HOME BUYER SEMINAR

Senior real estate consultants of Best Hollywood Homes Team are well known for Home Buyers Seminars provided to give the latest information to buyers in Southern California. We want for people to make educated decisions on real estate purchases and investments.

Home Buyers Seminars cover:
- Current market conditions
- How to buy foreclosures
- Rent to buy options
- How to buy investment properties
- Strategies for selling your home and buying a new one in this market
- Home loan options
- Downpayment assistance
- Questions & answers
- Open forum

All attendees will receive 2 weeks access to our weekly updated foreclosure listings if we represent you as a client.

If you would like us to bring a seminar to your company, organization or work place please ask your human resources or executives to give us a call at 310-499-1305 or 323-898-8970. We will be glad to bring the seminar to your place. These seminars are free of charge as they are sponsored by real estate related companies that we work with (lenders, title or escrow companies). Some restrictions may apply based on the number of atendees.

If you are individual please email Igor Korosec or email Gayle Barnes with your name, city and phone number. A member of our team will contact you with a date and time of a seminar closest to your city. Price:$99 per individual or couples.

REAL ESTATE MARKET CONDITION & L.A. COUNTY LATEST REAL ESTATE STATISTICS

by Best Hollywood Homes Team

As you may already know the Los Angeles prices of single-family homes, condos, land and, in small amount also multi-family buildings, declined in most cases approximately 20%. Real estate gurus as well as the California Association of Realtors are predicting that prices will decline a maximum of 5 more percent in the next few months. The declining real estate is/was caused by an enormous increase of foreclosures. Most of the homeowners that got into financial difficulties and fell behind with their mortgage payments have already sold or lost their properties. I started observing multiple offers on the remaining short sales, foreclosures and bank owned properties. The mortgage loan limits were increased to almost $730,000, but this is just temporary relief at this point of time. Along with other realtors, I am involved in writing letters to US Senator Dianne Feinstein. You may view her recent response that I received from her at http://www.movingtohollywoodhills.com

For your information I would also like to mention that if a home price declines 10%, it is equal to 0.5-1% mortgage interest increase. Therefore, it is my opinion that if you need/want to buy within the next few months, please start searching now. And if you are intending to sell your current home, I’d encourage you to wait if you can, until the market starts going up again.

Based on several inquiries & offers that I have been dealing with lately I am encouraging all my clients to get pre-approved, get at least the first page of the FICO score from the lender, make sure that you have enough money for down-payment on your bank account, plus a reserve for 3 months of mortgage payments, taxes and insurance. All this is a must in almost 90% of pre-foreclosures and foreclosures. Further on, it is also very helpful if I have on my hands a Buyer-Broker Agreement. If you have misplaced or never received that agreement from me, please contact me and I will re-send it. This agreement helps if I need to negotiate for example with the bank that owns the property, before we make an offer.

FREE & FREE & FREE - updated monthly

Click here for LOS ANGELES COUNTY LATEST REAL ESTATE STATISTICS
Best Hollywood Homes Team in assoc. with CLAW released another complimentary feature for our clients, associates & friends.

New Cellular Phone Laws that Go Into Effect July 1, 2008

Two new laws dealing with the use of wireless telephones while driving go into effect July 1, 2008. Below is a video concerning these new laws. Or if you prefer to read it please click on the title of this blog post.

Cellular Phone Laws Video made by DMV:

• View Video with Open Captions
• View Video
  

Reverse Mortgages (for seniors)

Per request of several seniors asking about this kind of loans I am posting this info that could give a better picture to anyone interested in this special type of loan that is used to convert the equity in a home into cash. The money obtained through a reverse mortgage is usually used to provide seniors with financial security in their retirement years.

http://www.dre.ca.gov/pdf_docs/reverse.pdf

The Latest Pending Sales Index and Forecast Release

Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year, according to the latest forecast. Lawrence Yun, NAR chief economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets. The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”

Read the story >

View the forecast>

View Pending Home Sales Index>

SHORT SALE Article & Audio

Weekly Geni.us, audio, Posted by joshfowler - View profile

LISTEN TO INFO ON SHORT SALES

Philip Tesoriero started out in the real estate business in 1989. His main source of business came from rehabbing REO and distressed properties as an investor and contractor. In 2002 Philip decided it was time to open his own Real Estate Brokerage after years of working as an agent specializing in the sale of HUD and REO properties. The company grew quickly and Philip was the owner/manager of 40 plus agents servicing the Long Island New York market. In late 2006 Philip decided to sell his company and open a new firm that specializes in Default Real estate sales.

Listen in as we discuss:
1. What is a short sale
2. What is the benefit of a home owner doing a Short sale
3. What is The Mortgage Forgiveness Debt Relief Act of 2007 and what does it have to do with short sales?
4. What is the key factor to a successful short sale?
5. How does a bankruptcy affect the short sale process?
6. What is the sellers motivation to complete a short sale?

To contact Phil email him gelip@optonline.net See article »

Gas Savings

We are also paying higher, up to $3.50 per gallon. But my line of work is in petroleum for about 31 years now, so here are some tricks to get more of your money's worth for every gallon..

Here at the Kinder Morgan Pipeline where I work in San Jose, CA we deliver about 4 million gallons in a 24-hour period thru the pipeline. One day is diesel the next day is jet fuel, and gasoline, regular and premium grades. We have 34-storage tanks here with a total capacity of 16,800,000 gallons.

Only buy or fill up your car or truck in the early morning when the ground temperature is still cold. Remember that all service stations have their storage tanks buried below ground. The colder the ground the more dense the gasoline, when it gets warmer gasoline expands, so buying in the afternoon or in the evening....your gallon is not exactly a gallon. In the petroleum business, the specific gravity and the temperature of the gasoline, diesel and jet fuel, ethanol and other petroleum products plays an important role. A 1-degree rise in temperature is a big deal for this business. But the service stations do not have temperature compensation at the pumps.

When you're filling up do not squeeze the trigger of the nozzle to a fast mode. If you look you will see that the trigger has three (3) stages: low, middle, and high. In slow mode you should be pumping on low speed, thereby minimizing the vapors that are created while you are pumping. All hoses at the pump have a vapor return. If you are pumping on the fast rate, some other liquid that goes to your tank becomes vapor. Those vapors are being sucked up and back into the underground storage tank so you're getting less worth for your money.

One of the most important tips is to fill up when your gas tank is HALF FULL or HALF EMPTY. The reason for this is, the more gas you have in your tank the less air occupying its empty space. Gasoline evaporates faster than you can imagine. Gasoline storage tanks have an internal floating roof. This roof serves as zero clearance between the gas and the atmosphere, so it minimizes the evaporation. Unlike service stations, here where I work, every truck that we load is temperature compensated so that every gallon is actually the exact amount.

Another reminder, if there is a gasoline truck pumping into the storage tanks when you stop to buy gas, DO NOT fill up - most likely the gasoline is being stirred up as the gas is being delivered, and you might pick up some f the dirt that normally settles on the bottom. Hope this will help you get the most value for your money.

DO SHARE THESE TIPS WITH OTHERS!


WHERE TO BUY USA GAS, THIS IS VERY IMPORTANT TO KNOW. READ ON
Gas rationing in the 80's worked even though we grumbled about it. It might even be good for us! The Saudis are boycotting American goods. We should return the favor. An interesting thought is to boycott their GAS.

Every time you fill up the car, you can avoid putting more money into the coffers of Saudi Arabia. Just buy from gas companies that don't import their oil from the Saudis.

Nothing is more frustrating than the feeling that every time I fill-up the tank, I am sending my money to people who are trying to kill me, my family, and my friends.

I thought it might be interesting for you to know which oil companies are the best to buy gas from and which major companies import Middle Eastern oil.

These companies import Middle Eastern oil:
Shell........................... 205,742,000 barrels
Chevron/Texaco......... 144,332,000 barrels

Exxon /Mobil............... 130,082,000 barrels
Marathon/Speedway... 117,740,000 barrels
Amoco............................62,231,000 barrels

Citgo gas is from South America, from a Dictator who hates Americans. If you do the math at $30/barrel, these imports amount to over $18 BILLION! (oil is now $90 - $100 a barrel)

Here are some large companies that do not import Middle Eastern oil:
Sunoco..................0 barrels
Conoco..................0 barrels
Sinclair.................0 barrels
B P/Phillips............0 barrels
Hess.......................0 barrels
ARC0....................0 barrels

If you go to Sunoco.com, you will get a list of the station locations near you.

All of this information is available from the Department of Energy and each is required to state where they get their oil and how much they are importing.

But to have an impact, we need to reach literally millions of gas buyers. It's really simple to do. Now, don't wimp out at this point.... All you have to do is send this to 10 people. How long would all that take?

Firms Adopt New Appraisal Rules

Mortgage giants Fannie Mae and Freddie Mac agreed Monday to take steps to combat inflated home appraisals, but critics doubted the changes would do much good.

In an agreement with New York Atty. Gen. Andrew Cuomo, the companies said they would purchase home loans only from lenders that follow new rules spelling out how home appraisals can be conducted. The goal is to force lenders to get appraisals from independent experts who give objective and accurate valuations.

Though appraisers are supposed to be unbiased, critics say they are pressured to give inflated valuations by mortgage brokers and lenders who collect fees based on the dollar value of loans they make. Routine overstatement of home values contributed to the run-up in prices during this decade's nationwide housing bubble, the critics say. "Today's agreement with Fannie Mae and Freddie Mac begins to set right what had gone so horribly wrong in the mortgage industry -- rampant appraisal fraud," Cuomo said. "The integrity of our mortgage system depends on independent appraisals." Some appraisers, however, said the agreement, which takes effect at the start of next year, was unlikely to solve the problem.

Banks will continue to put unspoken pressure on appraisers to value homes at desired levels, said Bill King, owner of ValueOne Appraisal in Federal Way, Wash. "It's going to be a long time before the fundamental way business gets done gets changed," King said.

And many appraisers still will do as banks and brokers ask because they want to keep getting hired, said Steve Smith, an appraiser in San Bernardino who has been critical of the industry. "There are more ethical appraisers who have been put out of business than there are appraisers who remain in business," Smith said. The American Society of Appraisers praised the accord but said the ban on all in-house appraisals could penalize honest appraisers who work for banks.
Fannie Mae and Freddie Mac are government-chartered companies that buy mortgages from lenders, freeing the banks to make many more loans than if they kept the debt on their books. Under the accord, Fannie Mae and Freddie Mac agreed not to purchase loans from banks that use their own employees or affiliated companies to conduct appraisals. Mortgage brokers also would be barred from selecting appraisers. Fannie Mae and Freddie Mac also agreed to pay $24 million to fund an oversight board to monitor compliance with the agreement. The new body would operate a hotline for homeowners and appraisers to lodge allegations of wrongdoin g. Cuomo subpoenaed the two housing-finance companies in November as part of a year-long investigation of mortgage fraud.

In November, Cuomo filed a civil suit accusing a home-appraisal unit of Santa Ana-based First American Corp. of inflating the value of homes, thereby encouraging consumers to pay too much for them or to borrow against equity they didn't have. First American overstated home values at the behest of home lender Washington Mutual Inc., according to the suit, which is still pending. First American and Washington Mutual have denied wrongdoing. Shares of Fannie Mae and Freddie Mac slumped Monday, as did the stocks of most mortgage lenders. Fannie Mae fell $1.21, or 4.4%, to $26.44. Freddie Mac was down $1.46, or 5.8%, to $23.72.

source: http://www.accountability-central.com/single-view-default/single-view-lexis-nexis/browse/4/article/firms-adopt-new-appraisal-rules-fannie-mae-and-freddie-mac-agree-to-help-deter-inflated-home-valuat/?tx_ttnews%5BbackPid%5D=1&cHash=1d8de8e7f0

Forecast Positve For Second Half of 2008

WASHINGTON, D.C. - The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits. “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said. “Therefore, a notable rise in home sales can be anticipated in the second hal f of the year."

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, held at a stable level of 85.9, unchanged from December, but was 19.6 percent below the January 2007 reading of 106.8. “This additional sign of a stabilizing market is encouraging, and our members are telling us there’s been a pickup in shopping activity.” Yun said. “Our hope is that the increased traffic of buyers looking at homes will translate soon into more contract offers.” The PHSI in the West jumped 13.0 percent in January to 93.8 but remains 12.7 percent below a year ago. In the Midwest, the index rose 0.6 percent to 85.2 but is 13.3 percent lower than January 2007. The index in the Northeast declined 4.1 percent in January to 69.6 and is 28.0 percent below a year ago. In the South, the index fell 6.1 percent in January to 89.5 and is 23.8 percent below January 2 007.

Existing-home sales are forecast to remain flat around an annual level of 4.9 million in the first half of the year before improving to a 5.8-million pace in the second half. With a weak first half, total sales for 2008 are projected at 5.38 million, but are then seen to rise 3.5 percent to 5.60 million in 2009. The aggregate existing-home price is projected to decline 1.2 percent to a median of $216,300 this year, and then increase 3.5 percent to $223,800 in 2009. A pattern of disparate price performance continues around the country with a roughly even split between up and down markets. Recently released data for the fourth quarter shows strong price gains in markets such as the Kennewick-Richland-Pasco area of Washington; Topeka, Kan.; and Atlantic City, N.J. At the same time, many areas that have lost jobs are showing price declines.

“Significant price declines in some local markets have sharply and quickly improved local affordability conditions, and are inducing buyers to return to the marketplace,” Yun said. NAR’s housing affordability index is forecast to rise 14 percentage points to 127.0 in 2008. New-home sales should decline 23.7 percent to 590,000 this year before rising 7.2 percent to 633,000 in 2009. Housing starts, including multifamily units, will probably fall 25.1 percent to 1.01 million this year, and then continue to slip another 2.7 percent to 987,000 in 2009. “As builders sharply cut back production, vacant new-home inventory has consistently declined over the past year-and-a-half,” Yun said. “That will permit a quicker return to balanced market conditions in many local areas.” The median new-home price is likely to fall 6.1 perce nt to $232,200 this year, and then rise 5.1 percent in 2009. The 30-year fixed-rate mortgage, which has moved erratically in recent weeks, is expected to hover around 5.8 percent most of the year, and then rise to an average of 6.3 percent in 2009.

Growth in the U.S. gross domestic product (GDP) should be 1.5 percent this year and 2.4 percent in 2009. The unemployment rate is projected to average 5.4 percent in 2008 and 5.5 percent next year. Inflation, as measured by the Consumer Price Index, will probably be 3.2 percent this year and 1.5 percent in 2009. Inflation-adjusted disposable personal income is expected to grow 1.4 percent in 2008 and 3.1 percent next year.

source: http://nationalrealtynews.com/content/templates/standard.aspx?articleid=842&zoneid=1

CA Homes Sales Decrease Review

LOS ANGELES (Feb. 25) – Home sales decreased 29.8 percent in January in California compared with the same period a year ago, while the median price of an existing home fell 21.9 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.

“This most recent decrease in the median price is yet another result of the liquidity crunch, which has choked off sales in recent months for nearly half of California’s housing market," said C.A.R. President William E. Brown. "Sales do appear to be edging up, but recent declines in the median price have been due to a lack of sales in the over $500,000 range, where funds are extremely scarce and jumbo loan rates are at near-record margins compared to conforming loan rates.”

Closed escrow sales of existing, single-family detached homes in California totaled 313,580 in January at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 29.8 percent from the 446,820 sales pace recorded in January 2007.

U.S. Senator Dianne Feinstein responding to my message regarding home mortgages

Dear Mr. Korosec:

Thank you for contacting me regarding homeownership assistance programs. I appreciate the time you took to write and welcome the opportunity to respond.

The Federal Housing Administration (FHA) plays an important role in insuring home mortgages for those in underserved communities. It is critical that FHA programs be reformed to provide more homebuyers and borrowers looking to refinance with the opportunity to obtain an FHA loan. These opportunities are especially important in states, such as California, where the cost of housing is high. For homebuyers faced with jumbo loans subject to high interest rates, raising the government-sponsored enterprise (GSE) conforming loan limit will bring more liquidity to the market and lower monthly interest rate costs.

On February 13, 2008, the President signed the Economic Stimulus Act of 2008 (H.R. 5140) into law. I strongly supported the provision of this bill which temporarily increases the FHA loan limit and GSE conforming loan limit to 125 percent of an area's median home price, up to a maximum of $729,750. On February 5th, the U.S. Department of Housing and Urban Development published these revised limits for California. Please know that I will carefully monitor the FHA, Freddie Mac, and Fannie Mae as they implement these new loan limits. You may review the newly published FHA loan limits at http://www.HUD.gov. The GSE loan limits can be viewed at http://www.ofheo.gov.
You may be interested to know that conference negotiations to resolve the differences between the House-passed version of the FHA reform bill (H.R. 1852) and the Senate-passed version (S. 2338) are ongoing. These two bills would permanently increase the FHA loan limit, lower down payments, and increase the availability of FHA's reverse mortgage program, among other reforms. I understand that this issue is of major importance to Californians facing high home prices and the threat of losing their home to foreclosure. Please know that I will continue to do everything I can to help on this critical issue.

Once again, thank you for writing. I hope you will continue to keep me informed on issues of importance to you. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.

Sincerely yours,
Dianne Feinstein United States Senator

Further information about my position on issues of concern to California and the Nation are available at my website http://feinstein.senate.gov/public/. You can also receive electronic e-mail updates by subscribing to my e-mail list at http://feinstein.senate.gov/public/index.cfm?FuseAction=ENewsletterSignup.Signup.