We’re Influencing California State Legislation and Housing Affordability
It’s all about housing affordability in California. We along with 2,498 fellow REALTORS® ascended upon our state capital, to discuss our clients needs to improve the home buying and selling landscape for all our neighborhoods. It get’s down to affordability.
The Citrus Valley Association of REALTORS® Senior Staff, Committee representatives along with a few local, hand picked REALTORS® headed the legislative and lobbying initiative to the steps of our states capital. We were blessed to be chosen as your local representatives.
As it stands, California requires 180,000 new home starts per year to manage supply and demand. Today, we have less than 90,000 starts scheduled. This is one of our primary concerns on our push for legislation.
The high cost to a builder in California hit home for us in Upland, Claremont, Pomona, Glendora and surrounding neighborhoods. What was revealed is the builders fees of upwards of $120,000.00 “per door” before a shovel hits the ground. These fees are associated with exorbitant legislative regulations imposed on new home builders. This bureaucracy is out of control.
Riverside Press Enterprise Editor, Richard K. De Atley wrote of this concern in a recent article Are Inland Empire residents locked out of the housing market? This article asserts the concerns that we hear from our buyers daily as their REALTORS®… “homes are too expensive”, “we don’t qualify with our combined income” and “where are the new builds?”. We asserted your concerns with our legislators and pleaded the realities of the housing affordability crisis.
The bills that reach The Governors Desk for signature begin with your needs in our neighborhoods. We are currently in the planning process of bringing local housing affordability initiatives to our valley’s Senators and Assembly persons.
We need you to assist us in influencing these future referendums, please contact us directly @ (909)985-9392.
California Investors, Need to Short Sale? New Law CCP 580E Is For You
CALIFORNIA CODE OF CIVIL PROCEDURE This law Took affect January 01, 2011...If you are an investor in need of a short sale, however you're concerned about potential recourse.this law was written for you. 580e. (a) No judgment shall be rendered for any deficiency under...
HAFA Horrors! Traditional Short Sales Offer Homeowners "Like" Incentives..No Approvals Necessary!
Not to say HAFA is a complete failure...there are a select group of homeowners that have made it through the "hoops" of the treasury guidelines and have been able to wait out the long approval process to finally be approved. From first hand experience with our own...
Hot Off Press: HAMP Cuts Loan Mod Projections by 1/2…Time For Short Sale?
More news on Failed Loan mods... The 3.3 million borrowers estimated to be eligible for a Home Affordable Modification Program workout in December 2009 was reduced to 1.4 million by the end of 2010, according to the latest Treasury Departmentestimates. And not all...
H.R. 430 Bill to End Failed HAMP Program
Today, Republican Congressman...Representatives Jim Jordan (R-OH), Darrell Issa (R-CA), and Patrick T. McHenry (R-NC), announced the introduction of H.R. 430, a bill to repeal the Home Affordable Modification Program (HAMP). Why? because it's a colossal flop!...
Bankruptcy Judge Upholds Foreclosure Mediation
Well..we're seeing changes happening in the BK courts... Rhode Island BK Judge Arthur N. Votolato, upheld his program that he initiated back in November 2009. This program he labeled the "loss mitigation program" was intended to require lenders to work with homeowners...
It's January 2011…Foreclosure Sales Have Kicked Into High Gear, Time To Think Short Sale?
Bank of America, JP Morgan Chase, Wells Fargo, Citi Bank have moved past the "robo signing" scare and are sending out trustee sale dates at warp speed to their customers. So, those homeowners who have been able to escape payments for months, maybe years...are now...
CNBC Confirms…Another 5 years+ of Short Sales and Foreclosures…
We are always interested when a major media company supports us and what we have been talking about for the last 3 years...Yes...we're in this short sale business for the next 5 years and longer! It’s taken three years to process $1 trillion in foreclosed homes. At...
Wells Fargo Requires Buyers to Increase Down Payment to 30% to Meet "Dodd-Frank" Demands"
If the housing market wasn't already suffering enough...News released today...Wells Fargo is passing the "pain" on to it's new mortgage loan clients making it more difficult to get a home loan...or at least costing the buyer more up front. 2010 saw the new...
VA Demands Mortgage Servicer's Pay Relocation Fees To HAFA Participants
Monday, January 17th, 2011, 3:14 pm The Department of Veterans Affairs directed its mortgage servicers to provide $1,500 in relocation assistance to borrowers leaving their home after a short sale or a deed-in-lieu of foreclosure. The requirement took affect Jan. 6....
California Civil Code Procedure 580; New Law Protects Investors Doing Short Sales
January 1, 2011 rings in a new round of laws that protect the "Investor" seeking to short sale those real properties that are losing you money. To learn more about his law...visit our earlier post at https://shortsalesellit.com/?p=1802
Breaking News…Wells Fargo and Wachovia…POLICY ON THE POSTPONEMENT OF FORECLOSURE SALE DATES
Breaking News from Wells Fargo and Wachovia This information comes to us from a VP at Wells Fargo/Wachovia... Over the last few months, there has been several questions regarding the postponement of Foreclosure Sale Dates with Wells Fargo and Wachovia properties. To...
California Foreclosure Activity in November 2010
CA - Filings By Loan Origination Date CA - Filings per Loan Balance CA - By Est. Market Value
Panel finds Treasury spent $4.3 million in HAFA short sales
Hot off the press.... Tuesday, December 14th, 2010, 10:30 am The Treasury Department spent $4.3 million on incentives to servicers and investors through the Home Affordable Foreclosure Alternatives program through November, a fraction of what it spent on HAMP,...
Mortgage Rates Rise…Refinance Applications Fall
As the yield on the 10-year Treasury hits a six month high, you can almost hear all the doors slamming over in refi land. While you'd think most borrowers had already refinanced their loans to take advantage of the recent record-low interest rates, many have actually...
Freddie Mac Say's "NO" to Scrooge and Christmas Foreclosures
Government mortgage financier Freddie Mac announced today that it will again suspend evictions this holiday season. From December 20 to January 3, all evictions involving foreclosed, occupied single family and 2-4 unit properties that have associated Freddie...
Foreclosure at All Time High…7.4% Higher Than Historical Average
Foreclosure inventories rose to all-time highs last month, according to the October Mortgage Monitor report released by Lender Processing Services. As of the end of October, foreclosure inventories were 7.4 times higher than the historical average and rising. This is...
Second Lien Holders Causing Problems at Close…WSJ Thanks For Finally Recognizing!
This has been a serious issue since the Short Sale boom hit in 2007. It's great to see that we...the Real Estate Agents in "the trenches" are getting some exposure on this very difficult situation that only hurts the seller and the buyer of these distressed homes....
The Rich Are Renting!
Fascinating article today on CNBC about how the rich and super rich are choosing to rent as opposed to purchase...why? It seems that many of the rich have seen so many others get burned int he current real estate market. These trends are not as surprising as the...