Home Worth Less Than Owed?

Is your home worth less than you owe? Are you trying to figure out what to do and what your options are? Visit, http://www.empireteam.com/foreclosure.php to find detailed comprehensive information on your options, all free no registration required. Empire Realty can help you will everything, developing a plan, negotiating with your lenders on a loan modification, short sales and if all else fails, plan your future beyond the home you are in today. We are here to help you, no fees no charges no bull, just straight forward information and services to help you. Don’t wait call right now, Empire Realty 909-579-6611

Good LA Times Article on Re-Financing

So you want to refinance your house, but it's not worth enough for you to get a good loan in the current market? A new Obama administration program is designed to fix that problem for millions of homeowners.

Check out this LA Times article on what re-financing options are available to you, LA Times Article.

Empire Realty is your real estate source for useful and money saving information.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing or listing your next home in Upland, Rancho Cucamonga, Alta Loma, La Verne, Mira Loma, Riverside, Corona, Chino, Chino hills, Ontario, Claremont or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.

Here comes the second wave - Inland Empire Foreclosures

OK, we have a trend.  It looks like the second wave of foreclosures is starting to come through the door, gotta love those Alt-A failure rates. Both San Bernardino and Riverside counties logged the highest notice of defaults (NOD's) in March.  The trend line is really picking up, if this continues for the next couple months the market will be flooded with new inventory. 

The numbers of cancelations have increased about three fold from their lows but they are still very low, this is a sign that loan mods and work outs work for a very low number of those losing their homes.

Enjoy!

Empire Realty 

San Bernardino County
NOD's - Notice of Default
	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2006									1,003	1,165	1,261	1,369
2007	1,489	1,305	1,623	1,586	1,786	2,038	2,272	2,693	2,176	2,435	1,266	3210	23,879
2008	4,033	3,496	4,035	4,150	4,106	4,281	4,094	4,213	1,515	1,752	2,276	4016	41,967
2009	4,025	4,604	5,275
2008 % Change M to M	25.6%	-13.3%	15.4%	2.9%	-1.1%	4.3%	-4.4%	2.9%	-64.0%	15.6%	29.9%	76.4%
2008 % Change Y to Y	170.9%	167.9%	148.6%	161.7%	129.9%	110.1%	80.2%	56.4%	-30.4%	-28.0%	79.8%	25.1%
2009 % Change M to M	0.2%	14.4%	14.6%
2009 % Change Y to Y	-0.2%	31.7%	30.7%
NOS's - Notice of Sale
	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2006									305	417	458	501
2007	638	760	883	785	1,103	1,034	1,253	1,295	1,405	1,894	1,169	2,153	14,372
2008	1,981	1,352	2,615	2,982	3,359	3,451	3,650	3,570	1,936	2,427	2,901	2,455	32,679
2008	2,428	2,152	3,487
2008 % Change M to M	-8.0%	-31.8%	93.4%	14.0%	12.6%	2.7%	5.8%	-2.2%	-45.8%	25.4%	19.5%	-15.4%
2008 % Change Y to Y	210.5%	77.9%	196.1%	279.9%	204.5%	233.8%	191.3%	175.7%	37.8%	28.1%	148.2%	14.0%
2009 % Change M to M	-1.1%	-11.4%	62.0%
2009 % Change Y to Y	22.6%	59.2%	33.3%
Data Source: foreclosureradar.com - Analysis Empire Realty
Cancelation of Auction

Empire Realty is your real estate source for useful and money saving information.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing or listing your next home in Upland, Rancho Cucamonga, Alta Loma, La Verne, Mira Loma, Riverside, Corona, Chino, Chino hills, Ontario, Claremont or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.

$$$ Investors Needed $$$

We are seeking investors to help fund our business model of acquiring 200-1,000 homes in the Inland Empire of California. Within the next 18-30 months the our investment window in Southern California will close, without a solid funding source we will not meet our goals.

We are seeking a credit line that will allow us to purchase residential real estate that meets our strict return qualifications. We are presently purchasing one to two homes a month with our own capital and expect to be fully invested by the end of the year with 15-20 homes in our inventory.

Summary:

- REO and Distressed single family homes in the Inland Empire of California.

- With over 19 years experience in real estate and in the Inland Empire market we are poised to take full advantage of the cyclical Southern California real estate market.

- We are currently purchasing homes that realize cap rates in the teens with cash on cash rates of return in the high teens to 25%. 

I know I know, Madoff here we come, these are real returns backed with real property, everything we all want without the Ponzi.

Contact:

Robert Huntsinger

Robert@empireteam.com

Great Presentation on where the market is headed

Here is a link to a great presentation as to where the real estate market may be headed.  Link to Presentation.

As always, it is important to read many sources as opinions are like, well you know the rest of this old saying, everyone has one.

Take care!

RJH 

Riverside County Foreclosure Report - August 2008

Riverside County Foreclosure Report - August 2008

 

FORECLOSURERADAR.COM – Riverside County – August 2008

 

In reviewing the foreclosure statistics for Riverside County we found that we continue to be near the peak of the foreclosure activity.  Next month’s report we expect a huge decrease in NOD’s due to impacts of SB1137. For the full impact of SB 1137 on the foreclosure process review our earlier post titled SB 1137 will change foreclosure numbers. 

The ratio of the NOS’s to NOD’s, with a 90 day lag, continues at an alarmingly high ratio, as it continues at a high rate as it has all year, currently it is at 88% down 5% from last month. (Why a 90 day lag on the data? NOD’s expire and move into NOS’s at 90 days)

The number of NOD’s is near the peak for this year last month at 5,340 a 8.2% increase from last month.

Here is where we break out the crystal ball, we predict the following:

NOS’s for August will be 4,730

NOS’s for September will be 4,490

NOS’s for October will be 4,340,

NOS’s for October who knows due to the effects of SB 1137.

We used 88% of the NOD’s to come up with these numbers with a 90 day lag. Keep in mind that the NOS cure rate is still around 12% so the actual number of foreclosures will be less.

How was last month’s prediction?

We predicted the NOS’s would hit approx. 4,730 in August 2008, they came in at 4,721. Our prediction was close enough to be the same.  We missed the prediction by 9 units.

 

Here is the raw data:

NOD's - Notice of Default
	Mar	Apr	May	Jun	Jul	Aug
2006
2007	2,187	2,117	2,320	2,716	2,968	3,609
2008	5,384	5,221	5,385	5,111	4,935	5,340
2008 % Change M to M	21.0%	-3.0%	3.1%	-5.1%	-3.4%	8.2%
2008 % Change Y to Y	146.2%	146.6%	132.1%	88.2%	66.3%	48.0%
NOS's - Notice of Sale
	Mar	Apr	May	Jun	Jul	Aug
2006
2007	1,242	1,080	1,580	1,423	1,693	1,708
2008	3,629	4,150	4,447	4,619	4,835	4,721
2008 % Change M to M	102.6%	14.4%	7.2%	3.9%	4.7%	-2.4%
2008 % Change Y to Y	192.2%	284.3%	181.5%	224.6%	185.6%	176.4%
Data Source: foreclosureradar.com - Analysis Empire Realty

 

Here is some new data that tracks median and price per square foot,

	Single Family Residences			SFR Only
RIVERSIDE COUNTY	# SFR	Price (1,000)	% chg from Previous Year	$/Sq Ft	Media Price Prior to Present Month % change SFR	Prior to Present Month Change $ Per Sq Ft	Prior to Present Month Median $ Change ($1,000)
Feb 2008	1,386	$307	-24.3%	$151
Mar 2008	1,748	$290	-30.1%	$143	-5.3%	($8)	($17)
Apr 2008	2,219	$284	-30.9%	$138	-3.5%	($5)	($6)
May 2008	2,470	$271	-34.0%	$132	-4.3%	($6)	($13)
Jun 2008	2,842	$263	-33.4%	$128	-3.0%	($4)	($8)
Jul 2008	3,251	$250	-37.0%	$123	-3.9%	($5)	($13)
Aug 2008	3,247	$235	-40.5%	$120	-2.4%	($3)	($15)
		Feb-Aug % Change		-21%
		Feb-Aug $ Change		$31

Data Source: Data Quick – Analysis Empire Realty

Empire Realty is your real estate source for useful and money saving information.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing or listing your next home in Upland, Rancho Cucamonga, Alta Loma, La Verne, Mira Loma, Riverside, Corona, Chino, Chino hills, Ontario, Claremont or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.

Why home prices will not stabilize in the Inland Empire any time soon

Since the beginning of the year foreclosures have been occurring in greater numbers than sales, for both San Bernardino and Riverside counties we have amassed over 7,000 foreclosures that have remained unsold since the beginning of the year.  These numbers will continue to grow as long as the foreclosures are greater than the sales.

Now we move into economics 101, as long as inventory continues to increase sales prices will continue to relax.

RIVERSIDE 2008
	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Unsold
Foreclosures	2,534	1,486	3,340	3,760	4,068	4,131	4,241	4,130	Foreclosure
Closed Sales	1,256	1,590	2,009	2,569	2,756	3,116	3,526	3,524	Inventory
Unsold Foreclosures	1,278	(104)	1,331	1,191	1,312	1,015	715	606	7,344
SAN BERNARDINO 2008
	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Unsold
Foreclosures	1,666	1,127	2,369	2,664	3,023	3,060	3,208	3,076	Foreclosure
Closed Sales	844	938	1,219	1,392	1,706	1,880	2,232	2,176	Inventory
Unsold Foreclosures	822	189	1,150	1,272	1,317	1,180	976	900	7,806

 

Data Quick and ForeclosureRadar.com provided the raw data and Empire Realty provided the detailed analysis.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing your next home in Upland, Claremont, La Verne, Alta Loma, Rancho Cucamonga, Ontario, Fontana, Mira Loma, Corona, Chino, Chino Hills and Riverside or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.

Data Quick's August Southland Sales Report

Southern California home sales downshifted slightly in August from July, but were higher than a year ago for the second consecutive month. The median sales price continued to tumble, declining the most where buyers were the most active, a real estate information service reported. What this says to me is that bargain hunters are the only ones buying at this time.

The median price paid for all new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties was $330,000 last month, down 5.2 percent from $348,000 in July and down a record 34 percent from $500,000 in August 2007, according to San Diego-based MDA DataQuick.

Last month's median stood at the lowest point since November 2003 when it was also $330,000. The median peaked at $505,000 in the spring and summer of last year.

"It's the most common and pressing question we hear from Wall Street and Main Street: When will the housing market hit bottom? We see tentative signs that sales - not prices - have hit bottom in some inland markets. That's where home values have fallen the most, stoking a lot more demand," said John Walsh, MDA DataQuick president.

The yearlong plunge in the Southland median sales price reflects three things: Depreciation, a high concentration of sales made after or under the threat of foreclosure (mainly in inland markets), and a dramatic decline in homes financed with larger, so-called jumbo mortgages. Until recently such mortgages were defined as over $417,000 and were common in pricier coastal markets.

A total of 19,366 new and resale houses and condos closed escrow in Southern California last month. That was down 4.7 percent from 20,329 in July but up 9.1 percent from 17,755 in August 2007.

August's sales total was 30 percent lower than the average for that month and marked the third-lowest for any August since 1988, when MDA DataQuick's statistics begin. August sales peaked in 2003 at 39,562.

Foreclosure resales made up 45.5 percent of all Southland resales last month, up from 43.7 in July and 10 percent a year ago. The figure represents the percentage of homes resold in August that had been foreclosed on at some point in the prior 12 months.

Foreclosure resales were highest in Riverside County, at 65.2 percent of resales, and lowest in Orange County, at 33.4 percent.

Indicators of market distress continue to move in different directions. Foreclosure activity is at record levels, financing with adjustable-rate mortgages is near the all-time low, as is financing with multiple mortgages. Down payment sizes and flipping rates are stable, non-owner occupied buying activity appears flat but might be emerging, MDA DataQuick reported.

	Sales Volume			Median Price
All homes	Aug-07	Aug-08	%Chng	Aug-07	Aug-08	%Chng
Los Angeles	6,647	6,138	-7.7%	$550,000	$380,000	-30.90%
Orange	2,285	2,713	18.7%	$642,250	$440,000	-31.50%
Riverside	2,834	4,078	43.9%	$394,523	$247,450	-37.30%
San Bernardino	2,096	2,439	16.4%	$360,000	$215,000	-40.30%
San Diego	3,104	3,148	1.4%	$475,000	$350,000	-26.30%
Ventura	789	850	7.7%	$575,000	$400,000	-30.40%
SoCal	17,755	19,366	9.1%	$500,000	$330,000	-34.0%

 

 

DataQuick provided the raw data and report details.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing your next home in Upland, Claremont, La Verne, Alta Loma, Rancho Cucamonga, Ontario, Fontana, Mira Loma, Corona, Chino, Chino Hills and Riverside or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.

 

San Bernardino County Foreclosure Report - August 2008

San Bernardino County Foreclosure Report - August 2008

FORECLOSURERADAR.COM – San Bernardino County – August 2008

 

In reviewing the foreclosure statistics for San Bernardino County we found that even though the foreclosure activity appeared to be near it’s peak it looks like a second wave of foreclosures are about to come over us.  The summer sales numbers which increased greatly from earlier months of the year are now dropping at a high rate thus we will start building inventory which will increase the speed at which prices fall and drive more foreclosures.

The ratio of the NOS’s to NOD’s, with a 90 day lag, continues at an alarmingly high ratio, as it continues at a high rate as it has all year, currently it is at 87% down 1% from last month. (Why a 90 day lag on the data? NOD’s expire and move into NOS’s at 90 days)

The number of NOD’s had peaked in June at 4,281, this month bounced back from last month to 4,211 a 2.9% increase. We are on track to book 48,000 NOD’s and 33,000 NOS’s in 2008, let’s hope for a better year in 2009.

Here is where we break out the crystal ball, we predict the following:

NOS’s for August will be 3,663 – Actual 3,570 2.5% lower than forecasted.

NOS’s for September will be 3,767

NOS’s for October will be 3,602

NOS’s for November will be 3,705

We used 88% of the NOD’s to come up with these numbers with a 90 day lag. Keep in mind that the NOS cure rate is still around 12% so the actual number of foreclosures will be less.

How was last month’s prediction?

We predicted the NOS’s would hit approx. 3,663 in AUGUST 2008, they came in at 3,570. Our prediction was off by 93 units.

Jumping out on a limb?

After reviewing the data I am going to jump out on a limb here. I predict that the second wave of foreclosures is going to come through this winter, I am already seeing sales dry up and fast.  Inventory will build, prices will drop and foreclosures will pile up.  Someone remember to have me review this post in February 2009 as I believe that the story will be written by then.

 

 

Here is the raw data:    Data Source: foreclosureradar.com - Analysis Empire Realty

 

NOD's - Notice of Default
	Mar	Apr	May	Jun	Jul	Aug
2006
2007	1,623	1,586	1,786	2,038	2,272	2,693
2008	4,035	4,150	4,106	4,281	4,094	4,211
2008 % Change M to M	15.4%	2.9%	-1.1%	4.3%	-4.4%	2.9%
2008 % Change Y to Y	148.6%	161.7%	129.9%	110.1%	80.2%	56.4%
NOS's - Notice of Sale
	Mar	Apr	May	Jun	Jul	Aug
2006
2007	883	785	1,103	1,034	1,253	1,295
2008	2,615	2,982	3,359	3,451	3,650	3,570
2008 % Change M to M	93.4%	14.0%	12.6%	2.7%	5.8%	-2.2%
2008 % Change Y to Y	196.1%	279.9%	204.5%	233.8%	191.3%	175.7%
Data Source: foreclosureradar.com - Analysis Empire Realty

 

Empire Realty is your real estate source for useful and money saving information.

It's important to stay in tune with the changes in the market. Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing or listing your next home in Upland, Rancho Cucamonga, Alta Loma, La Verne, Mira Loma, San Bernardino, Corona, Chino, Chino hills, Ontario, Claremont or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.

REDC Auction Drops the Ball

I have a Client that recently won a property at an REDC auction, shortly after the auction we received confirmation that the Seller accepted our winning bid. The next week the property won was listed for sale in REDC's next auction.

The only thing we could do was file a lis pendens.

What is a lis pendens?

A purchaser or encumbrancer who takes title to or records a lien on real property without actual or constructive notice of pending litigation affecting title to that property is not bound by any judgment in the litigation entered after title was received or the lien recorded. Thus, a plaintiff receiving a specific performance decree takes the property subject to title vested or a lien created in a third party who did not have actual or constructive notice of the specific performance action. Such a result completely vitiates a specific performance decree.

A lis pendens is designed to provide actual or constructive notice "to the world" of a pending action that affects title to or an interest in real property. The lis pendens is recorded with the County Recorder and is considered a "conveyance" or a "transfer" within the provisions of the recording laws. After a lis pendens is recorded, all purchasers, encumbrancers, or other interested parties have constructive notice of that action. A lis pendens effectively clouds the title to the property described in the notice and impedes or prevents a sale or encumbrance of the property until litigation is resolved or the lis pendens is expunged.

A lis pendens is not effective if improperly used. It is appropriate only where there is in fact a pending litigation matter of the type in which a lis pendens is authorized. A lis pendens recorded in sup port of an action that does not allege the appropriate type of real property claim does not give constructive notice of the pending litigation to subsequent third parties, even if those subsequent third parties have actual knowledge of the litigation. In short, a recorded lis pendens in the correct kind of action gives notice to the world that a claim exists which affects title to or an interest in that specific real property. A real property action without a lis pendens or the filing of a lis pendens in the wrong kind of action does not give actual or constructive notice to anybody of the real property claim.

It is important to have a Realtor that knows the laws and is willing to fight for your rights.

Call Empire Realty for your next personal real estate consultation at (909) 579-6611, or visit us on the web at Empire Realty.

For information on purchasing your next home in San Bernardino or Riverside county or anywhere in the Inland Empire call Empire Realty at 909-579-6611 or visit us on the web at Empire Realty.

Empire Realty is your one stop shop for information and Full Service at a Discount.