Foreclosure News

Hello POPULACE! Sorry for not having blogged in a while I have been extremely busy and I took some time off. But enough of the items from the not so important file. I wanted to pass on a bit of foreclosure news to you. It is a bit mixed so it can be hard to gauge if you are following the trends. Foreclosure filings are down but there seems to still be a large inventory of homes that are REO. So will more homes be sold through foreclosure or as the pace slows and more homeowners modify their loans will the numbers decrease? Questions we all would like to know. One interesting tidbit is that Bakersfield was #8 in a top 10 list of Metro cities that had the greatest decrease in foreclosure filings. I have been saying if you have been reading my blog that Bakersfield is and has been stable. Sure our median price fluctuates but not at the percentages we have been seeing over the last few years. Our market is still volatile but I hope at the very least that this trend continues because it is a good thing when foreclosures are down because it helps everyone. Especially the BAKERSFIELD POPULACE! Anyway read on and I will see you at a BLOG or TWEET near you.

BE IN THE KNOW!

Carl O
http://www.realtytrac.com/contentmanagement/pressrelease.aspx?channelid=9&itemid=9427

FHA Loan Changes Coming!

FHA is about to change concession amounts POPULACE! Currently you can ask for up to 6% of the sales price for closing costs and pre paid items from the seller, but FHA is preparing to slash that number to 3%. What this means is that if you don't have much money above the 3.5% down payment required for an FHA loan than you may want to act fast or save up a little more as you will be required to make up the closing cost difference. Closing costs and pre paids will vary but know for sure you will be asked to contribute more towards this cost once the new number takes affect. The new number is expected to go into effect by late summer. The reduction is a safeguard for FHA so that they are not insuring underwater loans. This may or may not put a damper on your plans to purchase a home but if you are ready than take advantage of the higher concession amount while you still can.

Remember: BE IN THE KNOW!

Carl O
http://www.latimes.com/business/la-fi-harney-20100530,0,463085.story

Foreclosure Help

Hello POPULACE! A little foreclosure help for you. I know it's a difficult situation but help may be just a phone call or click away. Take advantage of resources available to you because this is your home after all. Sometimes just making the call can feel like a huge weight but if you don't seek some type of advice or help the weight only gets worse. Make the call POPULACE! You have everything to gain and as I have said in the past do what it takes to save your home. At least make a solid effort before letting the home go. I hope this helps.

Remember: BE IN THE KNOW!

Carl O
http://www.scribd.com/doc/32439403/Foreclosure-Prevention-2

Memorial Day! Remember!

Memorial Day is again upon us. A day to remember our brave men and women in uniform who have sacrificed so much for this great country of ours. A day to remember their unselfish acts of heroism and duty. Yesterday I was privileged to attend a Military Service for a great family friend at one of our National Cemetery's and I must say it was more moving than I could have ever imagined. Feel this POPULACE! A beautiful sunny day with a sea breeze cooling family and friends in attendance as they overlook a sea and city skyline. The American flag is unfolded and draped over the American hero by two of Americas finest then refolded and presented to the surviving family member. The sound of taps fills the air where 100,000 men and women some as young as 17 lay, 37 of which are Medal of Honor recipients, flags flowing over every grave site. Silence falls as men and women visiting their loved ones stop to place their hand over their heart to pay their respect to the American hero who is being honored and laid to rest. The sound of taps ends yet the silence remains. The feeling is beyond explanation. The honor, care, and respect given to our American Flag as it was unfolded then folded was stirring to say the least. And the presentation of the flag to the surviving family member shook me to the core as the voice of honor flowed from the lips of the military presenter as he knelt on one knee to present the American flag giving thanks on behalf of America for her fathers service. The sense of respect given not only to this hero but to our country would have given anyone a feeling of pride and honor for this great country of ours. We are truly blessed to be living in America POPULACE! There is no greater place on Gods earth than America. If this sounds patriotic it is. Why anyone would disrespect these men and women and our country is beyond my comprehension. These great heroes take such pride in who they are and who they represent it is absolutely amazing. You can feel their pride. I am thankful for their service and for keeping our country safe. And today I thanked two of them personally. You should thank them too POPULACE!

Remember: BE IN THE KNOW!

Carl O

Short Sale Precautions

Hello POPULACE! A word of warning when contemplating a short sale and a few items to watch out for. Unfortunately there are still many who pray on those whose lives are in turmoil and you need to be aware. License is the key word here. When deciding short selling as an option please make sure that you are talking to someone reputable. Just today here in Bakersfield there is a story about a family who gave thousands of dollars to a company with zero results and who is now trying to recoup their lost fees. Consult a professional be it an attorney or real estate professional if you feel that short selling is your best option.

Remember: BE IN THE KNOW!

Carl O
http://www.scribd.com/doc/31906102/DRENewsrelease-shortsales-alert050510

After Foreclosure Protection

Thought this was important POPULACE! I guess some lenders are still trying to recover monies from foreclosed homeowners. Facing a foreclosure is a very stressful experience for anyone. But once it's over most families try to regroup and reestablish themselves. There is an attempt to close a loophole in California law that allows lenders to sue homeowners who have refinanced their homes for less than it's value and then were foreclosed upon. While I understand the lenders reasoning, I have to disagree with their actions. Most lenders received stimulus monies to compensate for their loses and to try and recover additional funds from those whose lives are in turmoil is somewhat unconscionable. Lenders should be helping to stimulate our housing markets by concentrating on processing short sales quicker, easing lending guidelines to those looking to purchase, and truly working on reasonable loan modifications homeowners can take advantage of. Borrowers do shoulder some of the blame for the foreclosure crisis but lenders need to move on, not look back, and concentrate on stabilizing and stimulating our housing market.

Remember: BE IN THE KNOW!

Carl O
http://losangeles.bizjournals.com/losangeles/stories/2010/05/17/daily8.html

Fannie and Freddie Not Forgiving?

Are Fannie and Freddie saying do as I say not as I do? It seems a little unfair that our government is asking banks and investors to forgive homeowner debt while the departments under their control do otherwise. While both departments have sought to assist and mend a broken housing market you would think that they would comply with the wishes of the Obama administration and act as other banks have done. Now they may have their reasons due to the fact that their largest investor is the American taxpayer and they are using its money. But a lot of work still needs to be done in order to stimulate a volatile housing market and only partially complying only prolongs the process. What say you POPULACE!

Remember: BE IN THE KNOW!

Carl O
http://money.cnn.com/2010/05/14/news/economy/fannie_freddie_principal_reduction/index.htm