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Monday, July 30, 2012

Home Vacancy Rate Falls As Housing Demand Improves


According to the U.S. home vacancy rate, the measure of properties empty and for sale, fell to the lowest level since 2006 as demand for housing improved and lenders slowed property possessions.  


The inventory of available homes is dwindling and growing investor purchasing forclosures and distressed properties have increased this year.  In return, investors are turning out new houses to meet demand from traditional buyers who are being crowded out by cash-paying investors.  


Vacancy decline means that builders have a good reason to start up construction.  Since 2009, many people moved back in with their parents.  This created a sharp drop in building new homes.  


Source: Bloomberg.com

Friday, July 27, 2012

HGTV is looking for homeowner who need to revamp a room!


Are you a homeowner at a design standstill with a room in your home that’s in desperate need for a makeover?   Have an interesting backstory motivating this design overhaul?   New HGTV makeover series starring a celebrity designer hopes to transform your lifeless room into an upscale space that pops!
If you are chosen you will receive free design and contracting services, a considerable amount of free labor, and other show resources that will contribute to the amazing final result.  However, you must have a budget to contribute for items such as sub-contractors, materials, and furniture.


This is a once-in-a lifetime-opportunity to have both HGTV and a celebrity designer provide you with the most fantastic room makeover ever! Filming is NOW so we need to hear from you ASAP!!!  Contact them at:  designshow@highnoontv.com.  Please include your name, address/contact info, budget, what room needs a makeover and why.  Please include photos of you and your space. 


Homeowners in the Los Angeles area only
No kitchens please


This opportunity is from HighNoonTv.com



Tuesday, July 24, 2012

Carmageddon II: The sequel

Carmageddon 2011




Last year, Carmageddon was a successful weekend with clear freeways and the smell of BBQ all around.  In a hollywood style, like a successful movie, a sequel is quickly plan and this September that sequel has arrived!


CARMAGEDDON II : the final mark on the 405


Similar to the last year, the 10 mile of San Diego (405) freeway through the Sepulveda Pass will take place the weekend of Sept 29-30.  Crews will be demolishing the other half of the Mulholland bridge over the freeway, transportation officials announced Thursday.  


Officials with the Metropolitan Transportation Authority have already begun advising motorists across the state to plan ahead. 


On Sept 29-30, what will you be doing? Sound like a good time to pull out the BBQ grill and hit the pool. 


Hopefully this sequel will be as successful as the original. 

Monday, July 23, 2012

Lenders making home equity loans more accessible

As of July 23, 2012. Source: HSH.com
The Office of the Comptroller of the Currency noted that one in five lenders nationwide loosened up underwriting standards on home equity loans while 68 percent kept them unchanged from a year ago.  During the peak of the housing crisis - no lender had eased standards.  


According to the NYTimes article,  lenders are lowering the credit scores and equity levels needed to qualify from two years ago, especially in areas where home prices are appreciating. 


Today, home equity applications are based on several criteria including:


• The amount of equity available in a home
• a borrower's income
• loan-to-value ratio (as little as 5 percent may be enough to qualify) 


For homeowners who are considering a home equity loan should begin the process by estimating how much equity they might have in their home.  You can email me to receive a free recent comparable sales in your neighborhood based.  You will get a ballpark of what your home is worth.  As part of the application process, lender generally requires an official appraisal. 


TIP: Note loan restrictions.  Some home equity loans do not allow home equity loans to be used for small business investment or buy a second home. 


Source: NYTimes.com

Thursday, July 19, 2012

County Fairs Schedule for Summer 2012





Summer is here and that means county fair season is in full swing! Take a look at the local county fairs near the Los Angeles area. 


OC Fair - July 13 to Aug 12
88 Fair Drive
Costa Mesa, CA 92626


Schedule and Events


Ventura County Fair - August 1 to August 12
10 West Harbor Blvd
Ventura CA 93001


Schedule and Events


LA County Fair - August 31 to Sept 30
1101 West McKinley Ave
Pomona CA 91768


Schedule and Events





Tuesday, July 10, 2012

Optimism on Homeownership Improves in June

Despite the stalling optimism about the economy and personal finances, Americans' attitude continues to improve.

A Mortgage-finance company's survey of 1,001 Americans found the 73% believe to be a good time to buy while 15% said it was a good time to sell.

The big questions remains: will this upward trend continue?  Only time will tell.

Keep in mind that while home prices remain to stabilize, rental costs are increasing, and interest rates are a historic low, the optimism of homeowners will continue throughout 2012. 

Monday, July 2, 2012

Top 4 Reasons to Refinance

According to the Mortgage Banker association, the average American refinances his or her mortgage every four years! 

Here are the top four reasons why a home owner refinances. 

1.  Get a lower interest rate - The homeowner is swapping a higher interest rate for a lower one.  

2. Switch your mortgage type - If you have an adjustable rate mortgage (ARM) that offered great low introductory rates, but those rates are about to increase. The opinion to change to a fixed-rate mortgage will give you a consistent monthly payment.  Or if you have attractive low rates for an ARM, then you could switch to an ARM.

3.  Build home equity faster - If you can pay more toward your monthly mortgage payments. Either by refinancing from a 30 year fixed to a 15 year fixed, you can reduce your interest charges and pay off your home quickly.  Or if you don't want to refinance, you can pay against your principal by making additional payments each month. 

4. Take cash out - Pulling equity out of the home in the form of cash but you add to your principal in the process.  Example: Joe has a home worth $500K, and he owes $300K on his mortgage and has $200K in equity.  By refinancing his existing loan, and his mortgage will look like this: $500K home value, $400 mortgage and $100 in equity.  

However, is Refinancing right for you?

Before contacting a lender, ask yourself these questions:

How long will I be in my home? General rule of thumb is that unless you are planning to stay in your home at least another five years, then refinancing may not make sense.  You usually "break even" at the five year mark which means you have paid for the costs to refinance. 

Is there a prepayment penalty on my current mortgage?  Many mortgages carry a penalty if you pay off your existing mortgage.  Ask your lender if your mortgage has a prepayment penalty.  

Will my tax savings be reduced?  If you claim mortgage interest on your tax return, refinancing to a lower rate will mean that you'll have less mortgage interest to deduct.  Check with your tax advisor.

Can I build equity faster?  For a shorter-term mortgage might make sense for someone who can now make greater monthly payments than when they originally financed.   

Can I reduce my monthly payments? 

Can I cash out some of my equity? 

Remember, refinancing helps many homeowners stay in their homes for less money, or give them cash out they desire, but just make sure you do the math and understand how the new loan will affect you.