Forbes.com States California Real Estate Challenges

The Golden state has recently become a hot spot for residential real estate transactions. Based on figures from Radar Logic, a New York-based derivatives data firm, Sacramento, San Diego, Los Angeles and San Francisco lead the nation in real estate transaction growth, with Sacramento sales up an astounding 75% from last year. It's important to note, though, that many of those sales are of foreclosed properties or by distressed sellers, who may have to sell at a loss. Sacramento prices are down 33% from last year, according to Radar Logic.

Couple hope fire-safe features will preserve home in future wildfire

Fire marshal says fire-resistant construction is necessary, but awareness is also key


RAINBOW ---- At first glance, Bob and Anne Atkins' house doesn't look too much like a fortress.

Its yellow stucco walls and Mexican tile roof blend in with other houses in the residential area just east of Interstate
15, overlooking Stewart Canyon stretching out to the south.

Watch the video

But it is a fortress of sorts, designed to keep flames and smoldering debris at bay the next time a fire roars over the hill where the couple's 6-acre lot is perched ---- like the Rice Canyon wildfire that razed 219 homes and scorched 9,500 acres in Fallbrook, Rainbow and De Luz a year ago this week.
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Yea Team

Los Gatos High faces Mountain View in CCS volleyball semifinals
By Dick Sparrer


Los Gatos Weekly-Times

Posted: 11/18/2008 04:11:47 PM PST


It won't be the first match of the year between the Los Gatos and Mountain View volleyball teams, but when they collide on Nov. 19 at Valley Christian High School it will certainly be the most important.

The Wildcats and Spartans will square off at 5:30 p.m. Wednesday in the Central Coast Section Division II semifinals with a berth in the Nov. 22 championship match on the line.

RECENT HOME SALES RECENT HOME SALES

View map of prior sales information
Home sales are provided by California REsource, a real estate information company that obtains the information from the County Recorder's Office. Information is recorded from deeds after the close of escrow and published within four to eight weeks.

EAST PALO ALTO
1363 Camellia Drive Argent Mortgage to V. & H. Perez for $343,000 on 10/17/08; previous sale 7/05, $530,000
1234 Jervis Ave. E. Villalta to E. & B. Garcia for $230,000 on 10/17/08; previous sale 1/04, $389,000
102 Maple Lane Weeks Street Limited to R. Hallengren for $641,000 on 10/21/08
112 Maple Lane Weeks Street Limited to K. & O. MacK for $639,000 on 10/21/08
1139 O'connor St. Lasalle Bank to E. Lopez for $285,000 on 10/22/08; previous sale 6/05, $580,000
1217 Saratoga Ave. Ravenswood Palms to R. Harris for $126,500 on 10/17/08; previous sale 3/08, $370,000

LOS ALTOS
545 Clark Court Black Trust to F. Lo for $1,400,000 on 11/3/08
1080 Los Altos Ave. 1080 Limited to C. & A. Peterson for $1,385,000 on 10/31/08
594 Magdalena Ave. Bell Trust to L. Gurzhy for $1,240,000 on 10/31/08
152 Pasa Robles Ave. C. Choe to A. & L. Grebene for $1,711,500 on 10/31/08; previous sale 7/05, $990,000

MENLO PARK
3715 Alameda de las Pulgas F. & K. Townsend-Merino to H. Chwu for $1,200,000 on 10/21/08; previous sale 6/06, $1,050,000
335 Hedge Road Kelley Trust to A. Hengehold for $826,000 on 10/21/08
501 Menlo Oaks Drive D. & P. Sincerbox to K. Fickle for $2,600,000 on 10/23/08; previous sale 3/96, $1,030,000

MOUNTAIN VIEW
142 Alley Way R. Bhagat to C. Labrecque for $650,000 on 11/4/08; previous sale 4/03, $464,000
701 Astor Court J. Bahn to J. Saenz for $570,000 on 10/30/08
212 Central Ave. Donnellan Trust to A. Kosut for $690,000 on 10/30/08; previous sale 5/99, $400,482
1114 Doyle Place Squaglia Trust to M. Ulinich for $1,000,000 on 10/30/08
297 Higdon Ave. Bank of New York to W. & W. Wang for $574,000 on 10/31/08; previous sale 6/06, $905,000
126 Iris Drive Castle Principles to J. Hummel for $1,017,500 on 10/31/08
132 Iris Drive Castle Principles to C. Segantini for $1,004,000 on 10/30/08
134 Iris Drive Castle Principles to B. Schneider for $990,000 on 10/31/08
341 Mercy St. Rose Trust to N. & J. Fey for $850,000 on 10/29/08
2040 W. Middlefield Road #9 L. Jackson to S. & I. Saksena for $625,000 on 10/31/08
221 Orchard Glen Court K. Gelman to B. Bargenguast for $870,000 on 10/31/08; previous sale 5/01, $660,000
505 Sleeper Ave. Mcdonald Trust to D. & K. McDonald for $1,300,000 on 11/3/08; previous sale 9/98, $1,250,000

PALO ALTO
2452 W. Bayshore Road #7 Jishung Trust to B. & S. Aiyar for $540,000 on 10/31/08; previous sale 10/04, $380,000
555 Byron St. #103 Ritchey Trust to Hexter Trust for $1,500,000 on 10/31/08
4248 Rickeys Way #C Western Pacific Housing to L. Ryzhik for $276,000 on 11/3/08

REDWOOD CITY
816 6th Ave. R. Campos to Perez Trust for $450,000 on 10/20/08; previous sale 6/06, $700,000
2422 Harding Ave. G. Dillon to G. Chan for $750,000 on 10/23/08
627 Hudson St. Long Beach Mortgage to H. Lin for $500,000 on 10/17/08; previous sale 7/05, $785,000
500 Hurlingame Ave. Lasalle Bank to M. Garcia for $280,000 on 10/20/08; previous sale 5/95, $140,000
1007 Iris St. Bank of America to R. Micheletti for $530,000 on 10/22/08; previous sale 10/04, $650,500
1629 Kentfield Ave. S. Tanaka to M. Erickson for $490,000 on 10/22/08
10 Meadow Lane Fremont Home Loan Trust to R. Lavalley for $456,000 on 10/21/08; previous sale 2/06, $710,000
3290 Page St. Trapp Trust to M. Tan-Banico for $400,000 on 10/22/08
19 Woodleaf Ave. M. Leibel to Becker Trust for $2,210,000 on 10/22/08; previous sale 6/04, $2,249,000

Diane’s Tips for Moving

Discover a Few things to Do Before Moving into you new home.

U.S. Foreclosures Index: October Foreclosures Drop Dramatically to Near 2008 Lows

ForeclosureS.com Index Offers First Post-Election Look at October Trends
SACRAMENTO, Calif., Nov 10, 2008 (BUSINESS WIRE) -- Foreclosures fell for the second month in a row in October to nationwide lows not seen since last February, according to the latest U.S. Foreclosure Index from ForeclosureS.com.
In this first post-election look at foreclosure numbers, October pre-foreclosure filings -- which can include notice of default and/or foreclosure auction -- were off more than 10% from August's highs, and nearly 7% from September's numbers. October numbers were down in about half of the states in the U.S. Foreclosure Index.
Properties repossessed by lenders following foreclosure or REOs (bank-owned real estate) were down significantly in October, too -- off 22% from September's high to just 84,286 properties, the lowest monthly total since May, the U.S. Foreclosure Index shows.
Property information specialists ForeclosureS.com bases its U.S. Foreclosure Index and comprehensive analysis of pre-foreclosure and foreclosure proceedings nationwide on the number of formal notices filed against a property during the foreclosure process. That can include notice of default, notice of foreclosure auction, and/or notice of REO -- lender-owned real estate that occurs after a foreclosed property reverts back to the lender. (All pre-foreclosure filings do not end up in foreclosure).
"These latest foreclosure numbers are great news because pre-foreclosures are early signals of what's to come," says Alexis McGee, real estate expert, educator, president of ForeclosureS.com. "The nation's foreclosure free-fall may be subsiding. We still have a long way to go, and some of the recent numbers are skewed by lender programs for homeowners that delay rather than eliminate foreclosures. But gains as measured by drops in foreclosure numbers in the past two months reflect that efforts by lenders, banks, organizations, and government entities to work with strapped homeowners to avoid foreclosure are beginning to pay off."
McGee is author of The ForeclosureS.com Guide to Advanced Investing Techniques You Won't Learn Anywhere Else (Wiley), and The ForeclosureS.com Guide to Making Huge Profits Investing in Pre-foreclosures without Selling Your Soul (Wiley).
"Keep in mind, too, that though foreclosure is a coast-to-coast issue that affects tens of thousands of Americans every month, our analysis reveals that a huge chunk of the REO and pre-foreclosure filings are concentrated in certain states, and key metropolitan, and coastal areas," adds McGee. "Some are either hard-hit by recession and layoffs as in the case of the Detroit area, or are where property speculation, prices, and affordability spiraled seemingly out of control before the sub-prime debacle. The latter includes areas in California, Florida, and Nevada."
Almost one-third of the 1.76 million pre-foreclosure filings so far this year are in 10 counties out of the more than 1,300 nationwide included in the ForeclosureS.com database. Those counties include: Maricopa County, Arizona; Los Angeles, Riverside, and San Bernardino counties in California; Miami-Dade, Broward, Palm Beach, and Lee counties in Florida; Clark County, Nevada, and Cook County, Illinois.
More than 255,000 of the 828,670 completed foreclosures this year to date are in 10 counties, too, U.S. Foreclosure Index analysis shows. Those counties include Maricopa County, Arizona; Los Angeles, Riverside, San Bernardino, Sacramento, and San Diego counties in California; Clark County, Nevada (including Las Vegas); Wayne County, Michigan (including Detroit); Harris County, Texas (including Houston), and Cook County, Illinois (Chicago).
Looking at nationwide foreclosures another way, based on the number of filings out of every 1,000 households, the clearest indication of trends, ForeclosureS.com reports:
-- 11.5 out of every 1,000 households nationwide have been repossessed by lenders following foreclosure YTD based on REO filings. That's up 71.64% from the same time a year ago.
-- 24.6 of every 1,000 have had to deal with pre-foreclosure filings YTD, up 71.53% from 2007 YTD.
"Foreclosures as part of the nation's broader economic crisis will likely be the first major issue President-elect Obama addresses when he takes office in January," adds McGee. "He has promised a 90-day freeze on foreclosures. But each state has its own regulations relating to foreclosures, so whether the promise will become reality is another question. Meanwhile, for the next close to three months, foreclosures and economic stimulus packages remain the purview and the problem of the Bush administration."
Government intervention in foreclosures could end up a moot issue, however, since some key banks and lenders already have recognized that keeping homeowners out of foreclosure is good business. Banks like the now FDIC-operated IndyMac, Bank of America (which acquired Countrywide), and most recently JPMorgan Chase already have pledged to cut monthly payments for many strapped borrowers by lowering interest rates and temporarily reducing home loan balances, adds McGee.
"Our foreclosure numbers, plus the National Association of Realtors recent Existing Home Sales and Pending Home Sales reports for the last two months show that housing markets may be stabilizing. You can't call a bottom with two months of data, but we are absolutely headed in the right direction," McGee said.
She continued, "Prices are low and current government backed mortgages are making homes more affordable than ever. Plus lenders are finally getting realistic and unloading REO's at cut-rate prices. The deals are happening. Whether you're a would-be homeowner or property investor now is a great time to buy discounted properties from motivated sellers."
With its data base of more than 5.5 million property listings, ForeclosureS.com has been the professional's source for accurate foreclosure property information for more than 20 years. For more information on ForeclosureS.com and its products, please visit www.foreclosures.com.
SOURCE: ForeclosureS.com

Here some peace from me to you

Plan calls for 90 day stay of foreclosure

In an effort to slow the pace of home foreclosures and stabilize California's shaky economy, Gov. Arnold Schwarzenegger yesterday unveiled a proposal to help borrowers modify troubled mortgages while making lenders more accountable.

The centerpiece of the plan is a 90-day stay of foreclosure for owner-occupied homes that have a first mortgage in default. Schwarzenegger today is expected to call for a special session of the Legislature to consider the strategy, along with other economic issues.
Under the proposal, lenders could exempt themselves from the 90-day stay by providing evidence that they have an aggressive loan modification program in place. An “aggressive” program is broadly defined as one that will keep troubled borrowers in their homes in cases where doing so brings lenders a greater return than simply foreclosing.
Faced with the 90-day freeze on foreclosures, lenders will be more inclined to work with borrowers, California Department of Corporations Director Preston DuFauchard said during an afternoon teleconference with reporters.
The proposed freeze “is designed to be a stick to get people to have a more aggressive modification program,” DuFauchard said. “ . . . The time value of money creates a real strong incentive to take this modification approach.”
While many lenders already are doing voluntary loan modifications, they aren't being nearly aggressive enough to resolve the foreclosure problem, said David Crane, the governor's special adviser for jobs and economic growth.
Paul Leonard, director of the California office of the Center for Responsible Lending, noted that an increase in loan modification efforts nationwide began over the summer, when the Federal Deposit Insurance Corp. took over failed lender IndyMac Bancorp. The governor's plan follows that example.
“The goal is to encourage loan servicers to adopt a more streamlined, systematic approach to loan modifications,” Leonard said. “The governor is trying to use leverage to move servicers in a positive direction.”
Mark Goldman, a real estate finance instructor at San Diego State University, said the 90-day stay may give delinquent borrowers more time to remain in their homes, but ultimately it will place greater financial pressures on lenders.
“The lender is going to just have to wait that much longer to get the collateral, and that may have some negative impacts on the pricing of loans,” Goldman said.
A new state law that requires lenders to work harder to help distressed borrowers led to a steep drop in September default notices in San Diego County, and foreclosures also declined. In many instances, Senate Bill 1137 calls for lenders to try to contact delinquent borrowers, then wait 30 days before filing a default notice.
A total of 1,206 county homes received notices of default, which mark the beginning of the foreclosure process. That marked a 58 percent decline from August and a 35 percent drop from September 2007. Around the state, mortgage servicers recorded 94,240 notices of default on homes during the third quarter. That was down 23 percent from a record of 121,673 in the second quarter and up 30 percent from third-quarter 2007, according to the MDA DataQuick research firm.
In his proposal to help distressed borrowers, Schwarzenegger suggested that loan modifications be based on a 38 percent monthly housing debt payment-to-income ratio, so that revamped loans are more sustainable. To achieve that, he suggested that lenders temporarily reduce interest rates, increase loan repayment periods, or defer part of the unpaid principal balance to the end of the loan term.
He called for the Department of Real Estate and Department of Corporations to enforce federal laws and regulations, such as the Truth in Lending Act, and discipline real estate licensees who violate such laws and regulations.
To avoid future mortgage market meltdowns, lending practices should be reformed to protect borrowers by expanding fiduciary responsibilities for mortgage brokers, Schwarzenegger said. He also called for increasing and standardizing licensing requirements for loan originators. Counseling may be desirable for borrowers entering into risky mortgages, to make sure they understand terms and obligations, he said.
Turning to underwriting, the governor urged the federal government to require loan originators to retain a portion of their loan risks to encourage better practices. Kevin Stein, associate director of the California Reinvestment Coalition, said the success of the plan will depend on the details of implementation.
“It is good that the governor is engaged, good that he has called for a special session,” Stein said. “We don't want it to be another good-sounding program that doesn't meaningfully help people avoid foreclosure.”

Vacation in Hawaii for my Husband and I Anniversary

Just checking in Ritz Carlton, Kapalua

Discover the wrong way and right way to get a loan for a Home

In today's economic climate, you can't afford to not have a pro on your side, to help you with the loan process as well as the home buying. Discover what you need to do now to buy a home.