Fed Loan Limit Rises

Fannie Mae and Freddie Mac have raised mortgage loan limits by 16% This is good news for home buyers.
The raise is up from $359,650 to $417,000. Borrowers will find it easier to qualify and will see a break on interest rates. This is fantastic news for many in the home buying market!
The Los Angeles Daily News states that this raise is the largest we've seen since 1987 when the cap grew by 15%.
While this is a much needed increase, many analyst's here in California feel this increase is not an adequate raise as of October 2005 the median home price is $454,000.

How will this affect you? In January when the increase takes effect you will be able to get a conforming loan up to $417,00 at interest rates generally a quarter to a half point lower than rates on "jumbo" or no-conforming loans.
This is very good news.
For more information on this topic, just send a quick email and I'll have my mortgage professional give you a call.

Conservators "Guardians For Profit"

Last week The Los Angeles Times ran a four part series on Conservators, an in depth look at what really happens to our aged.
In the meantime visit the Los Angeles Times

Beware Of Unsolicited Purchase Offers

From Realty Times
Question: My late brother bought a vacant lot in Florida in the 1960's. This was during the infamous land grab where the State of Florida did nothing to regulate the investors/speculators. I have owned the lot since my brother died.
Read The Entire Article Here

C.A.R. Says Deductibility Of Mortgage Interest "DOA"

The proposed tax reform affecting the deductibility of mortgage interest will be "dead on arrival in Congress," says C.A.R. President Vince Malta. The proposal, submitted yesterday to the U.S. Treasury by the President's Advisory Panel on Federal Tax Reform, recommends converting the mortgage interest deduction to a tax credit equal to 15 percent of interest paid on mortgages, with the mortgage interest cap set to the average regional home price, ranging from $227,000 to $412,000. Currently, homeowners can deduct all the interest on mortgage loans up to $1 million on their primary residence.

"With the median price of a home in California at $543,980 and the average mortgage at least $435,180, the proposed ceiling would limit the tax break for the majority of new mortgagees in the state," said Malta.
From California Association Of Realtors

Home Sales Forecast

The forecast for home sales has trended up as the year progressed, fueled lately by added demand resulting from the impact of recent hurricanes, according to the National Association of Realtors.
Read The Entire Article Here.

When Good Borrowers Get Bad Loans

October 24, 2005
THE NATION
More Homeowners With Good Credit Getting Stuck With Higher-Rate Loans
By Mike Hudson and E. Scott Reckard, Special to The Times

Low interest rates and aggressive marketing campaigns have driven home lending to record levels. But increasingly Americans with good credit are being saddled with loans designed for high-risk borrowers.
Read The Full Los Angeles Times Article Here

Los Angeles At Peak On Rents

L.A. still at peak on rents
Apartment living costly but stable in area
By Gregory J. Wilcox, Staff Writer

The Los Angeles area maintained its grip on the title of most expensive rental market in the West during the third quarter with its lead over the Bay Area continuing to grow, an industry tracker said Wednesday.
Read The Full Daily News Article

Housing Market Still Hot

Home sales remained brisk for month of September, right now we are in a normal phase of pricing for this time of year as summer heads into fall we may see some price reductions however nothing indicates a drop in the market any time soon.
Quoting from the Los Angeles Daily News Tuesday October 18, 2005, "Analysts said the Southern California real estate market has yet to reach the price peak". Read The Full Daily News Article

NAR’S Home Sales Forecast Looking Stronger

NAR’S Home Sales Forecast Looking Stronger
WASHINGTON (October 12, 2005) – The forecast for home sales has trended up as the year progressed, fueled lately by added demand resulting from the impact of recent hurricanes, according to the National Association of Realtors®.
Read Full Article Here ...

Used with permission of the
NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2005. All rights reserved.
NATIONAL ASSOCIATION OF REALTORS®
Headquarters: 430 North Michigan Avenue,
Chicago, IL. 60611-4087

Relief Efforts For Hurricane Katrina

Latest Hurricane Katrina News from NAR

NAR: $2.2 Million Raised for Hurricane Relief
(September 6, 2005) -- Collections for Hurricane Katrina victims reach $2.2 million.
Link to full story


REALTORS® Rally to Meet Housing Needs of Hurricane Victims
(September 6, 2005) -- With millions of people left stranded by Hurricane Katrina, REALTORS® are rallying to help meet one of victims’ most urgent needs—the need for temporary housing.
Link to full story

Search is On for Communities With Character

Search is On for Communities With Character

(July 26, 2005) -- Know of any “authentic” communities that are
full of character, have dynamic downtowns, interesting
architecture,cultural diversity, an economic base of
locally owned small businesses? If so, don’t keep it a
secret any longer.

The National Trust for Historic Preservation is
seeking nominations for its 2006 “Dozen Distinctive Destination”
list, which identifies communities that have preserved
their sense of place and have shown a strong commitment to
preservation and revitalization, among other things.
The list is published in spring, just in time for
the peak travel season.

Among the destinations featured on the 2005 list were the
old seafaring town of Bath, Maine; the Western mining town
of Bisbee, Ariz.;and the architecturally significant
Chicago suburb of Oak Park, Ill.

"Today’s traveler has high expectations, which is why
heritage tourism has become so popular,” Richard Moe,
president of the National Trust for Historic Preservation,
said in March as this year’s list was revealed.

The organization announced its call for 2006 nominations
last week, and nominations are due by Friday, Nov. 4.
Nominees should be recognizable locations, such as a
town, city, neighborhood, or region.

For more information on the program,view the
2006 Nomination Form
The trust’s Web site also includes the full
2005 Dozen Distinctive Destinations list
and a database of all previous winners
going back to the start of the program six years ago.

—REALTOR® Magazine Online

"Reprinted from REALTOR® Magazine [August, 2005]
with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2005. All rights reserved.”

Housing Trends For Santa Clarita

SCV Housing stats for all new listings and sold properties for the period ending July 21, 2005 and can be viewed at SCV Housing Trend Stats (permanent link for this entry)

In June Southern Califonia's median price was $542,720. In Los Angeles County the median was an average price of $512,890

The California home price's continue to climb, fueled by a strong demand, short supply and low interest rates no one expects the market to change any time soon, some housing market analyst's predict the prices may level off through the fall and winter of 2005.

Summer 2005

Wow! Summer is here and homes are selling ... FAST! The inventory still remains an issue here in Southern California, There simply aren't enough homes on the market and the ones that are sell in record time. It takes quick action from your REALTOR to show you the newest listings as they become available, And you may want to consider "Market Watch" a program where all new listings are emailed direct to you, that way you review them and decide which you'd like to see ... ahead of the competition! Another remarkable service brought to you by your favorite REALTOR, Darla!

With summer heat here and in full effect, be careful when exerting, drink lots of water and don't forget about Fido! Dogs drink lots of water in addition they also overheat just like their humans do.

Market watch Spring 2005

Market Watch
The market is picking up the pace, Again! While we did experience a small dip in prices over the fall and winter of 2004, With spring right around the corner, prices again are at all time highs for our market area of Los Angeles and the Counties of.

Is it a good time to sell? Yes! It is a good time to sell, You will be able to reap the rewards of your present homes equity and transfer that to a new, larger or newer home of your choice. The payments may be with in the same bracket as your current mortgage, of course consult with your broker for the most up to date rate quotes.
Remember to call me for your personal viewing of any home you see listed!