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NEW LISTINGS AND LEASES
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$3,495,000 5195 Parkway Calabasas, Calabasas Fabulous custom built English Tudor Estate in private Hidden Hills West! |
$2,175,000
1272 Shadybrook Dr.,
BHPO
Wonderfully spacious, 3BD + 2BA home in a fantastic location just outside of Beverly Hills! |
$1,995,000 9322 Hazen Dr., BHPO Build your dream home on 2.37 acres of prime land in the Beverly Hills Post Office. |
$1,975,000 9915 Anthony Pl., BHPO Beautiful 3BD + 2.5BA home tucked away in the hills off of Benedict Canyon! |
$579,000 415 Montana Ave. #303, Santa Monica Top floor, 2BD + 2BA condo in A+ location just 4 blocks to the beach! |
$5,200/month 524 N Bonhill Rd., Brentwood Lovely 4BD 3BA gated two-story home! |
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IN ESCROW
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3019 Haddington Dr.,
Cheviot Hills
$1,195,000
1687 Marmont Ave.,
Sunset Strip
$975,000
720 Huntley #206,
West Hollywood
$749,000
1710 Granville Ave. #7,
West L.A.
$769,000
720 Martel Ave.,
West Hollywood
$699,000
1135 Shenandoah St. #304,
Beverlywood
$635,000
1888 Greenfield Ave. #207,
Westwood
$519,000
2136 S. Mansfield Ave.,
Mid-Wilshire
$281,000
4348 Ensenada Dr.,
Woodland Hills
$240,000`
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JUST SOLD
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10279 Century Woods Dr.,
Century City
$4,250,000
1152 Wallace Ridge.,
Beverly Hills
$3,400,000
433 Sycamore Rd.,
Santa Monica
$1,995,000
510 Kenter Ave.,
Brentwood
$1,659,000
3215 Barbydell Dr.,
Cheviot Hills
$1,450,000
5454 Genesta Ave.,
Encino
$839,000
2964 Motor Ave.,
Cheviot Hills
$835,000
4502 Gentry Ave.,
Valley Village
$759,000
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COMING SOON
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1400 Vista Moraga,
Bel Air
$14,950,000
2315 Century Hill #218
Century City,
$1,249,000
1254 S. Camden Dr.,
Beverly Hills Adj.
Price upon request
10550 Wilshire Blvd. #305,
Wilshire Corridor
$6,500/month
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GREETINGS FROM SALLY
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APRIL 18, 2011
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April is always one of those exciting transitional months. In recent years, that traditional April mixed bag has also been evident in the real estate climate. Spring is seasonally the most optimistic month for home sales, but for the past few years it has been dampened by historically high levels of foreclosures; however, this year I'm glad to report that there are some bright signs on the immediate horizon.
The California Housing Finance Agency recently announced a change in policy that will allow borrowers who refinanced or took out home equity lines of credit to participate in three of its four unique "Keep Your Home" programs. Homeowners in that category had previously been excluded from $875 million plans, which deliver temporary financial aid to those who have lost income or jobs due to the harsh economic environment. For example, eligible participants can receive as much as $3,000 a month for six months to cover home payments and associated costs. Part of the program also provides up to $15,000 to help distressed borrowers struggling to catch up and become current on delinquent mortgages. "Keep Your Home" also helps out with moving expenses for those who cannot avoid foreclosure.
Meanwhile, lawmakers are also considering enacting new rules that would force banks to allow "short sales" of property in lieu of foreclosure. Under the proposed changes, mortgage service companies would not only have to reduce the amount that some borrowers still owe on their principal balances, but they would also have to allow short sales to proceed.
The U.S. Treasury Department is expected to release funds to the state of California to help fund the $1 billion Emergency Homeowners' Loan Program, which helps unemployed homeowners to continue making their mortgage payments. Eligible homeowners can receive 2-year mortgage loans of up to $50,000 at zero percent interest.
All of these new developments will conspire to help shrink the inventory of unsold homes and send home prices higher. It seems that the climate is warming in the real estate market- I hope everyone is enjoying the spring sunshine!
Sincerely,
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PROPOSED SETTLEMENT WOULD FORCE BANKS TO ALLOW SHORT SALES FOR DELINQUENT HOMEOWNERS
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LA TIMES
Major banks may be forced to let severely delinquent homeowners sell their houses for less than the loan amounts owed as part of a broad settlement of federal and state investigations into botched foreclosure paperwork, according to government officials involved in the negotiations.
The requirement to allow so-called short sales would be in addition to forcing mortgage servicers to reduce the amount some homeowners owe on their loans, said two officials, who spoke on the condition of anonymity because negotiations are ongoing.
The goal of short sales would be twofold: provide a quicker and more economical way for banks to dispose of distressed real estate and to help stabilize the real estate market by clearing out a backlog of defaulted mortgages that are poised for foreclosure.
They would be used in situations in which borrowers were so underwater that the more costly and time-consuming process of foreclosure would seem to be the only option.
"Short sales just command a better premium than foreclosures," said Glenn Kelman, chief executive for online brokerage Redfin.
View full article
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CALIFORNIA EXPANDS ITS FORECLOSURE RELIEF EFFORT
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| | LA TIMES
California homeowners who refinanced their properties for cash or took out home equity lines of credit will now be allowed to participate in parts of the state's $2-billion foreclosure relief initiative.
Many people tapped their rising equity during the boom years, using their homes as ATMs to fuel spending. The California Housing Finance Agency had initially excluded people who used their home equity in such a manner from participating in its Keep Your Home initiative, which launched this year with federal funds reserved for the 2008 rescue of the financial system.
But California's high unemployment rate caused the agency to reconsider its policy, agency Executive Director Steven Spears said in a statement.
"In the two short months since the launch of these programs, we have collected information that has helped us identify areas of improvement to make the programs more effective, particularly given the continued high level of unemployment in California," he said.
View full article |
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UNEMPLOYED LOAN PROGRAM NOW AVAILABLE
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| | REALTY TIMES
It's here. Unemployed homeowners can now receive loans that will help them avoid foreclosure, thanks to a new program by the Obama administration.
After delays and efforts to terminate the program, the $1 billion Emergency Homeowners' Loan Program-established when the Dodd-Frank financial overhaul bill was enacted in the summer of 2010-is now ready to help unemployed homeowners to continue to make their mortgage payments.
The program will allow qualified unemployed homeowners to receive zero-interest loans of up to $50,000 and for up to two years. he loan can be forgiven if the homeowner stay in the house five years. Requirements include being at least three months behind on your payments but also having a reasonable ability to resume payments within the two-year period. Additionally, homeowners have to have had a 15% decrease in income. However, they must have been able to pay for their mortgage prior to the income drop. They can't own a second home and the property has to be their primary residence.
Included in this latest emergency relief effort are: Pennsylvania ($106 million), Maryland ($40 million), Connecticut ($33 million), Idaho ($13 million), and Delaware ($6 million). Coming soon, nonprofit NeighborWorks America, is providing federal funding for loans in 27 other states that don't have a similar program. The Department of Housing and Urban Development expects some 30,000 homeowners to participate. Other states such as California, Nevada, Michigan, and a few more are expecting to receive some aid through the Treasury Department, which has allotted $7.6 billion in assistance for hard-hit states. View full article |
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