Tag: foreclosure

You can feel it in the air! The season has changed and Fall has arrived. Historically, fall is the time when the real estate market slows down after the summer rush as families settle into a new school year. And this year is no different…or is it?

In the last few weeks, we have seen a flurry of price reductions and listings are now taking longer to sell. Could this slow down be more than seasonal cyclical changes or is it the market correction certain economists have been predicting for real estate?

Fortunately, today’s market lacks the key indicators of a a true market correction such as:

Creative Lending – as real estate professionals, we know lenders are diligent in ensuring today’s buyers can properly qualify for home loans.

Unemployment – “Help Wanted” signs are everywhere and the national unemployment rate is 3.7% and decreasing.

Economic Expansion – Since June of 2009, the US has experienced ongoing economic expansion making this the country’s second longest on record. In fact, if growth continues as expected by July of 2019 this expansion will become the longest in history.

Foreclosures – According to ATTOM Data Solutions, in the first six months of 2018 showed foreclosures down 15% from a year ago and 78% from 2010.

What does this mean for Central Coast Buyers? Buyers are in a great position, especially renters and first-time home buyers. Lenders have great incentives and programs for first-time home buyers and bidding wars over a desired property are no longer the norm. Also, the $650 tax credit allotted to renters pale in comparison to the thousands of dollars in mortgage interest deductions making purchasing home financially prudent.

Should Central Coast Sellers be worried? Not at all! In fact, here at C21 we encourage sellers to take part in “Fall Ball” vs. “Spring Fling”. During the Fall, buyers have less inventory to compare and choose from rather than the multitude of properties during the “Spring Fling.” Sellers that do not have unique selling features such as ocean views and stellar locations can find selling a home easier.

Real estate is still in full swing here on the Central Coast! So enjoy the change in the weather and look for the opportunities that the new season brings!

About CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the central coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.

From Housing Wire

By Jon Prior

• April 18, 2012 • 12:34pm

Seven bills reforming some foreclosure rules passed committees in the California state legislature this week.

The bills were introduced in February. One set of bills extends protections to tenants, giving them 90 days before eviction after the foreclosure sale of the property. Another increases penalties to banks that fail to maintain blighted homes.

Servicers would be required to provide documentation to the borrower establishing its right to foreclose before the filing first step in the process, under other passed bills. Evidence of ownership and chain of title must also be shown to the borrower.

Two other bills charge servicers a $25 fee for every notice of default recording. The money will fund investigations for California AG Kamala Harris. Another piece of legislation passed by committee allows Harris to convene a grand jury to investigate financial crimes in different jurisdictions.

“All Californians have been impacted by the toll the mortgage and foreclosure process has taken on our neighborhoods,” Harris said. “Our California Homeowner Bill of Rights will provide relief for homeowners, tenants and communities. I thank the authors and supporters of these important bills.”

The BIlls

The Foreclosure Reduction Act

This bill was introduced by Assemblymen Mike Eng and Mike Feuer; Sens. Mark Leno, Fran Pavley and Senate President Pro Tem Darrell Steinberg.

Under this bill, servicers would be required to provide documentation to the borrower establishing its right to foreclose before the filing first step in the process — the default notice. Evidence of ownership and chain of title must also be shown to the borrower.

The bill prohibits servicers from dual-track foreclosures, or completing the process if the borrower is being considered for a modification. Notices of foreclosure sales must also be personally served.

Enhancement of AG Enforcement

The bill from Assemblyman Mike Davis imposes a $25 fee to a servicer when a default notice is recorded. The fees would fund investigations from the California AG and the national task force led by New York Attorney General Eric Schneiderman.

Servicers filed more than 67,000 default notices in the fourth quarter, according to RealtyTrac.

Attorney General Special Grand Jury

Another bill from Davis and Sen. Lori Hancock would authorize the AG to form a special grand jury to investigate and indict financial crimes against the state in different jurisdictions.

Due Process Reform Legislation

Assemblywoman Holly Mitchell and Sens. Mark DeSaulnier and Fran Pavley introduced the bill, which would increase fines to owners of dilapidated property to $5,000 per day from $1,000.

Enforcement actions would not be taken for the first 60 days against someone who acquired the distressed property. The investor or purchaser must show he or she is making repairs to the property.

The bill also requires banks to inform local code enforcement agencies when liens are released on foreclosures. This would clear the way for demolition to proceed.

Tenant Protection

The bill, written by Assemblywoman Nancy Skinner and Sen. Loni Hancock, would require buyers of foreclosed homes to honor the terms of existing leases for any tenants and give at least 90 days notice before eviction.

jprior@housingwire.com

@JonAPrior

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