Fremont Real Estate Blog

2587 SPINDRIFT CIR, Hayward in Eden shores was foreclosed today. The opening bid was $875,112, which was way over the value and the bank took it as REO. Let's see how many days it takes for them to bring it to market. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

Please just let the market correct itself. -sunil < http://dsnews.us1.list-manage1.com/track/click?u=59816bad6939d5a7dd87e45a5& id=43f2dcfdcf&e=ebe71b748c > Obama Considers Foreclosure Ban 2/26/2010 President Obama and his administration are floating an idea to prohibit lenders from foreclosing on a home unless the borrower has been considered for the Home Affordable Modification Program (HAMP). The proposal would also halt any foreclosures already in process once a borrower has been accepted into the trial phase of the program. A Treasury spokesperson confirmed that a foreclosure ban is under consideration, but stressed that it is one of many ideas on the table and has not been approved yet. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

< http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=3d85f25b3d&e=ebe71b748c > Bank of America Suspends Foreclosures in 23 States 10/1/2010 The nation's largest bank has halted foreclosures in certain states after evidence was disclosed that it too had ill-famed "robo-signers" rubber-stamping approvals of foreclosure cases without verifying their validity. Bank of America has placed foreclosure actions in 23 judicial states on hold while it determines if the paperwork was processed correctly and affidavits by staff members were indeed legitimate. BofA is the third major mortgage lender in two weeks to call for a foreclosure freeze. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

< http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=a34ab2f6a9&e=ebe71b748c > HAMP Stats Increase in November with Permanent Mods Topping 500K The government's key foreclosure prevention program has put 504,648 distressed homeowners into permanently modified loans since its launch in March 2009. Treasury released new numbers for the Home Affordable Modification Program (HAMP) Wednesday, and in addition to crossing the 500K threshold, the data show that servicers stepped up their use of the program. Permanent modifications in November rose 26 percent compared to October, and 20 percent more trial mods were started. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

More good news. < http://dsnews.us1.list-manage1.com/track/click?u=59816bad6939d5a7dd87e45a5& id=56f468fe39&e=ebe71b748c > Sales of Existing Homes Gain Ground in November Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, the National Association of Realtors (NAR) reported Wednesday. Sales of previously owned homes rose 5.6 percent last month. Distressed homes accounted for 33 percent of the month's total sales volume. Housing inventory at the end of November fell 4 percent to 3.71 million existing homes available for sale, which represents a 9.5-month supply at the current sales pace. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

< http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=13c325f04c&e=ebe71b748c > Existing-Home Sales Gain Ground Sales of previously owned homes rose 5.6 percent in November, according to data just released by the National Association of Realtors. Distressed homes accounted for 33 percent of the month's total sales volume. Housing inventory at the end of November fell 4 percent to 3.71 million existing homes available for sale. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

I've seen very high income individual's foolishly let their credit be blemished because of small disputed amounts. At the end of the day, you have to choose your battles. I remember one client who contested a $200 medical bill, and was denied a $1milion dollar loan because of credit having dropped below the bank's threshold for lending. -ss Hidden medical debt trips up homeowners Well-qualified borrowers with good loan-to-value ratios and steady employment are increasingly finding it difficult to refinance because of medical billing mistakes impacting their credit reports and scores, according to mortgage bankers and real estate agents. MAKING SENSE OF THE STORY FOR CONSUMERS * Nearly 14 million Americans have errors on their credit report due to medical collections, according to the Commonwealth Fund, a non-profit organization focused on health care research. * Unnoticed credit errors, such as small, unpaid balances on medical bills, can make refinancing a mortgage diffic

< http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=3ac71dbe30&e=ebe71b748c > Household Wealth Increases Despite Heavy Real Estate Losses The average American's financial situation improved during the third quarter, according to data released by the Federal Reserve. The news is seen as a positive sign for the nation's mortgage markets, which have been stressed by an elevated number of borrowers struggling to fulfill their mortgage obligations because of deteriorating personal finances. The Fed says household wealth grew by 2.2 percent, or $1.2 trillion, during the third quarter as stock market gains offset the $700 billion that was lost on real estate assets. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

From DS News < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=ebd451e0bd&e=ebe71b748c > Fannie Mae Study Finds Americans Still Aspire to Homeownership According to a study released by Fannie Mae, most Americans strongly desire to own a home, but a number of factors, including financial caution and shrinking households, continue to contribute to a willingness to rent. According to the study findings, 51 percent of current owners and renters say the housing crisis has not affected their overall willingness to buy a home over the long term. However, one-third say they are more likely to rent their next home than buy. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

Forwarded to be by a colleague: Negotiating a Win -Win What does negotiation mean to you? Gerald L. Nierenberg, president of Negotiation Institute in New York City says that the definition of negotiation is, "Whenever people exchange ideas with the intention of changing relationships, and confer for agreement, they are negotiating." Webster's Dictionary says that negotiation is "An interaction of influences." I do know that negotiation is a critical skill to survive and thrive in business and in life...especially in the mortgage business. You won't always achieve what you ask for, but you will achieve what you negotiate. Basic Strategies If you research the books on negotiation, you'll find that there are several strategies and tactics that vary depending upon what you are negotiating. I'm going to give you four rules that I believe are the most critical to develop great negotiation skills. * Seek a balanced win/win scenario as much as possib

Government insistence and getting a rating agency's approval to buy an investment product needs to be eliminated. These firms insights are no better than a dart board. < http://dsnews.us1.list-manage1.com/track/click?u=59816bad6939d5a7dd87e45a5& id=a0978cb45b&e=ebe71b748c > Standard & Poor's Announces Servicers Must Prove Compliance Ratings agency Standard & Poor's says mortgage servicers must provide documentation that their foreclosure processes are in compliance with foreclosure laws, or risk receiving a revised outlook or rating from the company. Many mortgage servicers have been under scrutiny recently because of reports of "robo-signing." S&P says it expects all residential servicers in its Select Servicer program to prove their compliance with proper foreclosure affidavit procedures by the end of first quarter of 2011. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 P

31379 Beacon Bay Dr. UNION CITY, CA Best Priced Large 5BR/3BA home in West Union City - Delaine Eastin Elementary 5BR/3BA Single Family House $719,000 Year Built 1996 Sq Footage 2,730 Bedrooms 5 Bathrooms 3 full, 0 partial Floors Unspecified Parking 3 Car garage Lot Size 4,500 sqft HOA/Maint $12 per month Description Regular Sale. Prime location/east facing. Delaine Eastin Elem. Best priced large home West UC. New Paint. New carpeting. New Laminate. Tile in family and kitchen. New stove top. Large backyard patio. Must See! Easy access to bridges, hwy 880, restaurants, theatres. OH sat/sun 12/11- 12 1-4pm. Property Features Central heat Fireplace High/Vaulted ceiling Tile floor Family room Living room Bonus/Rec room Dining room Dishwasher Stove/Oven Microwave Granite countertop Laundry area - inside Balcony, Deck, or Patio Yard Community Features Playground Additional Photos Photo 1 Photo 1

Per DS News: < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=b074baa6d9&e=ebe71b748c > Housing Inventory Drops in November, Still Above 2009 Numbers A new report from ZipRealty shows the supply of homes for sale in November declined by an average of 3.8 percent in 26 major metropolitan areas that the company researched. The largest inventory declines were seen in Austin, Texas, where the for-sale supply fell 9.5 percent, and Boston, Massachusetts, down 10 percent. The company says declines could be indicative of sellers deciding to take their homes off the market, and could also be a result of foreclosure moratoriums. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 Cell 510 388 2436 / Fax 510 431 9046 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

< http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=0956f26225&e=ebe71b748c > Mortgage Rates Climb for Fourth Straight Week Mortgage interest rates rose again this week, marking the fourth consecutive increase. Freddie Mac says the average rate on a 30-year fixed mortgage has jumped to 4.61 percent, up from 4.46 percent just one week earlier. If such sharp increments continue at this pace, the 30-year rate could rise above where it was a full year ago (4.81 percent) in a matter of mere weeks. For a $200,000 conventional loan, the sudden rise amounts to $50 more in monthly payments than if buyers had locked in rates just two months ago. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

The New York Times When borrowers default on second homes Strategic defaulting - where the homeowner has the ability to pay the mortgage, but chooses to stop making payments - among affluent homeowners with second homes and investment properties is increasing. MAKING SENSE OF THE STORY FOR CONSUMERS * Homeowners who strategically default are likely to find their credit will be negatively impacted and they should expect to be prevented from getting another mortgage loan for 7 to 10 years. * Many homeowners are concerned about the possibility of the lender suing for the amount of money owed on the loan when a house goes into foreclosure. Whether or not the lender has legal justification to do so depends largely on where the property is located. * In "recourse" states, a lender can go after the homeowner, and usually other assets like a primary residence, for the full mortgage amount. Examples of recourse states include Maine, New Jersey, and Hawaii. * In "nonrecourse"

Good news for sellers. From DS News < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=a8cb08cbda&e=ebe71b748c > Home Purchase Applications Rise for Third Consecutive Week Industry data released Wednesday shows that new mortgage applications for the purchase of a home jumped 1.8 percent for the week ending December 3. This is the third weekly increase recorded by the closely watched home purchase index, which has reached its highest level since early May. All market indicators point to a continued rise in mortgage rates and that seems to have prompted some homebuyers to act now. Refinancing, on the other hand, is becoming less attractive. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

From CAR C.A.R. Green Tip of the Week: Green tax credits expiring soon Tax credits are available for homeowners who make upgrades that help save energy and reduce utility bills such as energy-efficient windows and doors, insulation, and heating and cooling equipment. Homeowners have until Dec. 31 to qualify for tax credits of up to $1,500. More info < http://www2.realtoractioncenter.com/site/R?i=__5MQN5aolVxlhY0dOCkpQ. .> -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

FEMA UPDATES Flood hazard areas, areas where flood insurance is required for structures, may be added, removed, or modified. While the maps cover an entire county, all parts of the county may not change. The following counties are being updated: roundBullet blackCalaveras 12-17-2010 roundBullet blackButte 1-6-2011 roundBullet blackSiskiyou 1-19-2011 roundBullet blackMono 2-18-2011 roundBullet blackYuba 2-18-2011 roundBullet blackShasta 3-17-2011 The new maps will be on display at the County Planning Departments prior to the release dates. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

Now that winter rains have arrived, turn off your automatic sprinkler. There's no reason to waste water. I actually shut my sprinker's off a month ago, and usually turn them back on in May. I wish cities would do the same.

Whether I'm looking in Ardenwood, Weibel, MSJ, Niles or Warm Springs most of the new listings and stale listings have noise nuisance. That's why the good location properties tend to sell fast in Fremont. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

This is what I've been experiencing. From DS News: < http://dsnews.us1.list-manage1.com/track/click?u=59816bad6939d5a7dd87e45a5& id=eb0823ebc6&e=ebe71b748c > Pending Home Sales Surge Unexpectedly in October Industry data released Thursday showed that the number of contracts signed for home purchases climbed in October. The news came as a surprise to analysts and industry professionals who have been anticipating a continued falloff in buyer demand due to the typical seasonal slowdown in home sales, compounded by concerns that servicers' affidavit problems could muddy some transactions. The National Association of Realtors says its gauge of pending sales for previously owned homes rose 10.4 percent. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.com CA DRE#: 01173766

Talk of the improving business climate is credited with the increase in rates this week. From DS News: < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=2924ff094b&e=ebe71b748c > Mortgage Interest Rates on the Move Again ... Upward They've been sitting at half-century lows for months now, but that trend appears to have snapped as mortgage interest rates across the board rose again this week. One industry report points out that long-term rates have been heading upward for three weeks straight; another says they've now hit a four-month high. Freddie Mac puts the average 30-year rate at 4.46 percent and the 15-year rate at 3.81 percent. Bankrate says the larger jumbo 30-year fixed rate jumped as well, settling at 5.29 percent. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 < http://www.sunilsethi.com/ > www.sunilsethi.co

I think this proposal to limit the home mortgage deduction to $500k and eliminate it for 2nd homes makes sense. The rich can afford to buy their homes without a tax deduction on mortgage interest. And the government doesn't need to subsidize the cost of 2nd homes (I'm guessing this was added to the tax code to allow congressional leaders to write off the interest expense on their 2nd homes. I'd like to like to see a 10% reduction in government payroll. < http://dsnews.us1.list-manage.com/track/click?u=59816bad6939d5a7dd87e45a5&i d=586b8c2266&e=ebe71b748c > Panel Unveils Proposal Suggesting Limits on Mortgage Tax Deductions In early November, co-chairs of the National Commission on Fiscal Responsibility and Reform released a draft of a proposal that suggested significantly reducing mortgage interest tax deductions. The final proposal was released Wednesday amid much controversy. The details of the draft have been circulating for weeks, and while the proposa

< http://unioncity.patch.com/articles/first-winter-spare-the-aire-day-declare d-for-today/track_campaign/M255 > First Winter Spare the Air Day Declared for Today Air quality alert bans indoor and outdoor wood burning as weather conditions will trap smoke in the air close to the ground. -sunil SUNIL SETHI REAL ESTATE Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE 38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536 www.sunilsethi.com < http://www.sunilsethi.com/ > CA DRE#: 01173766