Real Estate Information

The number of people signing deals to buy homes dropped across the state last month — just the latest in a long list of indicators showing a housing market relapse.

The California Association of Realtors’ pending home sales index shows that the number of new deals going into escrow decreased 11% from March and was down 19.2% from April of last year.

After a furious rebound last year – juiced by state and federal tax incentives – market strength sagged this year just as the spring homebuying season began. Other recent indicators of market weakness include …

• Aliso Viejo broker Steve Thomas reported that pending deals in Orange County in April were down 5% from March and were down 15.6% from a year ago.
• The National Association of Realtors reported Thursday that completed existing-home sales dropped 0.8% last month from March levels and were 12.9% below the April 2010 sales pace.
• DataQuick Information Systems reported last week that Orange County closed home sales fell 5% from March and were down 6.9% from year-ago levels. In Southern California as a whole, home sales fell to a three-year low for an April. The region’s sales fell 5.5% from March and were down 9.2% from a year ago.
• The U.S. Commerce Department reported Tuesday that housing starts dropped 10.6% from March’s starts. Compared to April last year, residential construction was down 23.9 percent, the largest decline since October 2009.

• posted by C.A.R.  Lansner on Real Estate 

THE TRUTH ABOUT THE HOUSING MARKET

JOE MURIN - FORMER PRESIDENT OF GINNIE MAE

http://www.realecontv.com/videos/real-estate/foreclosures-accelerating-.html

The monthly savings of buying looks Enticing...

The monthly housing costs ( principle, interest, taxes and insurance or PITI) associated with buying a median-priced home of $301,430 is $1,590. This assumes the buyer is making a 20% downpayment and financing wiht a 30-year fixed rate mortgage at 4.62 %. In comparison, the median rent on a 3-bedroom, 2 bath apartment with renter's insurance is $1,810. That means buying a home would save the homeowner $220 per month when compared to renting and the homeowner would save ocer $2,600 a year.

The mortgage rate is a significant factor in determining just how much a homebuyer can afford. Today's low mortgage rate environment tips the scale for some- in favor of buying versus renting. For a $400,000 home with a 20% downpayment and a 4% mortgage rate, the monthly PITI will be $1990 and a 5% interest rate the PITI jumps to $2,180... 

When you're thinking of buying... Call us 

The Gold Team   818-515-2006

I am sad to report that LAUSD did not approve Granada Hills Charter High School to run the new school.  

http://tinypic.com/r/2zoxg07/7

The Obama administration rejected calls for a nationwide moratorium on foreclosures because of concerns it could cause Broader harm to housing recovery.

But a Foreclosure freeze is still widening. 

The Federal Housing Administration has begun review of mortgage servicers in its program to ensure they are fully compliant with the law, and lenders are reviewing their foreclosure policies.

GMAC mortgage said tuesday that it has hired legal and accounting firms to conduct independent reviews of foreclosure procedures in every state.

JP Morgan Chase said it's expanding it's review of foreclosure paperwork to include states that don't require court approval to foreclose.

Wells Fargo and Bank of America is suspending foreclosure evictions in all 50 states.

The actions follow revelations that foreclosure documents have been signed by officials who never reviewed or verified the information. Banks say the problems with foreclosure documents are technical, and homeowners in default will still be foreclosed upon.

Lawyers representing Homeowners say filing flawed foreclosure documents with the court is fraud and homeowners who've been foreclosed upon could later assert that they still have property claims on the homes.

Housing and Urban Development Secretary Shaun Donovan said investigations into flawed paperwork were initiated as soon as concerns came into light.

Call for a nationwide moratorium on foreclosures have come from Governors, Secretaries of state and members of congress. Delays in foreclosures will be costly to banks; Freddie Mac could charge servicers for costs and fees related to a delay in foreclosure. Servicers could also lose Freddie's business if they were fradulently carrying out foreclosures. 

Attorney General from about 40 states are expected today to announce a hoint investigation into banks and flawed documents used in the foreclosure process.

Reach Communications / Reuters - Tim Dobbyn

Who gets to run Valley Region High School #4?

Granada Hills Charter High School can with your help!

Did you know that Valley Region High School #4 (VRHS#4), on the site of the former Granada Hills Community Hospital and set to open next August, could be operated by Granada Hills Charter High School (GHCHS) and that the community has a choice?

Did you know that GHCHS, the top comprehensive public high school in Los Angeles and one of the best in the state, has the opportunity to run VRHS #4 (on Balboa Blvd at San Jose Street) as a separate independent charter school?

GHCHS plans to share its best instructional and fiscal practices in a smaller, 1200 student body, grades 9-12 setting.   As a separate charter school managed by GHCHS, VRHS#4 will

• hire its own high quality staff in a competitive setting;
• be governed by local parents, community members and employees;
• serve all student populations including students with special needs and English learners; and,
• offer a rigorous, college-prep curriculum along with cutting edge, industry-driven career strands. 

The LAUSD Board of Education will decide in January who gets to operate this school. This is our community’s opportunity to better serve all students, improve local property values, and reform public education in Los Angeles one school at a time. 

Here’s what you can do to support the GHCHS application to run Valley Region High School #4:

• Let everyone know the community has a choice by spreading the word;

• Visit the GHCHS website (http://www.ghchs.com)  to sign the petition, give us your contact information, take the community input survey, and support our Facebook page 

• Contact the LAUSD Superintendent, at (213) 241-7000 or ramon.cortines@lausd.net, LAUSD Board Member at (213) 241-6386 or tamar.galatzan@lausd.net, and the rest of the LAUSD Board of Education

Do your part! Get involved in improving the future of our community by supporting GHCHS. 

Special Olympics

Special Olympics is looking for coaches for the following fall/ winter sports: bowling, soccer, softball and Tennis.

The sport season runs August thru December. Special Olympics Tri-valley is a non-profit organization which provides sports and training programs for those with intellectual disabilities at no cost to the athlete or their families.

If you are interested in becoming a coach, volunteer or making a tax deductible donation - Please e-mail trivalley@sosc.org  or

call the office at 818-342-0017

Los Angeles had a new proposal to punish the state of Arizona for it's immigration law. The city Council voted to file a friend of the court brief in a lawsuit that seeks to overturn Arizona's immigration law, SB 1070. It passed 8-2.

For the record Greig Smith voted against the bill stating....

"I continue to oppose the City of Los Angeles Expending time and resources on a law passed in another State, especially at a time when we must focus our efforts on the City's fiscal crisis."

I have a very difficult time myself trying to understand why this would even be an issue in Los Angeles - when we are in financial turmoil and really should be focusing on our own issues.  

Teri Goldbaum