Lenders, loan servicing companies and homeowners have been fighting over how to deal with mortgages that are underwater. According to a recent article in the New York Times “more than 5 million households are behind in their mortgages and risk foreclosure”. The Obama administration has targeted bill

Since 2001, Redding residents have been provided blue carts to replace the bins previously used to separate glass, paper and plastic. The “single stream” method allows residents to throw everything in one bin for sorting at the city’s transfer station. However, despite the many years this program has be

Distress sales continue to represent a significant number of homes selling in today’s market. The second week of March was marked with 465 homes pending. Of these, 133 are bank-owned homes and 157 are short sales or 41% of all homes under contract. These same two segments of the market only account for 31% of the

Jonathon Bell, mortgage banker with US Lending in Redding, briefed Realtors on a loan program that allows home buyers to secure a loan to buy and upgrade a home simultaneously using an Energy Efficient Mortgage (EEM). The investor for the loan allows the borrower to add funds into the loan to complete energy efficient re

I walked into the office this morning to a note from our receptionist from a woman who wanted more information about the home for rent in Stanford Hills. The woman was told the owner had to leave in a hurry for South Africa and wanted to rent the luxury home at a bargain rate. The woman was instructed to wire funds and u

A recent survey of California home sellers found that the biggest reason cited for putting their home up for sale was difficulty meeting the monthly mortgage obligations.  Two thirds of sellers surveyed sold their home due to financial challenges caused by job loss or increases in their mortgage payment. Complica

The California Association of Realtors announced a new HUD website where consumers can turn in loan modification scam artists. Numerous scams have become prevalent as more and more Americans find themselves facing foreclosure. Laws have been enacted making the collection of advance fees for promised loan modification ser

According to a recent AP article, the City of Orange in Southern California is pursuing legal action against a city resident for replacing his lawn with drought-tolerant plants. City code requires 40% of the yard be covered with live plants. Quan Ha replaced his grass with wood chips in 2008. He and his wife conte

Example after example can be found nationwide of discounted prices for high-end real estate. Nicholas Cage recently reduced the asking price for his 11,817 square foot English Tudor in ritzy Bel Air from $35 million to $17.5 million. A 21,897 square foot mansion in Greenwich, Conn. with 14 bedrooms, 13.5 bathrooms on 40

State Attorney General Jerry Brown is warning California homeowners in mortgage distress about a new scam designed to skirt recently implemented loan modification regulations. If you haven’t heard, it is now illegal for real estate agents, attorneys or anyone else  to charge upfront fees for loan modification s

The Federal Reserve propped up the housing industry last year by buying up $1.25 trillion in mortgage backed securities but has told banks that will end this spring.  Investors typically buy these securities but stopped after the housing bubble burst. The Fed’s actions averted certain disaster by keeping money i

RealtyTrac reported its January numbers for foreclosure properties which include notices of default, auctions and bank repossessions. There was a 10% decrease from the previous month however the 315,716 foreclosure filings for U.S.  properties was 15% higher than one year earlier. Nevada has the honor of the high

Lower home prices combined with low interest rates bumped up the First-Time Buyer Housing Affordability Index (FTB-HAI) for California to 64%. During the bubble, this index bottomed out just over 20%.  This number reflects the number of households that can afford an entry-level home assuming a 10% down payment and

That’s right! An experimental program has been launched to entice homeowners not to walk away from their mortgages that are underwater by offering a cash reward if they keep their payments current. According to a Wall Street Journal blog, Loan Value Group LLC is launching a pilot program to determ

A local appraiser points out that homes 5 years of age or newer have the highest average value on a cost per square foot basis. The average price of a newer home is $286,172 or $155.9 per square foot. The average of homes 6 years or older drops precipitously to $116.7/square foot. All homes sold in the area served by the

A local reporter blogged recently about how disgusting the health department report was for one of his favorite Redding restaurants. I blogged about a solution that would cost little or nothing for the county to implement. I believe Shasta County reside

 March 2010 Consumer Reports featured an article detailing a recent study on bloodstream infections contracted during hospital stays. A simple checklist system, called the Pronovost checklist, has been found to dramatically reduce infection rates when implemented and followed by caregivers. One key elem

California’s Unsold Inventory Index declined to 3. 8 months in December compared to 5.6 months in December 2008. This index is an important barometer of the overall condition of the real estate market because it indicates how long it would take to deplete the supply of homes for sale at the current sales pace.

President Obama signed into law a program to assist FHA borrowers experiencing financial hardship before they fall behind in payments. The Helping Families Save Their Home ACT of 2009 grants FHA broader authority to hopefully prevent FHA borrowers from slipping into foreclosure. Prior to this law taking effect, borrowers

The number of bank-owned properties (REO’s) listed for sale in Redding/Shasta County is on the rise. Currently there are 174 active REO listings on the Shasta Multiple Listing Service.   This number is up significantly from last year when just over a hundred were available on any given day.  Nearly a quarter o

The number of bank-owned properties (REO’s) listed for sale in Redding/Shasta County is on the rise. Currently there are 174 active REO listings on the Shasta Multiple Listing Service.   This number is up significantly from last year when just over a hundred were available on any given day.  Nearly a quarter o

Low interest rates enjoyed in 2009 by home buyers and homeowners refinancing may be history come March. The Federal Reserve propped up the ailing housing market by quietly buying up mortgage-backed securities and lowering key interest rates which influence costs for consumer borrowing. Lenders loaned money only becau

Proposition 8 requires county assessors review property values used to calculate property tax bills when the current value drops below the base year valuation. Some California assessors have waited for property owners to request a new appraisal while others, including our elected assessor Leslie Morgan,  have taken

Shasta County, along with the cities of Redding, Anderson and Shasta Lake have landed a grant of $1 million to assist home buyers wishing to purchase a foreclosed home in designated neighborhoods. Most of Shasta Lake is eligible for the program as well as Anderson Heights and Ravenwood subdivisions in Anderson. The prog

Maybe bailouts do have a silver lining! The Federal Reserve announced last week it made a record $46.1 billion as a result of gains on securities it purchased to shore up the financial system. The Fed is not in the business of making money but this was a side effect of bailouts to aid the banking industry. The profits

Things are changing out in the Pacific which, if it comes to fruition, could dramatically change the dry weather pattern the Redding area has seen thus far this winter. According to weather forecasters at Cal Fire, the high-latitude block that has kept storms away has collapsed. Also, a powerful branch of the jet stream

Despite news that prices have bottomed elsewhere in California, Redding home values dived nearly $4 in the average cost per square foot in the last quarter of 2009 from $133.35/foot to $129.7/foot. The average cost per square foot year-to-year dropped from $148.16/square foot in the final quarter of 2008  representing

Cal REDD, the new statewide Multiple Listing Service (MLS), will begin the task of transitioning these areas away from their current MLS software provider to the new statewide MLS system. The acronym stands for California Real Estate Dynamic Data. This software was developed by a private firm at the direction of the Cal

A recent article in the LA TIMES reports tens of thousands of homeowners in Southern California are being required to purchase expensive flood insurance because FEMA has updated maps placing their homes in high-risk flood zones. Apparently, more than 150 cities and unincorporated areas in LA, Orange, Riverside,

Experts have been trying to peg the number of foreclosed homes banks are sitting on while  pondering when to list them for sale.  Core Logic, a subsidiary of First American Title Insurance Company, estimated that number at 1.7 million as of September 2009, according to an article cited in a news release by the Califor

Thankfully, 2009 is in the history books! It was a trying year for many in the housing industry. Real estate offices closed, escrow companies pared their staffs to the bones, lenders struggled with ever-tightening underwriting rules and appraisers are valuing properties conservatively after being blamed for overvaluing

Am I the only one that notices rude behavior involving cell phones at public functions ? You know, phones ringing when someone is speaking at a podium, madly texting while others are eating or talking loudly on the phone while others are trying to listen to a presentation. Are matters so urgent they can’t wait a f

I heard for years from friends and family what a great time could be had boarding the Shasta Sunset Dinner Trainfor an evening excursion. Fine food and drink, dancing in a specially outfitted boxcar or taking in the scenery while standing on an uncovered flat car as the train made its way from McCloud to Mt. Shasta

Shasta County has thus far absorbed the onslaught of bank foreclosed homes until just recently. I’ve tracked the number of REO’s (real estate owned), as they are called in real estate jargon, for the past year and the number of these avaiable homes has been relatively stable until Halloween. November marked

The Shasta Association of Realtors sponsor several events this month focused on giving back to the community. Two weeks ago dozens of phone cards were given to local US Army representatives to send to troops in Afghanistan so they can call home for the holidays. Realtors and affiliate members including lenders, title c

As expected, the number of homes sold in November declined after two months of sales increases as first-time buyers bought before knowing the federal tax credit would be extended. 163 homes sold in November, up slightly from 152 during the same period of 2008.  84% of these homes sold were priced below $300,000.

Judging begins next week for the annual Realtor sponsored Christmas Light contest. Homeowners that have decked out their yards for the holidays can enter to win cash prizes.  Call the Shasta Association of Realtors for details and entry form. The first round of judging will take place Monday December 7th. Severa

Last year about 1/3 of all homes sold fell in the distress sale category. This year that number has increased to 44%-no big surprise. Next year expect half of all sales to be distressed sales-either bank foreclosures (REO’s) or short sales. So far, 1792 homes have closed escrow on the Shasta MLS for 2009 of which 6

One side effect of the housing meltdown is plenty of out of work contractors willing to work for less just to pay the bills. A recent article in the Wall Street Journal estimates “remodeling prices are down 5% to 10% across the U.S. from their peak”. I would venture to say that number is even hig

Snippets of news cautiously point to positive economic signs indicating the bottom of the real estate market is here. However, an article in Smart Money takes these generalizations a bit further suggesting there are six signs a home you are considering buying is about to rise in value. Here they are:

Last week, Fannie Mae announced a new program targeting borrowers that can no longer afford their home. In exchange for expediting the foreclosure process the borrower is offered the right to lease back the home for up to a year. This allows the lender to avoid the more costly and time consuming traditional foreclos

An enrolled agent from Southern California once again spoke with local Realtors about the extension and expansion of the federal tax credit for homebuyers. Earl M. Salter, said this tax free credit not only applies to first-time buyers but homeowners who have owned and lived in their personal residence for 5 consecutive

Enrolled Agent, Earl M. Salter, addressed members of the Shasta Association of Realtors regarding what sellers of over-encumbered homes should expect  from the IRS. Homeowners in this predicament should consult with an accountant or enrolled agent prior to pursuing a short sale. It is a viable option for those that to

The GMAC brand is no more as Brookfield, the parent company of GMAC Real Estate, re-branded the entire franchise to Real Living. Real Living, according to a corporate profile summary, “emerged in 2002 as the largest, independently- owned company in the Midwest and the seventh largest real estate brokerage”. T

Many homeowners across the nation, particularly those that owe more than their home is worth in today’s market, are asking themselves this question before making their monthly mortgage payment. Here is a time line of what to expect: Expect your lender to report your missed payment to credit bureaus by

Beverly Hills Properties was just hit with a $2.725 million dollar fine from the U.S. Department of Justice for housing discrimination. According to an article from the California Association of Realtors, a lawsuit brought in August of 2006 claimed Donald T. Sterling and others engaged in discrimantory practices includin

Lenders are always searching for ways to help buyers leverage their good credit to buy homes. Wayne Barni, local loan broker with ChoiceOne, reviewed a loan program dubbed CHF Access. This program uses an FHA first mortgage which requires a 3.5% downpayment and a 3% second mortgage that can be used toward the downpaymen

For most of this year, Redding home prices have hovered around $135 per square foot but dipped to $129 in October. These averages are for Redding only and do not represent Anderson, Shasta Lake or Shasta County. The average home price dropped accordingly to $212,988, about $30,000 less than the 2nd quarter average of $24

Quite the value, relatively speaking! For starters, this Street of Dreams home sits on a ridge overlooking Redding, the valley and the beautiful western range. Featured last year on the cover of FROM HOUSE TO HOME  magazine, this sprawling estate is situated in the gated community of Standford Hills on the

Fannie Mae is once again setting the ground rules for mortgages they will purchase from lenders and starting in a few weeks, borrowers better have a credit score at or above 620. This will apply to conventional loans as well as FHA and VA loans insured by the government. Additionally, if you want the best rate and terms,