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NEW LISTINGS
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NEW LEASE
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GREETINGS FROM SALLY
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April 21, 2009
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As we head into Spring, the number of showings and inquiries on my listings
has greatly increased which is a good indicator that the market has picked up
here in Los Angeles. Our sales volume has increased as well. Buyers
are gaining interest in the market given that they have more negotiating power and interest rates are still low.
In the meantime, properly pricing a property is crucial in today's market. A
property can be heavily advertised, but if it's overpriced, the likelihood of it
selling is slight. It's all about price right now for a buyer.
I've worked successfully in every market for over 30 years and
I'd be more than happy to help you with any of you're real estate needs. Together we can make your home buying and selling experience a pleasant one. Sincerely,  |
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THE RETURN OF JUMBO MORTGAGE
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Wall Street Journal
Jumbo mortgages became more expensive and harder to come by as the
nation's credit crisis deepened. That might be starting to change.
"Jumbo" refers to mortgages that are too large to be bought by
Freddie Mac or Fannie Mae. The "conforming loan limit" for those
government-backed entities is $417,000 in many parts of the country,
but goes up to $729,750 in high-cost areas of the continental United
States.
Bank of America recently began trumpeting its jumbo program,
offering 30-year fixed-rate jumbo mortgages with rates in the high-5%
range. "We decided it was time to really go after that market," says
Vijay Lala, a product management executive for the bank.
More lenders may soon join in, says Guy Cecala, publisher of Inside Mortgage Finance.
He says Bank of America appears to have lower jumbo rates than its
giant banking competitors Wells Fargo, J.P. Morgan Chase and Citibank.
"I suspect the others will slowly follow suit," Mr. Cecala says...
Read Full Article
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MAKING HOME AFFORDABLE PROGRAM MAY ENABLE MILLIONS TO REFINANCE MORTGAGES
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Los Angeles Times
Borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie
Mac could be able to get quick refinances for up to 105% of a home's
value.
So you want to refinance your house, but it's not worth enough for you
to get a good loan in the current market? A new Obama administration
program is designed to fix that problem for millions of homeowners.
Here's how it works. In the past, the federal Fannie Mae and Freddie
Mac mortgage programs would only handle loans of up to 80% of your
home's value, unless you bought mortgage insurance. And if you owed
more than your home was worth, you were flat out of luck.
As of this month, that has changed. Through June 2010, borrowers whose
loans are owned or guaranteed by Fannie or Freddie may be able to get
quick refinances for up to 105% of a home's value. They must be current
on their mortgage payments, but administration officials estimate that
as many as 5 million homeowners qualify. And refis are available for
borrowers with credit scores as low as 620.
"This is going to create a real opportunity for millions of people to
save money on their mortgages -- or replace an adjustable-rate mortgage
with a fixed rate," Freddie Mac spokesman Brad German said...
Read Full Article
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CALIFORNIA HOUSING MAY HAVE A NEW FOUNDATION
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Los Angeles Times
Despite
the shaky economy, resales have been booming. That may be a sign that
basic economics is working to stabilize the market.
Other than perhaps McDonald's hamburgers, what is selling better today than it did a year ago? Resale homes in California.
Sales in the last six months have gone up 89% compared with sales for
the same period a year ago, according to the California Assn. of
Realtors. Despite a worsening economy and a media and government
afflicted with a bad-news disorder, something strange is happening in
the California housing market. There is strong evidence that basic
economics is addressing the housing meltdown in a direct manner, which
might set the stage for stability and give a hint as to what policies
work best...
Read Full Article |
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IN ESCROW
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101 Ocean Ave #A200
Santa Monica
$5,250,000
2109 Ridge Dr.
Mountaingate
$1,995,000
2870 Anchor Ave.
Cheviot Hills
$1,850,000
912 S. Odgen Dr.
Miracle Mile
$1,149,000
8564 Rugby Dr.
West Hollywood
$1,099,000
135 Swall Ave., #103
Los Angeles
$989,000
1433 E. Mountain St.
Glendale
$918,000
16612 Honeybee Dr.
Tustin
$902,500
1505 Roscomare Rd.
Bel Air
$899,000
135 Swall Ave., #301
Los Angeles
$879,000
135 Swall Ave., #PH2
Los Angeles
$799,000
135 Swall Ave., #202
Los Angeles
$749,000
135 Swall Ave., #102
Los Angeles
$729,000
4209 Coolridge Ave.
Mar Vista
$698,000
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