Home prices &Condo prices in Palm Springs and Desert Cities are still on the climb both in the median selling price and the average sold price.
When comparing the number of units sold in 2013 vs 2012 , you will see a drop from 794 sold homes t0 664 and that is mostly attributed to the drop in available Inventory of real estate coming on the market . March 2013 had an inventory of 2515 houses down from January's inventory of 2800 houses.
Condo sales did better in March 2013 with 281 condos sold in the Palm Springs area compared to 261 sold units in 2012. As for the Inventory , there is a drop from 1228 available condos in January 2013 to 1157 units in March 2013.
See the chart and stats of Homes and Condo Sales by Desert City for March 2013 .
Monday, April 29, 2013
Monday, February 25, 2013
Palm Springs Area Real Estate Market Report: January 2013 vs. January 2012
The Average Selling Price of Houses is UP by 27% & 11.9% for Condos when comparing January 2013 vs. January 2012
The Real Estate Market in Palm Springs and all Desert Cities has been very active with buyers converging on the Desert from Canada, Europe and the cold States with the intention of finding vacation homes, or relocating while the real estate prices are still reasonable.According to the latest Real Estate Market Report just published by the Desert Area MLS, the Median Selling Prices have gone to new heights
when compared to January 2012. This January the report shows the Median Selling Prices are up by a whooping 43.3% for houses, and a 29.9% for condos , and the Inventory is low especially in the popular cities $amp; desirable communities.
Which Desert Cities had the highest increase or Decrease?
Palm Desert saw the highest average selling price increase of 53.9% for single family homes, followed by Palm Springs with an increase of 18.1%.Palm Springs came in first in Condos with an increase of 38% this January compared to January 2012, and Palm Desert came second at 17.5%
increase.
La Quinta had an 11.8% increase in average sold prices of houses, but a -14.5% decrease in condo sales. While Rancho Mirage and Indian Wells are in negative territories in both houses and condos average sales prices.
So far February has been very active, and from the appointments I have lined up for March , I anticipate higher average selling prices in February and March.
Due to space restrictions, I published the stats report on my website if you would like to see it.
One of my colleagues at the office told me that she has been telling her clients " If you snooze you loose" , and I do attest to that.
For those who are serious about wanting a piece of our Desert Paradise at still reasonable prices, do not procrastinate!
Visit my website to find your home in your favorite community and price range.
Abraham
Thursday, December 27, 2012
Palm Springs Real Estate Market Condition Nov. 2012
There isn't a single day that goes by without new reports being published about real estate, home sales and projections, but these reports are usually about California in general and other large metropolitan areas. Palm Springs and Desert Cities rarely get
reported on , so here is the latest and it is good. Prices are up, inventory is down.
Hundreds of people who visit my website daily are interested in what's happening with real estate and homes sales in the Palm Springs area.
If you are looking to invest, buy a vacation home or upgrade to a larger home, the table below will show you the hot spots, and the where the good deals will be.
Here is a breakdown of the California Desert Association of Realtors' report of average prices of homes Sold in Palm Springs and Desert Cities in November 2011 compared to November 2012 by Desert City:
In Summary, if you have been thinking of buying a home in the Palm Springs area, procrastination is longer a luxury. Visit my website, check the home listings
and contact me, or just call me at 760-600-6187 and together we will find you the perfect home.
reported on , so here is the latest and it is good. Prices are up, inventory is down.
Hundreds of people who visit my website daily are interested in what's happening with real estate and homes sales in the Palm Springs area.
If you are looking to invest, buy a vacation home or upgrade to a larger home, the table below will show you the hot spots, and the where the good deals will be.
Here is a breakdown of the California Desert Association of Realtors' report of average prices of homes Sold in Palm Springs and Desert Cities in November 2011 compared to November 2012 by Desert City:
November 2011 Palm Springs $375,000 Cathedral City $143,000 Rancho Mirage $660,000 Palm Desert $411,000 Bermuda Dunes $253,000 Indian Wells $1,620,000 La Quinta $522,000 Indio $168,000 | November 2012 Palm Springs $456,000 Cathedral City $193,000 Rancho Mirage $729,000 Palm Desert $411,000 Bermuda Dunes $389,000 Indian Wells $1,211,000 La Quinta $437,000 Indio $228,000 | Percentage of Change Palm Springs +21.6% Cathedral City +34.9% Rancho Mirage +10.4% Palm Desert Flat Bermuda Dunes +53.7% Indian Wells -25.5% La Quinta -16.28% Indio +35% |
In Summary, if you have been thinking of buying a home in the Palm Springs area, procrastination is longer a luxury. Visit my website, check the home listings
and contact me, or just call me at 760-600-6187 and together we will find you the perfect home.
Monday, October 15, 2012
Palm Desert Golf Courses Open to the Public
It's mid October and seasonal residents & vacationers started arriving to the Desert from Canada , the Northwest and the Midwest of the USA, and some are here for the first time and wondering where they can golf .
Here is a list of Public and Semi Private Golf Courses in Palm Desert:
palm desert public golf courses
Here is a list of Public and Semi Private Golf Courses in Palm Desert:
palm desert public golf courses
Wednesday, July 11, 2012
CA Homeowner Bill of Rights Now a Law- Who Will Benefit?
The following is a breakdown of the California Homeowner Bill of Rights which was signed into Law, as presented by the California Association of Realtors.
Assembly Bill 278 and Senate Bill 900, is available at www.leginfo.ca.gov.
Applicability of the Law: This law will generally come into effect on January 1, 2013. It only pertains to first trust deeds secured by owner-occupied properties with one-to-four residential units, unless otherwise indicated below. "Owner-occupied" means the property is the principal residence of the borrower and secured by a loan made for personal, family, or household purposes (CC 2924.15). A "borrower" under this law must generally be a natural person and potentially eligible for a foreclosure prevention alternative program offered by the mortgage servicer, but not someone who has filed bankruptcy, surrendered the secured property, or contracted with an organization primarily engaged in the business of advising people how to extend the foreclosure process and avoid their contractual obligations (CC 2920.5(c)). A "foreclosure prevention alternative" is defined as a first lien loan modification or another available loss mitigation option, including short sales (CC 2920.5(b)). Some of the requirements of this law do not apply to "smaller banks" that, during the preceding annual reporting period, foreclosed on 175 or fewer properties with one-to-four residential units (CC 2924.18(b)).
No Dual Tracking During Short Sale: A mortgage servicer or lender cannot record a notice of default or notice of sale, or conduct a trustee's sale, if a foreclosure prevention alternative has been approved in writing by all parties (e.g., first lien investor, junior lienholder, and mortgage insurer as applicable), and proof of funds or financing has been provided to the servicer. This requirement expires on January 1, 2018. Effective January 1, 2018, a lender or mortgage servicer cannot record a notice of sale or conduct a trustee's sale if the borrower's complete application for a foreclosure prevention alternative is pending, and until the borrower has been given a written determination by the mortgage servicer. Smaller banks are only covered by the requirements taking effect in 2018. CC 2924.11.
Cancelling a Pending Trustee's Sale: A mortgage servicer must rescind or cancel any pending trustee's sale if a short sale has been approved by all parties (e.g., first lien investor, junior lienholder, and mortgage insurer as applicable), and proof of funds or financing has been provided to the lender or authorized agent. For other types of foreclosure prevention alternatives, a lender must record a rescission of a notice of default or cancel a pending trustee's sale if a borrower executes a permanent foreclosure prevention alternative. These requirements do not apply to smaller banks, and will sunset on January 1, 2018. CC 2924.11.
Providing a Single Point of Contact: For a borrower requesting a foreclosure prevention alternative, the mortgage servicer must, upon the borrower's request, promptly establish and provide a direct means of communication with a single point of contact. The single point of contact must remain assigned to the borrower's account until all loss mitigation options offered by the mortgage servicer are exhausted or the borrower's account becomes current. The single point of contact must be an individual or team responsible for, among other things, coordinating the application for the foreclosure prevention alternative, giving timely and accurate status reports, having access to those with the ability and authority to stop foreclosure proceedings, and referring the borrower to a supervisor if any upon the borrower's request. Each team member must be knowledgeable about a borrower's situation and current status in the foreclosure alternatives process. These requirements do not apply to smaller banks as defined. CC 2923.7.
No Dual Tracking During Loan Modification: A mortgage servicer generally cannot record a notice of default, notice of sale, or conduct a trustee's sale for a nonjudicial foreclosure if the borrower’s complete application for a first lien loan modification is pending as specified, or if a borrower is in compliance with the terms of a written trial or permanent loan modification, forbearance, or repayment plan. The borrower will have 30 days to appeal the denial of a loan modification, and the mortgage service cannot proceed with the above foreclosure steps until 31 days after giving the borrower a written denial of a loan modification, or longer if the borrower appeals the denial. To prevent abuse of this provision, however, a mortgage servicer is not obligated to evaluate a first lien loan modification application from a borrower who has previously been evaluated before 2013, or given a fair opportunity to be evaluated, unless the borrower submits a documented material change in the borrower's financial circumstances. These specific requirements expire on January 1, 2018 at which time, as stated above, a lender or mortgage servicer will be prohibited from recording a notice of sale or conducting a trustee’s sale if the borrower’s complete application for a foreclosure prevention alternative is pending, and until the borrower has been given a written determination by the mortgage servicer. Smaller banks are only covered under the requirements commencing in 2018. CC 2923.6 and 2924.11.
No Late Fees or Application Fees: A mortgage servicer cannot collect any late fees while a complete first lien loan modification application is under consideration, a denial is being appealed, the borrower is making timely modification payments, or a foreclosure prevention alternative is being evaluated or exercised. A mortgage servicer is also prohibited from charging for any application, processing, or other fee for a first lien loan modification or other foreclosure prevention alternative. These requirements do not apply to smaller banks as defined. These requirements will sunset on January 1, 2018. CC 2924.11.
Additional Loan Modification Safeguards: Until January 1, 2018, a mortgage servicer must provide written acknowledgment of receipt within five business days of a borrower's submission of a complete first lien modification application or any document in connection with a first lien modification application. The acknowledgement of receipt must provide a description of the loan modification process, including an estimated timeframe for the mortgage servicer to decide, other timeframes, and any deficiencies in the borrower's application. CC 2924.10. Furthermore, effective January 1, 2013 with no expiration date, if a first lien loan modification is denied, a mortgage service must send a written notice to the borrower with the reasons for denial and additional information as specified. On January 1, 2018, the required content of the denial letter will change to comport with other changes that will take effect. Smaller banks need not comply with these requirements until January 1, 2018. CC 2923.6 and 2924.11.
Binding if Loan is Transferred: Any written approval for a foreclosure prevention alternative shall be honored by a subsequent mortgage servicer in the event the borrower's loan is transferred or sold. This requirement does not apply to smaller banks. This requirement will expire on January 1, 2018. CC 2924.11.
Lender Required to Review Foreclosure Documents: No entity can record a notice of default or otherwise initiate the foreclosure process, except for the holder of the beneficial interest under the deed of trust, an authorized designated agent of the holder of the beneficial interest, or the original or substituted trustee under the deed of trust. Furthermore, a mortgage servicer must ensure that certain foreclosure documents are accurate and complete, and supported by competent and reliable evidence. Those foreclosure documents are the initial contact declaration, notice of default, notice of sale, assignment of deed of trust, substitution of trustee, and declarations and affidavits filed in a judicial foreclosure proceeding. A mortgage servicer must, before recording or filing these documents, review competent and reliable evidence substantiating a borrower’s default and the right to foreclose. The above provisions have no expiration date. However, until January 1, 2018, any mortgage servicer who engages in multiple and repeated uncorrected violations of its obligation to review foreclosure documents shall be liable for a civil penalty up to $7,500 per deed of trust in an action brought by the Attorney General, district attorney, or city attorney, or in an administrative proceeding brought by the DRE, DOC, or DFI against a respective licensee (see below for a borrower's legal remedies). These provisions apply to all trust deeds, regardless of occupancy or number of units. CC 2924(a)(6) and 2924.17.
Extending Initial Contact Requirement: Existing law requiring a lender to contact a borrower 30 days before initiating foreclosure has been modified as well as extended with no expiration date. Originally set to expire on January 1, 2013, this provision generally prohibits a mortgage servicer or lender from recording a notice of default until 30 days after the lender or mortgage servicer contacts the borrower in person or by telephone to assess the borrower's financial situation and explore options for avoiding foreclosure. During the initial contact, the mortgage servicer must advise the borrower of the right to request a subsequent meeting within 14 days, and provide a toll-free number to find a HUD-certified housing counseling agency. Any meeting may occur telephonically. Instead of directly contacting the borrower, a mortgage servicer can satisfy due diligence requirements in the manner specified. A notice of default must include a declaration that the mortgage servicer has complied with or is exempt from this initial contact requirement. An existing requirement for a declaration in the notice of sale will be eliminated. Until January 1, 2013, this law generally applies to loans made from 2003 to 2007 secured by owner-occupied residential properties with one-to-four units, whereas starting January 1, 2013, this law will generally apply to first trust deeds secured by owner-occupied residential properties with one-to-four units. CC 2923.5 and 2923.55.
Notifying Borrower Before NOD: A mortgage servicer cannot record a notice of default for a nonjudicial foreclosure until the mortgage servicer informs the borrower of the borrower’s right to: (1) request copies of the promissory note, deed of trust, payment history, and assignment of loan if any to demonstrate the mortgage servicer's right to foreclose; and (2) certain protections under the Servicemembers Civil Relief Act if the borrower is a service member or dependent. This requirement does not pertain to smaller banks as defined. This requirement expires on January 1, 2018. CC 2923.55.
Notifying Borrower After NOD: Within 5 business days after recording a notice of default, a mortgage servicer must generally send a written notice to the borrower on how to apply for the mortgage servicer’s foreclosure prevention alternatives if any. This notice is not required if the borrower has previously exhausted the first lien loan modification process offered by the mortgage servicer as specified. This requirement does not apply to smaller banks as defined. This requirement shall sunset on January 1, 2018. CC 2924.9.
Postponing a Trustee's Sale: Whenever a trustee’s sale is postponed for at least 10 business days, the lender or authorized agent must provide written notice of the new sale date and time to the borrower within five business days after the postponement. However, any failure to comply with this requirement will not invalidate any trustee's sale that would otherwise be valid. This requirement applies to all trust deeds, regardless of occupancy or number of units. This requirement shall sunset on January 1, 2018. CC 2924(a)(5).
Legal Remedies for Borrowers: A borrower may generally bring a private right of action to enjoin or stop a trustee's sale until the mortgage servicer has corrected certain material violations of this law. If a trustee’s deed has already been recorded, the borrower may recover actual monetary damages for certain material violations. For intentional and reckless violations by the mortgage servicer, the borrower may recover treble actual damages or $50,000, whichever is greater. A prevailing borrower who is awarded relief under this provision can also recover reasonable attorneys’ fees and costs. Certain violations by a person licensed by the DRE, DOC, or DFI are deemed violations of that person's licensing laws. These provisions do not apply to smaller banks until 2018. CC 2924.12. C.A.R. opposed this provision because of our concern for bad faith claims, but the Legislature was not convinced.
Lender's Standard of Care to Investors: The Legislature intends for a mortgage servicer to offer the borrower a loan modification or workout plan in accordance with the mortgage servicer's contractual or other authority. Any duty a mortgage servicer has to maximize net present value under a pooling and servicing agreement is owed to all investors, not any particular investor. A mortgage servicer will be deemed as acting in the best interest of all investor if it implements a loan modification or workout plan in accordance with certain specified parameters. CC 2923.6.
Assembly Bill 278 and Senate Bill 900, is available at www.leginfo.ca.gov.
Applicability of the Law: This law will generally come into effect on January 1, 2013. It only pertains to first trust deeds secured by owner-occupied properties with one-to-four residential units, unless otherwise indicated below. "Owner-occupied" means the property is the principal residence of the borrower and secured by a loan made for personal, family, or household purposes (CC 2924.15). A "borrower" under this law must generally be a natural person and potentially eligible for a foreclosure prevention alternative program offered by the mortgage servicer, but not someone who has filed bankruptcy, surrendered the secured property, or contracted with an organization primarily engaged in the business of advising people how to extend the foreclosure process and avoid their contractual obligations (CC 2920.5(c)). A "foreclosure prevention alternative" is defined as a first lien loan modification or another available loss mitigation option, including short sales (CC 2920.5(b)). Some of the requirements of this law do not apply to "smaller banks" that, during the preceding annual reporting period, foreclosed on 175 or fewer properties with one-to-four residential units (CC 2924.18(b)).
No Dual Tracking During Short Sale: A mortgage servicer or lender cannot record a notice of default or notice of sale, or conduct a trustee's sale, if a foreclosure prevention alternative has been approved in writing by all parties (e.g., first lien investor, junior lienholder, and mortgage insurer as applicable), and proof of funds or financing has been provided to the servicer. This requirement expires on January 1, 2018. Effective January 1, 2018, a lender or mortgage servicer cannot record a notice of sale or conduct a trustee's sale if the borrower's complete application for a foreclosure prevention alternative is pending, and until the borrower has been given a written determination by the mortgage servicer. Smaller banks are only covered by the requirements taking effect in 2018. CC 2924.11.
Cancelling a Pending Trustee's Sale: A mortgage servicer must rescind or cancel any pending trustee's sale if a short sale has been approved by all parties (e.g., first lien investor, junior lienholder, and mortgage insurer as applicable), and proof of funds or financing has been provided to the lender or authorized agent. For other types of foreclosure prevention alternatives, a lender must record a rescission of a notice of default or cancel a pending trustee's sale if a borrower executes a permanent foreclosure prevention alternative. These requirements do not apply to smaller banks, and will sunset on January 1, 2018. CC 2924.11.
Providing a Single Point of Contact: For a borrower requesting a foreclosure prevention alternative, the mortgage servicer must, upon the borrower's request, promptly establish and provide a direct means of communication with a single point of contact. The single point of contact must remain assigned to the borrower's account until all loss mitigation options offered by the mortgage servicer are exhausted or the borrower's account becomes current. The single point of contact must be an individual or team responsible for, among other things, coordinating the application for the foreclosure prevention alternative, giving timely and accurate status reports, having access to those with the ability and authority to stop foreclosure proceedings, and referring the borrower to a supervisor if any upon the borrower's request. Each team member must be knowledgeable about a borrower's situation and current status in the foreclosure alternatives process. These requirements do not apply to smaller banks as defined. CC 2923.7.
No Dual Tracking During Loan Modification: A mortgage servicer generally cannot record a notice of default, notice of sale, or conduct a trustee's sale for a nonjudicial foreclosure if the borrower’s complete application for a first lien loan modification is pending as specified, or if a borrower is in compliance with the terms of a written trial or permanent loan modification, forbearance, or repayment plan. The borrower will have 30 days to appeal the denial of a loan modification, and the mortgage service cannot proceed with the above foreclosure steps until 31 days after giving the borrower a written denial of a loan modification, or longer if the borrower appeals the denial. To prevent abuse of this provision, however, a mortgage servicer is not obligated to evaluate a first lien loan modification application from a borrower who has previously been evaluated before 2013, or given a fair opportunity to be evaluated, unless the borrower submits a documented material change in the borrower's financial circumstances. These specific requirements expire on January 1, 2018 at which time, as stated above, a lender or mortgage servicer will be prohibited from recording a notice of sale or conducting a trustee’s sale if the borrower’s complete application for a foreclosure prevention alternative is pending, and until the borrower has been given a written determination by the mortgage servicer. Smaller banks are only covered under the requirements commencing in 2018. CC 2923.6 and 2924.11.
No Late Fees or Application Fees: A mortgage servicer cannot collect any late fees while a complete first lien loan modification application is under consideration, a denial is being appealed, the borrower is making timely modification payments, or a foreclosure prevention alternative is being evaluated or exercised. A mortgage servicer is also prohibited from charging for any application, processing, or other fee for a first lien loan modification or other foreclosure prevention alternative. These requirements do not apply to smaller banks as defined. These requirements will sunset on January 1, 2018. CC 2924.11.
Additional Loan Modification Safeguards: Until January 1, 2018, a mortgage servicer must provide written acknowledgment of receipt within five business days of a borrower's submission of a complete first lien modification application or any document in connection with a first lien modification application. The acknowledgement of receipt must provide a description of the loan modification process, including an estimated timeframe for the mortgage servicer to decide, other timeframes, and any deficiencies in the borrower's application. CC 2924.10. Furthermore, effective January 1, 2013 with no expiration date, if a first lien loan modification is denied, a mortgage service must send a written notice to the borrower with the reasons for denial and additional information as specified. On January 1, 2018, the required content of the denial letter will change to comport with other changes that will take effect. Smaller banks need not comply with these requirements until January 1, 2018. CC 2923.6 and 2924.11.
Binding if Loan is Transferred: Any written approval for a foreclosure prevention alternative shall be honored by a subsequent mortgage servicer in the event the borrower's loan is transferred or sold. This requirement does not apply to smaller banks. This requirement will expire on January 1, 2018. CC 2924.11.
Lender Required to Review Foreclosure Documents: No entity can record a notice of default or otherwise initiate the foreclosure process, except for the holder of the beneficial interest under the deed of trust, an authorized designated agent of the holder of the beneficial interest, or the original or substituted trustee under the deed of trust. Furthermore, a mortgage servicer must ensure that certain foreclosure documents are accurate and complete, and supported by competent and reliable evidence. Those foreclosure documents are the initial contact declaration, notice of default, notice of sale, assignment of deed of trust, substitution of trustee, and declarations and affidavits filed in a judicial foreclosure proceeding. A mortgage servicer must, before recording or filing these documents, review competent and reliable evidence substantiating a borrower’s default and the right to foreclose. The above provisions have no expiration date. However, until January 1, 2018, any mortgage servicer who engages in multiple and repeated uncorrected violations of its obligation to review foreclosure documents shall be liable for a civil penalty up to $7,500 per deed of trust in an action brought by the Attorney General, district attorney, or city attorney, or in an administrative proceeding brought by the DRE, DOC, or DFI against a respective licensee (see below for a borrower's legal remedies). These provisions apply to all trust deeds, regardless of occupancy or number of units. CC 2924(a)(6) and 2924.17.
Extending Initial Contact Requirement: Existing law requiring a lender to contact a borrower 30 days before initiating foreclosure has been modified as well as extended with no expiration date. Originally set to expire on January 1, 2013, this provision generally prohibits a mortgage servicer or lender from recording a notice of default until 30 days after the lender or mortgage servicer contacts the borrower in person or by telephone to assess the borrower's financial situation and explore options for avoiding foreclosure. During the initial contact, the mortgage servicer must advise the borrower of the right to request a subsequent meeting within 14 days, and provide a toll-free number to find a HUD-certified housing counseling agency. Any meeting may occur telephonically. Instead of directly contacting the borrower, a mortgage servicer can satisfy due diligence requirements in the manner specified. A notice of default must include a declaration that the mortgage servicer has complied with or is exempt from this initial contact requirement. An existing requirement for a declaration in the notice of sale will be eliminated. Until January 1, 2013, this law generally applies to loans made from 2003 to 2007 secured by owner-occupied residential properties with one-to-four units, whereas starting January 1, 2013, this law will generally apply to first trust deeds secured by owner-occupied residential properties with one-to-four units. CC 2923.5 and 2923.55.
Notifying Borrower Before NOD: A mortgage servicer cannot record a notice of default for a nonjudicial foreclosure until the mortgage servicer informs the borrower of the borrower’s right to: (1) request copies of the promissory note, deed of trust, payment history, and assignment of loan if any to demonstrate the mortgage servicer's right to foreclose; and (2) certain protections under the Servicemembers Civil Relief Act if the borrower is a service member or dependent. This requirement does not pertain to smaller banks as defined. This requirement expires on January 1, 2018. CC 2923.55.
Notifying Borrower After NOD: Within 5 business days after recording a notice of default, a mortgage servicer must generally send a written notice to the borrower on how to apply for the mortgage servicer’s foreclosure prevention alternatives if any. This notice is not required if the borrower has previously exhausted the first lien loan modification process offered by the mortgage servicer as specified. This requirement does not apply to smaller banks as defined. This requirement shall sunset on January 1, 2018. CC 2924.9.
Postponing a Trustee's Sale: Whenever a trustee’s sale is postponed for at least 10 business days, the lender or authorized agent must provide written notice of the new sale date and time to the borrower within five business days after the postponement. However, any failure to comply with this requirement will not invalidate any trustee's sale that would otherwise be valid. This requirement applies to all trust deeds, regardless of occupancy or number of units. This requirement shall sunset on January 1, 2018. CC 2924(a)(5).
Legal Remedies for Borrowers: A borrower may generally bring a private right of action to enjoin or stop a trustee's sale until the mortgage servicer has corrected certain material violations of this law. If a trustee’s deed has already been recorded, the borrower may recover actual monetary damages for certain material violations. For intentional and reckless violations by the mortgage servicer, the borrower may recover treble actual damages or $50,000, whichever is greater. A prevailing borrower who is awarded relief under this provision can also recover reasonable attorneys’ fees and costs. Certain violations by a person licensed by the DRE, DOC, or DFI are deemed violations of that person's licensing laws. These provisions do not apply to smaller banks until 2018. CC 2924.12. C.A.R. opposed this provision because of our concern for bad faith claims, but the Legislature was not convinced.
Lender's Standard of Care to Investors: The Legislature intends for a mortgage servicer to offer the borrower a loan modification or workout plan in accordance with the mortgage servicer's contractual or other authority. Any duty a mortgage servicer has to maximize net present value under a pooling and servicing agreement is owed to all investors, not any particular investor. A mortgage servicer will be deemed as acting in the best interest of all investor if it implements a loan modification or workout plan in accordance with certain specified parameters. CC 2923.6.
Saturday, June 16, 2012
Homes Prices Up , Inventory Down in the Greater Palm Springs
Finally after all the negative news about housing and prices, the trend in greater Palm Springs show some pretty good signs of home prices going up , and the inventory going down .
We saw median home prices of sold homes going up month over month in 2012. In January 2012 the median sold price was $168,000 and has been rising ever since, the May 2012 median price was $220,000 , and I see the trend continuing based on the fact that inventories of available homes is down to 3.3 based on listings, and 2.9 based on pending sales.
Below is a snapshot of the May 2012 report , see the full report here
If you are interested in receiving a report for a specific city in the Palm Springs area, or for a specific community, you can request report here and I will be glad to generate it for you.
Find and View homes, condos and luxury homes for sale in Palm Springs and all Desert Cities here
For Immediate Assistance call me at 760-600-6187
We saw median home prices of sold homes going up month over month in 2012. In January 2012 the median sold price was $168,000 and has been rising ever since, the May 2012 median price was $220,000 , and I see the trend continuing based on the fact that inventories of available homes is down to 3.3 based on listings, and 2.9 based on pending sales.
Below is a snapshot of the May 2012 report , see the full report here
If you are interested in receiving a report for a specific city in the Palm Springs area, or for a specific community, you can request report here and I will be glad to generate it for you.
Find and View homes, condos and luxury homes for sale in Palm Springs and all Desert Cities here
For Immediate Assistance call me at 760-600-6187
Monday, May 14, 2012
Underwater With Your Mortgage ? Some Relief Could be Coming Your Way from BOA !
Bank of America announced on May 8, 2012 that they started mailing letters to some 200,000 home owners who are underwater with their mortgage. The goal is "retention" through helping eligible struggling home owners with principal balance reduction on their mortgages.
This move is part of the settlement reached between the Banks and the Federal Government and accepted by 49 State Attorneys.
To be eligible, the home owner must :
- Owes more on the mortgage than the property is worth today.
- Was at least 60 days behind on payments on January 31, 2012.
- Has a contractual monthly payment for principal, interest, property taxes, hazard insurance and any applicable homeowner association fees totaling more than 25 percent of gross household income.
- Has a loan that is owned and serviced by Bank of America, or serviced for another investor that has given the bank delegated authority to do such modifications.
For all the details read BOA's Press Release
Subscribe to:
Posts (Atom)