Fremont Real Estate Blog

Unbelievable. Apple will make a lot of money this year.   -sunil   SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI  REAL ESTATE 38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94536  

Newer Modifications Less Likely to Re-Default: Barclays While loans restructured under the federal government's Home Affordable Modification Program (HAMP) have been highly criticized for their propensity to re-default, the analysts at Barclays Capital say newly modified mortgages stand a better chance of staying current. New data also suggests that foreclosure-to-REO roll rates are ticking up while delinquency rates have peaked, signaling that servicers' efforts have caught up to market conditions and they're making progress working through the foreclosure backlog.   -sunil   SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI  REAL ESTATE 38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94536  

CoreLogic Reports 2.6% Annual Increase in Home Prices The analytics firm CoreLogic released its Home Price Index Monday, which shows that residential values in the United States rose in April on an annual basis -- the second consecutive monthly increase. The company reported that home prices, including distressed sales, were up 2.6 percent compared to April 2009. Excluding distressed sales, year-over-year prices increased by 2.2 percent, which seems to signal that distressed properties now are not as heavily discounted as they were a year ago and are closing the price gap between traditional, non-distressed homes.   -sunil   SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI  REAL ESTATE 38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94536  

According to Altos Research:   Altos Index Shows Rise in Home Prices, First in Nine Months Analysis by Altos Research shows that home prices in most major U.S. cities have broken free of the downward spiral. The company's 10-city composite index was up 0.2 percent in May - the first monthly increase recorded by Altos in nine months. Another positive, Altos says readings of weekly price changes have continued to show modest seasonal increases for the past seven weeks, indicating that traditional home price metrics will soon show increases as well.    

Each year, UC Berkeley faculty and staff recommend the best books they’ve read about a particular subject, and then send those recommendations along to incoming freshmen. This year’s theme is “Education Matters.” In this uneasy period for public education, rife with budget cuts, fee increases, and struggling schools, both in California and across the country, it seemed a good time to examine stories about and issues in education. Check out this year’s picks .  

House Republicans Want Penalties for Strategic Defaulters As tumbling property values push more and more borrowers underwater, the number that are opting to walk away from their mortgage obligation, even if they can afford the payments, is growing. This idea of strategic default has become a universal concern within the industry, and there are some lawmakers who are pushing to impose penalties on those that walk away. House Republicans have passed a provision that would make homeowners who strategically default ineligible for an FHA-insured loan in the future.   READ MORE  

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Here’s a reference of   the process.        

Excuse me, don’t you own a big chunk of Moody’s. And why shouldn’t we blame the rating agencies. Firms are paying you to give them some assurance, shouldn’t you do your due diligence before opining something as “AAA”. Ratings agencies give firms, governments and individuals, a false sense of security. These folks are no better at prognosticating, then a copper penny. Arthur Anderson was shuttered for less a mistake.   Warren Buffet Says Don't Blame the Ratings Agencies Investment sage Warren Buffet told the federal commission investigating the causes of the financial crisis that finger-pointing at the big three credit ratings agencies should be directed elsewhere. The ratings industry has come under heavy fire from lawmakers and regulators for assigning top credit grades to mortgage-backed bonds that later turned out to be lemons. But in his testimony, Warren said he's "much more inclined" to come down hardest on the banks' CEOs. He says the ratings agen

Fannie Mae is implementing a new rule on unacceptable properties. A property foreclosed upon is ineligible for Fannie Mae Financing until the redemption period is over. Fortunately, most foreclosures in California are non-judical and therefore have no redemption period. Click here for more on California's Redemption period . TBWS alert where I learned about this Watch Video

California Senate Approves Foreclosure Protection When Servicer Errs The California Senate has approved a new foreclosure bill and sent it to the Assembly for review. It lays out two major provisions intended to deter lax behavior on the part of servicers and prevent avoidable foreclosures in the state. The legislation would provide a means of recourse to homeowners whose homes were lost to foreclosure due to serious servicer errors, and it would prohibit servicers from starting the foreclosure process until a homeowner has received a final decision on their modification.

Please , just leave the prognostication to crystal balls and gypsy’s.   Banks Have Recognized 60% of Expected Loan Charge-Offs: Moody’s Charge-offs and non-performers continue to eat away at profitability and the sheer fundamentals of the U.S. banking system, according to Moody's Investors Service. The firm says 5 percent of banks' loans are currently non-performing assets. Moody's has estimated total loan charge-offs of $744 billion from 2008 through 2011. So far, the banks have recognized 60 percent of Moody's estimated total charge-offs and 65 percent of estimated residential mortgage losses, but only 45 percent of projected commercial real estate losses.

If you are arrested or taken to a police station, you have the right to remain silent. Take our advice: Be sure to specifically tell police you want to talk to a lawyer and want to remain silent. In a 5-4 ruling on Tuesday in Berghuis v. Thompkins, the U.S. Supreme Court weakened long-standing protections against coercive police interrogations. Miranda warnings inform people who have been arrested of their rights to remain silent and to consult with an attorney. But now anyone who is arrested must speak up to stop an interrogation once they have been informed of their rights. Otherwise, according to the Supreme Court ruling, the questioning can go on for hours and any statement you make can be used against you in court. But if you say you want to speak with a lawyer or to remain silent, the police must immediately stop interrogating you. Know Your Rights Download our guide, Your Rights and the Police , a one-page tip sheet to carry with you. It's available

Sunil Sethi SUNIL SETHI REAL ESTATE 510-200-0505 30703 Churchill Ct., Union City, CA Modern Victorian, Union City - Just say no to another Stucco home- OH Sat/Sun 2-4pm 4BR/2+1BA Single Family House offered at $639,000 Year Built 1998 Sq Footage 2,095 Bedrooms 4 Bathrooms 2 full, 1 partial Floors 2 Parking 2 Car garage Lot Size 5,914 sqft HOA/Maint $0 per month DESCRIPTION Regular Sale - (not REO or Short sale) Built in 1998 by Pinn Brothers' home. This home offers an open layout between kitchen and family room, spacious master bedroom and master bath, a gas stove on the kitchen island with beautiful granite counter tops and backsplashs, wooden blinds, recessed lights. lots of fruit trees, sun deck in back, and cul-de-sac location. Also easy access to Dumbarton and San Mateo Bridges. On Saturday, you can walk to the farmer's market, or exercise at the UC Sport Center, or catch a movie at the nearby Century 25 Theatres (Union Landing). Open House: Saturday, June 5 from 2-4pm

I talked about this last week, and it’s very important, I’m passing this message from one of my preferred mortgage brokers, regarding rechecks of credit once more.                 Effective on all applications taken after June 1 st , we are required by FNMA (Fannie Mae) to initiate several additional checks (please read LQI FAQ attached) including a re-check for any additional/undisclosed liabilities as of the date of funding. All of my new loans will include the following attached disclosure. In addition to the disclosure, it is very important that we both make sure that the buyers should not incur ANY new liabilities no matter how small until after RECORDING to ensure that their loan approval remains in effect. My company will check  both the Verification of employment (VOE)  and re-run the credit ON the day of funding .   This re-check for additional/undisclosed liabilities is for all conventional loans. But we should send this message to all of our buyers.   Here is

Pending Home Sales Surge for Third Consecutive Month In a reflection of the broad impact of the homebuyer tax credit and favorable housing affordability conditions, April marked the third consecutive month that pending homes sales have risen, the National Association of Realtors (NAR) reported Wednesday. NAR's pending sales index, which is based on contracts signed during the month, climbed 6 percent compared to March and soared 22.4 percent from April of last year, as buyers rushed to sign contracts before the April 30 deadline of the extended and expanded homebuyer tax credit.

Bank of America's Principal Reduction Program Is Underway Bank of America said Wednesday that its new mortgage program for certain underwater borrowers, which incorporates an earned principal forgiveness approach into the loan modification equation, has been implemented on schedule. The bank has already mailed out an initial round of letters notifying customers who may qualify. Upon review of these applications, the first trial offers for BofA's principal forgiveness program could find their way to distressed borrowers as early as the second half of June.

Why is that news you ask. Well when was the last time you repaired a technological good vs. just chucking it for a newer version, that’s faster, better, & cheaper.   I googled for a local Brother repair shop, described the problem and got a bid over the phone for $60. Not bad considering that replacement would have cost around $500. Plus I feel good about not dumping this in some landfill.   Next time consider the repair option.