For detailed information on NOD, NOS and REO properties please call Best Hollywood Homes Team (assoc. with Promenade Realtors) at 310-499-1305 to schedule a meeting with one of our Foreclosure Therapists/Real Estate Consultants. We will be glad to go over all the options on how to buy foreclosures and what you need to be careful of.
Please note that foreclosed properties are not always a great deal. There is a lot of details that you need to pay a special attention to. Therefore it might be much smarter to find a real estate agent who can protect you from issues that can arise when buying foreclosures.
Los Angeles
We also have information for Orange County, Ventura, San Bernardino, Riverside, Kern, San Diego and Santa Barbara Counties. Please call for more info.
Note: If in any of the above reports you see a property that you are interested in please make sure that you provide the whole property address & APN number to our Foreclosure Therapists. That will help us to get additional info on the property faster.Best Hollywood Homes Team can be reached by phone 310-499-1305 (i.e. direct office number for Foreclosure Therapist/Real Estate Consultant Igor Korosec) or by Email BestHollywoodHomes@gmail.com
Best Real Estate News
Wednesday, January 30, 2008
Updated list of foreclosures in Los Angeles for the week of Jan 28
Fed cuts rate .50% - Economic Update
Eight days after an emergency meeting produced a three quarter point cut, the Federal Reserve cut interest rates another half point today. A statement released today by the Fed acknowledged concern in the housing downturn and weak labor market, but had less emphasis on "downside risks" for the future. Market analyst believe the financial markets will see improvement as restructuring and bad debt write offs help to "clean house" in the financial markets. The Fed left the window open to further actions but inflation developments could impact future rate cuts.
The official Labor Department report is scheduled for release on Friday.
The market rallied ahead of the Fed decision and also for most of the day, but dropped sharply before the close.
Crude oil prices moved up slightly, but rising U.S. inventories help to limit gains. The dollar index moved lower 0.5%.
Bond prices initially moved up in early trading but closed lower as inflation concerns drive the value of fixed-income assets lower.
Although commercial pricing remains relatively unchanged after today’s rated cut, the reduction in rates over the past few weeks have made financing very attractive.
Let's discuss any scenarios you may be considering.
Richard Salazar
818.723.6199 Cell
310.547.4606 Direct
150 W. 6th street Suite 205San Pedro, CA 90731
310/547-2100 Office310/802-3802 Fax
Tuesday, January 29, 2008
Market updates
Leaders of the House of Representatives and the White House agreed that the size of loans that can be purchased by government-sponsored mortgage buyers Fannie Mae and Freddie Mac should be increased sharply for a year from the current cutoff of $417,000.
The plan also would more than double the size of loans insurable by the Federal Housing Administration, from $362,790 to $729,750.**
The precise increase on the "conforming" ceiling was still being debated late Thursday. House Republicans said they had agreed to temporarily raise loan limits for Fannie Mae and Freddie Mac to $625,500 while Democrats said the deal would boost limits to $729,750.
Either way, the increased limit on loans eligible to be bought by Fannie Mae and Freddie Mac would be temporary, expiring Dec. 31, 2008. It was not clear if the higher FHA limit would be temporary or permanent.
The FHA increase would allow thousands of Californians to buy or refinance their homes with much lower, more secure, fixed rate mortgages. By utilizing FHA, the buyer will not have to adhere to the stringent underwriting guidelines that have made Conforming and Jumbo loan programs difficult to qualify for. Higher loan to values, lower minimum credit scores, and flexible underwriting will make buying, selling, and financing a home in California much easier. Here are just some of the features of an FHA loan:
97% LTV on Purchases
Down Payment Assistance of up to 6%
95% LTV on cash out refinancing
No minimum credit scores
Liberal credit guidelines
No prepayment penalties
SFR, Condo’s, Town Homes, and Manufactured Seller contributions of up to 6% Non-occupying cosigners Higher income to debt ratios Loans are assumable
Let’s not forget the “5% DECLINING MARKET” hit that has affected nearly every Conventional loan program above 75%. FHA still allows 97% LTV’s on purchase transactions and up to 105% when using some Down Payment Assistance Programs.
And FHA does not have a “credit risk adjustment” based upon credit score such as the one recently implemented on Conventional loan’s.
Please call Best Hollywood Homes Team at 310-499-1305 for updates and FHA loan guidelines. We are working with HUD approved lender (i.e. Homefinderscenter) that is currently closing FHA transactions up to 105% CLTV.
Best Hollywood Homes Team PH 310-499-1305
Monday, January 28, 2008
List of Los Angeles Foreclosures
Please note that foreclosed properties are not always a great deal. There is a lot of details that you need to pay a special attention to. Therefore it might be much smarter to find a real estate agent who can protect you from issues that can arise when buying foreclosures.
Los Angeles
LA NOD Report.pdf
LA TS Report
LA REO Report.pdf
We also have information for Orange County, Ventura, San Bernardino, Riverside, Kern, San Diego and Santa Barbara Counties. Please call for more info.
Note: If in any of the above reports you see a property that you are interested in please make sure that you provide the whole property address & APN number to our Foreclosure Therapists. That will help us to get additional info on the property faster.
Best Hollywood Homes Team can be reached by phone 310-499-1305 (i.e. direct office number for Foreclosure Therapist/Real Estate Consultant Igor Korosec) or by Email BestHollywoodHomes@gmail.com
Friday, January 11, 2008
Pre-foreclosures, Auctions & Foreclosures for Jan. 11th 2008
Please find below current lists of NOD, TS, REO properties in Southern California.
Notices of Default or NOD is the written notice sent by a lender to a borrower stating that the borrower has not met his obligations under the loan contract and the lender may take legal action to enforce the agreement. The amounts that you see on this reports might be equal to 1st and 2nd mortgage amount in some cases. In the other cases the number might be equal only to one of the mortgages. It all depends what the owners are delinquent on. NOD doesn’t mean that the property will be foreclosed for certain. NOD is basically the list of pre-foreclosed properties.
Trustee Sales or TS are another option to buy foreclosures. TS is the sale conducted by a trustee (often the lender) under the terms of the deed of trust.
Real Estate Owned by the lender or REO status indicates that the property is now owned by the lender or bank as a result of a foreclosure. REO properties are usually listed by real estate agents and are posted on MLS. After the REO listing expires the lender puts the property on public auctions.
For detailed information on NOD, NOS and REO properties please call Best Hollywood Homes Team (assoc. with Promenade Realtors) at 310-499-1305 to schedule a meeting with one of our Foreclosure Therapists/Real Estate Consultants. We will be glad to go over all the options on how to buy foreclosures and what you need to be careful of.
Please note that foreclosed properties are not always a great deal. There is a lot of details that you need to pay a special attention to. Therefore it might be much smarter to find a real estate agent who can protect you from issues that can arise when buying foreclosures.
Los Angeles
LA NOD Report.pdf
LA TS Report
LA REO Report.pdf
Orange County
OC NOD Report.pdf
OC TS Report.pdf
OC REO Report.pdf
Ventura
VEN NOD Report.pdf
VEN TS Report.pdf
VEN REO Report.pdf
San Bernardino
SB NOD Report.pdf
SB TS Report.pdf
SB REO Report.pdf
Riverside
RIV NOD Report.pdf
RIV TS Report.pdf
RIV REO Report.pdf
Kern
Kern NOD Report.pdf
Kern TS Report.pdf
Kern REO Report.pdf
San Diego
SD NOD Report.pdf
SD TS Report.pdf
SD REO Report.pdf
Santa Barbara
St Brb NOD Report.pdf
St Brb TS Report.pdf
St Brb REO Report.pdfNote: If in any of the above reports you see a property that you are interested in please make sure that you provide the whole property address & APN number to our Foreclosure Therapists. That will help us to get additional info on the property faster.
Best Hollywood Homes Team can be reached by phone 310-499-1305 (i.e. direct office number for Foreclosure Therapist/Real Estate Consultant Igor Korosec) or by Email BestHollywoodHomes@gmail.com
Sunday, January 6, 2008
Latest Housing Forecast for 2008
The recent report released by the U.S. Congress' Joint Economic Committee (JEC) estimates that two million homes will be closed by the end of 2008. Forecasters believe the market will start rebounding in 2009.
According to Mortgage Bankers Association new home construction this year is projected to drop to its lowest level since 1991. Total home sales are expected to hit a low point this year before improving in 2009. Total mortgage originations are expected to continue declining for the foreseeable future.
This is definitely a great time for all investors as well as first time buyers to find some terrific deals on home/property purchase. I definitely recommend to start looking for deals now. It doesn't matter if you are not ready yet. To find a great deal I'd suggest you to start looking at current home listings, homes in pre-foreclosure stages as well as foreclosures. My Best Hollywood Homes team and I are ready to meet with people who are looking to buy real estate in 2008. We have it all: pre-foreclosures, foreclosures, real estate auctions, current home listings... Please call us at 310-499-1305 for a consultation.
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