San Francisco first in Real Estate outlook for 2013

Here's a great story found on SF Gate:

San Francisco was rated first for investment, development and home building in the 2013 "Emerging Trends in Real Estate" report by the Urban Land Institute and PwC. The report says: "In 2013, San Francisco steals the triple crown from Washington, D.C., receiving top billing in the Emerging Trends investment, development, and housing categories. 'San Francisco is driven by growth and a strong jobs outlook, led by technology and a structural change away from suburban and toward downtown.' Continued infill interest is supported by one of the best transit systems in the country and a city center with walkability that is number two only to New York City. 'This around-the-clock city has someone pushing paper, shopping, shipping, or sightseeing all the time.' ... According to 2013 forecasts from Moody’s, San Francisco’s GMP growth will reach 1.7 percent, and the city will add almost 50,000 jobs from the 2007 peak. This pair of growth indicators should open investors’ eyes even wider to this global city. Even though industrial diversity seems weak here, investors still savor its skilled personnel and the facts that high tech accounts for 10 percent of the city’s jobs and the young demographic represents over 15 percent of the population. Even with a questionable business climate at times, San Francisco has a mix that draws many corporations now and will draw them in the future."


Read more: http://www.seattlepi.com/realestate/article/Which-cities-are-the-best-bets-for-real-estate-3957132.php#ixzz2Bf9wSPIi

Also worthy of note are the good bargains and better homes of Marin.  It's an easy commute and
a stress free life with more open space.  Find out more at sfandmarinhome.com

San Francisco and Marin Home Prices

A big jump in sales of homes and further gains in home construction suggest the national housing recovery is gaining momentum. That's even more apparent in San Francisco with a very strong sellers market and low inventory.  That brings bidding wars, so buyers be ready...

Across the nation sales of previously occupied homes rose 7.8 percent in August from July to a seasonally adjusted annual rate of 4.82 million according to the National Association of Realtors. That's the highest level since May 2010.  In the San Francisco and Marin markets we're doing even better.

The report comes amid other signs of steady progress in the housing market.  After years of stagnation new-home sales are up and builder confidence is at its highest level in more than six years. Increases in San Francisco and Marin County CA home prices appear to be sustainable along with the better than average economy in the San Francisco Bay Area.  High tech and creative employment opportunities are booming and that brings buyer demand.

The housing recovery is on. Great affordability, pent-up demand and strong investor interest in rental units are driving the market.  Rents are just nuts in San Francisco and going up in the Bay Area, the Federal Reserve's plan to spend $40 billion a month on mortgage-backed securities to keep mortgage rates low will continue to keep demand high and make the market more attractive to sellers.

Now may be the time to consider buying, it may be a better investment than renting.  If you have a home you are considering selling this is the time to consider your options.

Find out more or contact us here

Don't miss out on San Francisco or Marin homes

You probably already know this, but interest rates are the lowest they've EVER been...

Combine that with incredibly low home prices (that's relative in San Francisco and Marin) and there's probably never been a better time to buy real estate.

Regardless of whether you're buying for yourself or investment you don't want to miss out.

If you'd like to discuss the best opportunities out there right now call or text me at 415-690-0194

Spencer

Bringing value to

North Bay Homebuyers
 

San Francisco and Marin home prices

Generally, each of the last three years anyway, home prices have increased in the spring and summer, when more people are buying homes, before giving back all of those gains and then some in the fall and winter, when activity cools.  Winter can be a good time to pick up a bargain, or a market reject.

It's beginning to look like that might not happen this year, absent a major stumble for the economy.
Home prices in July were up by 3.8% from one year ago, the largest year-over-year jump in six years. Moreover, prices have shot up in San Francisco from February, when they registered their lowest levels of the housing downturn.  There's evidence to the case that U.S. home prices may have hit bottom earlier this year. Even though prices may soften in the autumn, we have a much different supply and demand dynamic in the San Francisco Bay Area.

So when people say they believe home prices haven’t reached a bottom—that this year’s seasonal gains will be wiped away by January or February of next year—here’s the relevant question: Will home prices fall in the next six months?  Barring an unforseen catastrophe probably not here.  Anything, of course, is possible. Home prices tend to cool in the winter but will that happen in San Francisco or Marin?  Our economy is good, better than most, and demand is strong.

Home prices in the last six months are more an indication of how prices “over-shot” over the past year. Investors, sensing deals, began buying up homes. So did homeowners sensing that interest rates had likely hit bottom. The most likely scenario for home prices over the next year is that they may rise, but not at the breakneck pace of the past few months.

There are other little problems. It’s still hard to get a mortgage, and many households have too much debt. Millions of homeowners owe more than their homes are worth. Millions more have enough equity to sell their house but not enough to make a down payment on their next house and pay a real-estate broker’s commission.

As we’ve written before, the strong rise in home prices this year owes as much to sharp declines in inventory as it does to demand-side improvement. Banks have been much slower to take back and list foreclosed properties, easing pressure on home prices but leaving a bloated “shadow inventory” of potential foreclosures.  That's something I can help you with, give me a call.

North Bay Homebuyers

Your source for Real Estate in San Francisco and Marin

Home Prices Gain in San Francisco

Here's the news across the nation,

Home Prices Post Gain

Housing is back! The Standard & Poor’s/Case-Shiller Home Price Indices, which measure home values in large cities, and across the nation, came in better than expected. Nationwide, home prices were up 1.2 percent in the second quarter of 2012 from the second quarter of 2011. And in June, home prices rose in each of the 20 major cities Case-Shiller surveys compared with May.

Of course we already know that in San Francisco and Marin.  There's been a real shortage of inventory and a flurry of buyers really looking.  Even some bidding wars.

Interest rates ticked up a bit but are still near all time lows.  If you can find the home you want it's a great time to buy.  If you are thinking of selling now may be as good a time as any in the near future.

To get the value you deserve and the results you want contact me here:

North Bay Home Buyers

Short Sales & the Debt Relief Act

Short sales are the best way to give an underwater homeowner a graceful exit from a property they can no longer afford.  Until the end of this year and unless Congress renews the Debt Relief Act,
a successful short sale can get the debt forgiven and the homeowners will be able to restore their credit in about two years.

That's not the case with a foreclosure.  A foreclosure will stay with your credit report for 7 or more years and the debt will still be there for creditors to try to collect.  Most likely your lender will sell the debt to a collection agency and you will get those unwanted calls and letters.

Of course it's best to work with the lender and see if you can get a loan modification to keep the home, but if that doesn't work then a short sale will be your best bet.  The keys for cash program,
deed in lieu of foreclosure also leaves you with the debt and the problems of foreclosure, so that's not really better.

The good news is that both loan modifications for those who qualify and short sales are getting easier, more available.  It's what we need to solve the housing crisis, so if you're going for a loan modification be sure to work with the lender, provide all they need and be persistant.  That's up to you.  If you think a short sale might be your best bet be sure to talk to a local short sale specialist.
Work with someone you like and trust, me I will always work in your best interest and get the results you want and need.

More Info

Mill Valley Short Sales
 

Home Sales trending Up

New-Home Sales Up

This week has seen two more pieces of good housing news. The Census Bureau announced Thursday that new homes increased 3.6 percent nationally in July compared to June. Based on July’s data, the total for his year will be 372,000 sales, up 3.6 percent from June’s annualized rate of 359,000.

Bay Area Home Sales are Up

Homes are selling in San Francisco and Marin.  Even though the supply is limited the sales are up.

The year-over-year increase from July 2011 to July 2012 was a whopping 25.3 percent. The word on new-home sales came just one day after the National Association of Realtors reported that existing-home sales rose 2.3 percent in July compared to June—and are up 10.4 percent from the previous year.  That's good news.

If you are considering buying or selling then now's a good time to get going.  Interest rates will likely tick up and the good homes or qualified buyers are where you find them. 

Get the help and information you need here:

North Bay Home Buyers

Mill Valley or San Francisco

I'm looking at private open houses in Mill Valley today,
just for lucky folks like you getting this email or notice.

Whether you want to live in San Francisco or Marin, there
are just a few homes that might work for you and many people
looking.  Inventory is low but I still bring you the best values.

Do you want the city life day and night or do you want a more
peaceful existence in the green hills of Marin?  Conveniently close
to all the city has to offer and right across the Golden  Gate Bridge
you'll find life a little less hectic in Marin.

Where ever you choose to live we bring a bigger and better market
to your search for the right home and community.

Spencer

North Bay Homebuyers

PS. If you don't want to wait for the private open house
just call or text me now and we'll get in you in ASAP…

Closing Costs and Your Savings

NEW YORK (CNNMoney) -- Federal regulations are helping to significantly reduce the amount new homebuyers are paying come closing time.

San Francisco, this adds up to California savings.  Make sure you and your Realtor are working with a good loan agent.  It's OK to shop for one but more important to make a good choice and stick with it.  Your Realtor can help with good loan officers he's worked successfully with in the past.
Now is a great time to refinance, mortgage rates may never be lower, and it's a great time to buy a home if you can find the one you want.  It's a seller's market now in the Bay Area.

The average cost of closing on a mortgage has fallen by 7.4% over the past year, according to a recent survey by Bankrate.com. At the end of June, a homebuyer looking to close on a $200,000 mortgage with 20% down paid an average of $3,754, $300 less than 12 months earlier.  The rates are great on a "conventional" mortage, one at $417,000. or less.  Your broker can find you a Jumbo.

Included in those costs are origination expenses, such as application fees and the cost of doing credit checks, and third-party fees, such as those paid for title searches and insurance.  Those should be estimated fairly acurately in advance.

The decline can be attributed to new regulations that require lenders to be more accurate when estimating closing costs for borrowers, said Greg McBride, Bankrate's senior financial analyst.
The regulation, which was put in place two years ago as part of the Real Estate Settlement Practices Act requires lenders to provide a "good faith estimate" of third-party fees that is within 10% of the actual amount the buyer will pay.  It's one of the aspects of the Consumer Protection Act that really is being enforced. "The big drop in third-party fees indicates the lenders are doing a better job at estimating what the costs will be," said McBride.

In short you want a good Realtor and a very good lender to see you get the best available financing for all your real estate needs.  Here's a good place to start:

North Bay Homebuyers

San Francisco and Marin housing upswing

San Francisco and Marin County have low inventory, just not that many homes for sale and the competition is fierce.  Home sales and buyer interest is up in July and we expect this to continue for the year.

There is some hope for the real estate market. According to a report published by the Commerce Department the number of homes purchased in May of 2012 was the highest number in over two years. The number of purchases increased from April to May by 7.6%. That number is the best increase since April of 2010 when the tax credit for purchasing a home was still in effect.  That's true nationally and especially true in San Francisco and the Bay Area's strong economy.  San Francisco rents are out of sight.

Areas of Highest Growth
The places that saw the largest increases were the South and Northeast. The number of homes purchased in the South grew by 12.7% while the growth in the Northeast was 36.7%
Although the total number of sales across the country seems to be off pace from the 700,000 transactions favored by economists, the market is showing other signs of improvement.
San Francisco and Marin are high end markets and will differ from the national statistics
but the trends are very encouraging.

Strong Signals from the Market
First and foremost, builders have begun to increase production. More construction is always a positive sign, no matter how small the increase. Second, interest rates for mortgages are still at historically low levels making it easy to afford a home. It's important to be qualified for a mortgage and that's more difficult these days. Third, and this is important too, is the stabilization of home values. Most regions around the country have noticed home values finally holding steady. All of these factors have lead to people buying up existing homes, paving the way to build more properties.
As San Francisco and Marin are "built out" we don't see much new home construction but there are some interesting multi-unit projects.  Luxury condos might make sense for many homebuyers.

More than Just Statistics
The main reason why economists and financial analysts pay so much attention to construction comes from their overall economic impact. Building a new home or remodeling an existing home normally produces about three new year-long jobs. It also leads to an increase in taxable revenue by an average of $90,000. Although new homes are only 20% of the entire housing market, the numbers above show how constructions helps the economy thrive.  San Francisco has a strong economy, especially in the creative and high tech fields.  New people filling new businesses will need a home.

Supply is Down
At the end of May it was reported that a total of 145,000 new homes were on the market throughout the entire country. Based on current sales numbers the market should go through the existing inventory of new homes in about 4.5 months nationly and even less in the Bay Area. Economic experts feel that a 6 month supply of new homes keeps the economy healthy, but who wants that commute. With a lower than average supply it is possible that home prices could go up simply because demand will be higher.

Prices Already Higher
Speaking in general averages, the price of a home bought in May of 2012 was down ever so slightly from the average price in April. However, when looking at sales from one year ago shows that average prices have gone up by 5.6%.  We are seeing bidding wars again so be prepaired.  Be sure to find a good agent with a good company who can greatly improve your chances and respect your time.

Find the agent you will like and trust here:

North Bay Homebuyers

B of A and Short Sale help

If struggling homeowners aren’t interested in $150,000 free gifts how are real estate investors going to motivate them to sell at big discounts?  If homeowners reject help aren't they going to get the worst possible results for themselves?

Bank of America claims an incredible absence of takers on a $150,000 principal reduction offer sent out to 60,000 borrowers. Why aren’t borrowers responding and what does that mean for real estate ?

Clearly a big part of the reason homeowners aren’t responding to letters like this is that they are just burnt out from all the mail and marketing they receive once they become delinquent. Of course many just don’t trust the banks anymore and with good reason.

Additionally many experts doubt whether major lending institutions are really making good faith efforts to assist homeowners under their obligations which were a part of the multibillion dollar mortgage settlement. Review have found the system fraught with incorrectly calculate income used to deny loan modification requests, borrowers being given the run around on the phone and ‘lost’ paperwork, which one attorney has suggested is merely a tactic to avoid granting modifications and short sales.

So what does this mean for real estate?  Firstly is suggests there are thousands of homeowners out there who still desperately need help.  Homeowners should seek professional help and either keep their home if possible or exit gracefully.  Foreclosure is the worst possible option so homeowners in distress really need to explore their options, pick the one that's right for them and take action.  Avoiding a problem will make it worse, we can do better.

Explore Short Sale options here:
San Francisco Bay Area

Mortgage relief and debt forgiveness

Here's my home site for all your real estate needs:
Better Homes & Gardens

Let's talk soon,

Spencer

Better Homes & Gardens in San Francisco

Record tight inventories are making it increasingly difficult for growing numbers of buyers,
homebuyers who are creating multiple-bid environments in markets that haven’t seen buyers
trying to outbid eachother on San Francisco Bay Area homes in six years.

It's still a great time to buy an home if you can find the one you want.  Find a buyer's agent
you like and trust, me, I only work with qualified buyers.  If we know what we're looking
for and are ready when it comes along we improve our chances.

The housing market has turned-at last. The U.S. finally has moved beyond attention-grabbing predictions from housing "experts" that housing is bottoming out.  That's great news for sellers.
We're here to help you find out what your property is worth and how to get the best results.

The numbers are now convincing all over America but this is especially true in San Francisco
and the Bay Area.  We have an exceptionally strong economy, a crazy rental market and
are experiencing leadership in today's creative businesses.  These are the jobs and the companies
that will keep San Francisco and Silicon Valley strong.

Here's the best source of information on the housing market.
It's the place to find home you want or the right buyer for the home you have.

Better Homes & Gardens

Distressed Homeowner Help

There is help for homeowners in distress.  Visit the site and see what we can do for you.

Help is Here

How record low interest rates affect SF and Marin

Cheap mortgages have helped drive a modest recovery in the weak housing market this year.

Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan dropped to 3.66% from 3.71% last week. It's the lowest rate since long-term mortgages began in the 1950s.

The average rate on the 15-year mortgage, a popular refinancing option, declined to 2.95%. That's down from 2.98% last week and just above the record 2.94% of two weeks ago.

The rate on the 30-year loan has been below 4 % since December.

National Mortgage Rates

National overnight averages Today +/- 30 yr fixed mtg 3.62% 15 yr fixed mtg 2.97% 5/1 ARM 2.68% $30K home equity loan 5.73% $30K HELOC 4.61% About these rates

In San Francisco the rental market is just nuts!  Some lucky buyers have benefitted from recent IPOs and there is plenty of money chasing a very limited housing market in San Francisco and Marin.  We are starting to see some serious bidding wars on good homes for sale.  If you've been considering selling you should give me a call.  If you plan to stay let's check and see that you have the best mortgage and that you can accomplish all your housing goals.

Low rates could provide some help to the economy if more people refinance. When people refinance at lower rates, they pay less on their loans and have more money to spend.

Still, the pace of home sales remains well below healthy levels. Sales of previously occupied homes dipped in May to a seasonally adjusted annual rate of 4.55 million, although they are up from the same month last year.  We have "low inventory" and limited choices of homes for sale.

Many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks. Some would-be home buyers are holding off because they fear that home prices could keep falling.  That's not likely.

Mortgage rates have been dropping because they tend to track the yield on the 10-year Treasury note. Uncertainty about how Europe will resolve its debt crisis has led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.

And the yield will likely fall even lower now that the Federal Reserve has said it will continue selling short-term Treasury securities and using the proceeds to buy longer-term Treasurys. That goal of the program is to drive long-term interest rates lower to encourage more borrowing and spending.

For advice and real estate services you can trust call Spencer at 415-690-0194

North Bay Realty & Loans

Great News for Home Sellers

We're seeing bidding wars again in Marin.  There is a serious shortage of homes on the market now so if you're thinking of selling please give me a call. Spencer Hjort  415-690-0194 North Bay Realty & Loan Listing Inventories are Down 20 Percent

By Steve Cook

RISMEDIA, Friday, June 15, 2012— Key market indicators for May 2012 suggest that the housing market is steadily moving along a path of stabilization and gradual recovery, reports Realtor.com. The total U.S. for-sale inventory of single family homes, condos, townhomes and co-ops now stands at 1.88 million units, down -20.07 percent compared to a year ago and well below its peak of 3.10 million units in September, 2007, when Realtor.com first began tracking these data on the national level. The median age of inventory stood at 83 days in May, -9.78 percent lower than a year ago. The median list price in May, which has been rising steadily since January, was up 3.17 percent on annual basis and now stands at $194,900. Combined, these positive trends suggest a growing optimism on the part of sellers and increasingly balanced housing markets that have worked through much of their excess inventory. National trends mask pronounced differences across local housing markets. Signs of recovery are evident in a growing number of markets that were once the epicenter of the housing crisis and older industrialized areas in the Northeast and the Midwest are showing emerging signs of weaknesses. For example, the recovery process that began in Florida approximately one year ago has since spread to Phoenix and most recently, California. At the same time, markets such as Reading Pa, Allentown, Pa. and Milwaukee, Wis. continue to lag behind the rest of the market. On the whole, however, the majority of markets are showing signs of improvement. For sale inventories in May declined on a year-over-year basis in all but two of the 146 MSAs monitored by Realtor.com, with the for-sale inventory dropping -20 percent or more in roughly half (72) of the markets covered. At the same time, the median list price was up by 1 percent or more on a year-over-year basis in 108 markets, with 51 markets registering increases of 5 percent or more. Only 22 markets had a year-over year list price decline of 1 percent or more. While markets remain fragile, if current trends continue, 2012 could well be the beginning of a broad-based housing recovery. On a year-over-year basis, the median list price in May was up by 1 percent in 108 of the 146 MSAs monitored by Realtor.com, and up by 5 percent or more in 51 MSAs. The median list price was down by 1 percent or more in 22 markets, with only 3 markets registering declines of -5 percent or more. The remaining 16 markets have not experienced a significant change in median list prices compared to a year ago. This strong performance is another indication that the market is gaining steam in many parts of the country and represents a considerable improvement over patterns observed in May 2011.

Time getting short on Short Sales

287 Days... and Counting!

Are you aware of what's happening on December 31st of this year? How will you get the word out to your friends, family, colleagues, and clients about the Mortgage Forgiveness Debt Relief Act?

Something very important is happening on December 31^st of this year – something that might impact your life, or the lives of your friends, family, colleagues, and clients.
What am I talking about?
The expiration of the Mortgage Forgiveness Debt Relief Act.

Oddly enough, many homeowners (including those affected by the Act) are unaware of its existence, or of its ticking clock.

The Mortgage Forgiveness Debt Relief Act applies to debt relief "forgiven" between January 1, 2007 and December 31, 2012. At this point in time, it does not appear the Act will be extended.

What's really at stake? Money!
Let's take a step backwards to put this in perspective.
Debt "relief" comes about when a lender "forgives" debt owed by a borrower, as can happen with a short sale, foreclosure, or other type of loan "workout". Ordinarily, that forgiven amount is taxable. However, under the Act, the borrower's need to pay taxes on the amount of the forgiven debt is eliminated.

Of course, there are caveats that come along with this tax relief. For example, the debt must be related to a principal residence. In addition, the total amount of the debt can't exceed the borrower's original mortgage loan... plus the cost of improvements made to the home.
The implications of this tax relief are huge in dollars and cents! Take a look at this example.
In 2007, John Smith bought a home for $250,000 and took out a mortgage of $225,000. This month John is relocated across the country for work and must sell his home. His current mortgage balance is $207,000. Luckily for John, his lender is a bank that is willing to work with him on a short sale... and he is lucky enough to find a buyer. John and his buyer agree to a sales price of $218,000. However, that amount falls short of what John needs to pay off his mortgage, and pay closing costs – all of which is estimated to come to $237,620. Since John does not have enough money to bring to the closing table, John's lender agrees to the short sale, forgiving debt in the amount of $12,260.
Prior to the Act, John would have been required to declare the $12,260 as income, and pay taxes on it. Under the current provisions of the Act, taxes on John's $12,260 in relief are forgiven. For individuals in a 20% tax bracket, that's almost $2,500 in tax savings!
And owners of high-end homes – defaults of which are on the rise — could be looking atvery substantial tax breaks, depending on the amount of debt forgiven.
Which brings me to several questions my clients have repeatedly raised about the Act. I want to share three of those with you here:

• What is the maximum amount of debt relief under the Act? Up to $2 million may be forgiven for married couples ($1 million if single or if married but filing separately); of course, this must be for a principal residence. If there is debt forgiven above this amount the borrower is taxed at ordinary income rates.
• Does the Act apply to cars, boats, second homes, investment properties, credit cards, or other debt? Not under this provision. Only debt relief for a principal residence applies under the Act, however, bankruptcy debt relief is non-taxable, and that is sometimes true for insolvency as well.
• Do I have to report the forgiven debt, since I won't be paying taxes on it? Yes! See the IRS and/or your tax professional for additional details.

I'm not suggesting that you race out and tell your clients to hurry up and default on their mortgage loans so they can take advantage of the Act. However, it is important that you understand the implications of the Act and how it may affect your clients.
Encourage them to contact qualified professionals (such as attorneys or Certified Public Accountants) and suggest they visit the IRS site for information on the Mortgage Forgiveness Debt Relief Act, which can be found on the IRS’s website. I used information from that site, in addition to information provided by NAR in preparing this Zebra Report for you.

Are you aware of the Act's existence, and pending expiration? How will you get the word out?
 I'd love to hear your comments... so share them below!

Note: Source material for this article came fromwww.nationalmortgagesettlement.com.

Spencer Hjort

415-690-0194

North Bay Realty & Loan

Short Sales can be a home buyer's bargain

Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days.

The GSEs issued new guidelines Tuesday that fall under the Servicing Alignment Initiative rolled out last fall and aim to bring greater transparency to the short sale process and expedite decisions related to these pre-foreclosure sales.

Not only is a short sale an effective foreclosure alternative when home retention is no longer an option, but it keeps homes occupied and helps to maintain stable communities, according to the Federal Housing Finance Agency (FHFA).

Addressing real estate practitioners’ No. 1 complaint about short sales, FHFA directed Fannie Mae and Freddie Mac to establish a new uniform set of minimum response times that servicers must follow in order to facilitate more efficient short sale transactions.
The GSEs’ new short sale timelines require servicers to make a decision within 30 days of receiving either an offer on a property under the companies’ traditional short sale programs or a completed Borrower Response Package (BRP) requesting short sale consideration, whether it’s through the federal government’s Home Affordable Foreclosure Alternative (HAFA) program or a GSE program.

If more than 30 days are needed, servicers must provide the borrower with weekly status updates and come to a decision no later than 60 days from the date the BRP or offer was received.
According to the GSEs, this 30-day add-on will provide some leeway for servicers who may need more time to obtain a broker price opinion (BPO) or a private mortgage insurer’s approval for a short sale. All decisions must be made within 60 days.

In the event a servicer makes a counteroffer, the borrower is expected to respond within five business days. The servicer must then respond within 10 business days of receiving the borrower’s response.
The GSEs plan to use the new short sale timelines to evaluate servicer compliance with the Servicing Alignment Initiative.

Edward DeMarco, acting director of the FHFA, says the GSEs new borrower communication and timeline requirements for short sales “set minimum standards and provide clear expectations regarding these important foreclosure alternatives.”

GSE servicers must comply with the new minimum communication time frames for all short sale evaluations conducted on or after June 15, 2012, although servicers are encouraged to begin implementing the new requirements sooner.

“I applaud Fannie and Freddie for finally coming out with real guidance with real world timelines for their servicers,” commented Anthony Lamacchia, broker/owner of McGeough Lamacchia Realty Inc., which specializes in short sales. “There is no question that this will help short sales and the market as a whole.”

Last year Freddie Mac completed 45,623 short sales, a 140 percent increase since 2009. Fannie Mae’s short sale completions shot up by 101 percent over the same period, totaling around 79,800 in 2011.

What does this mean to you?

If you're in the market to buy an home and are a bit patient you can get a great deal.  A short sale offer is no money until written approval from the lender is received and therefore no risk.
Make all the offers you want and decide when the right one is approved.  Nothing ventured, nothing gained.  No risk

If you are a distressed homeowner you should call to discuss how you can exit gracefully.

Buying or Selling

Call Spencer at 415-690-0194

North Bay Realty & Loan 

Home Affordable Refinance Program

The Home Affordability Refinance Program (HARP) is the biggest opportunity for Homeowners in this DECADE.

Look at real customers that are able to save their homes because of new programs that we at HP Investments, Inc., can help you get involved in. If you have any questions, let us know! We are here to help you!

Real customer number #1 – Property in Riverside Ca.  One of the hardest hit areas in the STATE of California.  152.05% LTV.  $292,000.00 loan amount.  Payment dropping by $392.22 bucks a MONTH.  NO appraisal required.  Customer told Loan Officer that without this opportunity, they would have lost their home and destroyed their credit. 

Real customer number #2 – Property located in Hanford Ca.  Perhaps TIED with Riverside, Ca. as one of the hardest hit areas in the State of California.  164.39% LTV.  $345,000.00 loan amount.  Payment dropping by $386.70 per month.  NO appraisal required.  From start to finish we will close the transaction in 24 days from the APPLICATION date.  24 Days!

Real customer number #3 – Property located in West Palm Beach Fl.  (CMG Financial does loans in 42 states currently)  351.02 LTV.  $140,000.00 loan amount.  Payment dropping $189.00 per month.  This is a CONDO in Florida.  Can you come up with a more difficult loan to place than that?

The average FICO score on these loans is 750.  These are the folks that ARE paying their mortgage despite beingSUBSTANTIALLY under water.  THESE are the folks the program is SPECIFICALLY aimed at. Property types include, second homes AND Non-Owner.     

North Bay Realty & Loan  

Spencer Hjort  415-690-0194

Home mortgages and real estate prices still very good

It's still a very good time to buy a home or refinance your existing home.  Rates are low, prices are good, maybe as good as they are ever going to get.  Who knows what's in store for this world but for now life is good in the North Bay Area and most all of greater San Francisco.

Present Market Conditions
According to Frank Northaft, vice president and chief economist at Freddie Mac, “Mortgage rat es slid last week amid weaker housing economic indicators.” New home sales declined .5 percent in February and pending existing home sales also declined. 30-year fixed-rates averaged 3.99% with an average of .7 points. 15-year fixed-rates averaged 3.23% with .8 points.

In Marin there's a low inventory of homes for sale so home buyers should be prepared and ready to grab the one you want.  Call to get pre-qualified.

If you're a homeowner who's a bit underwater the new Home Affordable Refinance Program makes it easy to refinance at today's low interest rates.  You only need to have a Fannie Mae or Freddy Mac insured loan made before June 2009 and be current for the last 6 months to qualify for the HARP II program.

If you've been waiting to refinance your home or buy, now's the time.

Call Spencer 415-690-0194

North Bay Realty & Loan

Refinance your Fannie Mae loan

Good news for people who have Fannie Mae or Freddie Mac government insured loans!

 HARP (Home Affordable Refinance Program) 2.0 is now available

Here are some of the highlights:

* No appraised value concern for primary residences (this is huge).  It doesn't matter if you've been
denied before or how much your home is underwater.  If you want to keep your home Call
* Properties listed for sale in the last 6 months are not eligible.
* Loan must be owned by Fannie Mae and have been delivered to Fannie Mae by June 1, 2009.

 To determine your eligibility give me a call at 415-690-0194

Spencer Hjort

HPInvestments & North Bay Realty & Loan

 Call to refinance your home or purchase a new one at today's low rates

Don't wait to buy or refi your home

Recent inflation data reflecting rising energy prices and the Fed’s announcement regarding an improving economy coupled to put upward pressure on bond yields. Freddie Mac’s vice president and chief economist, Frank Northaft, noted “An upbeat employment report for February caused U.S. Treasury bond yields to increase over the week and mortgage rates followed.” 30-year & 15-year fixed-rates averaged 3.92% and 3.16%, both with an average increase of .8 points.


As the economy gains momentum mortgage rates may continue to experience upward movement.
Rates are still low historically but we may have left the bottom of the housing market and all time low interest rates behind.  It's still a great time to buy or refinance your home.  Inventory is low.
Don’t delay! Contact me today regarding that new home purchase or existing mortgage refinance.

Call Spencer at 415-690-0194

North Bay Realty & Loan

Find your best loan

HPInvestments

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Home Buyer University

Here's the information home buyers and sellers need to know

Welcome to the Home Buyer University Free Online Workshops

Here your clients and prospects will find a growing library of workshops that they can view
completely free of charge.

This will provide valuable information that people need.  Complete knowledge to prepare for

a home purchase or what to do if you're thinking of selling.

There is nothing being sold here so view them all at your earliest convenience.  Send the link

to your buyers, prospects, friends and clients.

Home Buyer University free webinars

I would like to earn your mortgage business so please call me for a great proposal
on a purchase loan, a refi at today's low rates or any other reason you need for
reliable residential lending.

Spencer Hjort
415-690-0194

Historically low prices on homes and loans

As Frank Northaft, vice president and chief economist at Freddie Mac, noted “With these historically low rates and declining house prices, the typical family had more than double the income needed to purchase a median-priced home…” What are you waiting for? Call me to take advantage of record home affordability rates & prices!  Spencer  415-690-0194

Home Buyer University

It's free and very informative.  Find so many things you should know about buying a home,
getting a mortgage and more

Home Buyer University

Here you will find a growing library of workshops that you may view
completely free of charge which will provide valuable information that
you will need as you prepare for your home purchase.

There is nothing being sold here so view them all at your earliest
convenience.  All compliments of Spencer Hjort

North Bay Realty & Loan

Short sales can be a homebuyer's bargain

To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process.

Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a real estate transaction where the homeowner sells the property for less than the unpaid balance with the lender’s approval.

“There are neighborhoods across the country full of empty homes and underwater owners that have legitimate offers, but unresponsive banks,” said Murkowski. “What we have here is a failure to communicate. Why don’t we make it easier for Americans trying to participate in the housing market, regardless of whether the answer is ‘yes,’ ‘no’ or ‘maybe?’”

The legislation, also known as the Prompt Notification of Short Sale Act, will require a written response from a lender no later than 75 days after receipt of the written request from the buyer.

The lender’s response to the buyer must specify acceptance, rejection, a counter offer, need for extension, and an estimation for when a decision will be reached. The servicer

will be limited to one extension of no more than 21 days. The bill will also allow the buyer to be awarded $1000, plus “reasonable” attorney fees if the Act is violated.

According to a release from Short Sale New England, short sale homes do not bring down neighboring home values like foreclosed homes do, and 83 percent of short sale buyers are satisfied with their purchase, according to a 2012 Home Ownership Satisfaction Survey conducted by HomeGain.

“The current short sale process can be time consuming and inefficient, and many would-be buyers end up walking away from a sale that could have saved a homeowner from foreclosure,” said Moe Veissi, president of the National Association of Realtors. “As the leading advocate for homeownership, realtors are supportive of any effort to improve the process for approving short sales.”

For a list of short sale homes on the market or other bargains you may be looking for call Spencer at 415-690-0194.

The best part - you can make an offer on a short sale listing with no money and no risk.
We will get you the approval and you decide to move forward or not at that time.


North Bay Realty & Loan

Real Estate in the Bay Area and across the nation

Here’s the news across the nation, home sales are up and locally the Bay Area Housing Market remains stronger than most.  Our economic outlook for the near future is strong.  Home prices and interest rates are likely to be trending up.

Single-family home sales rose 3.8 percent to a seasonally adjusted annual rate of 4.05 million in January from 3.90 million in December, and are 2.3 percent above the 3.96 million-unit pace a year ago. The median existing single-family home price was $154,400 in January, down 2.6 percent from January 2011.

Existing condominium and co-op sales increased 8.3 percent to a seasonally adjusted annual rate of 520,000 in January from 480,000 in December but are 10.3 percent lower than the 580,000-unit level in January 2011. The median existing condo price was $156,600 in January, up 2.0 percent from a year ago.

Regionally, existing-home sales in the Northeast rose 3.4 percent to an annual pace of 600,000 in January and are 7.1 percent above a year ago. The median price in the Northeast was $225,700, which is 4.2 percent below January 2011.

Existing-home sales in the Midwest increased 1.0 percent in December to a level of 980,000 and are 3.2 percent higher than January 2011. The median price in the Midwest was $122,000, down 3.9 percent from a year ago.

In the South, existing-home sales rose 3.5 percent to an annual level of 1.76 million in January but are unchanged from a year ago. The median price in the South was $134,800, which is 0.3 percent below January 2011.

Existing-home sales in the West jumped 8.8 percent to an annual pace of 1.23 million in January but are 3.1 percent below a spike in January 2011. The median price in the West was $187,100, down 1.8 percent from a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

What’s that mean in San Francisco and the North Bay?  If you’re a buyer now it’s about as good as it’s ever going to get.  If you plan to sell now is a great time to start planning and preparing

If you are planning to stay put you’ll want to make sure you don’t miss these historic lows for mortgage interest rates.  Let’s see how we can help you, Call Spencer

North Bay Realty & Loan

Who's saying Buy a Home?

Warren Buffett appeared live on CNBC’s Squawk Box this week. During the interview, he was asked about the current real estate market and whether he felt now was the time to buy. His response was rather emphatic and has been used as a headline in hundreds of articles since the interview:
“If I had a way of buying a couple hundred thousand single-family homes I would load up on them.”
However, throughout the interview, he addressed the market from a few angles. Here is what he said:

Why invest in real estate now? 

“It’s a way, in effect, to short the dollar because you can take a 30-year mortgage and if it turns out your interest rate’s too high, next week you refinance lower. And if it turns out it’s too low, the other guy’s stuck with it for 30 years. So it’s a very attractive asset class now.” 

Is buying your own home better than investing in stocks right now?

“If I knew where I was going to want to live the next five or 10 years I would buy a home and I’d finance it with a 30-year mortgage… It’s a terrific deal.”

 Should we buy multiple houses?

“If I was an investor that was a handy type and I could buy a couple of them at distressed prices and find renters, I think it’s a leveraged way of owning a very cheap asset now and I think that’s probably as an attractive an investment as you can make now.”

Over the last couple of months, there have been more and more financial analysts coming to the same conclusion: It’s time to buy real estate.

___________________

I would have to agree.  If you need help finding the right property and the right loan for you please call Spencer at 415-690-0194

North Bay Realty & Loan

Your home, your mortgage and the world economy

Tom Friedman is right, the world is hot, flat and crowed.  That means all those people in all those places have an effect on us here in the beautiful Bay Area.  Here's the news:

The Greek bailout package was passed on Monday as expected, and there was little reaction in US markets. Mixed US economic data also had little influence. Strong Treasury auctions were the biggest factor for mortgage rates this week, and rates ended the week a little lower.

Investors are beginning to focus on the price of oil. Concerns about Iran have pushed oil prices up to the highest level in nine months. Higher energy prices are bad for consumers and the economy. Since higher oil prices have two opposite effects on inflation, though, the impact on mortgage rates is uncertain. Rising energy costs add to inflation, but they also slow economic growth, which reduces inflationary pressures. It's not clear which influence will be larger over time.

The housing data released this week continued to be encouraging. January Existing Home Sales rose 4% from December to the highest level since May 2010. The inventory of listed existing homes declined 1% to the lowest level since March 2005. January New Home Sales again exceeded expectations.

Next week, Pending Home Sales will be released on Monday. Durable Orders will come out on Tuesday. Revisions to fourth quarter GDP will be released on Wednesday, along with Chicago PMI Manufacturing and the Fed's Beige Book. ISM Manufacturing and Core PCE inflation are scheduled for Thursday. Personal Income, Consumer Confidence, and Construction Spending will round out a busy week.

What that mean to you?  Well, for now interest rates remain really low and home prices are still great for buyers but trending up.  That makes it a great time to buy or if you're settled into your home you want to check and see if you have the best rate and terms for the time you plan to stay.  Either way you might want to call Spencer at 415-690-0194 and see what North Bay Realty & Loans can do for you.

Get the low down on 1% down payment homes

Hello Homebuyers,

Want a really low down payment?  Well, California has just made this possible.

Tack a state approved second onto your already low down (3.5%) FHA mortgage
and you can get into a home you'll own.

Sure, you'll have to pay the dreaded mortgage insurance but it still  might be chaeaper
than renting a home and at today's low interest rates and bargain home prices you may
be better off buying now rather than struggling to save up that 20% down payment.

Home Ownership isn't really out of reach now, call for details.

Spencer

415-690-0194

North Bay Realty & Loan

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Buying a home in a cooling market

Benefits of buying a home in a cooling market

A home is still a good investment, if you plan on staying awhile

Residential real estate, a shining star of the national economy that seemed unflappable just a couple of years ago hit a speed bump.  That’s putting it mildly.

Nationally, home price appreciation slowed down drastically from the rapid pace experienced by many markets for a few years. Is this any time to be thinking about investing in a home? Of course it is-if you're buying it for a place to live, not as a speculative investment, and can afford to take the leap.

"Owning a home is still financially not a bad deal, as long as you have the income to support the cost of homeownership," said Jim Gaines, research economist for the Real Estate Center at Texas A&M University. Another caveat: "You better figure on living there five or six years to make any kind of profit on the thing."In the Bay Area the recovery and gentle appreciation look good for the foreseeable future.

Investors who hope to profit quickly on home sales, known as property flippers, for the most part have come and gone from the market, said Raymond Sierka Jr., vice president and regional sales manager with Harris Private Bank.  At the height of the real estate boom, people would buy houses before they were built at preconstruction rates only to sell the homes for a profit a short time later, often before construction was even complete. Speculators in some markets could often sell the property for a 20% to 30% yield, he said.

People now are "buying for the right reasons," said Diana Bull, real estate agent in Santa Barbara, CA, and a regional vice president for the National Association of REALTORS. Sellers no longer hold all the cards, she said, which is creating a more balanced market.  Below are several benefits of home shopping in a cooling real estate market-the silver lining to news predicting the residential real estate party is over.

More selection

In a growing number of local markets, buyers have more time to think about a home before they make a decision on whether to purchase it. Last year, that often wasn't a likely luxury.

"Once you as a potential buyer found a house that met your needs, you had to jump on it right away," said Frank Nothaft, chief economist for Freddie Mac. "One thing that we're seeing nowadays-compared to six or 12 months ago-is many markets where homes are staying on the market longer."  That only seems to be true in Marin if the homes are overpriced listings.  Good value sells quickly.

Two or three years ago, there was a great deal of reacting in the marketplace because we had a smaller inventory pool to work with.  That's not to say that a well-priced property won't move quickly in this environment, he said, but buyers need to educate themselves so they can recognize a housing gem when they see it.

More room to negotiate

Current conditions in many markets also afford consumers a better opportunity to negotiate. Although the market is warming up it’s still a buyer’s market. This market is forcing everybody to slow down and take their time, In that time, buyers have more of a say at the bargaining table.

In fact, getting a fair deal is even more of a priority for homeowners who can no longer bank on high appreciation rates to save them if they pay too much.. If you slightly overpaid in a bidding war at the height of the real estate boom, high appreciation rates helped correct the error, he said. In many markets there is now no such safety net.

Even if you, as a buyer, have the benefit of being more of a haggler than you could have been last year, still remember to look for a place that meets your needs and your budget, Nothaft said. Do the calculations and lay the groundwork before your house hunt ever begins.

Interest rates are still historically low

It's easy to get caught up in the upward scooting of mortgage interest rates. But take the northward movement with a grain of salt.  It will happen again but no one knows when. Some people act like "Chicken Little" and feel as if the sky is falling when interest rates go up a quarter of a point.  Interest rates are still way below what they were five or six years ago, Gaines said. Even if the 30-year hits 7% by the end of the year, investors should keep in mind the double-digit rates of yesteryear.

The annual average for a 30-year fixed-rate mortgage was 16.63% in 1981, and worked its way down to 9.25% in 1991, according to Freddie Mac records. Homeowners may get rates as low as they ever will now. Relatively speaking, with housing prices and interest rates where they are now it's a great deal.  Check your options.

Your home is still a good investment

If you're in it for the long haul-that is, buying a home with the intention to live in it for years-a home is still a great investment.  Call Spencer at 415-690-0194 to find your perfect home and your best loan.

North Bay Realty & Loan

Housing Crisis to end this year

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.

The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.
Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.

However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.
Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”
In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.
Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.

What does this mean to you?  If you're looking for a home or investment property it's a great time to buy.  If your lucky enough to own a nice home you love then you should refinance at today's historically low rates.  Either way now is the best time for you to get the best mortgage we'll probably see for years to come.

Get started now, call Spencer at 415-690-0194

Visit North Bay Realty & Loan online

Buyer's market for homes and loans

It's still a buyer's market.

Good news for homebuyers, not so good for sellers.  There is sufficient inventory for Real Estate in Marin County.  There's an excellent selection of homes for sale, you have good choices so let me know what you want in a home and a community and I'll find the home that fits your needs.

Interest rates are at historic lows so now is the time to lock in the rate on your purchase loan or home refinance.  Now is the time



Contact Spencer

Now's the time to buy or refi real estate in Marin County

1. Home affordability is at an all-time high.

The median mortgage payment on the median priced home as a percentage of the median household income is lower than it's been in a generation.

2. Mortgage rates have reached rock bottom.

As interest rates start to inch back upwards, monthly payments and total loan costs will spike upwards.

(if you already own a home talk to us about refinancing at historically low rates, let's find your lifetime savings)

3. Buy Now; Buy Low!

After declining nearly three years, home prices are stabilizing.

4. Sellers are motivated.

This means that buyers have the upper hand! From banks looking to dispose of foreclosed properties to homeowners who are fiercely competing among an excess of housing inventory, buyers have untold choices and negotiating power.

5. Financing is readily available for qualified buyers!

Banks are getting back in the game and ready to lend to well-qualified buyers.

6. Owning vs. renting is increasingly favorable.

Since 2009, the average principal and interest payment has fallen below the average rental rates, and the gap is now wider than it's been in the past 22 years.

7. Homeownership is at the core of the American Dream!

Owning a home is critical to financial stability and wealth building. It's a forced savings account, a place to live and a fabulous tax deduction.

Visit Us Here

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Marin County Real Estate - Getting better all the time...

Whether you want to buy, sell or stay put now is the time to take action.  With intrest rates at historic lows and the real estate market trending up you are at the right time and at the right place to get the best interest rates and the best terms on a purchase loan or mortgage refinance.


Improved employment figures and record home affordability levels could spawn a minor housing recovery this year, analyst Mark Fleming said Wednesday in the CoreLogic.


We're fortunate to live in such a beautiful place and be part of the strong Bay Area economy.
Our future looks bright and getting better all the time.


A great place to start for all your real estate needs would be North Bay Realty & Loan


Visit Today

Great time to buy a home if...

If you are secure in your job or business and feel you have a reliable income and some good savings, retirement accounts and your finances are in order it's a great time to buy a home or income property.


As we all know, the economy won't recover without a move in housing and jobs, and Mr. Duncan from Fannie Mae noted that about a third of the US workforce is worried about job prospects - a factor that will keep refinancing activity muted due to the significant upfront cash outlay required to refinance a home loan. And as we all know, low rates can only help so much compared to the influence that underwriting standards and values have on the business. Mr. Duncan has said that the US housing market is just halfway through a 10-year recovery.


Financing home or investment purchase or refinancing a home can be done one of two ways.
Lender Paid or Borrower Paid.  For a slightly higher interest rate the lender can pay the closing costs associated with any real estate transaction.  This makes sense if you only plan to keep the property or loan for about 7 years or so.  If it's a long term plan then borrower paid closing costs will give you the lowest interest rate and payments for years to come.


Interest rates are at an all time low.  Historic Lows...
Now it the time to buy or refinance your property.
Let us pencil out your options and give you the info you need for your optimum result.  
Call Spencer at 415-690-0194 or visit us online at:


North Bay Realty & Loans

Watch out for falling home prices...

Marking the fifth consecutive month of decline, home prices fell 0.8 percent in October, matching levels last seen in 2002, according to Lender Services Home Price Index released Wednesday. As of October, the national home price average was $200,000. The year-to-date decline in October was 2.7 percent. According to preliminary data, LPS estimates prices in November declined about 0.5 percent. 

While LPS has tracked persistent declines since the market peak in June 2006, its analysts report price declines have slowed in the past few years. The greatest declines were seen between June 2007 and December 2008 when prices fell $56,000. 

Since then prices have fallen about $26,000, and declines have been interspersed with small seasonal upticks. These upticks, however, have not played an impactful role in price trends. Since 2009, prices have fallen an average of 4.2 percent per year. 

The LPS index noted that price declines were consistent across the country. In fact, prices fell in October in 403 out of the 409 metro areas LPS tracks. The five metropolitan statistical areas (MSAs) posting the greatest declines over the month were all located in Georgia. Other metros with notable declines were located in California, Nevada, and Connecticut – a state previously unseen on LPS’ list of worst-performing MSAs.

Of the 26 largest metropolitan statistical areas, 24 experienced price declines in October. Price increases occurred in metros located in Arizona, Florida, and Michigan. 

Comparing year-to-date prices, Atlanta and the West Coast experienced the most notable declines. Prices fell 21.8 percent in Atlanta from the beginning of 2011 through October. Additionally, Los Angeles,

San Francisco, and Seattle have all seen declines of 5.1 percent. 

Detroit and Pittsburgh encountered the greatest increases year-to-date as of October, posting increases of 9.6 percent and 2.2 percent respectively. LPS also noted in its recent index that price declines varied somewhat between higher-priced and lower-priced houses. The highest priced homes, making up the top 1 percent of homes, declined 0.7 percent, while the lowest priced homes, the bottom 20 percent of the market, declined 0.9 percent.

That’s the news across the nation, Call Spencer to discuss the impact on the news for your neighborhood.  Call 415-690-0194

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