February 26, 2009
Obama Housing Plan: Live Blogging Summary
Obama Housing Plan: Live Blogging Summary
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Filed under Blog by Elite Realty Services
Filed under Blog by Elite Realty Services
Stimulus bill update - $8000 tax credit
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Filed under Blog by Elite Realty Services
February 17, 2009
“Property Tax Scams” updates and information from Yvonne Nelson Fidelity National Home Warranty
Hello Elite Real Estate Professionals,
As promised I want to continue to provide you with Real Estate industry updates and information that will be helpful to you and your clients.
The following is a great warning with property tax links that can be shared with all Real Estate Professionals and their clients.
I want to be a source of industry related information you can count on as well as your Fidelity National Home Warranty and Disclosure Source representative.
Please continue to ask for a Fidelity National Home Warranty and Disclosure Source NHD report for all of your transactions.
Yvonne Nelson
Fidelity National National Home Warranty &
Disclosure Source
800-308-1424 ext 3518 
*****************************************
Property Tax Reduction Scams Spreading, California Warns
Scam targets homeowners with declining property values
February 13, 2009
California Attorney General Edmund G. Brown Jr. is warning consumers about a “blatant and costly scam” targeting homeowners with declining property values.
“This blatant and costly scam holds out hope to homeowners that their property taxes will be reduced if they pay hundreds of dollars to a middleman to have their property re-evaluated,” Brown said. “In point of fact, homeowners can seek relief directly from their county assessor free of charge. Homeowners should be on high alert.”
Companies are sending deceptive mailers to homeowners offering help in reducing property tax assessments, if the homeowner pays the company hundreds of dollars in fees.
The companies use official-sounding names such as “Tax Adjusters,” “Tax Readjustment” or “Tax Review” to make victims believe the company is a government agency.
Property tax reassessment is a free service provided by county tax assessors. If homeowners believe their property value has declined and they are paying too much in property taxes, the local tax assessor will review the property value for free for a possible downward assessment.
To avoid becoming a victim, homeowners should:
• Never pay money for something they did not ask for.
• Avoid a middleman; they should contact their local tax assessor’s office for property value reassessment.
Filed under Blog, Elite News & Updates, Home Warranty, Training by Yvonne Nelson
February 12, 2009
Mortgage-modification pitches may carry big risk - Sacramento Business, Housing Market News | Sacramento Bee
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February 11, 2009
Sacramento Ranked #2
Consumer confidence in surprise rebound
While still low, the index of consumer sentiment unexpectedly rises to 61.9 in January from 60.1 in December.
NEW YORK (Reuters) — U.S. consumer confidence rose slightly in January but remained at comparatively depressed levels, with continued expectations of a deep and long recession, a survey showed Friday.
The Reuters/University of Michigan Surveys of Consumers said its preliminary index reading of confidence for January rose to 61.9 from December’s 60.1.
The index was above economists’ expectations of 59.0, according to the median of forecasts in a Reuters poll. The early January reading was the highest since 70.3 in September.
However, “consumer confidence continued to hover near its half-century low, showing no signs of significant change during the past six months,” the report said.
“Consumers cited even more negative income prospects as well as anticipated further declines in the value of their homes and pension accounts,” according to the report.
One-year inflation expectations rose in January to 2% from 1.7% in December. Despite the slight rise, the January one-year inflation expectation remained “well below any other reading in the past quarter century except for immediately following (Sept. 11, 2001),” the report said.
The index of current conditions eased slightly to 69.2 in January from 69.5 in December, while the index of consumer expectations rose to 57.2 from 54.0.
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Some cities that were hardest hit by the real downturn are experiencing mini sales booms.
Las Vegas real estate properties are down 28 percent in price, but sales of homes are up 15 percent.
Motivated buyers accounted for 64 percent of Las Vegas sales in October, says Radar Logic, a derivatives firm. That’s the highest rate in the country.
“There’s a pretty active housing market, it’s simply at a lower-priced inventory,” says Michael Feder, chief executive of Radar Logic. “And there are now bidding wars taking place over homes in foreclosure.”
Phoenix and San Diego are reporting similar experiences.
“We’re clearing out the bad news,” says Kiva Patten, a director at Merrill Lynch specializing in housing derivatives.
“By the end of 2010 – that’s where we’re calling the bottom in the forward market. You’re going to get a small price appreciation in 2011,” says Patten. “It’s not like the turn is 10 percent per year, it’ll be something like 3 percent or 4 percent.”
Here are the cities where experts say it makes the most sense to buy now.
- Las Vegas
- Sacramento, Calif.
- San Diego, Calif.
- Los Angeles
- Detroit
- Phoenix
- San Francisco
- Washington, D.C.
- San Jose
- Atlanta
Source: Forbes, Matt Woolsey (01/12/09)
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Mortgage News:
This week’s Mortgage Update contains information about mortgage modifications, foreclosure sales and evictions, and credit maitenance.
Mortgage modification fails to slow state, Inland foreclosures
The number of California households receiving notices of default — the first step in the foreclosure process — rose 122 percent between November 2008 and December 2008, following a three-month decline, according to RealtyTrac.
Some real estate analysts believe a California law that required mortgage lenders to provide customers with 30 days notice, before filing a default, only postponed the foreclosure, but did not resolve the challenges associated with loan defaults.
Freddie foreclosures, eviction plans continue during moratorium
Fannie Mae and Freddie Mac have agreed to suspend foreclosure sales and evictions through the end of January 2009; however, Freddie Mac, unlike Fannie Mae, is continuing the foreclosure process and filing the necessary paperwork. According to Freddie Mac, even though the process is continuing, the actual sales and evictions have stopped.
Clean up your credit
With financial institutions, auto dealers, and credit card companies more cautious about lending than in previous years, consumers are advised to closely monitor their credit history and FICO score to ensure they receive the best interest rates possible.
MAKING SENSE OF THE STORY FOR CONSUMERS
· Consumers considering the purchase of a home should first get their credit and finances in order. Reducing spending, limiting credit card balances to no more than 25 percent of the available balance, and monitoring credit reports are highly recommended by most financial experts. Even borrowers with less than ideal credit scores and credit histories still may qualify for a home loan. Some lenders will be more forgiving if the borrower has started meeting monthly debt obligations in the last six to 12 months. Consumers can view their credit reports from Experian, Equifax, and TransUnion by visiting www.annualcreditreport.com. The free credit reports will provide a borrower’s credit history, but not the credit score. The credit score can be purchased for approximately $10 from the credit reporting bureaus.
· Borrowers who already have received their free annual credit report can purchase a copy from www.myfico.com. The cost is approximately $16 for the score from one credit bureau, or $50 for all three.
· Good credit doesn’t mean simply paying bills on time; it also can mean job stability. Most lenders require borrowers to have worked for the same employer for at least one year, possibly longer before they will approve the home loan application. For self-employed individuals, most lenders will want at least two years of tax returns before approving a conventional loan.
· Many large financial institutions have been forced to write off high levels of credit card debt. As a result, borrowers are being required to have higher FICO scores than previously required. A year ago, a FICO score of 720 was considered excellent. By today’s standards, a credit score of 740 or higher likely will mean the borrower is approved, but not necessarily at the best interest rate possible, according to an executive with LowCards.com.
· Inaccuracies on a credit report can be disputed with each credit reporting agency. Typically, the process takes 30 to 45 days for the bureau to investigate the dispute. Although this process can be time-consuming, it is well worth the time and effort. Incorrect notations, such as an account that has gone to collection or a home in foreclosure, could cost the borrower 100 points or more on their credit score.
· Credit advisors recommend that borrowers pay their accounts in full each month, if possible. If that is not feasible, then borrowers should pay at least the minimum amount owed, and ensure the payments are made on time. Late payments will likely lower a credit score and could automatically result in a higher interest rate.
Filed under Blog by Elite Realty Services
January 22, 2009
Free Marketing Tools from Fidelity Home Warranty
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