Monday, February 13, 2012

California to Receive $18 Billion in Mortgage Settlement

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®.

On February 9, Attorney General Kamala D. Harris announced that California secured up to $18 billion for its distressed homeowners as part of a $25 billion national multistate settlement with the country's five largest loan servicers. More than $12 billion will be used to offer short sales or write down loans over the next three years for about 250,000 underwater homeowners in California, according to the attorney general. Relief will go to areas hardest hit by the foreclosure crisis within the first year of the settlement.

Although the actual settlement has not yet been released, the attorney general has stated that other financial benefits for California include $849 million for refinancing 28,000 borrowers who are underwater but current on their payments; $279 million restitution for 140,000 homeowners who were foreclosed upon between 2008 and 2011; $1.1 billion for unemployed homeowners, transitional assistance, and repairing blight; $3.5 billion to extinguish unpaid loans that remain after foreclosure for 32,000 homeowners; and $430 million to the state attorney general's office for costs and fees. As part of a California guarantee, if the lenders fail to reduce principal balances by a minimum of $12 billion, they will be required to pay fines up to $800 million to the state.

The loans involved in this settlement are those owned or serviced by Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial Inc. The settlement releases the five named lenders from certain federal and state claims pertaining to robo-signing and other foreclosure misconduct by the lenders. It does not affect any individual's rights to bring legal action against a lender. It also does not apply to the majority of mortgage loans, which are those owned by Fannie Mae or Freddie Mac.

This mortgage settlement does not change any homeowner's existing financial relationship with a settling lender. It does not relieve homeowners from any obligation. It does not require a settling lender to stop any foreclosure.

Homeowners seeking relief under the settlement agreement should contact their loan servicer or a HUD-approved housing counselor. More information including detailed FAQs is also available from the California Attorney General's website, or visit the National Mortgage Settlement website.

Friday, February 10, 2012

Roseville Home For Sale

Roseville Home For Sale


Overview
Maps
Photos
Neighborhood
Market Stats

$155,000
Single Family Home
Main Features
3 Bedrooms
2 Bathrooms
Lot: 5,968 sqft
Location
637 Oakborough Ave
Roseville, CA 95747
USA

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Ken Brazil, DRE#00829410

Ken Brazil, DRE#00829410

Re/Max Gold
(916) 791-9073
kbrazil@earthlink.net
http://www.kenbrazil.net

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Thursday, February 9, 2012

Report Reveals Number of Foreclosures Down From Last Year

By: Esther Cho

A foreclosure report released by CoreLogic Wednesday revealed that the number of homes in foreclosure is decreasing nationwide. The report included monthly data on foreclosures, foreclosure inventory, and 90-plus delinquency rates.

Completed foreclosures for 2011 totaled 830,000, compared to 1.1 million in 2010. The December 2011 completed foreclosures figure was also down to 55,000, compared to 67,000 in December 2010.

Nationally, the number of loans in the foreclosure inventory decreased 8.4 percent in December 2011, compared to December 2010, which is a decline of about 130,000 properties. Data from the report revealed 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the foreclosure inventory as of December 2011.

A property is counted as foreclosure inventory when the mortgage servicer places the property into the foreclosure process. Foreclosure inventory is only measured against homes with an outstanding mortgage. About one-third of homeowners nationwide own their homes.

“The inventory of foreclosed properties has begun to shrink, and the pace at which properties are entering foreclosure is slowing. While foreclosure filings are being curtailed by a variety of judicial and regulatory constraints, mortgage servicers are completing REO sales faster than they are completing foreclosures,” Mark

Fleming, chief economist with CoreLogic, said in the release. “This is the first time in a year that REO sales have outpaced completed foreclosures, and part of the reason for the decrease in the foreclosure inventory.”

In December 2011, servicers increased the rate at which they were able to process distressed assets, also known as distressed clearing ratio, according to the CoreLogic report.

The distressed clearing ratio is found by dividing the number of REO sales by completed foreclosures. A higher ratio means faster clearing of REO inventory. The distressed clearing ratio was 1.03 in December, up from 0.94 in November.

The share of borrowers nationally that were 90 days or more delinquent decreased to 7.3 percent in December 2011, compared to 7.8 percent in December 2010.

From the start of the financial crisis in September 2008, there have been approximately 3.2 million completed foreclosures, according to the report.

CoreLogic, headquartered in California, provides information, analytics, and services to the private and public sectors.

December 2011 Highlights From the Report

The five states with the highest foreclosure inventory:

  • Florida (11.9 percent)
  • New Jersey (6.4 percent)
  • Illinois (5.4 percent)
  • Nevada (5.3 percent)
  • New York (4.6 percent)

 

The five states with the lowest foreclosure inventory:

  • Wyoming (0.7 percent)
  • Alaska (0.8 percent)
  • North Dakota (0.8 percent)
  • Nebraska (1.0 percent)
  • Washington (1.3 percent)

 

Of the top 100 markets measured by Core Based Statistical Areas (CBSAs) population, 34 are showing an increase in the foreclosure inventory in December 2011, compared to 46 in November 2011.


 

Thursday, January 5, 2012

Top-10 List of New Year’s Resolutions for Your Home

By: John Riha

Published: December 30, 2011

When the new year arrives, promises and resolutions abound. Here’s the top-10 list of what the resolute home owner should accomplish this year.


Ready for 2012? Here it comes:

1. Lose weight (cut energy use)
2. Quit smoking (purify indoor air)
3. Get out of debt (budget for improvements)
4. Learn something new (educate yourself on home finances)
5. Get organized (de-clutter)
6. Volunteer (support your community)
7. Drink less (curb home water use)
8. Spend more time with the family (share home improvement projects)
9. Get fit (exercise your DIY skills)
10. Be less stressed (use maintenance-free materials)

1. Lose weight (cut energy use)




Your house is a glutton, gobbling energy like a starved elephant. Gain control by trimming energy use.

A good place to start is your HVAC ductwork. Ducts are notorious energy-wasters, leaking your heating and cooling air through holes and loose connections.

Sealing and insulating your ductwork can improve the efficiency of your heating and cooling system by as much as 20%, saving you $200 per year or more, according to Energy Star. You’ll make your home more comfortable, and a more-efficient system helps extend the life of your furnace, air conditioner, or heat pump.

Because ducts are usually hidden inside walls, ceilings, attics, and crawl spaces, sealing and insulating them may be a difficult and time-consuming DIY job. If you can’t reach all your ducts, concentrate on those that are accessible.

Use duct sealant — called mastic — or metal-backed tape to seal the seams, holes, and connections. Don’t use the confusingly named “duct tape,” which won’t provide a permanent solution. Be sure to seal connections at vents and floor registers — these are likely places for leaks to occur.

After sealing your ducts, wrap them in fiberglass insulation. Most hardware stores and home improvement centers have insulation wrap products made for ducts.

A professional heating and cooling contractor will charge $1,000 to $4,000 for the work, including materials, depending on the size of your home and accessibility to your ducts.

Insulating your ductwork may qualify for a rebate from your state or local municipality. Check the Database of State Incentives for Renewables & Efficiency.

2. Quit smoking (purify indoor air)




The EPA lists indoor air quality as one of the top environmental health hazards. That’s because indoor air is full of potential contaminants, such as dust, mold spores, pollen, and viruses. The problem is at its worst during winter, when windows and doors are shut tight.

You can help eliminate harmful lung irritants in your home with these maintenance and improvement tips:

Maintain your HVAC system and change furnace filters regularly. Use the highest-quality filters you can afford ($10-$20) and change every month during peak heating and cooling seasons.
Keep indoor air pristine by using low-VOC paints when you remodel your rooms.
Use localized ventilation in kitchens and bathrooms to remove cooking fumes, smoke, and excess humidity. Make sure ventilation systems exhaust air to the outside of your home, rather than your attic crawl space or between ceiling joists.
In fireplaces and wood stoves, burn real firewood rather than pressed wood products that may contain formaldehyde.
Use a portable air cleaner to help cleanse the air in single rooms. Portable air cleaner types include mechanical air filters, electrostatic precipitators, ion generators, and ultraviolet lamps.
Note that each type of air cleaner is designed to remove specific pollutants; no portable air cleaner removes all pollutants. Be wary of air cleaners that generate ozone — a known lung irritant.

3. Get out of debt (budget for improvements)




Creating a yearly budget for home improvement and maintenance helps prevent overspending, and encourages you to put aside money for major replacements — such as new roofing or a kitchen appliance — that come up every few years.

Protect your home finances by knowing how much you’ll probably spend each year. Data from the U.S. Census Bureau says that average annual maintenance and home improvement expenditures are about $3,300 per household. Leading lending institutions agree; HSH Associates and LendingTree.com place average costs of yearly maintenance and upkeep at 1% to 3% of your home’s initial price.

That means the owner of a $250,000 home should budget between $2,500 to $7,500 each year for upkeep and replacements. Have extra at the end of the year? Save it for more costly upkeep and replacement items down the road — you’ll probably need it then.

4. Learn something new (educate yourself on home finances)




Want a little education that goes a long way toward your financial health? Learning how to improve your insurance score can help you keep your home insurance premiums from getting out of hand. Here are a couple of easy lessons:

Letting credit card debt build up is a black mark on your credit history — and an indicator that you’re likely to file an insurance claim. The more claims, the higher risk you appear to be to insurance agencies, which lowers your insurance score. Low scores mean higher rates for home insurance.
Keep payments on loans up-to-date. Don’t miss payment deadlines; if you do, notify your lender that your payment is forthcoming. Delinquent payments signal insurers that you can’t manage your money — resulting in a lower insurance score.
Need some Home Owner 101? Any time is a good time to bone up on basic home maintenance skills.

5. Get organized (de-clutter)




No excuses — that clutter has got to go! Start by creating more storage space so you can stash stuff easily.

At wit’s end for new storage space? You’ve probably got storage solutions you didn’t know you had. Put up a high shelf between the walls of a narrow hallway, and tuck storage in out-of-the-way nooks, such as under-stairs spaces and between wall studs.

If your small home is pinched for space, don’t despair: There’s still room for storage. Shoe organizers ($20) do more than hold shoes — use them to store keys, notepads, and cell phones. At about $300 per drawer, have a cabinetmaker install drawers in the toe kicks of your kitchen cabinets for napkins, cookie sheets, and appliance manuals.

More: Resolution: Put Your House on a Diet

6. Volunteer (support your community)




In a world that often seems topsy-turvy, a little altruism helps restore balance. You can volunteer your time and energy to help others, and at the same time help promote safety and preserve the value of your neighborhood.

A neighborhood watch program fosters a sense of community and helps stop crime. Set up a meeting with neighbors to discuss concerns and priorities. Gather facts to present at the meeting: What kinds of crimes happen nearby? Are there patterns? Ask a local police representative to come to your first meeting to answer questions.
Start a community garden. Bring together neighbors for bonding, eating healthier, and saving on groceries. A 4-by-16-foot raised bed garden plot provides $200-$600 worth of food annually. As the organizer, you can expect to spend 20-30 per month for six months getting your community garden going.
7. Drink less (curb home water use)




Our houses are thirsty. The average household uses about 400 gallons of water each day, or almost $700 per year in water and sewer costs. Making a few simple changes, such as installing EPA-certified WaterSense products, could trim up to $200 from your annual water bill. Add to that energy savings from reduced costs to heat water, and your yearly savings could reach $300 or more per year.

Low-flow showerheads include technology that reduces the amount of flow yet keeps pressure up, resulting in shower streams that are powerful and satisfying. They cost from $10 to $150, and installation is an easy DIY job that takes only minutes.
Replacing your pre-1994, water-guzzling toilet with a low-flow toilet prevents $90 worth of water costs from being flushed away. HE (high-efficiency) toilets use compressed air and electric water pumps to flush with less than 1 gallon of water; older models required up to 8 gallons.
8. Spend more time with family (share home improvement projects)




Spending quality time with your family takes quality planning — but it’s worth the effort. Rally your family around these fun-to-do projects to make every minute count:

Plant a tree. Pile the clan into the family wagon and shop for a tree that’ll become a new member of your family. Have your kids name it and help care for it. You might have to dig the hole, but everyone can take turns adding mulch and watering it. A bonus: planted where its shade will protect your house from summer sun, a $50-$100 tree cuts your yearly energy bill by $100 to $250.
Make a home emergency preparedness kit. Make a scavenger hunt of gathering up all the necessary supplies, such as flashlights, toilet paper, and duct tape, and assemble your kit during an evening together. It’s a good, non-scary way to teach small children about what to do if there’s an emergency.
9. Get fit (exercise your DIY skills)




Looking to trim a little of the old spare tire? Routine home maintenance and repair is a double win — you’ll burn calories while keeping your house in tip-top shape. Try these essential fix-ups and improvements from CalorieLab:

Building a fence: 340 calories per hour
Caulking windows and doors: 280 calories per hour
Cleaning rain gutters: 272 calories per hour
Installing ceramic tile: 238 calories per hour
Interior painting: 136 calories per hour
Chopping firewood: 340 calories per hour
Mowing the lawn: 306 calories per hour
Planting shrubs: 238 calories per hour
General gardening: 204 calories per hour
10. Be less stressed (use maintenance-free materials)




If you want less to worry about, install low-maintenance materials and products designed for durability and long, trouble-free service.

Fiber-cement siding lasts for 50 years or more. It’s weather-proof, and resists dents, fire, insects, and rot. It’s exceptionally stable, even with changes in humidity, so that paint jobs last longer than on wood and wood-fiber siding products.
LED bulbs last a phenomenal 20,000 to 50,000 hours between changes, or about 18 to 46 years when used for 3 hours each day. Although the initial cost is high (about $40 per bulb), LED bulbs pay for themselves in energy savings in about 10 years.
Classic ceramic tile comes in many colors and textures, but at its heart it’s incredibly tough, stain-resistant, and impervious to moisture. You can count on ceramic tile’s good looks to last for decades on floors and walls without needing repair or replacement.

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