Bank of America Offers Principal Reduction for Riskiest Loans
BA’s recent announcement may be too little too late and not be available for the majority of Central Valley Homeowners. We do not expect the number of Stockton foreclosures and Stockton short sales to be decreased dramatically. Stay tuned!
Wondering if you are eligible for a HAMP loan modification?
I receive many calls from homeowners wondering if they are available for the HAMP program. Click here to visit the HAMP web site and take the test to determine eligibility.
Californians State Tax Consequences for Mortgage Debt Forgiveness Still Undecided
Many California residents that have lost homes do not realize the State has not yet followed the Federal Government in providing tax relief on the short sale, deed in lieu and foreclosure deficiency. Click here to read the full story. Pat Holkesvig & Your Home Team process more Stockton Short Sales, Tracy Short Sales, Lodi Short Sales, Manteca Short Sale and Lathrop Short Sales than any other Central Valley Agent. Call Pat at (209) 471-6516 with any questions you may regarding the short sale process.
February Notice of Defaults up almost 20% in California
The housing market in California continues to have record numbers of foreclosures.
Factors to Consider When Determining if now is the Time to Buy Real Estate
I think prices may still decrease by 10 – 15% as REO and short sale inventory increases and the number of first time home buyer transactions decrease. The higher end could see even higher adjustments as the result of increasing distressed sales. 5 & 7 year ARMs are resetting in bulk this year and next. There is not a viable refinance option. Conversely I expect interest rates to increase. The Federal Reserve has already announced the cost of borrowing it going up. The payment difference on a $300,000 30 year mortgage at 6% versus 5% is almost $190 a month. As rates increase, buyers’ purchasing power decreases and will result in a downward pressure on prices. Higher interest rates may offset lower prices. Since we don’t know how high rates may go I continue to believe that today’s lower and mid market offers unprecedented opportunity. Look for deals at the higher end. Your Home Team specializes in Stockton homes for sale, Lodi homes for sale, Lathrop homes for sale, Manteca homes for sale and Tracy homes for sale. Our marketing and servicing is unsurpassed. Pease call us at 209-471-6516 will any questions you may have and visit our web site at www.homes-in-stockton.com to view ALL the Central Valley homes for sale.
Is the California Housing Market Different from the Rest of the Country?
Interesting article on housewire.com regarding California’s “innovative” mortgage products. Click here to read the full story.
Round 2! Foreclosures expected to increase. Expect negative impact on housing market.
sitting on inventory and stalling foreclosures but the game plan is coming
to an end. Expect inventory levels to increase and price to go down. We
are in for a bumpy ride. Read the Washington Post’s article on the subject http://www.washingtonpost.com/wp-dyn/content/article/2010/03/11/AR2010031104866.html
Check with an attorney before pursuing a short sale prior to filing bankruptcy
This is especially true if you are considering filing for bankruptcy.
Bankrate.com recently answered a reader’s questions regarding the subject.
Visit
http://www.bankrate.com/finance/debt/a-short-sale-followed-by-bankruptcy.aspx
to see the full article. Call us at 209-471-6516 if you are interested in
discussing buying or selling a short sale property. We list and sell more
short sales than any other agent in the Stockton area.
Trespassing!
One of my buyer’s agents, Dave, will do just about anything to sell a house
in the hood….locked doors & fences can’t keep him out!
$1000 to the 1st, $1000 to the 2nd and $1500 to the home owner walking away………
fall SHORT in my humble opinion. $1000 to the 2nds will not make a
difference. Many 2nds are placed for collection. The collection companies
are generally unresponsive and very demanding. An extra $1000 is not going
to satisfy them. Read the full story at http://www.msnbc.msn.com/id/35756755/ns/business-the_new_york_times/
