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SB931 is the new law which will take effect in January 2011 that protects a short sale seller from a deficiency judgment against them if the loan that is being short sold was a refinance. This applies to the first Deed of Trust only, not the second Deed of Trust. Purchase money has always been non-recourse in California, but a refinance had been considered a “voluntary lien.” This law changes that. Of course you should always consult your CPA or tax attorney to really understand what tax ... Read Full Post

There are probably as many opinions as there are economists when it comes to the market. But there are certain prognosticators that are usually in the ballpark. Most agreed that the recovery lost some steam in July, but it is hardly a double dip recession or “W” recession. In fact, it merely seems stalled because it is a slow progression. Look at the numbers (and get ready, because there are a lot of them this month). Gross domestic product rose 2.4% in the second quarter. A recession req... Read Full Post

Orange County Homes Sales For June 2010 The total number of sales for June, the most recent month available is 3,423. This number is only 5.1% greater than sales for May, lending credence to the idea that home sales have made a comeback and not just because of the tax credit. The number of sales was up 15.7% from June ’09. The other statistic that is interesting is that there were 1000 sales over $600,000. That is nearly a third of all sales, hardly indicative of all first time buyers takin... Read Full Post

UCLA SEES EARLIER RECOVERY IN ORANGE COUNTY UCLA predicts that California, “will slog through another year of double-digit unemployment, but OrangeCounty and other coastal counties will bounce back before the inland communities.” This and otherfacts came out in their quarterly forecast. The forecast sees the state unemployment rate averaging 12.1% this year with 167,000 jobs being added. Unfortunately, that will not make a dent in the 1.3 million jobs lost throughout the recession. The re... Read Full Post

The total number of sales for Orange County in April was 2,669. That was a 0.6% increase from March. Remember, March was very active because of the impending expiration of the tax credit. But that number was an 11.6% increase over April of ’09. There were 1,704 single-family resale, 877 condos and 88 new homes. The median price was $430,000 which was actually down 0.5% from March and that is not necessarily a bad thing. But the median price rose 13.2% from April ’09. But here is the most ... Read Full Post

Wachovia Short Sales Made Easy I just had a meeting with a short sale manager from Wachovia. They have a great fast-track program for the loans they hold that were originated with World Savings Bank and Goldenwest Financial. These loans were not sold to the secondary market, so Wachovia can make the final decision whether to approve a short sale or not. And they can make that decision in a matter of days. To reiterate, the approval decision does not have to be made by outside investors that p... Read Full Post

Fullerton's Coyote Hills To Remain Undeveloped - For Now The city council voted 3-2 on Tuesday to deny a controversial development proposal by Chevron-owned Pacific Coast Homes. The proposal included building 760 homes on 510 acres that run along Fullerton's northern border. One possible option for the developer is to come back with a modified version of the plan. One council member supported Chevron's right to develop, but did not like the specific agreement. The group Friends of Coyote Hill... Read Full Post

Placentia, located in the northern section of Orange County, near the cities of Yorba Linda, Brea, Fullerton, and Anaheim, is a beautiful small city of just under 52,000. It has often been called “the All American City”, and is well-known for its family-oriented lifestyle and simple atmosphere. Placentia homes offer a good school system with two high schools, including the El Dorado Theatre. This 250 seat theatre is used for comedies, musicals, dramas, and children’s theatre. The town a... Read Full Post

Living in la Habra Heights La Habra Heights is a well-kept secret, and its fortunate residents enjoy the secluded, rural atmosphere that ensures their privacy and preserves their way of life. Located 25 miles from downtown Los Angeles, this community is a unique combination of hillside estates, oak woodlands, grasslands, citrus and avocado groves, scenic views, and trails for horseback riding. Here are the current La Habra Heights homes for sale. The La Habra Heights community The town is mad... Read Full Post

East Lake Village Homes, Yorba Linda Located in a quiet portion of Yorba Linda, the community of East Lake Village offers home owners the chance at living what might have seemed like an idealized fantasy of modern suburban life. East Lake Village homes are attractive, elegant, and many are situated along Yorba Linda's beautiful natural geography. The relaxing, homey feel makes this community one of the best places for new families looking to settle in Southern California. The "lake" in East L... Read Full Post