From the category archives:

Market Updates

Three Reasons Why Home Price May Drop in 2010

Is it possible that Home Price could drop in 2010?
Let me start by saying that this is NOT a prediction or a statement of fact, I just want to raise some very interesting points and I would like to engage in a conversation with you about it.
Home prices are driven by supply and demand. Whether [...]

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“I Qualify for a Home Loan? REALLY?” – Home Buying Success Story

by Karrie Lemansky February 20, 2010 Credit & Qualifying

I had to…I just had to do it….I have to share on subject of qualifying for a home oan. So here we go!!!
I think that one of the biggest misconceptions that a lot of my clients have in the beginning of the home buying process is that they didn’t think that they can ‘qualify’. For [...]

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Avoid Property Tax Penalties from Filling out Escrow Forms Wrong

by Karrie Lemansky February 18, 2010 Terms & Definitions

The Preliminary Change of Ownership Form….Did You Know You Can Be Charged for Incorrectly Filling Out This Simple Form?
The Preliminary Change of Ownership Report (or PCOR as it is known once you are in escrow) is defined as “A form that is to be completed by Buyer (transferee) prior to the transfer of subject [...]

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The lesser known victims of the Housing Crisis – Animal Shelters need your help!

by Scott Schang February 9, 2010 Market Updates

You can find stories about the thousands of animals displaced as a result of foreclosure and the housing crisis but it’s not talked about as much as it should be. The increase in abandoned animals is straining the resources of community animal shelters.
Gina works at Broadview Mortgage, if you bought your home with a home [...]

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BREAKING NEWS: FHA Lifts No Flipping Ban – Translation: More FSBO’s Available on the Market

by Scott Schang February 2, 2010 Financial Planning

What is “House Flipping” anyway?
House “flipping” is when someone buys a home at, ideally a below market price, fixes it up, then resells it as soon as it’s been rehabilitated for a healthy profit.
In the past, there has been many instances of collusion and conspiracy to turn huge profits at the expense of those who [...]

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FHA Makes Move to Reduce Exposure to Risk: In English – It’s going to cost you more to get an FHA loan!

by Scott Schang February 2, 2010 Buyers Beware!

BREAKING NEWS: Upfront Mortgage Insurance Increase beginning April 5th, 2010
The increased up front mortgage insurance premium will appear on all FHA mortgages that receive a case number after April 5th, 2010.

PRESS RELEASE: January 20th, 2010 – Deciphered into (highly biased and subjective) English by me on January 21st, 2010.
I basically cut out a lot [...]

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Refinances still possible up to 97% Loan to Value

by Scott Schang January 27, 2010 Market Updates

I know this is off topic from what I usually talk about but I get many questions about refinancing that I would like to answer.
With the drastic decline in property values in the State of California, fewer loan options, and tighter qualifying guidelines refinancing your home has become increasingly more difficult.
There are still refinancing options [...]

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Governor Holds Press Conference to Highlight $10,000 Homebuyer Tax Credit

by Scott Schang January 17, 2010 Market Updates

Fresno, CA January 14th, 2009 – Making the Case for Stimulating California’s Housing Market

If you’re like me and don’t want to sit through 20 minutes of political hyperbole, here’s a summary of the above speech. Plus, I can’t stop thinking he’s going to say “Come with me if you want to live”….I dunno, too much [...]

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Governor tries to revive State of California $10,000 Homebuyer Tax Credit

by Scott Schang January 11, 2010 Market Updates

Governor Schwarzenegger announced on January 7th that he would like to extend the $10,000 homebuyer tax credit to Californians as part of a job stimulation strategy.
Unlike the last $10,000 California Tax Credit, this time around it will be available for the purchase of new construction or existing homes. This is GREAT news for California Homebuyers.
The [...]

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No More Extensions for $8,000 Tax Credit

by Scott Schang December 28, 2009 Market Updates

As the deadline for the latest extension of the $8,000 homebuyer tax credit quickly approaches, lawmakers are pretty clear about it’s end.
LA Times, December 27th, 2009:
The provision that puts up to $8,000 in buyers’ pockets won’t be renewed a third time, industry leaders and lawmakers say.
Reporting from Washington – Home buyers hoping to take advantage [...]