Know anyone who wants a GREAT pied-a-terre in DTLA?
Corner loft in the Sexy Eastern Columbia building...1 BR,
1.75Ba
Furnished, linens & dishes included
$3150 per month--conference/dining table--plenty of space
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...Rooftop pool, fitness center, great lobby
Fun, social building--wine club, book club, gardening club,
and more....
who do YOU know?
Friday, 28 September 2012
Attention Demolition Enthusiasts: the UNNC has important news & info concerning Carmageddon, the Sequel
The September 29 and 30 demolition of the north side of Mulholland Bridge can be described by the 53 hours the work is expected to require or the approximately 4,000 cones to be used during the closures.
Gardeners
might be impressed by the 1,200 cubic yards of soil to be spread under
the bridge, to a height of approximately four feet, to cushion the
freeway surface from falling debris.
If
you enjoy trivia, you might appreciate that 38,000 pounds of
miscellaneous iron and steel will be removed. The metal jackets
surrounding the four pillars to be removed that weekend weight 90,333
pounds each, a total of 361,332 pounds. As a comparison, the Washington
Monument, according to the National Park Service, weighs 162,240,000
pounds.
If
you want to see the demolition up close, Metro.net will feature a live
feed of the demolition, beginning very early Saturday morning, September
29. If demolitions do not interest you, Metro offers dozens of
discounted offers and events through its Eat, Shop and Play Locally program that weekend.
Thursday, 27 September 2012
Better Late Than Never
California Attorney General Kamala D. Harris announced today that the final components of the Homeowner Bill of Rights have been signed into law by Governor Jerry Brown, to take effect January 1, 2013.
“California has been the epicenter of the foreclosure and mortgage crisis,” said Attorney General Harris. “The Homeowner Bill of Rights will provide basic fairness and transparency for homeowners, and improve the mortgage process for everyone.”
Designed to prohibit numerous unfair bank practices that pushed many thousands of Californians into needless foreclosures, the law restricts lenders from initiating foreclosure on a homeowner while simultaneously negotiating a loan modification on said home...a wildly popular practice in our experience.
The new law also guarantees distressed homeowners a single point of contact with their lender, thus avoiding the temptation for lenders to simply pass borrowers around the horn of bureaucracy from department to department, lulling them into complacency while initiating foreclosure proceedings.
The final components enacted today include:
SB 1474, giving the Attorney General leeway to use a statewide grand jury to indict financial criminals with victims in multiple counties,
AB 1950, extending the statute of limitations on mortgage-related crimes to three years,
and AB 2610, requiring buyers of foreclosed homes to give tenants at least 90 days notice prior to starting eviction proceedings.
All steps in the right direction for sure, but one wonders why such regulations are only being considered AFTER such a crisis...
“California has been the epicenter of the foreclosure and mortgage crisis,” said Attorney General Harris. “The Homeowner Bill of Rights will provide basic fairness and transparency for homeowners, and improve the mortgage process for everyone.”
Designed to prohibit numerous unfair bank practices that pushed many thousands of Californians into needless foreclosures, the law restricts lenders from initiating foreclosure on a homeowner while simultaneously negotiating a loan modification on said home...a wildly popular practice in our experience.
The new law also guarantees distressed homeowners a single point of contact with their lender, thus avoiding the temptation for lenders to simply pass borrowers around the horn of bureaucracy from department to department, lulling them into complacency while initiating foreclosure proceedings.
The final components enacted today include:
SB 1474, giving the Attorney General leeway to use a statewide grand jury to indict financial criminals with victims in multiple counties,
AB 1950, extending the statute of limitations on mortgage-related crimes to three years,
and AB 2610, requiring buyers of foreclosed homes to give tenants at least 90 days notice prior to starting eviction proceedings.
All steps in the right direction for sure, but one wonders why such regulations are only being considered AFTER such a crisis...
Wednesday, 26 September 2012
Chat-and-a-Handshake
This article rings true. The ever-expanding arsenal of new tech tools are precisely that--tools to serve a trade based in old-fashioned, 1-on-1 dialogue between client and professional. Surely such tools are invaluable in collecting information and dispersing it to clients and colleagues quickly, but their purpose is to augment, not replace, that old school, personal touch. Whatever happened to the chat-and-a-handshake?
"In the last few years real estate has changed more radically than ever before. Externals in the economy such as high unemployment, a stagnant economy, lack of corporate transferees, high gasoline prices, foreclosures and short sales that never close, homes that do not appraise and buyers that do not qualify for a loan on the last day have taken a heavy toll on our industry both in rank and file membership and real estate offices and brokerages. As agents, we have become gun--shy because we are afraid of alienating those dwindling ranks of buyers and now we are afraid to ask real questions and meet them face to face. We've shied away from dialog because we are afraid of more rejection and failure.
Dialog is a lost art! The new buzz words in real estate are 'Text me, go to my web, make your loan application online, see the attached file, or please electronically sign the contracts…!' However such impersonal communication and service may not be the right answer to closing more business. Erroneously, our industry has embraced the notion that Internet, social media and Blogging are the new bonding opportunities and they've replaced those 1--on--1 relationships that we employed so successfully just a short while ago. They have not! They are just tools that are being improperly used to facilitate the marketing and sales process, but they may not increase your bottom line. Perhaps they are beneficial tools for business, but they cannot replace the personal touch!..."
Published: September 26, 2012
READ THE REST HERE...
Tuesday, 25 September 2012
A Time To Lend
Following the Sept 19 post re: NAR's call for more "sensible" lending standards, yesterday LPS released its first look data for the month of August, indicating a further fall in the total delinquency rate to 6.87%, down 2.3% from July. Declining delinquency, historic mortgage rates, a market slow to turn...the time seems ripe for lending...turn! turn! turn!
www.dsnews.com/articles/delinquencies-drop-further-in-lps-first-look-august-data-2012-09-24
By: Tory Barringer
"Loan delinquency in the United States continued to drop in the month of August, according to first-look data from Lender Processing Services (LPS).
According to data released Monday, the total delinquency rate (for loans 30 or more days past due but not in foreclosure) was 6.87 percent in August, down 2.3 percent from July. Year-over-year, delinquencies fell 10.6 percent.
www.dsnews.com/articles/delinquencies-drop-further-in-lps-first-look-august-data-2012-09-24
Delinquencies Fall Further in LPS First-Look Data
By: Tory Barringer 
"Loan delinquency in the United States continued to drop in the month of August, according to first-look data from Lender Processing Services (LPS).
According to data released Monday, the total delinquency rate (for loans 30 or more days past due but not in foreclosure) was 6.87 percent in August, down 2.3 percent from July. Year-over-year, delinquencies fell 10.6 percent.
An estimated 3,430,000 properties were 30 days or more past due (but
not in foreclosure) at the end of August. Approximately 1,520,000 were
90 or more days delinquent but not in foreclosure.
A total of 5,450,000 properties were 30 or more days overdue or in foreclosure.
The foreclosure pre-sale inventory rate fell 1.0 percent from July, with the number of properties estimated at 2,020,000. Yearly, the inventory rate dropped 2.0 percent. The estimated foreclosure pre-sale inventory rate was 4.04 percent.
Nevada and Florida once again made the list of the top five states with the highest percentage of non-current loans. They were joined by Mississippi, New Jersey, and New York.
The list of states with the lowest percentage of delinquent loans included Montana, Alaska, South Dakota, North Dakota, and Wyoming, all of which consistently rank near the top."
A total of 5,450,000 properties were 30 or more days overdue or in foreclosure.
The foreclosure pre-sale inventory rate fell 1.0 percent from July, with the number of properties estimated at 2,020,000. Yearly, the inventory rate dropped 2.0 percent. The estimated foreclosure pre-sale inventory rate was 4.04 percent.
Nevada and Florida once again made the list of the top five states with the highest percentage of non-current loans. They were joined by Mississippi, New Jersey, and New York.
The list of states with the lowest percentage of delinquent loans included Montana, Alaska, South Dakota, North Dakota, and Wyoming, all of which consistently rank near the top."
Saturday, 22 September 2012
Fixed Mortgage Rates Find New Lows in Wake of QE3 Announcement
The Federal Reserve’s announcement confirming a third round of
quantitative easing sent long-term mortgage rates tumbling to all-new
record lows this week.
Freddie Mac’s Primary Mortgage Market Survey showed a drop in both the 30-year and 15-year fixed. According to the survey, the 30-year fixed-rate mortgage (FRM) averaged 3.49 percent (0.6 point) for the week ending September 20, down from 3.55 percent the week before.
The 15-year FRM also fell this week, averaging 2.77 percent (0.6 point). The previous survey showed an average of 2.85 percent.
Adjustable-rate mortgages (ARMs) saw some slippage, however. The 1-year ARM saw no change from last week, averaging 2.61 percent (0.4 point). The 5-year ARM actually increased, rising to 2.76 percent (0.6 point) from 2.72 percent before.
Freddie Mac’s Primary Mortgage Market Survey showed a drop in both the 30-year and 15-year fixed. According to the survey, the 30-year fixed-rate mortgage (FRM) averaged 3.49 percent (0.6 point) for the week ending September 20, down from 3.55 percent the week before.
The 15-year FRM also fell this week, averaging 2.77 percent (0.6 point). The previous survey showed an average of 2.85 percent.
Adjustable-rate mortgages (ARMs) saw some slippage, however. The 1-year ARM saw no change from last week, averaging 2.61 percent (0.4 point). The 5-year ARM actually increased, rising to 2.76 percent (0.6 point) from 2.72 percent before.
The Fed’s announcement adds to the other good news the housing market
has been seeing, said Frank Nothaft, VP and chief economist at Freddie
Mac.
“Following the Federal Reserve’s announcement of a new bond purchase plan, yields on mortgage-backed securities fell, bringing average fixed-mortgage rates to their all-time record lows, which should aid in the ongoing housing recovery,” Nothaft said. “New construction on one-family homes rebounded in August, rising by 5.5 percent to the fastest pace since April 2010. In addition, existing home sales increased by 7.8 percent in August to its strongest pace since May 2010.”
Bankrate’s weekly survey showed drops in all categories. The 30-year fixed plummeted to 3.70 percent from 3.81 percent last week, while the 15-year fixed fell to 2.95 percent from 3.04 percent. Meanwhile, the 5/1 ARM dropped to 2.69 percent from 2.75 percent.
While the new stimulus may be good for housing, Bankrate wondered if the Fed’s plan will be able to achieve its intended goal.
“Unhappy with the pace of economic recovery or job growth, the Fed felt compelled to take additional measures, even if those measures will be more effective at boosting the stock market and reducing interest rates than the stated intentions of lifting economic output and aiding job growth,” Bankrate said in a release.
http://www.dsnews.com/articles/fixed-mortgage-rates-find-new-lows-in-wake-of-qe3-announcement-2012-09-20
“Following the Federal Reserve’s announcement of a new bond purchase plan, yields on mortgage-backed securities fell, bringing average fixed-mortgage rates to their all-time record lows, which should aid in the ongoing housing recovery,” Nothaft said. “New construction on one-family homes rebounded in August, rising by 5.5 percent to the fastest pace since April 2010. In addition, existing home sales increased by 7.8 percent in August to its strongest pace since May 2010.”
Bankrate’s weekly survey showed drops in all categories. The 30-year fixed plummeted to 3.70 percent from 3.81 percent last week, while the 15-year fixed fell to 2.95 percent from 3.04 percent. Meanwhile, the 5/1 ARM dropped to 2.69 percent from 2.75 percent.
While the new stimulus may be good for housing, Bankrate wondered if the Fed’s plan will be able to achieve its intended goal.
“Unhappy with the pace of economic recovery or job growth, the Fed felt compelled to take additional measures, even if those measures will be more effective at boosting the stock market and reducing interest rates than the stated intentions of lifting economic output and aiding job growth,” Bankrate said in a release.
http://www.dsnews.com/articles/fixed-mortgage-rates-find-new-lows-in-wake-of-qe3-announcement-2012-09-20
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