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Highlights of the Housing and Economic Recovery Act.
Got some time on your hands? You can read the recently passed Housing and Economic Recovery Act of 2008 HERE.
It’s 260 pages long so its definitely not a quick read. You can read summary of the bill here.
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Today I went to a presentation given by a Fresno Deputy District Attorney on MORTGAGE FRAUD in our local market. Listening to the kind of schemes that people use to defraud others was enlightening. Criminals are just that: Criminals. And they don’t give a second thought to lying, cheating, or stealing. If they can do it and get away with it - THEY WILL, or at least they will try.
One of the more interesting topics the DA spoke about was a woman in town who is actively engaged in seeking to gain property by adverse possession. Now there is a ligitimate means by which this can be done but this gal is not playing by the rules. According to the DA one of her victims was a woman who has a home in which a relative commited suicide. She was so distraught by the event that she did nothing with the home for a couple of years. In the mean time the aformentioned schemer has moved in tenants and is collecting rent on the property as though it is hers. When the owner visits the property and confronts the gal she says “oh, so this is yours, and just picks up and moves on as though she just made an innocent mistake. CREEPY!
Another case, which she already prosecuted, involved a 77 year old man, sher described as very charismatic, who bilked his friends and associates out of nearly 700 thousand dollars. He was supposedly putting their money into a real estate investment but as it turned out all but 25 thousand dollars went into his personal account. With friends like that, you really dont need enemies. He is serving a 4 year sentence.
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I had to laugh when I watched this video because although I am not familiar with Sam Leccima and this particular series I am fascinated when I watch these guys on TV and usually am left wondering how it is the producers figure that money was actually made. Trust me, there is nothing easy about flipping homes, or we would ALL being doing it.
How in the world did A & E manage to get hoodwinked by this humbug?
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Attention Realtors! When posting your pics to the MLS make sure they are least 400 X 300 pixels in size (MLS format size). It’s ok if they’re larger because the system will automatically resize them. But if you upload them at this size …
(actual size of the pic taken from the Fresno MLS)
people viewing them won’t know what they are looking at 
Looks to me like the this might be a contributing factor to the home being on the market over 200 days. Also looks like the seller is offering nearly $20,000 commission to have a Realtor market their property.
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Selling real estate in Fresno? What is your Realtor doing for you?
Looking to Buy real estate in Fresno - SEARCH THE FRESNO MLS
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Read CNN’s staff writer Jessica Dickler’s take on today’s action (or non-action) by the Fed. [Article Here]
This is what caught my attention:
“So if you are in the market for a house, now could be the time to pull the trigger before rates rise even further. As Tyson points out, yields on 10-year treasury notes are still relatively low, an indication that 30-year mortgages could still be a good deal.“
If you’re considering purchasing a home and but you believe prices will drop another 10% over the next year you will be wise to consider as well where you think interest rates will be a year from now (unless you intend to pay cash) and here’s why.
Lets say you plan to buy a home with a loan amount of $240,000 at today’s rate of approx 6.25% your payment would be $1477.72
Now let’s assume that next year that same home has dropped 10% in price so now you only need to finance $216,000 (10% less) but the interest rate has moved up one percentage point to 7.25% — your payment would be $1473.50 — or about $4.00 less.
If rates move up one and quarter percent higher to 7.5% your payment would be $1510.30 and you would be paying $33.00 MORE for $24,000 LESS money.
KEEP INTEREST RATES IN MIND WHEN CONSIDERING WHEN TO BUY A HOME.
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U.S. mortgage applications fell for a second consecutive week, hitting their lowest level in nearly 6-1/2 years despite a sharp drop in interest rates, an industry group said Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ended June 20, which includes both purchase and refinance loans, dropped 9.3 percent to 461.3 — the lowest level since the week ended Dec. 28, 2001.
The report offers additional evidence of a U.S. housing market that is suffering one of the worst downturns in its history. Significantly tighter lending standards and an unwieldy supply of homes for sale are some of the factors preventing the U.S. housing market from rebounding out of its two-year-long slump. (read more…..)
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I think the most significant aspect of lower prices is that for the first time in many years I am seeing homes that would actually pencil out as rentals and give the buyer a return on investment. If the bank cant attract a retail buyer for a particular property, or the property is in such poor condition that banks will not lend on it, then the bank is forced to sell to an investor and the smart investor does not want to buy unless he can get a decent return on his money invested.
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Anyone who knows anything about the Fresno Ca real estate market knows that we have substantial supply of lender owner properties for sale. Here is one listed by Lazarus Realty that just had a substantial price reduction. The ask price was 118,500 and was recently reduced by the lender to $95,900.
If you would like to preview this home or make an offer on it - Call me @ 559-301-1647
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Wow, what’s up with this weird weather? Earlier today as it was heating up (it was probably around 102 then) we suddenly got a cloud cover and then it RAINED. Now its 109 degrees and the wind is blowing like crazy: weird.
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The FBI is cracking down on perpetrators of mortgage fraud and it looks like they are going after some big fish. Unfortunately the pond is HUGE.
I have said it before but it bears repeating: if they went after all the buyers and lenders who committed mortgage fraud we would not have enough room in our prisons to hold them all (of course not, our prisons are already overcrowded).
If you’re wondering what exactly constitutes mortgage fraud read this from the FBI’s website:
Additionally from the FBI’w website where the subject of mortgage fraud is reported they state: “Each mortgage fraud scheme contains some type of ‘material misstatement, misrepresentation, or omission relied upon by an underwriter or lender to fund, purchase or insure a loan’.”
And what is the easiest way to avoid committing mortgage fraud?
DON’T LIE ON YOUR APPLICATION!
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