Realtor Mike Jett

taking a little break...

2011-01-27T20:28:00.000-08:00

Gotta do a new lanquage....hint....Ni Hao Ma?...a few more classes and I will be back in the saddle about June..till then zai jian! xiexie...

I like this.....21 Things You Should Never Buy New

2010-06-29T19:13:00.001-07:00

21 Things You Should Never Buy New

If you're looking to get the most value for your dollar, it would do your wallet good to check out secondhand options. Many used goods still have plenty of life left in them even years after the original purchase, and they're usually resold at a fraction of the retail price, to boot. Here's a list of 21 things that make for a better deal when you buy them used.

[Slideshow: 10 Things to Splurge on This Summer.]

1. DVDs and CDs: Used DVDs and CDs will play like new if they were well taken care of. Even if you wind up with a scratched disc and you don't want to bother with a return, there are ways to remove the scratches and make the DVD or CD playable again.

2. Books: You can buy used books at significant discounts from online sellers and brick-and-mortar used book stores. The condition of the books may vary, but they usually range from good to like-new. And of course, check out your local library for free reading material.

3. Video Games: Kids get tired of video games rather quickly. You can easily find used video games from online sellers at sites like Amazon and eBay a few months after the release date. Most video game store outlets will feature a used game shelf, as well. And if you're not the patient type, you can rent or borrow from a friend first to see if it's worth the purchase.

4. Special Occasion and Holiday Clothing: Sometimes you'll need to buy formal clothing for special occasions, such as weddings or prom. Most people will take good care of formal clothing but will only wear it once or twice. Their closet castouts are your savings: Thrift stores, yard sales, online sellers and even some dress shops offer fantastic buys on used formalwear.

5. Jewelry: Depreciation hits hard when you try to sell used jewelry, but as a buyer you can take advantage of the markdown to save a bundle. This is especially true for diamonds, which has ridiculously low resale value. Check out estate sales and reputable pawn shops to find great deals on unique pieces. Even if you decide to resell the jewelry later, the depreciation won't hurt as much.

6. Ikea Furniture: Why bother assembling your own when you can pick it up for free (or nearly free) on Craigslist and Freecycle? Summer is the best time to hunt for Ikea furniture--that's when college students are changing apartments and tossing out their goodies.

7. Games and Toys: How long do games and toys remain your child's favorite before they're left forgotten under the bed or in the closet? You can find used children's toys in great condition at moving sales or on Craigslist, or you can ask your neighbors, friends, and family to trade used toys. Just make sure to give them a good wash before letting junior play.

8. Maternity and Baby Clothes: Compared to everyday outfits that you can wear any time, maternity clothes don't get much wear outside the few months of pregnancy when they fit. The same goes for baby clothes that are quickly outgrown. You'll save a small fortune by purchasing gently used maternity clothes and baby clothes at yard sales and thrift stores. Like children's games and toys, friends and family may have baby or maternity clothing that they'll be happy to let you take off their hands.

[See 20 Things You Should Never Buy Used.]

9. Musical Instruments: Purchasing new musical instruments for a beginner musician is rarely a good idea. (Are you ready to pay $60 an hour for piano lessons?) For your little dear who wants to learn to play an instrument, you should see how long his or her interest lasts by acquiring a rented or used instrument to practice with first. Unless you're a professional musician or your junior prodigy is seriously committed to music, a brand new instrument may not be the best investment.

10. Pets: If you buy a puppy (or kitty) from a professional breeder or a pet store outlet, it can set you back anywhere from a few hundred dollars to several thousand dollars. On top of this, you'll need to anticipate additional fees and vet bills, too. Instead, adopt a pre-owned pet from your local animal shelter and get a new family member, fees, and vaccines at a substantially lower cost.

11. Home Accent: Pieces Home decorating pieces and artwork are rarely handled on a day-to-day basis, so they're generally still in good condition even after being resold multiple times. If you like the worn-out look of some decor pieces, you can be sure you didn't pay extra for something that comes naturally with time. And don't forget, for most of us, discovering a true gem at a garage sale is 90% of the fun!

12. Craft Supplies: If you're into crafting, you probably have a variety of different supplies left over from prior projects. If you require some additional supplies for your upcoming project, then you can join a craft swap where you'll find other crafty people to trade supplies with. If you have leftovers, be sure to donate them to your local schools.

13. Houses: You're typically able to get better and more features for your dollar when you purchase an older home rather than building new. Older houses were often constructed on bigger corner lots, and you also get architectural variety in your neighborhood if the houses were built or remodeled in different eras.

14. Office Furniture: Good office furniture is built to withstand heavy use and handling. Really solid pieces will last a lifetime, long after they're resold the first or second time. A great used desk or file cabinet will work as well as (or better than) a new one, but for a fraction of the cost. With the recession shutting down so many businesses, you can easily find lots of great office furniture deals.

15. Cars: You've probably heard this before: Cars depreciate the second you drive them off of the dealership's lot. In buying a used car, you save money on both the initial cost and the insurance. It also helps to know a trusty mechanic who can check it over first. This way, you'll be aware of any potential problems before you make the purchase.

[See 20 Tips for Cleaning on the Cheap.]

16. Hand Tools: Simple tools with few moving parts, like hammers, hoes and wrenches, will keep for decades so long as they are well-made to begin with and are well-maintained. These are fairly easy to find at neighborhood yard or garage sales. If you don't need to use hand tools very often, an even better deal is to rent a set of tools or borrow them from a friend.

17. Sports Equipment: Most people buy sports equipment planning to use it until it drops, but this rarely happens. So when sports equipment ends up on the resale market, they tend to still be in excellent condition. Look into buying used sporting gear through Craigslist and at yard sales or sports equipment stores.

18. Consumer Electronics: I know most folks like shiny new toys, but refurbished electronic goods are a much sweeter deal. Consumer electronics are returned to the manufacturer for different reasons, but generally, they'll be inspected for damaged parts, fixed, tested, then resold at a lower price. Just make sure you get a good warranty along with your purchase.

19. Gardening Supplies: This is an easy way for you to save money, and all you need to do is be observant. Take a look outdoors and you'll likely find such gardening supplies as mulch, wood, and even stones for free or vastly reduced prices. Used garden equipment and tools are also common goods at yard sales.

20. Timeshares: Buying timeshares isn't for everyone, but if you decide that it suits your lifestyle, purchasing the property as a resale would be a better deal than buying it brand new: on average, you'll save 67 percent on the price for a comparable new timeshare. If you're new to timeshare ownership, give it a test run first by renting short term.

21. Recreational Items: It's fairly easy to find high ticket recreational items like campers, boats, and jet skis being resold. Oftentimes, they're barely used at all. As long as they're in safe, working condition, they'll make for a better value when purchased used than new.

Federal tax credits???....not working here...

2010-06-22T09:51:00.000-07:00

Home sales dip 2.2 pct despite tax credits
May home sales sink 2.2 percent despite help from

WASHINGTON (AP) -- Sales of previously occupied homes dipped 2.2 percent in May, signaling that a boost from home-buying tax credits is fading sooner than expected.

Last month's sales fell from the previous month to a seasonally adjusted annual rate of 5.66 million, the National Association of Realtors said Tuesday. Analysts who had expected sales to rise expressed concern that the real estate market could tumble once the benefit of the federal incentives is gone entirely, starting next month.

Sales have climbed 25 percent from the 4.5 million annual rate hit in January 2009 -- the lowest level of the recession. But they're still down 22 percent from the peak rate of 7.25 million in September 2005.

The report counts home sales when a deal closes. So federal tax credits of up to $8,000 for home buyers likely influenced May's results. The deadline to get a signed sales contract and still qualify was April 30. Buyers must close their purchases by the end of this month.

The tax credits were expected to lift sales in May and June. Lawrence Yun, the Realtors chief economist, said delays in the mortgage-lending process put about 180,000 potential buyers in limbo. He's unsure if they will qualify by the June 30 deadline. The trade group is pushing Congress to extend the deadline for closing a sale until Sept. 30.

The report is "a worrisome sign for what will occur in July and thereafter when the effect of the tax credit is behind us," said Joshua Shapiro, chief U.S. economist at MFR Inc., an economic consulting firm in New York.

The drop in May sales was led by a more than 18 percent decline in the Northeast. Sales were unchanged in the Midwest, but rose nearly 5 percent in the West and 0.5 percent in the South.

The inventory of unsold homes on the market dropped 3.4 percent to 3.9 million. That's an 8.3 month supply at the current sales pace, compared with a healthy level of about six months. The median sales price in May was $179,600, up 2.7 percent from a year earlier.

Foreclosures and short sales -- in which the lender agrees to accept less than the total mortgage -- made up 31 percent of sales in May. First-time buyers made up 46 percent.

The report "suggests that even government stimulus in the form of a tax credit isn't enough," to support the U.S. housing market, wrote Guy LeBas, an analyst with Janney Montgomery Scott.

My Take...we need jobs, good jobs...and a serious correction of the price of homes with the current state of income.

According to the 2008 census..60K is the medium household income....realistically a bank would qualify you with perfect credit for a home in the 150K range..so if you we're gainfully employed and was looking for a home, in 1990 the cost would be appropriately priced at around 150-190K...for a 3 bedroom 2000 square foot home on a 5000 sqft lot.now the price is about 400K....so you can see there is a huge gap.

So that's the issue....I wont talk about the bank problem here but we're due for a correction before this southern california housing market gets back on it's feet...

Or maybe I'm delusional and think this is the reality, we're going to be slaves to our homes, the banks and the goverment or...maybe the Oil Spill will force the southeast to move here pushing the values up...maybe, just maybe.

Hey now...Reality Check.....20% dip for 3 more years!!

2010-06-17T04:55:00.000-07:00

House Prices Still Have Another 10%-20% To Fall, Says Gary Shilling

Posted Jun 16, 2010 11:30am EDT by Henry Blodget in Investing, Banking, Housing
Related: ^DJI, ^GSPC, XHB, TOL, KBH, ^IXIC
A year ago, house prices finally stopped collapsing after two years of brutal declines. Over the following few quarters, moreover, they actually rose. This led many observers to conclude that the housing bottom had been reached and that we were headed for a v-shaped bounce.

Not Gary Shilling.

Gary Shilling, head of economic research firm A. Gary Shilling & Co., thinks house prices still have another 10%-20% to fall. Just as bad, Gary thinks this fall will happen over the next three years, meaning that house prices won't bottom until 2013. Most people think prices have already bottomed, or will bottom later this year or next.

Why is Gary so bearish?

Supply versus demand.

Basically, Gary says, we still have way too many houses relative to the number of people who want to buy them. Consumers are under pressure, overloaded with debts and struggling to find work, and the mass-hallucination that investing in housing was a "sure thing" is now a distant memory. These days, many would-be home buyers are moving in with relatives or downsizing or dumping second homes. And the supply-demand balance is so out of whack, in Gary's view, that even super-low interest rates won't keep prices afloat.

http://finance.yahoo.com/tech-ticker/house-prices-still-have-another-10-20-to-fall-says-gary-shilling-504808.html?tickers=%5Edji,%5Egspc,xhb,tol,kbh,%5Eixic&sec=topStories&pos=8&asset=&ccode=

you snoozed...you waited and guess what..

2010-04-07T14:50:00.000-07:00

Homebuyers scramble as mortgage rates jump

By ALAN ZIBEL and ADRIAN SAINZ, AP Real Estate Writers Alan Zibel And Adrian Sainz, Ap Real Estate Writers – 32 mins ago
WASHINGTON – The era of record-low mortgage rates is over.

The average rate on a 30-year loan has jumped from about 5 percent to more than 5.3 percent in just the past week. As mortgages get more expensive, more would-be homeowners are priced out of the market — a threat to the fragile recovery in the housing market.

And if you wanted to refinance at a super-low rate, you may have missed your chance. Mortgages under 4 percent are still available, but only for loans that reset in five or seven years, probably to higher rates.

Rates are going up because of the improving economy and the end of a government push to make mortgages cheaper.

For people putting their homes on the market this spring, rising rates may actually be a good thing. Buyers are racing to complete their purchases and lock in something decent before rates go even higher.

"We are seeing some panic among potential buyers who have not found houses yet," said Craig Strent, co-founder of Apex Home Loans in Bethesda, Md. "They're saying: Man, I should have found a house three weeks ago or last month when rates are lower."

It's all about affordability. For every 1 percentage point rise in rates, 300,000 to 400,000 would-be buyers are priced out of the market in a given year, according to the National Association of Realtors.

The rule of thumb is that every 1 percentage point increase in mortgage rates reduces a buyer's purchasing power by about 10 percent.

For example, taking out a 30-year mortgage for $300,000 at a rate of 5 percent will cost you about $1,600 a month, not including taxes and insurance. But the same monthly payment at a rate of 6 percent will only get you a loan of $270,000.

Good economic news is the first reason rates are rising: U.S. government debt, a safe haven during the recession, is losing its appeal as investors turn to stocks and riskier corporate bonds.

Lower demand for debt means the government has to offer a better interest rate to sell its bonds. The yield on the 10-year Treasury note, which is closely tracked by mortgage rates, hovered above 4 percent this week, the highest since June, before falling back slightly.

The second reason is the Federal Reserve. Last week, the Fed ended its program to push mortgage rates down by buying up mortgage-backed securities. When demand from the central bank was high, rates plummeted to about 4.7 percent for much of last year. And business boomed for mortgage lenders as homeowners raced to refinance out of adjustable-rate mortgages and into fixed loans.

As of Wednesday, the Mortgage Bankers Association put the national average for a 30-year fixed-rate mortgage at 5.31 percent. One week ago, it was 5.04 percent.

Many analysts forecast rates will rise as high as 6 percent by early next year. If they go much higher, the already shaky housing recovery could stall. And that could slow the broader economic rebound.

In a normal market, with home prices steadily rising, a jump in rates doesn't cause a big dip in demand. That's because people know their homes will eventually rise in value, and are willing to accept a higher mortgage payment.

But now home prices are flat nationally and still falling in some places. Potential buyers are nervous about jumping in.

"In this environment, any rise in mortgage rates does significant damage because people don't think they're going to get their money back" if prices fall, said Mark Zandi, chief economist at Moody's Analytics.

For people who bought their first home in the 1980s, when rates stayed over 10 percent for several years, paying 6 percent for a home loan may seem like a steal. But it's coming as a shock to many first-time homebuyers this spring.

In Overland Park, Kan., Sirena Barlow checks mortgage rates online once a day. She's been shopping for a something around $130,000 and wants to sign a contract this month, to take advantage of a tax credit for first-time homebuyers.

Barlow, a legal assistant, has already told her landlord she's moving, so her stress level is high. Her real estate agent, Michael Maher, has been doing his best to calm Barlow and other clients, but rising rates are making them anxious.

"It's like giving hyperactive kids ice cream," he said. "It has really taken the ones who are focused on buying and amped them up a little bit."

10 tips for property virgins

2010-02-21T07:05:00.000-08:00

If you're a property virgin about to take the plunge, here are some common blunders to avoid--and helpful tips that could mean the difference between financial security and a mountain of debt:

1. Not checking your credit report and score

You've clicked through hundreds of online listings, compared floor plans and square footage, and are eager to jump-start your search. But before you even think of setting foot in an open house, make sure you get a copy of your credit report. The cleaner your credit report and the higher your credit score, the more likely you are to be preapproved for a mortgage at a low interest rate. According to Keith Gumbinger of HSH.com, most home buyers will need a credit score of about 720 to obtain the most favorable mortgage rates.

Review your credit report a few months before you begin your house hunt, and you'll have time to ensure the facts are correct and dispute mistakes before a mortgage lender checks your credit. You can access a free copy of your credit report at annualcreditreport.com once every 12 months.

2. Not getting preapproved

After you've assessed your credit report, it's time to establish with a qualified lender how much you can afford. "First-time home buyers need to take the time to get an approval from their lender before looking at homes," advises Ray Boss Jr., a six-year licensed Realtor with RE/MAX Realty Group in Maryland. "This includes getting a credit check and giving their lender a copy of W-2s, pay stubs, and bank and brokerage statements." Getting preapproved can help you save time by looking for homes that you know you can afford instead of lusting after something out of your price range. And it will put you in a better position over another bidder with no preapproval.

3. Not creating a long-term budget

If the housing crisis proved anything, it's that mortgages were given to people who clearly did not have the means to pay them back. To avoid making this mistake, home buyers should create a budget before even beginning their home search to determine just how much house they can really afford. A good rule of thumb is to devote no more than a third of your monthly household income to housing costs, which include mortgage principal, interest, taxes, and insurance. "A good number would be 30 percent," Zandi says. "If you are over 35 percent, you are really pushing the envelope." There are several work sheets available online to help you figure out how your income, debts, and expenses affect what you can afford each month for the next 15 or 30 years.

4. Forgetting about the hidden costs

You grossly underestimated what you can afford to pay each month. You factored in the purchase price of the home but didn't consider the cost of taxes, insurance, utilities, and fees. There are several hidden costs that first-time home buyers neglect to prepare for. They can be anything from the closing costs to appraisal fees, escrow fees, homeowner's insurance fees, property taxes, and even moving costs. Another factor is the cost of repairs and maintenance. "When you're renting and the furnace goes out, what do you do? You call the landlord," says Tom Vanderwell, mortgage officer for Fifth Third Bank in Michigan. "When you own a house, what do you do? You have to fix it yourself." You may find there are numerous "nickel and dime" things to account for that could add up to a significant chunk of money over time.

5. Not using professional help

Sure, it's possible to go out and buy a home without the aid of a professional real estate agent. But think about how much time and stress a good agent can save you. For starters, Realtors have access to all the homes on the market through the multiple listing service, or MLS, plus all the ones that are under contract and have been sold. A specialist has time to sift through all of these listings, says Boss, and make the appointments to show you the houses, create comparative market analyses to determine proper pricing, and meet with necessary inspectors. Real estate agents also can help buyers traverse a taxing, 70-page legal contract. "I would want someone who is going to look out for my interests first and foremost," says Boss. "Someone who knows the contracts, who has experience negotiating, and who can walk me through the entire process smoothly--step by step--and make sure I get the house that's right for me."

6. Picking your real estate agent and lender blindly

"One of the mistakes a lot of people make is finding a Realtor they aren't comfortable with," says Boss. Begin your search at the National Association of Exclusive Buyer Agents, a nonprofit that represents buyers. Or ask relatives, friends, neighbors, and coworkers for referrals.

First-time home buyers, Boss says, are generally more time-consuming than the average buyer and require more attention. A good real estate agent will be friendly and accommodating, show only homes that fit your parameters, and help you with strategies during the bidding process--but never pressure you into something you're not comfortable with. "It's important that the Realtor be experienced with first-time buyers, understand their wants and needs, and be able to connect with them well," says Boss.

Similarly, the buyers should feel at ease with and have complete confidence in their mortgage lender, and they should fully discuss and understand their financing options with that lender. "Don't apologize for asking questions," says Vanderwell, who stresses the importance of knowing what you're getting into. "There's a pretty substantial chunk of people who are in really rough straits right now and would not have been had they done their homework."

7. Thinking you'll get everything on your "wish list"

Another mistake people make is being too close-minded while searching for their home, says Boss. He suggests sitting down with your real estate broker before searching for a home and creating a need/want list. Some of the items you might want to include as "must haves" or deal breakers are the towns you'd want to live in, square footage, or accessibility to transportation. The second part of the list would be things you don't necessarily need but wish to have, such as a garage, new kitchen appliances, or an extra room for an office. "As you search for your home, you may realize there are certain parameters you really want or don't want," says Boss. "Understand that a certain amount of flexibility is essential." Your aim is to be able to afford everything you need--as well as some items you want--all while staying within a long-term budget.

8. Not keeping your feelings in check before hiring a home inspector

You've already chosen the perfect paint color to match your living room set. But hold on: Before you start picking out accent pillows for your sofa, you need to bring in a home inspector to check the safety of your potential new home. Inspectors will evaluate the structure, construction, and mechanical systems of the home and will give you the approximate price of repairs that may be needed. They will examine everything from the electrical system, water heater, and HVAC system to the foundation and floors.

Buyers should find and hire their own inspector--independent of the real estate broker--to ensure there isn't a conflict of interest. When you make your offer, make sure the seller is aware that your offer is contingent on the house passing inspection. You can also add a clause to the contract stating that the seller will pay up to a certain amount for any repairs required as a result of the inspection.

[See the 5 Best--and 5 Worst--Home Improvement Projects for Your Money.]

9. Not researching your neighborhood

You may be living in your dream home, but your neighborhood's a nightmare. Or you may have children or are planning to have children in the near future, but you didn't consider the quality of the school districts or parks in the vicinity. You should ask yourself a number of questions during your home search, such as "Are there good schools nearby?" and "Do I feel safe coming home at night?"

Boss suggests that if schools are an important factor, you should go check them out personally. Speak with the principals or the parents waiting on the steps outside to pick up their kids. To learn more about the community, open up the local newspaper, Boss says. You can find out about community events or even how good the local high school football team is. Today's buyers can gather all sorts of neighborhood information from real estate blogs and websites like Zillow and Trulia. (U.S. News has a partnership with Trulia.) "It is the responsibility of the buyer to check crime reports, school options, churches, and shopping," says Boss. "Remember, you can change your house, but you can't change the neighborhood."

10. Not considering the resale value of your home

You've just started the home-buying process. The prospect of selling a home hasn't even crossed your mind. Besides, you're thinking you might live in whatever home you buy forever. Yet life is full of surprises, whether it is a job transfer or having another child or taking care of an incapacitated relative.

When the time comes to put your house on the market, will your home be easy or difficult to sell? While you're on the hunt, it's a good idea to account for preferences of the typical home buyer. Just because you love to landscape or enjoy a bright-pink backsplash doesn't mean a prospective buyer will. "How we make our plans initially has a big impact on our ability to adjust those plans and to deal with whatever comes our way," says Vanderwell.

The 10 Must-Have Features in Today's New Homes

2010-02-05T10:00:00.000-08:00

The 10 Must-Have Features in Today's New Homes
by Steve Kerch
Thursday, February 4, 2010

Americans want smaller houses and they are willing to strip some of yesterday's most popular rooms -- such as home theaters -- from them in order to accommodate changing lifestyles, consumer experts told audiences at the International Builders Show here this week.

"This is a traumatic time in this country and the future isn't something we're 100% sure about now either. What's left? The answer for most home buyers is authenticity," said Heather McCune, director of marketing for Bassenian Lagoni Architects in Park Ridge, Ill.

Buyers today want cost-effective architecture, plans that focus on spaces and not rooms and homes that are designed 'green' from the outset," she said. The key for home builders is "finding the balance between what buyers want and the price point."

For many buyers, their next house will be smaller than their current one, said Carol Lavender, president of the Lavender Design Group in San Antonio, Texas. Large kitchens that are open to the main family living area, old-fashioned bathrooms with clawfoot tubs and small spaces such as wine grottos are design features that will resonate today, she said.

"What we're hearing is 'harvest' as a home theme -- the feeling of Thanksgiving. It's all about family togetherness -- casual living, entertaining and flexible spaces," Lavender said.

Paul Cardis, CEO of AVID Ratings Co., which conducts an annual survey of home-buyer preferences, said there are 10 "must" features in new homes.

1. Large Kitchens, With an Island

"If you're going to spend design dollars, spend them where people want them -- spend them in the kitchen," McCune said. Granite countertops are a must for move-up buyers and buyers of custom homes, but for others "they are on the bubble," Cardis said.

2. Energy-Efficient Appliances, High-Efficiency Insulation and High Window Efficiency

Among the "green" features touted in homes, these are the ones buyers value most, he said. While large windows had been a major draw, energy concerns are giving customers pause on those, he said. The use of recycled or synthetic materials is only borderline desirable.

3. Home Office/Study

People would much rather have this space rather than, say, a formal dining room. "People are feeling like they can dine out again and so the dining room has become tradable," Cardis said. And the home theater may also be headed for the scrap heap, a casualty of the "shift from boom to correction," Cardis said.

4. Main-Floor Master Suite

This is a must feature for empty-nesters and certain other buyers, and appears to be getting more popular in general, he said. That could help explain why demand for upstairs laundries is declining after several years of popularity gains.

5. Outdoor Living Room

The popularity of outdoor spaces continues to grow, even in Canada, Cardis said. And the idea of an outdoor room is even more popular than an outdoor cooking area, meaning people are willing to spend more time outside.

6. Ceiling Fans

7. Master Suite Soaker Tubs

Whirlpools are still desirable for many home buyers, Cardis said, but "they clearly went down a notch," in the latest survey. Oversize showers with seating areas are also moving up in popularity.

8. Stone and Brick Exteriors

Stucco and vinyl don't make the cut.

9. Community Landscaping, With Walking Paths and Playgrounds

Forget about golf courses, swimming pools and clubhouses. Buyers in large planned developments prefer hiking among lush greenery.

10. Two-Car Garages

A given at all levels; three-car garages, in which the third bay is more often then not used for additional storage and not automobiles, is desirable in the move-up and custom categories, Cardis said.

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The Sky is Falling...??? naw but prices are stabilizing...

2010-01-28T12:53:00.000-08:00

This is a great story about home prices...It's just a indication that we're not nearly at the bottom but this year we will see some areas gain price stabilation...but the reality is that prices will go down to "trump levels..i.e. circl 2000" before it's over....anyway here's the story and if you want to comment here or call me 818 4220 2040/Keller Williams CA Lic # 018108335

These metros saw their price tags drop most in the last three months.
If you've been holding your breath for that home-price upswing that the more optimistic forecasters predicted last year, you're out of luck. The real estate slide--though it's now a mild one as opposed to the double-digit drops of 2008--isn't going to abate soon. Home prices are dipping nationwide, down 1.4% by one measure, and will inch perilously close to their January 2009 bottom, according to a new report from Altos Research, a Mountain View, Calif.-based research firm.

In Depth: Cities With The Fastest Falling Home Prices
Some metros have it worse than others. San Diego has seen the greatest three-month drop in asking prices of the 27 markets Altos tracks, falling 7.3% between October and December 2009. In that city, volatility is the name of the game. Prices drifted upward for the first half of 2009, prodded by new sellers who were encouraged by modest bumps in pricing. But when fall's seasonal slump hit, the trend reversed dramatically.

Although home prices are always weakest in the fall--they typically peak in the spring and hold steady through the summer--Altos' numbers reflect an unsteady market in general. Its 10-city composite, which it uses as a proxy for the national market, shows a 1.4% drop since October. When stimulus measures like the first-time homebuyer tax credit (which expires in June) and historically low interest rates abate, the market could continue to suffer.

"The combination of an expired tax credit and rising interest rates would be a catalyst for re-testing the [January 2009] bottom," says Mike Simonsen, CEO of Altos.

Behind the Numbers
For our list of cities with the fastest-falling home prices, we used Altos Research's January market update, which looks at asking prices, inventory and days on the market single-family homes--but not condominiums--in 27 of the country's closely watched real estate markets. It uses homes for sale in each city's Metropolitan Statistical Area--a census-defined area that the federal government uses to collect statistics--for its data.

Charlotte, N.C., the city with third-greatest drop in asking prices (falling 4.4% to a median price of $248,543 in December), suffered from exuberant pricing early in the year. But the Wall Street collapse hit Charlotte hard, as it's a financial hub that is headquarters to Bank of America Corp. ( BAC - news - people ), among other major banking institutions. Now the area's housing market is suffering.

"In Charlotte, at the beginning of the year, new sellers thought they would get a nice premium, and they were pricing above the median price," says Scott Sambucci, vice president of data analytics at Altos Research. "They were reading all those articles about the national housing market saying, 'That's not happening here.' But there was a lag effect."

Miami is the only city of the 27 markets Altos tracks that saw asking prices rise over the last three months. Prices there were up 2% from October to a median price of $494,992. The reasons for this are mixed: While the numbers are somewhat promising, Miami's good fortune is also a reflection of just how long it took for the hard-hit Florida housing market to regain its footing. And even with the recent upturn, it's the city where homes sit on the market for the longest by far. Homes here stay for sale for a median of eight months. Not to mention Altos' analysis only reflects single-family homes--not condominiums, a section of the Miami's real estate market that has yet to stabilize.

Therefore, Miami's upswing should be taken skeptically, says Simonsen. "Miami lagged behind everything else, and so is only now starting to feel the impact of the stimulus."

But a decision on Jan. 7 by mortgage entities Fannie Mae and Freddie Mac to begin backing some Miami condominium loans that they previously hadn't touched might help rejuvenate sales.

Big Apple Trouble
Most markets have seen price drops of less than 3%, and that's true for New York City, where home prices have fallen by 2.3%, to a median of $638,082. But there may be trouble in store for the Big Apple, which peaked late and whose real estate market was more directly affected by the Wall Street implosion of late 2008. Its inventory of listed homes has increased by 4.2% since October. Phoenix is the only other market that saw inventory rates rise during a seasonally slow season in which it typically falls. Slimming down inventory is necessary to curb price declines.
In New York, onerous real estate laws mean that foreclosures take roughly six months to complete, and post-foreclosure sales don't usually close for another four months after that. This has kept buyers away, and hamstrung real estate recovery in the area.

"In states with complex foreclosure laws, the recovery is clearly being delayed," says Simonsen. "For example, there are investment funds that will buy in Texas and California, but won't buy in New York because it takes so long to foreclose--and then you have to go to court."

New York prices likely have much farther to fall.

Although the rate of decline has mellowed from stomach-turning to gentle nationwide, these numbers show that any jubilation over a recovered real estate market would be premature.

Top 5 Cities With The Fastest-Falling Home Prices
1. San Diego-Carlsbad-San Marcos, Calif.

2. Salt Lake City, Ut.

3. Charlotte-Gastonia-Concord, N.C.-S.C.

4. Denver-Aurora, Co.

5. Portland-Vancouver-Beaverton, Or.-Wa.

Click here for the full list of Cities With The Fastest-Falling Home Prices

Have you thought about a Green Home?

2010-01-26T13:04:00.000-08:00

Energy-efficient homes: Cheaper to own, more expenive to buy. Why?
By Douglas Fischer
Posted Mon Jan 25, 2010 7:13am PST
Related topics: Buildings, Heating-Cooling, House, Saving energy at home More from The Daily Green News blog .
3
votes
Buzz up!

EAST LANSING, Mich. -- Krista and Micah Fuerst were looking near here to buy their first place together, and had narrowed it down to two houses: One built 25 years ago, the other brand new and built to strict energy efficiency standards. The couple's choice was easy: They picked the Energy Star home, which the U.S. had certified because it will use about one-fifth to one-third less energy than a comparable home.

But they're in the minority. Most homebuyers don't think about the ongoing costs of home ownership beyond the mortgage and taxes; using energy costs, too. And fewer still think about the pollution that energy use creates, but home energy use accounts for 16 percent of U.S. greenhouse gas emissions. The proportion of newly built Energy Star homes is growing, but still only represents 20 percent of new homes built in 2009, according to Sam Rashkin, national director of the Home Energy Star program.

Despite the slow increase in newly built efficient homes, some 99 percent of existing houses are "sick" -- damp, drafty, dusty, noisy and expensive to heat and cool. They "could be made at least 30 percent more energy-efficient with highly cost-effective, tried-and-true energy-efficiency improvements," according to Rashkin. A 30% reduction in energy use is a 30% reduction in home energy costs; newly built Energy Star homes have, since 1995, saved homeowners an estimated $1.2 billion.

The Energy Star program won't fix those old houses. Energy Star designations go to the cream of the housing stock; if just one in five new homes meets these standards, far fewer renovations do. So if energy efficient homes cost homeowners less and pollute less, why aren't they more commonplace? Experts say economics and regulations are the root of the problem: Mortgages are structured in ways that fail to recognize the benefits of energy efficiency, while a patchwork of inconsistent and ill-enforced energy codes provides conflicting signals to industry.

Meanwhile consumers remain largely unaware of efficiency's advantages, advocates say, thereby bypassing an easy target for considerable cuts in national carbon emissions -- and home energy bills.

In this sense the Fuersts are typical of many homebuyers. Both in their late twenties, the Fuersts were aware of Energy Star-rated appliances, but didn't know the label also applied to homes, said Krista Fuerst, a childcare director. Their home, which wouldn't stand out in any new subdivision, and they mostly just wanted a place big enough to raise a family. They traded slightly longer commutes for smaller energy bills and freedom from costly renovations.

"We're certainly conscious of the environment," she explained, "but we're not hyper-conscious. We're not extreme green."

Of course, the ultra-efficient heating and cooling systems, high-performance windows and other features that make the homes exceptionally comfortable also make them a bit pricier. The added cost for a new Energy Star home may only be about the price of a night at the movies on each month's mortgage payment, but it's enough to scare off many potential buyers.

"It's an incredibly smart choice," Rashkin said, since smaller utility bills more than offset the higher price. "But consumers are overwhelmed by first cost."

Energy-efficient mortgages
To get buyers over that hump, a handful of specialized mortgage options have for decades given buyers more cash up front, since they'll save on energy costs. But nobody's buying. Before the mortgage crisis, when loans were easier to come by and energy was relatively cheap, energy-efficient mortgages weren't very enticing, experts say, and lenders didn't bother with them. Now the specialized options are more valuable, but lenders have grown accustomed to ignoring them.

"It's really unfortunate," said Jennifer Amann, buildings program director for the American Council for an Energy-Efficient Economy. "Energy-efficient mortgages have been available now for 20 years or so, but they're a really underutilized tool."

While energy-efficient mortgages are a good idea, there's a more obvious solution, according to Cliff Majersik, executive director of the Institute for Market Transformation, which advocates for energy efficiency: Make all mortgages – not just specialized ones – account for energy use.

"The fact is that energy-efficient homes have much lower foreclosure and delinquency rates. So that's a market failure, that we're not giving homeowners credit for buying good, efficient homes," Majersik said. "The challenge is that there are processes that have been in place for a long time, and there's pretty clear evidence that they've let us down."

The House climate bill includes a handful of provisions that would reward buyers of efficient homes. For example, the Federal Housing Administration would be required to insure at least 50,000 energy-efficient mortgages over three years, and Fannie Mae and Freddie Mac would make the kind of wholesale changes to underwriting guidelines sought by Rashkin, Majersik and others. Another provision would enforce a national building code that would improve efficiency on new buildings by 30% immediately, and 70% by 2029. Currently, states can adopt any building codes they want, so requirements vary widely.

Homebuilders say they'll build more efficient homes when buyers ask for them, but demand won't grow until more people understand the benefits of efficiency. Many who have lived in energy efficient homes are convinced.

"The house is heated very evenly," Krista Fuerst explained. "There are no cold spots and no drafts." They set the thermostat at 67 degrees -- much lower than would have been comfortable in their rental -- and turn it down to 57 when they leave in the morning, but the temperature never drops that low, even after 12-hour days. So far their heating bills have been just over half what they paid last winter. "Now that we have lived in an energy-efficient house," she said, "it would be very difficult to go back."

Douglas Fischer is editor of Daily Climate, one of The Daily Green's trusted sources of information. This post is republished with permission.

HERE's the truth about Home Buying in 2010!!!

2010-01-03T07:33:00.000-08:00

10 Things to Know About Real Estate in 2010
by Luke Mullins
Tuesday, December 29, 2009
provided by

Is 2010 the year to buy a house? It certainly looks that way: After a steep run-up in prices during the first half of the decade, home values have plummeted back to 2003 levels. Fixed mortgage rates are sitting near record lows. And the foreclosure epidemic--while painful for many home owners--has created some wonderful opportunities for bargain hunters. If that's not enough, Uncle Sam is handing out thousands of dollars in tax credits to nearly all first-time buyers and the bulk of existing home owners who close a purchase by June.

But while the 2010 outlook appears inviting, there's one key catch. "You need to have a stable job," says Mark Zandi, the chief economist of Moody's Economy.com. The economy is showing signs of life, but the unemployment rate is already at 10 percent and expected to go higher. And while those mortgage rates are attractive, buying a house makes sense only if you can bank on your income stream. So before you consider purchasing a home, take a hard look at your job, your company, and your industry.

That said, here are 10 things to know about real estate in 2010:

1. Prices to bottom: After more than three years of falling, real estate values have shown signs of stabilization in recent months. At the national level, home prices slid nearly 9 percent between the third quarter of 2008 and the same period this year, according to the S&P/Case-Shiller home price report. That's a notable improvement from the second quarter's nearly 15 percent annual drop and the first quarter's 19 percent decline. This improvement will give way to a bottom in home prices--finally!--in 2010, but not before additional declines, Zandi says. Zandi projects home prices will hit bottom in the third quarter of 2010 after logging a peak-to-trough decline of roughly 37 percent, based on the S&P/Case-Shiller national home price index. "That means we've got another roughly 10 percent [decline] to go," Zandi says.

2. Mortgage delinquencies up: Amid falling home prices and a nasty labor market, roughly 1 in every 7 mortgages was either past due or in foreclosure by the end of the third quarter--the highest delinquency rate in the 37-year history of the Mortgage Bankers Association's National Delinquency Survey. Two factors are expected to drive delinquencies even higher next year. First, nearly 1 in 4 homeowners currently owes more on their mortgage than the property is worth, which increases their odds of default. And secondly, the national unemployment rate--which already stands at 10 percent--will peak at about 10.5 percent in the first quarter of 2010, says Patrick Newport, an economist at IHS Global Insight. Additional job losses mean more borrowers won't be able to pay their mortgage bills. "The [delinquency] rate is going to stay up there for quite a while because the job market is going to be really weak for a while," Newport says.

3. Foreclosures move upstream: The number of foreclosure sales will increase to about 1.9 million in 2010, according to Moody's Economy.com. And while we've already seen a growing number of more expensive homes heading into foreclosure, Heather Fernandez, vice president of marketing at the real estate search engine Trulia, expects the trend to pick up steam next year. (Trulia is a U.S. News partner.) "We are poised in 2010 to see a surge of foreclosures from prime borrowers. Hundreds of billions of dollars in option [adjustable rate] mortgages are set to be recast" next year, Fernandez says. Option adjustable rate mortgages allow borrowers to make lower monthly payments for an initial period, after which the payments adjust--or "recast"--higher. For some borrowers, the new payments can be more than twice their initial payments. Combined with other factors, like the loss of a job, a recasting option adjustable rate mortgage can make borrowers more likely to default. "These are [properties] at higher price points [and] potentially in more desirable neighborhoods," Fernandez says.

4. Mortgage rates to rise: Anyone who purchased a home in 2009 was presented with some extremely attractive mortgage rates. Rates on 30-year, fixed mortgages fell to an average of 4.88 percent in November, down sharply from 6.09 a year earlier. A key factor behind the plunge was a Federal Reserve program, first announced in November of 2008, that purchased debt and mortgage-backed securities from Fannie Mae and Freddie Mac. But the program is slated to expire at the end of the first quarter, and if private investors don't step up, fixed mortgage rates could jump. (The Fed, of course, could always decide to extend the program.) The unwinding of this Fed program, the improving economy, and mounting concern over government deficits could push rates on 30-year, fixed mortgages to roughly 5.5 percent by mid-2010 and close to 6 percent by the end of the year, says Mike Larson of Weiss Research. "Almost all signs to me point higher," Larson says.

5. Buyer's market remains: With prices still falling, mortgage rates remaining historically attractive, and additional homes hitting the market in the form of foreclosures, the dynamics of the real estate market will continue to favor buyers over sellers in 2010. That means those looking to buy a home next year should not feel pressured to act impulsively. "You don't need to have a sense of urgency, but understand that as time progresses the balance of power as we get into 2010 is going to slowly but surely shift away from [buyers]," Larson says. "It is not going to be a strong seller's market, but it will be more evenly distributed as the year goes on." Data from the real estate firm Zillow show that home buyers are already losing the leverage they once enjoyed. While home buyers landed a median discount of 4.6 percent off listing prices in January, the size of the gap fell to 2.7 percent by October. Expect this gap to close further as 2010 marches on.

6. Modification plan could be modified: While the Obama administration has put nearly 700,000 borrowers into temporarily restructured mortgages, it had found permanent fixes for just 31,382 struggling homeowners through November. What's more, critics have identified two key shortcomings of the government's $75 billion antiforeclosure plan. First, the program isn't much help for borrowers struggling to stay in their homes as the result of a job loss. And the rickety labor market is a key factor behind rising delinquencies. At the same time, the plan does not sufficiently address the issue of negative equity--owing more on your home loan than the property is worth--which also works to increase foreclosures. "The current modification program does not address negative equity and is therefore destined to fail," Laurie Goodman, a senior managing director at Amherst Securities Group, told a congressional committee in written testimony on December 8. "It must be amended to explicitly address this problem." Zandi says the government may move next year to overhaul the modification program in two ways: improving troubled borrowers' negative equity positions by writing down some of the mortgage principal, and helping to turn troubled homeowners into renters.

7. FHA lending standards may increase: While banks have jacked up lending standards in the face of mounting delinquencies, mortgages backed by the Federal Housing Administration--which come with a minimum down payment of just 3.5 percent--have remained accessible to a wide swath of borrowers. The FHA guarantees nearly 30 percent of new-home purchase mortgages today, up sharply from just 3 percent in 2006. But the rapid growth has occurred alongside an increase in mortgage delinquencies. As a result, the FHA's reserves have dipped below congressionally mandated levels. The development has put pressure on the Obama administration to beef up its requirements for agency-backed home loans. In early December, the Department of Housing and Urban Development announced that it would make several changes to FHA mortgage requirements: raising up-front cash requirements, boosting minimum credit scores, and perhaps charging more for insurance premiums. Additional new restrictions may be in store. Taken together, the developments could work to choke off the supply of mortgage credit to borrowers who can't get financing elsewhere.

8. Tax credit available through June: On top of lower prices and cheap mortgage rates, Uncle Sam is offering an additional incentive to get buyers into the market next year. In early November, President Obama signed a bill extending and expanding a popular tax perk for home buyers. The legislation gives qualified first-time home buyers a tax credit of up to $8,000 if they close the purchase of a primary residence by the end of June. Meanwhile, qualified current home owners are eligible for a credit of up to $6,500 when they buy their next principal residence. But while the tax perk may make a home purchase more tempting, would-be buyers should make sure they have the job security and financial wherewithal to handle the transaction before going ahead. "Don't let [the home buyer tax credit] be the thing that drives you to act," Larson says.

9. Markets will vary a great deal by region: The performance of the national housing market is much less important that the dynamics of your local market, and sales and pricing trends will vary a great deal from one area to the next in 2010. "There will be geographic pockets where the values will still continue to decline, and there will be geographic pockets where they increase," said Dale Siegel, a mortgage broker and the author of The New Rules for Mortgages. That means anyone interested in buying real estate next year can't just read the national headlines. Instead, find a good blog that covers the local housing market and consider speaking with a real estate agent with experience in the area. Check out online listings--pay close attention to pricing and inventory trends. And make sure to head out to open houses to get a firsthand feel for the market.

10. Mobile maps can help: Advances in technology have enabled would-be home buyers to increase the efficiency of their searches. For example, Zillow's iPhone app allows home buyers to see the estimated values and listed prices of the properties they pass on the street. The app, which is free, has been downloaded more than 830,000 times. Trulia has unveiled a similar product that allows users to find nearby open houses as well. "If you are sitting in a neighborhood having brunch on a Sunday, you can very easily pull up your phone [and] walk into open houses," says Trulia's Fernandez.

Copyrighted, U.S.News & World Report, L.P. All rights reserved.ADVERTISEMENT

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

"Your money man".....maybe???

2009-12-28T16:34:00.000-08:00

Just in case your wondering...this is...

How Your Income Stacks Up
by Kevin McCormally
Wednesday, December 23, 2009

Where do you rank as a taxpayer? You may not feel rich earning $35,000 a year, but you're in the top half of taxpayers. Make $70,000, and you earn more than 75 percent of fellow taxpayers.

Even as the Great Recession ends, we know the economic wounds it inflicted will take years to heal. The national unemployment rate has breached 10 percent, and unemployment is higher than 12 percent in California and above 15 percent in Michigan. A new study from the Department of Agriculture found that nearly 50 million Americans struggled at some point in 2008 to get enough to eat.
More than 40 million Americans are officially living in poverty. And you might be surprised at how little income it takes to not be considered poor by the federal government. For 2008, the poverty threshold for a single person under age 65 was an income of $11,201, or less than $1,000 a month. For a family of four, the threshold was $21,834. For a family of six, $28,769.
With that perspective, you may wonder just how your income stacks up against that of your fellow citizens. New statistics from the IRS provide an answer. The numbers here come from an analysis of 2007 tax returns, the most recent ones that have been studied.

The data show that an income of $32,879 or more puts you in the top half of taxpayers. Earning a bit more than twice that much -- $66,532 -- earns you a spot among the top 25 percent of all earners. You crack the elite top 10 percent if you earn more than $113,018.
And $410,096 buys top bragging rights: Earn that much or more and you're among the top 1 percent of all American earners.

Kiplinger has developed an online calculator to quickly show you -- based on your personal adjusted gross income -- into which income category you fall and, as a bonus, what percentage of the nation's tax burden is borne collectively by you and your fellow citizens who are in that income category.

ech??? you believe this.....?

Whoa....hold up wait a minute...

2009-12-27T16:55:00.000-08:00

Hi every one....I've ran out of inspiration and money..so i've been on a sabatical to rebuild the coffers and find new inspiration to go out there and define my take on RE in LA...well I could go like everyone of us peeps that didnt have a banner year of sale after sale..it's been hard to stay motivated and focus..on the hustle harder mantra. Yeah that was where I was at in October,November..yeah get it done before November 30th yawn....well it has come and gone and now we plan for a new year of spectacular bargins for the investor and abysmal realties for the ones who could not hold on...sorry life is a tumble some times, you need to pick yourself up and keep trying..don't give up...you heard it before. So for my final 2009 post. Stay cool, tempered and smart...you will have a happy new year..(I'm smiling like eddie murphy in BH cop))laughing too....

Ok this is Good News?

2009-12-01T15:44:00.000-08:00

Mortgage rates drop to record lows -- for those who can qualify
November 25, 2009 | 12:17 pm
Two weekly reports show Christmas has arrived early for mortgage borrowers, with rates at or near record lows.

In its survey for the week ending today, home-loan buyer Freddie Mac said the average rate for a 30-year fixed rate mortgage had dropped to 4.78%, tying a record set last April. The survey assumes borrowers have good credit, a 20% down payment or 20% equity if it's a refinance, and pay 0.7% of the loan balance in upfront fees and discount points to their lender.

Rates for 15-year fixed-rate loans were the lowest ever in Freddie's survey, averaging 4.32% with 0.6% in fees and points. Details about the methodology and other types of loans are in the release on the website of the McLean, Va., company.

BankRate.com, the North Palm Beach, Fla., financial information firm, is showing average rates at an even 5%, the lowest ever for its survey of large lenders. The mortgages in the survey had an average of 0.4 origination and discount points.

Details in today's announcement include the following caveat/observation from BankRate's Holden Lewis:

"The good news is that mortgage rates are so low. The bad news is that unemployment is high and rising, causing more homeowners to fall behind on their mortgage payments. As a result, it's harder to get a mortgage because lenders are tightening their underwriting standards -- for example, requiring bigger down payments and scrutinizing borrowers' finances."

Another bad sign for housing in recent weeks has been dwindling applications for loans to purchase homes, perhaps because buyers thought an $8,000 federal tax credit program for first-time buyers would expire.

But with Congress having extended the tax credit and broadened it to include a $6,500 credit for trade-up buyers, the Mortgage Bankers Assn. said today that purchase applications rose 9.6% last week after accounting for seasonal factors. That reversed six straight weeks of purchase-loan declines in the association's weekly surveys.

The bankers association said that, overall, the seasonally adjusted volume of loan applications was down 4.5% from the previous week as efforts to refinance homes dropped off.

-- E. Scott Reckard

hey Scott, tell the truth..this is not good news..

Home values in Los Angeles,....are expected to dive another 20.2% over by June 2010,....

2009-11-24T15:44:00.000-08:00

Homes: About to get much cheaper
By Les Christie, CNNMoney.com staff writer
On 11:07 am EDT, Tuesday October 20, 2009
Buzz up! 1270 Print.If you thought home prices were bottoming out, you may be wrong. They're expected to head a lot lower.

Home values are predicted to drop in 342 out of 381 markets during the next year, according to a new forecast of real estate prices.

Overall, the national median home price is predicted to drop 11.3% by June 30, 2010, according to Fiserv, a financial information and analysis firm. For the following year, the firm anticipates some stabilization with prices rising 3.6%.

In the past, Fiserv anticipated the rapid decline in home-sale prices over the past few years -- though it underestimated the scope.

Mark Zandi, chief economist with Moody's Economy.com, agreed with Fiserv's current assessments. "I think more price declines are coming because the foreclosure crisis is not over," he said.

In fact, those areas with high concentrations of foreclosure sales will experience the steepest drops, according to Fiserv. Miami, for example, is expected to be the biggest loser. Prices are forecast to plunge 29.9% by next June -- after having already fallen a whopping 48% during the past three years.

If Fiserv's forecast holds, Miami real median home price will tumble to $142,000 by June 2011.

In Orlando, Fla., the second-worst performing market, Fiserv anticipates a 27% price collapse by June 2010, followed by a less severe drop the following year. In Hanford, Calif., prices are estimated to drop 26.9% and continue falling 9.5% in 2011; in Naples, Fla., they're expected to fall 26.8% and then flatten out.

Other notable losers include Las Vegas, where prices have already fallen 54.6% and are expected to lose another 23.9% by June 2010. In Phoenix values have already collapsed by 54% and could fall another 23.4%. In both cities, Fiserv anticipates the losses to continue into 2011, but they will be less than 5%.

Prices had stabilized

The latest forecast is at odds with the past few months of the S&P/Case-Shiller Home Price index. That report has given hope that most housing markets may have already stabilized because the composite index of 20 cities rose in May, June and July. Nationally, it found that home prices have gained 3.6%.

Brad Hunter, chief economist for Metrostudy, which provides housing market information to the industry, however, expects a change in fortunes, however.

"I'm afraid Case-Shiller may be just a temporary reprieve," he said.

He pointed out that the tax credit for first-time home buyers helped support prices during the three months of Case-Shiller gains. By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors. But the market assistance ends when the credit expires on Dec. 1.

Hunter also sees a new wave of foreclosure problems coming from higher priced loans and prime mortgages. He expects a high failure rate for option ARM loans that were issued to prime customers so they could buy homes in bubble markets, such as California and Florida. In those areas, prices for even modest homes had skyrocketed.

Winners

A handful of metro areas will buck the trend, according to Fiserv. Six markets will remain flat, and 33 will actually post gains. The biggest winner will be the Kennewick, Wash., metro area, where home prices have ramped up 8.9% over the past three years and are expected to increase another 3.4% by June 2010.

Fairbanks, Alaska, prices are anticipated to rise 2.5%, while Anchorage will climb 2.1%. Elmira, N.Y., prices may inch up 1.8%.

The nation's biggest metro area, New York City, will underperform the nation as a whole over the next two years, according to Fiserv. Prices, which have already fallen 21.7% to a median of $375,000, are expected to fall 17.4% by June 2011.

Home values in the nation's second largest city, Los Angeles, have fallen 43.3% since June 2006 to a median of $313,000. They are expected to dive another 20.2% over by June 2010, and then start to climb in 2011. Chicago prices, which have fallen 25.2% to $227,000, will drop only 4.1% over the next 12 months and then starting to climb.

The Detroit metro area now has the dubious distinction of having the lowest home prices in the country. Prices have dropped 51.7% to a median of $50,000. They're expected to fall another 9.1% and then stabilize.

Work..but don't burnout..here's how...

2009-11-13T18:25:00.000-08:00

It's important that you always remain motivated. Here are some secrets to help you avoid burnout.
Put in 15 minutes.
When the thought of sitting down to the computer late at night makes you want to cry, convince yourself to put in just 15 minutes. At the very least you will get a little something done.

But don't be surprised if once you begin your task, you get more done. Sometimes the hardest part is getting started.

Keep it realistic.
Setting high goals is good, but make sure they are realistic. Setting your sights too high can backfire when you aren't able to reach them and this can actually ruin your motivation if you start feeling like a failure.

Jot down goals on paper, but keep assessing your progress and make adjustments when necessary. Remember there are many ways to get to the finish line. Keep evaluating because your initial course may not be the best way if it proves to be unrealistic.

Keep a gratitude journal.
One sure way to have a positive attitude is to keep a gratitude journal. Jotting down everything you are thankful for on a consistent basis will help you keep things in perspective and realize just how good you have it.

Maintaining a positive, upbeat attitude will help you to feel thankful for this opportunity and keep you motivated to make the most of it.

Get inspired.
Put together an "Inspiration Binder". This can consist of inspiring quotes and letters of encouragement from friends and family. Be sure to include a letter to yourself.

Putting your own strengths on paper is not conceited but rather a great way to pump yourself up when negative self-talk gets down. Don't underestimate the power of motivating words.

Honestly...I dont know how I feel about this..

2009-11-05T13:28:00.000-08:00

Fannie Mae to rent out homes instead foreclosing

By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – Thu Nov 5, 10:02 am ET

WASHINGTON – Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.

The government-controlled company, through its new "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.

The program will "eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities," Jay Ryan, a Fannie Mae vice president, said in a statement.

But the effort is likely to affect a relatively small number of homeowners. In the first half of the year, Fannie Mae took back about 1,200 properties through this process, known as a deed-in-lieu of foreclosure. That pales in comparison to the 57,000 foreclosed properties the company repossessed in the period.

While neither option is particularly attractive for the homeowner, a deed-in-lieu does less harm to the borrower's credit record.

The rental program is designed to help homeowners who don't qualify for a loan modification under the Obama administration's plan, but still want to remain in their homes. Fannie Mae is not planning to market the homes for sale during the one-year rental period.

Fannie Mae has hired an outside company, which officials declined to identify, to manage the properties.

To qualify, homeowners have to live in the home as their primary residence and prove that they can afford the market rent, which would be determined by the management company. The rent can't be more than 31 percent of their pretax income.

Fannie Mae's sibling company, Freddie Mac, launched a similar effort in March. That policy, however, requires the foreclosure to be complete and only allows month-to-month leases. A Freddie Mac spokesman declined to say how many borrowers have participated.

10 Good jobs...remember...do what is natural...!!

2009-11-03T08:25:00.000-08:00

10 Jobs With High Pay and Minimal Schooling Required!
by Michael Kling
Tuesday, November 3, 2009
provided by

You don't have to go to college earn a decent living. Some professions pay good salaries without requiring post-secondary schooling.

A college degree can be a great path towards a well-paying, satisfying profession, but a bachelor's degree isn't for everyone. In fact, some see advanced education as overrated. A surge in the number of college graduates have dampened the value of a college education. College comes intact with high tuition, room and board, and supplies fees - and that's not even factoring in debt payments that usually last for years, if not decades.

Trusting the 'Net

Beware of online lists of top-paying professions with little schooling. Some lists cite obscure professions or ones requiring long-term on-the-job training. Just because a profession doesn't officially require a degree is no indicator that and education wouldn't be advantageous, especially for inexperienced applicants in today's competitive job market.

Your New Career

Here's a list of top-paying jobs requiring little schooling, and their median annual earnings as of 2006, using the latest data available from the Bureau of Labor Statistics. Keep in mind that these jobs have their own challenges and often require some type of specialized schooling - sometimes on-the-job training.

1. Air Traffic Controllers: $117,200

These workers make sure airplanes land and take off safely, and they typically top lists of this nature. The median 50% earned between $86,860-142,210, with good benefits. Air traffic controllers are eligible to retire at age 50 with 20 years of service, or after 25 years at any age.

Watching blinking dots on a radar screen that control the lives of hundreds can be stressful, and the job require specialized FAA schooling and on-the-job training. Typically, two to four years of training are needed in order to become fully certified, although previous military experience can cut that time down significantly.

2. Industrial Production Managers: $77,670

They oversee manufacturing activities. A college degree is preferred, but not necessarily mandatory. They often work in industries such as aviation and automobiles.

3. First-Line Police and Detective Supervisors: $69,300

Police officers can advance through the ranks to become supervisors by passing exams and achieving good performance reviews, and advanced training can help win promotions.

4. Funeral Director: $49,620

College programs in mortuary science usually last from two to four years. You typically must also serve a one-year apprenticeship, pass an exam and obtain a state license. Hours can be long and irregular. Dealing with dead bodies and crying relatives isn't for everyone.

5. Police and Sheriff Patrol Officers: $47,460

Police corporals had an average minimum annual base salary of $44,160, according to the International City-County Management Association. But total income can significantly exceed base salary because of overtime pay. And police officers can often retire at half-pay after 25-30 years of service.

Applicants usually must have at least a high school education, and some departments require a year or two of college or even a degree. Rookies are trained at police academies.

6. Advertising Sales Agents: $42,750

20% have a high school degree or less, and 10% have an Associate's degree.

7. Real Estate Brokers and Sales Agents: $39,760

Don't let that figure fool you; the highest 10% earned more than $111,500. While advanced coursework is not necessarily required, new entrants must pass an exam and get a state license. Connections in the community and a willingness to work hard are what really count, but experience and a good housing market also help.

8. Occupational Therapist Assistants: $42,060

These workers usually need an associate degree or a certificate. They work with occupational therapists, helping injured patients recover from, or compensate for, lost motor skills. Job prospects are good in the growing health care field, especially for those with some post-secondary education.

9. Occupational Therapist Aides: $25,000

These employees receive most training on the job. Under supervision of occupational therapists, they also work with injured people. Competition for jobs is tougher for those with only a high school diploma.

10. Physical Therapist Assistants: $41,360

These workers deal with physical therapists, helping patents improve mobility, relieve pain or overcome injuries or disabilities. Those working in home health care services tend to make more on average. Aides, earning an average of $22,000, are trained on the job. Assistants, who have greater responsibilities, typically need an associate's degree.

The Bottom Line

Despite a recession, plenty of career paths can lead to well-paying professions without spending four years or more hitting the books, including opportunities in law enforcement, health care and sales. The goal is to find a job that matches your own particular talents and preferences in addition to supporting your lifestyle.

Numerology Anyone?

2009-11-01T08:19:00.001-08:00

I thought this artical is worth consideration...It's the driving down the street and not noticing the trees analogy...check this out...

Number-Crushing: When Figures Get Personal Real-Estate Developers Factor In Love of 6 and 8, Fear of Unlucky 4 and 13;

What Happened to Floors 40 Through 59? By CARL BIALIK..

Everyone can agree that 1+1=2. But the idea that 7 is greater than 13 -- that some numbers are luckier than others -- makes no sense to some people. Such numerical biases can cause deep divisions.

And that is what happened earlier this month in Hong Kong. Property developer Henderson Land Development Co. made news for selling a condominium for $56.6 million, a price the developer called a residential record in Asia. But after that sale was announced, the property began making news for other unusual numbers. Henderson is labeling the floors of its property at 39 Conduit Road with numbers that increase, but not in the conventional 1-then-2 way. The floor above 39, for example, is 60. And the top three floors are consecutively labeled 66, 68 and 88.

When Numbers Add Up to More Than Math

Associated Press

In Las Vegas, where lucky numbers such as 7 are always welcome, couples gathered at Mandalay Bay to wed on July 7, 2007.
.This offended some people's sense of order. At a protest Sunday against high housing prices, Hong Kong Democratic Party legislators expressed dissatisfaction with the numbering scheme's tenuous relationship to reality. "You could call the ground floor the 88th floor, but it's meaningless," says Emily Lau. "When you say you live on the 88th floor, people expect you to be on the 88th floor, not the 10th floor or something."

Numerology, a belief that certain digits have greater meaning beyond merely their quantity, has long been been viewed as a kind of loony uncle to mathematics. Numerologists favor or fear certain numbers depending on factors such as the sound of the words for those numbers or the letter in the alphabet they correspond to. That kind of reasoning leads some mathematicians, who are governed by numerical laws and properties, to believe they have one up on numerologists.

But many mathematicians have their own emotional attachments to numbers that drove them to enter the field in the first place. Some will cop to having numerical crushes that might not look that different from numerologists'.

"The idea that numbers are somehow pure and immune to superstitious thinking, because they're somehow more 'objective' than words, doesn't take into account the fact that every concept exists (in our minds) in an interconnected tapestry of emotionally and culturally charged signifiers," Golan Levin, designer of the interactive project The Secret Lives of Numbers, which tracks the popularity of every whole number between one and one million, writes in an email. He considers most numerical superstitions harmless.

Thomas Garrity, a mathematician at Williams College, has always had a particular fondness for the number 9. The number 51, however, doesn't make his favorites list.

"This might stem from childhood, when I regularly thought that 51 should be prime, even though 51=3x17," he says, taking a trip down mathematical memory lane. But he doesn't base decisions on his preferences, for instance by avoiding the 51st floor of buildings, he says. "I can understand people having slightly irrational feelings about particular numbers," Prof. Garrity says. "I don't get, though, people making real decisions based on such feelings."

And yet some numerical superstitions do spread, especially when profits are involved. A Las Vegas casino that caters to Hong Kong high rollers also skips floors from 40 to 59, while Henderson's Hong Kong development omits the 13th floor to cater to Western tastes.

A Henderson spokeswoman says customers "don't want the fours and the unlucky numbers. These numbers are more interesting."

Henderson chose to name the floors as it did because of positive associations with 6 and 8, and negative ones with 4. In Cantonese and Mandarin, the word for eight sounds like "faat," which means prosperity. Hence the Beijing Olympics starting time of 8 p.m. on Aug. 8, 2008. The word for four, meanwhile, "sounds very much like 'death,' and is therefore avoided at all costs," says Hung-Hsi Wu, professor emeritus of mathematics at University of California, Berkeley, who was born in Hong Kong. Six is also considered lucky.

A preference for six over four also guided developers of the 42-floor Mandalay Bay casino in Las Vegas. There, penthouses are on the 60th, 61st and 62nd floor because Mandalay Bay skips the numbers 40 to 59.

Gordon Absher, spokesman for Mandalay owner MGM Mirage, says that decision was shaped by possible perceptions of high rollers when they are assigned to those floors. "You could think that we are trying to, as the casino, give you bad luck," Mr. Absher says.

Similarly, developers who would assuage fears of 13 can't avoid the existence of a 13th floor in buildings with 13 or more stories. But they can rename it out of existence. When a 13th floor was added to the Skirvin Hotel in Oklahoma City, in the 1930s, it was named the 14th floor. The hotel was shuttered in 1988 and reopened and renamed in 2007 by Hilton, which nonetheless kept the name for the top floor.

The 22-story headquarters of Chicago-based Marc Realty avoids throwing off the numbers in higher floors by labeling the 13th floor "14A." It labels the 14th floor "14B."

"That arrangement keeps the elevations of the upper floors straight in a physical sense," says Marc marketing coordinator Dan Krc. He adds that triskaidekaphobia, or fear of 13, appears to be fading, with floors labeled 13 in Marc properties showing occupancy rates are no lower than other floors.

The negative associations with 13 have been traced to the number of diners at the Last Supper, before the betrayal of Jesus. Some believed it went back to prehistoric times -- the lowest number that couldn't be counted on ten fingers and two feet. (Apparently, individual toes couldn't be counted).

But Underwood Dudley, retired professor of mathematics at Depauw University and author of "Numerology," says he wasn't able to verify any of these. "As far as I can tell, some number had to be unlucky, and it was 13," Dr. Dudley says.

Beverly Kay, a numerologist in Mequon, Wisc., doesn't buy fears of 13. However, she says her work reading meaning into clients' birth dates and names is consistent with math. "This is scientific," Ms. Kay says.

Psychologists and historians generally have tied such beliefs to the broader human tendency to seek patterns and systems where none exist. At its extreme, an emotional relationship to a number can creep into obsessive-compulsive behavior. In his book "Strange Brains and Genius," Clifford Pickover dug through case studies of numerical obsessive-compulsive disorder, and found that it could be tied to just about any numeral. Electricity pioneer Nikola Tesla demanded precisely 18 clean towels a day and showed an intense preference for multiples of three.

While mathematicians generally don't go to Tesla-like extremes, they possess a generally positive outlook about all numbers and that distinguishes them from numerologists, they say.

For example, Kenneth Ribet, a professor of mathematics at Berkeley, considers some prime numbers "friends," he says. One is 144,169, which reads like 12 squared followed by 13 squared; another the easily remembered number of 1,234,567,891.

"Mathematicians don't have numbers that they're afraid of or shy away from because we do really like all of the numbers," says Prof. Ribet. "On the other hand, some of us have favorites."

-- Jonathan Cheng in Hong Kong contributed to this article.

Learn more about this topic at WSJ.com/NumbersGuy. Email him at numbersguy@wsj.com.

Write to Carl Bialik at numbersguy@wsj.com

Corrections & Amplifications
The Book of Revelation identifies 666 as the number of the beast. A graphic accompanying the Numbers Guy column on October 28 incorrectly called it the Book of Revelations.

Senators agree to extend $8,000 housing tax credit for first-time buyers -- latimes.com

2009-10-30T05:58:00.001-07:00

Yea.....I hope this helps..I'm always optimistic....check this link.

Senators agree to extend $8,000 housing tax credit for first-time buyers -- latimes.com

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This is the otherside of the home sales coin...

2009-10-28T07:48:00.000-07:00

New home sales fall 3.6 percent

By ALAN ZIBEL, AP Real Estate Writer Alan Zibel, Ap Real Estate Writer – 33 mins ago
WASHINGTON – Sales of new homes dropped unexpectedly last month as the effects of a soon-to-expire tax credit for first-time owners started to wane.

The Commerce Department said Wednesday that sales fell 3.6 percent to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August. Economists surveyed by Thomson Reuters had expected a pace of 440,000.

It was the first decline since March. Sales in September were down 7.8 percent from a year ago.

The median sales price of $204,800 was off 9.1 percent from $225,200 a year earlier, but up 2.5 percent from August's level of $199,900.

The drop in sales was driven by a nearly 11 percent decline in the West and a 10 percent drop in the South. Sales rose 35 percent in the Midwest and were unchanged in the Northeast.

The data reflect contracts to buy homes, not completed sales. Many new homes are sold while they are still under construction, and buyers may be worried that they won't be able to complete the deal before the Nov. 30 deadline to take advantage of a tax credit of up to $8,000 for first-time buyers.

Congress is considering extending the tax credit through March 31 and gradually phasing it out over the rest of next year.

"If they don't extend it, then I think the pullback could be quite significant," said Brad Hunter, chief economist with Metrostudy, a real estate research firm.

Even builders of more upscale homes have felt the impact of the looming deadline. That's because those move-up buyers will have trouble selling their homes without the incentive of the credit.

"The fact that the first-time homebuyer tax credit runs out is hurting," said Bob Mitchell, chief executive of Rockville, Md.-based builder Mitchell & Best, who has gone from selling 80 to 100 homes annually to around 30 this year. Still, he noted, "we're at least selling something."

There were 251,000 new homes for sale at the end of September, down 3.8 percent from August and the lowest inventory in nearly 17 years. At the current sales pace, that represents 7.5 months of supply.

Los Angeles adopts Google e-mail system for 30,000 city employees

2009-10-27T22:10:00.001-07:00

Los Angeles adopts Google e-mail system for 30,000 city employees

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Loan Agent Retribution....I thought we we're helping you..NOT!!!!

2009-10-26T20:20:00.000-07:00

5 charged with beating, robbing loan agents
A couple and three associates are held on $1-million bail in attack.
By Baxter Holmes

October 26, 2009 | 7:40 p.m.
E-mail Print Share Text Size

A La Cañada Flintridge couple trying to save their home from foreclosure were arrested along with three others on suspicion of beating, torturing and robbing a pair of loan modification agents they believed had done nothing to help them rescue the residence.

Daniel Weston and Mary Ann Parmelee, both 52, allegedly sought mortgage assistance from Lamond Dean and Luis Garcia, two loan modification specialists, according to the Los Angeles County district attorney's office.

Authorities said the homeowners thought agents had taken their money and done nothing to help them.

On Oct. 20, the agents were lured to a meeting in Glendale where Weston and another man, Gustavo Canez, 36, allegedly beat and robbed them, prosecutors said.

Authorities said a handgun and wooden knuckles were used in the attack.

The attack took place in front of Parmelee, who is a real estate agent; Mario Solomon Gonzales, 47, of Glendale; and Marissa Parker, 49, of Sylmar. Gonzalez and Parker work with Parmelee to refer loan cases to Dean and Garcia, officials said.

Dean and Garcia were treated and released from a local hospital, officials said.

Parmelee, Gonzales and Parker face two counts each of torture, false imprisonment by violence and second-degree robbery. Gonzales also faces one count of possession of a deadly weapon because he was allegedly carrying the wooden knuckles, the complaint states.

Parmelee, Gonzales and Parker pleaded not guilty Friday. Weston and Canez were in court Monday, and their cases were continued to Nov. 2.

All are being held on $1-million bail.

On your mark, get set...go!!!!

2009-10-15T13:09:00.000-07:00

Time Running Out For First-Time Homebuyers
Wednesday, 14 October 2009
By Chris Levister –
The clock is ticking for first-time home buyers scrambling to take advantage of an $8,000 tax credit set to expire November 30 – unless Congress decides to extend it.

This week, the White House said its economic team is evaluating the credit’s impact on home sales and will make a recommendation to President Barack Obama.

The National Association of Realtors and the National Association of Home Builders have launched marketing campaigns touting the credit and have pushed Congress to keep it going. But some lawmakers are balking at the cost, which may hit $15 billion – more than double the amount projected in February’s economic stimulus bill.

Unlike the home buyer tax credit Congress enacted in July of 2008, this allowance does not have to be repaid.

The federal tax credit covers up to 10 percent of the home price, or up to $8,000, for first-time buyers. Combined with low mortgage rates and falling prices the incentive is drawing first-time buyers like Alisha Baeza 30, and George Gonzalez 29 of San Bernardino.

In June Baeza used the tax credit to buy a 3-bedroom 2-and-a half bath home with a pool for $248,000. She enlisted veteran Spellacy Associates realtor Alice Wilson, and a San Bernardino program aimed at first-time home buyers. City staffers helped Baeza save money, lower her debt and arrange for a down payment.

“I started thinking about buying a home almost 2 years ago and at the time I couldn’t afford it,” recalls Baeza, a dietary manager at Saint Bernardine Hospital. Alice kept encouraging me - ‘you need to be a home owner’. Then she told me about the city program. It worked out great because they advanced the 20% down payment.

Baeza admits qualifying for a loan in the midst of a recession-caused credit crunch and wading through the mounds of required paperwork was no fun. “It was grueling – but worth it. I say to young people - go do it.” Her boyfriend George Gonzales an anesthesia equipment technician also saw his fortunes change after recently qualifying for a home loan. This weekend the couple went house hunting.

“Five years ago I couldn’t afforded a home. My credit wasn’t that good and home prices were outrageous. I figured I’d never own property,” said Gonzalez.

“When I got approved I jumped for joy, called Alisha and said come on let’s go celebrate. Now I tell people go fix your credit, save some money and see what you qualify for.”

Housing experts say first-time homebuyers snapped up three out of 10 homes sold in July. That’s about 10 percent below the average for the previous six years, according to the National Association of Realtors.

Alice Wilson says it’s a new era in home buying and home sales will struggle to rebound without a tax credit extension.

“Prices and home values are falling, banks are holding on to their wallets and there’s not a lot of housing inventory out there. That’s kept many would-be buyers on the sidelines,” she said.

She said with or without a tax break, consumers in this economy are looking for a bargain much like they are with retail sales and auto sales.

“Banks are being extra cautious, worried about the still-dire unemployment situation. The turn of the year isn’t likely to yield much good news on the job front so I don’t see a full-blown recovery on the horizon.”

Realtor Jeanine, Alice’s daughter, says while the tax credit has succeeded in energizing buyers and helping clear a glut of lower-priced homes, including foreclosed properties that are dragging down home values, buyers expecting to find a plentiful home inventory will be disappointed.

“For every decent home on the market – there are at least four or five people sometimes more bidding on it. A home can fall out of escrow and a week later its back in – with another buyer.” The problem is made worst said Jeanine because many banks are reluctant to put foreclosed properties back on the market. “Simply put, it’s very hard out there.”

The best approach is honesty said Alice.

“We tell prospective buyers with bad credit and or unstable employment. It’s just not going to happen.”

“The good ole days are behind us. Get your house in order before you dip your toes into the market,” added Jeanine, “Its bitter medicine. We’re just praying people don’t get discouraged.”

Couldn't have said it better....

Hustle

2009-10-08T11:19:00.000-07:00

I saw this dude driving a Porsche cayenne...It look nice I gave him props and he said to me after I told him his car is my favorite and I hope to buy one too....and this is what he said to me..

Hustle Harder!!!!

It stuck in my mind and made me think how American that saying really is today...so to look up hustle is this blog..for today.

hustle - 4 dictionary results

hus⋅tle /ˈhʌsəl/ Show Spelled Pronunciation [huhs-uhl] Show IPA verb, -tled, -tling, noun
Use hustle in a Sentence
See web results for hustle
See images of hustle
–verb (used without object) 1. to proceed or work rapidly or energetically: to hustle about putting a house in order.
2. to push or force one's way; jostle or shove.
3. to be aggressive, esp. in business or other financial dealings.
4. Slang. to earn one's living by illicit or unethical means.
5. Slang. (of a prostitute) to solicit clients.

–verb (used with object) 6. to convey or cause to move, esp. to leave, roughly or hurriedly: They hustled him out of the bar.
7. to pressure or coerce (a person) to buy or do something: to hustle the customers into buying more drinks.
8. to urge, prod, or speed up: Hustle your work along.
9. to obtain by aggressive or illicit means: He could always hustle a buck or two from some sucker.
10. to beg; solicit.
11. to sell in or work (an area), esp. by high-pressure tactics: The souvenir venders began hustling the town at dawn.
12. to sell aggressively: to hustle souvenirs.
13. to jostle, push, or shove roughly.
14. Slang. to induce (someone) to gamble or to promote (a gambling game) when the odds of winning are overwhelmingly in one's own favor.
15. Slang. to cheat; swindle: They hustled him out of his savings.
16. Slang. a. (of a prostitute) to solicit (someone).
b. to attempt to persuade (someone) to have sexual relations.
c. to promote or publicize in a lively, vigorous, or aggressive manner: an author hustling her new book on the TV talk shows.

–noun 17. energetic activity, as in work.
18. discourteous shoving, pushing, or jostling.
19. Slang. a. an inducing by fraud, pressure, or deception, esp. of inexperienced or uninformed persons, to buy something, to participate in an illicit scheme, dishonest gambling game, etc.
b. such a product, scheme, gambling game, etc.

20. Informal. a competitive struggle: the hustle to earn a living.
21. a fast, lively, popular ballroom dance evolving from Latin American, swing, rock, and disco dance styles, with a strong basic rhythm and simple step pattern augmented by strenuous turns, breaks, etc.

Turn Small Savings Into a Big Nest Egg

2009-10-06T08:45:00.000-07:00

Turn Small Into a Big Nest Egg
by Marv Dumon
Monday, October 5, 2009
provided by

According to the U.S. Bureau of Economic Analysis, the personal savings rate of Americans has ranged between -1% and approximately 4% between the years 2005 and 2009. Americans' nonchalance was reflected in the negative savings rate of fiscal 2005, which occurred as people reduced their savings and delved further into debt in order to purchase goods and services. Although the savings rate had rebounded to 6% by May of 2009, as global financial crisis forced many consumers to adopt more cautious spending habits. Despite the about-face in consumer spending habits, in many cases, the attempt at saving proved too little, too late. Read on to find out why you need to save no matter what the economic climate.

Why You Need to Save

More from Investopedia.com:

• How to Make Your First $1 Million

• 6 Traits That You Can Adopt

• 10 Retirement-Wrecking Moves

While individuals should avoid excess (and high interest) leverage/debt and prudently manage cash flow, there is also a longer-term need to ensure one has adequate funding set aside for a comfortable retirement. Given historical trends in the U.S. stock market and overall economic performance, people can be lulled into becoming overly optimistic about how much they need to save and their projected life expectancy. The only trends that are relevant for the individual, however, are those that occur over the course of one's lifetime.

Many companies are transitioning jobs (such as back office functions, IT, research and even higher margin services such as consulting and financial services) to other regions of the world, including Eastern Europe, India and China. The economic dynamics and implications of such movement are not comparable to the business settings of the past 50 years. Additionally, medical breakthroughs and other health-related variables have increased people's life expectancy. Certainly, it is better to have a conservative outlook in order to help ensure one has adequate retirement funds.

Financial Scenarios

Saving money and diverting cash away from unnecessary frills and wasteful spending into investment payments such as the stock market translate to huge differences in the size of one's retirement savings over the course of a lifetime. When you purchase a bicycle or go out for a lavish dinner, you are not simply incurring a cost of that bike or dinner (say $100). The amount of the receipt is actually misleading. When you incorporate the basic laws of finance, the opportunity cost of that $100 is much more.

If you eliminate $100 of wasteful spending per month and instead channel that cash to an investment vehicle that yields an annual interest rate of 10%, that translates to more than $75,000 over 20 years, and more than $500,000 over the course of 40 years. Granted, the buying power of figure is chewed up by inflation, but the prudent person still reaps the benefits of not wasting cash on unnecessary things.

Starting principal balance: $0
Monthly investment payments: $100
Interest rate: 10%
Future value: 20 years = $75,936
Future value: 40 years = $632,408

Starting principal balance: $0
Monthly investment payments: $250
Interest rate: 10%
Future value: 20 years = $189,842
Future value: 40 years = $1,581,019

If someone were motivated enough to find $500 a month and put it away in the form of investment payments, the results lead to an exponential increase in comfort during one's retirement. With an annual rate of return of 10% over 40 years, the figure approaches $3 million for your nest egg.

Starting principal balance: $0
Monthly investment payments: $500
Interest rate: 10%
Future value: 20 years = $379,684
Future value: 40 years = $3,162,039

How much more would your nest egg be if you work for a company that matches your 401(k) dollar for dollar up to a certain amount? Given that the federal government's social safety net programs such as Social Security and Medicare are expected to hit fiscal challenges as the baby boomers retire, such anticipated uncertainties encourage individuals to take their retirement circumstances into their own hands. Secondly, the high cost of healthcare in the United States is a primary driver for individuals and couples filing for personal bankruptcy. The power of compound interest can help one to avoid financial straits in the future.

From Wasteful Expenses to Monthly Investment

To redirect cash that might otherwise be spent on junk or unnecessary spending, explore savings opportunities that can increase your monthly contributions to your retirement accounts. These might include:

1.Fewer restaurant lunches and dinners can easily save the typical professional between $100 and $200 per month. Using our numbers above, $100 invested monthly in retirement accounts that earn 10% annually becomes $75,000 in 20 years.

2.Purchase discipline at groceries and malls. At the end of your life, it is not the accumulation of objects that provides meaning. A lifetime habit of impulse buying has a tremendous opportunity cost when you realize the power of compound interest. Most people can save between a hundred dollars to several hundred dollars a month with greater spending discipline.

The Bottom Line

If you work for a company that matches your retirement savings contributions, absolutely take advantage of it. It is basically free money. Additionally, the increase in monthly contributions translates into an exponentially larger nest egg over the course of a lifetime.
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Source: Bankrate Home EquityLoan Type Today Last Week
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REPOST...The Glass is full for some

2009-10-05T23:40:00.000-07:00

For young, recession offers deals of a lifetime
Buzz up!122 votes Send
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Delicious Digg Facebook Fark Newsvine Reddit StumbleUpon Technorati Twitter Yahoo! Bookmarks .Print .. AP – Investor Daniel Lee, 30, poses for a photo in Scottsdale, Ariz., Monday, Oct. 5, 2009. Lee has taken …
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By CHIP CUTTER, AP Business Writer Chip Cutter, Ap Business Writer – Mon Oct 5, 5:09 pm ET
NEW YORK – The Great Recession has turned into the best of times for young investor Daniel Lee.

Early this year, the 30-year-old salesman in Scottsdale, Ariz., shelved expensive meals and vacation plans and threw "every spare dollar" into the stock market. The value of his portfolio has more than tripled as the market has rallied since March.

"This is like buying a swim suit in the fall or a winter jacket in the spring," he says. "Get in while it's a good deal."

Halfway across the country in Detroit, retiree Irvin Hall, 70, is living through the recession in a different way.

His mutual funds fell 35 percent during the stock market plunge that started last fall and continued for six months, and his monthly pension from General Motors dropped by 10 percent. He and his wife pay more for health care and medicine after the company reduced his insurance benefits.

"It takes your mind a while to really adjust to this," he says. "You're expecting, hey, I'm set for life, and then all of a sudden that's taken away."

The plight of baby boomers and retirees has been well-documented in the year after the financial meltdown. But for people in their 20s and 30s who have a good job and feel it's secure, this is the best of times. Many were renters and had little or no money in the stock market. They didn't take a six-figure hit to the value of a home or 401(k) account. Now they're positioned to invest at prices no one would have believed during the boom years.

Home prices are down 30 percent, on average, and 50 percent or more in some markets. The Standard & Poor's 500 stock index is nearly 34 percent below its record high in October 2007.

Young people are benefiting in other ways, too. The Cash for Clunkers program allowed them to trade in beaten-up used cars and buy new ones at a discount. "They're never going to see that again," says John Rogin, who owns a Buick dealership in Livonia, Mich.

The Consumer Price Index has recorded a rare drop over the past 12 months — 1.5 percent. And the decline for many goods and services has been much greater, allowing young people to put even more money into stocks and housing.

"This is a historic time," says George Jaramillo, 35, a business analyst in Atlanta, who recently purchased three homes, including two at foreclosure prices. "It's a great opportunity to make some great gains in the future."

Besides low prices, many have been spurred by low interest rates and a tax credit of up to $8,000 for first-time homebuyers. First-timers, many between 25 and 34, accounted for about 45 percent of home sales at the end of July, a figure that has risen steadily over the past two years, says Walter Molony, a spokesman with the National Association of Realtors. Only 39 percent of adults under 35 are homeowners, compared with 80 percent of those over 55, according to the U.S. Census Bureau. So the opportunity for those in their 20s and 30s to take advantage of the real estate crash is greater than for any other age group.

Young people also got a break with the stock market. Even with the surge since it hit a 12-year low on March 9, the S&P 500 index is nearly 30 percent lower than it was at the end of 1999. A recent study by T. Rowe Price, a money management company, highlights the benefits that young people can receive from investing in a down market.

The study compared how returns differ if someone starts investing during a weak decade for stocks that's followed by a strong one — and vice versa. Somebody who invested $500 a month in a fund replicating the S&P 500 starting in 1970 and continuing through the bull market of the 1980s would have ended 1989 with $589,707 — for an annualized rate of return of 11.5 percent.

The 1970s were characterized by high inflation and high unemployment and a flat market, setting the stage for the 1980s when the S&P 500 tripled.

If the decades are reversed, and the strong years of the 1980s were followed by the 1970s bear market, the account would be valued at $358,972, even though the annual rate of return would still be 11.5 percent. The difference is that the investor in the first situation would have been buying more shares of stock each month during the bad years of the '70s.

"We need to be shouting from the rooftops that this is not the time to get out of the market if you're young," says Christine Fahlund, a senior financial planner with T. Rowe Price. "This is the time to be in the market."

For young people to take advantage of deals, however, they need to have a job — and cash. Neither is a given.

The unemployment rate for workers ages 20 to 24 jumped to 14.9 percent in September, up from 10.8 percent in the same month a year ago. Unemployment for those 25 to 34 is 10.6 percent, almost a point above the rate of 9.8 percent for people of all ages.

And the skyrocketing cost of undergraduate education means graduating seniors who borrowed money for tuition enter the work force with an average of $23,118 in student-loan debt, according to the Department of Education. About 65 percent of students take out a loan to finance their education.

Plenty of people, though, are taking advantage of this recession's generation gap. Ann Seiden, 28, bought a home in Phoenix last November for 15 percent below the asking price.

Some people are casualties of the recession, she says. "And there are those who have kind of seized on the opportunities in it."

worrry about that October 15 escrow deadline?

2009-10-02T14:21:00.000-07:00

Forget about short sales
A short sale occurs when a homeowner is no longer able to make their mortgage payments and owes more on their home loan than what it can fetch in the current market.

They’re attractive from a price point, but they can take months to close. So if you’re after the tax credit, “you have no business looking at short sales,” says Steven Senter, a real estate broker and the owner of Keller Williams Fox Valley Realty in St. Charles, Ill. When making an offer on a short sale, not only does the seller have to accept the offer, but the bank must accept and approve it too – and that can take a while. “There’s no guarantee on when the bank is going to approve it – it may approve it in 30 days, maybe in 300 days,” Senter says.

This is good News!!

2009-09-23T09:55:00.000-07:00

Nearly 40 percent of first-time home buyers report federal tax credit played critical role in decision to purchase a home

LOS ANGELES (Sept. 18) – Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2009 First-time Home Buyers Tax Credit Survey.” Understanding the significance of the federal tax credit to the housing market’s recovery, C.A.R. surveyed 200 California first-time home buyers to gauge the impact it had on their purchase decisions.

“It is clear that the federal tax credit for first-time home buyers is working, as evidenced by the spike in home sales in recent months,” said C.A.R. President James Liptak. “This tax credit is arguably the most successful strategy employed by the government’s efforts to stimulate the housing market.

“Because the tax credit has helped so many first-time buyers become homeowners, it is critical that Congress extends the credit beyond the Dec. 1 deadline, and includes all buyers, not just first-timers,” he said.

Nearly 70 percent of those surveyed said that the federal tax credit was either “very important” or “most important” in their decision to purchase a home. When ranking the importance of the tax credit, those who planned to use the tax credit gave it a 4.5 on a scale of one to five, with five being “most important.” That rank was tied with low home prices.

In California home prices have declined 59 percent from the peak to the current low in this cycle—contrasting with the national picture where the prices have declined by 28 percent.

“While affordability has improved in California over the past two years, it is still lower than affordability nationally. As a result, the tax credit is an even bigger factor in California compared with elsewhere in the country,” added Liptak. “Going forward, the credit will be even more important to the housing recovery.”

Income levels played a role in the decision of first-time buyers to apply for the federal tax credit. Ninety-four percent of respondents who earn an annual income of less than $100,000 planned to apply for the credit, while only 51 percent of first-timers earning $100,000 or more planned to apply for it.

Other key findings from C.A.R.’s “2009 First-time Home Buyers Tax Credit Survey” include:
· Ninety-four percent were aware of the federal first-time buyer tax credit.
· Eighty-two percent listed the ability to obtain financing as “very important” or “most important.”
· Ninety-one percent reported low home prices as “very important” or “most important.”

..............ok already....

So having the right price point is very, very important..having a tax credit does help but affordablity trumps all other factors in the case of home buying...so here's the call..

Why the Housing Market Has Yet to Hit Rock Bottom

2009-09-17T10:16:00.000-07:00

Why the Housing Market Has Yet to Hit Rock Bottom

Buyers BEWARE: Prices on the Rise, Sellers run the Show, Agents desperate for Commissions….but its not all bad!

2009-09-16T16:20:00.000-07:00

Buyers BEWARE: Prices on the Rise, Sellers run the Show, Agents desperate for Commissions….but its not all bad!

You Have Less Than Four Weeks To Find A Home

2009-09-13T12:24:00.000-07:00

September 8, 2009
First-Time Buyer Hoping To Get The $8,000 Tax Credit? You Have Less Than Four Weeks To Find A Home
The federal government is offering first-time home-buyers a tax credit of 10% of a home’s sales price up to $8,000. To qualify, you must close on a home by November 30th; if you close on December 1st, you’re out of luck.

If you’re a first-time buyer in Southern California, you have a little less than four weeks left to find a home, make an offer and negotiate terms if you hope to close in time to get the $8,000 tax credit.

Close By November 13th
In a normal month, about 20% of closings slip from the last week of a month to the next. This number will almost certainly be higher in November due to the expected rush of buyers trying to get the tax credit and because November 30th falls on the Monday after Thanksgiving.

If you’re hoping to get the tax credit, you want to make sure you’ve closed before the week of Thanksgiving because it’s not a full work week:

•Thursday, November 26th: Turkey day. A day to give thanks and watch the Detroit Lions go for six Thanksgiving Day losses in a row.
•Friday , November 27th: Los Angeles & Orange County offices are closed.
•Saturday & Sunday, November 28th & 29th: The banks aren’t open so you can’t close.
•Monday, November 30th: The last day to close and qualify for the first-time buyer tax credit. It’s going to be a goat rodeo.
To give yourself the best chance of getting the tax credit, plan on closing by November 13th. If you run into any problems during closing, you’ll have more than a week to work things out and still qualify for the tax credit.

Get An Offer Accepted By October 4th
Right now, it’s taking our clients in Southern California an average of 40 days to close once they reach initial agreement on terms. This means if you want to close by November 13th, you need to get an offer accepted by October 4th. That’s 26 days away.

For more information, check out the Home Buyer Tax Credit FAQ from the IRS and get all the details about the tax credit from the agency giving the credit. Also, check out the report that this program may be extended.

Find A Home You Like
Don’t rush into a purchase. Make sure you’re buying because you’ve found a home you want to live in, not because you want the $8,000. You don’t want to end up in the wrong house in the wrong neighborhood with the wrong commute just for a few thousand dollars

“Not now” doesn’t mean “never”

2009-09-10T15:41:00.000-07:00

Home ownership is just not a realistic option for everyone right now, despite what may look like once-in-lifetime mortgage rates. If you fall into this category, don’t despair. Your financial circumstances could change, the economy is still very much in flux, and remember that the current mortgage crisis involved a lot of home buyers getting in over their heads. When it comes to a major purchase like a home, timing is critical.

"I like this idea of waiting to time a home purchase to when you are ready...Of course sales agents will tell you practically anything to get you to buy but ultimately you make the decision...So dont feel like this opportunity to purchase a home will not be there when you are ready..that's simply not true."

I would say planning and preparing yourself are the first steps...and then maybe soon you call me..I'm here to help.

Low rates keeping homes affordable

2009-09-08T14:50:00.000-07:00

Low rates keeping homes affordable

INLAND REGION: The market is still shaky, but mortgage applications and refinancings are on the rise.

Falling interest rates are fueling a rise in home mortgage applications and refinancings in the Inland region, though experts aren't yet ready to declare the beleaguered local housing market on the road to full recovery.

Virginia-based Freddie Mac, a government-backed corporation that provides mortgage capital to lenders, released a study Thursday showing 30-year fixed-rate mortgages averaging 5.08 percent, down from 5.14 percent a week ago and 6.35 percent a year ago.

For full story, go to http://www.pe.com/business/local/stories/PE_Biz_S_mortgages04.38b40b4.html

Get ready...now is the time.

2009-09-05T08:57:00.000-07:00

Yes, the Housing Market Has Rarely Looked Better
by James B. Stewart
Wednesday, September 2, 2009
provided by

Passing through the Fort Myers, Fla., airport a few weeks ago, I noticed people eagerly signing up for a free bus tour of foreclosed real estate — with all properties offering water views. During the ride to my hotel, the young driver volunteered that he’d just bought his first house, paying $65,000 for a foreclosed property in nearby Cape Coral that had last sold for over $250,000. He said he’d never expected to be able to buy anything on a driver’s salary, let alone something that nice.

Last week, Standard & Poor’s reported that its S&P/Case-Shiller U.S. National Home Price index of real estate values increased this past quarter over the first quarter of 2009, the first quarter-on-quarter increase in three years. Its index of 20 major cities also rose for the three months ended June 30 over the three months ended May 31, with only hard-hit Detroit and Las Vegas experiencing declines. The week before that, the National Association of Realtors reported that sales volume of existing homes was up 7.2% in July from June.

In short, the data suggest that real-estate prices hit a bottom some time during the second quarter, and have now begun to rise. There’s no way to be certain that this marks the end of the long, painful correction that followed the real-estate bubble, but clearly prices are no longer in free fall. That means if you’ve been sitting on the fence, it’s time to act.

Ordinarily I’d never try to time the real-estate market, but I can understand why buyers have been cautious. Few want to buy in down markets, just as stock buyers avoid bear markets. And for most people, of course, buying a house is a much bigger decision than buying a stock. But with real estate prices nationally now down about 30% from their 2006 peak, and showing signs of turning up, the prices aren’t likely to go much lower. Every real-estate market is local, and so there may be a few exceptions. Overall, though, I can’t imagine a better time to buy than right now.

In addition to bargain prices, buyers should find plenty of homes to choose from. The inventory of unsold homes was 4.09 million units in July, up 7.3% from June, according to the National Association of Realtors. And mortgage rates this week were at a two-month low of close to 5%, according to Zillow. Even the stricter appraisal process is working to the advantage of buyers. Appraisals are coming in far lower than most sellers have been expecting, forcing them to face the new reality of sharply lower prices. And with stricter standards, lenders aren’t going to let buyers borrow more than they can afford, which protects buyers and helps to keep prices down.

Unless you’re really prepared to accept the demands (and headaches) of being a landlord, I don’t recommend direct ownership of real estate as an investment. The days of buyers lining up to buy and flip Miami Beach and Las Vegas condos are mercifully gone. There are much easier ways to make money in real estate, such as real-estate investment trusts or buying shares in home builders and other housing-related businesses (such as Home Depot (HD)). Historically, the mean rate of return on real estate has been around 3%, according to research from Yale economist Robert Shiller, who co-developed the Case-Shiller index. Shares in REITs and other stocks have often done much better.

But there’s a good reason home ownership has been such a central part of the American dream. It delivers security, pride of ownership, a sense of community and decent investment returns as a bonus. I felt glad for my driver in Florida. He represents the other side of the foreclosure crisis. For every hardship story, and no doubt there are many, others are realizing their dreams of home ownership and getting what may well turn out to be the deals of their lives.
Copyrighted, SmartMoney.com. All Rights Reserved.

Reposted

What's wrong with the F2F.....

2009-09-01T13:21:00.000-07:00

Social networks and cell phones... you and I may find these technologies sacrosanct, but for kids getting weaned on this stuff, relationships in the real world may be suffering badly.

With the average teen sending or receiving over 2,000 text messages a month and spending nine hours a week on social networking sites, experts are worried that in-person, face-to-face social interaction is beginning to take a back seat to this twitchy, impersonal, and detached form of communication. The problem: When people rely exclusively on short bursts of written communication, those doing the texting miss out on the subtleties that come with a verbal and (especially) face-to-face discussion.

As the Wall Street Journal suggests, looking at a smiley face in an email isn't the same as seeing an actual smile on an actual face, and text-addicted teens are simply failing to learn the intricacies of bodily cues like eye movement and physical motion, not to mention all the nuance that comes with verbal conversation, cues which are learned only though a lifetime of practice in the read world. The result: Many fear we are raising a generation of kids who simply can't carry on a conversation -- or even look another person in the eye.

Of course, teens aren't the only ones susceptible to this problem. As the linked story above notes, even work environments -- where technology is a critical part of getting your job done -- are struggling with the effects of laptops and cell phone messaging during the work day. The most noteworthy effect is that most meetings with more than a couple of attendees have become all but useless, as workers spend the entire time checking their phones and tapping away on Facebook, virtually ignoring the person standing at the whiteboard across the room. Now being called "continuous partial attention," the problem is now being combated by simply banning all technology from meeting rooms, much to the likely anger of those who attend the meetings.

The scary thing is that no one knows how severe the problem really is. This phenomenon is relatively new on the sociological time scale, and even attempting to study how a reliance on written messaging leads to real-world detachment is fraught with difficulty. As the WSJ notes, by the time a study could be put together to analyze the situation, any technology investigated would have changed again, making the study outdated before it was ever published.

Maybe it's just a phase? God help us.

WHOA....

Can you imagine what this world would be without a face to face conversation, real touch, feelings.....well I think we better understand that in life we really need each other...not just to communicate our ideas but to translate our humanity...I know with fear being so primal..and people assume the worst before they think about what real reasons they feel a certain way..

like the health care debate..here are these large corps elisting soldiers to fight their fight. Health care is a buisness and these guys dont like competition.they are very effective in getting in your face because nobody thinks rationally when someone is being confortational. I want to shut down or throw a punch. oooooo...that sensationalism that would look good on the networks I own and wow I can make more money from the advertisers...one big circle of corporate greed and profit off us...

when will we ever get angry enough....I am.

but to make a point we need to communicate essentially face to face to commune with others of like and unlike minds...sure texting and email is communicating but talking face to face shares the human element to all communications, and maybe we can calm fear, maybe we can really listen to each other and maybe we can really communicate the truth.

More of What You Want From Mint

2009-08-27T10:03:00.001-07:00

More of What You Want From Mint

Posted using ShareThis

Tips for First Time Home Buyers

2009-08-26T07:36:00.000-07:00

So you’re thinking about buying your first piece of real estate? Before you even begin looking at a potential property, you need to make sure you can qualify for a mortgage. The following are some useful “tips for first time home buyers
.”

The first thing any potential homeowner should do is obtain a free credit report, either from Annualcreditreport.com or via a free trial website.

Once you’ve got your credit report at your fingertips, analyze it and determine what your monthly expenditures are. You will see a monthly payment next to each liability on the credit report. Add up all those payments and jot it down somewhere. These are your total monthly liabilities and will be important when determining how much you can afford.

Also scan the credit report for derogatory accounts and clean them up as best you can. If you’ve got delinquent accounts, resolve them. If you see collections, call the companies the disputes are with and do your best to make a deal. If everything looks good, you can move on. If not, you may want to repair your credit to a mid-score above 680 or higher before beginning your property search.

*One important note: Do NOT open any new credit accounts or make any large purchases using your credit cards within a few months before applying for a mortgage. This includes buying that plasma screen on a Best Buy card for your new crib. It can drive your credit score down needlessly which will result in a much higher interest-rate.

Now that you’ve got your credit in order, it’s time to figure out how much you can afford. Most banks and lenders allow borrowers to have a debt-to-income ratio up to 45%. Read more about debt-to-income ratios.

By taking your total liabilities and adding it to a monthly housing payment, and dividing that number by your monthly gross income you’ll come up with your DTI.

Let’s look at an example:

$10,000 monthly gross income
$1,500 total monthly liabilities

We know from the above example that your total monthly payments can’t exceed $4,500, or 45% DTI based on your $10,000 gross monthly income.

So if you already have $1,500 in total monthly liabilities, you can add a housing payment of $3,000 a month. This doesn’t leave much room in this market.

Let’s look at the same example with a housing payment, including taxes and insurance based on California rates:

$550,000 purchase price
$440,000 loan amount
6.25% interest rate
$2291.66 monthly interest-only payment
$572.92 monthly taxes
$128.33 monthly insurance
$2,992.91 total monthly housing cost

In the above scenario, a potential homeowner making $10,000 gross income a month can barely afford a $440,000 loan paying the interest-only payment. What does this tell us?

It tells us that there are a ton of homeowners out there living paycheck to paycheck and overstating income to qualify for homes they simply can’t afford. At least not in the eyes of banks and lenders that require borrowers to keep their DTI below 45%.

So now you’ve got an idea of what you’ll be able to afford. There are a number of mortgage calculators out there that will give you a better idea of what you can qualify for.

Now that you’ve got your credit profile in check and you know what you can afford, you’ll need to make sure you’ve got a verifiable housing history and seasoned assets.

Most lenders ask that you verify your last 12 months housing history. You can do this with cancelled checks or a VOR (Verification of Rent) from your landlord. This is important to determine the payment shock effect on the borrower.

Liquid assets are always helpful when applying for a loan, and are almost always a necessity for a first-time homebuyer. Make sure you have an account with at least two months PITI (Principal, interest, taxes and insurance) available. Also make the money in said account has been there for at least two consecutive months to ensure that it is seasoned. Banks and mortgage lenders don’t give much weight to unseasoned assets, as any friend, relative, or even a broker or loan officer can easily dump assets into your account before you apply for a mortgage to boost your net worth.

Now that you’re prepared, it’s time to be vigilant and proactive. Avoid predatory lenders and do your interest rate homework. Check out a rate sheet from the bank or lender that you’re being quoted from. Ask what the rate adjustments are. Ask if the loan carries a prepayment penalty and for how long? Get all the facts before you sign anything. And once you like it, lock it!

With all this preparation behind you, the loan flow will be a comfortable process with few surprises. It might not be perfect, but if you follow these rules you will definitely save money and reduce stress!

Let’s review the tips for first time home buyers in a condensed format:

- Order a free credit report
- Review your credit and clear up any derogatory accounts
- Do NOT open any new credit accounts or make any large purchases
- Calculate your total monthly liabilities
- Figure out your DTI and what you can afford
- Make sure you have a 12-month verifiable housing history
- Make sure you have a seasoned asset account with at least 2 months PITI
- Do your interest rate homework
- Lock your interest rate

Need some loan advice..call Angelica

310 665 8688

want an agent to help

call me..818 422 2040

Want to smile? read this...

2009-08-13T09:58:00.000-07:00

Three Ways to Predict the End of the Housing Bounce
By Andrew Jeffery
On Thursday August 13, 2009, 12:20 pm EDT
Buzz up! 0 Print.Companies:Bank Of America CorporationCitigroup, Inc.Fannie Mae

The only question that really matters in the housing market right now is the following: Does the recent strengthening in sales data signal an imminent bottom, or are we smack in the middle of a dead-cat bounce?

Related Quotes
Symbol Price Change
BAC 16.83 +0.90

C 4.10 +0.12

FNM 1.06 +0.03

FRE 1.45 +0.08

WFC 27.81 +0.64

{"s" : "bac,c,fnm,fre,wfc","k" : "c10,l10,p20,t10","o" : "","j" : ""}
The answer, of course, is complicated. And as I've discussed in the past, the concept of a "bottom" in the housing market is meaningless, as stabilization and eventual recovery will happen on a localized, market-by-market basis.

Nevertheless, there are some key factors to watch that will provide clues as to how long this rally's legs really are, and what could trigger a reversion in the miserable state of the market we've become accustomed to over the past 4 years. Here are, in my mind, the top 3 "tells" to watch when it comes to the direction of the housing over the next 6-12 months:

1. Jobs

In the words of HousingWire's Paul Jackson, "If housing is central to recovery, and jobs are central to housing, and jobs aren't doing very well -- what's the real forecast for housing?"

Despite jobs data that appears to have stopped getting worse, the employment outlook in the US remains dismal. Government-backed loans through the Federal Housing Administration (FHA), Fannie Mae (FNM), and Freddie Mac (FRE) dominate the mortgage market right now, all of which have strict requirements for job stability. This means that even if companies start hiring again, recently laid-off workers will still have a hard time qualifying for a mortgage.

Furthermore, even though layoffs have slowed, the majority of firings that occurred in the past year haven't yet resulted in mortgage delinquency. As struggling homeowners gradually succumb to the pressures of losing a job, default and eventual foreclosure can occur many months after the layoff itself. We're yet to see any material improvement in default data, especially in high end markets. See, "What Does Employment Mean for the Market?"

2. The FHA

The FHA offers taxpayer-backed insurance for mortgages that are underwritten to their specific guidelines. Originally intended to provide home loans for low-income borrowers by requiring minimal down payments and overlooking blemished credit records, by the end of 2008, FHA loans accounted for almost 40% of all new loans -- up from less than 5% at the beginning of 2007, according to data compiled by Lender Processing Services (LPS).

In distressed markets, where ongoing foreclosure moratoria are keeping bank-owned homes off the market to artificially limit supply, FHA borrowers make up the vast majority of buyers. This has helped the likes of Wells Fargo (WFC), Bank of America (BAC), and Citigroup (C) unload foreclosures at higher prices, but it has prolonged the eventual recovery as banks slowly bleed out distressed homes into the market.

To help alleviate the housing crisis, Washington upped FHA limits so that in some areas, buyers can get an FHA loan for as much as $719,000. This widening of FHA's lending criteria has helped buoy many mid-tier markets, as borrowers can now buy $500,000 or $600,000 homes with a paltry 3% down. (Just ask Toll Brothers (TOL) if the FHA helped boost sales in the past 6 months. See, "Robert Toll, Robber Baron.")

If the FHA tightens its guidelines or lowers its loan limits, look out below, as a huge source of liquidity for the housing market will evaporate.

"THIS IS THE MOST IMPORTANT ATTENTION GRABBER"

3. November 30, 2009

This November, the $8,000 first-time homebuyer tax credit expires. If I were a betting man (which I'm not), I'd wager if the market stumbles even slightly between now and the end of the year, a new tax credit will be issued in some form. (They may extend it regardless of how the market performs.) Even if the credit is extended, many first-time homebuyers are already scrambling to make purchases while they can still get a check from Uncle Sam.

To wit, check out the advertisement currently running on ZipRealty, a popular online real estate brokerage:

Circle November 30 with a big red pen, because first-time buyers now account for fully one-third of purchase transactions according to the National Association of Realtors. If this demand dries up, sales could resume their downward spiral.

The bottom line is this: The outlook for housing is murky, at best.

Low-end markets are benefiting from government support on both the supply side (foreclosure moratoria) and demand side (tax credits, FHA) of the equation. Meanwhile, high-end markets -- as defaults on prime mortgages keep rising and the job market remains lousy -- are seeing steep home-price declines.

Anyone touting housing's so-called "bottom" is likely trying to sell you something -- namely, a house.

Nothing contained in this article is intended as a solicitation for business of any kind or for investment in the firm.

See this is the kinda news that realtors like me, read with glee but in reality this is good news..cheers!!

Welcome to the bottom: Housing begins slow rebound

2009-08-01T14:22:00.000-07:00

Housing begins to reverse 3-year recession in every US region, but 2nd half looks rocky
By Adrian Sainz, David Twiddy, Daniel Wagner, Alex Veiga, Associated Press Writers
On Saturday August 1, 2009, 10:39 am EDT
Buzz up! 74 Print.It was -- note the past tense -- the worst housing recession anyone but survivors of the Great Depression can remember.

From the frenzied peak of the real estate boom in 2005-2006 to the recession's trough earlier this year, home resales fell 38 percent and sales of new homes tumbled 76 percent. Construction of homes and apartments skidded 79 percent. And for the first time in more than four decades of record keeping, home prices posted consecutive annual declines.

A staggering $4 trillion in home equity was wiped out, and millions of Americans lost their homes through foreclosure.

Now take a deep breath and exhale. The worst is over.

By every measure, except foreclosures, the housing market has stabilized and many areas are recovering, according to a spate of data released in the past two weeks. Nationwide, home resales in June are up 9 percent from January, on a seasonally adjusted basis. Sales of new homes have climbed 17 percent during the same period. And construction, while still anemic, has risen almost 20 percent since the beginning of the year.

Even home prices, down one third from the top, edged up in May, the first monthly increase since June 2006.

"The freefall is over," says Dean Baker of the Center for Economic and Policy Research.

The problem is that, Baker, like many economists, expects the housing market will "be bouncing around the bottom" for the second half of the year.

More story.....

http://finance.yahoo.com/news/Welcome-to-the-bottom-Housing-apf-1993519878.html?x=0&.v=1

my take.....well you wanted a bottom here it is....now are you still gonna sit on the fence..prices are getting a green light to rise..and even if they dont the interest rates will...my 2 cents.

"Home prices increase from April to May"

2009-07-28T08:11:00.000-07:00

This trend is a simmer coming to a slow boil...

2 hrs 5 mins ago
NEW YORK – A widely watched index shows home prices posted their first monthly increase since the summer of 2006, indicating prices are finally stabilizing.

The Standard & Poor's/Case-Shiller home price index of 20 major cities released Tuesday rose 0.5 percent from April, but was still 17.1 percent below May a year ago.

The 10-city index rose 0.4 percent from April, but was off 16.8 percent from May last year. It was the fourth consecutive month both indexes didn't post record annual decline. Home prices are now at levels not seen since mid-2003.

This NAR (the National Association of Realtors)..is flexing it's muscle...

but numbers dont lie....cough,,,why are there more fore closures than ever....something is just not adding up..oh well good news is better than bad news.

Rates are going DOWN..DOWN...

2009-07-21T13:50:00.000-07:00

Bad news equals low rates, and good news for struggling homeowners.
Mortgage rates slipped lower for the second week in a row thanks to concerns about the direction of the economy after the release of the June jobs report, according to mortgage financier Freddie Mac.
The classic 30-year fixed-rate mortgage averaged 5.20 percent during the week ending July 9, down from 5.32 percent a week ago and 6.37 percent a year earlier.
It’s still a bit higher than its record low of 4.78 percent set back in April when the refinance boom was in full swing, but not by much.
The 15-year fixed rung in at 4.69 percent, down from 4.77 percent a week earlier and 5.91 percent a year ago.
The five-year ARM averaged 4.82 percent, down from 4.88 percent a week ago and 5.82 percent this time last year.
The one-year ARM dipped to 4.82 percent from 4.94 percent, and remains below its year-ago average of 5.17 percent.
The rates above are good for conforming loan amounts with at least a 20 percent down payment.
Rates on jumbo loans continue to price higher, around 6.50 percent for a 30-year fixed.
The lower rates are encouraging, and may signal a return to a lending bonanza, though it’s too early to tell if rates will continue to fall.

"see.....this is where we're at and when the banks release that second wave of foreclosures..wow...BUY BUY BUY!!!!"

Affordability in Norwalk, you bet!!!

2009-07-17T17:35:00.000-07:00

I can show them to you..call 818 422 2040 Mike J/Keller Williams for Updated list.

then get prequalified call Angelica...1 310 665 8688...then let's write an offer...

I'm re thinking why people buy a home ...

2009-07-14T00:57:00.000-07:00

I believe the only reason people buy a home is because they feel a grounding in life is very important..whether it's a milestone like a mark in life.. a decision has been made to initiate a significate change. I want to stand, sleep, eat, bathe, have a family and protect my possessions in my house. This is mine. The house will represent stability, security and the investment for the future. Most importantly we all need to have a home, a roof over our heads to shelter us. A door to a home that within has peace of mind when it is closed and when it is open, lets in opportunity and hope.

I want everyone in this life to experience those feelings and I hope I will be the realtor that helps to bring that important moment in your life to reality.

Are you getting ready or standing on the sidelines?

2009-07-05T22:48:00.000-07:00

Looking at the nation as a whole, today through the spring of 2011 may be the window for those looking to buy a house at the bottom of the market, says Gary Hager, president and founder of Integrated Wealth Management, a New Jersey-based financial planning company.

Are you getting ready or standing on the sidelines?

the preceding annoucement is probably the best advice I would say to anyone interested in buying a home.

let's break it down..

The nation as a whole.......pretty self exclaimatory...yelling through a megaphone....

today..... that means right now!!

through the spring of 2011.....what that means as if you wait too long...it will be over..

what are you going to lose.....?

Affordability.

Call me 818 422 2040 or

Angelica @ 310 665 8689

thank you!

Yesterday's Seminar

2009-06-29T16:31:00.000-07:00

It was great. moving on....to the next phase of promotion. "WOM" and "F2F".

you ask what is F2F, (face to face), WOM (word of mouth) in your face, hand shaking, smile greeting, short gab,long talk, walk into the room, find some to relate to smoosing...networking. At it's finest,it is the best. Prepare your self..I will find you. and I will love to chat...Not just Real Estate!..The best dont talk buisness but get buisness done...thank you Angelica. we're moving to this next phase of buisness 101.

Good bye 4% loans

2009-06-25T09:54:00.001-07:00

Ok we said it was coming...and now the banks are closing in on your pocketbook or wallet, doesn't matter theyr'e coming to take your money because well you can say theyr'e good samaritains?....ok they want to help the community?, no I just remember they got paid (350bil),,,,oh and they paid it all back...nah...They want to keep the powder dry and go in for the kill....am I bitter..no can I say I told you so...no,,,we all knew it was coming...what can we do about it.....really become a better consumer...know what your getting into..dont procrastinate when it is obvisously a good deal and READ...the fine print on all contracts.....be good to your neighbors..smile and say thank you...that doesn't hurt and makes a day go better!

30 Year FRM *
5.42
Jun
15 Year FRM *
4.91
Jun
1 Year ARM *
4.93
Jun

per http://mortgage-x.com/general/mortgage_indexes.asp

Hey Potential cali home owners..

2009-06-18T13:58:00.000-07:00

Despite the budget crisis..the state of california has thrown us a bigger, juicer real estate bone...

CalHFA offering 30-year, fixed rate first-time home buyer loans
The California Housing Finance Agency (CalHFA) recently announced it is offering Cal30, a fixed rate, 30-year loan with up to 95 percent
financing. This new loan program is available for eligible first-time home buyers.
In addition to the Cal30 program, CalHFA also offers the California Homebuyer’s Downpayment Assistance Program, which can provide loans of up to 3 percent of a home’s value to assist with down payments and closing costs; the School Facility Fee Down Payment Assistance Program, which provides conditional grants to buyers of newly constructed homes for down payments, closing costs, upgrades, or other costs associated with the first mortgage loan; and the Affordable Housing Partnership Program, a joint effort between CalHFA and more than 300 cities, counties, redevelopment agencies, housing authorities and nonprofit housing organizations to assist with down payments and closing costs.
http://CalHFA offering 30-year, fixed rate first-time home buyer loansThe California Housing Finance Agency (CalHFA) recently announced it is offering Cal30, a fixed rate, 30-year loan with up to 95 percentfinancing. This new loan program is available for eligible first-time home buyers.In addition to the Cal30 program, CalHFA also offers the California Homebuyer’s Downpayment Assistance Program, which can provide loans of up to 3 percent of a home’s value to assist with down payments and closing costs; the School Facility Fee Down Payment Assistance Program, which provides conditional grants to buyers of newly constructed homes for down payments, closing costs, upgrades, or other costs associated with the first mortgage loan; and the Affordable Housing Partnership Program, a joint effort between CalHFA and more than 300 cities, counties, redevelopment agencies, housing authorities and nonprofit housing organizations to assist with down payments and closing costs.
More info
http://www.calhfa.ca.gov/about/publications/press-releases/2009/pr2009-10.pdf

my latest craiglist ad is serious....

2009-06-16T07:58:00.000-07:00

$250000 / 2br - PreApproved, first time home buyer (Los Angeles)

Skin in the game...Heard the expression before..you know what it means????..# 1 question you ask your self is Am I ready to purchase a home???, DO I have a down payment?("skin in the game") # 2 question you ask yourself...Am I pre approved?..# 3 question how important is it for me to accomplish this goal ?...I asked how important is getting the deal done, finished, door open, key in hand. Laugh but it's the essence of this advert. I'm so so serious...So many aren't. Why waste your time if you're not all the above. I'm the Facilitator, you need me I need you on my team...are you ready, Pre Approved first time home buyer? I have homes in all income ranges to show you anyday sunday through saturday...You wanna deal,you wanna finish this goal?...I know it's fustration dealing with going out looking, waiting, emotions up and down. I know, I know. but like a great team, you need a captain. Hire me. I will be there to answer your questions, show you the properties that meet your expectations and help you decide which one you want, that's worth the wait, the time, your and mine effort to make this as simple as possible. to make buying your home a good experience.

I'm adding this to the blog...

Oh by the way...the current intrest rates are low but are creeping higher...just a little every day, which means the banks are slowly reducing the amount of house (loan amount) you may qualify for.

From http://mortgage-x.com/general/mortgage_indexes.asp
CMT: Weekly Average Yields
Averages of Business Days
Week
Ending
May 29 June 5 Jun 12
1 Month 0.148 0.086 0.090
3 Months 0.160 0.150 0.188
6 Months 0.300 0.290 0.314
1 Year 0.485 0.496 0.556
2 Years 0.953 1.024 1.356
3 Years 1.472 1.586 1.962
5 Years 2.382 2.582 2.884
7 Years 3.137 3.308 3.530
10 Years 3.588 3.696 3.888
20 Years 4.465 4.546 4.672
30 Years 4.480 4.542 4.678
Year
Week 2009
# 22 2009
# 23 2009
# 24

tax incentives are hard to get?????

2009-06-11T08:20:00.000-07:00

I heard that the tax incentives..the $8000 tax credit is real...whether you can use it as part of your down payment....drum roll.........no. no. no. deny by most lenders because it is way too much hassle and paperwork and for what the goverment wil pay lenders to do it, I think it's 200 bucks.. its just not worth it for them to process it as part of your downpayment...and maybe even the closing cost...lenders c'mon your in the buisness of lending money to make money..a little forthworthness and faith in the goverment for which you have taken the tarp money from should atleast help the people help them get homes. It's our community and it does take a village including the butcher, the baker, the banker!

I need your help...

2009-06-04T07:46:00.000-07:00

Ok, ok this is the real deal…how many people are really looking to take advantage of the $8000 tax credit $10,000 new construction credit ? You know if your ready to move I can help you find that home where more memories will begin to change your life.

I have taken the time to locate several homes in the first time home buyer category if your house hold is in the 50-100k income range… start with me, because the home you buy today won't be your last, when your ready to move to a nicer home,I will be there.

I have also located homes in the second home or additional home category up to about 500- 1 million range..I can help you buy that home too….yes it’s a great time to buy with home prices down in some areas almost 40% from 2006 levels but you need someone out there looking and I'm here to help you.

I’m a Real Estate life coach, I can cheer you and be there to answer your questions anytime….

loan mods = more rentals or lease to owns

2009-05-30T22:26:00.000-07:00

Well I think we're going to see more and more RTO's. Here's why when a home owner facing a reset is smart enough to modify the loan to a lower rate.. the owner now gets a choice....mmmm do I sell now or later,,ok....this is a benefit for the would be renters that want to buy a home and need time to get there deposit and financials together..I also believe that those tax credits will probably be extended...first dibs on this prediction...and the loan mods will continue too...

Owners want to delay the price on these properties till the end of the contract...there waiting for the market to change maybe in there favor, going up?, eventully..in the meanwhile..cash flow , keep the property..and wait for the tsunami of well qualify buyers with fistfulls of cash...tick tick tick...3 years later house prices....still flat...I'm not holding my breath..is it a good time to buy?

really depends on the local market...ok

procrastination....sometimes bad, sometimes good.

2009-05-26T09:36:00.000-07:00

There are many levels of procrastination that either help or hinder a transaction...this is what we do..we help facilitate the transaction involved with a transfer of ownership of a real estate/property. Whew, that's a big sentence, but essentially if you wait to decide, you must know what the circumstances are that can help you...

I believe the time it takes to make a decision is based on not having enough information to know how to make a decision to accept the terms of the contract and recieve the aquisition. So that's a good reason to wait or procrastinate...

Now there is the opposite reason to stall a decision when you are not ready. And not being ready has a multitude of reason to not make a decision to sign and accept what you want. I don't need to explain excuses but it is related to the reason why it is good to wait but like a bullet in a chamber once fired you can't put it back.

My suggestion and the reason I blog this issue is because to empower your self with a confident decision is a wonderful life changing experience...even on the most minute, infantile level.

To satisfy yourself and not delay your joy...take the time to do your research, once you get all the facts,,,maybe make a checklist..verify you completed the list and then decide confidently.

At that point, procrastination is not an issue to quote "To think too long about doing a thing often becomes its undoing." ~Eva Young

I didn't write this but it's relevance is paramount...

2009-05-24T11:40:00.000-07:00

http://www.latimes.com/classified/realestate/news/la-fi-cover3-2009may03,0,7623052.story

House hunting? It's not a buyer's market everywhere

Potential buyers visit a home in Eagle Rock. In desirable areas, bidding wars are common. “The biggest problem,” says real estate agent Phyllis Harb, “is that people are overreacting to housing statistics, thinking they can come in and make an offer 20% below price.”
The median price in Southern California may have plummeted, but in more desirable neighborhoods, home buyers are still engaging in bidding wars.
By Chip Jacobs 6:15 PM PDT, May 2, 2009
The confident smile Sam Rivero wore as he hunted for his first house had a lot to do with the buzz thumping in his ears. Ever since home values began sinking, pundits have touted the juicy opportunities for aspiring buyers priced out of the market before, and the young business-development executive heard that cue like a sonic boom.Out he ventured into Mount Washington, Glassell Park, Eagle Rock, Montecito Heights and other desirable middle-class communities northeast of downtown Los Angeles, searching for a bargain in the $400,000 range. Candidates came and went, and Rivero, who is getting married, was upbeat. Considering the pulverized housing values, with the median price of a Southland home today -- $250,000 -- at half of its 2007 level, the properties should come gift-wrapped, right?
As the Glendale resident and his fiancee, a makeup artist for the television show "Entourage," discovered, the supposedly wondrous buyers' market seems more consumer myth than easy pickings.They bid $50,000 over asking price for a "great" four-bedroom contemporary in Valley Village, only to lose out to one of the 16 other offers tendered, Rivero, 33, said. A North Hollywood house he had been eager to see attracted so many people walking around with sales fliers that he couldn't find parking and drove off from the "vultures" who got there first."Every open house I've been to has been a zoo," said Rivero, who has examined 35 properties during the last three months. "If you follow what the [general] media say, you'd think sellers are desperate to sell a house, but when you get there it's totally the opposite."So what's going on?Real estate brokers and investors say would-be buyers misunderstand how the drop in housing prices has affected desirable neighborhoods. Just because an abandoned house in a troubled part of San Bernardino County might be going for $200,000, it doesn't mean you can get a nice place in Sherman Oaks for that amount -- or even twice that amount.House hunters are trying to pounce on deals from sellers they expected to be frantic -- if not curled in the fetal position. What they're finding instead are bidding wars as low interest rates and pent-up demand in traditionally stable or chic areas have kept prices up -- not as high as the market's peak, but not nearly as low as they had hoped."The biggest problem," said agent Phyllis Harb, "is that people are overreacting to housing statistics, thinking they can come in and make an offer 20% below price."As sales figures and home buyers' anecdotes are underscoring, when the residential real estate bubble burst, it set off several distinct sprays that created false hopes and confusion.Though nearly 20,000 homes in Southern California sold in March, a 52% jump from a year earlier, a sizable number of those transactions occurred in Riverside and San Bernardino counties, where foreclosures exploded. In the region overall, foreclosure sales accounted for 55% of March's deals.Bank-owned or not, the cheaper properties are dominating the sellers' block in the notoriously expensive L.A. County real estate market. In March, 2,871 homes under $300,000 were sold compared with only 734 a year earlier, according to real estate information firm MDA DataQuick.At the higher end, just 202 homes priced above $1.2 million changed hands last month, compared with 354 in March 2008.Houses priced from $400,000 to $800,000 represented less than a quarter of the market in March, down from about 45%, meaning fewer offerings for would-be buyers in that mid-market or pickier sellers, according to DataQuick.Mark down Nicky and Bunny DeMarinis as frustrated. They offered about $1 million for a 3,300-square-foot traditional in the Los Feliz area. Though it boasted a magnificent view, the house was an ode to passe, with cheesy frescoes, gold trimming and 1970s-era kitchen appliances, they said. For all the updating it required, the owner came down only a fraction from his $1.7-million asking price and passed on the DeMarinises.The couple, who own Nicky D's Wood-Fired Pizza in Silver Lake, have seen about 50 houses so far. They don't know where to vent their anger: lenders demanding higher down payments and less-favorable terms, talking heads distorting the market with oversimplifications or listing agents itching for bidding wars."You get out there and think you can grab something at a fantastic price, but that's not the case," Bunny DeMarinis said. "Each time we look at a house and see these inflated prices and our offer is rejected, we feel rejected too. We had an unrealistic portrait of what was really happening. It's disillusioning."It's becoming a populist theme among potential local buyers and a contentious topic on websites devoted to the post-bubble market.Real estate investor Burt Slusher said home shoppers should disregard the broad trends and focus instead on nuances and inventory in finely drawn areas.Take the 40% jump in L.A. County home sales in March compared with a year earlier. In studying the data, Slusher said, he found that a large batch of those deals transpired in Palmdale, Compton, Inglewood and other communities that suffered as a result of "treacherous subprime mortgages."People interested in properties in coveted niche markets such as Pasadena, Culver City and Santa Monica have read or heard too much about frenzied activity in the bottom of the market, he said, without comprehending that it held little relevance for them.Slusher's advice is to muster patience, because he believes there's still an over-inventory of mid- and upper-priced properties that will drive overall prices down into 2011."Buyers hear about foreclosures and bank sales and a bad economy and think they can offer a beer price for a wine home," Slusher said. "But the market is not a homogenous place, where everything is the same."In classic economics, buyers should have a decided advantage in neighborhoods in which supply dwarfs demand. Where there's typically a six-month inventory of houses for sale in coveted Beverly Hills, Pacific Palisades and West Hollywood, for instance, there's a year to two years' worth today, agent Christopher Hain said.Hain has a theory about why all that supply hasn't translated into blocks full of delirious new homeowners. He calls it the "sucker syndrome," in which buyers are nervous about overbidding when nobody truly knows whether Southland home values have reached their bottom.Said Slusher, "Nobody wants to be the sucker who paid too much, so they combat that fear by offering unrealistically low amounts. But if you're trying to time the bottom, you're going to end up with junk. It's always the best houses and cheapest houses that sell first."More should be known about the market for more-expensive properties when "jumbo" loans -- ones exceeding $417,000 -- become available this summer, according to DataQuick. In a sign of how locked-up conditions are, jumbo loans represented 40% of all Southern California purchases in 2007. In March they accounted for 10% of the activity.On a recent Sunday, an open house for a vintage 3,159-square-foot Craftsman near Occidental College in Eagle Rock drew 105 people in the first hour despite sweltering temperatures, a Lakers playoff game and a list price of $699,000. Never mind the hilly curb appeal or the aroma of freshly baked cookies that listing agent Tracy King baked. There was plenty of head-shaking among would-be buyers about the absence of bargains.Jose Mares, 38, a Huntington Park police officer, said he'd been searching for eight years for a house. To him, the dark-shingled house needed too much renovation to justify the tab. He thinks he knows why it's priced where it is: There's not a glut of quality competition close by, and the owner and listing agent know their edge."Some want to charge $550,000 for a starter house," Mares said.King, the agent, said she'd heard earfuls about that, and noted that this was not your father's housing crash. Today, everyone is savvier, able to analyze properties with a few keystrokes or see a street view using Google.Instant information, though, also means fiercer competition and fewer hidden gems. As an example, King cited a 1,625-square-foot, midcentury-style fixer-upper in La Crescenta priced at $299,000. Forty people were standing on the front lawn within an hour of its listing, she said. Ultimately, there were 80 bids, 15 of them exceeding $400,000. The winning bid was $480,000."What I'm seeing is that perceived bargains are going in multiple offers for more than the asking, and buyers are very disappointed," King said. "Real estate is hyperlocal, so a [regional] $250,000 median price is meaningless here."Predicting where values are headed is hardly a science either, no matter what the cable-TV experts or the galaxy of websites with every imaginable statistic say. For one thing, people selling costlier homes tend to have deep pockets buffering them from needing a fire sale to stay afloat. If they don't like the bids, they can pull their property off the market.Banks are an even bigger X factor, and not just because of their stricter lending requirements and bailout havoc. USC real estate professor Tracey Seslen said she'd heard that lenders were carefully timing the release of homes they'd repossessed to avoid further flooding the market and driving prices down more. Those institutions also know that a fresh avalanche of foreclosures from people with resetting loans may be looming."So the banks are playing this game too," Seslen said. "They're keeping prices artificially high."Rivero, the soon-to-be-married business-development exec, wishes that weren't so, and hopes his tenacity pays off."We've learned not to get our hopes up because it sets us up for heartbreak," he said. "What's driving me is that I actually want a house."

MY 2Cents
this is not the bottom line...the fact is "you can't beat the house...I mean bank"

multiple offer bonaza for short sales...!!!!

2009-05-22T12:55:00.000-07:00

I can't believe this buyer's market has come down to a seller's market.Oh you haven't noticed that the banks are driving us agents crazy...I go to the MLS and pick 15 properties..7 of them have offers already but the bank has us all hostage...will it be the highest bidder?..or the one whose more credit worthy...? or the one with the biggest down payment?..heck if I know? What kind of criteria are we dealing with?...I rant and work my brain trying to figure what's best for my client...perhaps it is a "bankers" market.....

thank you....

2009-05-18T10:26:00.000-07:00

To Keri, Angelica and Juan...

for helping out with my first home buyer's meet and greet It was a success

And the 3 of you know..working hard to achieve a goal is the hardest thing to do..Follow through to the end is the wining prize...The clients I got are out there waiting for us to host another to show there support.incidently..I got a call today from a neighborhood volunteer who saw my flyer..he called me to scold me about putting my flyer on the Chandler bike path,,,I called him back after thinking that getting involved with the community is a very good way to network...I offered to help out, he went on and on about community projects, it seems like I made a new friend and a vital future source of networking..yaay!!!

I must mention the salsa will be back for the next one too..

Today is the Seminar....at Satsuma Gallery

2009-05-17T07:24:00.000-07:00

I have been promoting my mission for almost 2 years and if you didn't know it is to help people my friends and clients undrstand real estate as a home, an investment an as security..The seminar is a way for me and my fellow professionals Angelica Lassiter and Juan Argeutua to avail our expertise to you....
please come with questions about your neighborhood's real estate. And come to hear where the values are going, what the current tax advantages are.

hey atleast came for my salsa... and if you didn't know it's at a real cool art gallery...

thanks

aaaaaaaaaaaaaaaaah..... I see now..

2009-05-14T13:53:00.000-07:00

This is how it's done....multiple callbacks follow ups and waiting for others to respond to your due diligence.....That's cool.....it's a buisness and I love the pace....stay at home real estate agent for now, haha...next year my assistant will be helping out because I will need one. Must be able to handle kids, negotiate house work and be at my beck and call...10.00 per hour part time....she or he must be smart and interested in this buisness....interested parties, send me your resumes....that's my craiglist ad...."my hands go up and down emulating Mike Myers of Wayne's World"...I suddenly wake up by my phone ringing...

Short sell bidding..Multiple offers???? OMG!!!

2009-05-10T16:27:00.000-07:00

Hey I respect the fact that the owner decided to opt out...ok now the bank is left with the crap....so whacha do with lemons????....Make lemonade!!!!

So now they have these homes and they are selling the good candy to the highest bidder...."sounds like good buisness to me..." I give props to the banks..but people you should realized a house is a home..this not a good investment for the short run..it should have never been that way in the first place...Buy a home, and please live in it...

Oh one more thing..it will go down in value...for the first years..but historically..by 2014 (5 years) I can see and feel the population factor will push the prices back up. Yaaay!!!

Mother's day caravan to Norwalk and Carson

2009-05-10T10:50:00.000-07:00

Well well well.....I need to show properties and at first i was in a state of shock to jump in the calling the listing agent water but out of all the 9 properties I wanted to see..I talk to only 1 agency, who had multiple offers and was putting the status of the home in pending mode...Hmmm I thought...must have been a nice property..So now I'm amp to call the others and no answer and answering machines dire my hopes of connecting with anyone...IT'S Mother's day right??...gotta remember and honor our mom's..and family, which is the best reason for finding a home for my client...remember!!! everybody has to live somewhere...How about a new home?

I can't rant when I'm busy..

2009-05-07T12:24:00.000-07:00

I've been busy these last 2 days..You know you have to respect stay at home mothers and fathers..I happen to be the latter..anyway..I have my 2 young son's to take care of and everyday I cannot stop my own production...2 contracts to follow...people to see I also had to run to my VW dealer..Mad props to Michael at the service department at Van Nuys Volkswagen..had my car back to me within 1 hour..my 6 month old was not fed and though he ws not cranky he needed my attention..my almost 2 year old ws very busy..but they have a lego table in th ewaiting room...brillant!..

So the car was ready lickly splity and I was back at home....now I have my callbacks, Tammy J, about Studio City, a few condos and town homes...I still need to get to west LA and queens rd...just busy...and it's a beautiful day in southern cali..

ENJOY..!!!!

Home Sale recovery??

2009-05-05T11:53:00.000-07:00

"The latest encouraging data came May 4, when the National Assn. of Realtors said its index of pending home sales rose 3.2% from February to March.

First of all, remember what pending means. These are homes that have gone under contract -- but have not actually sold. The Realtors' association says that based on historical data, the pending sales numbers do closely track future sales. But the correlation is much stronger in the year-over-year data than it is in the month-over-month numbers. The increase over March 2008 was much more modest, just 1.1%."

This is not a recovery....

Cheaper Homes Selling Well

More than 40% of all sales nationally -- is being driven by banks unloading foreclosed homes at distressed prices. Higher-end homes are not selling anywhere near as well as cheaper homes. That's not an indicator of a truly healthy housing market.

At the Milken Institute's Global Conference last week in Los Angeles, leveraged-buyout king Thomas Lee pointed to a slide showing the large number of "Alt-a" adjustable-rate loans due to reset in coming months. These loans -- made to buyers with decent credit but who were required to show less documentation of their income -- could default in larger numbers, to the extent that they reset at higher rates.

Ok here comes the truth...

Another 10% to Go?

Donald Brownstein, chief investment officer for money manager Structured Portfolio Management, told Milken conference attendees that his internal calculations show home prices have to fall about 40% off their peak before hitting bottom. The latest Standard & Poors/Case-Shiller home price index numbers showed a 30% decline from the peak in the summer of 2006, meaning we still may have a ways to go.

This edit of an article posted on my website is the subject of my concerns...and like I said before...

the trump is right.

the new black,,,,

2009-05-04T12:40:00.000-07:00

got this tidbit from downtown loft la..

The day of the pre-qualification is over. It's now PRE-APPROVAL or nothing.

30 days worth of paystubs
2 yrs W-2s
2 yrs full tax returns and corporate returns for self-employed borrowers (all schedules and all pages if applicable)
2 months bank stmts for all accounts holding money for down payment, closing costs, and reserves (all pages for every statement)

this is so true....

Home prices not low enough....

2009-05-04T09:43:00.000-07:00

This is ridiculus..yes stupid and greed riden. Let's rant...yes let's grab the pitchforks anf flame throwers..err ok molotov cocktails and show the banks why they are wrong about this market....OK..Ok..I see home sales in general trying to inch upwards the NAR(National Associations Of Realtors) says like 3 %..that's proproganda to hype peoples expectations...This is what's really going on..Banks don't want to lend in the Los Angeles area more than 250K... that's where my approved clients are qualifying at.

In Los Angeles..250K buys you in 8 out of 10 of the properties I see, homes listed in areas which were highly inflated before the crash...so the banks are still getting 100% mark up from pre 2000 year level values...(year 2000..125K, year 2005..500K.. now 250K) Ok and if you look at these properties you'll need a contractor to fix something..Get a home inspector and you see..this is one big scam....the best thing to do is to move out of LA...or buy some dirt and really get your money's worth. I could go on but the gist of the story is...you cannot beat the bank no matter what. they will always come out on top.

How Socialism Works

2009-05-03T12:01:00.000-07:00

How Socialism Works

Some friends e-mailed me this terrific example of how socialism works:

An economics professor at Texas Tech said he had never failed a single student before but had, once, failed an entire class. That class had insisted that socialism worked and that no one would be poor and no one would be rich, a great equalizer. The professor then said ok, we will have an experiment in this class on socialism.

All grades would be averaged and everyone would receive the same grade so no one would fail and no one would receive an A. After the first test the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. But, as the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too; so they studied little. The second test average was a D! No one was happy. When the 3rd test rolled around the average was an F.

The scores never increased as bickering, blame, name calling all resulted in hard feelings and no one would study for the benefit of anyone else. All failed, to their great surprise, and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great; but when government takes all the reward away; no one will try or want to succeed.

It could not be any simpler than that...

How about a show of hands for everyone who thinks that socialism will work any better than this for such trifling subjects as the economy and health care...?

Yeah, that's what I thought. Better get ready for a fight - that's the end goal of President Obama and the Democrats.

turn the page...express yourself.

2009-05-03T05:30:00.000-07:00

So After 2 hours..i'm convinced i was made to be famous.errrrrrrrgggggh record scratch....I'm not there, my lifestyle is at this corner about to... to turn ....my past I'm putting on the shelf, naw I wont exactly throw it out..but in reality, life moves forward not backwards...try driving a car backwards..you end up in the same place, if you u-turn and go back to where you start.. so you might as well dont look back...there's a world out there that needs me...and you...to my son's make a difference..don't be timid..to my friends..dont be afraid to express yourself.

saturday....I'm free today.

2009-05-02T11:13:00.000-07:00

Going to the market and I'm going to find a client..."goin to the chapel" melody hums in my head...I tweat...I meet..are you ready to have me smile in your face and say.
Hi my name is...I'm happy and you.......that's what I'm doing....meeting people....I have a few homes to visit and verify they're decent...short sale homes can be trashy and it's up to me to decide what I want to show clients...

First Norwalk and then Koreatown.

Is it friday?

2009-05-01T16:32:00.000-07:00

I=UGGGGGGGGGGGGhhhhhh aaaaaaaaaaaarrrrrrrrrrrrrrhhhhhhhhhhhhhhh..."..ha, ha i'm loser baby..so why dont they kill me" that's what I was feeling when I look at my day....but it really was productive...of course I let it out and try to make sense of it all..case in point..I have only 2 clients so far that i'm activily looking properties...errrh maybe one now since I couldn't show Mynda..some norwalk homes..per her request yesterday...anyway I will follow up with her because we started a communication and I want to have it distill down to a result.

I took both of my younger son's to the DMV/Glendale with me today....Ok not for a driver's license...
for my registration for the Passat...That's a productive thing to accomplish..

I came back home and the house is blown up by Chase...and I'm blogging because I need to feel like I accomplished more than being the best dad in the world......

God am I asking to much from Friday.

is he really listening?

ok I did it....

2009-05-01T08:06:00.000-07:00

I put up a huge article about money being freed up for nice homes needing to be bought and sold...this is important if you wanna buy a bangin' house in the hills..mmmm that's my dream and perhaps maybe yours..but in reality...the middle class peeps..only can get an sub 300k approval...which it seems the banks are still afraid of taking any risk,,,I think they knwo something that the whole real estate industry is not admitting...and here we go again...that f'n trump was right...once the price goes down to circa 2000..then the hmes will be priced right..besides until our economy is built back to stablilization we will all be waiting for that ching in our buisnesses and paychecks....tbc,,,,thanks...I also wanted the peeps to know..my profile is phat. check and you decide...pontificate...cheers

Fwd: SFGate: Rates on bigger mortgages finally should come down

2009-05-01T06:00:00.001-07:00

Ioftheneedle

djsubcode

scionXa

Begin forwarded message:

From: "me" <djsubcode@yahoo.com>
Date: April 30, 2009 8:46:11 PM PDT
To: "Mike" <realtormikejett@yahoo.com>
Subject: SFGate: Rates on bigger mortgages finally should come down

----------------------------------------------------------------------
This article was sent to you by someone who found it on SFGate.
The original article can be found on SFGate.com here:
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2009/04/23/BUEL1777HH.DTL
---------------------------------------------------------------------
Thursday, April 23, 2009 (SF Chronicle)
Rates on bigger mortgages finally should come down
Kathleen Pender

  Home loans from $625,500 to $729,750 in high-cost regions, including most
of the Bay Area, should get cheaper in the next few weeks.
  To make bigger mortgages cheaper, the economic stimulus act passed in
February increased the conforming loan limit in high-cost regions to a
maximum of $729,750 from $625,500 for single-family homes through the end
of this year. The conforming-loan limit is the biggest mortgage that can
be purchased by Fannie Mae and Freddie Mac. Anything over the limit is
called a jumbo loan, and they cost considerably more than conforming loans
because Fannie and Freddie can't buy or guarantee them.
  Raising the limit should bring down the price of loans between $625,500
and $729,750. But more than two months after the stimulus bill was signed,
loans in that zone are still being priced like jumbo loans.
  Why?
  Lenders say they couldn't lower their rates until Fannie and Freddie
issued underwriting criteria. Fannie issued its criteria March 30 and
Freddie on April 16. Both will start buying loans of up to $729,750 from
lenders on May 4.
  That opens the door for lenders to begin making them.
  Wells Fargo says it will start making conforming loans of up to $729,750
on Monday.
  Bank of America will begin making them "by mid-May," says Vijay Lala, a
product executive with the bank.
  As they and other lenders start making these loans, the price should come
down. By how much remains to be seen.
  Before last year, the conforming loan limit was the same across the
continental United States.
  Last year, Congress pegged the limit to median home prices in each region,
with a minimum of $417,000 and a maximum of $729,750 for single-family
homes. Later in the year, Congress changed its formula for calculating the
regional limit, which dropped the maximum to $625,500 after the end of
2008. (Different limits apply to homes with two to four units.)
  This has created two tiers of conforming loans. Those below $417,000 are
true conforming; those above are often called super-conforming.
  Super-conforming loans have always cost a bit more than true conforming
loans, partly because an industry group has decided that certain
securities backed by conforming loans can't have more than 10 percent
super-conforming.
  The interest rate on a super-conforming loan is typically one-fourth to
one-third of a percentage point higher than the rate on true conforming
loans, says Keith Gumbinger, a vice president with HSH Associates.
  But Dick LePre, senior loan officer with RPM Mortgage, says
super-conforming rates are "gigantically volatile from day to day."
  It's not clear whether banks will price loans between $625,500 and
$729,750 the same as loans between $417,000 and $625,000 or create a third
tier of conforming loans.
  Brad Blackwell, national sales manager for Wells Fargo Home Mortgage, says
his firm will price them the same.
  On Wednesday, Wells was charging about 4.75 percent on a true conforming
loan below $417,000, 5 percent on a super-conforming loan up to $625,500
and 6.25 percent on a jumbo loan above $625,500. If the new conforming
loan up to $729,750 had come out the same day, it also would have been at
5 percent, Blackwell says. (All rates are for 30-year fixed-rate
mortgages.)
  Bank of America's rates for a 30-year fixed-rate loan were 4.875 percent
for true conforming, 5.25 percent for super-conforming up to $625,500 and
6 percent for jumbos over $625,500. Lala also says BofA will price loans
between $417,000 and $729,750 the same.
  Even if they are priced the same, it could be harder to get a conforming
loan up to $729,750 than one up to $625,500.
  Fannie and Freddie will, in some cases, buy true conforming loans for up
to 95 percent of the home's value, but on loans up to $625,500, the
loan-to-value ratio can't exceed 90 percent.
  On loans up to $729,750, Fannie will go up to 90 percent loan-to-value but
Freddie will only go as high as 80 percent.
  Fannie and Freddie will require a "field review" by a second appraiser on
loans that are greater than $625,500 and more than 80 percent of value.
  John Abraham of Redwood City is eagerly awaiting the new loans. The rate
on his $690,000 loan has been fixed for almost six years, but it will
start adjusting in a year or so and he's very worried.
  He would like to refinance into a fixed-rate loan. All he can get now is a
jumbo at close to 6 percent, which would make his payments soar.
  If he got a conforming loan around 5 percent, he could afford the payments
and relieve a major source of stress.
  "Our main objective is to create long-term stability for our family," he
says. Limit by county
  The 2009 stimulus act increased the conforming loan limit in high-cost
areas through the end of this year. Lenders are just starting to offer
conforming loans up to these new limits. Here are limits for Bay Area
counties through Dec. 31.

CountyCurrentAlameda, Contra Costa, Marin, Napa, San Francisco, San Mateo
and Santa Clara $729,750 Sonoma$662,500 Solano$557,500 Source: Fannie Mae,
Freddie Mac

Net Worth runs Tuesdays, Thursdays and Sundays. E-mail Kathleen Pender at
kpender@sfchronicle.com. ----------------------------------------------------------------------
Copyright 2009 SF Chronicle

stay at home daad daad.....

2009-04-30T10:55:00.000-07:00

Day 4....I'm a little concern that I can't find my production muscle...As a realtor I want to locate properties and connect to people so that people get familiar with me and I need to ask for leads (buisness) wherever i go...So i have to get outside of the house and or advertise online....but first the kids need a walk and maybe a nap before I can get in to the buisness part of my day.......look for my tweets from my walk...

Return my call...

2009-04-29T12:10:00.001-07:00

This is a hard thing...Oh I guess realtors are like every one else..I happen to care about what people think of me as a pro. So I call all my clients back asap...anyway I called Neal, 310 442**** about a property for my client...he didn't return my call yesterday and I called him again today and he didn't call me. So since I wanted to see the property I drove by it today and talk to one of his associates who showed me the property.

People do buisness with???

2009-04-28T23:48:00.000-07:00

I stuck you...as a body piercer...(I of the Needle body piercing) 1995 to 2001
You seen my Scion Xa in a national scion commercial for 8 months in 2005
You seen me DJ as SubCode, bought my records seenme in the clubs at huge raves...

yeah you know me..