Merry Christmas from Fannie

Fannie and Freddie will halt all evictions on foreclosures from 12/19/09 - 1/3/10 for both tenants and owners. The idea is to help the struggling occupants through the holidays... therefore no evictions on either Fannie or Freddie owned homes. Consider it a holiday gift.

What's moving?

Recent Sales activity!

Foreclosure help anyone?

After July 1, 2009, it became illegal to act as a Foreclosure Consultant in the State of California unless you registered first with the Attorney General. 

In addition to the $850 filing fee and the application and a copy of the contract you will use with your clients, you must be bonded at a minimum of $100,000.00 and register that bond with the California Secretary of State.

What is a "foreclosure consultant" as defined by California Law?
(California Civil Code 2945.1, "Mortgage Foreclosure Consultant Law")

The following definitions apply to this chapter:
 (a) "Foreclosure consultant" means any person who makes any
solicitation, representation, or offer to any owner to perform for
compensation or who, for compensation, performs any service which the
person in any manner represents will in any manner do any of the
following:
 (1) Stop or postpone the foreclosure sale.
 (2) Obtain any forbearance from any beneficiary or mortgagee.
 (3) Assist the owner to exercise the right of reinstatement
provided in Section 2924c.
 (4) Obtain any extension of the period within which the owner may
reinstate his or her obligation.
 (5) Obtain any waiver of an acceleration clause contained in any
promissory note or contract secured by a deed of trust or mortgage on
a residence in foreclosure or contained that deed of trust or
mortgage.
 (6) Assist the owner to obtain a loan or advance of funds.
 (7) Avoid or ameliorate the impairment of the owner's credit
resulting from the recording of a notice of default or the conduct of
a foreclosure sale.
 (8) Save the owner's residence from foreclosure.
 (9) Assist the owner in obtaining from the beneficiary, mortgagee,
trustee under a power of sale, or counsel for the beneficiary,
mortgagee, or trustee, the remaining proceeds from the foreclosure
sale of the owner's residence.

Is it time to buy?

If you are still wondering if it's a good time to buy, you might have missed the boat! History's lowest interest rates, free tax money, and low home prices aren't enough to convince you? If you are waiting for a nice single family home in Laguna Niguel to reach $300k, you might be waiting on the sidelines for a long time, quite possibly forever! Don't be another one of those... "I wish I would have bought when the rates and prices were low." Take advantage of the troubled economy now... the investors are!

Hows the market?

There are 11617 properties for sale in all of Orange County. There are over 4500 properties that are being purchased(in escrow). Last year this number was around a thousand... The market has significantly picked up the last couple months. Prices are LOW, interest rates are LOW, buyers are HIGH. Are you still waiting for the bottom?

Forbes article on Keller Williams

BusinessWireKeller Williams Realty Bucks National Business Trends During the Toughest Real Estate Market on Record01.27.09, 12:11 PM ET Bailout. Credit crunch. Foreclosure. Despite these words permeating the headlines and airwaves, there are companies out there moving forward - even in real estate. Keller Williams(R) Realty Inc., the fourth largest real estate company in North America, announced today that it outpaced the market in 2008, while remaining free of debt, and gave back more than $30 million in profits to its agents."Our strategy is no secret. We faithfully follow the sound financial model of leading with revenue - the same model our market centers follow," said Mark Willis, CEO of Keller Williams Realty Inc. "As we watch companies throughout the country take on billions of dollars of debt, we are proud to say that our company has not one dollar of financing debt and we remain strong and financially sound. It is our joy to be able to give back to our agents during these times."Despite pervasive downward trends in the real estate industry, Keller Williams Realty continues to outperform the industry. For the first 11 months of 2008, existing home sales for the United States fell 17 percent when compared to the same period the year before. By comparison, Keller Williams Realty is poised to outdo those numbers by 10 percentage points, and in addition, the company experienced a much smaller contraction in its agent base compared to the National Association of REALTORS(R), who saw a 10 percent decline in membership."Keller Williams was founded 25 years ago during one of the toughest markets on record - when interest rates were higher than 18 percent. We continue to urge our agents to zero in on lead generation and reducing expenses so they can thrive during this market," said Mary Tennant, president and COO of Keller Williams Realty Inc. "We admire our agents' spirit, tenacity, and dedication to their businesses. They just keep powering forward."Throughout 2008 Keller Williams Realty launched new products and services specifically to boost its agents' businesses, including two new books: Your First Home: The Proven Path to Home Ownership for first-time home buyers, and SHIFT: How Top Real Estate Agents Tackle Tough Times. Both books are written by Gary Keller, co-founder and chairman of the board of Keller Williams Realty, who also authored national best sellers The Millionaire Real Estate Agent and The Millionaire Real Estate Investor.About Keller Williams Realty Inc.:Founded in 1983, Keller Williams Realty Inc. is the fourth-largest real estate franchise operation in North America, with more than 690 offices and 70,000 associates in the United States and Canada. The company, which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. For more information, visit Keller Williams Realty online at (www.kw.com).

NEW YEAR - new market?

I can't find anyone around with a crystal ball... if you find one let me know! What I do know is that we have seen some wild roller coaster like turns the past months. Prices are now affordable and the "average Joe" can actually afford to buy a home in Southern California. The government and FHA are attempting to clean up the mess we got ourselves in and are finally making some ground. The truth of the matter is that interest rates are at a 37 - year low and the market has finally shifted gears and accelerated instead of using its emergency brake. Hopefully, this is what we have to look forward to in '09! ---- a new year, new market.