After More Than a Month, $25B Settlement Filed in Court
State and federal officials and five of the largest servicers –Bank of America, J.P. Morgan Chase, Wells Fargo, Citigroup, and Ally Financial – settled on February 9, outlining an agreement to address faulty practices in the mortgage industry and to deal with issues regarding wrongful foreclosures.
$20 billion in relief will help homeowners through principal reduction and refinancing for underwater homes, principal forbearance for unemployed borrowers, short sales assistance, and additional benefits for service members.
(Source: DSNews)
New HUD rule protects LGBT residents…
It’s about time and it’s a good thing that housing discrimination based on sexiual orientation is now forbidden under a few rule by the U/S. Department of housing and Urban Development.
The new rule, known as “Equal Access to Housing in HUD Programs Regardless of Sexual Orientation of Gender Identity,” ensures that housing assisted or insured by HUD must be made available without regard to sexual orientation, gender identity or marital status. Officials from Fair Housing Marin, a watchdog agency for housing discrimination, say the rule applies to tow often-used-programs in Marin–HUD’s public housing and housing choice voucher programs. The Marin Housing Authority, a public affordable-housing advocate, is also applauding the new rule. ”Marin Housing Authority has accepted partners as the equivalent policy definition of a married couple for many years,” says Director Dan Nackerman.
Housing discrimination based on sexual orientation is nothing new–even in progressive Marin County. Fair Housing authorities say they have been dealing with sexual orientation based housing discrimination for decades. Paula Pilecki, executive director of Spectrum LGCT Center in San Rafael, says its difficult for Marin residents to imagine the level of housing discrimination that occurs in the county.
For more information click New HUD rules for LGBT Community
Marin County Market Research Report (April 18, 2011)
Thinking about moving to Belvedere California but not sure what the market is doing? How about Tiburon, San Rafael or Mill Valley? If you click on one of the links below you’ll find good information about supply and demand, home prices, if we’re in a buyer’s market or a seller’s market. Remember real estate is local and the more you know about the Marin County real estate market the better off you’ll be in today’s market.
Find out what your agent knows!
- Belvedere, CA Real Estate Market Report
- Corte Madera, CA Real Estate Market Report
- Fairfax, CA Real Estate Market Report
- Greenbrae, CA Real Estate Market Report
- Kentfield, CA Real Estate Market Report
- Larkspur, CA Real Estate Market Report
- Mill Valley, CA Real Estate Market Report
- Novato, CA Real Estate Market Report
- Ross, CA Real Estate Market Report
- San Anselmo, CA Real Estate Market Report
- San Rafael, CA Real Estate Market Report
- Sausalito, CA Real Estate Market Report
- Tiburon, CA Real Estate Market Report
*If you are interested in other towns in Marin County that are not on the list above OR if you need info about a specific zip code in Marin County simply email me and let me know and I’ll forward you the report.
Marin County Market Research Report (March 28, 2011)
Are you a buyer or seller? Ever ask the question “How’s the market?” Are you looking for real-time local Marin County real estate market data? In today’s market, you need a real estate professional with market knowledge but sometimes that hard to come by so find out what your agent won’t or can’t tell you:
- Belvedere, CA Real Estate Market Report
- Corte Madera, CA Real Estate Market Report
- Fairfax, CA Real Estate Market Report
- Greenbrae, CA Real Estate Market Report
- Kentfield, CA Real Estate Market Report
- Larkspur, CA Real Estate Market Report
- Mill Valley, CA Real Estate Market Report
- Novato, CA Real Estate Market Report
- Ross, CA Real Estate Market Report
- San Anselmo, CA Real Estate Market Report
- San Rafael, CA Real Estate Market Report
- Sausalito, CA Real Estate Market Report
- Tiburon, CA Real Estate Market Report
*If you are interested in other towns in Marin County that are not on the list above OR if you need info about a specific zip code in Marin County simply email me and let me know and I’ll forward you the report.
45 years of Marin County Real Estate 1966 to 2010
Has the worm turned? Take a look at the chart below which shows 45 years of Marin County Real Estate sales vs price appreciation:
A lot of real estate professionals think that the market is on the way up but really I don’t see it…not just yet. There’s a huge shandow inventory sitting dormant with bankers holding homes at bay while homeowners work through alternatives to foreclosure alternatives. Property values are still down and the distressed market (short sales and bank owned properties) continue to drive real estate values down down and frankly I don’t see much of a change. Are home appreciating? Its a topic of conversation but one that does not warrant more of a raised eye brow. Buyers and Sellers are still worried about their jobs, interest rates and all of the short sales that are on the market and the short sales that are coming onto the market. Its the norm. How can we talk about appreciation when most are trying to figure out how to hold onto their homes. Even the luxury market is getting hit.
Just today I ran a search for pre-foreclosure homes in Marin County that were over $1M and I found 43 listings! The luxury end is starting to feel the pinch and as Case-Schiller pointed out, the option arms are coming due for those 5 and 7 year loans. We will see more high end homeowners making decisions. Dump a bad asset and do a strategic short sale or find a way to refi and stay in the home while in an upside down market. Some are holding and renting until the market turns for the better. Don’t believe me when I say it’s hitting the luxury market? Take a look at the map below for $1m+ distressed homes in Marin County.
Marin County Real Estate Activity Report
The California Association of Realtors Pending home sales rose in February, as did the share of distressed properties sold.
Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
CAR’s stats are as follows:
56% of property sales were distressed sales (short sales, bank owned etc)
44% were regular sales (or in Marin speak “organic” sales)
* 43% of Marin’s market was distressed sales as compared to 2010 when the distressed sales were at 40%.
So what does that mean for Marin County since real estate is cyclical and seasonal? Also, since each real estate market has its submarkets how do you know if you are in a buyer’s market or seller’s market? Well that’s easy…take a look at the graph below. Read more
No Charge Webinar: What Every Property Owner Must Know To Avoid The Money Pit In A Property Defect Case
To help you understand the important steps to deal with property problems, Lerman Law in San Rafael CA will be conducting a FREE webinar where you will learn:
- Special laws that may apply to your property
- The 3 most likely causes of your problem
- The 4 steps you MUST take immediately to put yourself in a strong position to maximize your dollar recovery for your claim
- 6 of the biggest mistakes to avoid–any one of these could prevent you from recovering any money for your claim
- 7 potential sources of recovery for your claim
- The analysis you MUST go through before you file any claim
- And much, much more!!
To register for the no cost webinar simply click the link, Lerman Law Money Pit Webinar
California Foreclosure Losses in Billions, Lawmaker Wants Banks to Pay
According to a community advocacy group in California, home value losses from foreclosed homes in California have cost a minimum of $632 billion, and could end up costing as much as $1 trillion!
Nearly a third of mortgages in California are underwater, and there have been 1.2 million foreclosures in the state since 2008. The Alliance of Californians for Community Empowerment (ACCE) has teamed up with a California assemblyman Bob Blumenfield who is proposing legislation that would force lenders to pay $20,000 for each home foreclosure they initiate in California.
Read more about the Alliance of California for Community Empowerment.
What will you rent it for? Zillow will guess…
Branching out from home valuation “Zestimates,” Zillow.com is now generating estimated monthly rents for about 90 million homes or apartments — whether they’re actually available for rent or not.
Like the automated home valuations that helped Zillow become one of the most popular real estate sites on the Internet, “Rent Zestimates” depend in part on the physical attributes of homes gleaned from public records, such as the number of bedrooms and square footage. To read more…
Foreclosure Report
Foreclosure sales bounced back to levels not seen since robo-signing moratoriums went into effect last fall. With significant increases in Arizona, California, Nevada, Oregon and Washington; foreclosure sales rose both in terms of properties that went Back to the Bank and those Sold to Third Parties, typically investors. As a result Bank Owned Inventories (REO) increased everywhere except in Oregon where banks sold more homes then they took back.
“We have not seen this level of activity on the courthouse steps for months,” says Sean O’Toole, CEO and Founder of ForeclosureRadar.com. “The increase in foreclosures is just in time to provide a fresh supply of entry level homes for the spring home buying season.”
Reversing a four month declining trend, Notice of Default filings rose 6.9 percent month-over-month in California, while Notice of Trustee Sale filings dropped 13.8 percent from the prior month. Foreclosure filings year-over-year show only mild change, with Notice of Default filings down 3.3 percent and Notice of Trustee Sale filings slipping just 1.4 percent from January 2010.
Foreclosure sales skyrocketed from December, with 51.5 percent more sales Back to Bank and 52.8 percent more properties purchased by Third Parties, typically investors. Cancellations were up as well, rising 12.4 percent this month as compared to last which was the first time in six months that cancelations increased month-over-month.
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