “What we've been missing in the market the last couple of years are people,” said Tim Coyle, senior vice president for government affairs of the builders group. “Already, with the news of this tax credit being authorized and signed into law last Friday, we're beginning to see interest in people who we need desperately to return back to housing markets where they haven't been for so long,” Coyle said.

In the Glendora area, we still have some homes available in the LYONS home development and of course, Azusa's Rosedale development. I can help you navigate your way throught the new home process. Even if you are looking to purchase a new home, you need a REALTOR (R) to represent your best interest. If you are interested in a new home purchase, let me take you through the models. I can register you, guide you and help negotiate in YOUR BEST INTEREST and this is of NO COST TO YOU!
As always, please call me with any of your questions. I am your real estate professional and I can help you with all of your real estate needs!
Stacy
Honesty, Integrity...Service you can TRUST!

Service Is Golden: Real Estate Programs to Put Seniors' Minds at Ease

2009-02-13T16:53:00.000-08:00

The mature years can be the best time of life – retirement has come, the kids are grown and you can enjoy the results of your hard work and smart choices with all your loved ones. And now is a good time to be a senior – the U.S. Census Bureau says that the mature population is expected to jump nearly 80 percent by the year 2025, and business is already taking note, with many programs to suit seniors' special needs.

That's only right, since, even with all the rewards of a life well-spent, the golden years can bring unique concerns not previously encountered. The prospects of moving for the first time in years or even decades, selling a beloved family home, maintaining rental properties, and navigating related tax issues are all special considerations that call for special service.

For reasons like these, the real estate industry has established a special organization to address the unique needs of this fast-growing and significant part of the American family: the Senior Advantage Real Estate Council (SAREC). SAREC has in turn established a certification program by which Realtors® of all ages are schooled in the specific interests of senior homebuyers and sellers. The "Seniors Real Estate Specialist" (SRES) designation qualifies professionals to answer the many questions on the minds of mature customers contemplating their retirement moves.

SRES holders can help guide you through the complexities of selecting your next home for maximum quality of life, considering such factors as accessibility of homes (not too many stairs, high cabinets, etc.); availability of public transportation and senior services; comfort-level of climate and terrain; and much more. These Realtors® also have access to referral networks that can help put you in touch with qualified professionals and suitable housing nationwide.

Your local ERA Real Estate office participates in the SRES program. Among the many other advantages provided by our trained professionals is the ERA® Sellers Security® Plan*, which offers the relief of a guaranteed sale of your current home for those who need to move into their new one in a specified time (as can often be the case with commitments to purchase a new house or deadlines to join a retirement community). Unmatched among national real estate brands, the Plan promises that "We Will Sell Your House, Or ERA Will Buy It!®", and it's just part of the array of methods we have to meet your unique needs.

In the senior years or any other time, buying and selling homes is one of life's most important decisions, both financially and emotionally. It shouldn't have to be the most stressful and complex, and there are programs and professionals in place to make sure it's the opposite. With the right Realtor®, you can be the "senior" partner in your own lifetime satisfaction and sales success.

Contact me, Stacy Dover and I will help you every step of the way! ERA - Always there for you!

First Time Home-Buyers!!!! This is the best time to Buy!!!

2009-02-13T16:51:00.002-08:00

No Time like the First Time

If you are contemplating the purchase of your first home, congratulations! As you probably know, buying a home is one of the biggest financial commitments you can make. It is also a process filled with emotion, and a touch of anxiety. To help keep you sleeping soundly, here are answers to three big questions that concern many potential first-time homeowners.

Question #1: How do I decide what to look for in a home?

It’s easier than you think. Sit yourself down and list what’s important to you in a home. The purchase of every home involves making tradeoffs, so be sure to prioritize your list.

One element is architectural style. Do you prefer a Colonial, a Cape Cod or a modern look? An important factor to consider is living space. How much room do you need right now, and to meet anticipated needs?

Make a list of features that must be a part of your home. Perhaps that Olympic-size pool and tennis court can be put off for another day, but you may absolutely need an eat-in kitchen NOW! It’s all a matter of your taste and personal style.

Question #2: Where should I begin the search?

That old real estate adage about “location, location, location” aside, choosing where to live is usually determined by your personal circumstances and desires. Do you have a particular community, or even a particular block, in mind?

What is it about the location of your new home that is most important to you? Do you prefer an urban, suburban or rural setting? Consider proximity to work, schools, shopping, entertainment and houses of worship. Once you’ve narrowed your list of potential candidates, the Internet can be an excellent tool for learning what a particular community has to offer.

Question #3: How can I find financing that makes sense for me?

Despite a rise in prices in recent years, homes have seldom been more affordable. Interest rates are lower than we’ve seen in decades. Innovative financing plans are available to fit a broad range of needs.

Still, the last thing you want to do is start out in your first home saddled with an uncomfortable level of debt. Seeking the advice of a professional who can give you the lowdown on financing options that match your qualifications is a big step in the right direction.

Once you’ve narrowed your search, talk to a real estate professional that serves the community you’d like to call home. ERA® associates are trained to guide you through your purchase every step of the way. Our Web site, ERA.com, reaches around the globe to bring up-to-date listings directly to you. ERA Mortgage offers loan programs expressly designed to meet the needs of qualified first-time homebuyers.

The path to finding your first home is sure to be full of twists and turns. Once you’re armed with the answers to the big questions, the search can be fulfilling, and even fun!

New Kid on the Block: Moving With Children

2009-02-13T16:51:00.001-08:00

Moving is a major change for all members of a family. Adult responsibilities weigh heavily when keeping track of all the tasks needed to make a move go smoothly. If you have children, this may be a difficult time to focus on their problems, too, but it's also one of the most crucial times to keep their concerns in mind.

Sometimes what seems like a major disruption to grownups is viewed as an adventure to the kids. Still, changing homes can also upset feelings of stability (in the case of younger children) and belonging (in the case of teens). These are special concerns for these age groups.

The most important thing a parent can do is maintain normal routines as much as possible – and when it isn't possible, to let the kids know that apprehension about a big life change is normal, too. Try to keep calm about the move yourself, and your children will be more likely to follow your lead. It is advisable to be open about what's happening and how everyone feels about it.

This means keeping your kids in the loop at each stage of the move. They don't have to get a vote, but it helps everyone for them to get increasingly used to the idea of this change. Bring them along when you look at houses, make them familiar with the new area you're moving to, and investigate its attractions (including the athletic or extra-curricular offerings that appeal to your kids). Exploring some of this on the Internet is a good way to relate your relocation to an activity they already enjoy.

Encourage your children to express any worries, and do what you can to reassure them. If you went through similar experiences as a child, you can share how you dealt with it – if it was easy, so much the better, and if it was hard, your children will know they're not the only ones who have ever had to deal with change.

Other neighborhood kids may grow distant when they know a friend is leaving. This is hurtful to your own children, but try and explain that some kids aren't yet mature enough to handle it another way, and that it isn't your kids' or even the others' fault.

Minimizing transitions and heading off family disputes are each essential to a smooth move with children. Try and arrange visits to the new school and meetings with the new teachers before the school year or semester starts. When you have more than one child, make bedroom assignments in the new house as soon as possible to avoid sibling strife (comfort, privacy and age seniority are all issues of kid politics that it is sometimes easy for grownups to forget).

Above all, be open and patient. If you pay the right attention, you will be letting your children know that, move or no move, the most important people in their life aren't going anywhere.

Is now the time to refi????

2009-01-18T08:15:00.001-08:00

Are you in a loan just above 6% or higher? Many people are. When the mortgage rates were being sold as fixed a few years ago, they were all at or around 6%. If you had an adjustable rate, your were looking at a rate below 5% at times. Now, with the fed's new action to stimulate the economy and help spur housing re-sales, nice rate cuts have been made. In response to the many questions I have heard this past week, I have compiled a few stories from The California Association of REALTORS (R) below.

U.S. banks offer mortgages below 5% after Fed action
After the government started purchasing mortgage-backed securities, interest rates at some of the nation’s top banks started falling below 5 percent. On Jan. 8, JPMorgan Chase & Co. was offering 30-year mortgages as low as 4.75 percent on its Web site; Wells Fargo & Co. was advertising rates of 4.875 percent; and Bank of America Corp. at 5 percent. All posted offers were for borrowers with excellent credit – FICO scores of 720 and higher – and with a 20 percent down payment.

To read the full story, please click here:

http://www.bloomberg.com/apps/news?pid=20601213&sid=aQvKPt2cYGBs&refer=home

Fixed-mortgage rates fall below 5%
The average interest rate on 30-year, fixed-rate mortgages for the week ending Jan. 9, decreased to 4.89 percent from 5.07 percent, according to the most-recent survey from the Mortgage Bankers Association.

Credit restrictions, negative or minimal amounts of home equity, and high levels of outstanding debt have resulted in the denial of nearly 70 percent of borrowers’ applications to refinance.

To read the full story, please click here:

http://www.chicagotribune.com/business/chi-biz-mortgage-rates-below-5-percent-jan15,0,7714045.story

Lenders backlogged by refinancing rush
Lower mortgage rates have led to a flurry of homeowners seeking to refinance, but limited staff at many banks has resulted in processing and approval delays. Due to the large number of applications to refinance, Wells Fargo no longer is allowing its loan offers to lock in rates for less than 90 days. The 90-day lock is designed to allow enough time to close the loans.

The record-low rates that have led many homeowners to refinance are typically for 30-year, fixed-rate mortgages that meet the purchase requirements of Fannie Mae and Freddie Mac. Because so many factors determine the interest rate a borrower is actually offered, some banks may not post rates on their Web sites.

It is important to note that a lower rate accompanied by higher points and/or fees may not be the best option. Many times, a slightly higher rate with no points and/or fees is the better choice.

To read the full story, please click here:

http://www.washingtonpost.com/wp-dyn/content/article/2009/01/08/AR2009010803493.html

If you are looking to re-finance, I can put you into contact with an experienced, professional lender that will help you determine what you are qualified for. If you have an adjustable rate, the lender may advise for you to wait, as your ARM is related to prime, and prime has been cut (depending on your points, etc).

If you are a first-time buyer, conditions have NEVER been more FAVORABLE for you! Rates this low, combined with these severely discounted homes equal a wealth of opportunity for you!! BUY NOW AND LOOK SMART LATER!!!

As always, please contact me with any questions!!!

Stacy Dover
626-429-7361 CELL
626-963-9878 OFFICE

Housing crash spawns big lawsuits

2009-01-18T07:58:00.001-08:00

A flood of legal claims -- of fraud, discrimination, predatory lending and more -- has followed the sharp downturn in the real-estate market. Some borrowers are even seeking compensation for the hits to their credit ratings.
By David Koeppel, MSN Money
For nearly a year, Lori and Mark Pestana of Boston desperately tried to modify their home loan in hopes of avoiding foreclosure and eventual eviction. The Pestanas maintain that Washington Mutual ignored their mortgage-modification application and numerous attempts to contact bank officials by phone. In the end, the bank filed a foreclosure action.
Now the Pestanas are fighting back in court.
Will the fight be worth it?
Audio: 'Nightmare of phone loops'
For the Pestanas, and for thousands of other families in similar straits, the odds of succeeding in court are not very promising. That hasn't stopped folks from suing. Lawsuits against the mortgage industry began to skyrocket in 2007, when foreclosures began to increase. Claims of fraud, discrimination and predatory lending have been brought by players ranging from individual homeowners to wealthy shareholders and state attorneys general.
Owners were 'doing everything possible'
Suits against real-estate agents and appraisers have also been on the rise, though to a lesser extent than those against the mortgage companies, experts say.
Keith Gumbinger, a vice president at HSH Associates, a mortgage-information publisher in Pompton Plains, N.J., believes we're seeing only the beginning of a huge wave of mortgage- and real-estate-related lawsuits. He is skeptical about the merits of the suits.
Though Gumbinger believes some people filing suit were in fact victims of predatory lending, he thinks many others have only themselves to blame for their predicaments.
"Some people involved in these lawsuits may have self-inflicted wounds," Gumbinger says. "Borrowers who don't read documents or don't have someone to help them understand the documents can't absolve themselves of responsibility."
Suing for bad customer service?
Kevin Costello, an attorney with Roddy Klein & Ryan, a Boston law firm, and one of the lawyers representing the Pestanas, says the couple filed their lawsuit in August. Washington Mutual, which was seized by the FDIC in September and then sold to JP Morgan Chase, has responded by denying the claims in the complaint, but it did stop eviction proceedings against the Pestanas.
The lawsuit maintains Washington Mutual went back on its promise to "effectively and comprehensively review their modification application" and that the Pestanas' paperwork got lost in a bureaucratic "morass" until the foreclosure action was filed.
This type of problem isn't unusual, according to lawyers, mortgage brokers and homeowners.
"The left hand often doesn't know what's going on with the right hand," Costello says. He and his clients allege that groups within Washington Mutual weren't communicating as they should have.
Washington Mutual does not comment on continuing litigation, says Geri Ann Baptista, the bank's vice president of corporate communications.
"We are fully committed to helping our customers stay in their homes," she says. "We provide a variety of options aimed at helping customers with financial challenges succeed as homeowners. We believe foreclosure should be a last resort."
To qualify for a loan modification, the Pestanas were told they needed to show they were 50 days delinquent in their mortgage payments. They say they stopped making payments in October 2007 for that reason. Lori Pestana had lost a consulting job in February 2007, and the couple recognized that in order to keep the home they had purchased in 1999 they would need a modification of the mortgage terms. The Pestanas refinanced their home in 2004 with a $275,000 fixed-rate loan.
The couple are asking the courts not only to reverse the foreclosure but to award them unspecified monetary damages to compensate them for the impact on their credit rating. Costello says a class-action suit by Washington Mutual borrowers in Massachusetts is under consideration.
The city of San Diego is also suing Washington Mutual to stop the bank's foreclosures statewide. The city is seeking civil penalties and accusing WaMu of "unlawful, unfair or fraudulent predatory lending practices."
Elsewhere, California Attorney General Jerry Brown and attorneys general from 10 other states sued Bank of America's Countrywide Financial unit and pressured the lender into a settlement that could cut borrowers' mortgage payments by as much as $8.68 billion.
The settlement, which is aimed at borrowers with subprime mortgages, will temporarily cut interest rates, reduce balances and help borrowers refinance their loans.
The settlement doesn't let Countrywide off the hook. The FBI is investigating several of the former mortgage giants, including Countrywide, Washington Mutual, IndyMac, Fannie Mae and Freddie Mac, for possible mortgage fraud.
The number of mortgage fraud cases opened by the FBI has more than doubled since 2004, according to MortgageDaily.com, an online news site. In 2007, the agency had 1,204 fraud cases pending. As of August, there were 1,569 cases pending, compared with 436 in 2003. These numbers include cases against mortgage lenders and brokers, as well as appraisers and borrowers.
The FBI investigates only cases of at least $500,000. It claimed $595.9 million in restitutions and $21.8 million in recoveries in 2007.
Last year, there were 46,717 mortgage-fraud-related suspicious-activity reports filed with the FBI. This year, the agency projects there will be 60,000 such reports, a 28% increase.
There were 310 subprime-related federal civil lawsuits filed in the first half of 2008, compared with 297 for all of 2007. By comparison, the savings-and-loan crisis of the early 1990s spawned 559 federal suits, according to MortgageDaily.com. (This statistic doesn't include the thousands of cases filed in state courts by homeowners and attorneys general.)
In one such case, Brad Cohen of Las Vegas has filed a claim of fraud against his lender, Countrywide, and its local agent, Direct Equity Mortgage, the entity responsible for refinancing his home loan. Las Vegas has been among the cities hit hardest by the mortgage crisis. Now the lawsuits are mounting, and they're likely to keep coming for a while, says Cohen's attorney, Rob Cottle.
Cohen, 58, a former dairy worker, has been receiving Social Security disability payments for nearly 18 years. He has survived open heart surgery, a heart attack, 11 surgeries on his left leg, high blood pressure and diabetes. He refers to himself as "a walking time bomb."
In 2005, Cohen went to his lender to refinance the home he had bought for $119,000 in 1999. He says he was short of cash and needed money to pay off personal debts and medical bills.
He says his lender discouraged him from reading the entire 200-page loan agreement, noting that he and the lender had done business before. Cohen says he trusted that the loan officer was looking out for his best interests. He alleges information about his income on the loan application was falsified by the broker and that instead of a fixed-rate loan, he was put into an adjustable-rate mortgage. He also says his 740 credit score should have made him eligible for better terms than the subprime loan he was given.
In September 2007, Cohen's monthly mortgage payment rose from $1,700 to $2,500 -- more than he could afford to pay. Now he owes more than his home is worth. He faces foreclosure and possible eviction.
"I feel totally violated. I really do," Cohen says. "I trusted my agent to be straight with me. It was a matter of trust, and I shouldn't have trusted her. I thought she was working for me and looking out for my best interests. I need (the lawsuit) to put me into a position that will make me whole again."
Cohen says he wants to own his house free and clear, and wants a "sizable" settlement so he can be self-sufficient.
Cottle, Cohen's attorney, says his firm has been filing one lawsuit a week against brokers, agents and appraisers in the Las Vegas area.
"We see forgery, fraud, misrepresentation and bait-and-switch," Cottle says.
Shirley Norton, a spokeswoman for Bank of America, which purchased Countrywide in January, says, "We believe the allegations are without merit."
Robert Graham, an attorney for Direct Equity Mortgage,
disputes the allegations more vigorously.
"Direct Equity's position is simple," Graham says in a statement. "The plaintiff received a substantial benefit over the years through refinancing his home multiple times and taking equity out of his home each time. The plaintiff was speculating that his home's value would continue to climb to provide him with a continuous supplement to his income. . . . In this case the plaintiff had a degree of sophistication which will work against his claim in fraud or equity."
Graham adds that "personal injury attorneys are picking up the banner of homeowners in trying to obtain a financial recovery from mortgage lenders. For the consumer's sake, I hope they are paying more attention to the attorney retainer agreements than they did their mortgage closing documents."
Marc Savitt, the president of the National Association of Home Mortgage Brokers in McLean, Va., agrees there have been cases of outright fraud and discrimination against homebuyers, and he concedes the people responsible should be punished. But Savitt also believes homeowners need to accept responsibility and argues that a lawsuit isn't always a good answer.
"Trust but verify," Savitt says regarding individuals dealing with mortgage lenders. "In the end, you can only trust yourself. Get everything in writing and make sure the information is accurate. Shop around. Don't just go to one company. A big company doesn't mean an honest company."
Consumers need to be sure they understand the documents they sign, Savitt says. If they don't understand something, it's better to postpone the closing, he says. Savitt recommends that every contract be reviewed by an attorney.
Buyers who believe they've been wronged should contact their state regulatory agency or attorney general's office before suing, he says.
"Who really benefits from a class-action suit?" he asks rhetorically. "Just the lawyers."
In April, Marty Ummel of Carlsbad, Calif., lost a highly publicized case in which she and her husband charged they had been misled about home prices in their new neighborhood. They say a real-estate agent caused them to overpay for a home they otherwise wouldn't have purchased. Ummel says the agent feared they would pull out of the deal and that he would be out $30,000 in commission. The couple paid $1.2 million for their home and then discovered a similar residence nearby had sold for $105,000 less.
A San Diego County Superior Court jury ruled against the Ummels, saying the agent had not breached his fiduciary duties and had not been negligent.
The Ummels are appealing the verdict. Marty Ummel says their case was hurt by the portrayal of her as a woman who would "never be satisfied" with any home purchase. The jury heard that real-estate agents had shown her 60 homes before she settled on one to buy.
Walter Molony, a spokesman for the National Association of Realtors, says there are good reasons there have been few cases brought against real-estate agents and brokers. He says the blame for the mortgage mess belongs with the mortgage industry. Mortgage reps were "pushing a lot of snake oil" on consumers, he says, adding that many consumers were pushed into loans that were set up to fail.
"There's a lot of anger out there, and we are a litigious society," Molony says. "Thankfully, most are lashing out at the guilty party, the lending community."
Savitt, of the National Association of Home Mortgage Brokers, sees the blame game a bit differently.
"There are bad apples across the board," he says. "Brokers, lenders -- there are bad guys in every industry. We all need to take responsibility for the action of our peers. We have a responsibility to get them out of the industry."
Produced by Anh Ly
Published Nov. 13, 2008
Msn.com

Southern California Home Buyer’s Fair

2009-01-18T07:56:00.000-08:00

Whether you are a first-time home buyer, interested in moving from your current home to a larger one, or downsizing to a smaller house, you will want to attend the second annual Southern California Homebuyer's Fair. Presented by the CALIFORNIA ASSOCIATION OF REALTORS®, and sponsored by the Los Angeles Times, the free, two-day, event is designed to help consumers navigate today's real estate market with confidence and peace of mind.

The second annual Southern California Home Buyers Fair is scheduled for Saturday, April 18 and Sunday, April 19 at the Los Angeles Convention Center in downtown Los Angeles.

The event is free to the public, and will feature more than two dozen educational how-to seminars presented in both English and Spanish, including:

· How to Find and Work With a REALTOR®

· How to Qualify for a Home Loan

· How to Buy Your First Home

· How to Monitor and Fix Your Credit

· How to Avoid Mortgage Fraud

· How to Buy a Home in Foreclosure

· How to Invest in Real Estate

· Understanding the Home Inspection Process

· How to Avoid Foreclosure

· How to Save for a Home of Your Own

· What You Need to Know About Homeowner’s Insurance

The Southern California Home Buyer's Fair also will feature more than 65 exhibit booths where attendees can obtain information from industry experts about a vast range of programs pertaining to homeownership and the home-buying process.

For more information, please visit www.homebuyersfair.com/.

Coyote Watch!!!

2009-01-07T13:59:00.000-08:00

For those who live in foothill communities and deal with wildlife - I have a story for you!

Our neighborhood is just south of the foothills in Glendora and provides a comfy home to its residents. We are also an area near the old avocado groves and, of course, there are remnants of the trees around us. There are also many citrus trees left from the days of old, therefore, there is plenty of food for critters.

We currently have 2 coyotes that have moved into the backyard of our neighbor. The house is directly across from us. Our neighbor rarely goes into his backyard and has no pets of his own. Given the quiet seclusion of his yard, the coyotes have found a place to make a home - close to food and water sources.

Would it surprise you to know that despite many neighbor's witnessing the home these coyotes have made, and despite several calls to the Police Dept. and the animal control, we have all been told the same thing: There is absolutely nothing the police or animal control can or will do to deter the coyotes from inhabiting the yard.

Yes - nothing.

The advice several of us in the neighborhood have been given is this: Keep small pets inside. Do not let children play in the front yard. Keep a watch for them when entering the front yard. Do not let kids walk family pets down the street. And, if there is anything more we want done, we are to contact the Dept. of Fish and Game and ask them.My neighbor has scared the coyotes out of his yard, and we have seen them actually hop onto a block wall and jump down - yet they still return to the yard later on. Considering they feel at home in the yard, they seem to expect to be able to return.

So, as we near spring (ok, in a couple more months!) and we survey our area - if you are anywhere near the foothills, look closely! Look closely at the yards around you - look close at the yards of your neighbors and remember - it is up to you and your neighbors to make your neighborhood safe against coyotes! These animals will make a home where they can find food, water and shelter. Even though there are many dogs in our neighborhood - in fact all around this home I am writing about - the coyotes are not deterred. Coyotes are creatures of habit and will continue their nesting if they have undisturbed access to a comfortable area.

Just remember to be careful when you are out walking! Although coyotes usually run away from us and do not cause any harm, when they are establishing in neighbrhoods, it starts to become their territory. And of course, even though the police and animal control will do nothing to help, report it anyway.

What I know - without a doubt!

2008-11-13T20:55:00.000-08:00

If you watch the Oprah show, or read her magazine, you will be familiar with her line..."What I know for sure". She follows this up with timely bits of advice for social/relational issues and also basic matters relating to the human experience. Without totally taking Oprah's idea, I have to say that there are things I know....Without a doubt!!!

My mom had her work cut out for her when I was young. If I did not know the answer to something, I would ask, ask, ask...if I didn't like the answer, or think it was sufficient, I would push for a better answer. If I didn't like the better answer, and it was the truth, I would figure out a way to change it -- to make it right. My husband says to me these days, "Why do you feel the need to right every wrong?" This is usually in reference to a social issue. In this same vein, as a REALTOR (R) I feel compelled to let people know what I know ....without a doubt. This is how I can make right the wrong perceptions people have regarding the real estate industry.

I have spent the last several weeks looking at property in Fontana. And I mean a lot of property. I have worked with bank owned property locally as well (Glendora, La Verne) and I am seeing a real trend....Prices are still getting matched with multiple offers, and bank owned homes are especially selling for above the listed price. Why is this? I thought the financial world was a mess!? Well, irregardless of this, the world still has valuable assets for investment. Besides philanthropic ventures, there is always cold, hard cash investment in real estate.

Do you remember A Charlie Brown Christmas? When Lucy is asked what she wants for Christmas she answers, very matter-of-factly, "real estate". Now, we know what a smart alec she was, but she was also right a lot of the time.

So, as the year ends, and the stock market continues to surprise us each day....one thing remains....investing in real estate is a very smart long-term decision. Prices are down now, but sales are up...and prices will make a rebound, this I know ...without a doubt!

Financial Meltdown? Retirement Gone? What really matters?

2008-10-10T21:06:00.000-07:00

People who know me well -- and what you will learn about me around a campfire is this: I love modern society, but I crave a slower, balanced and traditional life. Recently, when around a campfire and playing a game, each person was asked a question, including this: What are two of your all-time favorite television shows -- shows that if you could only watch those two, you would forever watch them (this was the question, in not so many words). Well, again, my immediate family knows that the shows I choose are shows I can watch repeatedly -- Leave it to Beaver and The Brady Bunch (and coming in at a close third, Twilight Zone). What does this say about me? Volumes, I suppose!

Let's start with the society it portrays is so ideal to me -- it is nonexistent. I wanted my children to see a show where the adults were not portrayed as either stupid, or mean and disrespected and discounted. Even Eddie Haskel calls the Cleavers Mr. and Mrs. and says, "geez" instead of many phrases used nowadays. June is near perfect, Ward is essentially everything a dad and husband should be (without real depth, but you know what I mean, right?). The discipline used on the boys is caring, considerate, logical and loving. The boys usually respond with intelligent thought and regret after reviewing their actions. What a perfect world!

Then there's the good old Brady Bunch! No one is perfect, each person has one flaw, it is a blended family - yet each problem encountered is resolved quickly. Again, very logical responses to each child's issues are played out. Again, each parent has a style all at once wise and firm, yet loving and thoughtful -- oh, the perfect parents! And, yes, another series I have season boxed sets for....

So, my two top shows have some common threads: Family, respect, logical relational boundaries, somewhat predictable and stable societies, and a big one: Their HOMES are the MAIN SET for these shows. The Brady house lives into infinity in its popularity -- the Beaver House is on a perfect "lane" in Universal Studios - so perfect its set has been used for countless shows since, including the street facade of Wisteria Lane on a current popular show. Both shows center around the character's lives - their homes are the hub.

Because it has been said that the truest statement of a society is reflected in its art (I do not know who said that, but it is a common perception in art and sociology), these homes' in the shows provide a snapshot of our society and the role a home plays. A simple truth emerges, our homes are forever reflected in the story of our lives.

Now, with current housing prices falling, homes either not purchased yet (out of fear or concern), homes purchased and regret brewing, homes lost and sadness prevailing, I implore you to reflect on this basic truth: Home is where your story begins, continues and is written. Regardless of what your net worth is today or in 5 years (And I would bet it is much more in 5 years) REGARDLESS of any of this -- let's keep in mind that our homes are the stage for our lives. Whether we own or rent, the rooms around us will forever play a part in our memories, our children's' memories and perhaps our grandchildren....so, don't let the economy take your comfort and security away from you. Remember that your home will never be lost in your story -- and you have a responsibility to your family and society in general to place your home in high regard -- after all, it is where your story begins.

Best - Stacy

Economic Turmoil Causes Concern: But good news and hope always prevail!

2008-09-30T11:18:00.000-07:00

So, we have all heard the scary, negative facts right now regarding the country's economic situation. Some good news I have found:

Stocks are staging a strong recovery rally today, after an utterly awful session Monday. The markets, which had been up all day, surged even higher this afternoon on renewed hopes that Congress will pass a financial rescue plan this week.

At 1:43 p.m. ET, the Dow Jones Industrial Average was up 342 points to 10,707 after plunging a whopping 778 points Monday, its worst one-day point drop in its storied 100-plus-year history.

This afternoon, the Nasdaq Composite Index was up 77 points to 2,061 after plunging 200 points Monday. The Standard & Poor's 500 Index had added 45 points to 1,152 after losing 107 points in yesterday's session, the biggest drop ever for the S&P 500(From Msn.com)

August Home Sales are UP from 2007:
Glendora 91740:17 91741: 11
San Dimas: 7
La Verne: 18 !!!!!!!!!!1
Claremont: 34 !!!!!
Covina: 91722: 24; 91723: 7; 91724: 17!!!!!!!!!!!!!
(Data taken from county records)

Last, I still believe real estate is a wonderful investment. Real Estate is a safe place to "park" your funds, enjoy tax benefits and you have an almost guaranteed long-term return on your investment. Although prices have dropped, I still have not seen them at 2002 levels. If we looked at sales from 2002, we would not be able to compare and show the same price for a like property in Glendora. With the prices still lower than a few years ago, interest rates good and FHA loans a good option, this is still a wonderful time to invest in real estate.

Please call me or post any comments you may have. Also, any questions you have are welcome. These are uneasy times, but things will improve in the long-run -- they always do!

Honesty, Integrity...Service you can TRUST!

Stacy

Stock Market is up -- What now?

2008-09-18T20:14:00.000-07:00

As many of you may already know, it has been a whirlwind week for Wall Street. What is worrisome is that what happens on Wall Street does affect the folks on Main Street (i.e. average American's). Many people have come through open house's, called into our office and stopped to ask us REALTOR (S) what we think about the current housing market, what we think about Wall Street and the bailouts and the bank failures ....and all of that negative news. Responsible, repsected professional REALTORS (R) will all tell you this is something we all watch closely, but that regardless of the topsy-turvy bank situations and the misgivings people are having about the stock market, real estate sells are UP. The prices are down, but the existing home sales has exceeded that of last years' numbers.

Stability in the housing market is coming. The insecurity first time home buyers and also current homeowners have had can be relaxed. Here's what the professional REALTORS (R) all know, and what we are trying to tell the world:

1. Price your house right to sell fast. We are seeing multiple offer situations in homes priced right. This may be less than what you would have done last year, but it still will sell. Remember, if you have not already spent the dollars you perceived as yours through equity, you have lost nothing.
2. Sellers are looking for good offers - not total low-ball offers. Which means, buyers, do not expect a total liquidation of housing through bargain basement prices. If you are looking for the bottom of the market -- stop! You will not know the bottom until prices go back up. Remember: Prices have dropped, but not everyone selling is in a default situation. Those sellers that can wait, will.
3. And those sellers that wait, if you do not want to sell now, for your perceived price, and you can hold on a 2-3 more years....Guess what! I think you will be safe.
4. Buyers: If you have been waiting, things do not get better! Prices are low, interest rates are historically low (still BELOW 6%) and FHA loans are big. Coupled with the federal tax credit for first time home buyers, this is the best year to buy -- better thany any in recent memory.
5. Buyers and Sellers: Remember - a home is a long-term investment. Do not expect to "cash out" big if you are selling now and bought less than 5 years ago. Buyers, do not expect that golden deal -- that needle in the haystack foreclosure -- the deals are out there -- but they are getting multiple offers. The time is now! Do not hesitate!

As always, if you or anyone you know needs any real estate advice, please send them my way.

Honesty, Integrity...Service you can TRUST!!!!

Stacy

How will the Fed Take Over of Fannie and Freddie Affect You? Read on...

2008-09-09T14:03:00.000-07:00

This is a posting from MSN Money and Bankrate.com

How the Fannie and Freddie takeover affects you
The feds want mortgages to remain available at good rates to creditworthy borrowers. That's good news. But don't expect easier jumbo mortgages or home equity loans.

The government takeover of Fannie Mae and Freddie Mac is designed to put downward pressure on mortgage rates and to ensure that home loans remain available.

Those goals are made crystal clear in the statements made by public officials.

The primary mission of the two mortgage giants "now will be to proactively work to increase the availability of mortgage finance," says James Lockhart, who will temporarily govern Fannie and Freddie.

Lockhart, head of the Federal Housing Finance Agency, adds that his agency will examine Fannie's and Freddie's fees "with an eye toward mortgage affordability."

Treasury Secretary Henry Paulson says the government has three objectives: "market stability, mortgage availability and taxpayer protection." That's another signal that the government wants mortgages to remain available, at good rates, to borrowers with a low risk of default.

Jim Sahnger, a mortgage broker with Palm Beach Financial Network in Stuart, Fla., says, "The good news for the consumer is that money will still continue to flow, provided you have the ability to qualify."

Dean Baker, an economist with the Center for Economic and Policy Research, a think tank in Washington, D.C., says, "I think that the immediate impact will be somewhat positive. You'll see some drop in mortgage rates because it'll decrease the uncertainty" that had pushed mortgage rates up this summer.

Baker says he can imagine a drop in mortgage rates of around a quarter of a percentage point, give or take about 5 basis points. A basis point is one-hundredth of a percentage point. "It's something," he says. "It's not going to make a huge difference."

It's hard to guess the timing of such a rate decrease. Baker says it might happen as soon as today, but possibly later, as people in the mortgage industry scratch their heads and assess the federal government's plan. "Probably we're talking inside of two weeks," Baker says.

Sahnger agrees that rates will fall soon. "There will be an immediate impact as far as rates," he says. "I think rates are going to improve modestly at the beginning."

Mortgage rates are expected to fall because the Treasury Department will buy mortgage-backed securities. Here's why rates would fall as a result of the Treasury buying mortgage-backed securities:

When investors buy bonds, they have a wealth of choices. They can buy U.S. Treasury bills and notes, or corporate debt, or bonds from state and local governments. Or they can buy mortgage-backed securities, which behave much like bonds. Mortgage-backed securities are known as MBS in industry shorthand.

Fannie and Freddie guarantee the mortgage-backed securities that they issue, and those securities are deemed quite safe as investments. Not as safe as Treasury notes, but relatively safe. Fannie and Freddie are government-sponsored enterprises, or GSEs, and for decades they had implicit government backing. That backing is now explicit.

In the past few months, investors have rushed to the safety of Treasury notes and haven't been as eager to buy mortgage-backed securities. The lessened demand caused the prices of mortgage-backed securities to go down. When bond prices fall, bond yields rise, and that's what happened with mortgage-backed securities. As yields went up, so did mortgage rates. The difference, or spread, widened between Treasury yields and mortgage-backed securities.

Now that the Treasury will buy mortgage-backed securities, their prices should rise because of the greater demand. (The same thing would happen if the federal government bought, say, boxcar loads of sugar. You would expect sugar prices to go up.) When bond prices rise, yields drop -- so mortgage rates should follow.

Lockhart, whose department will run Fannie and Freddie, describes this succinctly when he says, "As the GSEs have grappled with their difficulties, we've seen mortgage rate spreads to Treasurys widen, making mortgages less affordable for homebuyers. While the GSEs are expected to moderately increase the size of their portfolios over the next 15 months through prudent mortgage purchases, complementary government efforts can aid mortgage affordability. (The) Treasury will begin this new program later this month, investing in new GSE MBS."

The government's action will have a beneficial effect on some mortgages, but not all. It will have little or no impact on jumbo mortgages -- home loans for large amounts. (The definition of a jumbo loan varies, depending on house prices in each metro area. A jumbo is a loan of more than $417,000 in much of the country, and is higher in more expensive housing markets -- up to $729,750 in places such as Los Angeles.)

Because jumbo mortgages are perceived as riskier, their rates have been unusually high for the past year. Historically, jumbo rates had hovered about a quarter of a percentage point above the rates for mortgages backed by Fannie and Freddie. Now they're about a full percentage point higher, and that gap is unlikely to narrow soon.

The government's bailout of Fannie and Freddie won't affect rates on home equity loans or home equity lines of credit, either.

This article was reported and written by Holden Lewis for Bankrate.com.

Happy (almost) Fall!

2008-09-02T05:05:00.002-07:00

Labor Day is officially over and the traditional countdown to fall -- then Christmas -- has begun in our house! Target and Longs are slowly bringing out the holiday candy! It is easy to celebrate when holidays are approaching -- and there is still much to celebrate with the new housing bill.

Read below in my past posts for specific information regarding many great incentives for first-time buyers. If you have been on the side-lines - waiting for the prices to "bottom-out" - rest assured, they are very low and more people are taking note. There is a saying in real estate -- "One never knows the bottom of the market until prices start to go back up". Now is the best time to think seriously if you would like to buy and take advantage of the many TAX benefits! Some people never see an income tax RETURN until they are homeowners! This may be the time to guarantee that spring-time return.

Owning a home in southern California is at times difficult to keep up with -- but I also know rents are NOT declining -- and there are not tax benefits to renters. We have a wonderful community and it makes sense to invest in it!

Call me or email me with your housing questions! I am always here to help!

Happy Fall -- Happy Househunting -- Happy tax deductions!

Stacy

Honesty, Integrity...Service you can TRUST!

First Time Home Buyer Tax Credit is RETROACTIVE

2008-08-25T11:45:00.000-07:00

If you or anyone you know has purchased a home anytime after April 9, 2008 and is a first-time home buyer (which is defined in this case as an individual who has not owned a primary home at any time during the past three years) THIS IS A WONDERFUL INCENTIVE!!!

Please go to this website for more information on the RETROACTIVE first-time home-buyers tax credit of up to $7,500! http://www.era.com/erabuy/homebuyers_taxcredit.html

This is yet another incentive for first time homebuyers!

A few FHA Facts

2008-08-19T15:24:00.000-07:00

The following information is taken from FHA.gov

Sustainable, Affordability Homeownership

Hope for Homeowners maintains FHA’s long-standing requirement that new loans be based on a family’s long-term ability to repay the mortgage. FHA only allows owner-occupants to be eligible for FHA-insured mortgages. Borrowers must also meet the following eligibility criteria:

Their mortgage must have originated on or before January 1, 2008;
Their mortgage debt-to-income must be at least 31 percent;
They cannot afford their current loan;
They did not intentionally miss mortgage payments; and
They do not own second homes.
Features of FHA-insured loans under the new program include:

30-year, fixed rate mortgage;
Maximum 90 percent loan-to-value ratio;
No prepayment penalties;
$550,440 maximum mortgage amount;
Extinguishment of any subordinate liens; and
New home appraisals from FHA-approved appraisers.
HUD, Treasury, FDIC and the Federal Reserve will form the Congressionally-mandated Board of Directors and work together to establish additional program standards.

Voluntary Lender Participation

FHA will continue to offer lenders an alternative to foreclosing on borrowers. Similar to FHASecure’s recent expansion, lenders will be encouraged to write-down the outstanding mortgage principal balances to 90 percent of the new value of the property. In many cases, reductions in principle will cost lenders less than the losses associated with foreclosure.

Market Stability and Liquidity

By continuing to slow the rate of foreclosures, this program will support FHA’s existing effort to stabilize local housing markets. From September 2007 to June 2008, FHA has guaranteed more than $93 billion of mortgage capital.

Funding

FHA will insure up to $300 billion in new loans. Borrowers will pay an upfront premium of 3 percent of the original mortgage amount and an annual premium of 1.5 percent of the outstanding mortgage amount. Any additional costs incurred by FHA will be reimbursed by Fannie Mae and Freddie Mac.

Program Timeline

The program will last from October 1, 2008 through September 30, 2011. Since September 2007, FHASecure has helped more than 290,000 families obtain safer, more affordable mortgages. FHASecure is on pace to help 500,000 families by the end of the year.

Homeowner Tax Breaks as reported by the LA Times

2008-08-19T15:14:00.003-07:00

Homeowners get tax breaks in housing bill
The Housing and Economic Recovery Act doesn't only stave off foreclosures and help troubled lenders. First-time buyers, older homeowners and others also benefit.
Kathy M. Kristof
Personal Finance

August 10, 2008

Tax breaks for owning real estate are undergoing another shift, thanks to the Housing and Economic Recovery Act recently signed into law by President Bush.

The main focus of the bill was on its provisions to stave off foreclosures and to bail out mortgage giants Freddie Mac and Fannie Mae. But there are also measures of interest to people with vacation homes, first-time home buyers or those planning to buy a home who haven't owned one in three years, and homeowners who don't itemize their federal tax returns.

Here's a rundown:

Vacation homes

The housing bill closes a provision that some people with vacation homes had used to avoid paying tax on the appreciation realized on their vacation properties when they sell.

You might wonder: What does this have to do with solving the housing crisis? Nothing, really; it is designed to raise revenue and help pay for the other tax breaks in the bill.

The provision has allowed someone with a vacation home to get a tax break, providing he or she is willing to live in it for at least two years before selling it.

Under current law, taxpayers can exclude up to $250,000 per person, or $500,000 per couple, in gains on the sale of a personal residence from federal tax.

Because tax law defines a personal residence as the place where the taxpayer has lived for two of the last five years, people with vacation homes can move in for two years, sell the home and then move back to their primary residence.

But starting Jan. 1, 2009, taxpayers can exclude only the portion of the gain that corresponds to the "qualified use" of the home. That means the taxpayer will have to divide the number of years lived in the residence by the number of years it was owned to figure out what percentage of the gain is tax-free, said Mark Luscombe, principal tax analyst with CCH Inc., a Riverwoods, Ill.-based publisher of tax information.

Here's an example: If you bought the house in 2009 and owned it for 10 years but lived in it for just two, only two-tenths of the gain would be tax-free.

Even if the home appreciated in uneven fashion (as homes often do), the tax law says you have to act as if the appreciation was earned evenly throughout the time period that you owned it.

The good news is that Congress also put in a generous transition period, he said. Only the period following the law's 2009 start date will count in the "non-qualified use" portion of the home-sale calculation.

So if you bought the house in 2000 and moved into it in 2010, selling in 2012, you would pay tax on only two years of appreciation after the law's start date but before you moved in -- the non-qualified use in 2009 and 2010.

That makes it time to get packing, said Bob Scharin, senior tax analyst with the tax and accounting business of Thomson Reuters, about the change: "If you move in before the end of 2008, the law will not affect you at all," he said.

A 'credit' you must repay

The housing act also ushered in two new tax breaks for homeowners.

The most widely touted was one that provides a tax "credit" of $7,500 for couples and $3,750 for married couples filing separately for first-time home buyers. But the credit is really an interest-free loan, not a credit in the traditional sense of the word, Luscombe said. It must be paid back in equal installments over a 15-year period.

Saying the credit is for first-time home buyers is also a misnomer. Anyone who hasn't owned a home for three years before purchasing the home can qualify.

Before that "look-back period," they could have been Donald Trump and it still wouldn't matter.

"You could have owned many homes in your lifetime, as long as you didn't own a home in the three-year period prior to the purchase of the home to which the credit will apply," Scharin said.

There are income limits, however. Only singles earning less than $75,000 annually and married couples earning less than $150,000 annually can claim the full credit.

Once income exceeds those thresholds, the maximum credit is reduced until it is eliminated for singles earning $95,000 and married couples with $170,000 or more in income.

The credit is also temporary. It is available only for homes purchased April 9, 2008 through July 1, 2009.

One-time deduction

There are fewer strings attached to a new tax deduction for homeowners who don't itemize deductions. The tax law gives non-itemizers a write-off to compensate them for any state and local real estate taxes they pay. The deduction is the lesser of the amount of that tax, or $500 for single filers or $1,000 for married couples.

But this deduction is available for only one year -- 2008.

This deduction is aimed at helping older homeowners, who may have already paid off their mortgages and thus don't have enough deductible expenses to itemize. It is meant to help them through today's tough economy.

Kathy M. Kristof welcomes your comments but regrets that she cannot respond to every question. Write to Personal Finance, Business Section, Los Angeles Times, 202 W. 1st St., Los Angeles, CA 90012, or e-mail kathy.kristof @latimes.com. For past Personal Finance columns, visit latimes.com/kristof.

Homeowner Tax Breaks as reported by the LA Times

2008-08-19T15:14:00.001-07:00

LA TIMES REPORTS TODAY Southern California home sales jump 13.8% in July

2008-08-19T15:11:00.000-07:00

Posted from the LA Times

Southern California home sales jump 13.8% in July
The year-over-year increase, spurred by falling prices and foreclosures, is the first since September 2005. Los Angeles County sees a slight drop in sales.
By Annette Haddad
Los Angeles Times Staff Writer

August 19, 2008

Southern California home sales rose last month for the first time in nearly three years, as steep discounts lured buyers back into a market where values have tumbled 31% over the last year.

Sales volume was up 13.8% overall from a year earlier, with Riverside County leading the way with a 48.6% jump, MDA DataQuick reported Monday. Los Angeles County was the exception, posting a 3.2% decline.

The rise is being driven in part by buyers like Andre and Jody Ocampo, who attended an auction of 250 foreclosed homes at the Riverside Convention Center on Sunday, looking for a bargain.

After just three minutes of bidding, they became buyers of a Lake Elsinore home -- offering $385,000 for a house that had been appraised just a couple of years ago at nearly $700,000.

The Ocampos said they weren't worried that prices would continue falling, as most real estate experts predict, because they plan to live in the home and not resell it for a quick profit.

"We've been building our nest egg and waiting for the right opportunity," Andre Ocampo said. "Our goal is to move in and make it our home, and wait out the market."

Overall, 20,329 homes in the six-county region closed escrow last month, MDA DataQuick said, for the first increase in Southland sales since September 2005.

G.U. Krueger, an economist with Irvine-based real estate advisory firm IHP Capital Partners, said the uptick was evidence that the "price mechanism is working" -- that is, lower prices are bringing buyers back into the market.

But he and other experts believe that prices will take months to hit bottom, citing the wave of foreclosures and the tightening of lending standards because of the continuing credit crunch.

"Higher sales are great, but foreclosures are still high and people need to appreciate that more discounts may be coming," Krueger said.

Los Angeles County, the one exception to the trend, hasn't been hit as hard by foreclosures and has relatively fewer discounted homes for sale. That's probably why it saw a slight decline in sales instead of the increase seen in neighboring counties, said John Karevoll, MDA DataQuick's chief analyst.

The median home price in Southern California last month fell 31.1% to $348,000 from $505,000 in July 2007, DataQuick said, the lowest level since February 2004, when the region was in the frenzy of the housing expansion. The decline ranged from 25.6% in San Diego County to 35.2% in San Bernardino County.

The decline is being exacerbated by record numbers of homeowners defaulting on their mortgages each month, with most of the homes ultimately being repossessed by the lender and sold at a discount.

The market is also being weakened by "short sales," in which homeowners price their homes for less than what they owe on their mortgages in hopes of avoiding foreclosure.

In addition, most lenders have tightened their standards, eliminating many potential home buyers who might have qualified for a loan during the boom.

There is also concern about the health of mortgage finance giants Fannie Mae and Freddie Mac, which buy the bulk of the nation's home loans. Speculation that the two companies may be facing a government takeover helped trigger a sell-off on Wall Street on Monday.

But with buyers returning to the marketplace, lenders that got burned after approving risky mortgages and that then retreated are becoming slightly less wary these days, some loan brokers and real estate agents say.

"There are a lot of good, well-qualified people out there," said Mitch Ohlbaum, president of Legend Mortgage Corp. in Los Angeles. "People feel, 'OK, I can put down 10% or 20% and do this and the payment will be OK, even with a 30-year fixed mortgage.' "

For bargain hunters like Dale Smet of Santa Clarita, the timing is perfect.

"I've been waiting for this market," he said.

Smet, who works in marketing for Southern California Gas Co., said he carefully conserved an equity line of credit during the boom years, which he tapped to pay $300,000 cash last month for two foreclosed condos near his house.

And that was after being outbid on a handful of other bank-owned homes in the Santa Clarita area.

After a 15-day escrow, Smet did the necessary cosmetic repairs himself and said he had no trouble finding renters willing to pay about $1,500 a month for each unit. He hopes eventually to take a first mortgage on each with monthly payments that he figures would be less than his rental income.

"This isn't risk free. But I don't care if home prices go down," Smet said. "I'll just buy more."

Smet acknowledges that the housing downturn's drag on the broader economy could accelerate, putting his job at risk.

"That's definitely a weak link. The job situation is always an issue," he said.

Andre Ocampo, the buyer of the Lake Elsinore home, has seen firsthand how falling home prices can affect one's livelihood.

His Huntington Beach company, South Shore Extermination, boomed as rising home sales fueled demand for termite inspection and control work.

With the downturn, business fell off. But Ocampo and his wife waited patiently, building their credit and saving their money.

After hearing about the auction, he and his wife scoped out a place they knew would be on the block -- a 2,100-square-foot ranch-style house on two acres near their rental house in the Rancho Capistrano neighborhood.

They liked the place enough to brave the crowds of professional investors and enter a live bidding war for the home, which had an opening price of $189,000.

"We did all our due diligence and this made sense to us," Ocampo said.

"Everything is possible right now; we worked hard to get our ducks in a row."

annette.haddad@latimes.com

--------------------------------------------------------------------------------

Pending Home Sales Rise -- According to the National Association of REALTORS (R)

2008-08-11T13:12:00.000-07:00

The following article is a direct copy of an article posted at realtor.org:

Pending Home Sales Rise, Wider Gains Anticipated as Buyers tap Housing Provisions
WASHINGTON, August 07, 2008

Some improvement is projected for existing-home sales in the months ahead, with broader gains seen by the fourth quarter as buyers take advantage of new provisions provided through the recently passed housing stimulus bill, according to the latest forecast by the National Association of Realtors®.

The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in June, rose 5.3 percent to 89.0 from a downwardly revised reading of 84.5 in May, but remains 12.3 percent below June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said sales have been in a pattern of rising and falling within a fairly narrow range. “The vacillation of data from one month to the next indicates a housing market in transition,” he said. “The rise in pending home sales was broad-based with all four regions showing gains. This is welcome news because a rise in contract activity is necessary for an overall housing recovery. With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009.”

The PHSI in the South jumped 9.3 percent to 92.4 in June but is 16.6 percent below June 2007. In the West, the index rose 4.6 percent to 101.0 in June but remains 1.7 percent below a year ago. The index in the Northeast increased 3.4 percent to 79.6 but is 15.4 percent below June 2007. In the Midwest, the index rose 1.3 percent in June to 79.6 but is 13.3 percent below a year ago.

Sales gains have been consistently strong in recent months in Sacramento, Calif.; Las Vegas; and Ft. Myers, Fla., where affordability conditions have greatly improved.² The pickup in contract signings appears to be broadening with many affordable markets in mid-America now showing year-over-year gains, including Columbus, Ohio; Charleston, W.V.; Oklahoma City; and Colorado Springs, Colo. Pending sales have fallen significantly in Texas markets and in the Pacific Northwest - two regions with very strong local economies.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the housing stimulus package will provide long-term relief. “Provisions to stem foreclosures are helpful, but a greater lift to the economy should come from higher mortgage limits, enhancements to the FHA loan program and the first-time home buyer tax credit,” he said.

“These are excellent tools that will help buyers get into the market to take advantage of the unprecedented drop in home prices in many areas, as well as a wide selection of inventory, to make an investment in their future,” Gaylord said.

With roughly 2.5 million first-time home buyers taking advantage of the temporary tax credit, existing-home sales are likely to rise 7.0 percent to 5.51 million in 2009 from a expected total of 5.15 million this year.

Yun said home prices did not fall as much as anticipated in the second quarter. “Buyers entering the hardest-hit markets, in some cases with multiple-bid offers, may have put a floor on prices,” he said. “ In addition, rising commodity prices and higher construction costs have resulted in a very unusual market today with existing-home prices being less than replacement building costs in some areas. Home prices are projected to increase 3 to 6 percent in 2009.”

“Builders need to further cut production to help trim inventory. However, new-home sales are expected to bottom around the second quarter of next year with slight gains in the second half of 2009,” Yun said. New-home sales are forecast to drop 8.8 percent to 464,000 in 2009 from 509,000 this year. Housing starts, including multifamily units, should fall 8.8 percent next year to 795,000 from 960,000 in 2008.

The 30-year fixed-rate mortgage, which also has been vacillating, is likely to trend up to 6.5 percent by the end of 2008, and then hold at that level for most of next year. NAR’s housing affordability index is forecast to remain favorable this year, averaging 13 percentage points higher than in 2007.

Growth in the U.S. gross domestic product (GDP) is expected to be 1.7 percent this year and 1.5 percent in 2009. The unemployment rate is projected to average 5.5 percent in 2008 and 6.0 percent next year.

Inflation, as measured by the Consumer Price Index, is seen at 4.1 percent in 2008 and 2.6 percent next year. Inflation-adjusted disposable personal income is estimated to grow 1.7 percent this year and 1.1 percent in 2009.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

¹The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

²Market information is from unpublished snapshot data; please contact your local association of Realtors® for more information.

Second quarter metropolitan area home prices and state home sales will be published August 14. Existing-home sales for July will be released August 25; the next Forecast / Pending Home Sales Index will be released September 9

Shoppers Beware!

2008-08-01T23:22:00.000-07:00

I am writing this post very late on Friday night as a reminder and a warning!

Tonight me and my family went to the Santa Anita Mall to take advantage of some good sales for pre-back-to-school shopping. We took a pretzel break, just outside of Nordstrom. We went back into Nordstrom and my husband and I divided and conquered departments -- each with 1 or 2 kids to make things go faster.

As I was ready to pay for a purchase, I realized I did not have my purse. Now, my purse is the keeper of all things, not the least of which a diaper and wipes, social security cards, my credit cards and my husbands, 2 ATM account cards and 2 check books. Let's see, I also had my Suprakey (a lock box device which allows me to access all homes with a lock-box). I recalled that since I had paid cash for the pretzels, I had my purse and my husband saved our little table. As I went back to my family, I hung my purse over the chair (I usually put it in the stroller basket). This time, I was distracted by one child needing one thing and a toddler needing something else. So, on the back of the chair it hung. I recall getting out of the chair to leave and eyeing my purse as I buckled my daughter into the stroller. Before I knew it, my husband and I decided to strategize our last hurrah into Nordstrom and as I began to take command of the journey and part ways with my husband and one child, I left my purse behind.

Fast forward to me arriving back at the table and realizing my purse was gone! After doing the necessary report at the information kiosk and visit every retail store in the vicinity - to no avail, I met up with my husband and reported my mistake.

As we talked through the possibilities, my credit cards were the least of my worries; I realized my kids social security cards, pictures, and lock box key were all at the disposal of someone out there. I tried not to panic. My oldest son prayed.

Fast forward to an hour later and my bank ATM cards cancelled and a very nice Arcadia Police crew taking me to Nordstrom, where my purse was returned. The thieves had rummaged through it all, taken my $40 in cash, 2 ATM cards and an American Express card and called it a day. My purse was found in the parking lot outside of Nordstrom with everything laying around it. A couple of shoppers were nice enough to bring it inside and return it to the Customer Service Dept. As the officer said, "Well, $40 and you get your purse back". Not bad at all, I say.

One thing I have to say, though, is he mentioned that my credit cards were in my purse, but they now had my name, address and phone # and all these thieves needed were my credit card numbers and they could have a go at all that was in my name. VERY SCARY. This incident is the first to happen to me -- but as the police said, Identity Theft is the biggest crime right now. So, I have a couple of logical tips for all those women (and men) who keep their identities and lives in their pocketbooks:

1. Take only what you need.
2. Downsize to a very small bag and do not carry checks, extra cards or social security information.
3. Use cash -- Debit card fraud is on the rise -- big time! The thieves immediately took my card to a gas station across from the mall. The officer said the first thing they would do was get gas! And they did!!!!!!!
4. A personal one -- do not carry pictures of loved ones. We do not want people that steal our purse to have our address and pictures of our kids.
5. If you work in the Real Estate industry do not carry a lock box key with you unless you are on duty. This is a valuable and priceless tool. If this was in the wrong hands, it could be bad. Of course, Supra can cancel the key ASAP, but it is not worth the risk.
6. Never hang your purse over a chair. It is liable to get stolen or forgotten and then stolen.
7. In short, don't do what I did!

All that said, get yourselves a small purse and play it safe!
Stacy

President Bush Signs the Historic Housing Bill! Read on!

2008-07-30T12:56:00.000-07:00

This message taken from an email sent out by the California Association of Realtors and sent to all members:

This morning President Bush signed the "Housing and Economic
Recovery Act of 2008." For the past several years, C.A.R. and
the NATIONAL ASSOCIATION OF REALTORS� have aggressively lobbied
for Congress to pass numerous provisions found in this historic
bill. Many of you participated in these efforts by communicating
with your Members of Congress.

Thank you to all of you who responded to these Calls-for-Action.
Your efforts have made a difference. This federal housing bill
is a significant move in the right direction for California
homeowners. It will aid in stabilizing our economy and help stem
foreclosures, while also providing support to first-time
homeowners.

The legislation will assist an estimated 400,000 homeowners
facing foreclosure, many of whom reside in California, by
allowing them to refinance their current mortgages with a
Federal Housing Administration (FHA)-backed loan. The bill also
will permanently increase FHA, Fannie Mae, and Freddie Mac loan
limits in high-cost areas.

The bill permanently increases the conforming loan limit to
$625,500. C.A.R. has long advocated for higher conforming loan
limits. In February, the Economic Stimulus Act of 2008 was
signed, temporarily raising the conforming loan limit in
high-cost areas to $729,750 from $417,000 until December 31,
2008.

Although we would have liked Congress to make permanent the
current $729,750 loan limit, C.A.R. is pleased with the new
permanent loan limit of $625,500. It will allow California
homeowners to refinance their loans into safe affordable loan
products and allow first-time home buyers to enter the market.

The new loan limits for Fannie Mae and Freddie Mac are the
greater of either $417,000 or 115 percent of an area�s median
home price, up to $625,500. The new FHA loan limit will be the
greater of $271,050 or 115 percent of an area�s median home
price, up to $625,500. Both new loan limits will be effective
at the expiration of the economic stimulus limits on December
31, 2008.

C.A.R. also supports the following bill provisions:

A temporary increase in mortgage revenue bonds to refinance
subprime mortgages.
New regulator for Government Sponsored Enterprises to restore
investor confidence in GSE loans and help the market and economy
stabilize.
First-time home buyer tax credit, which allows first-time home
buyers to receive a tax refund worth up to 10 percent of a
home�s purchase price, up to a maximum of $7,500. The refund
serves as an interest-free loan and the homeowner is required to
repay it in equal installments over 15 years.
Temporary raise in the loan limit for the Veterans Affairs home
loan guarantee program to the same level as the economic
stimulus limits until the end of 2008.
Adjustment to the Foreign Investment in Real Property Tax Act of
1980 (FIRPTA), allowing sellers to provide the non-foreign
affidavit to a qualified closing entity and not just the buyer.
The setting of minimum requirements for mortgage originators,
which mandates fingerprinting of loan originators and
establishes a nationwide loan originator licensing and
registration system. The requirements do not apply to those only
performing real estate brokerage activities unless they are
compensated by a lender, mortgage broker, or other loan
originator. States will have the ability to implement more
stringent laws.
The creation of a National Affordable Housing Trust Fund to help
cover the cost of the FHA rescue plan for the first five years
and develop affordable housing in subsequent years.

Other provisions in the legislation:

The Treasury Department�s proposal to create a federal backstop
program to insure the financial well-being of Fannie Mae and
Freddie Mac.
The FHA�s inability to insure loans that utilize a seller-funded
down-payment assistance program. Down-payment assistance from
family, employers and other nonprofits is still allowed.
The Community Development Block Grant Programs� $4 billion
allotment for communities to purchase and refurbish foreclosed
homes.

What do you think about this bill? Send me comments to be posted at a later time!
Stacy.dover1@era.com

Anyone you know sitting on the fence waiting for the right time to buy - tell them this IS THE TIME TO BUY!!!!!!!!!!!

- Stacy

THIS JUST IN!!!! NEW HOUSING BILL SIGNED OFF!

2008-07-24T13:00:00.001-07:00

This just in from the California Association of REALTORS (R)

PRESIDENT BUSH DROPS OPPOSITION TO HOUSING BILL EXPECTED FOR A FULL VOTE TODAY!!!!!!!!!!

The White House today said President Bush has dropped his opposition to a sweeping housing bill aimed at shoring up the nation's troubled mortgage companies and assisting homeowners facing foreclosure.The measure, which includes a federal assistance plan for the ailing mortgage giants Fannie Mae and Freddie Mac, also calls for $3.9 billion to pay for grants to help local governments purchase and refurbish foreclosed properties, the component of the measure Bush opposed. Foreclosed properties are becoming a significant financial drain on local municipalities, driving down home values in nearby neighborhoods, creating blight, and impacting the cities' property tax reservoirs.The measure also would permanently increase the cap on mortgage loans guaranteed by Fannie and Freddie to a maximum of $625,000 from $417,000.

More Good News!

LeadingRE Housing Beat: Sluggish but We See Light at the End of the Tunnel
CHICAGO (7/16/08) – A survey of Leading Real Estate Companies of the World® brokers in early July indicates some easing of adverse conditions in the housing market, with 59% of respondents from throughout the country indicating that they are seeing a stronger market in the last 60 days, even after factoring in normal seasonal changes.
Overabundant supply has been one of the hurdles in the market, and nearly 20% of brokers are seeing a decline in inventory from a year ago, which has not been the case in the last several months. While the vast majority (82%) indicates that prices are down in the past year, 75% of those indicated that the decline was less than 10%, and 33% indicated a decline of under 5%.
Interestingly, with all of the focus on foreclosures, only a third said that such properties have had a significant impact on prices in their area, which is consistent with the fact that the majority of foreclosures are occurring in about eight states.
Experiences were mixed in terms of which market segments were the slowest in this environment, with 31% indicating the mid-range “move-up” market, 55% pointing to the high-end market, and 13% saying that the first-time buyer market is the most sluggish.
Respondents were from all areas of the country: Southeast 38%; Northeast 29%; Midwest 17%; Southwest 14%; and Western states 6%.
The Leading Real Estate Companies of the World® (LeadingRE) network is comprised of nearly 700 of the top locally-branded companies in the country, with 5,500 offices and annual homes sales of $370 billion in 2007, more than any national franchise brand. The organization also has members in 38 countries abroad.
“We believe our affiliates represent a good cross-section of the U.S. brokerage community because many of these firms are the market leaders in their areas and encompass a large number of transactions. The findings from this month’s ‘Housing Beat’ survey mirror what others in the industry are reporting – that we are not out of the woods yet, but that inventory is beginning to be absorbed, financing difficulties have eased, sellers are more realistic about pricing and buyers are growing impatient with waiting to purchase their next home.”

As always - please feel free to call or email me anytime with any questions you have!

Happy House Hunting!

Stacy

Summertime is in Full Swing! What Have You Done for FUN?

2008-07-21T23:15:00.000-07:00

Summer's here and the weather has been wonderful these past few days in southern California! It is a wonderful time to look around and see what we all around us and be very thankful! We have had a very warm summer, but the past few days have been pleasant! Glendora has kicked off summer in the usual events -- all which are fun and "free" for everyone! If you have not left town --remember the city of Glendora offers free movies in the park at dusk on Wednesdays through July . Thursday's we have our Farmer's Market just south of Foothill Blvd. on Glendora Avenue. There are also concerts in the park every Sunday evening. There are also plenty of church camps and community services classes and camps to keep everyone busy! It seems we are as busy now as we were during the school year!

This past Sunday I held an open house at my listing in La Verne and the mild weather -- 89 degrees -- with a mild breeze -- brought out a lot of buyers. If you are looking to buy - and wondering when the right time is -- I believe it is now. Prices are still low and FHA financing is back. This is allowing more people to apply for and receive wonderful fixed rate loans.

There is a new book out called "Confessions of a Sub prime Lender" by Richard Bitner which details, in part, what happened the last few years in the mortgage lending industry. The author states the system failed in many levels, and in his opinion, Wall Street called many of the shots regarding mortgage lending guidelines. While I have not read the book, I am sure it is just the first of many to hit the bookstores in the next few years. Even as we think about what happened, and we all probably know someone negatively affected by the sub prime market, it is important to remember it was really a small percent of the population affected by these loans. I can confidently say as a full-time REALTOR (R) that plenty of well-qualified people are getting into the market now and getting wonderful deals.

As you enjoy your summer, I invite you to explore the possibility of owning your first home. If you own a home, summer is a wonderful time to enjoy your very own place in this world!

Here's to happy memories -- and new ones in the making!

Stacy

This just in from the California Association of REALTORS(R)

2008-07-11T17:21:00.000-07:00

FORECLOSURE RELIEF BILL BECOMES LAWThis week, the State Legislature enacted foreclosure reform law to address the adverse effects of high foreclosure rates in California. The new law requires lenders to contact homeowners to explore options for avoiding foreclosure at least 30 days before filing a notice of default. It also requires owners acquiring property through foreclosure to maintain the exterior of vacant residential properties. The new law also extends from 30 to 60 days the time for residential tenants to move out of properties that have been foreclosed upon, unless other laws apply. These requirements will remain in effect until January 1, 2013. The full text of Senate Bill 1137 (Perata) is available at www.leginfo.ca.gov.
- Contact Between Lender and Borrower: Effective on or about September 8, 2008, a lender, trustee, or authorized agent may not file a notice of default until 30 days after contacting a borrower to assess the borrower's financial situation and explore options for avoiding foreclosure. A lender must generally contact the borrower in person or by telephone, or satisfy due diligence requirements for contacting a borrower. During the initial contact, the lender must inform the borrower of the right to request a meeting with the lender within 14 days. The lender must also give the borrower the toll-free number for finding a HUD-certified housing counseling agency. A subsequent notice of default must include the lender's declaration that it has contacted the borrower, tried with due diligence to contact the borrower, or the borrower has surrendered the property. A lender who had already filed a notice of default before the enactment of this law must include a simila r declaration in the notice of sale. This requirement to contact borrowers applies to loans secured by owner-occupied residences made from 2003 to 2007. Certain exemptions apply if the borrower has filed for bankruptcy, surrendered the property, or contracted with a person or entity whose primary business is advising people, who have decided to leave their homes, on how to extend the foreclosure process and avoid their contractual obligations.- Maintenance of Vacant Properties: Effective July 8, 2008, anyone who acquires property through foreclosure must maintain the exterior of vacant residential property. Violations of this law include permitting excessive foliage growth that diminishes the value of surrounding properties, failing to take action against trespassers or squatters, failing to take action to prevent mosquitoes from breeding in standing water, or other public nuisances. This law authorizes a governmental entity to impose a civil fine up to $1,000 per day for any violation, as long as the owner has been given notice and an opportunity to remedy the violation. A violator must be given at least 14 days to begin, and 30 days to complete, such remediation before a fine can be assessed.- 60-Day Notice to Terminate Tenants: Effective July 8, 2008, a tenant or subtenant in possession of a rental housing unit that has been sold through foreclosure is generally entitled to a 60-day written notice to quit, not just 30 days. However, a borrower who remains on the property after foreclosure may be served a three-day notice to terminate. This law does not affect, among other things, rent-controlled properties with just-cause evictions. Effective on or about September 8, 2008, the lender, trustee, or authorized agent posting a notice of sale must also post and mail a specified notice of a tenant's right to a 60-day eviction notice from the new owner, unless other laws apply. This requirement to notify tenants of their rights applies to loans secured by residential real property where the borrower has a different billing address than the property address.

As always, if you have any questions about this or other Real Estate related issues, please contact me!
stacy.dover1@era.com 626-429-7361

Best,

Stacy

The Latest...

2008-07-10T21:18:00.005-07:00

Have you ever felt like times change in the blink of an eye? There are times that change is great and times it doesn't seem quick enough! I am really excited because the latest stories in the paper and also word-of-mouth from those who know in the real estate and mortgage industries is . . . The market is changing! Are we still spiralling downward? No! If there was a pulse we could feel, it would be speeding up. A year ago, we were on the cusp of the decline in real estate tranactions . . . we all sat and speculated. Now, we are faced with a market that is so full of inventory it is literally bloated with GREAT buys! And guess what? People are taking notice!

When was the last time you have heard about multiple offers and bidding wars on a property? You may think that was years ago, in the boom times. Guess what? It is happening again! Now, I will cautiously say this is not like the boom times with inflated values and loans - there is much prudence on the part of the banks, and also with regard to the buyers.

The market is changing, though...All the people priced out previously who waited patiently until a time when prices were reasonable, their money was saved and they could get a great loan rate are waking up and realizing that the time is now! There are properties priced so low they are sparking bidding wars (Yes, in Glendora, nonetheless). Look around and you will start to notice that the house up the street priced way below market value is selling - and it is selling for more than the asking price.

The real estate market has its share of ups and downs; the change is always inevitable. It has not been change in the blinks of an eye, rather like change as one wakes up from a long slumber.
As the rest of America forces open their eyes, blinks and adjusts their focus, you may realize the time to act is now!

As always I am here to answer any questions you have about real estate! Please call or email me and I will promise you service you can TRUST!

Happy shopping!

Stacy

Happy 4th of July!

2008-06-30T13:04:00.000-07:00

This is it - My favorite summer holiday! As a child growing up in Glendora, the 4th of July was an exciting time as we could feel the heat of summer in full swing, we were used to lazy days of swimming and relaxing, and ice cream was a daily treat! Although we were usually in town for the holiday, it always felt like we were on vacation! The 4th of July brought the annual Twilight Zone marathon on channel 9 (before it was even KCAL -- before cable!); with the background noise of postmodern televised science fiction and the foreground laughter, swimming pool games of "Marco-Polo", diving board hi jinks and unabashed over-abundance, we rang in our Independence. Although, as a child, I felt it was the Independence from responsibilities, I have come to internalize it as the Independence we have in America that is cause for celebration.

In an election year, with a war going on out of our daily sight, and in a time where the world seems to move too fast - I hope the dream of owning a home can become realized for you - if has not already been. A home is not just a place to "be", for me, it is an anchor to all that is real for me and my family. A home is a place to live, thrive, center, and enjoy what we have as Americans.

A home is also a place to think about giving back to those in need. I invite you to search the website for Habitat for Humanity at www.habitat.org, to find out more ways you can help those in need. If you are in search of assistance, they may be able to help you as well.

While so many of us are concerned with the dollar value of our home - our biggest investment - let's keep in perspective we all have an equal right, ability and chance to own a home - whether it is a condo, mobile home or single family residence. That is a right to be celebrated!

HAPPY 4th of July!!!!!!!!!!!

Stacy

JUMBO LOAN FACTS

2008-06-23T12:07:00.000-07:00

The Economic Stimulus Act of 2008 signed into effect in February brought about many great opportunities to home buyers in California (and nationwide!) -

JUMBO LOAN LIMITS ARE UP! Previous limits were $417,000, the new limit is now $729,750 WOW! But you must act fast! Limits expire as of December 31, 2008.

Go to this link to check loan limits in YOUR AREA of California: https://entp.hud.gov/idapp/html/hicostlook.cfm or you can use this map: www.fhaoutreach.com

Yesterday, despite the 100 + degree weather, I held an Open House in Covina and had about 50% more buyers than previous months. Although the weather was awful, people are actively searching for a wonderful home because rates are still low and the prices are wonderful, too! There is plenty of inventory to choose from and there are sellers willing to make concessions! These loan limits are allowing more people to realize the dream of owning a home with a good loan package.

As always, if you have any questions - or have a friend or family member with questions, please feel free to pass them through my comments section on my blog (it is public, though, so do not leave personal information) or you may email me anytime at:
stacy.dover1@era.com

Happy Summer!

Stacy

Now is the time for a GOOD BUY!

2008-06-12T18:48:00.001-07:00

School is officially out for the summer here in Glendora! Although spring is the "official" time of rebirth and change in nature, summer seems to bring about a lot on its own! Everything and everyone seems to grow so much in the summer months! Change is inevitable as we begin summer and the San Gabriel Valley Tribune has posted an article stating how good the market is for buyers!

The article information is listed below ... Please let me know your thoughts and comments about the current state of the market!

Pending home sales rise
By Kevin Smith, Staff Writer

Pending home sales rose unexpectedly in April to their highest reading since October but were still down 13 percent down from a year ago, according to the National Association of Realtors. Lawrence Yun, the association's chief economist, said pending sales contracts have ticked up in areas with the largest price declines such as Detroit and Las Vegas.
"Bargain hunters have entered the market en masse," he said. "Sharp price reductions are leading to a quicker discovery of price equilibrium points." That trend is also occurring in Southern California, although the The California Association of Realtors doesn't compile reports on pending home sales. "Bargain hunters who were on the sidelines are seeing that we're at the bottom - or at least near enough to the bottom - to get into a contract," CAR Chief Economist Leslie Appleton-Young said Monday. "But you don't really know it's the bottom until six months later when you can look back and make sure you've got a clear trend."
The National Association of Realtors' seasonally adjusted index of pending sales for existing homes rose to 88.2 in April from a March reading of 83.0, the lowest since the index was started in 2001. The index stood at 101.5 in April 2007. Wall Street economists polled by Thomson/IFR had predicted the index would remain steady at 83.
A reading of 100 is equal to the average level of sales activity in 2001.
Tom Adams, owner of Century 21 Adams & Barnes, said prospective buyers shouldn't sit on the fence for too long.

"Everything considered, this is a great time to buy," he said. "There's plenty of inventory, prices are down, property taxes are down and interest rates are down." Buyers with good credit who can pull together the down payment and have the ability to repay the debt should have no problem getting a loan, Adams said.
And the market bottom? "I think we'll probably hit the bottom, if I look into my crystal ball ... in the next month or two," Adams said. "I just bought a place in Arizona on the river. I saw an opportunity where two years ago I couldn't have afforded to buy. I took advantage of it."
Global Insight economist Patrick Newport tempered his enthusiasm for the surprising increase in April sales.
"It's good news, but I'm not jumping for joy because I'm not convinced that it's telling us things are picking up," he said "It's telling me that banks are dumping properties at fire sale prices, spurring home sales." Newport noted that inventory remains at record highs and is growing, especially in the West where sales showed a sharp increase.
Appleton-Young said the industry's problems aren't over yet.

As always, if you have any questions about this article I have posted, please feel free to email me at: stacy.dover1@era.com

Be sure to answer the new poll listed on my blog! Thanks to all of you have answered past polls - look for an article utilizing statistics compiled from my last two polls in the the next week!

Happy Summer Home-Shopping!

Stacy

Believe it or not -- HOME SALES INCREASED IN APRIL !!!!!!

2008-05-30T21:13:00.003-07:00

Wednesday, May 28, 2008

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
C.A.R. REPORTS SALES INCREASED 2.5 PERCENT, MEDIAN HOME PRICE FELL 32 PERCENT IN APRIL Home sales increased 2.5 percent in April in California compared with the same period a year ago, while the median price of an existing home fell 32 percent, C.A.R. reported Friday."Home sales registered a 2.5 percent year-to-year gain compared with April 2007, ending a 30-month string of year-to-year percentage decreases that began in October 2005," said C.A.R. President William E. Brown. "This is not to say that the credit crunch that has contributed to the sales decline has disappeared. Both tighter underwriting standards and the ongoing effects of the credit/liquidity crunch continue to constrain sales."Closed escrow sales of existing, single-family detached homes in California totaled 366,720 in April at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 2.5 percent from the revised 357,640 sales pace recorded in April 2007.

Now, if anyone has any questions about this information, I am compiling sales figures for the last 2 months in Glendora and I will have the info posted this weekend. The sales we have seen are increasing, with good deals receiving multiple offers - some over 10 , 12, 14 etc. There are some VERY GOOD DEALS right now -- here in Glendora!

IF INTERESTED -- ASK ME ABOUT THE PROBATE ON MYRTLE IN GLENDORA UNDER $390,000!!!!!!!!! THIS IS REALLY NOT GOING TO LAST!

The market is changing, but investors are buying -- don't let them bid up the market and reduce the affordability rates again! Now is the time to get in the market!

Email me with questions!

Stacy

Your Relational Realtor ®

2008-05-15T21:24:00.000-07:00

I am coining a term: Relational Realtor. How would I define this? I am a REALTOR® who works on my relationships within my community and circle of friends, family and acquaintances in order to know the needs and circumstances of my clients. In using the term relational I am implying there is a relationship – a connection – be it a friendship, or a common interest which brings us closer. I am also a licensed
REALTOR® by profession and use my professional skills and training to assist those I know with the need for a professional advisor in the area of real estate.

Why is this significant to me? Well, it is significant to me – and I hope to others – because I have seen many people without a real relationship trying to assist others in huge life-changing decisions. A lack of relationship can lead to a lack of understanding – or caring about what the decision to buy or sell means to them as a person or their family. Perhaps I care too much at times. I tend to side with the belief that business is always personal. Although I like to think of business as business, I know there is always someone who is taking it personally!

So, in the world of internet searches, real estate confusion and mass-media financial battle-cries, I hope you remember to ask me about your thoughts and your needs regarding real estate. Do not be afraid by what you hear – and if you are afraid, I will let you know if you have a real reason to be concerned! I promise to give you straight answers and I promise to value the relationship we forge together in support of your real estate needs!

Honesty, Integrity….Service you can trust!

Stacy

Wall Street Journal Article - The Housing Crisis is Over!

2008-05-11T20:07:00.000-07:00

This is from this a mortgage broker I work with and trust. Please check out the article from the Wall Street Journal!

I’ve got fabulous news!! Actually, the news is from the Wall Street Journal. Attached is a very interesting research based article opining that the housing crisis is over. It is based on national statistics, but there are points in this article that pertain to our market here in Southern California. It points to affordability, rather than actual prices. Indeed, homes have become affordable again such that when someone wants a $2200 payment, they can indeed buy a house—not true two years ago! I’m sure you’ve all seen multiple offer situations in the past four months, and this is a healthy sign as well that NOW is the time.
The article also compares the current down market with other historical down markets, and the dynamics that are present that cause the market to recover. Most of the general public think they know where the market is headed (downward) which is largely media driven. But I also think most folks don’t realize when the bottom has hit until it is past.

Please refer to WSJ.com and look for "The Housing Crisis is Over"

The Too-much Information Age has Arrived!

2008-05-09T17:34:00.000-07:00

Welcome to the age of too-much information!

I am told there was a time in real estate - pre-internet, pre-multiple listing service, that when a listing came up the only people with access to a listing was a REALTOR (R) with a broker affiliation.
All listings were published in a book - imagine that, real pages! - and a client had to meet with a REALTOR (R) face to face to get the information. This face to face meeting was wonderful for an agent and for a client, for various reasons. The most important reason for a face to face meeting is simply because of communication - it is very difficult to convey over email a good sense of what someone is looking for in a home or investment. Although we can pull up listings based on a large number of search fields, a face to face meeting actually helps a REALTOR (R) know who they are working with beyond a screen of words. This is very valuable. Now, that being said, I do realize we are in the age of instant information. I welcome this as a wonderful form of research gathering, fact-finding and communication across the world which is exactly why I have decided it is time for me to start a blog. My goal for this is to be a forum of information gathered by me, a REALTOR (R) in southern California, wife and mom of 3 young kids. I also want to answer real questions posted by real people wondering about the state of the market. The times are confusing, but those of us working in the industry everyday have a good grasp of what is happening - beyond what the media is reporting.

Look to this blog if you want to know more about the real estate market - especially the local market. I promise to give you honest answers and I also promise to not just post articles of information, but to deconstruct what is being reported so that it reflects reality for us in southern California.

- Stacy