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NEW LISTINGS AND LEASES
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$14,950,000
1400 Vista Moraga, Bel Air
Your own private 4BD/ 7.5BA Villa in the exclusive Moraga Estates! |
$4,295,000
925 N. Rexford Dr.,
Beverly Hills Beautiful 5BD/ 4.5BA authentic Spanish home, bursting with light & charm. |
$1,995,000
1746 Franklin Canyon Dr.,
Beverly Hills Post Office
This beautifully secluded property consists of 4 separate structures & beautiful outdoor courtyards. |
$599,000 1345 Wellesley Ave. #5, West L.A. Sophisticated 2+2.5 town-home in the best West L.A. location- just minutes to shops & restaurants! |
$499,000
1888 Greenfield Ave. #207, Westwood Spacious & Stylish front facing, 2BD/ 2BA. corner condo, ready to move in! |
$6,500/month
10550 Wilshire Blvd. #305,
Wilshire Corridor Beautiful 2BD/ 2.5BA town-house style condo, available for 6 month or short term lease. |
$2,995/ month
725 Lorraine Unit A, Hancock Park- Wilshire Gorgeous 3BD/ 2BA unit in Spanish Triplex with beautiful detailing throughout. |
$2,100/ month 1302 1/2 Alta Vista Blvd., Hollywood Huge 1BD/ 1BA unit in a charming building & situated in a prime Hollywood location. |
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IN ESCROW
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1048 Loma Vista,
Beverly Hills
$3,150,0000
3019 Haddington Dr.,
Cheviot Hills
$1,195,000
405 Beloit Ave.,
Brentwood
$1,499,000
720 Martel Ave.,
West Hollywood
$699,000
1135 Shenandoah St. #304,
Beverlywood
$635,000
415 Montana Ave. #303,
Santa Monica
$579,000
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
1687 Marmont Ave.
Sunset Strip
$975,000
5454 Genesta Ave.,
Encino
$839,000
2964 Motor Ave.,
Cheviot Hills
$835,000
1710 Granville Ave. #7,
West L.A.
$769,000
4502 Gentry Ave.,
Valley Village
$759,000
720 Huntley #206
West Hollywood
$749,000
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COMING SOON
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326 N. Ardmore,
Price upon request
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GREETINGS FROM SALLY
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MAY 16, 2011
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Springtime is definitely in full swing and the lowest mortgage rates seen all year are helping to fuel home sales as we head toward summer.
Popular 3-year fixed rate loans hit a new low of 4.37% at many mortgage companies. Fixed rate 15-year loans are available for as little as 3.75% and adjustable rate mortgages can be had for as low as 3%. It is also possible to take out an affordable low down payment FHA loan for as little as 4.25%. Jumbo rates are really bargain priced, too, with 30-year fixed rates hovering close to 5% and 15-year rates recently offered at 4.5%.
Fannie Mae and the FHA have some energy-saving incentives for those who want to borrow to pay for energy efficient home improvements. The FHA has launched a pilot program named PowerSaver that allows eligible owners to borrow up to $25,000 to finance high-efficiency retrofits, at fixed rates between 5% and 7% for as long as 20 years. Fannie Mae, on the other hand, will let borrowers roll up to 10% of the estimated market value of a home into a mortgage to help pay for energy efficiency enhancements. Details about these programs are available from the FHA or Fannie Mae authorized lenders.
Thanks in part to those fantastic rates, existing home sales rose significantly for the first quarter of this year, according to the National Association of Realtors (NAR). That activity helped to clear out inventory backlogs, which is the first prerequisite to rising sales prices. The news was especially good for those of us in California, because sales in the western USA rose nearly 14 percent - the highest jump in the nation. NAR President Ron Phipps also explained that foreclosures are selling quickly, the rates of defaults on recently purchased home are exceptionally low, and the historic levels of foreclosures appear to have peaked - with foreclosure inventories expected to go into decline toward the end of the year.
Sincerely,
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EXISTING HOME SALES RISE
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REALTY TIMES
Existing-home sales were on the rise during the first quarter of 2011, according to the National Association of Realtors® (NAR).
Lawrence Yun, NAR chief economist, reports, "The rising sales trend in nearly all states is a part of the healing process to clear off inventory. Sales need to rise before prices can firm up."
Regionally, sales increases were seen across the board. The West experienced the biggest rise, jumping 13.5 percent. This took the existing-home sales rate to 2.1 percent above year ago levels.
Following the West's lead was the South, which increased 8.5 percent. The Midwest had the third strongest rise, increasing 7.9 percent, but it was still down 5.0 percent down from last year. And increasing just 0.8 percent was the Northeast, which was down 7.3 percent from the first quarter of 2010.
NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., feels distressed property sales could be a key to recovery. "The good news is foreclosures, which account for two-thirds of all distressed homes sold, are selling very quickly," he said. "Short sales still take far too long to get lender approval, but it appears the inventory of distressed property is peaking and will be gradually declining next year. This means the market should slowly return to balance. We are encouraged that recent home buyers are having exceptionally low default rates."
View full article |
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FHA & FANNIE MAE OFFER LOANS FOR HOME ENERGY IMPROVEMENTS
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| | LA TIMES
If you've been looking for a way to pay for energy improvements to your house, two little-publicized new mortgage programs could provide the cash you need. Both the Federal Housing Administration and mortgage investor Fannie Mae recently have launched options in the energy conservation arena. Here's a quick overview, with some pros and cons:
The FHA's PowerSaver program allows eligible owners to borrow up to $25,000 at fixed rates between 5% and 7% for as long as 20 years to finance high-efficiency windows and doors, heating and ventilating systems, solar panels, geothermal systems, insulation and duct sealing, among other retrofits. Although PowerSaver is officially a pilot program, Shaun Donovan, secretary of Housing and Urban Development, estimates that 30,000 such loans will be closed in the next two years. It eventually could become a major national program for residential energy upgrades, with total loans extending into the millions, he said. One important element in the program is energy audits. Although they won't be mandatory, most participating lenders are expected to encourage owners to sign up for an energy efficiency analysis by a certified specialist. The audit should pinpoint where your house is leaky or otherwise inefficient in energy use, and should recommend the specific types of upgrades or additions that could help cut your bills and reduce greenhouse emissions. The FHA will insure loans to cover the improvements up to the $25,000 maximum under the following guidelines: ·The house must be your principal residence, detached and single-family only. No rentals, no investor homes, no second homes. ·You'll need to demonstrate that you are a solid credit risk. Minimum FICO credit scores of 660 are required, plus your total household monthly debt-to-income ratio cannot exceed 45%. ·Houses with negative equity will not qualify. You'll need some level of equity in the property; there is no mandatory minimum stake, but the combined primary mortgage debt plus the PowerSaver second lien cannot exceed 100% of the appraised market value of the house. You could, for example, have a 10% equity position in a $200,000 home, and still qualify for up to $20,000 in a PowerSaver. ·Lenders are likely to take an extra hard look at all your income and asset documentation because, unlike other FHA-insured mortgages, PowerSaver will cover only 90% of the lender's loss or insurance claim in the event of a default.
View full article |
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SLOW ECONOMIC RECOVERY PRODUCES LOWEST MORTGAGE RATES
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| | REALTY TIMES
After releasing various reports of economic data this past week, it was evident that the economic recovery is at a slower pace than anticipated which, in turn, produced the lowest mortgage rates so far for this year 2011. Towards the end of the week, Freerateupdate.com's daily survey of wholesale and direct lenders showed that conforming 30 year fixed mortgage rates had dropped .125% to a new low of 4.375%. Remaining the same at last week's lows, 15 year fixed mortgage rates are at 3.750% and 5/1 adjustable mortgage rates are at 3.000%. Conforming fixed rate mortgage loans are popular with borrowers who want the same mortgage payment for the life of the loan. Available with 0.7 to 1% origination fee, these are the lowest mortgage rates for borrowers who have good credit and can obtain lender approval. FHA 30 year fixed mortgage rates are at 4.250%, still lower than conforming 30 year fixed mortgage rates. FHA 15 year fixed mortgage rates are at 4.000% and FHA 5/1 adjustable mortgage rates are at 3.375%, both slightly higher than the comparable conforming mortgage rates. FHA mortgage loans are often used by borrowers, especially first time home buyers, who enjoy the benefit of low down payment requirements. Borrowers who have less than perfect credit also turn to FHA for their mortgage needs. In return for these benefits, FHA closing costs (APR) are higher because of various FHA fees and the upfront mortgage insurance premium. Holding their own, jumbo mortgage rates are still at favorable lows which is a major benefit for high end borrowers.
Current jumbo 30 year fixed mortgage rates are at 5.125%, jumbo 15 year fixed mortgage rates are at 4.500% and jumbo 5/1 adjustable rate mortgages are at 3.625%, all remaining the same this past week. Jumbo mortgage loans are necessary for mortgage financing above the conforming loan limit which is $417,000 to $729,250, depending on location of the property. These are the lowest jumbo mortgage rates available with 0.7 to 1% origination fee to borrowers who have maintained outstanding credit. MBS prices (mortgage backed securities) fluctuated over the past week. Mortgage rates move up and down in the opposite direction of MBS prices. With lower mortgage rates in the limelight, there has been an increase in both purchases and refinances as reported by the Mortgage Bankers Association.
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