Category Archives: REAL ESTATE NEWS

Article from NAR Apples and; Oranges: Misleading data


October 26, 2010

By NAR Research

Each month NAR releases the latest reading on existing-home sales, median prices and inventories. As one of the most closely followed barometers of the real estate economy, there is considerable news coverage in print and on the major cable and broadcast channels. Data can be surprising, especially when it differs from what is expected by the legion of analysts who follow the real estate markets. These surprises, when they occur, lead to more intense media coverage than usual.

At times, this coverage can be somewhat perplexing, especially when there are “apples to oranges” comparisons. In the latest instance, September existing-home sales rose 10 percent compared with August, but were down 19.1 percent compared to the same month one year earlier. In one example, a newspaper headline touted the month-to-month rise in national home sales, but gave a much more subdued–one could even say grim–view of local conditions using data comparisons on a year-to-year basis. In another example, the news coverage raises the stakes by putting the latest data in terms of the largest increase or decrease, or in terms of record high or low. While these statements are usually factually accurate, they often miss the point by not putting the latest data point in full context. A record low may imply that there has been a large decrease or, alternatively, if the data is volatile, it may be part of a noisy trend, where month-to-month comparisons are less informative. Such statistical confusion, while likely done with no negative intent, adds to the mixed messages that consumers are seeing when they pick up a newspaper or tune in to the evening news.

The next time you see a headline that grabs your attention take a moment to make sure that everything adds up.


Homeownership Benefits


Benefits of Long Term Homeownership

Every financial decision you make may greatly impact you and your family for a long time perhaps your lifetime. Would it help to know that when you buy a home, you would probably end up living in a house for free after about 10 years? How? That it is better to be paying down your own loan instead of your landlord’s loan. Read the rest of this article for answers.

The vast benefits of Homeownership.

Children

  • Children do better in school and later in life that are brought up in a home that is owned by their parents or guardian. Children of homeowners score better on school test.
  • Achieve more in life.
  • Higher economic ability to earn more in their lifetime.
  • Homeownership benefits neighborhoods, providing economic and social media. Homeowners are more likely to participate in local organizations, and homeownership in distressed communities raises neighborhood property values by a significant amount.
  • Homeowner’s state there is more satisfaction in owning your own home.
  • Do better on school achievement tests, graduate at a higher rate, have fewer behavioral problems, and enjoy a better social environment living in an owned home.
  • They score 9% higher on math test, and about 7% higher scores for reading.
  • Children of owned home are more likely to graduate from college by 166% and postsecondary achievement by 25% higher.
  • Children living in owned homes have fewer behavioral problems than those children living in rented homes.
  • Once in a career children of owned homes are less likely to rely on welfare.
  • Quality home environment yields a 13 to 23% higher both physically and emotionally.
  • Renters’ children experience an average poverty rate of 24%, compared with 18% for homeowners’ children do.
  • Children of homeowners are 59% more often home owners themselves.

 

Home Ownership benefits you & the Economy

  • Homeownership is a great economic stimulus in every level of society.
  • Mortgage tax deduction.
  • Equity factor; retirement
  • Fund children’s’ college tuition using your home as a leverage.
  • Home equity is one of the largest sources of collateral for bank loans; starts new business.
  • Three times more likely to own a business as renters.

Neighborhood benefits

  • Larger benefit to landlords as residence because a high rate of homeownership creates positive social benefits.
  • Homeowners are willing to pay more for home in a neighborhood with a higher homeowner rate.

Homeowners v. Renters

Overall Voter Participation 25 percent higher

Ability to Identify Congress Member 10 percent higher

Ability to Identify School Board Head 9 percent higher

Voter Participation in Local Elections 15 percent higher

Work to Solve Local Problems 6 percent higher

Garden 12 percent higher

Contribute to Church $150 more per year

Members of Non-Profession Organizations .25 more

For more information on these studies please contact author of this article.

Foot note: (Harkness and Newman 2003). (Haurin, Parcel, Haurin 2000). (Coulson, Hwang, and Imai 2003).

Link to Graph of home ownership trends by the DRE:  http://bit.ly/9g5O1D


COUPON FOR $500.00 TOWARD ESCROW FEES


Ask for a coupon to get $500.00 off of your escrow fees when you buy or Sell a home with Renee Baccaro (Lic. 01718366) of Prudential California Realty and Team: The Real Estate Geeks. We have sold over 50 homes a year which includes over % Short Sales. Call or email us to get more information on listing your home, or buying a home.

One per famly/person/escrow only. Expires 12/31/2010

Renee Baccaro Realtor

(562) 972-9886 cell (no soliciting – will report)

webs: www.goaskrenee.com, www.reneebaccaro.com, www.retalkblog.com

Email: reneebaccaro@gmail.com


Raising consciousness in business links


Economics acording the the Vedic way link: http://bit.ly/9iJDZO

Deepak Chopra’s (and other Spiritual Teachers), word on being Spiritual in Business: http://www.tomzender.com/?p=425

I hope you enjoy these!

Sincerley,

Renee Baccaro


News in real estate The good,bad, and not so bad…


*

Irvine woman sues over loan modification ‘hoax’

Posted on 18 September 2010

An Irvine homeowner is suing a large national mortgage servicing company, saying they perpetrated a “loan modification hoax” and committed fraud by promising but never granting her a permanent home loan modification..Jean C. Wilcox, who also is a… View full post on The Orange County Register – News Headlines : City Pages

read the rest of the story at: http://bit.ly/bg0yri

*Fullerton Market still has their Farmer Market with music till the last thursday in October!

*GOOD NEWS POPPY’S OWNER HAS BEEN FOUND

*Stocks edge higher on positive tech earnings news

http://bit.ly/9Rk2kU   F.L.O.W. for the love of water. Continue reading


End of Summer Buyer Slow-Down


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The end of the summer usually brings a slow down of buyers for all of the obvious reasons; The new school year preparation; last week to take a family vacation; The idea of moving in a hot September is too much to handle; and of course the big one Will the prices of homes come down even MORE that they already have?  Of course no one really know the answer to that last question…really! What we do know for certain is that the interest rates are in the 4 percent range and they will not stay there for ever. It takes time to get a pre approval these days because it is much more detailed than in the past. In that amount of time you could lose a point. If you are going to purchase a home in the next few months and wish to have a cozy situated home for Holidays…then now is the time to do so. When no one else is out there and you have your pick of the surplus homes just waiting for the right buyer. This of course will give you buying POWER in your negotiations. Give me a call and let’s get this show on the road! I know the bank owned asset managers are giving larger closing costs to get homes off their books. They realize they do not have the power they had at the beginning of summer.


New Front for FHA Loans – 203k streamline up to $35,000 financed


times1.jpgget off your thumbs.

 There are lots of reasons to ask your lender for an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Why not take advantage of the many benefits and protections that only come with FHA:

Easier to Qualify – Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.

Less than Perfect Credit – Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.

Low Down-payment We have a low 3% downpayment, and that money can come from a family member, employer or charitable organization. Other loans don’t allow this.

Costs Less – Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.

Help You Keep Your HomeThe FHA has been around since 1934 and will continue to be here to protect you when the others walk away. Should you encounter hard-times after buying your home, FHA has many options to help keep you in your home and avoid foreclosure.

There is more to buying your home then the monthly house payment. Why not ask for an FHA loan that will help you buy your house and keep it too? Tell your AGENT you want an FHA loan for all the reasons above- FHA is a wise choice.

FHA STREAMLINE 203k Loan.

 

Streamlined 203(k)
Limited Repair Program

 Information by State
 Esta página en español
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HUD Resources
SUBSCRIBE to the Single Family Housing email list. You will get frequent updates to the HOC Reference Guide, training and event announcements, mortgagee letters and notices about your Single Family business. 

 

FHA’s Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

Any FHA-approved lender may originate a Streamlined 203(k) mortgage. Find out more about the Streamlined 203(k) program by reading HUD Mortgagee Letter 2005-50, enhancements to “Streamlined (K)” Limited Repair Program.

More Information

  Rehab a Home with HUD’s 203(k) Rehab Program
   Approved 203(k) Consultants Search
   Funds for Handyman-Specials and Fixer-Uppers
   Internet Links about 203(k)
   203(k) Mortgagee Letters
   203(k) FAQs
   S/F Lenders Homepage
  HUD Form 92700 203(k) Maximum Mortgage Worksheet(2/06)

                   http://www.hud.gov/offices/hsg/sfh/203k/203kslrp.cfm                                             

  

For more information please contact:

Renee Baccaro Realtor® Century 21 Jervis & Associates

800 N. Harbor Blvd. La Habra, CA 90631

(562) 972-9886