Real Valley News

Mortgage rates drop again

2010-06-07T23:54:00.000-07:00

The 30-year fixed mortgage rate available to well-qualified consumers at 1 point origination dropped to 4.375%, from 4.5%.

Federal stimulus funds put to work

2010-06-02T11:02:00.000-07:00

This is the type of project that is a great use of our tax dollars. It helps low-income people, reduces our energy consumption, and is not short-term in nature.

All stimulus money should be used for long-term capital projects.

Mortgage rates drop again

2010-05-28T16:19:00.000-07:00

The problems in Greece is sad for them, but may be good for homebuyers here. Mortgage rates drop to an average of 4.78%!!!!

Low Housing Inventory at the Lower Price Ranges

2010-05-25T22:21:00.000-07:00

A stable housing market is usually indicated by a 6 month inventory of homes. While the national average in April was just over 8 months, California has a lower inventory with the lowest inventory in the low price range. This is where the first time buyers are fighting for few properties. Check out a blog from a USC professor about the inventory problem.

More good news for the housing market

2010-05-25T21:11:00.001-07:00

CNN Headline: Existing home sales soar in April

Mixed Signals in the Recovery

2010-05-18T17:21:00.000-07:00

Not all good news on the housing front. Some signs point to recovery, but others indicate that we have a way to go.

Low Mortgage Rates

2010-05-17T12:44:00.000-07:00

Mortgage rate are extraordinarily low still. Maybe a time to refinance? Definitely a great time to buy.

Large RE companies that encourage bad behavior.

2010-05-12T01:46:00.000-07:00

I am always frustrated with the quality of some of the real estate agents I have to work with. Not just because they make my life difficult, but because they help people with the biggest investment of their lives.

This sign made be angry because a large RE company is encouraging the lack of education that exists. Here is a sign I saw in front of the RE company's office. I blurred the logo for their protection. :)

How would you like to work with one of these freshly licensed agents? They have a whole weekends worth of education and are now helping you leverage yourself into a $500,000 investment. Nice!

Q&A

2010-05-04T11:41:00.000-07:00

Let me know if you have any Real Estate related questions and I will happily research the answers and let you know what I find.

Is a pre-approval required?

2010-05-03T14:28:00.000-07:00

Question: Does the law require you to be preapproved for a realtor to take you looking at houses for sale?

Answer: While there is no law, it is common for sellers to not even consider an offer without a pre-approval or proof of funds. This is why 99% of the Realtors out there will not bother to show people homes unless they are pre-approved.

Pre-approval lets you, the buyer, know how much you can borrow while still remaining within a comfortable budget for your style of living.
Pre-approval lets the seller know that you can get the loan and that you are not wasting their time.

Let me know if you have any questions that you would like answered.

Interest rates on Home Mortgages are increasing.

2010-04-30T10:40:00.000-07:00

30-year fixed-rate mortgage (FRM) averaged 5.06 percent with an average 0.7 point for the week ending April 29, 2010, down slightly from last week when it averaged 5.07 percent. Last year at this time, the 30-year FRM averaged 4.78 percent. The figures are not specific to the San Fernando Valley or California, ours are a little higher, but the trend is basically the same.

The full article.

Los Angeles get more walkable.

2010-04-29T11:59:00.000-07:00

Looks like Los Angeles is on the way to being more bike and pedestrian friendly. This is good for real estate since walkability is becoming more important to people in their home buying decisions. Here is a link to check the walkability of your home or future home.

Nationally, prices are increasing

2010-04-27T10:33:00.000-07:00

Home prices are up nationally with some of the strongest growth in states like California. February was the first time annual increase were positive in three years.

New and existing homes sales are on the rise.

2010-04-24T11:41:00.000-07:00

New home sales increased 6% in March in the West. Nationally they increased by nearly 27%. Existing and new home sales are on the rise. Hopefully the trend will continue. What do you think?

Sales in the San Fernando Valley are improving.

2010-04-23T13:59:00.000-07:00

According to the Southland Association of Realtors, the median house price increased from $370,000 to $400,000 and the number of closed escrows also increased from 639 to 857. This may be a result of the rush to get the tax credit or it may be a sign that things are improving.

Gap between cost of renting, buying narrow

2010-04-22T15:53:00.000-07:00

It looks like the difference in cost between buying and renting is disappearing. Naturally, it won't last forever. The advantage is that if you buy now your payments will stay the same, while rents will increase as time passes.

More Recovery News

2010-04-21T10:30:00.000-07:00

DataQuick says that notices of default in California are way down. This is the first step to foreclosure. We may have seen the worst of it and may be on our way back up!

Good news for those with past delinquencies

2010-04-21T10:28:00.000-07:00

Fannie Mae has shortened the time you have to wait after a delinquency.

Is the market recovering?

2010-04-16T20:52:00.000-07:00

Housing starts are up. An increase in building permits is usually an indicator that the market is improving and there is a positive outlook. Keep your fingers crossed.

Rising Interest Rates

2010-04-16T20:50:00.000-07:00

Interest rates for home loans, auto loans, and of course, credit cards may be heading up.

Energy Rebates

2010-04-16T20:48:00.000-07:00

There are still a lot of rebates available for homeowners and renters. They include rebates for refrigerators, air conditioning, pool pumps, and efficient windows. Don't forget that one of the largest rebates is in solar panels.

California Tax Credit

2010-04-16T20:47:00.000-07:00

California has a new tax credit for first time home buyers and for people buying new homes. It is up to $10,000, but the funds will run out. The program is for homes that close after May 1, 2010 and is good until funds run out or the end of the year, whichever comes first.

Let me know if you have questions.

Home Buyer Tax Credits

2010-04-16T20:45:00.000-07:00

You still have until the end of the month to take advantage of the First-time home buyer Federal tax credit of $8,000 or the repeat buyer credit of $6,500.
You don't have to close the purchase by the end of the month, only get a signed contract and enter escrow.

Which is better: 15 year loan or 30 year?

2009-10-18T23:10:00.000-07:00

Neither is better, just different.

A 15 year loan will be paid off faster, may be a slightly lower rate, and you will definitely pay less interest. However, your monthly payments will be higher.

A 30 year usually will have a higher rate, although not much higher, you will pay it off in 30 years, and you will pay more interest over the life of the loan. The upside is that your monthly payments will be lower.

Here is a free online tool you can play with to see the difference. You may want to zero out the PMI and Tax fields before you start so that they don't skew your results.

There are also many other options to consider. Contact me if you would like a referral for a great mortgage professional.

Possible $15,000 Homebuyer credit

2009-10-12T14:22:00.001-07:00

The $8,000 credit set to expire on November 30th may not be a problem. Especially if it becomes a $15,000 credit that has less restrictions and isn't only for first time buyers!!!

A questionable Real Estate Agent trend: from a fellow RE Blogger

2009-10-02T13:09:00.000-07:00

I have seen many listings that will not allow you in the property without an accepted offer. This type of thing is actually doing a disservice to both the buyer and seller. Let's assume that a buyer makes and offer based on one visit or no visit. The offer then gets accepted and the buyer goes back in to do an inspection. The chances of the buyer backing out are much high, because s/he didn't have the opportunity to properly evaluate the property prior to the offer.

Agents doing these sorts of things are hurting everyone.

This new trend is bad for everyone.
Here is the original post:

San Fernando Valley Real Estate: Latest questionable Realtor trend

San Fernando Valley Housing Inventory

2009-09-23T23:58:00.000-07:00

The stock of homes available for sale continues to decrease. New listings are also declining. This is causing homes under $500,000 to have multiple offers and many people are getting outbid.

The best way to handle this as a buyer is to determine the value of the home and give less weight to the listing price. In many cases the listing prices are artificially low in order to encourage multiple offers.

Prop. 13

2009-09-21T13:55:00.000-07:00

The Jarvis/Gann's amendment (prop.13) has always had its supporters, but more recently it has had more people questioning the sustainability of the amendment.

Briefly, Prop. 13 states that real property taxes in California cannot increase by more than 2% per year until the property has been sold. The new owner's taxes are then based on the new purchase price and can then go up by a maximum of 2% per year.

This seems great to people who purchased their home many years ago, but it poses a problem when it comes to paying for infrastructure, police, fire, etc. The costs of services are not held to a 2% per year increase and it becomes increasingly hard to pay for such things. This is one of the reasons why California is in a perpetual state of "budget crisis".

A recent study on the topic highlights some of the problems. Here is the executive report for the study.

What's the solution? Everyone being taxed based on the market value of their home would mean that taxes would increase for people who have been in their homes for a long time, but would be more fair to those who purchase now or in the future. The prop. 13 problem is similar to the social security problem. How do we pay for this transfer of wealth?

Riding the Metro

2009-09-17T22:52:00.000-07:00

Eric Garcetti, LA City Council President, recently wrote in his blog about was to make commuting better for everyone.

I think the best tip is the one about standing to the right on the escalator and walking on the left. We need to have signs posted or something, because people just don't get it. Let's face it, the LA City transit system is bad enough. We don't need additional things to make the trip worse. I seem to have to continually to convince myself that I am doing the right thing by taking it. I am fortunate that I have a choice, but there would likely be more people choosing to take the Metro if we could make it better. And besides making it better to encourage new ridership, wouldn't it be nice to improve it for the people already taking it?

FHA Approved Condos

2009-09-16T12:33:00.000-07:00

I often get asked how to tell if a property is FHA approved.

The best way to tell is to look it up on the FHA list. The list is difficult to use in some cases because it doesn't usually provide an address. However, it does provide the tract code, which FHA calls the "Condo ID".

The easiest way to use the search is to select the "Pre HRAP/DELRAP" from the Approval Method drop-down and then put the zip code in. This will list a handful of properties, usually a very manageable number of 10 to 30. In the list is a column for Condo ID that matches the tract for the condo development.

The tract can then be found on the listing of the property for sale, in most cases. Sometimes, lazy agents will not put the tract code on the listing and you ill have to do more work. If the property is in LA County, then you can use the Assessor's website to determine the tract number. You put in the property address and then search. The tract is usually provided in the "proper Boundary Description".

Of course, the best way to handle this is type of question is to ask your lender or you Realtor(r).

San Fernando Valley Home Sales Gains Continue

2009-09-13T13:01:00.000-07:00

According to the Southland Association of Realtors

Sales of existing single-family homes increased compared to the prior year for the 12th consecutive month during July and resale prices continued to stabilize, the Southland Regional Association of Realtors® reported.

A total of 745 homes closed escrow, up 3.9 percent from a year ago, but down 3.9 percent from the June tally - breaking a string of five consecutive month-to-month gains in sales. The 203 condominiums that sold last month were only two transactions below a year ago, but 14 percent below the total reported this June.

"There simply are not enough properties listed for sale to satisfy demand," said Ana Maria Colon, president of the Southland Regional Association of Realtors®. "Virtually every property listed under $500,000 is seeing multiple offers, sometimes totaling dozens of competing bids that drive the purchase price above the list price," she said. "The winner often comes in with an all-cash offer."

The Association reported a total of 3,278 active listings at the end of July - down 52.8 percent from the 6,950 listings of July 2008. At the current pace of sales, that represents a mere 3.5-month supply compared to the 7.5-month supply of July 2008. A five- to six-month inventory reflects a balanced market.

"Inventory is down by half from a year ago, which is why sales have slowed on a month-to-month basis," said Jim Link, the Association’s chief executive officer. "Still, increased activity in higher price ranges is encouraging and we’re seeing further evidence that prices have hit bottom and that the market is stabilizing."

The median price of the 745 single-family homes sold last month was $400,000, up 6.7 percent from the June median, but down 8.0 percent compared to July 2008.

It was the first single-digit decline and the smallest drop since the median started falling in October 2007. Only two price declines have been smaller: the 3.3 percent and 6.3 percent drops posted when the price slide began in October and November 2 007, respectively.

Single-family prices started firmed up since hitting the low point of $339,900 this February.

The condo median price of $228,000 was down 18.6 percent from a year ago and up 0.9 percent from this June. It was the third consecutive month-to-month increase since the condo median hit its low water mark of $185,000 in May. While still hefty, the 18.6 percent annual drop marked the first time the decline had been below 20 percent since February 2008.

Pending escrows - a measure of future resale activity - continued to post positive numbers, but much lower than in recent months, further supporting the contention that the lack of listings is impeding recovery.

There were 1,259 open escrows at the end of July, up 10.3 percent from the 1,141 pending escrows reported in 2008.

That was the smallest percentage gain so far this year. While sales typically wane as summer draws to an end, July’s increase is dramatically lower than the 20-60 percent increases in pending activity seen virtually every month since January.

"Prices are reasonable, interest rates are favorable and everyone wants to take advantage of the current tax rebate," Colon said. "The new challenge to buyers and their Realtors is to figure out how to be first at a new listing and how to make their offer stand out in the crowd."

Fire Insurance

2009-09-06T13:50:00.000-07:00

With all the recent fires in SoCal it is a good time to remember to check your insurance policies. Insurance polices for homes purchased several years ago may no longer be sufficient. As the cost of construction goes up and improvements are made to homes, the cost of replacing the home increases as well.

This would be a great time to consider other types on insurance as well. Earthquakes are always just around the corner in SoCal. The cost of earthquake insurance is easy to find out, because it is determined by the State of California.

Multiple Offers are back

2009-08-29T22:26:00.000-07:00

A trend that I have noticed, that has been confirmed by many of my colleagues, is that multiple offers are back and driving up prices. A recent article in the Daily News confirms this trend throughout the San Fernando Valley.

Many banks are listing REO properties at 60%-70% of market value in order to create interest and drive prices up. Smart agents are also using this tactic for short sales. Essentially the are creating an auction atmosphere.

If you are shopping for a home under the $500,000 level, then you should anticipate that in most cases you will have to make an offer over asking. Of course, you need to determine the most probable value by considering comparable sales (comps), bu the days of under bidding are over for the most part.

The local association of Realtors confirms that inventory levels are low, about 3.5 months, which is helping to fuel the buying frenzy.

The graphic is provided by the Southland Association of Realtors.

Good areas of LA

2009-08-28T19:32:00.000-07:00

I recently had a question about which areas of LA are good to live in.

My advice is to do a little research. If schools are important to you, then get a summary of the school performance in the area.

This website is great for overall information about life in an area.

This is the LAPD website listing the crime stats for each area.

Another good site is walkscore. This will tell you how close you are to amenities.

There are many other things to consider, but these websites are a good start.

It’s Spring Cleaning Time!

2008-03-25T23:59:00.000-07:00

Now that Spring is upon us, it is a good time to clean out our homes and freshen up everything. The first step in freshening up your home is to make a plan.
Decide when you are going to dedicate several hours for going through a room or closet. It is best to work for a few hours straight otherwise you won’t create a rhythm and it will seem to take longer to complete an area/room.
Determine what area of your home is the most crucial to start with. Keep in mind that although your garage may be packed with junk collectibles, you should start with the areas that you spend the most time and that you have to see everyday. These areas will provide you with the greatest satisfaction once they are cleaned.

It is now time for you to start a game called “keep or go”. You look at every item in the room that you are working in and decide if you should keep it or let it go. One of the rules of Feng Shui says that you should eliminate things that don’t bring you joy. Old photos of people that remind you of negative times or gifts that you never really liked have to go. Only keep the things that bring you joy and/or that you still use. The pair of pants that you haven’t fit into in 10 years need to go. Even if you do fit in them in a year, it will be another 20 years before they are in style again.

As always, keep sustainability of our environment in mind. Any items that get put in the “go” pile should be considered for donation. Now head over to a local non-profit with all your goodies that no longer bring you happiness, but might bring great happiness to someone else. Someone out there will see treasure in your trash.

Now that you have removed some of the clutter from your house you have to clean. That’s why it is called Spring Cleaning and not Spring Straightening. Be sure to use cleaners that are friendly to the environment. Don’t just look at the front of the package, look at the ingredients. This is important not just to help save the spiny green Mojave rock or some other obscure thing. It is to ensure that you are not bringing toxic chemicals into your home and around your family.

Cleaning supplies are very important. Strong chemical smells usually means that the product is giving off volatile organic compounds (VOC’s). That’s bad. The new car smell, VOC’s. A new crib for the baby that smells like paint or plastic, VOC’s. The only exception to the rule on cleaners is in food preparation areas and bathrooms. Then you need to balance chemicals for clean.

Okay, cleaning is done. Consider a fresh coat of paint before putting your stuff back. An accent wall or chair rail can completely transform the look and feel of a room. Remember to use no-VOC paints; again that fresh smell of paint may make a room feel new, but it is hard to say when you have fewer brain cells.

Remember that the best way to help the environment is to reduce consumption (I know, it’s un-American), the next best is to RE-USE (read Rummage Sale), followed by recycling.

Next month will have more tips on Spring cleaning and making other big changes in your home with little effort.

Want to buy a home? The City doesn't want to help.

2008-03-12T00:38:00.000-07:00

With all the recent hype about problems affording homes in Los Angeles and several of the Council members endorsing a plan to keep housing affordable, it appears that the City supports home ownership.

However, in an email sent to mortgage brokers, the City has indicated that it will be discontinuing the down payment assistance programs that have been getting a lot of use recently.

The standard problem of lack of funds is cited. When reading the email below keep in mind that the program being cancelled provided up to $90,000 of down payment assistance to people who needed it. This isn't a blanket program that everyone can take advantage of, like rent control, it was specifically aimed at those in need.

The city council and mayor have been complaining about funds, but the city revenue has grown over the past 5 years by at least 5% per year. The total revenue growth since the 02/03 fiscal year to the 06/07 year is 31.11%. Clearly, you must account for inflation which has been 15.69% over the same period.

So the question is where is all the additional revenue going. Are more streets getting paved? More sidewalks repaired? More graffiti removal? It is time to start asking the questions.

Below is the email from the city.

Dear Los Angeles Housing Department (LAHD) Homeownership Program Partner:

Re: Important Announcement Regarding LAHD 2008 - 2009 Homeownership Budget and Programs

The City of Los Angeles has approved its Consolidated Plan Budget for the 2008-2009 Program Year (April 1, 2008-March 31, 2009). The Low-Income Purchase Assistance Program budget has been significantly reduced from the current year's allocation. Additionally, decreased funding is anticipated for LAHD’s Moderate-Income Purchase Assistance Program.

As a result of the reduction of LAHD’s Homeownership Program budgets and the current foreclosure crisis (approximately 5,235 foreclosures occurred in the City in 2007), LAHD will redesign its Homeownership Programs to utilize its limited resources in a post-foreclosure/neighborhood stabilization strategy to mitigate the negative effects of foreclosures on the City’s neighborhoods.

Consequently, LAHD is canceling the Reservations Waiting Lists for both the Low and Moderate Income Purchase Assistance Programs and will no longer accept reservation requests. Please notify your borrowers and real estate partners of the unavailability of LAHD Low and Moderate Income Homeownership Program funds.

Despite the unavailability of funds and cancelation of the waiting lists for the Low and Moderate Income Purchase Assistance Programs, LAHD has two other Homeownership Programs currently available for eligible first-time homebuyers: Mortgage Credit Certificate Program (MCC) and the American Dream Downpayment Initiative (ADDI) Program. Please see the attached program flyers or contact Homeownership Unit staff for additional information.

During the past several years, LAHD has continuously assessed and made improvements to its Homeownership Programs which included increasing the amount of purchase assistance for low-income homebuyers and the creation of the Moderate Income Homeownership Program. Since fiscal year 2003, with your support, LAHD has committed $61 million to assist 717 low and moderate income homebuyers achieve the American Dream in the City of Los Angeles.

LAHD thanks you for your support, participation and continued interest in our Homeownership Programs and will continue to keep you apprised regarding the redesign of its Programs and any budgetary changes.

WEAK ECONOMIC REPORTS DRIVE MORTGAGE RATES DOWNWARD ACCORDING TO FREDDIE MAC'S WEEKLY SURVEY

2008-03-07T13:55:00.000-08:00

Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 6.03 percent with an average 0.5 point for the week ending March 6, 2008, down from last week when it averaged 6.24 percent. Last year at this time, the 30-year FRM averaged 6.14 percent.

Full Story

Santa Clarita Valley Home Sales At An Impasse

2008-03-04T22:57:00.000-08:00

Headline by the Southland Regional Association of Realtors.
View article here.

What's the difference between a co-op and a condo?

2008-03-01T22:14:00.000-08:00

The definition of a stock cooperative is as follows: “Stock cooperative” means ownership of the land and buildings by a corporation, in which tenants own shares of stock and thus are entitled to an exclusive right to occupy a dwelling unit, or to lease a dwelling.
One of the original uses of stock cooperatives was for tenants to buy an apartment building together. Later it was used as a means to discriminate against certain groups of people. Of course, it is no longer legal to discriminate.
A condominium is different in that the buyer of the condo has exclusively ownership of the individual unit and holds ownership as a tenant in common in the shared spaces. Practically speaking co-ops are harder to finance and generally appreciate at a slower rate in our market. Most commonly co-ops are financed through east coast banks because most banks out here are not familiar with the protocol for financing something of this nature. The main difficulty financing it is that there is a “blanket mortgage” that covers the entire property in co-ops.
Hope this helps. One additional item to note is that it is rare for a co-op to allow the units to be rented, whereas is a condo it is fairly common to have some renters.

Mark your calendar for Citrus Sunday, on April 6, 2008!

2008-02-25T22:13:00.000-08:00

Councilman Greig Smith is organizing the third annual Citrus Sunday! For this innovative community volunteer effort, thousands of pounds of fresh fruit are collected and delivered it to food banks to benefit needy San Fernando Valley families.

“Citrus Sunday is a unique event because it offers people the chance to help needy Valley families directly, through a participatory community effort,” said Councilman Greig Smith, whose 12th District covers the Northwest San Fernando Valley. “It was really inspiring to see the giving spirit that our community has, and I can’t wait to see that again at this year’s Citrus Sunday.”

It’s easy to participate. Community members are asked to pick citrus fruit from their trees (up to three days in advance), wash them, and bring in plastic bags to one of several Fire Stations in the San Fernando Valley that are serving as drop off locations. The locations are listed below.

Hunger and poverty are not often associated with our prosperous community. But there are nearly 170,000 people in the San Fernando Valley who do not know where their next meal will come from. The community responded overwhelmingly for last year’s Citrus Sunday, and hundreds of individuals and volunteers collected tens of thousands of pounds of oranges, grapefruit and lemons. The nutritious fresh fruit was distributed to needy families at the food banks operated by Valley Interfaith Council, the partner organization for Citrus Sunday.

Fresh fruit is badly needed by people served by food banks, but it is expensive. Citrus fruit is durable and doesn’t need refrigeration or preparation. As Valley residents know, there are thousands of orange, grapefruit, tangerine, and lemon trees bursting with fruit every year in our own back yards. The entire community is encouraged to participate.

Whole Children, Whole Planet Expo is Coming!

2008-02-25T00:13:00.000-08:00

It is almost time for the Whole Children, Whole Planet Expo. On May 17 and 18 you will have the opportunity to find out about ways to live a healthier life and ensure that your children do too. This expo is not just about how to reduce the impact on the environment, it is also focused on how to improve your own health and your well-being.

Check out the website today and mark your calender.

Should you get an inspection on a new home?

2008-02-22T02:26:00.001-08:00

Question: I am buying a new construction townhome in Los Angeles. Would you recommend I get an inspection? Being that it's new I don't know if I want to put out the extra money for an inspector.

Answer: Spending $200 or so on an inspection can save you thousands or tens of thousands. New doesn’t mean correct. You should also be sure that the seller is willing to make repairs as needed and provides you with a warranty. Finding a small repair now may give you some insight into how the seller will respond in the future to further repairs that may be defects. You may also want to speak to the developer about a price guarantee on the purchase. This is becoming more common with new construction, assuming that it is in a larger development.

Lower rates may create inflation

2008-02-21T00:04:00.000-08:00

The continuious drop drop of the fed funds target rate may do more harm in the long run. Inflation is a real concern.

PRESIDENT SIGNS $168 BILLION ECONOMIC STIMULUS BILL

2008-02-13T19:14:00.000-08:00

The economic stimulus package will allow the Federal Housing Administration, as well as Fannie Mae and Freddie Mac to offer mortgages above the current conforming loan limit of $417,000 to as much as $729,750 in high-cost areas for loans originated between July 1, 2007 and Dec. 31, 2008.

More Enviro tips

2008-02-09T23:33:00.000-08:00

Most environmental information talks about how you can reduce your impact on the environment. That is definitely important, but having a healthy environment is more that conserving energy. It also has to do with your quality of life especially the indoor air quality. Since the weather has been getting better, you should open some windows. Especially windows in bathrooms and kitchens. These are the places where most mold and mildew grows due to the increased humidity.

So enjoy the nice weather and open some windows to remove the old stale air and get some fresh air in.

Great News for Valley Financing

2008-02-08T15:03:00.000-08:00

According to the LA Times, the current 30-year fixed rate conforming loan rate is 5.47%. Great news, except that the conforming limit is currently at $417,000. Which means that most homes in the Valley or California for that matter require loans higher than the conforming level.
WAIT! There is good news in this post. Both houses of Congress have passed legislation that will increase the conforming loan limit to $729,750. This assumes that the president puts his stamp of approval on it.
Why is this important? Because the loan rate on anything over $417,000 is currently 6.50%, a whole percentage point above the conforming rate. If the conforming limit is change, then loans up to $729,750 will have a better rate.

2007 Home Sales Down 35% in the San Fernando Valley, While Prices Post a Modest Increase

2008-02-06T18:13:00.000-08:00

Headline by the Southland Regional Association of Realtors.

Stats for the San Fernando Valley.

Snapshot courtesy of the California Association of Realtors

2008-02-05T00:15:00.000-08:00

• Interest rates continue to remain near their historic lows. The fixed-rate mortgage was 6.10 percent in December, below November’s 6.21 percent, and slightly lower than 6.14 percent from December 2006.
• December’s fixed-rate was at its lowest level in the past five months, having peaked in July 2007 at 6.7 percent.
• Month-to-month sales increased for the second month in a row, rising 4.7 percent in December compared with November.
• The time a home remained on the market prior to selling improved to 67.2 days in December compared to 72.1 days for the same period a year ago.
• In December, it would have taken 14.5 months to sell all the homes on the market at the current sales rate, an improvement compared with November, when it would have taken 15.4 months.
• Although seasonally adjusted sales fell 33.4 percent year to year in December 2007 compared with 2006, they were above the 300,000-unit level for the first time since August 2007.

California Home Sales 2007

2008-01-30T19:55:00.000-08:00

According to the California Association of Realtors, the median price of a home in CA dropped by 16.5%. Check out the full text here.

Nobody bikes in LA.

2008-01-25T23:51:00.000-08:00

If you like to ride your bike around town, but are tired of all the close calls, then attend one of the upcoming meetings on how to make Los Angeles more bike friendly. You even be able to help reduce the burden on our crazy freeway system.

National Real Estate News Update

2008-01-24T22:00:00.000-08:00

From the National Association of REALTORS®

The total number of sales was down last year.
"For all of 2007 there were 5,652,000 existing-home sales, the fifth highest year on record; however, the total was 12.8 percent below the 6,478,000 transactions recorded in 2006."
The median price for condos went up last year.
"The median existing condo price4 was $222,200 last month, which is 2.5 percent below December 2006. In all of 2007, the median condo price was $226,400, up 2.0 percent from 2006."
House prices and sales were down in the western states.
"In the West, existing-home sales fell 2.1 percent to an annual rate of 940,000 in December, and are 24.8 percent below December 2006. The median price in the West was $309,800, down 11.1 percent from a year ago."

Fed Lowers Rates!!!

2008-01-23T00:25:00.000-08:00

What does this mean for you right now? ...Not Much.
Although the news media is tauting that you should run out and refinance today, you may want to wait a little. Historically, mortgage rates are not impacted significantly immediately following news such as today's. It often takes time for the rates to trickle down to the mortgages that most people get.
Keep an eye on the mortgage rates and follow the history to get an idea of how things are impacted by announcements from the Fed.
Check out what the Fed did today. There are two components to the announcements today that each have varying direct impacts.

Being green on the road.

2008-01-21T14:44:00.000-08:00

It is now a new year and time to start planning the trip for the year. Even while you are traveling you can stay green and reduce your impact on the environment.

First off, make sure to turn everything at home off. This includes unplugging things as appliances left plugged in with use energy.

Consider buying carbon offsets for all the damage your plane or car ride will do.

Rent an environmentally friendly car instead of a regular car. This may also be a great opportunity for you to test drive a hybrid before you buy.

Stay in a green hotel.

Take a vacation that helps others.

Thinking about a home project?

2008-01-16T22:32:00.000-08:00

According to a recent Cost vs. Value report produced by Remodeling Magazine, there are few home projects that will recoup the cost of the improvements. In many cases you are doing the work because you want to enjoy the result yourself. However, if you are thinking about what kind of return you will get from all your hard work and money spent, then check out the report.

It shows that in the Pacific region the projects that will return more than what is spent are:

Mid-range addition of a wood deck

Mid-range wood-window replacement

Upscale fiber-cement siding replacement

Upscale wood-window replacement

Upscale vinyl-window replacement

Keep in mind that these are averages of the survey and every project has its own unique attributes

Need Money for a Downpayment?

2008-01-15T00:57:00.000-08:00

If you are interested in buying a home, but don't think you have enough for a down payment, Think Again!

There are many government agencies out there that are more than happy to give you money to help you get into a home. Most are in the form of low interest loans, but others are shared appreciation. Our great city has shared appreciation loans for single people who make up to $77,700 per year. There are differing levels of assistance out there based upon your income and many other factors.

Shared appreciation means that in most cases you don't make any payments to the agency giving you the money. So, how can they lend you the money? When you sell the property or refinance it you have to pay the loan back with a portion of the appreciation.

Let's say you buy a home for $400,000 and get $80,000 in assistance from the city of Los Angeles. That means that they gave you 20% of the value of the home at the time of purchase. Now, let's assume that you sell the property 10 years later for $650,000. You now have to give $130,000 back to the city.

This may sound like a lot, but let's see how you did. If you didn't get the money form the city you wouldn't be able to buy the home so you would have made nothing. So you borrowed the money. Let's also assume that you only paid interest on your loans and that you did not build any equity in the home other than market equity which you can only get when you sell. SO you bought the house using the city's money for $400,000 and sold it for $650,000. You made $250,000. Now you pay the city the $130,000 that you owe it and you are left with $120,000.

Not bad considering that you didn't think you could buy a home.

Contact Charity Alliance Realty if you need more information.

Save money on Utilities

2008-01-14T00:22:00.000-08:00

More simple ways to reduce the energy consumption in your home:

Unplug appliances and electronic equipment when you are not using it. Electronics such as an electric shaver, cell phone charger, VCR, DVD, etc. can draw energy even when not in use. Unplugging these items can reduce the amount of "phantom" energy that is used in your home. You can buy "smart" power strips that will cut the power to the appliances in a way that mimics being unplugged. This can be more convenient while still reducing your consumption of energy.

Wash clothes in cold water instead of using hot water. Only use hot water when cleaning sheets and towels. The hot water will help to kill dust mites etc. from the sheets and towels, but doesn't make a huge difference in clothes. This will reduce the amount of energy you use to heat water. Also make sure to have only full loads when washing and drying. The amount of water difference between a small and medium load in marginal, and both loads have to go through the same cycles of spinning and washing so the electric consumption ids the same.

Keep your fridge full. It helps to reduce the amount of energy needed to keep everything cold, but don't pack it tight otherwise there will be reduced airflow which will make it harder to cool everything. If possible, try to position your refrigerator away from heat sources and make sure to have proper airflow around the outside of the fridge.

Quick view of sales stats in CA for Nov 2007

2008-01-10T21:47:00.000-08:00

November home sale numbers from the California Association of Realtors. December and year-end numbers should be coming soon.

"Calif. median home price - November 07: $488,640 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region November 07: Santa Barbara So. Coast $1,075,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region November 07: High Desert $262,650 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Third Quarter 07: 24 percent (Source: C.A.R.)

Mortgage rates - week ending 01/03: 30-yr. fixed: 6.07%; Fees/points: 0.5%; 15-yr. fixed: 5.68%; Fees/points: 0.6%; 1-yr. adjustable: 5.47%; Fees/points: 0.5% (Source: Freddie Mac)"

Summary of San Fernando Valley housing market in 2007

2008-01-09T21:51:00.000-08:00

According to the Southland Regional Association of Realtors in a recent press release.

"Home sales during November in the San Fernando Valley dropped over 50 percent from a year ago as public reaction to the negative news about problems with sub-prime loans and tighter lending standards continues.
A total of 355 single-family homes and 141 condominiums changed owners in November, the Southland Regional Association of Realtors reported on Thursday, Jan. 2.
These sales numbers are reminiscent of totals reported during the recession of the mid-1990's. However, unlike that recession, the inventory of homes for sale remains moderate indicating that, locally, prices will soften but not fall dramatically as some news reports imply.
“Where many hesitate, some see the perfect opportunity,” said Winnie Davis, the 2007 president of the Southland Regional Association of Realtors. “Just as it’s impossible to time the highs and lows of the stock market, if you need a house, it’s best to get into the market now for the long haul.
“Waiting to buy may or may not pay off,” Davis said. “It’s a buyers’ market now, so why not make an offer based on where you think the market will be in the months ahead. You could well buy a property that you couldn’t touch a year ago.”
The single-family sales total was 52.9 percent below a year ago yet one sale higher than the figure reported this October, which was a record low.
Condominium sales of 141 units were down 50.4 percent from November 2006, but up 10.2 percent from October. While condo sales are down dramatically from the recent boom, the November total is still well above the record low of 80 sales set in February 1993.
Indeed, while slower activity could make 2007 the worst year on record for local home resales, prices are dropping only moderately and appear unlikely to fall to levels reported during the recession of the 1990s.
“The region’s economic fundamentals remain solid and the inventory is half of what it was a decade ago,” said Jim Link, chief executive officer of the Southland Regional Association of Realtors. “Thousands of people lost jobs in the 1990s, sold their homes and fled the state. Today’s reality is quite different. We’re still gaining new jobs, the population keeps growing, and today’s inventory is not large enough to force dramatic price reductions even with the sales slowdown.”
The inventory of 7,505 active listings was up 23.2 percent from November 2006. At the current pace of sales, that represents a 15.1 month supply – clearly a buyers’ market, although still below the record high of 23 months set in February 1993.
However, the inventory was 50 percent below the record high of 14,976 active listings set in July 1992. During the 1990s the inventory hovered well above the 10,000 mark for multiple years, a fact that ultimately yielded a 29.2 percent drop in the median price.
The median price of single-family homes sold last month was $557,500, down $37,500 from the $595,00 median of November 2006 for a drop of 6.3 percent.
The condo median price at the end of November was $375,000, a decline of 4.1 percent from November 2006. The condo median is close to the record high of $415,000 set in February 2006.
“The market is likely to remain at an impasse until people realize that much of the dire national news does not necessarily apply to their local market,” Link said. “Yes, sales are slower and yes there are some short sales and foreclosures on the market, but problems with sub-prime loans are not as prevalent here as in other parts of the region that had more new home activity and did not have a mature, stable economy like the San Fernando Valley.
“Yes, these are difficult times,” Link said, “but some changes were overdue and ultimately will yield a more stable, normal market. If you have a good job, some savings for a downpayment, and can document a stable credit history, this is a great time to land a loan at a good interest rate and buy a home that once was out of reach.”
The Southland Regional Association of Realtors® is a local trade association with more than 12,500 members serving the San Fernando and Santa Clarita valleys. SRAR is one of the largest local associations in the nation. "

Simple ways to increase home energy efficiency

2008-01-08T00:45:00.000-08:00

We all hear about great ways to "green" our home on the news, but most of the time the topics are about solar panels or replacing all your windows. These are excellent ways to reduce your energy consumption and reduce your bills, but most people don't have the money to make huge changes.

Smaller things can be done to reduce your energy bill and help the environment. Things that won't cost you a fortune. Many of them will not only reduce your energy consumption, but may also improve the quality of life within your home.

For example, changing the filter on your furnace/air condition will improve the air quality in your home and very often reduces the amount of energy the furnace uses. Dirty filters make it hard for air to circulate and cause your HVAC (heating, ventilation, & air conditioning) system to use more energy to try and circulate the same amount of air. Many times filters are only a couple of dollars and in some cases you can buy several for less and keep them handy. Reusable filters cost more, but last a lot longer because you can clean them.

Changing your light bulbs from incandescent to compact florescent (CFL) can save a lot of money in electricity and reduces the frequency of replacing bulbs. You can even get CFL bulbs for free!

Upgrade your thermostat to a programmable one that will allow you to set different temperatures for different times of the day. This way your air conditioning won't be working when you aren't home. Be careful if you change it yourself. You are dealing with electricity and some old thermostats have mercury in them that must be handled properly.

Plant a tree. Okay, so this isn't inside the house, but it does shade the house during the summer which can reduce the AC usage and will let light in during the winter to warm the house. And again you can get trees for FREE from the city of Los Angeles. Remember that in most cases you must plant deciduous trees on the south side of your house to get the most benefit from the summer shade and the winter sun. Evergreens are best on the east and west side of the house.

Look for more tips on how to lighten your burden on the earth without lightening your wallet.

CSUN Daily Crime Log

2008-01-07T17:46:00.000-08:00

If you are ever bored and want to know what the Cal State Northridge Police are up to, then check out the daily incident log. The most common crimes that I have seen on recent logs are vandalism, possession of drugs, burglary, and the display of an unauthorized handicap placard.

The drugs, vandalism, and auto burglary you kind of expect to see at a university, but it is surprising to see how many people drive with unauthorized handicap signs. I guess the parking situation gets so bad that students will break the law to get a space near the classroom.

I suppose that it is good that the CSUNPD is pulling people over to check them for drugs and illegal signs, but I wish they pay a little attention to the raging parties that border the campus. Getting illegal placards away from people abusing the system is important, but that happens during the day and the parties happen at night.

A River in the Valley

2008-01-06T19:21:00.000-08:00

The recent rains are a welcome sight considering that we are in a drought and haven't had enough rain in the past few years. The biggest problem with the downpour is that we don't have much open space for the water to soak in. Most of the rainfall ends up in the LA River and heads straight out to the ocean.

You can help save some of the water and slow the run-off by planting free trees and keeping open space on your property. The more area on your property that is covered by concrete, building, or asphalt means that there will be more water going straight to the street and out to the ocean. If you really want to make an impact, then take advantage of the city rebates and get an efficient clothes washer. Make sure to recycle your old one. You can also save your rainwater on site to use in watering your yard when the rain stops.

Remember, even when the sky opens up, there may not be enough water.

Working in Real Estate

2007-11-15T00:42:00.000-08:00

At times it can be frustrating working in the RE business. The market does unpredictable things, the media does ridiculous things, clients can at times challenge you, but the most frustrating thing of all can be other agents. During a recent transaction I had a very difficult agent to deal with. I represented the buyer, which means that I have to look out for her best interests. The other agent should have been representing the seller's interests, but it would be a stretch to say that she did a good job of it.

It all started when the buyer made the deposit check to an escrow company that I often use and have no personal interest in. The selling agent encouraged the seller to use the escrow company that is affiliated with the real estate company she works with. This is not normally a big deal, because many escrow companies do a good job even when they are affiliated to the brokerage. I prefer to always use an independent escrow company as they provide better service and act as an independent third party which is what they are supposed to do.

Anyway, the agent told me that I should just endorse the deposit check to the new escrow company. I informed her that it was not possible because the check was not made out to me. This went back and forth for several minutes until I told her that she should check with her superior (broker). She called me the following day to say that I was right.

Next, I asked her to have her client complete a form that discloses problems with the home. This form is not required by law, but more disclosure is always better because it protects the seller and informs the buyer of any potential problems. She told me that her company forbids (yes, she said forbids) clients from completing this form. She said it can open them up to more liability. I told her that disclosing something does just the opposite; it lets everyone involved know what has happened to the property so that they can make an informed decision. Should the buyer still buy the property after s/he knows the problems, then they can't come back to complain.

This took some discussion and a request in writing from the buyer, but we finally got the disclosure. But wait, there is more... She then neglected to tell the buyer about a potential problem with the HOA. We found out about the problem from the seller during the inspection. He said that he told his agent to make sure we knew. She didn't.

As an agent who represents sellers in addition to buyers, I always make sure that when I represent sellers, the buyer removes contingencies on time. For those of you who have not been through a sale transaction recently, a contingency is a safeguard for the buyer. It allows the buyer to do things such as have an inspection of the property or get an appraisal to make sure the home is worth the sale price. Anyway, it is important for sellers to get contingencies removed because it means there is less reason for the buyer to back out of the deal. Most contingencies are removed within 17 days of opening escrow, when the escrow is 30 days long. In this particular transaction the selling agent did not ask for the contingencies to be removed until 4 days before the close of escrow. That means that the buyer could have backed out four days before the close and since this was a 45 day escrow, the seller could have wasted 41 days.

The point is that as a buyer or seller you MUST make sure that your agent is looking out for your best interests and not their own. Make sure that you read the agency agreement. This document is required by law and tells you what the agent's responsibilities are. The law requires that you get copies of the documents you sign. Make sure that you get these copies. Many times I have seen sellers not get a copy of a listing agreement and they don't know how long they are obligated to work with the agent.

A home is first a place to live, then an investment.

2007-11-13T00:02:00.000-08:00

Lately I have been hearing a lot of advice from people about where to invest money. Many are saying to stay away from the real estate market and to invest in stocks and/or bonds. What I have trouble reconciling is the logic behind such statements. We all know that stocks go up and down in value all the time and when a company goes under the stockholder is left with nothing. In the past you at least got to keep the stock certificate, but these days you don't even get that because it is all electronic. On the other hand if you buy a home and the market tanks you still have a home to live in! A home can keep you dry a lot better than a stock certificate.

The media is great at hyping things and making a big deal out of nothing because sexy and scary sell. On most news broadcasts national statistics are used because there are markets that are doing very poorly and are affecting the national average dramatically. If you look at the individual markets, you will see some doing very bad, some still doing very well or beginning to do well, and a large majority doing close to nothing at all.

The key to remember is that your home is not an investment. First and foremost your home is a place to live that keeps you out of the rain and wind. As an added benefit, a home can appreciate in value over the long-run and increase your wealth. In the recent past people have forgotten what the purpose of a home is and have begun to think of it as an unlimited source of money to buy boats, cars, and other toys. The reality is that you probably never should have refinanced your home eight times over the last 3 years to buy all that stuff.

If you talk to real estate investors, that have been investing for more than a couple years, they will tell you that there is never a bad time to invest in real estate. You can make money in any market and most of the time you can make more money in a transitional market rather than one on a predictable path.

Tired of the trash talk?

2007-11-04T18:00:00.000-08:00

Constantly hearing ridiculous ideas about what to do with the trash we create can become frustrating. Many people think that if you just send it out of town you have solved the problem. Others say that recycling is the cure.

In reality the answer is much more complex than just recycling, which is a small portion of the solution. If you have a great idea to solve the problem and need a way to share it, then attend one of the City's Zero Waste forums. There is one coming up in a couple days on Nov. 7th. There will be more, so check the link and get involved.

Seriously, How old are you?

2007-10-17T22:43:00.000-07:00

This month's Northridge East Neighborhood Council meeting was well attended, at least in body, but not necessarily in mind. It is fascinating to see large group of adults act as a mob when differing opinions are voiced. Adults acting like rude children. Interrupting each other, accusing one another of lying.

Being a member of the neighborhood council, I have the privilege of being at every meeting and seeing, for the most part, empty seats in the audience. This isn't the case when land use issues come up. The school hall was nearly full of people wanting to "help" the planning process for the area. Sadly, 95+% of these people have never been to a meeting before and will not be at a meeting again.

Their efforts to "help" control the development of the area looks a lot like them being NIMBYist's. It is amazing to hear all these people state that they don't want development near them, while they seem perfectly fine with the fact that their tract homes were all built in the 1960's. I am wondering where all these people would be living had the previous neighbors fought development.

It seems to me that all inhabitants of Northridge, Granada Hills, and most of the rest of the Valley would be living under orange trees if development had been halted in the early 20th century. Maybe we should rollback and replant the orange groves or go even further and just have open plains.

Read my other musings on the short-sightedness of people at North Valley Community News. And there will be more to come about this insightful meeting. It showed the true colors of many people, including some on the board.

Las Lomas

2007-10-13T22:28:00.000-07:00

It is crazy to think that a developer wants to add nearly 10,000 new homes in the area between the 5 and the 14 freeways. Given the recent accident and the ongoing traffic problems, it is hard to believe that such a development would even be considered.

Development is good, but it should be done in a smart way. And cramming more homes between the SFV and the SCV doesn't seem smart to me. Read more about the information posted by the local councilman regarding the concerns with the project.

Photo by Myung J. Chun / Los Angeles Times

Want free WiFi?

2007-10-06T20:31:00.000-07:00

An initiative to have WiFi access throughout Los Angeles has been introduced by Mayor Villaraigosa and Councilmember Cardenas. At this point it is only a thought and seems to be very far from a reality. Some other cities throughout the country have already implemented free WiFi in limited areas. Check out Seattle .

Many people think it isn’t feasible in a widespread city like LA and can only be effectively implemented in small areas like business districts.

The City is looking for your feedback on whether you think free citywide WiFi is a good idea. Give your input online at the City site.

Sofas on the sidewalk?

2007-10-03T23:31:00.000-07:00

Does seeing trash on the sidewalk get under your skin? You can be walking in a well kept neighborhood and stumble across a discarded sofa, desk computer, or any number of items that have been tossed aside.Other than getting frustrated, what do you do?

The best thing to do in the City of Los Angeles is to call 311 or use the direct line to the Bureau of Sanitation at 1-800-773-2489. An even easier way is to complete the online service request form: http://www.lacity.org/SAN/solid_resources/refuse/service_request.htm

But what do you do if you have one of these bulky items? First you should try to find a new home for the item, either via a friend or through a non-profit that can sell it or give it to someone in need.If the item is just beaten and there is no hope of finding it a home, then try to recycle it.

Computers and other electronics CAN'T be thrown in the normal trash and must be recycled at special locations. Here is a link to the City's on-going collection sites for special items http://www.lacity.org/SAN/solid_resources/special/hhw/safe_centers/index.htm

The county has a travelling collection system with changing dates http://ladpw.org/general/enotify/Calendar_Template/Calendar.aspx

The county even has a free listing service to get rid of your old stuff or to get old stuff from somebody else. It's like an online garage sale! http://ladpw.org/epd/lacomax/browse.cfm

Remember: Reduce, Reuse, Recycle

Welcome message.

2007-10-02T23:35:00.000-07:00

Welcome to the new Real Estate and Neighborhood blog for the San Fernando Valley. You may wonder why we need more information out there about real estate, given that every media outlet seems to be blasting news by the minute about the scary world of real estate.

The reason that I decided to create this blog is because of the constant pushing of my friends and students. They keep asking me questions about real estate and wonder why my answers often differ with what is in the media. The easiest explanation is that the media mostly focuses on national news and doesn't spend a whole lot of time on local events.

This distinction is very important, because the median home price in the Los Angeles Metro area rose by 2.9% in the 2nd quarter of 2007 vs. Nationally the median price declined by 1.5% for the same period year over year. (Source: http://www.realtor.org/Research.nsf/files/MSAPRICESF.pdf/$FILE/MSAPRICESF.pdf)

The point is that real estate is very local and broad brushes shouldn't be used to define it. It is my hope that with this blog and your questions we can get to know our area better and be better informed about how local and national economies affect us. This blog will also cover topics that have an impact on the SFV.

Celtic Mommy: Another yummy chicken dinner

2007-03-12T01:29:00.000-07:00

Celtic Mommy: Another yummy chicken dinner

Real Valley News

Mortgage rates drop again

The 30-year fixed mortgage rate available to well-qualified consumers at 1 point origination dropped to 4.375%, from 4.5%.

Federal stimulus funds put to work

This is the type of project that is a great use of our tax dollars. It helps low-income people, reduces our energy consumption, and is not short-term in nature.All stimulus money should be used for long-term capital projects.

Mortgage rates drop again

The problems in Greece is sad for them, but may be good for homebuyers here. Mortgage rates drop to an average of 4.78%!!!!

Low Housing Inventory at the Lower Price Ranges

More good news for the housing market

CNN Headline: Existing home sales soar in April

Mixed Signals in the Recovery

Not all good news on the housing front. Some signs point to recovery, but others indicate that we have a way to go.

Low Mortgage Rates

Mortgage rate are extraordinarily low still. Maybe a time to refinance? Definitely a great time to buy.

Large RE companies that encourage bad behavior.

Top Ten Questions to ask a Realtor.

Q&A

Let me know if you have any Real Estate related questions and I will happily research the answers and let you know what I find.

Is a pre-approval required?

Question: Does the law require you to be preapproved for a realtor to take you looking at houses for sale?

Interest rates on Home Mortgages are increasing.

Los Angeles get more walkable.

Nationally, prices are increasing

Home prices are up nationally with some of the strongest growth in states like California. February was the first time annual increase were positive in three years.

New and existing homes sales are on the rise.

Sales in the San Fernando Valley are improving.

According to the Southland Association of Realtors, the median house price increased from $370,000 to $400,000 and the number of closed escrows also increased from 639 to 857. This may be a result of the rush to get the tax credit or it may be a sign that things are improving.

Gap between cost of renting, buying narrow

It looks like the difference in cost between buying and renting is disappearing. Naturally, it won't last forever. The advantage is that if you buy now your payments will stay the same, while rents will increase as time passes.

More Recovery News

Good news for those with past delinquencies

Is the market recovering?

Housing starts are up. An increase in building permits is usually an indicator that the market is improving and there is a positive outlook. Keep your fingers crossed.

Rising Interest Rates

Interest rates for home loans, auto loans, and of course, credit cards may be heading up.

Energy Rebates

There are still a lot of rebates available for homeowners and renters. They include rebates for refrigerators, air conditioning, pool pumps, and efficient windows. Don't forget that one of the largest rebates is in solar panels.

California Tax Credit

Home Buyer Tax Credits

You still have until the end of the month to take advantage of the First-time home buyer Federal tax credit of $8,000 or the repeat buyer credit of $6,500.You don't have to close the purchase by the end of the month, only get a signed contract and enter escrow.

Which is better: 15 year loan or 30 year?

Possible $15,000 Homebuyer credit

A questionable Real Estate Agent trend: from a fellow RE Blogger

San Fernando Valley Housing Inventory

Prop. 13

Riding the Metro

FHA Approved Condos

San Fernando Valley Home Sales Gains Continue

Fire Insurance

Multiple Offers are back

Good areas of LA

It’s Spring Cleaning Time!

Want to buy a home? The City doesn't want to help.

WEAK ECONOMIC REPORTS DRIVE MORTGAGE RATES DOWNWARD ACCORDING TO FREDDIE MAC'S WEEKLY SURVEY

Santa Clarita Valley Home Sales At An Impasse

What's the difference between a co-op and a condo?

Mark your calendar for Citrus Sunday, on April 6, 2008!

Whole Children, Whole Planet Expo is Coming!

Should you get an inspection on a new home?

Lower rates may create inflation

PRESIDENT SIGNS $168 BILLION ECONOMIC STIMULUS BILL

More Enviro tips

Great News for Valley Financing

2007 Home Sales Down 35% in the San Fernando Valley, While Prices Post a Modest Increase

Snapshot courtesy of the California Association of Realtors

California Home Sales 2007

Nobody bikes in LA.

National Real Estate News Update

Fed Lowers Rates!!!

Being green on the road.

Thinking about a home project?

Need Money for a Downpayment?

Save money on Utilities

Quick view of sales stats in CA for Nov 2007

Summary of San Fernando Valley housing market in 2007

Simple ways to increase home energy efficiency

CSUN Daily Crime Log

A River in the Valley

Working in Real Estate

A home is first a place to live, then an investment.

This is the type of project that is a great use of our tax dollars. It helps low-income people, reduces our energy consumption, and is not short-term in nature.

All stimulus money should be used for long-term capital projects.

You still have until the end of the month to take advantage of the First-time home buyer Federal tax credit of $8,000 or the repeat buyer credit of $6,500.
You don't have to close the purchase by the end of the month, only get a signed contract and enter escrow.