Archive for July, 2010

El Dorado Hills and El Dorado County Approved Short Sales Continue To Surge

El Dorado Hills County Approved And Pended along With Closed Short Sales

El Dorado County Approved And Pended Along With Closed Short Sales

Looking For Short Sale Information in El Dorado County?

Need Short Sale Market Stats or Short Sale Market Information For El Dorado Hills? Sacramento Area Multi-Certified Short Sale Specialist Forth Hoyt Shares Short Sale Market Facts for El Dorado County and El Dorado Hills

The Short Sale is becoming a more viable foreclosure option in El Dorado Hills and El Dorado County.  Short Sales are going pending and approved in El Dorado County much much more successfully than in the past. See the graph above and the chart below that illustrate that short sales are going pending and approved much more that in the past.

1 month 1 year
May 10 June 10 % Change June 09 June 10 % Change
For Sale 187 203 8.6% 227 203 -10.6%
Sold 40 46 15% 21 46 119%
Pended 59 98 66.1% 48 98 104.2%

With the short sale being approved, going pending, and actually closing escrow in El Dorado County so much more frequently and consistently, I wondered how they were doing as a foreclosure option in El Dorado Hills? So lets take a look at El Dorado hills short sale information

But first:

The Chart Below shows that El Dorado Hills has an inventory of Active Short Sales that is barely more than 1/4 of the active short sales in El Dorado County, yet Pended and Approved Short Sales and Closed Short Sales that is nearly half of the entire El Dorado County Short Sale Inventory for these categories!

El Dorado Hills Short Sale Market Stats for 6/09 to 6/10

El Dorado Hills Short Sale Market Stats for 6/09 to 6/10

With so much talk about short sales as an option to foreclosure, and with many new Government short sale Programs it’s nice to see they are actually closing and getting short sale approval on more and more short sales.

When you look at the year over year numbers, you can really see that short sales in El Dorado Hills are definitely trending upward and being successfully used as an anti-foreclosure tool in El Dorado Hills

The Chart above and graph below show that, not surprisingly,nearly half of the pended short sales in El Dorado County were short sales that were approved and went pending in El Dorado Hills.

1 month 1 year
May 10 June 10 % Change June 09 June 10 % Change
For Sale 55 68 23.6% 79 68 -13.9%
Sold 12 20 66.7% 5 20 300%
Pended 19 46 142.1% 18 46 155.6%

With so much talk about  giving homeowners foreclosure options, stopping foreclosure and working homeowners to avoid losing their homes, (except for a principle reduction loan modification that makes sense!) you might think that the foreclosure filings such as notice of default and notice of trustee sales in El Dorado Hills And El Dorado County would both be down. NOT THE CASE!  Foreclosure filings for both El Dorado Hills and El Dorado County are both way up, yet the postponement of the El Dorado County Trustee Sale (at the courthouse steps) have just continued…

Authored by Forth Hoyt | Discussion: No Comments »

Mortgage Rates Drop To New Record Lows!

Mortgage Rates Drop To Record Lows


The weekly mortgage rate reports released Thursday by Freddie Mac and Bankrate were mixed. But one thing was certain: the average rate for 30-year fixed-rate mortgages hit a new record low.

According to Freddie Mac’s Primary Mortgage Market Survey, 30-year fixed-rate mortgages averaged 4.57 percent with an average 0.7 point for the week ending July 8, 2010, inching down from last week’s average of 4.58 percent. Freddie Mac said this rate marked yet another all-time low in its 39-year survey.

Bankrate also reported a decline in 30-year fixed-rate mortgages. According to its weekly mortgage survey, rates averaged 4.74 percent with an average 0.39 point

this week, falling from last week when 30-year fixed-rate mortgages averaged 4.75 percent.

The story was different for 15-year fixed-rate mortgages, though.

Freddie Mac said 15-year fixed-rate mortgages averaged 4.07 percent with an average 0.7 point this week, edging up from 4.04 percent one week earlier. And Bankrate said 15-year fixed-rate mortgages came in at 4.22 percent with an average 0.36 point, a minor uptick from last week’s average of 4.2 percent.

Despite the slight increase in 15-year fixed-rate mortgages, both Fannie Mae and Bankrate noted that on an overall basis, mortgage rates continued to linger near ultra-low levels, a benefit to homebuyers and refinancers alike.

“With mortgage rates falling to historic lows, refinance activity has been strong over the past three months,” said Frank Nothaft, Freddie Mac VP and chief economist.

“The Bureau of Economic Analysis reported that the effective mortgage rate of all loans outstanding was just below 6 percent in the first quarter of 2010, the lowest since the series began in 1977,” Nothaft said. “Since the start of the second quarter, two out of three mortgage applications on average were for refinancing, according the Mortgage Bankers Association.”

Authored by Forth Hoyt | Discussion: 1 Comment »

New Anti-Deficiency Law Would Help Homeowners Up To The Value Of Their Original Purchase Loan

New Anti Deficiency Law Would Help THousands Of California Homeowners

New Anti Deficiency Law Would Help Thousands Of California Homeowners

New California Anti Deficiency Law Would Help Thousands Of Caifornians: SB1178 Would Stop Deficency Judgements For Refinanced Homes

Courtesy Los Angeles Times:

Reporting from Sacramento —

With thousands of Californians facing foreclosure on their underwater mortgages each month, state lawmakers are rushing in with measures to help them cope with their loans and possibly stay in their homes.

Three bills moving through the state Assembly after passing the Senate would delay the start of the foreclosure process and limit lenders’ ability to force borrowers to cover the difference when their home is sold for less than the amount they owe on their loan.
On Tuesday, the Assembly Judiciary Committee approved the most controversial of the measures. The bill would ban creditors from seeking so-called deficiency judgments from borrowers who can afford to make monthly payments yet walk away from a refinanced home that is underwater, meaning that the house is worth less than the loan on it.

Such strategic defaults recently emerged as a growing problem for the banking industry. They accounted for 31% of all foreclosures nationwide in March, according to researchers at the University of Chicago and Northwestern University. That’s up significantly from 22% the previous March.

“We’ve had bank bailouts,” state Sen. Ellen Corbett (D-San Leandro) said. “It should only be fair in this economy that we try to figure out ways to help homeowners as well.”


Learn More About Your Particular Situation:

Contact us Today at Forth Hoyts Sacramento Short Sale Center.


Corbett authored the bill to protect borrowers from being hit with an order to pay whatever portion of the loan amount that isn’t covered by a bank’s sale of the foreclosed property.

Helping homeowners is a matter of balance, Corbett said. Her bill, SB 1178, would insulate refinancers from deficiencies up to the value of their original purchase loan. But borrowers would remain vulnerable for any refinanced loans exceeding that level.

The battle over Corbett’s bill pits bankers and the mortgage industry against the California Assn. of Realtors.

Lenders oppose provisions that would make the ban retroactive to cover existing home refinancing contracts that go into foreclosure after July 1, 2011. They would like the bill to cover only refinancings done after that date.

“It sets a bad precedent to change the rules in the middle of the game,” said Dustin Hobbs, a spokesman for the California Mortgage Bankers Assn.

Realtors, however, are hoping to keep people from being doubly punished by losing their homes and burdened with more debt. They want to bolster a still weak housing market by giving homeowners a chance to get back in the market soon.

“They’d be in a better position if they’re not confronted with signing away their lives,” said Alex Creel, senior vice president for governmental affairs of the California Assn. of Realtors.

A second foreclosure-related bill passed by the Assembly committee Tuesday would prohibit bankers from attempting to collect deficiency payments after a homeowner gives up the property in a short sale. In such sales, banks and homeowners agree to allow sales of houses at less than the loan amounts and avoid foreclosures and black marks on the borrowers’ credit histories.


New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?


The third measure would delay the start of a foreclosure process by giving owners more time to work with lenders on a plan to modify loans to lower monthly payments, allowing borrowers to stay in their homes.

Although foreclosure activity is down substantially from a year ago, the numbers remain high, and some experts see another wave soon of foreclosures, short sales and signings of deeds to banks to avoid foreclosures.

In May, 23,911 Californians received notices of default — the first step in the foreclosure process — and 27,841 got notices of trustee sale, according to online tracking service Default notices dropped 43% in May compared with May 2009, while trustee sale notices fell 36%.


Learn More About Your Particular Situation:

Contact us Today at Forth Hoyts Sacramento Short Sale Center.


RealtyTrac, another data analyst, reported that California in May was home to six of the top 10 U.S. metropolitan areas with the most foreclosure filings. Those areas were Riverside-San Bernardino, Bakersfield, Merced, Modesto, Stockton and Vallejo-Fairfield.

Corbett said her measure was particularly needed because few borrowers know that when they refinance their homes for more than the original loan amount, they lose their protection against being hit with deficiency bills, a state law that went on the books in 1933 during the Great Depression.

In recent decades, the deficiency threat was minimal because home values invariably rose, leaving owners with plenty of equity to cover the payoff cost of their refinanced mortgages in the event of a foreclosure. But that changed when the California housing bubble burst in the last three years, sending the statewide median home price plummeting 42%.

Bankers, who have been negotiating with Corbett and the Realtors group, say they sympathize with the call to aid borrowers who refinanced their homes to take advantage of better terms or interest rates.

They persuaded Corbett to not extend protections to borrowers that took cash out of their refinancing, even if the extra money was used to improve properties.

The two deficiency protection bills “place the right balance of risk between the homeowner and the lender,” said Sean O’Toole, ForeclosureRadar’s founder and chief executive.

However, O’Toole said the third bill to push more loan modifications beyond what federal authorities and lenders themselves were doing was “misguided.” That legislation won’t work if government agencies and lenders don’t come up with billions of dollars to reduce monthly principal payments sharply, he said.

“Homeowners that are saddled with uncertainty are less likely to be productive consumers,” O’Toole said. “That’s part of the reason why our economy is still struggling.”

[email protected].

Copyright © 2010, The Los Angeles Times

Authored by Forth Hoyt | Discussion: No Comments »

Copyright © 2007 Sacramento Real Estate Talk     Agent Login     Design by Real Estate Tomato     Powered by Tomato Blogs

Disclaimer: The information contained on this website is deemed reliable but not guaranteed in any way. This information is not to be taken as legal advice

Phone Number: 916-248-7777 / DRE: 01319540