September 2009 
There are 11 blog entries for September 2009.
Fannie Mae Passes New, Tougher Mortgage Guidelines
Tuesday, September 29th, 2009 at 12:05pm. 411 Views, 0 Comments.
Unfortunately for many homebuyers getting approved for a mortgage is about to get harder, because for the second time in less than 3 months, Fannie Mae announced changes to its mortgage guidelines.
In its official announcement, Fannie Mae details the updates, meant to reduce the mortgage firm's overall risk.
The first major change is with respect to credit scoring. All Fannie Mae loans -- whether underwritten electronically or manually -- require a 620 credit score minimum. There are very few exceptions.
A second change relates to loans with private mortgage insurance. Homeowners whose loan-to-value exceeds 80 percent now have a choice:
The Extension Cord Idea You've Been Waiting For
Monday, September 28th, 2009 at 5:22pm. 452 Views, 0 Comments.
Every once in a while I come across a product that I want to share with my clients. This is something I recently came across that many people may find useful:
The traditional, 6-socket surge protector is a ubiquitous product in American homes, especially if you are like me and run two computers, monitors, a printer and my cell phone charger all in my home office.
If you have noticed though, it also happens to be rife with design flaws, the most glaring of which is the socket layout.
Traditional surge protectors are built for skinny-plugged devices only. And, few of today's electronics are "skinny plug".
The Socket Sense Expandable Surge Protector
The Socket Sense matches form and function. It features 6 angled,…
57 New REO Homes for Sale in South Orange County
Saturday, September 26th, 2009 at 12:21pm. 354 Views, 0 Comments.
NEW REO HOMES HIT THE SOUTH ORANGE COUNTY REAL ESTATE MARKET
In the past week, 57 new Bank Owned, or REO, homes hit the market for sale in South Orange County, CA. They come in all shapes and sizes, from a 1 bedroom 1 bath offered for sale at $134K in Lake Forest to a 5 bedroom 6 bath custom home in the Summit of Turtle Ridge with two kitchens in Irvine offered at $3.4M. Quite a spread in size, price, location, and condition. Just what the REO market is all about!
But here's the scoop - 31 of these are ALREADY SOLD. There is such huge demand for homes that people can acutally buy in today's market, that these REO's are flying off the shelf - in multiple offer situations- many selling for more than the original asking price.
So if you are a buyer in…
Existing Home Supply Falls By Nearly A Year
Friday, September 25th, 2009 at 6:26pm. 545 Views, 0 Comments.
Recently reported by the National Association of REALTORS®, the number of Existing Home Sales dipped last month, ending the metric's 5-month winning streak. Which is exactly what we are seeing here in Orange County.
Newspaper headlines today are overwhelmingly negative on housing. You'd almost believe this year's housing recovery had ended.
That's hardly the case.
See, the other side of the Existing Home Sales story is that -- while the number of units sold did fall by 3 percent -- the existing supply fell by nearly an entire month.
To home buyers and home sellers, this is huge. Home prices are based on supply and demand and with supplies plummeting, it means that home prices are poised to rise.
Indeed, dwindling inventory isn't "news" to…
7 Tips for Orange County Home Sellers
Thursday, September 24th, 2009 at 4:47pm. 908 Views, 9 Comments.
What To Do Before You Sell Your Orange County Home
The key to getting your house ready to sell is to make it look as attracive as possible to as many buyers as possible. And since some statistics report the 90% of home buyers begin their search on-line, you have to make your home a star right from the start.
The thing to keep in mind is that you need to decorate your home to sell, not how you like to live in it. We tend to surround our living spaces with things that make us happy and comfortable - photos, collections, handiwork, children's art work, mementos of events and places. Buyers just want to see if your house will work for their "stuff" and life style. You need to create an emotional experience for potential buyers. Here are some powerful…
Home Prices Rise Again In July
Wednesday, September 23rd, 2009 at 12:10pm. 261 Views, 0 Comments.
As reported by the government, home prices are rising nationwide, up 0.3 percent in July.
Furthermore, versus November 2008, the Home Price Index has clawed back to unchanged.
The housing market appears to be holding its own.
However, we have to be careful about putting our full faith in the Federal Housing Finance Agency's data. It's somewhat flawed.
As an obvious example, HPI only accounts for homes with Fannie Mae- or Freddie Mac-backed mortgage. Lately, the percentage of homes meeting that description is shrinking.
As FHA financing rises in popularity, Fannie and Freddie back…
Should You Lock Your Mortgage Rate In Advance Of Tomorrow's Federal Reserve Announcement?
Tuesday, September 22nd, 2009 at 4:52pm. 235 Views, 0 Comments.
The Federal Open Market Committee starts a 2-day meeting today in Washington.
The scheduled get-together ends at 2:15 PM ET Wednesday after which the FOMC will issue a press release to the markets.
Consider locking your mortgage in advance of the press release.
The FOMC meets 8 times annually and its adjournments are among the biggest market-movers of the year.
The Fed's post-meeting press release is a direct look into the mind of the Federal Reserve and Wall Street is looking for clues anywhere it can find them.
After its August 2009 meeting, the FOMC said in its press release:
Since then, however, credit risks…
Tax Tips for First Time Home Buyers
Monday, September 21st, 2009 at 8:14pm. 356 Views, 0 Comments.
First Time Home Buyers Tax Tips - How Your Next Tax Return Will be Different!
If you are one of the successful home buyers in today's competitive Orange County Real Estate Market - Conrgatulations! Hopefully, you have also qualified for the First Time Home Buyer Tax Credit and have received your benefits.
Check out this short video message regarding the Tax Benefits of Home Ownership from Dan Lively, Esq, CPA, and Real Estate Broker.
In addition to the First Time Home Buyer Tax Credit, there are a few other tax benefits to take advantage of - like your mortgage interest payments - which are fully deductable on loans up to $1M. This is huge!!! Since the majority of your monthly payments in the early years of your mortgage are toward the interest -…
Make it Yours!!! Costa Mesa Eastside Heights - REO Home - Great Condition!
Wednesday, September 16th, 2009 at 9:41pm. 297 Views, 0 Comments.
This is a once in a life time chance to get in on the ground floor in the exceptional Eastside Heights neighborhood of Costa Mesa. This REO home is clean clean clean and waiting for you! Click Here to see a short tour of the down stair area. Seriously, this will not last through the weekend.
Open House Saturday September 19 from 11 - 4
215 Knox B Costa Mesa
C U there!
What are you waiting for? The First Time Home Buyer Tax Credit offer of up to $8,000.00 will be GONE as of Nov 30. Get in the game, like, NOW!!
Fabulous Opportunity - Rarely Available View Home For Sale In Rancho Santa Margarita
Saturday, September 5th, 2009 at 12:35pm. 303 Views, 0 Comments.
Picture Perfect Home for Sale in Rancho Santa Margarita - Forever Views!!
Check out this brand new listing at the top of the hill in Melinda Heights - rarely on the market Estrella Vista stunning view home. This home is immaculate inside and out - super clean, huge lot with enough room for a massive pool, and spectacular views of the Saddleback Mountains and valley. Adjacent to the wildlife area, yet close to school, community pools, shopping, restaurants, the 241 Toll Road, and Lake Rancho Santa Margarita.
Call me for a private showing - 949-678-3373
