Sherman Oaks and Los Angeles Real Estate Expert

Jennifer Aniston buys Bel-Air home

2012-02-10T09:00:00.000-08:00

The midcentury house, listed at $24.9 million, is on a 3-acre-plus promontory with unobstructed ocean and city views. It features walls of glass, a bar, a projection room, a wine cellar, four bedrooms and 61/2 bathrooms.

Leading lady Jennifer Aniston has bought a midcentury house in Bel-Air that was listed at $24.9 million.

The seller was Maguire Properties former chief executive Robert F. Maguire III, who restored the 8,500-square-foot house designed by A. Quincy Jones and built in 1965. The sales price has not yet appeared on the public record.

Set on a 3-acre-plus promontory with unobstructed ocean and city views, the open-floorplan house features walls of glass, a bar, a projection room, a wine cellar, four bedrooms and 61/2 bathrooms. The grounds include a guesthouse, swimming pool and vineyards.

Source: Latimes.com

Tax relief on mortgage debt forgiveness ends in 2013, so hurry

2012-02-09T09:34:00.000-08:00

The tax-relief law allows homeowners to exclude from income certain debts forgiven by their lenders. The tax break expires Dec. 31, 2012, but keep in mind that a short sale or foreclosure can take many months.

The window is closing rapidly on one of the most important tax-relief provisions enacted by Congress during the housing crisis to help financially strapped homeowners.

Although the 2007 law that allows taxpayers to exclude from income the amount of debt that is forgiven or canceled by their lenders doesn't expire until Dec. 31, it's likely to take every bit of the next 11 months for financially troubled homeowners to persuade their banks to either foreclose or allow their houses to be sold for less than they are worth.

Although owners who are struggling to hold on to their homes shouldn't throw in the towel solely because of the pending tax bite, it is certainly something to consider.

Source: Latimes.com

Chris Paul buys Avril Lavigne's Bel-Air mansion for $8.495 million

2012-02-08T09:56:00.000-08:00

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.

The All-Star bought and closed on the Bel-Air home of singer-songwriter Avril Lavigne for $8.495 million just a month after coming to Los Angeles.

The Mediterranean-style house, sitting on more than half an acre in a gated community, came on the market in May at $9.5 million and had been reduced to $8,999,999.

The 12,184-square-foot home, built in 2003, features Venetian plaster, wood-framed doors and windows, a two-story foyer, a wine cellar and tasting room, a gym, eight bedrooms and 101/2 bathrooms. A long eat-at counter off the open-plan kitchen can accommodate a starting lineup.

Source: Latimes.com

Obama proposes refinancing plan for underwater homeowners

2012-02-07T09:16:00.002-08:00

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

Distancing himself from Republicans on housing issues, President Obama pitched a $5-billion to $10-billion plan to help a key segment of struggling homeowners — those still making monthly payments, but on underwater mortgages.

Obama proposed Wednesday to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

Source: Latimes.com

California Foreclosure Activity Drops

2012-02-06T10:07:00.000-08:00

The number of California homes going into foreclosure dropped in the fourth quarter of 2011 to the second-lowest level in more than four years, the result of evolving lender and mortgage servicer policies as well as shifting market conditions, a real estate information service reported.

A total of 61,517 Notices of Default (NODs) were recorded at county recorders offices during the fourth quarter. That was down 13.7 percent from 71,275 for the prior three months, and down 11.9 percent from 69,799 in fourth-quarter 2010, according to San Diego-based DataQuick.

Last quarter's 61,517 NODs marked the lowest level since 56,633 NODs were filed in second-quarter 2011, and the second-lowest since 53,943 NODs were recorded in second-quarter 2007. New foreclosure filings (NODs) peaked in first-quarter 2009 at 135,431.

"We are certainly seeing a lower level of foreclosure activity than a year or two ago. The question is, how much of that decline is due to market conditions, and how much is due to policy changes that try to address economic distress and lower home values," said John Walsh, DataQuick president.

Source: Dqnews.com

9 markets with rising real estate values

2012-02-03T10:00:00.000-08:00

Metro areas off the beaten path, like Oklahoma's Tulsa and Oklahoma City, bucked national trends to win a place on a top list of markets with the greatest year-over-year median home-value increases from October 2010 to October 2011, based on data compiled by Zillow. None of the top 20 U.S. metro areas by population size cracked this list.

The Tulsa metro area topped the chart at a 6.2 percent median home value increase to $101,000 -- the lowest value among the nine markets -- in that one-year timespan, followed by Oklahoma City's metro area at a 3.1 percent bump.

Metropolitan Pittsburgh, at No. 22 in U.S. metro population size with 2.35 million people in 2010, according to U.S. Census data, was the most populated metro area in this list, coming in at No. 8, with a slight median home-value increase of 0.4 percent, and, interestingly, the only metro area on the list to experience a population dip from 2000 to 2010.

Source: Inman.com

Rate on 30-year mortgage down to record 3.88%

2012-02-02T09:17:00.000-08:00

The average rate on the 30-year fixed mortgage fell again this week to a record low. The eighth record low in a year is attracting few takers because most who can afford to buy or refinance have already done so.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year fixed mortgage dipped to 3.88 percent this week, down from the old record of 3.89 percent one week ago.

The average on the 15-year fixed mortgage ticked up to 3.17 percent from 3.16 percent, which was also a record low. Records for mortgage rates date back to the 1950s.

Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.

For the past three months, the 30-year fixed mortgage rate has hovered near 4 percent. Yet cheap rates on the most popular mortgage option have done little to boost home sales.

Source: Latimes.com

Tenant can't just cancel his decision to move out

2012-02-01T08:46:00.000-08:00

A renter gave written notice that he would vacate, then changed his mind. What are the landlord's rights?

Question: I own a four-plex in an area where rental rates have recently begun to increase. I had not raised the rents on my property in several years, so I recently gave a 30-day notice of an 8% increase to my tenants. One told me he could not afford the increase and gave me a written 30-day notice that he was vacating. About a week later he told me he changed his mind and decided to stay and accept the increase.

This tenant has been occasionally late paying his rent in the past, and I am worried that he really won't be able to afford the additional rental rate. Now that he has canceled his notice of termination, what are my options? I am thinking about requiring him to agree to a new credit check so I can tell whether he will be able to pay the new rental amount. Can I do that?

Source: Latimes.com

Initial foreclosure filings fall 11.9% in fourth quarter

2012-01-31T10:35:00.000-08:00

Fewer California borrowers entered foreclosure during the final three months of the year, according to new data. But the holiday respite, coming after a sharp summer increase in new defaults, may not last.

The number of California homes entering foreclosure in the fourth quarter fell 11.9% from the same period in 2010 to the second-lowest level over the last four years, said DataQuick, a real estate information firm in San Diego. A total of 61,517 notices of default, which are filed to initiate foreclosures, were recorded on California properties during the fourth quarter. That was a 13.7% drop from the third quarter of 2011.

Source: Latimes.com

Two Obama initiatives to address foreclosure crisis face hurdles

2012-01-30T05:48:00.000-08:00

The president's proposals include an expanded refinancing plan for struggling homeowners and a new, aggressive probe of financial firms' mortgage practices.

Two new initiatives from President Obama to address the foreclosure crisis — more help for struggling homeowners and aggressive investigations of financial firms — face significant hurdles as the nation's real estate troubles linger in a volatile election year.

A new refinancing plan that expands on an existing initiative would allow homeowners who are current on their mortgage payments to retool their loans and save as much as $3,000 a year on payments. This expansion would be paid for by a new tax on large banks that Obama originally proposed in 2010 that has gone nowhere in Congress — and is unlikely to be approved by Republicans facing reelection in the fall.

Source:Latimes.com

Investors flood Southern California housing market in December

2012-01-25T10:36:00.001-08:00

A record number of investors and second-home buyers flooded the Southern California real estate market in December, though not enough to give sales in the region a bump over the same month a year earlier.

With the investor dominance, low-cost homes reigned. That helped push the region’s median home price back down to its lowest level in 12 months, according to San Diego real estate firm DataQuick.

Source: Latimes.com

Southern California Home Sales Surge 14% on Investor Purchases

2012-01-24T06:43:00.000-08:00

House and condominium sales in Southern California rose 14 percent in December from the previous month as investors and second-home buyers made a record share of purchases, DataQuick said.

A total of 19,247 homes sold last month in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties, the San Diego-based data seller said today in a statement. Investors and second-home buyers accounted for 26.4 percent of transactions, up from 25.1 percent in November and matching a February 2011 peak.

The regional housing market in 2012 “might offer the ‘rock bottom’ for pricing that many buyers and sellers have been waiting for,” DataQuick President John Walsh said in the statement. Foreclosures and short sales, where a home is sold for less than the amount owed, accounted for more than half of Southern California sales, pushing values down.

Source: Businessweek.com

Number of 'Improving' Housing Markets Nearly Doubles

2012-01-20T09:33:00.000-08:00

The number of housing markets showing measurable improvement nearly doubled in January, with the addition of 40 new metros to the Improving Markets Index put out by First American and the National Association of Home Builders (NAHB).

The index tracks housing markets that are showing signs of improving economic health based on three independent datasets – employment growth from the Labor Department, home price appreciation from Freddie Mac, and single-family housing permits from the Census Bureau.

The index identifies metropolitan areas that have shown improvement from their respective troughs in employment, home prices, and housing permits for at least six consecutive months.

Source: Dsnews.com

Voters Oppose Policies That Threaten American Homeownership

2012-01-19T08:16:00.001-08:00

A group convened on the steps of the South Carolina State House Thursday to express their support of homeownership and their opposition to policy changes that might threaten American homeownership.

The group – consisting of Realtors, housing industry professionals, politicians, business leaders, and community leaders – assembled to encourage elected officials “to protect homeownership from threats including scaling back or eliminating the mortgage interest deduction, reducing access to affordable mortgages and loans for home buyers and small businesses, and the foreclosure crisis,” according to an announcement on the National Association of Home Builders’ (NAHB) website.

Source: Latimes.com

Housing looms as strong voting issue in presidential election

2012-01-18T10:10:00.001-08:00

Although fixing the sagging economy is the biggest concern for potential voters, four national surveys undertaken by real estate organizations indicate that housing is also a major issue.

At no time in memory has housing been a major issue in a presidential election. Some years, the topic garners hardly more than a passing mention in the planks of either political party.

Right now, housing is not a front-and-center issue for President Obama or any of the Republican presidential hopefuls. But no fewer than four recent national surveys indicate that the issue is a top-of-mind topic among potential voters.

Granted, all four were undertaken by real estate organizations — Realtor.com, HouseLogic, Yahoo Real Estate and Trulia. But the unanimity of their findings underscores just how worried current and future owners are about their homes.

Source: Latimes.com

Landlords in California aren't required to provide refrigerators

2012-01-17T13:34:00.000-08:00

Unlike basic plumbing, heating, electricity and other required conditions, appliances such as a refrigerator are considered amenities

Question: When I moved into my apartment, I knew the refrigerator was old. One weekend I filled it with food for a family barbecue and it broke down. I was at work all day and didn't realize this until a number of hours later. I called my property manager but it was the weekend and a new unit wasn't installed for two more days. By then, the food was ruined. I have asked the manager to pay the cost of the lost food, but she has refused. I was thinking about deducting the cost from next month's rent, but I don't want to get into trouble. Can I deduct my losses?

Answer: It may not make sense, but providing a tenant with a working refrigerator is not required by the California laws on habitability. Unlike basic plumbing, heating, electricity and other required conditions, appliances such as a refrigerator are considered amenities.

Source: Latimes.com

Mixed-use project to get underway this month in downtown L.A.

2012-01-16T06:37:00.000-08:00

The $160-million One Santa Fe complex will consist of apartments, offices, shops and public outdoor spaces on Santa Fe Avenue between 1st and 4th streets.

Construction will begin this month on One Santa Fe, a long-anticipated $160-million apartment, office and retail development in the arts district of downtown Los Angeles.

The 790,000-square-foot complex will rise on four acres of land on Santa Fe Avenue between 1st and 4th streets that was leased from the Los Angeles County Metropolitan Transportation Authority.

Plans by Los Angeles architect Michael Maltzan call for 438 apartments and 78,620 square feet of office and retail space, along with nearly 50,000 square feet of public outdoor space. When completed in 2014, it is to have an outdoor terrace, a grocery store, art gallery, a theater and a garden.

Source: Latimes.com

Put conditions in writing when letting tenant alter property

2012-01-13T13:24:00.000-08:00

Taking steps such as having the tenants and landlord sign an agreement regarding the proposed work, and getting the proper permits for the job, can avert disputes and headaches down the road.

Question: I own a second home that I rent to a couple. They have lived there for eight months. Recently, the wife told me they would like to install a 220-volt electrical outlet in the garage so that they can use a heavy-duty washer/dryer combo. I trust them, but I still want to check whether I am required to allow them to make this alteration and, if so, what my rights are if something goes wrong.

Answer: Hopefully, you have a carefully drafted rental agreement that precludes any physical alterations to the rental unit without your permission. This type of clause should be in every rental agreement to establish a landlord's right to control this type of request.

Source: Latimes.com

Pending home sales hit highest level in 18 months

2012-01-12T15:03:00.000-08:00

An index of pending purchases rose to 100.1 last month, up 7.3% from October, according to the National Assn. of Realtors. But many potential buyers are canceling deals before the sale goes through.

The most Americans in more than 18 months signed contracts in November to buy homes, raising hopes that a boost in sales will follow, a real estate industry group reported Thursday.

An index of pending purchase agreements rose to 100.1 last month, up 7.3% from October, according to the National Assn. of Realtors. The reading is the highest since the gauge spiked to 111.5 in April 2010, when buyers rushed to take advantage of an expiring federal tax credit. The November increase followed a 10.4% gain from September to October.

Source: Latimes.com

Existing-Home Sales Rise in November

2012-01-06T13:31:00.001-08:00

Existing-home sales rose again last month, according to data released Wednesday by the National Association of Realtors (NAR).

That assessment, however, is coming off of lower sales numbers than previously thought, reflecting revisions to NAR’s data going back to 2007. The trade group has adjusted sales and inventory figures for the last four years downward by 14.3 percent, signaling the housing crisis has run even deeper that earlier assumptions.

NAR’s latest monthly report shows sales of previously owned homes increased 4.0 percent to an annual rate of 4.42 million in November from 4.25 million in October, and are 12.2 percent above the 3.94 million-unit pace in November 2010.

Total housing inventory at the end of November fell 5.8 percent to 2.58 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, down from a 7.7-month supply in October.

Source: Dsnews.com

Dreaming of a white Christmas at former Bing Crosby estate

2011-12-29T10:14:00.000-08:00

The former home of Bing Crosby is sold for $4.02 million. Crosby lived on the Toluca Lake property from 1936 until early January 1943, when the 20-room house there was gutted in a Christmas tree fire.

A Toluca Lake home still referred to as the Bing Crosby Estate despite a succession of other entertainment industry owners has sold for $4.02 million.

The singer and actor lived on the property from 1936 until early January 1943, when the 20-room house there was gutted in a Christmas tree fire, according to Times archives. Crosby was out at the time of the fire. His wife, Dixie Lee, and their four sons escaped injury.

The damage to the structure and its contents was estimated at $200,000, and the family's cocker spaniel, a complete collection of Crosby's recordings, his golf trophies and his pipe collection were lost. Among items recovered from the ruins was $2,000 cash in the pocket of one of Crosby's coats.

Source: Latimes.com

Rose McGowan is charmed by Hollywood Hills home

2011-12-28T08:39:00.001-08:00

Former "Charmed" star Rose McGowan pays about $1.39 million for a nearly 3,000-square-foot midcentury modern house.

Actress Rose McGowan has purchased a Hollywood Hills area home for about $1.39 million, Trulia.com reports.

Public records confirm the recent sale of the nearly 3,000-square-foot midcentury modern house to the former "Charmed" star. Features include a two-story glass entry, four bedrooms and 31/2 bathrooms. An outdoor living area includes a fireplace.

McGowan, 38, sold her Los Feliz home earlier this year for $1.775 million. She starred as a villainess in this summer's "Conan the Barbarian." Upcoming parts include starring roles in the 2012 films "Napa" "The Tell-Tale Heart" and "The Bell Jar."

Source: Latimes.com

U.S. housing starts jump in November

2011-12-27T10:31:00.000-08:00

In an upbeat sign for the real estate market, construction of new homes and apartments climbs 9.3% from October and 20.1% compared with November 2010.

New construction on homes and apartments increased sharply in November, a bright spot for the beleaguered U.S. real estate market.

Housing starts last month rose 9.3% from a revised October estimate and were 20.1% above those in November 2010. Homes and apartments were built at a rate last month that would produce 685,000 new units this year, when adjusted for seasonal variations, according to the Commerce Department.

The gains were largely driven by the volatile apartment sector, meaning the uptick could reverse itself. Single-family housing starts in November were up 2.3% from October though down 1.5% compared with November 2010. Homes were built last month at a seasonally adjusted annual rate of 447,000 units.

Source: Latimes.com

Tori Spelling and Dean McDermott sell their Encino home for $2.5 million

2011-12-23T09:49:00.000-08:00

The six-bedroom, 6,718-square-foot Tuscan-style villa features a silver-leafed coffered ceiling in the dining room, an office, a den and a master bedroom suite with a sitting area, a fireplace and a balcony.

Tori Spelling and Dean McDermott have sold their Encino home for $2.5 million.

The six-bedroom, 61/2 -bathroom Tuscan-style villa, built in 2001, sits behind gates on a tree-lined street. The 6,718-square-foot home features a two-story entry, a silver-leafed coffered ceiling in the dining room, an office, a den and a master bedroom suite with a sitting area, a fireplace and a balcony. The kitchen opens to a family room. French doors from the public rooms lead to landscaped grounds with a saline pool and spa.

The house was featured in their reality show, "Tori & Dean: Home Sweet Hollywood" (2007-11).

Source: Latimes.com

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Scheduled foreclosure auctions soar in California

2011-12-22T08:49:00.000-08:00

Banks set the clock for forced sales of more than 26,000 homes in the state in November, a 63% increase from October. Overall foreclosure notices nationwide fell last month.

Banks in November scheduled more than 26,000 homes to be sold at California foreclosure auctions, a 63% increase from October and a sign that a surge in discounted, bank-owned properties is on track to hit the market next year.

The uptick in scheduled auctions follows an increase last summer in homes entering the foreclosure process by receiving default notices and was largely driven by Bank of America. It appears that many of those homes are now quickly working their way through the process, said Daren Blomquist, a spokesman for RealtyTrac of Irvine, a data tracker that published the November data.

Source: Latimes.com

Homeowners association can't charge for finding documents

2011-12-21T09:02:00.000-08:00

Those requesting copies of homeowner association budgets and meeting minutes can be charged only for time involved in redacting the documents as well as copying and mailing them, up to certain limits.

Question: I requested copies of our budgets and minutes for several years back. The association's attorney wrote me: "The costs for copying and providing the pro forma operating budgets for 2008-11 and minutes of annual meetings of members and open board meetings for those years is twelve cents ($0.12) per page and $55 per hour to locate and copy the documents requested plus postage, unless you wish to pick up the documents at management. Management estimates copying charges of $40 and clerical charges of two hours or $110 to provide these documents." These costs sound steep. Are they correct?

Answer: There is nothing in the statute about charging the homeowner for "locating and copying the documents." This appears to be an association tactic to deter owners from accessing documents.

Source: Latimes.com

Howie Mandel is ready to deal — for $7.25 million

2011-12-20T08:56:00.000-08:00

Former "Deal or No Deal" host Howie Mandel has listed his Malibu home. The Cape Cod-inspired house, built in 2008-09, sits on more than an acre with ocean views, an expansive lawn and a swimming pool with spa.

Howie Mandel is ready to deal. His Malibu place is listed for sale at $7.25 million.

The 5,936 square feet of living space includes an office, a theater, a gym, a breakfast area, a den and a library. Along with the guesthouse are six bedrooms and seven bathrooms.

"Deal or No Deal" was canceled last year. Mandel, 56, is now an "America's Got Talent" judge. He was the voice of Bobby on the animated series "Bobby's World" (1990-98) and was on "St. Elsewhere" (1982-88).

Source: Latimes.com

Southland home sales rise 4.2% in November from a year earlier

2011-12-19T06:17:00.000-08:00

Low prices for starter homes spur some bargain hunting among home shoppers in Southern California in November. Home sales rose 0.3% from October and 4.2% from November 2010.

Low prices for starter homes spurred some bargain hunting among home shoppers in Southern California last month, sending sales slightly higher.

November sales rose 0.3% from October and 4.2% from November 2010 with 16,884 homes bought across the region, according to real estate research firm DataQuick of San Diego. Sales of newly built homes suffered, declining 15.2% from a year earlier and falling to the lowest level on record for a November.

"Lower prices and amazingly low mortgage rates tempted those with the confidence to buy and the ability to qualify for a loan, or to pay cash," DataQuick President John Walsh said. "But these sales levels remain subpar, with new-home sales stuck at record lows."

Source: Latimes.com

October Pending Home Sales Up Significantly

2011-12-16T09:38:00.000-08:00

In what might finally be a sign that home sales are poised for a turnaround, NAR’s forward-looking pending home sales index jumped 10.4 percent in October from the previous month and is also up significantly on a year-over-year basis. Although it’s too soon to tell whether the gain will be sustained, there are trends berewing in the market that suggest it will be.

For one thing, rental rates are increasing. Historically, there’s typically been a strong correlation between rising rental rates and rising home prices. That relationship has broken down in the past few years because of the severity of the downturn in the housing market. But with rental rates now well into long-term gains, pressure is mounting for renters to jump to home ownership if only because it’s becoming cheaper to buy than to rent in a lot of markets and at a lot of price points. Of course, the hurdles to obtaining financing remain a big stumbling block, and in fact that might be a good part of the reason there’s been so much divergence between NAR’s pending sales index and actual closings.

Source: Speakingofrealestate.blogs.realtor.org

Lower credit scores slow housing recovery by thwarting sales

2011-12-15T09:26:00.000-08:00

Many Americans' credit scores have fallen because of economic distress in the last few years. It's probably affecting their ability to get a new mortgage or buy a house.

How big a whack did your credit scores take during the grim years of economic distress after the housing bust? Was it 20 points, 50 points, 100 points — or maybe no drop at all?

These are key questions for millions of potential home buyers who hope to qualify for mortgages and current owners looking to refinance. New research from a major credit-risk evaluation company suggests that the drop in huge numbers of Americans' scores was dramatic.

Source: Latimes.com

Can landlord kick out adults who are not on the lease?

2011-12-14T10:45:00.000-08:00

The landlord says: 'I know that I am not allowed to discriminate based on familial status. Will I be guilty of discrimination if I take action to remove these strangers?'

Question: I am leasing a house to a family. I thought there were just two parents and two children, but when I was in the house fixing the stove recently I saw two other adults living there. I have no idea who they are. My lease precludes the signatory tenants from allowing any other adults to live in the property who are not on the lease, but I have been uncertain about whether I can take action. I know that I am not allowed to discriminate based on familial status. Will I be guilty of discrimination if I take action to remove these strangers?

Source: Latimes.com

Occupy movement moves into neighborhoods

2011-12-13T08:36:00.000-08:00

The Occupy movement stages demonstrations at foreclosed homes in nearly two dozen states. In California, protesters help families move back into their seized houses.

The Occupy Wall Street campaign is moving from downtown to the suburbs.

Chased from their encampments on Wall Street, Los Angeles City Hall and elsewhere, protesters are now taking their push for financial democracy to neighborhoods around the country. On Tuesday, they staged demonstrations at foreclosed homes in nearly two dozen states to draw attention to the effect of the housing collapse on American families.

Source: Latimes.com

Fashion exec, producer put Sunset Strip home on market

2011-12-12T13:31:00.000-08:00

Mandana Dayani of "The Rachel Zoe Project" and her husband, TV producer Peter Traugott, are listing their 1952 home at $1.549 million.

Fashion executive and attorney Mandana Dayani and her husband, TV producer Peter Traugott, have listed their Sunset Strip area house for sale at $1.549 million.

The two-story traditional, built in 1952, is designed for indoor-outdoor entertaining. The living room opens to a deck with city views on the main level and the lower level opens to a swimming pool and spa area. The master bedroom includes two walk-in closets, an office or den and a bathroom for a total of three bedrooms and 21/2 bathrooms in the 2,240-square-foot house.

Source: Latimes.com

Sales of new homes edge up in October

2011-12-09T06:46:00.000-08:00

U.S. says new-home sales rose to an annual rate of 307,000 in October, seasonally adjusted, up from 303,000 the previous month. The median sale price, hurt by weak demand, fell to $212,300.

Sales of new single-family homes were barely changed in October and there was little evidence of any improvement in the slumping U.S. housing market.

The U.S. government said new-home sales edged up to an annual rate of 307,000 in October, seasonally adjusted. Sales for September were revised down to 303,000 from an original reading of 313,000.

Economists polled by MarketWatch had forecast new-home sales to rise to 320,000 in October. In a healthy market, sales are typically two to three times that level.

Source: Latimes.com

Another 'Friend' is ready to sever a tie

2011-12-08T06:37:00.000-08:00

David Schwimmer puts his Hancock Park house on the market for $10.7 million. Other former "Friends" cast mates also have sold homes this year.

It has been a busy real estate year for former "Friends" cast mates. Actors Jennifer Aniston and Matthew Perry have both sold places. Now actor-director David Schwimmer has put his home in Hancock Park on the market at $10.7 million.

The roughly 11,000-square-foot gated Mediterranean sits on slightly more than an acre. The house was built in 1926 by architectural firm Koerner & Gage, which also contributed to the design of Beverly Hills City Hall.

The restored main home features nine bedrooms, six bathrooms, a wood-paneled library, a den, a state-of-the-art screening room, a formal dining room, two powder rooms, five fireplaces and a butler area.

The backyard includes a swimming pool, spa, north/south tennis court and a pavilion. The detached loft-style guesthouse contains a bedroom, living room, bathroom and kitchen.

Source: Latimes.com

Fred Couples home comes with — what else? — community golf course

2011-12-07T09:14:00.000-08:00

The professional golfer's Spanish-style villa in La Quinta has a courtyard with a fountain, mountain views and a swimming pool.

Professional golfer Fred Couples has listed his second home in La Quinta at $4.195 million.

The Spanish-style villa has a courtyard with a fountain. The nearly half-acre site has mountain views, a swimming pool with a spa and a fire pit. Interior features include limestone and wood floors, arched windows, a great room with an oversized stone fireplace, a wine room and two master suites with stone fireplaces and terraces. There are four bedrooms and 41/2 bathrooms. The approximately 5,200-square-foot house is being sold furnished.

Among community amenities are two fitness centers, a swimming pool and a private golf course designed by Tom Fazio.

Couples, 52, uses the house as a place to relax at the end of the golf season. He joined the PGA Tour in 1982 and the Champions Tour last year. Among his wins are the 1992 Masters Tournament and this year's Senior Players Championship.

Source: Latimes.com

Home built by director Frank Lloyd is sold

2011-12-06T06:04:00.000-08:00

The nine-acre Topanga compound, built in the early 1930s by Oscar-winning film director Frank Lloyd, has sold for $3.85 million. Lloyd, who died at 74 in 1960, was a founder and president of the Academy of Motion Picture Arts & Sciences.

A Topanga compound built in the early 1930s by Oscar-winning film director Frank Lloyd has sold for $3.85 million.

The nine-acre property includes the original main house, a carriage house and a guesthouse. The main house features seven wood-burning fireplaces, a billiards room, a library and a walk-in refrigerator. There are four bedrooms, five bathrooms and about 4,900 square feet of living space.

Source: Latimes.com

A new scene for 'Twilight' stars?

2011-12-05T13:48:00.000-08:00

The Westside compound leased by "Twilight's" Robert Pattinson and Kristen Stewart is for sale.

A Westside compound that "Twilight" stars Robert Pattinson and Kristen Stewart have been leasing for the last several months has come on the market for sale at $5.995 million.

Built in the 1990s, the west-facing property sits on almost half an acre and overlooks Stone Canyon Reservoir and Bel-Air.

The main house features an open-plan living and dining room, a den, four bedrooms and 31/2 bathrooms. The recently renovated guesthouse contains another bedroom and 11/2 bathrooms. Outdoors is a pool, a spa and a dining pavilion.

Source: Latimes.com

Hot Property: Actor-director David Schwimmer lists Hancock Park home

2011-12-02T08:35:00.000-08:00

The roughly 11,000-square-foot gated Mediterranean, listed for $10.7 million, features nine bedrooms, six bathrooms, a wood-paneled library and a state-of-the-art screening room. The house was built in 1926.

Actor-director David Schwimmer has put his home in Hancock Park on the market at $10.7 million.

The roughly 11,000-square-foot gated Mediterranean sits on slightly more than an acre. The house was built in 1926 by architectural firm Koerner & Gage. Along with John Austin and Frederick M. Ashley, they also designed Beverly Hills City Hall.

The backyard includes a swimming pool, spa, north/south tennis court and a pavilion. The detached loft-style guesthouse contains a bedroom, living room, bathroom and kitchen.

Schwimmer, 45, played Ross Geller on the comedy series "Friends" (1994-2004). Last year, he directed the movie "Trust."

Source: Latimes.com

Higher FHA loan limits reinstated for high-cost housing markets

2011-12-01T08:14:00.000-08:00

President Obama signs a bill that restores FHA-backed loan limits in expensive housing areas such as L.A. and Orange counties to $729,750. The limit had dropped Oct. 1 to $625,500.

Uncle Sam has thrown California and other high-priced housing markets a lifeline.

President Obama on Friday signed into law a bill that reinstates higher limits for Federal Housing Administration-backed mortgages in high-cost areas. In expensive housing areas such as Los Angeles and Orange counties, the limit for these FHA-backed loans had dropped to $625,500 from $729,750 on Oct. 1. The change became effective Friday.

Similar ceilings applying to loans that can be backed by Fannie Mae and Freddie Mac will not increase. The California Assn. of Realtors and its larger national partner association had lobbied for all of the loan limits to be reinstated.

The group is "pleased the Senate and House were able to come to a reasonable compromise," LeFrancis Arnold, president of the group, said in a statement Friday. "However, we are disappointed that the Senate and House could not agree on increasing the loan limits for Fannie Mae- and Freddie Mac-insured loans."

Source: Latimes.com

Botched appraisals could torpedo real estate transactions

2011-11-30T08:05:00.000-08:00

Agents, builders and sellers say market conditions, plus changes in federal rules that encourage banks to use in-house or affiliated appraisal management companies, are magnifying disagreements over real estate values.

How do you fight back when an appraiser — often from another city working for a low fee on behalf of a big bank — wrecks your sale, purchase or refinancing with a low-ball valuation?

It's a serious problem in markets across the country. For example:

• William Maxwell, a business school professor at Southern Methodist University, had his four-bedroom Dallas home appraised at $790,000 for a refinancing last year. But when he went to sell it this year, the appraisal came in at $730,000. Maxwell said the appraiser, who was not from the immediate area, "had never walked into a single house in this neighborhood" and knew little about local pricing trends. Maxwell pulled his house off the market.

Source: Latimes.com

Brooke Mueller, Charlie Sheen's ex-wife, sells Los Feliz home

2011-11-29T08:00:00.000-08:00

The buyer is actor Simon Helberg of 'The Big Bang Theory.' The price is not disclosed.

Television personality Brooke Mueller has sold the gated Los Feliz home she once shared with her ex-husband, Charlie Sheen, for an undisclosed amount.

The buyer is actor Simon Helberg of "The Big Bang Theory."

The restored 4,179-square-foot villa has four bedrooms and 41/2 bathrooms. A fountain stands in the tiled front courtyard of the Mediterranean-style home, built in 1927. Inside, the dramatic two-story entry has wood floors and a vaulted ceiling. The step-down living room features a fireplace and wood-beamed ceiling.

Source: Latimes.com

More homes sell in October than expected

2011-11-28T07:58:00.000-08:00

Existing-home sales rise 1.4% from the previous month and 13.5% from the same month a year earlier. U.S. housing inventory falls 2.2% to 3.33 million previously owned homes available for sale.

More people closed deals on home purchases in October than economists expected, driving down the number of homes available for sale to an eight-month supply.

Existing-home sales rose 1.4% from the previous month and were 13.5% above the same month a year earlier. Each month, the National Assn. of Realtors reports the figures in the form of an annual sales pace adjusted for seasonal variations. Last month's pace was 4.97 million, the group reported.

Regionally, sales were up 4.4% in the West over the previous month, up 2.1% in the South, up 2.8% in the Midwest and down 5.1% in the Northeast.

With the increase in sales last month, the number of homes on the market continued to decrease. Real estate agents view that as a positive sign for their business because fewer homes on the market drives up prices and increases commissions. Less supply, however, also means fewer options and increased competition for consumers looking to buy a property.

Source: Latimes.com

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Pop star Rihanna lists Bev Hills home at $4.5 million

2011-11-24T08:12:00.000-08:00

The listing, asking far less than what the Grammy winner paid, describes the house as a 'major fixer' with 'damage from moisture and water intrusion.'

Pop star Rihanna has listed a Beverly Hills Post Office-area home at $4.5 million, substantially less than the $6.9 million she paid two years ago.

The listing describes the house as a "major fixer" with "extensive damage from moisture and water intrusion" at the roof, windows, doors and balconies. The property will not qualify for bank financing, according to the listing, so potential buyers will need cash, a contractor and perhaps an umbrella, to borrow the title of one of Rihanna's early hits.

Source: Latimes.com

Factoring energy efficiency into a home's value

2011-11-23T08:19:00.000-08:00

Under the SAVE (Sensible Accounting to Value Energy) Act, estimated energy-consumption expenses for a house would be included as a mandatory new underwriting factor.

When you apply for a mortgage to buy a house, how often does the lender ask detailed questions about monthly energy costs or tell the appraiser to factor in the energy-efficiency features of the house when coming up with a value?

Hardly ever. That's because the big three mortgage players — Fannie Mae, Freddie Mac and the Federal Housing Administration, which together account for more than 90% of all loan volume — typically don't consider energy costs in underwriting. Yet utility bills can be larger annual cash drains than property taxes or insurance — key factors in standard underwriting — and can seriously affect a family's ability to afford a house.

A new bipartisan effort on Capitol Hill could change all this dramatically and for the first time put energy costs and savings squarely into standard mortgage underwriting equations. A bill introduced Oct. 20 would force the three mortgage giants to take account of energy costs in every loan they insure, guarantee or buy. It would also require them to instruct appraisers to adjust their property valuations upward when accurate data on energy efficiency savings are available.

Source: Latimes.com

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California October Home Sales

2011-11-22T07:57:00.000-08:00

An estimated 34,087 new and resale houses and condos were sold statewide last month. That was down 3.7 percent from 35,404 in September, and up 4.3 percent from 32,669 for October 2010. California sales for the month of October have varied from a low of 25,832 in 2007 to a high of 70,152 in 2003, while the average is 43,528. DataQuick's statistics go back to 1988.

The median price paid for a home last month was $240,000, down 3.6 percent from $249,000 in September, and down 6.3 percent from $256,000 for October a year ago. The median has decreased on a year-over-year basis for the last thirteen months. The bottom of the current cycle was $221,000 in April 2009, while the peak was at $484,000 in early 2007.

Distressed property sales – the combination of foreclosure resales and “short sales” – continued to make up more than half of California’s resale market.

Of the existing homes sold last month, 34.1 percent were properties that had been foreclosed on during the past year. That was up from 33.8 percent in September but down from 36.7 percent in October a year ago. The all-time high was in February 2009 at 58.5 percent.....

Source: Dqnews.com

California Foreclosure Activity Back Up

2011-11-21T11:14:00.000-08:00

After dropping to a three-year low in the second quarter of this year, the number of California homeowners being pulled into the foreclosure process snapped back to prior levels over the last three months, a real estate information service reported.

A total of 71,275 Notices of Default (NoDs) were recorded at county recorders offices during the third quarter. That was up 25.9 percent from 56,633 for the prior three months, and down 14.4 percent from 83,261 in third-quarter 2010, according to San Diego-based DataQuick.

Last quarter's 71,275 NoDs, which mark the first step in the formal foreclosure process, jumped back to levels seen earlier this year and late last year. Lenders filed 68,239 NoDs during first-quarter 2011 and 69,799 in fourth-quarter 2010. NoDs peaked in first-quarter 2009 at 135,431.

"Figuring out what's actually going on when it comes to foreclosures can be a logistical nightmare. In each case there are at least six or seven different legal entities contending with each other, each with a different agenda and timeline: The original lender, the homeowner, the current owner or owners of the loan, the servicing institution, the outfit doing the actual foreclosing, and the county recorder's office," said John Walsh, DataQuick president.

Source: Dqnews.com

Younger Boomers Trading Up, Older Boomers Staying Put

2011-11-18T08:23:00.000-08:00

It's not your grandma's housing market anymore -- a fact that baby boomers are dealing with in very different ways, according to a new report. Coldwell Banker released a survey that throws a wrench in the notion that all boomers belong to one homogeneous group. The results show that younger baby boomers are far more keen on buying up than their older peers. HuffPost 50 reports:

The survey's findings present a much more dynamic picture of the current real estate market when the general term "boomer" was divided into "Younger Baby Boomers" aged 47-55 and "Older Baby Boomers" aged 56-64.

According to the survey's results, Younger Boomers are both more likely to be interested in purchasing a second home and seeking out a single family home over older boomers. The most staggering divide between young and older boomers can be seen in those looking for a larger home, where 31 percent of respondents say younger boomer clients are selling their current home and looking for more space, compared to just 6 percent of agents who report older boomers are looking to do the same.

Source: Realestate.aol.com

Sales of new homes top expectations

2011-11-17T08:32:00.000-08:00

Sales of new U.S. homes rose by 5.7% in September — the first increase in four months — as builders cut prices to the lowest level in nearly a year.

The Commerce Department said new single-family home sales climbed to an annual pace of 313,000 in September from August's slightly revised level of 296,000. The numbers are seasonally adjusted.

Economists polled by MarketWatch had forecast new home sales to rise to 300,000.

Buyers were attracted by lower mortgage rates and falling home prices. The median selling price of new homes, for instance, fell more than 10% year-over-year to $204,400 — a 3.1% decline compared with the previous month — marking the lowest level since last October.

The median price has fallen three straight months after hitting a nine-month high of $240,200 in June.

Source: Latimes.com

Mortgage refinancing to get easier under revised U.S. program

2011-11-16T08:05:00.000-08:00

The plan could help 1 million to 2 million people get significantly lower monthly payments in hopes of stabilizing the real estate market.

The Obama administration is launching yet another high-profile campaign to shore up the housing market -- and with it, the economy -- by making it easier for some struggling homeowners to refinance underwater mortgage loans at today's ultra-low interest rates.

The federal government's new rules will encourage borrowers to secure new loans no matter how much value their homes have lost during the nation's housing crisis, with the hitch that they can't have missed any mortgage payments for the last six months.

The plan could help 1 million to 2 million people get significantly lower monthly payments in hopes of stabilizing the real estate market. On top of that, it would boost the economy by putting about $2,500 more in a typical homeowner's pocket each year, administration officials said.

Source: Latimes.com

State agency foreclosing on borrowers who rent out their homes

2011-11-15T08:09:00.000-08:00

Some 200 borrowers are current on their payments but don't live in the homes, violating California regulations. Their mortgages come from the state agency.

A state agency that provides low-interest mortgages to first-time home buyers is foreclosing on a small number of clients, even though the borrowers are current on their monthly payments, according to a state Senate watchdog group.

The California Housing Finance Agency has initiated or threatened foreclosure on about 200 borrowers because they are no longer living in the homes as required by state regulations. Some of them have rented out their homes to cover the mortgage payments and moved to more affordable quarters, mainly because of financial hardship or changes in their jobs or personal lives, the Senate Office of Oversight and Outcomes said Monday.

Source: Latimes.com

'Psycho' actress Janet Leigh's one-time home is for sale

2011-11-14T08:38:00.000-08:00

The one-time Beverly Hills-area home of actress Janet Leigh is on the market at $3.75 million.

Built in 1976, the modern traditional-style home is set on a promontory of more than half an acre with a swimming pool and tennis court. The 4,432-square-foot ocean-view house features high ceilings, four bedrooms and five bathrooms.

Leigh, who died in 2004 at age 77, starred in "Touch of Evil" (1958) and "The Manchurian Candidate" (1962) but is perhaps best remembered in film for her murder in the shower scene of "Psycho" (1960).

Source: Latimes.com

Foolish board decisions can cost everyone

2011-11-11T08:39:00.000-08:00

Question: Our homeowners association was sued when a slate of board directors misused its authority. The directors embarked on projects that only they wanted. They hired different lawyers for each director personally and other attorneys for the association and board, paying exorbitant fees to push their projects onto owners. They were determined to amend our covenants, conditions and restrictions to prevent owners from renting out their units. The board directors' actions were eventually deemed illegal, but not until they had incurred at least $100,000 in association debt not covered by insurance. To keep our insurance, the premiums were raised substantially, and the lawsuits affected unit sales. The director who started the campaign to stop rentals moved and rented his unit out. In addition to higher monthly fees, owners will suffer otherwise unnecessary special assessments for years to come. As an owner, I was powerless to prevent this. Can I sue this one director to return the money I was forced to expend because of his illicit actions?....

Source: Latimes.com

New FHA certification rules hamper condo sales, refinancings

2011-11-10T08:15:00.000-08:00

The rule revisions, aimed at averting losses from delinquencies and foreclosures, have led to thousands of common-interest developments becoming ineligible for FHA mortgages.

Is a little-publicized switch in federal mortgage policy causing huge problems for condominium sellers, buyers and homeowner association boards across the country — even depressing prices and blocking refinancings?

Individual owners and realty agents are emphatic that the answer is yes. They say a series of rule revisions by the Federal Housing Administration has caused thousands of common-interest developments to become ineligible for FHA mortgages. This has abruptly shut off loan money for would-be buyers and refinancers, forcing them to pursue conventional bank loans requiring much higher down payments — sometimes 20% or higher versus the FHA's 3.5% minimum — that they often cannot afford.

For its part, FHA says the rule changes it has adopted, which focus on budgets, insurance and financial reserves, have been prudent and are designed to avert losses from delinquencies and foreclosures. But the agency confirms that thousands of developments have failed to obtain or apply for required recertifications under the new rules. Out of approximately 25,000 common-interest developments nationwide with expiration dates for FHA eligibility between last December and Sept. 30 of this year, only 2,100 — just 8.4% — have been approved or recertified by the agency, according to Lemar Wooley, an agency spokesman.

Source: Latimes.com

New home construction jumps 15% in September

2011-11-09T08:27:00.000-08:00

New residential construction jumped 15% in September, turning in its best performance in 17 months, though economists warned that a housing recovery has yet to take hold.

While new construction is key to getting the economy going, much of the new building came from the apartment sector, which can be volatile. Many economists also noted that permits pulled for new construction, also an important measure of builders' plans for the future, declined in September.

Nevertheless, the news of the increase cheered investors on Wall Street as well as several housing analysts who follow the numbers.

"A strong residential construction number is a welcome relief for an economy struggling to hang on to expansion and a hopeful harbinger of better days to come," Celia Chen, a housing economist with Moody's Analytics, wrote in a research note Wednesday. "Caution, however, needs to be taken in interpreting the surprisingly strong top-line housing starts for September."

Builders started new residential units at a seasonally adjusted annual rate of 658,000 in September, a 15% increase over the prior month and up 10.2% from the same month last year, according to the Commerce Department.

Source: Latimes.com

Real Estate Outlook: Builder Confidence Rises

2011-11-08T10:35:00.000-08:00

Builder confidence is up for the month of October thanks to renewed buyer interest in select markets. This is the largest one-month gain since April 2010 when renewed confidence from the home buyer tax credit was in full swing.

"This latest boost in builder confidence is a good sign that some pockets of recovery are starting to emerge across the country as extremely favorable interest rates and prices catch consumers' attention," said NAHB Chief Economist David Crowe. "However, it's worth noting that while some builders have shifted their assessment of market conditions from 'poor' to 'fair,' relatively few have shifted their assessments from 'fair' to 'good.' One reason is that builders are facing downward pricing pressures from foreclosed homes at the same time that building materials costs are rising, and this is further squeezing already tight margins."

Regionally, it was the West that led the way in builder confidence, posting a 9 point gain on the HMI scale. The only region that didn't post a gain was the Northeast, which was unchanged from the month prior.

Source: Realtytimes.com

Multifamily Sector Shows Positive Movement

2011-11-04T08:13:00.000-07:00

While the homeownership rate falls, rental demand rises bringing rental rates up and apartment vacancies down – all of which has led Freddie Mac’s chief economist to label the multifamily sector “a positive signal for the U.S. housing industry.”

“The improvement in the economics of apartment management has prompted an increase in structure values, property sales, and new construction for larger buildings,” states Freddie Mac’s chief economist Frank Nothaft in his October U.S. Economic and Housing Market Outlook.

After a 32 percent drop from 2008 to 2009, the’ U.S. apartment values rose 18 percent in the first quarter of this year, Nothaft reports, referencing the National Council of Real Estate Investment Fiduciaries apartment value index.

This rise is a result of the fact that many newly-formed households are choosing to rent rather than own in the current, unstable economy, according to Nothaft.

From June 2010 to June 2011, the number of households renting rose 4 percent with an additional 1.4 million households moving into rental units, according to the Census Bureau. At the same time, the homeownership rate fell by 1.5 percent to 65.9 percent, according to the Bureau.

Source: Dsnews.com

Home Closing Timelines Increase, Especially in Distressed Market

2011-11-03T10:00:00.000-07:00

Refinance applications and appraisal complications are holding up home sale closings, according to the Campbell/Inside Mortgage Finance HousingPulse survey released last Monday.

According to the report, the normal timeline for a closing is about 30 days. However, the recent HousingPulse survey found the timeline to be between 45 and 60 days.

The delay is exacerbated among short sales and sales of foreclosed homes – which according to HousingPulse made up 44.4 percent of the market in September, down from 45.9 percent in August.

The survey of 2,500 real estate agents found that one major source of delays among short sales is mortgage origination pre-approvals, which sometimes expire before all interested parties agree.

Sales of foreclosed homes are encountering delays when property damage complicates the appraisal process.

Source: Dsnews.com

HARP's Rep and Warranty Waiver: Will It Spark a Refinancing Frenzy?

2011-11-02T09:45:00.000-07:00

With the Federal Housing Finance Agency’s (FHFA) retooling of the Home Affordable Refinance Program (HARP), one change in particular may hold the answer to just how much of an impact the initiative will have – FHFA’s decision to waive certain representations and warranties on loans refinanced through the program.

The debate has already begun about whether such a move will indeed persuade lenders to utilize the program more freely.

Generally when a mortgage is refinanced, any representations and warranties that are attached to the original loan – such as assurance of a clean title – are carried over to the originator of the new refinanced loan. The new lender can be held responsible by the investor – in this case, Fannie Mae and Freddie Mac – and be forced to buy back the loan as a result of an earlier defect overlooked by the original lender.

Source: Dsnews.com

Case-Shiller Continues to Record Improvements in Annual Price Changes

2011-10-31T09:13:00.000-07:00

The annual rate of change in home prices continues to show improvement, according to Standard & Poor’s.

Data released Tuesday by the agency show the 20-city composite and 10-city composite readings of the S&P/Case-Shiller index for August came in below their year-ago levels by 3.8 percent and 3.5 percent, respectively. The previous month, S&P reported a 4.1 percent and 3.7 percent annual decline.

Sixteen of the 20 cities covered by the index posted improved annual returns compared to July’s data. Los Angeles and Miami saw no change, while Atlanta and Las Vegas saw their annual rates of change fall deeper into negative territory.

At -8.5 percent, Minneapolis posted the lowest year-over-year return, but has improved in each of the last three months. Detroit and Washington D.C. were the only two cities to see positive annual returns of +2.7 percent and +0.3 percent, respectively.

Source: Dsnews.com

The Joys of Homeownership

2011-10-28T09:11:00.000-07:00

Today's experts spout off the latest statistics about long-term wealth, home values, and interest rates, yet there's a much more sentimental side to homeownership. In fact, many home buyers are drawn to homeownership for these warm and fuzzy reasons.

Owning a home allows you to put down roots, both figuratively and literally. On one hand you become part of a neighborhood and community. When you rent, neighbors come and go as quickly as leases renew. Homeowners, however, tend to stay put longer.

What does this mean for you? You can develop, many times, lifelong relationships. This also means your home will see you through many of life's important milestones.

Source: Realtytimes.com

Bill would remove penalty for tapping 401(k) to avoid foreclosure

2011-10-27T08:34:00.000-07:00

The proposed legislation would amend the tax code to allow homeowners who have 401(k) retirement plans to pull out money to save their houses from foreclosure without the usual tax penalties.

With hundreds of thousands of homeowners facing imminent foreclosure and estimates of 2 million or more in the wings, are there any financial tools available to distressed borrowers that haven't been tried yet? And is there a way to help owners that won't rack up huge federal expenditures and add to the deficit?

The Obama administration has been exploring options — including a new refinancing program expected this month — but a concept has surfaced on Capitol Hill that might offer modest help with no revenue cost to the government: Amend the tax code to allow homeowners who have 401(k) retirement plans to pull out money to save their houses from foreclosure without the usual tax penalties.

Source: Latimes.com

Meet the home sellers: Ben Stiller and Christine Taylor

2011-10-25T09:55:00.000-07:00

Comic actor Ben Stiller and his actress wife, Christine Taylor, have sold part of their compound in the Hollywood Hills for $7,325,000, public records show.

The entire property, listed at $12.5 million two years ago, included two houses and a one-bedroom guesthouse for a total of 10 bedrooms and 11 bathrooms on nearly an acre.

The couple have sold a gated 1929 Spanish-style house of 5,334 square feet that had been restored and updated. Its outdoor courtyard and living areas, as well as the lushly landscaped pool area, are decorated with terra-cotta tiles and colorful inlays...

Source: Latimes.com

Bill would encourage foreigners to buy U.S. homes

2011-10-24T09:29:00.000-07:00

The bipartisan Senate bill would allow foreigners who spend at least $500,000 on a residential property to obtain visas allowing them to live in the United States.

Reporting from Washington and Los Angeles— American consumers and the federal government haven't been able to bail out the sinking U.S. real estate market. Now wealthy Chinese, Canadians and other foreign buyers could get their chance.

Two U.S. senators have introduced a bill that would allow foreigners who spend at least $500,000 on residential property to obtain visas allowing them to live in the United States.

The plan could be a boon to California, which has become a popular real estate market for foreigners, particularly those from China.

Nationwide, residential sales to foreigners and recent immigrants totaled $82 billion in the 12-month period ended March 31, up from $66 billion the previous year, according to the National Assn. of Realtors. California accounted for 12% of those sales, second only to Florida.

Source: Latimes.com

New addendum could help appraisers give credit for green features

2011-10-21T09:28:00.000-07:00

The three-page Appraisal Institute form should guarantee at the minimum that an appraiser will take notice of a home's energy improvements and seek to come up with a value adjustment for local market conditions.

Here's some good news for homeowners who've installed energy-saving features but haven't been sure appraisers will credit them with higher valuations: Thanks to a new industry-issued appraisal addendum, the odds have improved that such upgrades get the fairer market value they're due.

The Appraisal Institute, the country's largest and most influential association in its field, published the long-awaited addendum late last month. It's designed to be attached to any standard appraisal report covering a property with significant green features. Owners, sellers, buyers, refinancers and realty agents don't have to wait for an appraiser to use it. They can download it at no cost and ask that it be made part of the appraisal submitted to the lender.

Source: Latimes.com

Ellen DeGeneres offering estate for $49 million

2011-10-13T10:05:00.000-07:00

The price for the Beverly Hills property is revealed in the Multiple Listing Service. The four-structure compound features a 9,200-square-foot main house, two guesthouses and a three-bedroom house that can be used as office space or staff quarters.

Talk show host Ellen DeGeneres has revealed the price of her Beverly Hills estate in the Multiple Listing Service as $49 million. The property had been marketed since June on the Westside Estate Agency website as price "available upon request."

The four-structure compound was formed starting in 2007 through three property purchases on the same street. Among the sellers was Max Mutchnick, co-creator of the TV series "Will & Grace" (1998-2006), who sold his house for $29 million.

Source: Latimes.com

Survey: Most Real Estate Investors Expanding Portfolios

2011-10-12T12:35:00.000-07:00

Over eight in 10 U.S. real estate investors are making moves to shore up their portfolios even as talk of a double-dip recession persists, according to a recent survey. More shocking: most of the survey respondents parted ways with Americans at large by agreeing that the economy is headed in a northerly direction.

Conducting the survey in early August, Colliers International deployed the 2011 Colliers International Global Investor Sentiment Survey as a way to measure investor appetite for risk and optimism.

It measured investor sentiment on a clock, with 6 o’clock signifying feelings toward a rock-bottom market, 12 o’clock a market at peak, and 9 o’clock and 3 o’clock a market on the upswing and downswing, respectively....

Source: Themreport.com

Buying a home a safer bet than buying gold (INFOGRAPHIC)

2011-10-11T13:45:00.000-07:00

Survey: 401(k) ranks near homeownership as favored long-term investment

The results of a biannual survey, released this week by real estate search and marketing portal Trulia, found that 80 percent of homeowners plan to buy another home, and that most survey participants view home ownership, and placing money in a 401(k) or other retirement account, as the best long-term investments. Market research firm Harris Interactive conducted the survey, which drew responses from 1,392 homeowners and 758 renters, from Aug. 30, 2011, to Sept. 1, 2011.

80% of current homeowners plan to buy another home in the future...

Source: Inman.com

Her basic instinct? Sell

2011-10-07T09:30:00.000-07:00

Sharon Stone lists her Beverly Hills area estate for just under $9 million.

Actress Sharon Stone has listed her Beverly Hills area compound for sale at $8,995,000.

The walled and gated Mediterranean estate sits at the end of a private road on five acres with pathways, bridges, waterfalls, fruit trees, a meditation garden, a swimming pool and a tennis court with viewing pavilion.

The main house, built in 1991, includes a paneled library with a fireplace and an over sized living room with a wet bar. The master suite has a fireplace, dual bathrooms, dual dressing rooms and a terrace. The guest house contains a media room, a gym and two bedrooms, for a total of seven bedrooms and 71/2 bathrooms. There is covered parking for about 14 cars.

Stone, 53, starred in the '90s films "Total Recall," "Basic Instinct" and "Casino," for which she was nominated for an Academy Award. More recent work includes "The Burma Conspiracy" (2011) and several appearances on "Law & Order: Special Victims Unit" (2010).

Source: Latimes.com

How to stop board directors from acting beyond their authority

2011-10-05T09:12:00.000-07:00

Stopping the installation of common hallways carpeting not approved by owners may require hiring an attorney quickly and getting the court to issue an injunction preventing the board from continuing the unlawful actions.

Question: A specific carpet choice for the common hallways was approved by homeowner majority vote and purchased. I later attended a board meeting and learned directors took it upon themselves to change the carpet that was already purchased, approved and voted on by the owners and instead buy a more expensive carpet without owner vote or approval. There are over 23 floors to carpet, and the board's choice raised the carpet price by $3 a yard. The burden of paying this overage is on each owner.

I asked for receipts of expenditures and the treasurer told me there is no central file for receipts on the money spent. Directors are moving forward with the more expensive carpet. What recourse do owners have against this board?

Source: Latimes.com

Most homeowners still faring well, with positive equity

2011-10-04T09:58:00.000-07:00

Nearly half of all owners with mortgages have at least 25% equity stakes in their properties, and about a quarter of owners with mortgages have more than 50% equity, a new study shows.

Reporting from Washington— Negative equity and underwater homeowners are frequently in the headlines, but what about positive equity in Americans' homes?

Is there much of it left after the wealth-killing recession and real estate bust? Where is it? Who's got equity? You might be surprised.

A new study, conducted by mortgage and real estate data firm CoreLogic for this column, found that there are substantial reserves of positive equity across the country. CoreLogic maintains the largest database on home loans — 42 million active accounts, more than 80% of all existing mortgages — with information supplied regularly by lenders and servicers.

Source: Latimes.com

Survey: Home Prices Expected to Increase 1.1% Over Next Five Years

2011-09-30T09:06:00.000-07:00

Home prices are expected to grow at an average annual rate of just 1.1 percent through 2015, according to a survey released Wednesday by New Jersey-based MacroMarkets LLC.

The Home Price Expectations Survey, conducted by Pulsenomics LLC on behalf of MacroMarkets, is based on the S&P/Case-Shiller index over the next five years. Pulsenomics surveyed 111 individuals, ranging from economists and real estate experts to investment and market strategists.

“Expectations for home price performance in 2011 has become somewhat less negative,” commented Robert Shiller, MacroMarkets cofounder and Yale University professor of economics. “Unfortunately, the average projection is somewhat more negative for each of the following four years.”

Source: Dsnews.com

California home sales up in August, but calendar may get credit

2011-09-29T09:06:00.000-07:00

Sales statewide rose 8.8% in August over July and were up 10.2% compared with the same month a year earlier. But the state's median home price dropped year-over-year for the 11th consecutive month.

California home sales jumped in August, but that was mostly due to a quirk in the calendar providing more business days than usual. The state's median home price dropped year-over-year for the 11th consecutive month.

Sales of so-called distressed properties — homes where the borrower was in default or where the property was in foreclosure — continued to make up more than half of California's market for previously owned homes, according to a report by the real estate information firm DataQuick of San Diego.

Source: Latimes.com

Actor Mark Wahlberg puts Beverly Hills home on the market

2011-09-28T09:08:00.000-07:00

Mark Wahlberg's property, listed at $14 million, has a main house, a guesthouse and a gym where he trained for 'The Fighter.' Also, Walt Disney's former home is sold, and 'Let's Make a Deal' host Wayne Brady and reality TV star Lauren Conrad have listed their homes.

The contemporary Mediterranean, built in 1985, has been updated throughout. In addition to the main house with a two-bathroom master suite and four other bedroom suites, a two-bedroom, two-bathroom guesthouse and a 2,500-square-foot detached gym with a boxing ring are on the property. The actor trained there for his starring role in "The Fighter" (2010).

Source: Latimes.com

Landlords are forbidden to discriminate against the unemployed

2011-09-27T09:20:00.000-07:00

The California Fair Employment and Housing Act prohibits discrimination based on a rental applicant's source of income, as long as the applicant can demonstrate the ability to financially qualify.

Question: I have been looking for a new apartment to rent. I found a studio apartment listed on Craigslist that sounded great, although the ad said applicants must "be employed." I am unemployed, but I receive Social Security and pension retirement payments. I told the owner that I did not have a job, but that my retirement benefits amounted to more than three times the $900 rent. He said he would rent only to a tenant who was employed.

He then explained that he was having financial troubles and could not afford to lose money on this property. He told me he knew my Social Security and pension benefits could not be garnished if I failed to pay rent. I thought landlords must accept non-employment income. Is there some exception if the landlord is experiencing financial difficulties?

Source: Latimes.com

U.S. home sales jump 7.7% in August

2011-09-26T08:53:00.000-07:00

The number of Americans who bought previously occupied homes rose in August. But sales were driven by an increase in foreclosures, a sign that home prices could fall further next year and slow a housing recovery.

The National Association of Realtors said Wednesday that home sales rose 7.7 percent last month to a seasonally adjusted annual rate of 5.03 million homes. That's below the 6 million that economists say is consistent with a healthy housing market.

Last month's pace was slightly ahead of the 4.91 million sold in 2010, the worst sales level in 13 years.

Homes at risk of foreclosure made up 31 percent of sales. That's up from 29 percent in July. Many are being bought by investors.

Source: Latimes.com

Southland August Home Sales Climb, Median Price Falls Again

2011-09-23T09:19:00.000-07:00

Southern California home sales rose last month above the July and year-earlier level, the result of seasonal forces, a relatively high number of business days this August and continued robust bottom-feeding. Prices appeared to be trending sideways to downward, with the region’s overall median sale price dipping below a year earlier for the sixth consecutive month, a real estate information service reported.

A total of 19,654 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in August. That was up 8.6 percent from 18,090 in July and up 6.0 percent from 18,541 in August 2010, according to San Diego-based DataQuick.

On average, sales between July and August have risen 3.4 percent since 1988, when DataQuick's statistics begin. August sales have varied from a low of 16,379 in 1992 to a high of 39,562 in 2003. Last month’s sales count was 26.6 percent below the August average of 26,761 sales since 1988.......

Source: DQnews.com

Buyers should inspect new homes carefully for defects

2011-09-22T09:00:00.000-07:00

Experts say shoddy workmanship is rampant as builders struggle to cut construction costs to the bone.

You won't believe the stuff that Jay Markanich has seen on his rounds as a home inspector in northern Virginia.

Among other things: exhaust fans that vent to nowhere, faulty drain line connections, drywall screws used for everything but their intended purpose, insulation thrown into wall cavities but not stapled to the studs, decks so riddled with nails shot from power guns that they cause the wood to split.

The kicker? This is new construction. Not remodeling projects but brand-new houses that have never been lived in.

Source: Latimes.com

Home of the Week: Contemporary Eagle Rock house has garage on top

2011-09-21T09:21:00.000-07:00

Accessed by a driveway bridge, this downtown-close contemporary was constructed on a lot previously considered unbuildable because of the steep grade. The newly built house is recessed into the site and designed with the garage on top to minimize obstruction of the neighbors' views. Existing walnut and oak trees create privacy.

Location: 4865 Mount Royal Drive, Eagle Rock 90041

Asking price: $669,000 or for lease at $3,500 a month

Year built: 2011

Architect: Christopher Griffin

House size: Three bedrooms, four bathrooms, 2,117 square feet

Lot size: 0.28 of an acre..........

Source: Latimes.com

Obama Jobs Plan Includes Real Estate Effort

2011-09-16T13:57:00.000-07:00

The $447 billion jobs initiative President Obama introduced last night, called “The American Jobs Act,” contains some pieces that aim to boost home mortgage refinancing, rehab homes, cut taxes for small businesses, boost road, bridges, and other public-works spending, in part through an infrastructure bank, and otherwise inject momentum into the stalled economic recovery. Many of the specifics are still to come, and his plan raises questions about where real estate industry priorities like extending existing conforming mortgage loan limits and expiring flood insurance fit in. Here’s a thumbnail summary of the key provisions provided by the White House:

1. Cut in half the taxes paid by businesses on their first $5 million in payroll, targeting the benefit to the 98 percent of firms that have payroll below this threshold.
2. Give a payroll tax holiday for adding workers or increasing wages. The benefit is capped at the first $50 million in payroll increases........

Source: Speakingofrealestate.blogs.realtor.org

Congress Urged to Restore Home Buyer Tax Credit

2011-09-15T10:01:00.000-07:00

The National Mortgage Complaint Center, a consumer advocacy group, is asking Congress to introduce legislation to restore the federal tax credit for home buyers in order to “rescue the U.S. residential real estate markets” and prevent home prices from dropping any further.

The group is asking the tax credit be increased to $15,000 and be available to every qualified home buyer, including investors, first-time buyers, and repeat buyers.

"With the enormous devaluations we have seen in most U.S. residential markets, we need to stop the hemorrhaging, and do something meaningful to stabilize one of the most vital aspects to the U.S. economy — our residential real estate markets,” the National Mortgage Complaint Center said in a statement.

Last year, Congress offered a home buyer tax credit for first-time and repeat buyers to help spur home buying. The maximum allowable credit for first-time buyers was $8,000 and $6,500 for repeat buyers. Congress is not currently considering any new legislation to expand the home buyer tax credit.

Source: Sfgate.com

Walt Disney home sale tops list price

2011-09-14T09:54:00.000-07:00

Update: A gated home in Los Feliz once owned by Walt Disney has sold for $3.7 million, which is $50,000 more than its list price.

The two-story French Normandy house, built in 1932, was on the market for 12 days before entering escrow, and it closed in about a month.

Original features include the stained leaded-glass windows, two bars and a Juliet balcony overlooking the two-story living room. The house has four bedrooms and five bathrooms in about 6,000 square feet.

Source: Latimes.com

Veterans Affairs mortgage program goes against the grain but works

2011-09-13T09:34:00.000-07:00

Most borrowers make zero down payments even on jumbo loans and the VA imposes no minimum credit score, yet originations are up and the delinquency and foreclosure rates are low.

Picture a mortgage program that seems to defy many of the lessons of the housing bust:

• 91% of its borrowers make zero down payments.

• Loan amounts go well into the jumbo range — to $1 million and sometimes above, even with little or nothing down.

• Credit standards are flexible and generous. Underwriting rules encourage loan officers to look for ways to approve applications rather than to reject them.

• Mortgage originations are up — almost triple what they were just three years ago and on track this year to exceed 2010's volume. The rest of the loan industry, by contrast, is down 25% to 30%.

Source: Latimes.com

Hot Property: Singing over a 'bird street' sale

2011-09-12T10:08:00.000-07:00

Christina Aguilera has sold her Sunset Strip-area house for $4,653,815.

The Midcentury Modern, built in 1960, is in the celebrity-populated "bird streets." The 6,500-square-foot post-and-beam house has a recording studio, a screening room and walls of glass opening to a pool, a 12-person spa and a fireplace. There are four bedrooms and seven bathrooms.

"It's a very specific house — really stylish, but needs work," said Peter Lavin of Links Real Estate, Hollywood. He represented buyer Carsten Fischer, a director and corporate senior executive officer for Tokyo-based Shiseido. Fischer offered $4.7 million for the house, and the sales price reflects discounts for repair credits.

Source: Latimes.com

Home prices notch third straight monthly gain

2011-09-09T09:04:00.000-07:00

A key index of home prices in 20 metropolitan areas rose 1.1% from May to June. Real estate experts say the improvement is seasonal and that prices could fall again as sales slow in the fall and winter.

With an uptick in June, home prices in major U.S. cities have recorded three consecutive months of gains. But the glimmer of improvement is almost certainly seasonal in nature, real estate experts said, and prices could begin to fall again when the slower sales season begins.

The Standard & Poor's/Case-Shiller index of home prices in 20 metropolitan areas rose 1.1% from May to June when left nonadjustable for seasonal variations. Prices fell 4.5% from June 2010.

Source: Latimes.com

Bank of America puts Countrywide lending unit up for sale

2011-09-08T11:30:00.000-07:00

Bank of America is looking to rid itself of a low-margin Countrywide unit that buys loans from smaller mortgage companies. Hundreds of jobs could be at stake.

Bank of America Corp. plans to jettison another piece of the troubled Countrywide mortgage empire — a lending arm that buys home loans from smaller institutions to then package into mortgage-backed securities on Wall Street.

The beleaguered banking giant has shopped the business around and is in serious talks with one potential acquirer, according to spokesman Dan Frahm. If it can't strike a deal, Bank of America would shut down the business, jeopardizing 1,400 jobs, including 700 in Westlake Village and Thousand Oaks.

Source: Latimes.com

Bel-Air estate was a nature sanctuary – amid mansions

2011-09-07T09:22:00.000-07:00

Once upon a time, nature conservation was a serious commitment for the rich and famous.

Imagine it is Labor Day 1924. You've just finished dinner on the porch, the kids are playing next door and the radio just tuned in: "Good evening, ladies and gentlemen. Today's story is about bestselling author Gene Stratton-Porter. At this very moment she's building a castle in Bel-Air and making her garden a bird and wildflower sanctuary."

Today it's hard to imagine native bird Paris Hilton tending buttercups at her family's Bel-Air manse, but a century ago, before the Westside development was paved and clipped, nature conservation was a serious commitment for the rich and famous.

Geneva Grace Stratton was born in 1863 in rural Indiana. She never finished high school, and she married pharmacist Charles D. Porter. Needing extra money, she turned to writing fiction and nonfiction that combined nature essay traditions with 19th century storytelling.

Source: Latimes.com

Energy-efficient homes seem to sell faster, fetch higher prices

2011-09-06T09:31:00.000-07:00

Some research projects in California, Oregon and Washington offer hints that energy efficiency and sustainability certifications for homes may result in easier sales and higher prices.

Home energy efficiency and sustainability have been major policy priorities for the Obama administration, but lurking in the background are two consistent questions: Beyond the documentable savings on utility bills, do such steps add to the resale value of a home? And do they make it easier or faster to sell your property?

Housing groups and housing officials say that definitive statistical data covering multiple regions of the country are scarce. But some localized research projects in Oregon, Washington and California offer promising hints.

Source: Latimes.com

Freddie Mac alerts real estate agents to rising short sale fraud

2011-09-05T10:09:00.000-07:00

Freddie Mac recently began reaching out to real estate associations and fielded more calls on a rising rate of fraudulent short sales.

With foreclosure delays and procedural problems still weighing on a housing recovery, servicers boosted short sales to 25% of all liquidations by the middle of 2011, up from 8% two years ago.

Freddie completed 21,515 short sales in the first half, up 31% from the same period last year, according to its second-quarter financial filing. These transactions accounted for 14% of all completed workouts in 2010, up from 4% in 2000.

Shelley Poland, a vice president at Freddie, and Robert Hagberg, the associate director of fraud investigations, said in ablog post Monday the mortgage giant sees short sale fraud on the rise as well — especially when real estate agents fail to disclose other parties involved in the transaction, who will rig sales at a low price and hide better offers from Freddie and the distressed homeowner.

Source: Trulia.com

Mortgage rates set fresh record low, Freddie Mac says

2011-09-02T16:16:00.000-07:00

Mortgage rates tumbled to the lowest level in the history of Freddie Mac's weekly survey, with 30-year fixed-rate home loans being offered this week at an average 4.15%, down from last week's 4.32%.

Freddie Mac said in its weekly report that loans with variable interest rates also hit record lows, as did shorter-term fixed-rate loans. The 15-year fixed-rate loan, a popular choice with people refinancing their homes, was being offered at an average rate of 3.36%, down from 3.50% last week, Freddie Mac said.

The survey includes loans made with minimal payments of fees and points to lenders. The borrowers getting 30-year loans this week would have paid 0.7% of the loan amount in upfront fees and discount points, and borrowers would have paid 0.6% of the loan amount for the 15-year fixed loans, Freddie Mac said.

Source: http://latimes.com

State sues lawyers who, it says, defrauded troubled homeowners

2011-08-31T14:59:00.000-07:00

California Atty. Gen. Kamala Harris has sued four Southern California lawyers and their associates, accusing them of defrauding distressed homeowners at their most vulnerable moment by deceiving them into thinking they would receive relief on their troubled home loans.

Harris said the attorneys, their law firms and 14 other individuals and companies listed as defendants had worked together to lure borrowers into paying $4,000 to $10,000 each to be added as plaintiffs in lawsuits against banks.

The alleged victims lived in 17 states, including California, where at least 2,500 homeowners were involved, she said.

She said she is seeking "tens of millions of dollars" in damages and fines on behalf of the homeowners who signed up to participate in the suits, then typically had only cursory conversations about their situations with participants in the alleged scheme who weren't even lawyers.

Source: latimes.com

Firm's database helps keep Americans in homes

2011-08-30T11:53:00.000-07:00

Consumers can't access MortgageKeeper Referral Services directly, but lenders and others can connect clients to its database for help on a variety of issues, including house payments and food assistance.

Reporting From Washington—

Last winter, Consumer Credit Counseling Service of San Francisco helped a Dayton, Ohio, housekeeper catch up on her mortgage payments and utility bills, find food assistance and get her property taxes lowered.

But how does a Northern California-based counseling agency know whom to call to get local help for a struggling homeowner living halfway across the country? By tapping into a national database of community resources operated by Mortgage Keeper Referral Services Inc.

Source: Latimes.com

Home of the Week: Hollywood version of Greek Revival in Los Feliz

2011-08-29T17:03:00.000-07:00

The multilevel house, an L.A. historic-cultural monument, was built in 1930 by filmmaker Dorothy Arzner.

Technically, this multilevel house in the Los Feliz hills falls into the design category of Greek Revival, but just barely.

"The architecture didn't feel to me like a Greek Revival house in the classic sense," says co-owner Ilene Kurtz-Kretzschmar, who has lived in the house for almost four years. "Those are so much more formal. This feels more like a Hollywood version."

Source: Latimes.com

Landlords can't make safety rules only for children

2011-08-26T08:22:00.000-07:00

Fair housing laws prohibit treating families with children differently from other residents. Limiting these families to certain parts of a rental community is not allowed.

Question: I recently stopped at a rental property to apply for a two-bedroom apartment. I had my two young children with me at the time. When I spoke to the on-site rental agent, she told me the available unit was on the second floor. She said I could not apply for that unit because they did not rent second-floor units to families with young children. She said the owner had nothing against children, but the units have open balconies. The owner felt there was too much danger of small children being injured by falling off the balconies. Is it legal for the owner to exclude me from the second floor?

Source: Latimes.com

Hot Property: Orson Welles' former home, 'Parks and Rec's' Michael Schur

2011-08-25T11:49:00.000-07:00

You might expect this summer's real estate scene to be slow, but the season has delivered two super-quick deals of note.

One sale in the works involves the former Sunset Strip-area home of legendary film director Orson Welles. The gated compound came on the market at $1,285,000 late last month and in less than two weeks a sale was pending.

With its crown molding and wainscoting, the 1921 main house is the picture of Southern Colonial style. The property, one third of an acre, also has a guesthouse and a swimming pool.

Source: Latimes.com

Foreclosure reforms may be coming to a head

2011-08-24T09:06:00.000-07:00

Getting banks, investors and borrowers together to work out a solution that benefits them all is the most promising idea to emerge since the housing market first crashed.

We are now in the fifth year of a housing crisis in which more than 3 million Americans have lost their homes to foreclosure, with millions more still at risk.

Every initiative — government or private — to stem the tide of misery has fallen leagues short in the face of continued economic gloom and the intransigence of lenders.

Source: Latimes.com

July home sales in Southern California fall 4.5% from a year earlier

2011-08-23T12:09:00.000-07:00

The number of transactions is the lowest for a July in four years. Also, the median price drops 4% from July 2010 to $283,000.

Home sales in Southern California fell to the lowest level for a July in four years as some key economic indicators turned downbeat and congressional budget wrangling took the country to the brink of financial default.

Source: Latimes.com

Homeowner mortgage write-off may be in jeopardy

2011-08-22T12:44:00.000-07:00

Decisions in coming weeks by the 12-member bipartisan congressional committee tasked with reducing the federal deficit could affect mortgage interest deductions.

If you take mortgage interest tax deductions, the next 100 days could have significant financial implications for you because of Congress' new federal debt ceiling plan.

Although the compromise legislation itself involved no new taxes, it created an unusual mechanism — an evenly split, 12-member bipartisan super-committee that could call for major cutbacks on real estate write-offs by Thanksgiving.

Source: Latimes.com

Los Angeles Market Trends

2011-08-19T14:48:00.000-07:00

The median sales price for homes in Los Angeles CA for May 11 to Jul 11 was $299,500. This represents a decline of 0.2%, or $500, compared to the prior quarter and a decrease of 5.7% compared to the prior year. Sales prices have depreciated 45.5% over the last 5 years in Los Angeles. The average listing price for Los Angeles homes for sale on Trulia was $970,090 for the week ending Aug 10, which represents a decline of 0.9%, or $8,839, compared to the prior week and a decline of 1.7%, or $17,089, compared to the week ending Jul 20. Average price per square foot for Los Angeles CA was $270, a decrease of 3.6% compared to the same period last year. Popular neighborhoods in Los Angeles include Hollywood Hills, Bel Air, Silver Lake, Westwood, Mid City, and Brentwood.

Source: Trulia.com

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