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Broker Banker Blog

Broker Banker Blog
Updating you on the latest news in the Real Estate, Mortgage, and Financial Markets. We are a group of dedicated real estate brokers, mortgage brokers, stock brokers, and bankers giving you the latest news on what is going on in the financial and hou

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Dallas named third in U.S. for real estate investing
2007-12-16 02:37:00
HomeVestors of America Inc., a home buyer and proprietor of the "We Buy Ugly Houses" advertising campaign, has named Dallas the third best market in the United States for real estate investors. "It was an ugly year for residential real estate, creating record-setting demand for" home investors, said John Hayes, president and CEO of HomeVestors of America Inc., in a news release. "We generated more than 200,000 opportunities for our franchisees to buy houses in 2007, and we expect even more opportunities next year. Despite changes in the market, real estate investing continues to grow." Other Texas cities that made the list include Houston at No. 1, Fort Worth at No. 6, and San Antonio at No. 7. Hayden Gerson is the Branch Manager of LA Rental Search located in Sherman Oaks. He specializes in home leasing and sales. He can be contacted via e-mail or by telephone (323) 333-5004. His website is full of wonderful information Los Angeles Rentals
More About: Estate , Real Estate , Real Estate Investing , Investing

Buying in a Buyers Market
2007-11-28 20:38:00
Buying in a Buyers Market ... How to Buy The Home You Really Want. I can hear you now.. "It's a buyers market and I'm a buyer.... what's so difficult"?.... It may surprise you but buying in this market may be a little tougher then you think . A Buyers market can be a harder market to maneuver in then a Sellers Market. I know this sounds crazy but it's true.In a Sellers real estate market everyone knows where the market and prices are going... upward. You know you need to make a quick decision on a home you want. You know there will be a lot of competition. You know there will not be much inventory in any price range. The key is to try and outbid the other offers yet not go too crazy. It's all very nerve racking but everyone knows the rules of the game.In a Buyers real estate market it isn't quite so easy. For one thing the rules are not always clear. Advice on buying a home is everywhere...no one should buy a house for at least 5 years anywhere.....the market is crash...
More About: Buying

Selling in a Buyer's Market
2007-11-14 17:03:00
Unless you have been living in a cave in Sibera you know that the market has turned from the hottest Sellers real estate market in history to a very slow Buyers market. Aside from the fact that it was time for a market correction the subprime loan crisis and subsequent credit crunch have punched up the number of foreclosures to record numbers in most areas and created a fear of buying even in fairly stable markets. As expected more foreclosures are showing up in North Redondo and we can expect to see an increase in Manhattan Beach, Hermosa Beach, South Redondo and El Segundo in the next few months. The question has never been whether we would have short sales and foreclosures but rather the number we will see in each city compared to other parts of LA County and California. So far we are still doing better then most areas but it doesn't mean sellers can ignore the facts. Walking along The Strand in Manhattan and Hermosa one would think that the market is booming.. it seems as if ...
More About: Selling , Market

Selling in a Buyer's Market
2007-11-14 17:03:00
Unless you have been living in a cave in Sibera you know that the market has turned from the hottest Sellers real estate market in history to a very slow Buyer s market. Aside from the fact that it was time for a market correction the subprime loan crisis and subsequent credit crunch have punched up the number of foreclosures to record numbers in most areas and created a fear of buying even in fairly stable markets. As expected more foreclosures are showing up in North Redondo and we can expect to see an increase in Manhattan Beach, Hermosa Beach, South Redondo and El Segundo in the next few months. The question has never been whether we would have short sales and foreclosures but rather the number we will see in each city compared to other parts of LA County and California. So far we are still doing better then most areas but it doesn't mean sellers can ignore the facts. Walking along The Strand in Manhattan and Hermosa one would think that the market is booming.. it seems as if ...
More About: Selling , Market

Appealing Your Property Tax Bill
2007-11-05 00:29:00
With the recent decline in Los Angeles area property values, one of the most commonly-asked questions is, "Why do I have to pay such high property taxes when my home is worth less than the assessed value?" The answer is, "You Don't!" California's Proposition 8 created a provision for a temporary decline in value for property tax purposes. Each county within California may have slightly different procedures for requesting a property tax adjustment for a property that has declined in value, but in the end they all follow the same basic rules. Before you file an appeal, be sure to call your County Assessor's office to make sure that there isn't an error that can be easily corrected. If not, then your next step is to file a Decline in Value Reassessment Application. Once your application is received, it will be reviewed by the Assessor's Office. If they agree with you, then you'll get the asked-for reduction on your property tax bill. If they don't agree w...
More About: Property , Bill

Appealing Your Property Tax Bill
2007-11-05 00:29:00
With the recent decline in Los Angeles area property values, one of the most commonly-asked questions is, "Why do I have to pay such high property taxes when my home is worth less than the assessed value?" The answer is, "You Don't!" California's Prop osition 8 created a provision for a temporary decline in value for property tax purposes. Each county within California may have slightly different procedures for requesting a property tax adjustment for a property that has declined in value, but in the end they all follow the same basic rules. Before you file an appeal, be sure to call your County Assessor's office to make sure that there isn't an error that can be easily corrected. If not, then your next step is to file a Decline in Value Reassessment Application. Once your application is received, it will be reviewed by the Assessor's Office. If they agree with you, then you'll get the asked-for reduction on your property tax bill. If they don't agree with you, then you'l...
More About: Property , Bill , Appeal , Pert

Mortgage Acceleration Software is a Waste of Money: The Truth about the &qu
2007-10-23 08:24:00
Question: Should I buy mortgage acceleration software? I was told that I could save hundreds of thousands of dollars in interest? I was told for only $3500 I could get this software and be debt free in less then 5 years. Should I invest in it? Answer: Save your money, what you are really buying is access to a website for $3500 which is money you could put towards your principle. The "financial" company that is selling this software is a Multi Level Marketing (MLM) company and is selling a login to a website (not really software) where you can access a spreadsheet that should be sold for no more then $200. If multiple people are getting a commission on your spreadsheet, then it needs to be overpriced. This spreadsheet is also very confusing and time consuming. If you want to accelerate your mortgage payment, then get a specialized mortgage just for this, the two banks in the USA that offer this are CMG Bank and Macquarie. Both banks offer the true "australian model" and Macquarie...
More About: Software , Truth , Money , Mortgage , Waste

Mortgage Acceleration Software is a Waste of Money: The Truth about the "Au
2007-10-23 08:24:00
Question: Should I buy mortgage acceleration software? I was told that I could save hundreds of thousands of dollars in interest? I was told for only $3500 I could get this software and be debt free in less then 5 years. Should I invest in it? Answer: Save your money, what you are really buying is access to a website for $3500 which is money you could put towards your principle. The "financial" company that is selling this software is a Multi Level Marketing (MLM) company and is selling a login to a website (not really software) where you can access a spreadsheet that should be sold for no more then $200. If multiple people are getting a commission on your spreadsheet, then it needs to be overpriced. This spreadsheet is also very confusing and time consuming. If you want to accelerate your mortgage payment, then get a specialized mortgage just for this, the two banks in the USA that offer this are CMG Bank and Macquarie. Both banks offer the true "australian model" and Macquarie...
More About: Software , Truth , Money , Mortgage , Waste

Home went down in value? The bank's problem, not mine
2007-10-21 20:00:00
See below for a sample e-mail I receive: Dear Hayden, I bought a home a last year and right now I owe $20,000 more then it is worth. I don't like the feeling of being of having this huge debt over my shoulders. Although I can afford the payments, I could now rent a similar house for $500 per month less then I am paying on my mortgage. Since the lenders are receiving a lot of foreclosures and short sale requests right now, do you think I would qualify as well? It would save me a lot of money. Do you think it would hurt my credit really bad? Answer: Dear Un-Proud Home owner, I would advise you take a look at your loan documents you signed recently. Although you might believe that you bought your house strictly for an investment, the documents you signed said otherwise. Are you telling me that you bought your house with a condition that you are only willing to make payments if your house is appreciating? I would call your lender up and tell them the truth, and listen to what the...
More About: Problem , Mine , Went

Two-Year treasury bonds rise the most in 6 years = Speculation of lowered i
2007-10-21 09:02:00
Treasury two-year notes rose the most since the Sept. 11 terrorist attacks as credit-market losses increased speculation the Federal Reserve will lower interest rates this month. Futures traded on the Chicago Board of Trade yesterday suggested a 92 percent chance the Fed will reduce the target rate for overnight lending between banks a quarter percentage point to 4.5 percent on Oct. 31, compared with 32 percent odds a week earlier. Bank of America Corp., the second-largest U.S. bank, said Oct. 18 that earnings fell 32 percent, while Citigroup Inc., the biggest, on Oct. 15 reported a 57 percent decline in profit. Wachovia Corp. yesterday said net income fell 10 percent after write-downs for mortgage-backed securities and loans for leveraged buyouts. Anytime futures are suggesting a 92% chance that the fed will reduce rates, then it is a good call to assume that they are correct. As the amount of default on adjustable rate mortgages are increasing due to increased rates, one of the...
More About: Bonds , Years , Rise , Year , Treasury

What Lenders are Looking For
2007-10-21 02:48:00
The lender considers your creditworthiness when deciding whether to extend a loan and how much of an interest rate you will pay. Your creditworthiness comes down to three simple things: your credit history, your income and the loan-to-value ratio. Credit history and credit score: The three credit bureaus collect data about the amount of debt you have and whether you pay your bills on time. This is put together and compiled as your credit report. This data is converted into a score between 3---850. The higher the number is the better score. That number is your credit score. This is also called your FICO score. Income and DTI: Lenders want to know how much you you earn and how long you've been working at your job, as well as how long you have been working in your specific field. They will look at your total debt-to-income ratio (DTI) which is how much of your monthly income goes toward paying the mortgage, credit card bills, car payment and other bills, including the payments on t...

California Foreclosure Assistance: WE CAN GET YOU OUT OF FORECLOSURE
2007-10-20 10:21:00
Many homeowners are facing a very difficult struggle, their home is at risk of being foreclosed on and it seems like there are no more options. Oftentimes people end up getting foreclosed on and losing all of their hard earned equity. We here at America One Mortgage group understand your situation and because of it we have developed a special program. The Home Saver Program does the following: * Allows you to stop the foreclosure process. * Allows you to pull cash out of your property. * Allows the title to remain in your name. * Has no minimum FICO score. * The equity in your home remains yours. * Payment rates as low as 4.99%.* * Allows for Stated Income. * No Upfront Fees* We here at America One Mortgage want you to keep your house and help you to STOP THE FORECLOSURE. We all know that California Foreclosure s are coming up all over the place and very few lenders are willing to help you out of your situation. California Foreclosures no longer force you to lose sleep as all ...

California Foreclosure Assistance: WE CAN GET YOU OUT OF FORECLOSURE
2007-10-20 10:21:00
Many homeowners are facing a very difficult struggle, their home is at risk of being foreclosed on and it seems like there are no more options. Oftentimes people end up getting foreclosed on and losing all of their hard earned equity. We here at America One Mortgage group understand your situation and because of it we have developed a special program. The Home Saver Program does the following: * Allows you to stop the foreclosure process. * Allows you to pull cash out of your property. * Allows the title to remain in your name. * Has no minimum FICO score. * The equity in your home remains yours. * Payment rates as low as 4.99%.* * Allows for Stated Income. * No Upfront Fees* We here at America One Mortgage want you to keep your house and help you to STOP THE FORECLOSURE. We all know that Calif ornia Foreclosure s are coming up all over the place and very few lenders are willing to help you out of your situation. California Foreclosures no longer force you to lose sleep as all ...

Commercial Financing in Los Angeles
2007-10-19 08:29:00
We have recently started a business relationship with a bank that will allow up to 90% CLTV financing on Commercial Mortgages as well as stated income, stated assets. From a small business looking to expand, to a first time investor looking for a small apartment or mixed use property, we have the loan for you. I have a degree in commercial finance and know exactly what it takes to get your Los Angeles commercial mortgage closed. The possibilities are nearly endless for anyone looking for commercial financing in Los Angeles or anywhere in California. We also finance Los Angeles and California SBA loans, as well as commercial financing up to 50 million dollars. We also are partners with the most experienced commercial real estate Broker in Los Angeles. We offer free consultations and will see if we can help you will your Los Angeles commercial financing. Hayden Gerson is the Branch Manager of America One Mortgage Group located in Sherman Oaks. His focus is on mortgage planning an...
More About: Financing

Courts,Bankrupcies and Confusion
2007-10-19 08:22:00
There is a provision that Bankruptcy Courts do not have the authority to change loan terms of first mortgages that are brought into bankruptcy proceedings. To the rescue comes our Congress with a proposed gift that will keep on giving. A bill have been brought forth in the House of Representatives by Co-sponsors Barney Frank-D Mass, Brad Miller-D North Carolina and Linda Sanchez-D California that will remove a provision that prohibits a Bankruptcy Court from modifying terms of a first mortgage. For many borrows caught in the sub-prime morass, their loans are facing rate adjustment and with many are also likely facing foreclosure or bankruptcy. Barney Frank , who chairs the House Financial Committee, supports the authority of the courts to intercede and make these loan modifications for those facing a potential bankruptcy. The loan modification provisions promised by the lenders and servicing companies provide that the loan terms were to be made more favorable to the...
More About: Confusion

Tesco: The British are Coming!
2007-10-19 02:55:00
Below is an article I wrote for the Motley Fool on August 3, 2007. Tesco : The British Are Coming! By Holmes Osborne, CFA August 3, 2007 Bangers and mash, anyone? British supermarket behemoth Tesco is making its foray into the U.S. this fall, with a grand opening in Los Angeles and other western cities. Under the banner Fresh & Easy, the 10,000-square-foot stores will cater to health-conscious shoppers, people on the go, and a variety of budgets. Investors may want to take a closer look. Downtown Los Angeles -- once known for its poverty, but now booming with the development of lofts -- will host one of the first stores. The nearest competing supermarket will be several miles away. While most markets carry up to 10,000 items, Fresh & Easy will offer only about 3,000. Its focus will be on healthy foods and prepared meals for busy people. How healthy? According to a Barron's article, the stores won't even carry cigarett...

Los Angeles Area Foreclosures
2007-10-18 04:08:00
Foreclosures are a hot topic lately, but most of the news shows either national or statewide foreclosure statistics. Since real estate is somewhat local, it's more meaningful to see what's going on in your own back yard. For the Los Angeles area, the foreclosure hot spots are the Palmdale and Lancaster area, Sylmar, Long Beach, Pacoima, Norwalk, Granada Hills, Reseda, Hacienda Heights, Pomona, Westmont, Woodland Hills, Panorama City, and portions of the City of Los Angeles. The Palmdale / Lancaster leads the field in foreclosures, with 186 homes sold at auction for zip code 93550 alone during the 3rd quarter of 2007. For details on the "Top 20" zip codes for Trustee Sales for the 3rd quarter of 2007, click here. Linda Slocum is a Certified Residential Specialist at RE/MAX of Santa Clarita in Valencia, representing buyers and sellers in the Santa Clarita area. For more information on the Santa Clarita area, including real estate updates and neighborhood home searches, visit her...
More About: Foreclosures , Area

Bernananke Talks, Markets Drop!
2007-10-17 06:29:00
U.S. stocks dropped for a second day after Wells Fargo & Co. and KeyCorp reported earnings that fell short of analysts' estimates and Federal Reserve Chairman Ben Bernanke said the housing slump may drag on through next year. Wells Fargo, the biggest lender on the U.S. West Coast, and KeyCorp, Ohio's third-largest bank, both retreated the most in two months. D.R. Horton Inc. helped drag down homebuilders for a third day after saying orders plunged to the lowest in almost six years last quarter. Bernanke said in a speech last night in New York that "it's too early to gauge how much the housing recession will affect spending by consumers and businesses." Wells Fargo lost $1.40, or 3.9 percent, to $34.55. Per-share profit rose to 68 cents from 64 cents. The bank reported net credit losses of $892 million, up 35 percent from a year earlier. About half of the increase stemmed from home equity loans, where lower home prices caused steeper-than-expected losses, the company said...
More About: Markets , Nana , Drop

Walking Away from a Mortgage: Is it a Good Idea?
2007-10-17 06:07:00
With foreclosures and short sales on the rise, it's clear that many homeowners are opting to walk away from their homes (and mortgages) instead of negotiating work-outs with their lenders. What many of these people are not considering is the potential income tax bite that they may face as the IRS attempts to take its cut of the "forgiveness of debt", or the difference between the fair market value of the home and what was owed on the home at the time of the sale. For those who have not refinanced and are still in their intial mortgage(s), there may be some relief in sight with H.R. 3648, or the "Mortgage Forgiveness Debt Relief Act of 2007". H.R. 3648 attempts to give some relief to those who purchased their homes with "toxic" mortgages, or those that had a low initial intro rate that later escalated to the point where the homeowners could no longer afford the payments. What is currently excluded from the H.R. 3648 wording is debt acquired after the initial purchase of the home, a...
More About: Walking , Idea , Good , T A G

Quick Tips to Improve your Credit
2007-10-17 05:49:00
1. Accuracy = The first step is to make sure that the information on your report is accurate. Often times you will find accounts that do not belong to you on your report, or accounts that are not reporting the correct data. Although it is extremely difficult to fix inaccuracies there are some companies out there that can get this fixed for you for a nominal charge. If you would like to get your credit repaired by a reputable credit repair company, click here Credit Repair. 2. Pay Down Credit Cards: Never have your credit cards above 40% of their limit, doing so can drop your score tremendously. If you have one card almost maxed out, and lots of room on another card, consider a balance transfer. Keep your outstanding revolving debt low as it accounts for 30% of your credit score. Your outstanding debt and payment history account for 65% of your credit score. 3. Pay your bills ON TIME: Since paying your bills on time is the largest factor in determining your credit score (35%) you...
More About: Tips , Quick , Improve , Improv

Mortgage Market Update 10/16/2007
2007-10-17 03:27:00
Bond prices are catching a modest bid this morning in reaction to a speech last night by Fed Chairman Ben Bernanke, where he said a recovery from the recent credit crunch could take longer than expected to resolve. Regarding inflation, Mr. Bernanke said that core inflation has improved, but overall inflation risks remain. Especially with the enormous spike in oil prices, which is trading at all time highs. Mr. Bernanke's warning that the damage from the credit crunch may take longer to resolve could be a drag on the economy... and that's bad for Stocks. Net Foreign Purchases, a gauge for the level of foreign buying of our bonds, showed foreigners unloaded an enormous $69 Billion in US debt securities in August. This was a bad number for Bonds as it suggests that foreign demand for our Bonds could be waning. And this could have a negative effect on long-term interest rates because the high level of foreign buying seen in recent years has play...
More About: Market , Mortgage , Update , Mort

Sherman Oaks Mortgage
2007-10-17 01:02:00
Sherman Oaks is an 8.1-square-mile district in the San Fernando Valley region of the City of Los Angeles, California. The neighborhood is roughly bounded by Studio City to the east, Van Nuys to the north, Encino to the west and the Santa Monica Mountains to the south. Sherman Oaks is an affluent neighborhood, with several high-end fashion boutiques, and features many upscale houses and restaurants. One of the city's main claims to fame is the presence of the Sherman Oaks Galleria, a shopping mall identified as a meet-up place for the Valley girls, a 1980s cultural label which became widely known because of the 1983 movie Valley Girl and a song of the same name by Frank Zappa. In addition, a portion of the 1982 movie Fast Times at Ridgemont High was filmed there. Since Sherman Oaks property have many different backgrounds but have one imporant thing in common, they are living in expensive houses. A Sherman Oaks mortgage professional needs to be familiar with the challenges involv...
More About: Mortgage , Sherman Oaks , Mort

What Are Points and When Should You Pay Them?
2007-10-16 21:36:00
Points are up-front fees paid by the borrower to obtain a better interest rate on a loan. One point equals one percent of the loan amount. And while a lower interest rate may result in a lower monthly payment, it is important to consider how long you intend to be in the loan and to compare current interest rates to historical market trends. This will help you to determine whether paying points is a worthwhile investment. Let's look at a sample scenario. If you take out a $300,000 mortgage and decide to pay one point in order to lower your interest rate, this would translate into an up-front cost of $3,000. To keep things simple, we'll assume that paying this one point will save you $50 a month. This means it will take you 60 months to recoup the cost of that point. If you decide to refinance or sell the home before the 60-month mark, your money is lost – not to mention the opportunity cost of not having this money invested elsewhere. In this scenario, you would only benefit fi...
More About: Points

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