Archive for January, 2008
Fed drops interest rates
By · January 30, 2008 · CommentsThe Federal Reserve lowed the prim rate by 1/2%. What will that mean to Pleasanton, Dublin and Livermore home owners and buyers?
First, some loan rates will drop opening up refinance possibilities for many home owners. Home sales in the Tri-Valley should see an increase with lower interest rates. Current adjustable loans should see lower payments, which may slow foreclosures a bit.
This is all good news, but Congress needs to pass the new FHA loan limits. When this happens, and it will, you will see a much needed slowing of foreclosures and a return to a little more normal real estate market.
If you have any questions or comments please leave them by clicking on comments. You may also contact me in the following two ways. marcstromberg.com or 925-730-2445;
Pleasanton, Dublin, Livermore, Ca, Homes, Quiz, Answre
By · January 28, 2008 · CommentsThere are not many Pleasanton, Dublin and Livermore home owners who know about the important roll Fleet City played during the second World War.
Fleet city was in Dublin and it was made up of three Navy camps. Camp Parks, Camp Shoemocker and the navy hospital located where Alameda County Jail is now located.
Just after the second world war Camp Parks became an Air Force center, Shoemocker was close and the navy hospital soon followed.
The Tri-Valley area is rich in history and with the inter net and a little library reading you can find out what build our communities into what they are today.
Pleasanton Dublin Livermore Tri-Valley History Quiz
By · January 24, 2008 · CommentsSee how much you know about the Tri-Valley communities of Pleasanton, Dublin and Livermore. Where was Fleet City located, is your home located on the site of this former city? Could it have been located in Livermore by Del Valle or near the treatment plant in Pleasanton. Maybe Dublin was the site, where ever it was your Tri-Valley home was not far away.
First correct answer in the comments will receive a Starbucks gift card for $5.00. Answers must be in by Saturday noon Jan. 26 2008, and the winner must be 18 or older. Please leave your contact information for your card, only the winners first name will be used.
Home Sales Update For Pleasanton Dublin And Livermore
By · January 23, 2008 · CommentsLook for a second rate cut this month, it’s going to have a big impact on home sales in Pleasanton. The impact will be even larger in Dublin and Livermore home sales.
Look for Congress to use the Senates version of a new FHA loan program. This will increase conforming loan amounts to $729,000 versus the current $417,000. Refi and new purchase loans will increase dramatically.
Before the Pleasanton, Dublin and Livermore housing market can really increase we need to see the inventory reduced. The interest rate decrease and higher conforming loan amounts will help this process and you will see a return to much better home sales by late 2008 or early 2009.
Pleasanton Dublin and Livermore home Sales Pick-up!
By · January 22, 2008 · CommentsHome sales in the cities of Pleasanton, Dublin and Livermore have increased. The Federal Reserve rate cut of 3/4% today should increase these home sale even more as interest rates drop to the low 5% range on a 30 fixed rate mortgage.
Home owners most likely to benefit will be buyers looking for a townhouse or condo, but anyone with a loan amount below $417,000 will benefit.
Congress is working to change the conforming rate to above $417,000 and it’s my bet it will be around $600,000 to $650,000. Zero down loans may be included with this change. When this happens you should see faster sales in this area.
YES, we still have those stated income and stated asset loans around. Buyers in Pleasanton, Dublin and Livermore will find a lot of homes to choose from. You can click on real estate at your left for more housing information.
How To Buy A Home In Pleasanton Dublin or Livermore
By · January 15, 2008 · CommentsSeems simple enough, but most buyers start out looking for homes in Pleasanton, Dublin and Livermore all the wrong way. The first thought should be how much of a home can we afford. If Pleasanton is out of your reach then you can start looking in Dublin and Livermore.
Set up a hit list of 5 to 8 features you want in a home, then rank the features according to importance. Some features such as large lot will cost you more in Pleasanton than in Dublin or Livermore.
Also remember taxes are based on your sales price. A Pleasanton home may cost you 3,000 to 4,000 dollars a year more in taxes. Many of the newer developments will have monthly home owners dues as well.
Before you start looking for homes, find a broker. If you rely on a Realtor® Broker you will see more homes and get valuable services and in-site. A good broker will look at the home with you, pointing out the features and drawbacks. It’s important to have someone showing you around the home because buyers tend to forget or mix-up features after viewing 7 or 8 properties.
Always plan on getting a home, pest and roof inspection at bare minimum. I also will call in a structural engineer to report on a home if there are any questions about the home. These 4 reports may cost $1,000, but you will know the true condition of the home you are buying.
California Home Sales Forecast
By · January 8, 2008 · CommentsAccording to Alan Nevin, chief economist for the state’s new home building association, you can count on a modest recovery in California’s new home market in 2008.
Nevin predicts 2008 sales will reach 80,000 units or 10,000 more new home sales than 2007. Condo sales are expected to increase to 47,000 unit or 3000 more units than 2007.
What does this all mean to California home buyers and sellers in Pleasanton, Dublin, Livermore and San Ramon? It means increased sales in the re-sale market as well.
What’s fueling the California comeback?
California’s population growth is expected to continue, along with shrinking inventory and rejuvenated loan programs. Higher FHA limits once thought dead will be increase later this year making financing available for more buyers.
There are some real estate issues that California must address such as more affordable housing. California’s growth projections indicates a need for 240,000 new units per year with real numbers expected to be around 128,000 units.
What to do if your mortgage company closes
By · January 3, 2008 · CommentsPart 2: How to Manage Your Mortgage If Your Lender Closes or Files for Bankruptcy
The FTC advises all mortgage holders to read their monthly statements. If your statement is late — even by just a few days — call the mortgage company to track it down. Keep records of your payments, including billing statements, canceled checks, bank account statements, or online account histories if appropriate. If you have a dispute, continue to make your mortgage payments, but challenge the servicing in writing and keep a copy of your letter and any enclosures for your records. Send your letter by certified mail, and request a return receipt, or send it via fax, and keep the transmittal confirmation.
If you have an escrow account: An escrow account is a fund held by your servicer. You pay into the fund to cover charges like property taxes and homeowners insurance. Typically, your payments are included as part of your monthly mortgage payment, and the servicer pays your taxes and insurance from this fund as they come due. Even if your servicer files for bankruptcy or goes out of business, it is responsible for making the escrow payments in a timely way.
The Real Estate Settlement Procedures Act (RESPA) covers escrow accounts. If your mortgage servicer administers an escrow account for you, it is required to make escrow payments for taxes, insurance, and any other charges when they are due. The mortgage servicer also is required to give you a free statement every year that details the activity of your escrow account. This statement should show your account balance and reflect payments for your property taxes, homeowners insurance, and other charges. But it is your responsibility to review the statement to make sure the appropriate entities and payments are made. If one recipient of escrow funds lets you know that a payment is overdue, call the others that are supposed to be paid from your escrow account — for example, state or county governments for property taxes, insurance companies, or homeowners associations — to make sure the funds are being transferred in a timely way. The Department of Housing and Urban Development (HUD) enforces the Real Estate Settlement Procedures Act. Contact HUD with questions or comments about RESPA by email (hsg-respa@hud.gov) or by phone (202-708-0502).
If your lender files for bankruptcy before your loan closes: If you’ve been pre-approved for a mortgage and learn that the lender has filed for bankruptcy, call to find out if or when the company intends to make good on your loan.If the lender can’t — or has gone out of business altogether — start shopping around for another mortgage immediately. The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC entersInternet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. RESPA-related Inquiries and Disputes Under the Real Estate Settlement Procedures Act (RESPA), your mortgage servicer must respond promptly to your written inquiries. If you think you have been charged a penalty or a late fee that you don’t owe — or if you have other problems with the servicing of your loan — continue to make your regular monthly mortgage payment, and contact your servicer in writing in a separate communication. Send your letter — including your account number and an explanation of why you think your account is incorrect — to the customer service address. Don’t write your note on your payment coupon.
Timeline: The servicer must acknowledge your inquiry in writing within 20 business days of receiving it, and take action within 60 business days. The servicer must correct your account or determine that the accounting is accurate, and then send you a written notice of the action it took and why, and the name and phone number of someone to contact for more information or help. In any case, do not subtract the disputed amount from your mortgage payment. Some mortgage servicers may refuse to accept what they consider a “partial” payment: they could return your check and charge you a late fee, or claim that your mortgage is in default and start foreclosure proceedings. The Federal Trade Commission (FTC) is the nation’s consumer protection agency.
Here are some tips from the FTC to help you be a more savvy consumer.
1. Know who you’re dealing with. Do business only with companies that clearlyprovide their name, street address, and phone number.
2. Protect your personal information. Share credit card or other personal information only when buying from a company you know and trust.
3. Take your time. Resist the urge to “act now.” Most any offer that’s good todaywill be good tomorrow, too.
4. Rate the risks. Every potentially high-profit investment is a high-riskinvestment. That means you could lose your investment — all of it.
5. Read the small print. Get all promises in writing and read all paperwork before making any payments or signing any contracts. Pay special attention to the small print.
6. “Free” means free. Throw out any offer that says you have to pay to get a gift or a “free” gift. If something is free or a gift, you don’t have to pay for it. Period.
7. Report fraud. If you think you’ve been a victim of fraud, report it. It’s one way to get even with a scam artist who cheated you.
