tag:blogger.com,1999:blog-15339358549750817972024-03-13T08:59:52.662-07:00Susan Allen - Westside Real EstateSusan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.comBlogger38125tag:blogger.com,1999:blog-1533935854975081797.post-52511262308274415952011-04-28T09:17:00.000-07:002011-04-28T09:18:18.060-07:0033340 MULHOLLAND HWY, MALIBU 90265 ($1,900,000)<div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/-dlDb5uULZYk/TbmSdtgQ3UI/AAAAAAAAAH8/sr1TcC_2xJs/s1600/mediaservice-1.themls.com.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="http://3.bp.blogspot.com/-dlDb5uULZYk/TbmSdtgQ3UI/AAAAAAAAAH8/sr1TcC_2xJs/s400/mediaservice-1.themls.com.jpeg" width="400" /></a></div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-kCSnpi9oK5Q/TbmSlZPBSLI/AAAAAAAAAIA/we5e1lTaZw8/s1600/mediaservice-9.themls.com.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="http://1.bp.blogspot.com/-kCSnpi9oK5Q/TbmSlZPBSLI/AAAAAAAAAIA/we5e1lTaZw8/s400/mediaservice-9.themls.com.jpeg" width="400" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-DUxhKSjmISk/TbmRgnndhSI/AAAAAAAAAH4/WQ9HqpqhwO8/s1600/mulhollandareial.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="247" src="http://4.bp.blogspot.com/-DUxhKSjmISk/TbmRgnndhSI/AAAAAAAAAH4/WQ9HqpqhwO8/s400/mulhollandareial.jpg" width="400" /> </a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: justify;">$1,900,000</div><br />
4 Bedroom<br />
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3 Bathroom<br />
<br />
4,600 SF<br />
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DIRECTIONS: Kanan to Mulholland fork to left to Encinal, turn right on Lechusa, right on Decker to Mulholland<br />
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REMARKS: This private Mediterranean Contemporary horse property takes advantage of the views of the Santa Monica Mountains. Inside 3 fireplaces, cooks kitchen with copper hood, the master suite is large and sumptuous living space w/additional room that can be used as a gym or babies room.With deep soak tub & large steam shower are all angled for the views. Gorgeous outdoor living space w/pool, 4 stall barn, wood panel lined tack room, wash rack for 2 horses and arena. This home is all solar powered. <br />
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</div><div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/-BM-YYQuRH-M/TbmS7aSKEDI/AAAAAAAAAIE/IZolIlPOuNo/s1600/mul_flyer.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="306" src="http://3.bp.blogspot.com/-BM-YYQuRH-M/TbmS7aSKEDI/AAAAAAAAAIE/IZolIlPOuNo/s400/mul_flyer.jpg" width="400" /></a></div><div class="separator" style="clear: both; text-align: justify;"></div>A1http://www.blogger.com/profile/12194767793217588238noreply@blogger.com2tag:blogger.com,1999:blog-1533935854975081797.post-38823037242870087952011-04-19T10:09:00.000-07:002011-04-19T10:09:12.827-07:00What's Happening in Your Neighborhood - Downtown LA<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs7QpGbt5UugcyGX75UsGWrGq_kOarbctz6zSZMDAJXYHnbl2VfYg7tuVOnMCQKQ1xv_MddeH6pBECWdHG1xHM3sRkSphfhidONe7mcjasBwF9UN1O6U7sJgct7cnRYli300ySiuuoXsc/s1600/60995775.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs7QpGbt5UugcyGX75UsGWrGq_kOarbctz6zSZMDAJXYHnbl2VfYg7tuVOnMCQKQ1xv_MddeH6pBECWdHG1xHM3sRkSphfhidONe7mcjasBwF9UN1O6U7sJgct7cnRYli300ySiuuoXsc/s400/60995775.jpg" width="400" /></a></div><br />
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An Oregon developer plans to build a 22-story hotel near the L.A. Live entertainment center to serve a growing number of visitors to downtown Los Angeles.<br />
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<a href="http://www.latimes.com/topic/economy-business-finance/tourism-leisure-industry/hotel-accommodation-industry/marriott-international-inc.-ORCRP009473.topic">Marriott International Inc.</a> would operate the proposed 377-room hotel on Olympic Boulevard under two of the company's brands: Residence Inn by Marriott and Courtyard by Marriott. Construction on the nearly $120-million project is set to begin next March and be completed by 2014.<br />
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It would be built and owned by a consortium led by Williams/Dame & Associates, the <a href="http://www.latimes.com/topic/us/oregon/multnomah-county/portland-%28multnomah-oregon%29-PLGEO100100204141250.topic">Portland</a>, Ore., developer that built the condominium towers Evo, Luma and Elleven near <a href="http://www.latimes.com/topic/sports/staples-center-PLREC000037101.topic">Staples Center</a> in the South Park district of downtown.<br />
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Maryland-based Marriott already operates a JW Marriott and a Ritz-Carlton in a skyscraper across Olympic on the campus of L.A. Live as well as a Marriott Hotel about seven blocks north on Figueroa Street.<br />
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It is not unusual to have multiple Marriott products so close together, company executives said.<br />
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"We have a portfolio of brands that cater to different demands and price points," said Tony Capuano, executive vice president of development for Marriott. "This gives us the opportunity to serve a variety of guests who come for a variety of reasons."<br />
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The hotel plan is not contingent on the construction of Farmers Field, a proposed professional football stadium and convention facility that L.A. Live owner <a href="http://www.latimes.com/topic/economy-business-finance/media-industry/aeg-ORCRP000316.topic">AEG</a> is seeking approval for to build nearby, Capuano said.<br />
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"We feel very good about the bet we have made with our brands," he said, in large part because there are already about 300 events a year at Staples Center and L.A. Live venues including the <a href="http://www.latimes.com/topic/entertainment/music/nokia-theater-PLENT000208.topic">Nokia Theater</a>.<br />
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"We think Farmers Field would continue to grow the appeal and profile" of downtown, he said.<br />
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Downtown already is experiencing a burst in hotel visits. With the opening of the JW Marriott and Ritz-Carlton last year, the supply of rooms went up 16% and demand grew 24% in 2010, said Bruce Baltin, a hospitality industry consultant at PKF Consulting USA.<br />
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"This is obviously very healthy in a down economy," he said. Downtown hotel occupancy has averaged almost 70% this year, compared with 61% in 2009 and nearly 65% last year.<br />
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Baltin attributed the uptick in downtown hotel occupancy to an increase in the number of people who come downtown and stay overnight after attending events. Downtown also is capturing business travelers who might have opted for hotels in Pasadena or the Westside in the past.<br />
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"Downtown has kind of reached a critical mass as a destination, and the more you add to it the more it will grow, to a reasonable extent," Baltin said. Marriott's no-frills Courtyard and extended-stay Residence Inn, with its larger units and kitchens, would add types of rooms that don't exist downtown, he said.<br />
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Williams/Dame & Associates would develop the hotel at the northwest corner of Olympic and Francisco Street with American Life Inc., a Seattle investment firm. Financing would be through the federal EB-5 program, which provides green cards to immigrant investors who put up a minimum investment of $500,000 for development in targeted areas.<br />
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The immigrants would be considered limited partners and thus co-owners of the project. If the project produces enough jobs to meet standards for the program, as expected, they would qualify for green cards granting residency. Marriott said the hotels would create about 100 jobs.<br />
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Building a high-rise hotel is less difficult than building a condominium tower because the units are more uniform, said Homer Williams, chairman of Williams/Dame. Williams has developed thousands of condos in Oregon and Los Angeles.<br />
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L.A. Live's effect on South Park has been more significant than he expected, and he predicts development in the area will continue to grow.<br />
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"We are going to ride some shirttails, hopefully," Williams said. His team acquired the hotel site, which is now a parking lot, from AEG.<br />
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The planned project is "another crucial milestone in Los Angeles' thriving downtown renaissance," Mayor Antonio Villaraigosa said in a statement. "This project will create countless local construction and permanent jobs and will expand Los Angeles' infrastructure to support large-scale conventions that generate significant revenue for the city."Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com2tag:blogger.com,1999:blog-1533935854975081797.post-49280888033139605652011-04-08T10:30:00.000-07:002011-04-08T10:30:29.747-07:00Venice Garden & Home Tour May 7<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy3clo73iKOmUckrFrLrEXhujtWqblT1F3WGcXbrTFmALHfvER2qKXLwZZPfTRsuPMF0Qv7lz63pTHjDr_-ngVoFcidSPmTABknOShBWwBH14Kn7VhamRxtIBSTJpzG_vCMXNURJJBtcY/s1600/v11_vghtlogo.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="133" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhy3clo73iKOmUckrFrLrEXhujtWqblT1F3WGcXbrTFmALHfvER2qKXLwZZPfTRsuPMF0Qv7lz63pTHjDr_-ngVoFcidSPmTABknOShBWwBH14Kn7VhamRxtIBSTJpzG_vCMXNURJJBtcY/s320/v11_vghtlogo.png" width="320" /></a></div><br />
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The Venice Garden & Home show will feature thirty gardens and homes “showcasing the unique vision and creativity of the homeowners, architects, and landscape designers inspired by the Venice Beach lifestyle.” This year, and each year is different, will feature Venice walk streets and the Coeur d’Alene neighborhood. Gardens open at 10 am and close approximately 5 pm.<br />
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<b>Here is what the Venice Garden & Home Tour has to say about the event. </b><br />
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<i>"This annual self-guided walking tour will feature 30 gardens and homes in the charming, secluded Walk Streets neighborhood and streets south of Venice Boulevard. The tour is a showcase of how architects, landscape designers, and homeowners have crafted gardens and homes to make lovely living oases. These private spaces, sequestered behind carved wooden doors, contemporary metal gates and imaginative fences, are open to the public this one day of every year when tour-goers can walk the streets, meet and enjoy the community, and be inspired by the inventive design, surprising spirit and whimsy that is uniquely Venice.</i><br />
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<i>The Walk Streets through tranquil neighborhoods where the homes face one another are actually pedestrian paths that bring people together. When Venice was being developed, workers lived in modest bungalows that later became summer beach homes for Angelinos; many of the remaining old bungalows are reworked now to meet today’s standards and tastes, and sit side by side sleek contemporary cubes. Local architects Barbara Bestor, Tom Carson, Talbot McLanahan, Tim Petersen and Robert Thibodeau, along with local landscape designers such as Jay Griffith, Pamela Burton, Naomi Sanders and Di Zock, have influenced the constantly evolving development of these distinctive neighborhoods.</i><br />
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<i>The gardens and homes on this tour exemplify the Venice creative energy, the homeowner’s love of living inside or outside with nature, the use of lanterns or crystal chandeliers found hanging from trees, cleverly placed antique neon signs or sculptures in just the right places to enhance gardens. In this rustic enclave, rooftop gardens and solar panels have popped up into the trees, and tiny vegetable gardens thrive next to shady children’s play yards.</i><br />
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<i>Now in its 18th year, the Venice Garden and Home Tour is the much anticipated annual fundraising event that draws visitors from all over California. The tour gives financial support for <a href="http://www.nyayouth.org/">NYA’s Las Doradas Children’s Center</a>, a licensed child care facility that provides full-time, education-based child care to low-income working families."</i><br />
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<b>Ticketing & Contact Information </b><br />
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Tickets are $60 in advance , $70 at the door. Children under 12 are admitted free. All proceeds go to the Las Doradas Children’s Center, 804 Broadway Ave. Tickets are tax deductible. Contact Barbara Bauman at 310-821-1857 or Barbara at Barbara@venicegardentour.org. Also contact Barbara if you want to be a docent.<br />
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To purchase tickets or learn more about the event please visit: <a href="http://www.venicegardentour.org/">http://www.venicegardentour.org/</a>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-49936602468930727282011-04-04T18:23:00.000-07:002011-04-04T18:23:16.985-07:00$100-million apartment and retail development planned near Hollywood & Highland<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYSALhhuQCh4dvMSWmGD8xB7IXMbGEGH0ROZUL5fVIkGcCIQGFec4Se1uPEoHZAmAjlwJhBpC9pNg0JoVvffYx1TODh7cvn4LlTTkDqcxOsSBoUIx1tSuMSQsUAGRQzHRcTQ54UOFJfTQ/s1600/full_63921.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="263" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYSALhhuQCh4dvMSWmGD8xB7IXMbGEGH0ROZUL5fVIkGcCIQGFec4Se1uPEoHZAmAjlwJhBpC9pNg0JoVvffYx1TODh7cvn4LlTTkDqcxOsSBoUIx1tSuMSQsUAGRQzHRcTQ54UOFJfTQ/s400/full_63921.jpg" width="400" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgu0RXkrEG-EPQrS9ptJ8NkmYy2cfiNzyAg4Xj_C2kojE1A4GWScgo8fT76N6sM4CL61Nwsaqe8D1a4bwpiCc7epPSCYSabZJdE8qvvtdk2qOlqz8oVvO9IPbaVJCsoerudcprp30UYJx4/s1600/Hollywood-%2526-Highland-Los-Angeles-592js082310.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><br />
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A Los Angeles developer is planning to build a $100-million apartment and retail development near the Hollywood & Highland entertainment complex.<br />
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Champion Real Estate Co. paid $20 million for a 2.76-acre collection of parcels, some of which will be redeveloped, President Robert Champion said Thursday. The property was purchased out of receivership.<br />
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Champion Real Estate's Hollywood project, which has not been designed, would take at least a year to be approved by city officials and an additional two years to build, Champion said. By 2013, he predicted, there should be demand for new apartments.<br />
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"We think that will be perfect timing for the market," he said. Potential renters would be "people geared toward the entertainment industry who want to live in Hollywood and like an urban lifestyle."<br />
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Champion Real Estate acquired 17 parcels — most of the property — roughly bounded by Highland, Selma, Hawthorn and Las Palmas avenues. The real estate includes three small office buildings, two apartment buildings, a restaurant building and three parking lots, said receiver Taylor B. Grant, who handled the sale.<br />
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Panavision occupies one of the office buildings and recently renewed its lease. Champion intends to raze the two vacant low-rise apartment buildings on Selma.<br />
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There were 19 offers on the property, according to Grant's Newport Beach-based Real Estate Receiverships. The property had an assessed value of $34 million.<br />
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Champion said his company paid about 60% of what the last owners did. Those investors, headed by Connecticut-based Commonfund, intended to build a hotel but never started development.<br />
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"A hotel made sense in 2006 but not in 2011," Champion said.<br />
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Champion Real Estate specializes in mixed-use developments in urban neighborhoods. Past projects include the Burbank Collection in Glendale, the Pasadena Collection in Pasadena and Gaslamp CitySquare in downtown San Diego's Gaslamp QuarterSusan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-65167812553954984982011-03-24T17:53:00.000-07:002011-03-24T17:54:35.138-07:00New Listing: 33340 MULHOLLAND HWY, MALIBU 90265<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSvTs09DjG18hbkw0b5W5m3xVFPs6BXtaDMelojPngKHKj5pOfOzObFMB_TMRe0fhSMsir9wS9YMMJuj8d4cmrwcas4cWFnYK1tzIni7jQjNDnvxirMLxyyUCQ8BgGOtK5WOBvwJkeS_Y/s1600/malibu-listing3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSvTs09DjG18hbkw0b5W5m3xVFPs6BXtaDMelojPngKHKj5pOfOzObFMB_TMRe0fhSMsir9wS9YMMJuj8d4cmrwcas4cWFnYK1tzIni7jQjNDnvxirMLxyyUCQ8BgGOtK5WOBvwJkeS_Y/s1600/malibu-listing3.jpg" /></a></div><br />
<span class="Apple-style-span" style="font-family: verdana, arial, helvetica, sans-serif;">This private Mediterranean Contemporary horse property takes advantage of the views of the Santa Monica Mountains. Inside 3 fireplaces, cooks kitchen with copper hood, the master suite is large and sumptuous living space w/additional room that can be used as a gym or babies room.With deep soak tub & large steam shower are all angled for the views. Gorgeous outdoor living space w/pool, 4 stall barn, wood panel lined tack room, wash rack for 2 horses and arena. This home is all solar powered.</span><br />
<span class="Apple-style-span" style="font-family: verdana, arial, helvetica, sans-serif;"><br />
</span><br />
<span class="Apple-style-span" style="font-family: verdana, arial, helvetica, sans-serif;">To view more photos of this listing please visit the <a href="http://www.facebook.com/album.php?fbid=209881059023946&id=162096670469052&aid=58725">Susan Allen & Associates Facebook Page</a></span><br />
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For more information on this listing please contact Susan Allen directly.<br />
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<b>Susan Allen</b><br />
<b>310.704.0815</b><br />
<b>susan@susanallen.com</b>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com1tag:blogger.com,1999:blog-1533935854975081797.post-62602849068009133292011-02-28T13:41:00.000-08:002011-02-28T13:41:38.197-08:00California pending home sales rise in JanuaryLOS ANGELES (Feb. 23) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today debuted its Pending Home Sales Index and released key distressed property data.<br />
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<span style="text-decoration: underline;">Pending home sales index</span>:<br />
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Pending home sales in California increased in January, according to C.A.R.’s Pending Home Sales Index (PHSI)*. The index was 93.6 in January, rising 13.6 percent from December’s index of 82.4, based on contracts signed in January. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market. <br />
“Pending sales typically rise in January from a seasonally slow November and December,” said C.A.R. President Beth L. Peerce. “January’s pending sales should be reflected in higher existing sales activity in February and March and serve as a precursor to the spring home buying season.”<br />
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<span style="text-decoration: underline;">Distressed housing market data</span>: <br />
<ul><li>The total share of all distressed property types sold statewide in January was 54 percent, up from 50 percent in December, but down from 56 percent in January 2010.<br />
</li>
<li>Conventional sales made up the remaining share at 46 percent in January, down from 50 percent in December, but up from 44 percent in January 2010.<br />
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<li>Of the distressed properties sold statewide, the total share of REO (real estate-owned) sales was 32 percent in January, up from 30 percent in December, but was down from 37 percent in January 2010.<br />
</li>
<li>The statewide share of short sales increased to 22 percent in January, up from 20 percent in December and up from 19 percent in January 2010.<br />
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<li>The median price of homes sold in the state differed dramatically depending on the property type, with non-distressed properties selling for much higher prices than short sales and foreclosures.<br />
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<li>The statewide median price of conventional properties sold in January was $367,150, 38 percent higher than the short sale median price of $265,500 recorded in January, and 85 percent higher than the January REO median price of $198,000.</li>
</ul><div style="text-align: left;"> Share of Distressed Sales to Total Sales </div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 351px;"><colgroup> <col style="width: 119pt;" width="159"></col> <col span="3" style="width: 48pt;" width="64"></col> </colgroup> <tbody style="height: 17px;">
<tr> <td class="xl25" style="background-color: transparent; border: 0.5pt solid windowtext; height: 17px; width: 159px;"><strong>Type of Sale</strong></td><td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: solid solid solid none; border-width: 0.5pt 0.5pt 0.5pt medium; width: 64px;"><strong>Jan-10</strong></td><td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: solid solid solid none; border-width: 0.5pt 0.5pt 0.5pt medium; width: 64px;"><strong>Dec-10</strong></td><td class="xl26" style="background-color: transparent; border-color: windowtext; border-style: solid solid solid none; border-width: 0.5pt 0.5pt 0.5pt medium; width: 64px;"><strong>Jan-11</strong></td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">REOs (real estate-owned)</td><td align="right" class="xl24" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">37%</td><td align="right" class="xl24" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">30%</td><td align="right" class="xl24" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">32%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">Short Sales</td><td align="right" class="xl24" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">19%</td><td align="right" class="xl24" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">20%</td><td align="right" class="xl24" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">22%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">Total Distressed Sales</td><td align="right" class="xl24" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">56%</td><td align="right" class="xl24" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">50%</td><td align="right" class="xl24" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">54%</td> </tr>
</tbody> </table><div style="text-align: left;"><br />
</div><div style="text-align: left;"><br />
</div><div style="text-align: left;">Distressed Sales by Select Counties<br />
(Percent of total sales) </div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 303px;"><colgroup> <col style="width: 83pt;" width="111"></col> <col span="3" style="width: 48pt;" width="64"></col> </colgroup> <tbody style="height: 17px;">
<tr> <td class="xl24" style="background-color: transparent; border: 0.5pt solid windowtext; height: 17px; width: 111px;"><strong>County/Region</strong></td><td class="xl25" style="background-color: transparent; border-color: windowtext; border-style: solid solid solid none; border-width: 0.5pt 0.5pt 0.5pt medium; width: 64px;"><strong>Jan-10</strong></td><td class="xl25" style="background-color: transparent; border-color: windowtext; border-style: solid solid solid none; border-width: 0.5pt 0.5pt 0.5pt medium; width: 64px;"><strong>Dec-10</strong></td><td class="xl25" style="background-color: transparent; border-color: windowtext; border-style: solid solid solid none; border-width: 0.5pt 0.5pt 0.5pt medium; width: 64px;"><strong>Jan-11</strong></td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">CA</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">56%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">50%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">54%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">San Diego</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">34%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">28%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">33%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">Marin</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">37%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">34%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">43%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">Orange</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">41%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">38%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">43%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">San Luis Obispo</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">49%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">46%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">47%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">Los Angeles</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">54%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">50%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">54%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">Mendocino</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">49%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">57%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">55%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">Napa</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">68%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">54%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">59%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">Sonoma</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">54%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">55%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">61%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">Kern</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">69%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">71%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">70%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">Sacramento</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">68%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">66%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">73%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">Riverside</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">78%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">67%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">73%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">San Bernardino</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">76%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">72%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">74%</td> </tr>
<tr> <td class="xl27" style="background-color: transparent; border-color: windowtext; border-style: none solid solid; border-width: medium 0.5pt 0.5pt; height: 17px;">Solano</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">76%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">74%</td><td align="right" class="xl26" style="background-color: transparent; border-color: windowtext; border-style: none solid solid none; border-width: medium 0.5pt 0.5pt medium;">81%</td></tr>
</tbody></table>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-88006919367885804512011-02-23T11:06:00.000-08:002011-02-23T11:15:06.202-08:00Local Events: Venice Art Crawl<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9GLbyEXxbOqrXVObzcrccOExh_ltayBcSfRuUjK7MLpWHFXd_uez-7rY2NmaULSNvfJ78wNMAi8yp1kxoIGRFwUSLkq5xnNRGPEI9mKr-NwCt2SjlGjNTw6NZDFA59tQlKFRE4HndaNA/s1600/venice-art-crawl-event-jan-20.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9GLbyEXxbOqrXVObzcrccOExh_ltayBcSfRuUjK7MLpWHFXd_uez-7rY2NmaULSNvfJ78wNMAi8yp1kxoIGRFwUSLkq5xnNRGPEI9mKr-NwCt2SjlGjNTw6NZDFA59tQlKFRE4HndaNA/s320/venice-art-crawl-event-jan-20.jpg" width="320" /></a></div><br />
If you are looking for something to do with family and friends or you enjoy art check out the Venice Art Crawl. <br />
<br />
The Venice Art Crawl is a free monthly exploration of the Venice Beach area and the world famous Venice artist community and spirit. During the long history of the Venice Boardwalk area it has served as a home for artists, a haven of creativity, and the place to find many famous galleries. The Art Crawl is an event to help local artists show their art. In recent years areas such as Downtown, Culver City and Silverlake, in an effort to assist spurring local economy have started their own Art Walks.<br />
<br />
The Venice Art Crawl takes place every third Thursday of the month.<br />
<br />
Next Event: March 17th<br />
<br />
<br />
Check them out on <a href="http://www.facebook.com/theveniceartcrawl">Facebook </a><br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwqKr2CbxIKlE_7wQJXb-nxCXJS4Bqc0vK8ju3LLu17a4W4WRn41yxgeM26N_JlH_AWxgCssgzWSM-QYywchjpHhPAyburg59Ex5NjH6XbV8Zsgq8Hx-7L9iA_HSuVQKqMdL5xIqaXNI0/s1600/VAC_Feb17_Map.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwqKr2CbxIKlE_7wQJXb-nxCXJS4Bqc0vK8ju3LLu17a4W4WRn41yxgeM26N_JlH_AWxgCssgzWSM-QYywchjpHhPAyburg59Ex5NjH6XbV8Zsgq8Hx-7L9iA_HSuVQKqMdL5xIqaXNI0/s320/VAC_Feb17_Map.jpg" width="247" /></a></div>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-2234032242239082712011-02-17T08:49:00.000-08:002011-02-17T08:49:19.908-08:002010 - Million Dollar Homes Sales Rise for the First Time Since 2005<div id="articleColumn1"> <a href="http://www.dsnews.com/site/img/catalog/articles/high-end-home.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" class="" height="225" src="http://www.dsnews.com/site/img/catalog/articles/high-end-home.jpg" width="340" /></a>Despite a decline in California home sales last year, the number of homes sold in the Golden State for $1 million or more in 2010 rose for the first time since 2005, according to a study from San Diego-based <a href="http://www.dataquick.com/" target="_blank">DataQuick Information Systems</a>.<br />
<br />
<br />
The research firm notes that California experienced a 9 percent year-over-year drop in total home sales in 2010, including all price levels.<br />
<br />
Million-dollar sales peaked in 2005 at 54,773 and then declined each year through 2009. In 2010, 22,529 homes sold for $1 million or more in California, a 21 percent increase from 18,621 in 2009.<br />
<br />
DataQuick says about one in 20 homes sold for a million dollars in 2010. It was one in 25 in 2009 and one in 16 in 2008.<br />
<br />
“Prestige home buyers respond to a different set of motivations than the rest of us,” said John Walsh, DataQuick president. “Their decisions are less dependent on jobs, prices, and interest rates and more on how theirportfolio is doing. When the financial world was full of uncertainty a couple of years back and the jumbo loan market dried up, luxury sales plummeted.”<br />
<br />
</div><div id="articleColumn2"> Walsh continued, “As the economy started its top down recovery, some wealthy buyers went looking for a bargain. Additionally, there has always been a safe-haven component in the million-dollar market that attracts wealth.”<br />
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The vast majority of California’s million-dollar-plus home sales last year were in San Marino in Los Angeles County, Los Altos in Santa Clara County, Atherton and Hillsborough in San Mateo County, and Rancho Santa Fe in San Diego County.<br />
<br />
According to DataQuick’s report, statewide 463 homes sold for more than $5 million last year, 304 were in the $4 million to $5 million range, 782 were in the $3 million to $4 million range, 2,333 were in the $2 million to $3 million range, and the rest-nearly 79 percent-sold for between $1 million and $2 million.<br />
<br />
Based on public records, the most expensive confirmed purchase in 2010 sold for $50 million. The Bel Air residence was the state’s largest million-dollar home sold last year at 35,378 square feet with 15 bedrooms and 7 bathrooms on about 2.2 acres.<br />
<br />
Newly built homes accounted for 5.9 percent of last year’s $1 million-plus sales, down from 6.5 percent in 2009. Condo sales made up 8 percent of the million-dollar category last year, down from 8.3 percent the year before.<br />
<br />
DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies, and industry analysts.<br />
<br />
Source:DSNews<br />
</div>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-59082752539848555142011-02-14T08:57:00.000-08:002011-02-14T08:57:45.396-08:00Luxury Development Opens in Western Malibu<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAhcWVilWrLG_yf8SUNpNvPtppKRs2TKtg9vW-OSWeu59joXNzwx_GFbDK-Dxl-rqU69d5-TpMF1nZOYKzk4ihoQ_JstRvhfZGAoH81G3wDoxKD4Ehq1TBvZXXsW0VHSMW0-xknKJgTg0/s1600/6a00d8341c630a53ef0147e28526a1970b-500wi.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="263" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAhcWVilWrLG_yf8SUNpNvPtppKRs2TKtg9vW-OSWeu59joXNzwx_GFbDK-Dxl-rqU69d5-TpMF1nZOYKzk4ihoQ_JstRvhfZGAoH81G3wDoxKD4Ehq1TBvZXXsW0VHSMW0-xknKJgTg0/s400/6a00d8341c630a53ef0147e28526a1970b-500wi.jpg" width="400" /></a></div><br />
<br />
A luxury planned community has opened at the western end of Malibu and listed its beachfront showcase home at $17 million.<br />
<br />
Called MariSol Malibu, the gated community will contain 17 properties on 80 acres. The 13 oceanfront estate sites have beach frontage ranging from 130 to 210 feet.<br />
<br />
The showcase estate, sited on an acre, has 6,800 square feet of living space containing a 60-foot-wide great room with 14-foot ceilings, two bars, a refrigerated wine cellar, a gym, two master bedroom suites, two additional bedrooms and six bathrooms. Outdoors is an additional 3,000 square feet of sheltered courtyard space. There is parking for 10 cars.<br />
<br />
<span style="font-size: small;"><b><span style="line-height: 115%;">For additional information, please contact Susan Allen, Agent at Susan Allen & Associates 310.704.0815 or susan@susanallen.com</span></b></span>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-12179128746177855562011-02-08T09:11:00.000-08:002011-02-08T09:19:58.161-08:00Bank of America Establishes New Unit to Handle Defaulted Loans<div id="articleColumn1"><div class="separator" style="clear: both; text-align: center;"><a href="http://www.dsnews.com/site/img/catalog/articles/BankofAmerica.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" class="" height="225" src="http://www.dsnews.com/site/img/catalog/articles/BankofAmerica.jpg" width="340" /></a></div><br />
<br />
<div style="text-align: justify;"><i><a href="http://www.bankofamerica.com/" target="_blank">Bank of America</a> announced Friday that it has set up a new operational division to deal with problem loans and resolve investors’ mortgage repurchase claims. </i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>The newly formed unit, which the company has labeled Legacy Asset Servicing, will service all defaulted loans and discontinued residential mortgage products. It will be led by Terry Laughlin.</i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>Laughlin will oversee the bank’s mortgage modification and foreclosure programs, in addition to his existing duties of resolving residential mortgage representation and warranties repurchase claims. </i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>In addition, Laughlin is charged with leading BofA’s borrower outreach program to include more than 400 housing rescue fairs in 2011, building additional homeowner assistance centers in communities across the country, and expanding partnerships with nonprofits.</i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>The decision to establish a new, separate division to handle the company’s problem loans came out of the North Carolina bank’s very recent, and very public, robo-signing quandary, which prompted reviews of hundreds of thousands of case files and a <a href="http://www.dsnews.com/articles/bank-of-america-halts-foreclosures-nationwide-2010-10-08" target="_blank">nationwide suspension</a> of all Bank of America foreclosures and <span class="caps">REO</span> sales. </i></div><div style="text-align: justify;"><br />
</div></div><div id="articleColumn2"><div style="text-align: justify;"><i>The bank <a href="http://mediaroom.bankofamerica.com/phoenix.zhtml?c=234503&p=irol-newsArticle&ID=1525074&highlight" target="_blank">said in a statement</a> that the issues that came to light in September and October of last year led the company to initiate a “self-assessment of default servicing.”</i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>“While the review of the foreclosure process found that the underlying grounds for foreclosure decisions has been accurate, Bank of America implemented a series of improvements – including staffing, customer impact, and quality controls,” the company said. </i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>Barbara Desoer, Bank of America Home Loans president, will continue to oversee the servicing of the company’s more than 12 million mortgage customers who remain current on their accounts, as well as the mortgage origination side of the business. </i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>“This alignment allows two strong executives and their teams to continue to lead the strongest home loans business in the industry, while providing greater focus on resolving legacy mortgage issues,” said Brian Moynihan, BofA’s president and <span class="caps">CEO</span>. “We believe this will best serve customers – both those seeking homeownership and those who face mortgage challenges – as well as our shareholders and the communities we serve.”</i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>Bank of America also said Friday that it is exiting the reverse mortgage origination business, citing “competing demands and priorities that require investments and resources be focused on other key areas of our business.”</i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>Bank of America Home Loans will continue to serve the needs of existing reverse mortgage customers and those with loans in process.</i></div><div style="text-align: justify;"><br />
</div><i>Source: DSNEWS </i></div>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-75000084424686053902011-01-31T07:03:00.000-08:002011-01-31T07:03:35.486-08:00How to Obtain Your Certificate of EligibilityI often get asked how one can obtain a Certificate of Eligibility, so I decided to ask an expert and share the information with you. Kevin Pearia blogs for VA Mortgage Center.com, the nation’s leading VA-dedicated lender. In 2010 alone, VAMC helped secure over $1 Billion in VA financing for military members and their families.<br />
<br />
VA home loans offer veterans and active duty service members a great opportunity to purchase for zero money down. Not only can eligible military members benefit from not having to pay a down payment, but they also benefit from competitive interest rates and flexible loan terms. Eligibility requirements for a VA loan are relatively lax, however, military members interested in securing a VA loan to finance the purchase of their home, will be required to submit a Certificate of Eligibility.<br />
<br />
What is a Certificate of Eligibility?<br />
A Certificate of Eligibility is a form given by the Veteran’s Administration office which states whether or not a service member is eligible for a VA Home Loan. Military members who are able to receive a COE generally meet the following guidelines:<br />
• Have served at least 3 months on active duty during war time or served 181 days on active duty during a time without conflict<br />
• Have served 6 years in the military Reserves or National Guard<br />
<br />
How Do I Obtain my COE?<br />
Potential borrowers have two ways they can <a href="http://www.vamortgagecenter.com/va-loan-eligibility.html">receive their Certificate of Eligibility</a>: either they can let the lender get it for them or do so themselves. Lenders are able to obtain COEs through Automated Certificates of Eligibility, an online system otherwise known as ACE which only lenders have access to. With this program, lenders are able to access COEs in a matter of minutes only using the service member’s name a social security number. However, those interested in allowing a lender to find their COE should note that the program works best for those who:<br />
• Are first-time VA Home Loan users<br />
• Were discharged after 1980<br />
• Served for at least 2 years on active duty<br />
<br />
ACE will <a href="http://www.americanstreetblog.com/blog1/2008/04/04/automated-certificate-of-eligibility-easier/">not certify a military member who is a part of the Reserves or National Guard</a>, with a previous VA foreclosure, or with out the necessary time of service, as well as surviving spouses. These individuals may have to obtain a Certificate of Eligibility themselves, and the process is a little more time consuming. To receive a Certificate of Eligibility manually, military members must complete VA Form 26-1880 and submit it in one of the following ways:<br />
∑ Online: To fill out and submit VA Form 26-1880, prospective borrowers need to visit the Veterans Information Portal. There they will find easy to follow guidelines for filling out the form.<br />
∑ By Mail: Surviving spouses may only submit a request for a COE by mail, and must submit VA Form 26-1817 to do so. Military members must still submit VA Form 26-1880. Both types of forms must be mailed to the VA Winston-Salem Eligibility Office.<br />
<br />
A VA Home Loan is one of the most innovative lending programs on the market when it comes to helping<a href="http://www.huffingtonpost.com/chris-birk/veterans-face-tougher-len_b_796687.html"> military members achieve homeownership</a>. Borrowers will reap many benefits, and will be able to purchase the home of their dreams with little out-of-pocket expense. All they need to do is to call a VA Loan Specialist and secure their Certificate of Eligibility, and they will be on the right track to becoming a home owner.Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-91618018971270764162011-01-26T08:36:00.000-08:002011-01-26T08:36:28.453-08:00More Jobs Equals More Sales<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/_ehr4OfCqh-g/TUBNHr9FDzI/AAAAAAAAAHo/h9Lxemt8umU/s1600/jobs_pic-300x222.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/_ehr4OfCqh-g/TUBNHr9FDzI/AAAAAAAAAHo/h9Lxemt8umU/s1600/jobs_pic-300x222.jpg" /></a></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>It’s no secret that job growth would benefit real estate and the overall economy. Job creation expects to be a major topic of tonight’s State of the Union address by President Obama.</i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>The National Association for Business Economics (NABE), however, is already reporting an improved hiring outlook for the next six months.</i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>Some 42% of companies surveyed expect to hire more workers in the first half of 2011. That’s a serious increase over last year at this time, when only 29% planned to hire. Another 51% expect no change in hiring which, in these times, is not exactly bad news. At least these firms don’t plan on cutting anyone (which is what the remaining 7% in this survey said).</i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>Consumer confidence is also improving. The Consumer Confidence Index for January rose to the highest level in eight months. While the January rating is still nearly 30 points below what is considered a normal or healthy consumer mindset, it does appear our nation is taking baby steps in a more positive direction.</i></div><div style="text-align: justify;"><i><br />
</i></div><div style="text-align: justify;"><i>And with such improvements will come a greater sense of job security and an increased likelihood that people will want to buy or invest in real estate.</i></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;"><i>Source: <a href="http://shortsaledailynews.com/more-jobs-equals-more-sales/">Short Sale Daily News</a> </i></div><div style="text-align: justify;"><i> </i></div><div style="text-align: justify;"><br />
<b><span style="font-size: 10pt; line-height: 115%;">For additional information, please contact Susan Allen, Agent at Susan Allen & Associates 310.704.0815 or susan@susanallen.com</span></b><i> </i></div>A1http://www.blogger.com/profile/12194767793217588238noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-69716262594311717442011-01-24T07:35:00.000-08:002011-01-24T07:37:28.066-08:00Wild Coyote "Fat Cat" - Wine Pick of the Month January, 2011<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/_ehr4OfCqh-g/TT2bRrM727I/AAAAAAAAAG8/VccDiz7DO0c/s1600/13048_188727509389_188707909389_2722981_2449261_n.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="http://1.bp.blogspot.com/_ehr4OfCqh-g/TT2bRrM727I/AAAAAAAAAG8/VccDiz7DO0c/s320/13048_188727509389_188707909389_2722981_2449261_n.jpg" width="185" /></a></div><span style="font-size: large;"><b><span style="font-family: Arial,Helvetica,sans-serif;">Manucci Winery</span></b></span><span style="font-family: Verdana,Arial,Helvetica,sans-serif; font-size: large;"><b><span style="font-family: Arial,Helvetica,sans-serif;"> </span></b></span><br />
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</div><div style="text-align: justify;"><span style="font-family: Arial; font-size: 10pt;">A Great Exhibit of What You Can Accomplish When You Let The Fruit Speak For Itself! This Is A Sophisticated Zinfandel With Tightly Driven Flavors. Full Bodied, Powerful, & Well Balanced. Bold With Pronounced Fruit, & Good Acidity. All the Characteristic Traits of Rustic yet Elegant! <span style="font-family: Arial; font-size: 10pt;">Aged 20-months entirely in French & American Oak, only 309-cases produced </span></span></div><br />
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<div style="text-align: center;"><span style="font-family: Arial,Helvetica,sans-serif; font-size: x-small;">Manucci Winery, Inc.<br />
3775 Adelaida Rd.<br />
Paso Robles, CA 93446</span><span style="font-family: Arial; font-size: 10pt;"><span style="font-family: Arial; font-size: 10pt;"> </span></span></div><div style="text-align: center;"><span style="font-family: Arial; font-size: 10pt;"><span style="font-family: Arial; font-size: 10pt;"><a href="http://www.facebook.com/pages/Wild-Coyote/188707909389?ref=ts#%21/pages/Wild-Coyote/188707909389">Wild Coyote Facebook Page</a></span></span></div>A1http://www.blogger.com/profile/12194767793217588238noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-55295420741457511942011-01-17T09:09:00.000-08:002011-01-17T09:09:38.212-08:00House Prices – Up Or Down In 2011?<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfPap27E18cPfijOr1XeBqR64J5C2wL4FFYPluQrfq-L45afAObvFiL3OkEqLn_UlckIww9lIPcMvgvnLEcLblhsLgzacbUyBHypZQSRT3CoF9CkY9VWjfoYyobBGC1NL9bt2wKPcAgLk/s1600/House-Prices-Up-Or-Down-In-2011-300x225.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfPap27E18cPfijOr1XeBqR64J5C2wL4FFYPluQrfq-L45afAObvFiL3OkEqLn_UlckIww9lIPcMvgvnLEcLblhsLgzacbUyBHypZQSRT3CoF9CkY9VWjfoYyobBGC1NL9bt2wKPcAgLk/s1600/House-Prices-Up-Or-Down-In-2011-300x225.jpg" /></a></div><br />
How soon will it be before people finally start using the term “depression” to describe what has happened to the U.S. housing market? It has been four and a half years since <strong>house prices</strong> began to decline, and they are still falling. In fact, U.S. housing prices have now fallen further during this economic downturn than they did during the Great Depression of the 1930s. Just think about that. We are now in unprecedented territory, and most analysts believe that U.S. house prices will continue to decline in 2011. Mortgage rates have been moving up, mortgage delinquencies are on the rise again, U.S. mortgage lenders have really tightened lending standards and “foreclosuregate” continues to plague the entire mortgage industry. It would be really nice for the overall economy if house prices did go up in 2011, but right now it looks like that simply is not going to happen.<br />
<br />
<br />
For many U.S. homeowners, all of this is absolutely sickening. Millions of homeowners are stuck in houses that they desperately want to sell, but they don’t want to take huge losses on their investments either.<br />
<br />
Millions of other U.S. homeowners are stuck paying on mortgages that are for far, far more than their homes are now worth.<br />
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Could you imagine paying $400,000 for a home that is now only worth $200,000?<br />
Unfortunately, U.S. house prices just continue to decline.<br />
<br />
According to CoreLogic, U.S. house prices have fallen for four months in a row, and in November (the last month CoreLogic has released numbers for) housing prices actually fell 5.1% on a year-over-year basis.<br />
<br />
Sadly, house prices have dropped so much at this point that we have entered truly historic territory.<br />
According to Zillow, U.S. house prices have declined a whopping 26 percent since their peak in June 2006. Amazingly, this is even farther than house prices fell during the Great Depression. From 1928 to 1933, U.S. housing prices only fell 25.9 percent. A brand new record has now been established.<br />
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So have we hit bottom yet?<br />
<br />
Will house prices recover in 2011?<br />
<br />
Unfortunately, every indication seems to point to even more declines in U.S. home prices. The following are five key factors that will continue to drive house prices down….<br />
<br />
#1 Mortgage Rates Are Going Up<br />
Over the past couple of months, mortgage rates in the United States have been moving up fairly steadily. That is going to make mortgages even more expensive for potential home buyers.<br />
<br />
#2 Mortgage Delinquencies Are Increasing Again<br />
As we approached the end of 2010, the number of mortgages in the U.S. that are “seriously delinquent” started to creep up once again. That means that we are likely to see another bump in foreclosures at some point in 2011. There are already way, way too many homes on the market, so more foreclosures will only add even more supply to a market that already has way too many homes for sale.<br />
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#3 Mortgage Lenders Have Really Tightened Standards<br />
Most large financial institutions have responded to the mistakes of the past decade by really, really tightening mortgage standards. It is now much harder to get a home loan in the United States. But if less people can qualify for a mortgage that means that less people will be out there buying homes.<br />
#4 The Entire Mortgage Industry Continues To Be Mired In Legal Problems<br />
<br />
Foreclosuregate is a huge story that simply refuses to go away. For example, just the other day the highest court in Massachusetts voided the seizure of two homes after the big banks involved failed to prove that they actually held the mortgages at the time they foreclosed. This case made headlines all over the nation, and precedents such as this will encourage even more homeowners to challenge their foreclosures in court. This is going to be really bad for the big mortgage lenders and it is going to really slow down the pace of mortgage lending.<br />
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#5 The Underlying Economy Continues To Be Very Poor<br />
The American people cannot afford to buy good homes if they do not have good jobs. But today there are seven million fewer middle class jobs than there were about ten years ago. As 2007 began, there were just over 1 million Americans that had been unemployed for half a year or longer. Today, there are over 6 million Americans that have been unemployed for half a year or longer. Until there is a “jobs recovery” there simply is not going to be a “housing recovery”.<br />
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There are very few top economists that are actually optimistic about the U.S. housing market in 2011. In fact, there seems to be an emerging consensus among analysts that house prices in America are going to decline quite substantially this year….<br />
*Mark Zandi of Moody’s Analytics says that U.S. house prices are “double dipping” and that we will likely see another 5 percent decline in housing prices during 2011.<br />
*Economist Nouriel Roubini recently declared to CNBC that the “double-dip” for the U.S. housing market has already arrived….<br />
<br />
“It’s pretty clear the housing market has already double dipped.”<br />
*Standard & Poor’s analysts are projecting that U.S. home prices will fall another seven to ten percent during 2011.<br />
<br />
*Zillow chief economist Stan Humphries expects home prices to continue to fall until at least mid-2011 and he is convinced that more hard times for the U.S. real estate market are still to come….<br />
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“Zillow believes that we’ll see bottom in national home values in Q2 or Q3 of 2011 (more likely the latter), that home values will fall another 5-7% nationally (in the Zillow Home Value Index) between now and then, and that we’ll experience a very long, protracted bottom before home value appreciation returns to historically normal rates.”<br />
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So it looks like the U.S. housing crash is going to continue for a while.<br />
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For those that are seeking to buy a house or that are seeking to buy some land, there could potentially be some very good deals out there over the next year or two.<br />
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So what do you think is going to happen to house prices in 2011?Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-43120301165986245332011-01-14T10:01:00.000-08:002011-01-14T10:02:45.738-08:00December Foreclosure Activity Mixed on West Coast: Report<div id="articleColumn1" style="color: #333333; float: left; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 11px; margin-right: 15px; width: 340px;"><div class="separator" style="clear: both; text-align: justify;"><a href="http://www.dsnews.com/site/img/catalog/articles/foreclosure-two.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span class="Apple-style-span" style="font-size: x-small;"><img border="0" class="" height="225" src="http://www.dsnews.com/site/img/catalog/articles/foreclosure-two.jpg" style="margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;" width="340" /></span></a></div><div style="color: #333333; font-family: Georgia, 'Times New Roman', Times, serif; line-height: 17px; margin-bottom: 5px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 3px; text-align: left;"><div style="text-align: justify;"><span class="Apple-style-span" style="font-size: x-small;">A recent report by </span><a href="http://www.foreclosureradar.com/" style="color: #910000; text-decoration: none;" target="_blank"><span class="Apple-style-span" style="font-size: x-small;">ForeclosureRadar</span></a><span class="Apple-style-span" style="font-size: x-small;"> shows unexpectedly mixed foreclosure activity in its coverage area for the month of December.</span></div></div><div style="color: #333333; font-family: Georgia, 'Times New Roman', Times, serif; line-height: 17px; margin-bottom: 5px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 3px; text-align: justify;"></div><div style="color: #333333; font-family: Georgia, 'Times New Roman', Times, serif; line-height: 17px; margin-bottom: 5px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 3px; text-align: left;"><div style="text-align: justify;"><span class="Apple-style-span" style="font-size: x-small;">The California-based firm tracks foreclosures and provides auction updates for Arizona, California, Washington, Nevada, and Oregon.</span></div></div><div style="color: #333333; font-family: Georgia, 'Times New Roman', Times, serif; line-height: 17px; margin-bottom: 5px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 3px; text-align: left;"><div style="text-align: justify;"><span class="Apple-style-span" style="font-size: x-small;">According to the company, foreclosure starts were down in Arizona, California, and Washington; flat in Nevada; and higher in Oregon. Foreclosure sales were down in Arizona and Oregon; flat in California and up in Nevada and Washington.</span></div></div><div style="color: #333333; font-family: Georgia, 'Times New Roman', Times, serif; line-height: 17px; margin-bottom: 5px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 3px; text-align: left;"><div style="text-align: justify;"><span class="Apple-style-span" style="font-size: x-small;">According to a statement by Foreclosure Radar, the results were surprising because most of the big lenders service all of the states they cover. The company speculated that the differences in activity across the states could be in part because of the differing laws between states that servicers must abide by.</span></div></div><div style="color: #333333; font-family: Georgia, 'Times New Roman', Times, serif; line-height: 17px; margin-bottom: 5px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 3px; text-align: left;"><div style="text-align: justify;"><span class="Apple-style-span" style="font-size: x-small;">“Servicers appear to have their hands full and it may be a while before foreclosure activity stabilizes,” said Sean O’Toole, </span><span class="caps"><span class="Apple-style-span" style="font-size: x-small;">CEO</span></span><span class="Apple-style-span" style="font-size: x-small;">and founder of ForeclosureRadar. “While it seems unlikely at the moment, it is our hope that 2011 will bring clarity to the foreclosures process for all involved.”</span></div></div><div style="color: #333333; font-family: Georgia, 'Times New Roman', Times, serif; line-height: 17px; margin-bottom: 5px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 3px; text-align: left;"><div style="text-align: justify;"><span class="Apple-style-span" style="font-size: x-small;">In </span><a href="http://www.foreclosureradar.com/california-foreclosures" style="color: #910000; text-decoration: none;" target="_blank"><span class="Apple-style-span" style="font-size: x-small;">California</span></a><span class="Apple-style-span" style="font-size: x-small;"> notice of default filings declined 16.7 percent in December, and notice of trustee filings rose 1.5 percent. Foreclosure sales dropped .07 percent. The time it took investors to resell properties purchased at auction is currently 157 days on average for the state.</span></div></div><div style="color: #333333; font-family: Georgia, 'Times New Roman', Times, serif; line-height: 17px; margin-bottom: 5px; margin-left: 0px; margin-right: 0px; margin-top: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 3px; text-align: left;"><div style="text-align: justify;"><span class="Apple-style-span" style="font-size: x-small;"><br />
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</div></div></div>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-60716086145474261082011-01-04T13:43:00.000-08:002011-01-04T13:50:48.472-08:002011- Short Sales Could Improve the So Cal Real Estate Market.<div class="storyIntro"><span class="storyDateline">There was an interesting story on the housing market for 2011 on KABC Channel 7 This week. With short sales becoming easier to manage, they have now become a reasonable option for buyers and of course if you are upside down on your mortgage I can help with a short sale. Here is the clip and the story in case you missed it. </span></div><div class="storyIntro"><span class="storyDateline"><br />
</span></div><div class="storyIntro"><span class="storyDateline"><br />
</span></div><div class="storyIntro"><object height="268" id="otvPlayer" width="400"><param name="movie" value="http://cdn.abclocal.go.com/static/flash/embeddedPlayer/swf/otvEmLoader.swf?version=&station=kabc§ion=&mediaId=7878027&cdnRoot=http://cdn.abclocal.go.com&webRoot=http://abclocal.go.com&configPath=/util/&site=" ></param><param name="allowScriptAccess" value="always"></param><param name="allowNetworking" value="all"></param><param name="allowFullScreen" value="true"></param><embed id="otvPlayer" width="400" height="268" type="application/x-shockwave-flash" allowscriptaccess="always" allownetworking="all" allowfullscreen="true" src="http://cdn.abclocal.go.com/static/flash/embeddedPlayer/swf/otvEmLoader.swf?version=&station=kabc§ion=&mediaId=7878027&cdnRoot=http://cdn.abclocal.go.com&webRoot=http://abclocal.go.com&configPath=/util/&site="></embed></object></div><div class="storyIntro"><span class="storyDateline">(KABC) -- </span> Taking a look at the local housing market and what we can expect in the new year, there will likely be a spike in foreclosures. But that could be offset by short sales becoming easier. <br />
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</div>Susan Varley, owner of Real Pros Real Estate in Corona, is showing a house for sale that was once a foreclosure. Believe it or not, it is somewhat of a rarity. For the past several months, foreclosures all but dried up, even in the Inland Empire. <br />
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"The truth is, there's not a lot of foreclosures right now," said Varley. <br />
But in 2011, that's expected to change. <br />
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This now-remodeled house will likely face more competition. Banks had a moratorium on foreclosures, especially during the holidays. <br />
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But this year, some experts believe banks will release more foreclosures into the housing market. <br />
Varley doesn't think that will change things much in Southern California. <br />
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"I think we will see an increase in foreclosures, but I don't know if a dramatic enough increase to really impact our market," said Varley. <br />
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What happens with foreclosures in 2011 may be dependent on what happens with "short sales." Short sales are when a home is sold for less than the property owner owes on it. In the past, the banks have taken quite a bit of time to do a short sale. But that's about to change. <br />
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"The banks are getting a better handle on the short-sale process, and the time frames are speeding up quite a bit," said realtor Mike Belger. "This property we're standing in right now has been on the market with a short-sale negotiator about three and a half months, and we just actually got a full approval today on it." <br />
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Even though short sales like on this Corona condominium are 40 to 50 percent of the Inland Empire market, it used to take six to nine months or longer to complete a short sale, and that was not good for most buyers. <br />
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"You waited nine months. By the time you got your approval, the buyer was gone or had bought something else," said Belger. <br />
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But with faster short sales and more inventory at good prices, 2011 is looking up. <br />
"I wouldn't call it a banner year, but I expect it to get better than it was last year," said Belger. "2011 will be better than 2010." <br />
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<div id="storyCopyright">(Copyright ©2011 KABC-TV/DT. All Rights Reserved.) </div><div id="storyCopyright"></div><div id="storyCopyright"></div>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-39729778761851806702010-12-29T11:43:00.000-08:002010-12-29T11:43:29.881-08:00Real Estate in 2010 - Review<span style="font-style: italic;">157 banks were closed/taken over by the FDIC in 2010 (as of early December).</span><br />
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<span style="font-style: italic;"> • 30-year fixed mortgage rates hit a 50+ year low of 4.17 percent</span><br />
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<span style="font-style: italic;"> • Robo-signing scandal hit the big box banks in the Fall. The “fall-out” from these investigations is still developing.</span><br />
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<span style="font-style: italic;"> • Average day until final foreclosure teeters near 500 days (it was half that in January 2008).</span><br />
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<span style="font-style: italic;"> • The real estate market remained fragile throughout the year.</span><br />
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<span style="font-style: italic;"> • An estimated 1 in 4 homes in America is under water in value.</span><br />
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<span style="font-style: italic;"> • Americans are actually making strides in reducing their debt as well as increase their savings.</span><br />
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<span style="font-style: italic;"> • It is estimated that as many as 1 in 4 property sales in 2010 were distressed properties.</span><br />
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<span style="font-style: italic;"> • HAMP program and other permanent loan modifications provided by mortgage servicers will total nearly 1.5 million for 2010.</span><br />
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<span style="font-style: italic;"> • Short sales were up 128% for Fannie Mae loans and 115% for Freddie Mac-backed notes. (through first nine months of 2010, which is the latest data released to date).</span><br />
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<span style="font-style: italic;"> • REO property totals—at the end of the third quarter 2010 Fannie Mae and Freddie Mac’s number of combined REOs totaled nearly 300,000. The big box banks are far more tight-lipped about their REO totals but, with the number of foreclosures they have been performing in the last two years, it would be easy to see where each of the top six biggies like Bank of America, Wells Fargo and Chase each have at least that number on the books. That would make REO holdings into the millions.</span><br />
<br />
<span style="font-style: italic;"> • Shadow inventory is estimated to be at least 2.1 million properties (based on data released by CoreLogic in November, citing August 2010 totals).</span><br />
<br />
<span style="font-style: italic;"> • Fannie Mae and Freddie Mac stocks end the year valued at under $1 each and are delisted by the New York Stock Exchange.</span><br />
<br />
<span style="font-style: italic;"> • National unemployment rate teeters in the 9.5 to 10 percent range throughout the year.</span><br />
<br />
<span style="font-style: italic;"> • The Realtor herd continues to thin, with NAR reporting 2010 membership totals (as of Nov. 30, 2010) of 1,079,687 million—down nearly 300,000 from NAR’s peak membership year of 2006.</span><br />
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<span style="font-size: 78%; font-style: italic;">Source: <a href="http://shortsaledailynews.com/2010-year-in-review/">Short Sale Daily News</a></span>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-10401325933183037582010-12-27T10:44:00.000-08:002010-12-27T11:07:51.448-08:00Real Estate Outlook: Builders Regain Optimism<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihK7cXRkil5k9rRB0KIfmBcM0pj93eJEySB9niV8PCPKvHa8lsEZUJ6wcX0yL8sZclFnpR0B9vgvqK59Y4Vyl98Dnklzrt9JhZSz0SDuUBMrVhSjStUKbyjP1sM5CVMO2KpD-nYotE2r0/s1600/new-construction-versus-existing-construction.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihK7cXRkil5k9rRB0KIfmBcM0pj93eJEySB9niV8PCPKvHa8lsEZUJ6wcX0yL8sZclFnpR0B9vgvqK59Y4Vyl98Dnklzrt9JhZSz0SDuUBMrVhSjStUKbyjP1sM5CVMO2KpD-nYotE2r0/s1600/new-construction-versus-existing-construction.jpg" /></a></div><br />
Housing starts rose in December, indicating that builders may be starting to feel more optimistic about the market.<br />
<br />
<div style="float: right; margin-left: 5px;"><a href="http://www2.realtytimes.com/rtnews/linktracker.ag?Open&TYPE=RealTimes%5CHouseValues_InnerArticle_C17&LINK=http://info.marketleader.com/form/3527" target="_blank"><br />
</a> </div>Starts rose 3.9 percent last month, this being the first rise in new-home production since August. According to data from the U.S. Commerce Department, this rise was thanks to a 7 percent gain in single-family home building.<br />
<br />
According to the National Association of Home Builders, "Regionally, starts activity showed gains in all but one part of the country in November. The Midwest, South and West each posted gains, of 15.8 percent, 2.3 percent and 2.1 percent, respectively, while the Northeast posted a 2.5 percent decline."<br />
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<br />
NAHB Chief Economist David Crowe says, "The modest increase in single-family starts and permits in November is consistent with a very low inventory of unsold new homes and our member surveys that have shown a degree of optimism among builders with regard to sales expectations in the next six months. However, builders continue to find it extremely difficult to obtain credit for acquisition, development and construction activities, and this is weighing on their ability to initiate viable new projects that could generate much-needed job growth."<br />
<br />
<br />
Credit has been difficult topic for many consumers, as well. Tightening of lending by banks has meant fewer buyers have been able to attain the goal of homeownership. Many lenders were wary of extending credit for good reason. Defaults were rampant.<br />
<br />
Now, after a three-year slowdown, The New York Times is reporting that credit <i>card</i> offers are again on the rise. Lenders are “tiptoeing their way back into the higher-risk pool of customers,” says John Ulzheimer, president of consumer education at SmartCredit.com.<br />
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According to the Times, the industry is using new terminology to define borrowers -- all based on credit scores. This should be even more incentive to buyers to get a handle on their credit.<br />
<br />
<br />
These terms include: “strategic defaulters,” meaning those (many times investors) that walked away from a mortgage; “first-time defaulters” who may have lost their home after losing a job in the recession; “sloppy payers,” who don't always pay all of their bills on time; “abusers,” who just don't pay; and “distressed borrowers,” who are unable to pay.<br />
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The bottom line is credit is still tight, but there is hope on the horizon. Potential buyers should make their best efforts to repair damaged credit in order to move forward in the real estate market.<br />
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<span style="font-size: xx-small;">Source: Realty Times</span><br />
<span style="font-size: xx-small;">By: Carla Hill</span><br />
<br />
<b><span style="font-size: 10pt; line-height: 115%;">For additional information, please contact Susan Allen, Agent at Susan Allen & Associates 310.704.0815 or susan@susanallen.com</span></b>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-48240510810038465062010-12-21T17:23:00.000-08:002010-12-21T17:23:10.290-08:00Happy Holidays From Susan Allen & Associates!<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiepSkExjpoc2fwBuBflK2M4vEwH-VnRzO6EcHSj0q1dj07Cb5SBlueLSiH5X8ntKtSsM8uTt5P8Viy5V6BBfk6gkAmzrH4DzVq6e4WhDUF-1NOt3FLiV_JsIkhojt0XST5rWq2SSdlR0/s1600/Holiday.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiepSkExjpoc2fwBuBflK2M4vEwH-VnRzO6EcHSj0q1dj07Cb5SBlueLSiH5X8ntKtSsM8uTt5P8Viy5V6BBfk6gkAmzrH4DzVq6e4WhDUF-1NOt3FLiV_JsIkhojt0XST5rWq2SSdlR0/s320/Holiday.jpeg" width="320" /></a></div>At the Holiday Season, my thoughts turn gratefully to those who have made my progress possible. THANK YOU & BEST WISHES FOR THE HOLIDAYS AND A HAPPY NEW YEAR!Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-19452545042466304662010-12-20T14:40:00.000-08:002010-12-20T14:40:08.779-08:00Rising Rates, First-Time Homebuyers Drive Market in November<div id="articleColumn1"> <div class="separator" style="clear: both; text-align: center;"><i><a href="http://www.dsnews.com/site/img/catalog/articles/house-for-sale.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" class="" height="225" src="http://www.dsnews.com/site/img/catalog/articles/house-for-sale.jpg" width="340" /></a></i></div><br />
<i> Rising mortgage rates helped push first-time homebuyers to buy properties in November, while investors lost some of their enthusiasm for distressed properties last month. These are two of the major findings of the latest HousingPulse Tracking Survey released by the market research firm <a href="http://www.campbellsurveys.com/" target="_blank">Campbell Surveys</a> Monday.</i><br />
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<i>The company found that first-time buyers’ share of home purchases jumped from 34.4 percent in October to 37.2 percent last month as long-term mortgage rates started to climb from the record lows set in early November.</i><br />
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<i>Meanwhile, investor activity continued a two-month decline, falling from 21.4 percent of home purchase transactions in October to 19.9 percent in November, according to the survey results. During September, investor participation peaked at 22.3 percent, a 15-month high. </i><br />
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<i>Separately, the share of home purchases made by existing homeowners also fell in November, going from 44.2 percent in October to 42.9 percent last month, Campbell Surveys reported.</i><br />
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<i>“The recent surge in interest rates has made potential homebuyers nervous,” explained Thomas Popik, director of the HousingPulse survey. “If rates go up much more, then a good percentage of them will no longer qualify for the properties they want. As a result, they’re making bids on homes and quickly closing before their rate locks expire.”</i><br />
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</div><div id="articleColumn2"> <i>Real estate agents responding to the latest survey commented on the rate-induced surge of homebuyer interest. “First-time buyers are back looking at homes,” reported an agent in Oregon. </i><br />
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<i>“Interest rates have helped spur recent activity,” added an agent in Colorado. </i><br />
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<i>Current homeowners, many of whom must sell their current residence to purchase another, are often precluded from quickly closing on properties, Popik noted, in explaining their reduced share of home purchase transactions in November.</i><br />
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<i>Campbell Surveys found that not all types of property sales were impacted by the recent rise in mortgages rates – namely short sales, which require many months to obtain mortgage-servicer approval. </i><br />
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<i>“Homebuyer concern for locking in interest rates while rates are low caused them to bypass short sale listings,” commented an agent in Hawaii. </i><br />
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<i>“Most people are not prepared to wait for a short sale to settle…Buyers are concerned that interest rates are rising and don’t want to take a chance by agreeing to settle 5 or 6 months in the future,” wrote an agent in Virginia.</i><br />
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<i>The large inventory of distressed properties is making investors nervous that prices will decline in 2011, Popik reported, adding that many investors see their previous business model – buy, rehab, and immediately sell – becoming increasingly difficult to execute and are now being forced to rent their properties.</i><br />
<br />
<br />
<i>“Investors are starting to get a little flaky and aren’t closing after getting short sale approval as they feel prices will drop further,” stated an agent in Arizona. </i><br />
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<i>“Investors interested in buy and hold have become more numerous in recent months,” according to an agent in Virginia.</i><br />
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<i>Campbell’s HousingPulse Tracking Survey polls more than 3,000 real estate agents nationwide each month to provide up-to-date market data on home sales and mortgage usage patterns.</i><br />
<br />
<i>Source: DSnews.com </i><br />
</div>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-51910072876204544622010-12-16T09:38:00.000-08:002010-12-16T09:38:14.577-08:0010 Smart Money Moves for 2011Consumer money resource Bills.com offers the following money moves to help families improve their finances and save even more in 2011.<br />
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<strong>1. Revisit your monthly budget</strong><br />
<br />
A new year means a new budget. Calculate your monthly income, required monthly expenses, and then whittle down your discretionary spending. Allow for some flexibility and a few small luxuries to make it realistic, but be aggressive in cutting out extras. Be disciplined in your spending and saving—don’t let extra savings one month increase your entertainment spending in the next.<br />
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<strong>2. Commit to reducing your debt or building your nest egg</strong><br />
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If you still have credit card debt or a high interest secured loan, use the savings from your new, aggressive budget to begin paying it down. If you are debt free or are only paying down a low interest mortgage or auto loan, then be sure to build a nest egg equal to at least six months spending.<br />
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<strong>3. Ratchet up long-terms savings for retirement and college expenses</strong><br />
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If you are fortunate enough to have paid off your debt and stashed away a sizable nest egg, then it’s time to increase your retirement or college contributions. Be sure to max out retirement savings first because you can find loans for college if necessary. If your employer offers a 401(k) match, it’s free money—take it.<br />
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<strong>4. Open a Health Savings Account (HSA)</strong><br />
<br />
If you are considering a high-deductible insurance plan, be sure to open an HSA to cover out of pocket medical expenses, including co-pays, health-related purchases, and more. Contributing to an HSA can lower your taxable income and allows your money to grow tax-deferred through retirement.<br />
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<strong>5. Budget for the loss of the childcare credit</strong><br />
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The child tax credit and dependent care tax credit will both decrease in 2011. The child tax credit will drop from $1,000 to $500 while the tax credit for day care expenses will fall from $3,000 for one child and $6,000 for two children, to $2,400 and $4,800 respectively.<br />
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<strong>6. Re-bid your insurance provider</strong><br />
<br />
Insurance companies have also been hit hard by the recession. This means many will be even more aggressive to win your business. Comparison shop for cheaper home or auto insurance alternatives, but be sure to pay attention to differences in coverage so you remain adequately insured. You may find that your current provider is not the most affordable, or that they are willing to drop their rates to retain your business.<br />
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<strong>7. Research mortgage refinance rates on your home</strong><br />
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Even if you refinanced your home in 2010, it makes sense to research rates again. For many homeowners, record low rates means you can save money and interest over the life of your loan with another home refinance.<br />
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<strong>8. Re-evaluate your monthly utilities</strong><br />
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You can save hundreds of dollars a year by comparison shopping or reducing monthly utility bills such as television, Internet, and cell phone. More and more Americans are cutting the cord of traditional cable or satellite and finding basic or premium television content online in order to save money. Similarly, streaming movies offer a cheaper alternative to the Cineplex. Shop high speed Internet and cell phone providers for better rates, or consider reducing your Internet speed or cell phone minutes to save on monthly usage. Basic utilities such as garbage, home security, and recycling can also be bid out.<br />
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<strong>9. Assess healthcare and health insurance changes</strong><br />
<br />
Many health insurance providers are changing their plan limits and fees in response to national healthcare legislation. Pay attention to mailings from your provider and ask questions of your employer if you subscribe to a workplace plan. Carefully weigh changes in premium versus co-pays and preventative healthcare coverage when evaluating plan options. Review past medical and prescription needs and usage as a guide to how you will likely use the plan during 2011.<br />
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<strong>10. Update your monthly budget with savings included. Check against actual spend</strong><br />
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With your new utility, insurance, and healthcare savings offsetting increases in retirement and college tuition contributions, rebalance your monthly budget. Tuck away additional extra income into your HSA or rainy day fund. As you approach the end of January, check your actual spending amounts against your expected budget to ensure accuracy.<br />
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From RISMEDIA<br />
<br />
<b><span style="font-size: 10pt; line-height: 115%;">For additional information, please contact Susan Allen, Agent at Susan Allen & Associates 310.704.0815 or susan@susanallen.com</span></b>A1http://www.blogger.com/profile/12194767793217588238noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-62265485783638022072010-12-13T12:57:00.000-08:002010-12-13T12:57:22.562-08:004 Key Strategies to Help You Find Your Dream Home<strong>Searching for a new home can be fun, but can also be stressful. For those new to the experience here are 4 key factors to consider when searching for your dream home. </strong><br />
<strong><br />
</strong><br />
<strong>1. Location, location, location. </strong>A house needs to be near what’s important to you and your lifestyle. How important is it to you that your home is close to your office? Is it more important to be close to a good medical center or a convenient grocery store?<br />
Everyone has their priorities, and you have to consider your family’s when thinking about location.<br />
<br />
<strong>2. The house.</strong> Does the floor plan meet your needs? Does it have enough room for your family to grow if future growth is in your plans? Think of buying for the long term and consider whether the house meets your needs, not just now, but any future needs you can anticipate. And don’t discount your gut feeling. If a particular house doesn’t feel like home to you, then move on.<br />
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<strong>3. Affordability.</strong> Getting pre-qualified for a mortgage before you begin visiting homes is the best way to know what you can afford. People often fall into the trap of looking first, and falling in love with a home that’s well out of their price range. Only look in whatever price range you can pre-qualify for.<br />
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<strong>4. Resale.</strong> As much as you like the idea of seeing you and your family growing old and gray in your new home, chances are you won’t. Most people do not live in their house even for the full term of their mortgage. When home shopping, keep in mind that at some point you will probably want to put your home on the market, so don’t compromise. If you decide a house has some aspect that you can overlook, you need to be aware that someone else may not feel the same way. When home shopping, choose a house that is not only appealing to you, but is also likely going to appeal to others down the road.<br />
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<span><em>Copyright© 2010 <a href="http://www.rismedia.com/">RISMedia</a></em></span><br />
<br />
<b><span style="font-size: 10pt; line-height: 115%;">For additional information, please contact Susan Allen, Agent at Susan Allen & Associates 310.704.0815 or susan@susanallen.com</span></b><span><em></em></span>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-19203283539866641122010-12-07T11:14:00.000-08:002010-12-07T11:14:23.435-08:00Consumers Don't Expect Housing Recovery Until 2013, Experts Agree<div id="articleColumn1"> <div class="separator" style="clear: both; text-align: center;"><i><a href="http://www.dsnews.com/site/img/catalog/articles/house-maze.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" class="" height="225" src="http://www.dsnews.com/site/img/catalog/articles/house-maze.jpg" width="340" /></a></i></div><i>Americans continue to grapple with uncertainty about the housing market, with 58 percent of U.S. adults expecting recovery to be at least another two years away, according to the results of a new survey conducted by <a href="http://www.trulia.com/" target="_blank">Trulia</a> and <a href="http://www.realtytrac.com/" target="_blank">RealtyTrac</a>, which tracks homebuyers’ attitudes toward foreclosed homes. One in five consumers believe it will be 2015 or later before we see a housing recovery.</i><br />
<br />
<br />
</div><div id="articleColumn2"> <i>As a result of the recent robo-signing debacle, nearly half of U.S. adults surveyed said they now have less faith in mortgage lenders and banks. Another 35 percent believe the robo-signing issue will delay the housing market’s recovery, and 24 percent of those surveyed say they have lost faith in the government because of the way the robo-signing mess has been handled. </i><br />
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<i>Pete Flint, co-founder and <span class="caps">CEO</span> of Trulia, stressed in a conference call with reporters announcing the survey results that consumer confidence is key to a healthy housing market.</i><br />
<br />
<i>“Government incentives have come and gone and historic lows in interest rates have done little to spur recovery,” Flint said. “Then, as if prospective buyers and sellers needed more to be concerned about, the robo-signing issue caused a ‘what’s next?’ fear to surface in the minds of consumers who, frankly, have lost faith in banks and their government to make good decisions.”</i><br />
<br />
<i>Rick Sharga, RealtyTrac <span class="caps">SVP</span>, told reporters that the best thing the government can do right now to support housing is to create more jobs to ensure people can continue making mortgage payments and keep their homes and to get more buyers into the market.</i><br />
<br />
<i><a href="http://www.dsnews.com/articles/consumers-dont-expect-housing-recovery-until-after-2012-experts-agree-2010-12-07">http://www.dsnews.com/articles/consumers-dont-expect-housing-recovery-until-after-2012-experts-agree-2010-12-07</a> </i><br />
</div>Susan Allenhttp://www.blogger.com/profile/07643874859580057574noreply@blogger.com2tag:blogger.com,1999:blog-1533935854975081797.post-21287476569345199672010-12-03T09:27:00.000-08:002010-12-03T09:28:39.594-08:0048th Annual Marina del Rey Holiday Boat Parade<style>
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<div class="MsoNormal">If you are looking for a way to celebrate the holidays with you family this year, check out the 48<sup>th</sup> annual Marina del Rey Holiday Boat Parade. </div><div class="MsoNormal">Time-honored traditions of the holidays do not always apply here on the west coast. Snowball fights, snowmen and sleigh rides are hard to find with the ever-warm climate of California. The community of Marina del Rey doesn’t let that stop the holiday cheer. With their annual boat parade, participants put a Pacific spin on the traditions of Christmas. </div><br />
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<b><span style="font-family: Arial; font-size: x-small;">The annual Marina del Rey Holiday Boat Parade will be held on Saturday evening, December 11th.</span></b><span style="font-family: Arial; font-size: x-small;"><br />
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</span><br />
<table border="0" cellpadding="5"><tbody>
<tr><td style="text-align: center;" width="100%"><img border="0" height="34" src="http://www.mdrboatparade.org/enjoyanight.gif" width="419" /></td> </tr>
<tr> <td width="100%"><div align="center"><span style="color: #d18a29; font-family: Arial;"><b><span style="font-size: large;"> Saturday, December 11th<br />
RAIN OR SHINE!</span></b></span></div></td> </tr>
<tr> <td valign="top" width="100%"><div align="center"><b><i><span style="font-size: xx-small;"> <img border="0" height="21" src="http://www.mdrboatparade.org/times2.gif" width="326" /></span></i></b> </div></td></tr>
</tbody></table><br />
<span style="font-family: Arial; font-size: x-small;"> <br />
<b>The theme</b> for this year's boat parade is:</span><br />
<div align="center"><span style="color: #d18a29; font-family: Arial; font-size: medium;"><b>A Rock and Roll Christmas</b></span></div><div align="center"><br />
</div><div align="center"><span style="color: #d18a29; font-family: Arial; font-size: medium;"><b>Here are some photos from last years parade </b></span></div><a href="http://1.bp.blogspot.com/_ehr4OfCqh-g/TPkm_-NYF-I/AAAAAAAAAGc/uHCiWqcDiTo/s1600/11533_211919450806_152955565806_3662392_1935859_n.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="http://1.bp.blogspot.com/_ehr4OfCqh-g/TPkm_-NYF-I/AAAAAAAAAGc/uHCiWqcDiTo/s320/11533_211919450806_152955565806_3662392_1935859_n.jpg" width="289" /></a><span style="font-family: Arial; font-size: x-small;"> </span> <br />
<br />
<br />
<br />
<table border="0" cellpadding="5" style="background-color: yellow;">For viewing and parking locations visit the parades site at: <a href="http://www.mdrboatparade.org/">http://www.mdrboatparade.org</a> </table><br />
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</tbody></table></center>A1http://www.blogger.com/profile/12194767793217588238noreply@blogger.com0tag:blogger.com,1999:blog-1533935854975081797.post-59073365154820515342010-12-01T08:46:00.000-08:002010-12-01T08:52:35.272-08:00Southern California housing market weakens<h2 style="font-weight: normal;"><span style="font-size: small;">Here is a article from the LA Times about the October real estate market:</span><i><span style="font-size: small;"> </span></i></h2><h2 style="font-weight: normal;"><i><span style="font-size: small;">Figures show prices barely rising and sales falling to near-record lows for the month. The median price for new and previously owned homes was $283,000, up 1.1% from October 2009 and a 4.2% drop from September.</span></i></h2><i>Southern California's median home price stumbled last month and sales fell to near-record lows for an October — a weak performance with little promise for improvement as the traditionally slow season for housing begins.</i><br />
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<i>The October median price for all houses and condominiums in October was $283,000, a slight increase of 1.1% from the same month one year earlier. That made for the weakest year-over-year increase since prices began their ascent last year, San Diego real estate research firm MDA DataQuick said Tuesday. Prices fell 4.2% compared with September as measured by the median price, which is the point at which half the homes sell for more and half for less.</i><br />
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<i>Beverage distributor Jenia Kokotuha said he had struggled to sell a property in Malibu over the last 10 months and recently dropped the price $400,000 to $5.5 million. Kokotuha said he was able to rent the property over the summer to an "up and coming" Hollywood couple, but he had not seen much interest otherwise.</i><br />
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<i>"The market in Malibu has definitely decreased due to the economic woes," said Kokotuha, the 33-year-old chief executive of BevMarketing Group, which markets sparkling wine and other drinks. "Most of the interest has been from people who would like to lease it, with an option to buy."</i><br />
<i>Kokotuha said he didn't want to drop his price further and felt he could afford to wait out the market. His real estate agent, Brian Stevens, who works in Rodeo Realty's Studio City office, said pricier listings such as the Malibu home were taking the longest to sell.</i><br />
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<i>San Diego real estate agent Jim Klinge, who maintains the popular blog Bubbleinfo.com, said the key behind the sales slowdown last month was simple: Prices are just too high.</i><br />
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<i>"Sellers are too optimistic on price. They think the market is better than it is, and they think they deserve more money," Klinge said. "The buyers are smart. The Internet has leveled the playing field, and buyers are paying attention — they are checking the comps closer than ever, and they are not going to overpay for a house."</i><br />
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<i>Klinge credited those cautious, well-informed consumers as partially to blame for the October sales slowdown. Escrow closed on only 16,744 properties last month, down 24.3% from the same month last year, for the second-worst October since 1988, when DataQuick began its tracking. Sales of newly built homes posted their worst month on record.</i><br />
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<i>Patrick Duffy, principal for research firm MetroIntelligence Real Estate Advisors, which closely tracks the market for new homes, said builders overestimated the demand for new homes and were likely to retrench in the months to come. The markets for both new homes and previously owned dwellings were driven by tax credits that expired earlier this year.</i><br />
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<i>Those credits gave the market an artificial bump, pulling sales that would have occurred in the latter part of 2010 into the earlier part, Duffy said.</i><br />
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<i>"We are continue to pay a price for the incentives," he said. "You have to pay a price for those — we are having to pay it in the slowest time of year."</i><br />
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<i>The slowdown comes despite record-low and near-record-low interest rates since April. Home loan rates again hit new lows last week after the <a class="taxInlineTagLink" href="http://www.latimes.com/topic/economy-business-finance/economy/economic-policy/federal-reserve-ORGOV000035.topic" id="ORGOV000035" title="Federal Reserve">Federal Reserve</a> introduced its controversial program to buy $600 billion in Treasury bonds.</i><br />
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<i>Mortgage finance giant <a class="taxInlineTagLink" href="http://www.latimes.com/topic/economy-business-finance/freddie-mac-ORCRP006178.topic" id="ORCRP006178" title="Freddie Mac">Freddie Mac</a> said in its weekly report on rates last week that the lenders it surveyed were offering 30-year fixed-rate loans at an average of 4.17% with 0.8% in upfront fees, down from 4.24% the week before and lower than the survey's previous record of 4.19% set Oct. 14.</i><br />
<i>Esmael Adibi, director of Chapman University's <a class="taxInlineTagLink" href="http://www.latimes.com/topic/sports/gary-anderson-PESPT000165.topic" id="PESPT000165" title="Gary Anderson">Gary Anderson</a> Center for Economic Research, said a housing recovery in Southern California would depend more on the ability to get the jobs engine churning again and less on low interest rates.</i><br />
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<i>"We need to have household formation, and for that to happen we need job creation," Adibi said. "It is not really interest rates that are drivers of home prices and purchases."</i><br />
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<i>It is not clear what effect, if any, the foreclosure freezes declared by some major lenders had on October's sales figures. <a class="taxInlineTagLink" href="http://www.latimes.com/topic/economy-business-finance/bank-of-america-corp.-ORCRP001609.topic" id="ORCRP001609" title="Bank of America Corp.">Bank of America</a> is the only major lender that has declared a moratorium on foreclosures in California.</i><br />
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<i>Foreclosures as a percentage of the resale market have dropped since hitting a peak of 56.7% in February 2009 but have fluctuated in recent months. Foreclosures made up 34.7% of the resale market in October, up from a revised 33.6% in September but down from 40.4% in October 2009. </i><br />
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<i><a href="mailto:alejandro.lazo@latimes.com">alejandro.lazo@latimes.com</a></i><br />
<div class="copyright"><i>Copyright © 2010, <a href="http://www.latimes.com/" target="_blank">Los Angeles Times</a></i></div><h2><span style="font-size: small;"> <a href="http://www.latimes.com/business/realestate/la-fi-home-sales-20101117,0,3358467.story">http://www.latimes.com/business/realestate/la-fi-home-sales-20101117,0,3358467.story</a></span></h2>A1http://www.blogger.com/profile/12194767793217588238noreply@blogger.com0