jjalone's Blog: All Categories

I came across this brief article this morning and thought it was worth sharing:

Reworking Troubled Mortgages Isn't That Simple

In order to rework troubled mortgage, the government may have to do more than persuade lenders and investors that workouts are ultimately more profitable than foreclosure, analysts conclude.

Hundreds of investors hold an interest in trusts that invest in mortgages. If loans are reworked, some of those investors will lose money. Mortgage servicers are prohibited from modifying a pool of loans without getting the OK from two-thirds of the investors. That nod can be difficult to get because some investors stand to make more from foreclosure.

Many observers and government officials are pointing out that it will take… Read Full Post

With September sales volume of up in all counties in the Sacramento region from last year and for most counties up even from August we are finally seeing a decline in homes for sale. Check out my weekly column, “Six Months of Increasing Homes Sales in Sacramento,” over at Rocklin & Roseville Today for the details and a prediction.

With this great “Indian Summer” weather even October continues to show some good levels of activity. Homes priced right are getting a fair number of showings and most of our short sales all have solid offers being reviewed by the seller’s lenders. Most of these even have backup offers. Most of the activity we are seeing is in the under $350,000 price point. We have seen some of our seller’s of more expensive homes ask to take… Read Full Post

I received word this morning that some lenders are not providing pricing on FHA Plus which are loans in excess of $368,231 and conforming Plus which are conforming loans above $417,000. Remember these were temporary limits with an end date of December 31, 2008. Because these loans must be closed before the end date and since there is no extension yet moving these increased limits into 2009 lenders are starting to pull away from these products now.

I know, we just passed a $750 billion bailout; the government is buying bank stock and commercial paper but can’t extend these limits so banks are pulling back? This is just one more thing about this credit crunch to make you angry. Regardless if you are thinking about buying a home and using FHA, you may want… Read Full Post

I just listed a great home in Rocklin’s Reflections at Sierra College which has 3 bedrooms, 2.5 baths and almost 1,600 square feet of living space. If you are looking for a home and not a lot of yard work this is the house for you. With a small front and back yard you have all the benefits of a single family home but without the headache of having to care for a large yard. The private fenced back yard has a patio, shade pavilion and room for a garden. It is a great place to entertain or relax on a warm summer evening. This is a short sale and won’t last long so if you or someone you know is interested in a great house within walking distance of Sierra College take a look here and get more information on my website.

Other News:  Tina Farinas is hosting an… Read Full Post

We have finally slipped below 14,000 homes for sale in Sacramento. According to HousingTracker there were 13,958 homes on the market as of October 13. This is the first time since March of 2007 since we have been this low. It is still higher than it should be and the uncertainties of foreclosures and the credit crisis loom but check out my column, Good News for Sacramento Real Estate, over at Rocklin & Roseville Today and see what I have to say about prices.

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It very nice to see a break in the warm weather and even to get a bit of rain but I am happy to see we will be getting some nice warm days this week as we move deeper into October. 

Over at MagnumOne Realty we had a strong past week with some new listings and some nice escrow closings. One of the joys of this business is to complete a sale for my clients and this past week it was fun to see my customers from the southern part of the state move into their new home here in Roseville.   Even with bailout legislation we are still anticipating seeing the Sacramento area foreclosures continuing to be a significant part of our local real estate market. This means we will continue to help clients avoid foreclosure by representing them on short sales in… Read Full Post

After the failed vote on the financial rescue plan on Monday the Senate takes the spotlight today and is likely to pass a slightly revised plan to provide liquidity back to the credit markets. I predict an embarrassed House of Representatives will place their rubber stamp on the bill and we will have legislation by the end of the week. 

How will this impact the Sacramento real estate market and the recovery that is taking place? Take a look at my column, “Bailout may slow Sacramento real estate recovery,” over at Rocklin & Roseville Today.  Read Full Post

What are the chances a house that has been on the market for over 200 days, built in the 70’s and has never been remodeled or even well maintained now has three offers to buy? I think something does not smell right. Has the Sacramento real estate market returned to the pre-2005 era where you put the house on MLS and headed to the fax machine to get the first offer? 

I am a optimist by nature and trust people until they prove me wrong but I am having a hard time believing this particular property, out of the blue is in a multiple offer situation. Don’t get me wrong, the spring and summer have been busy and we have encountered multiple offers and in fact we have a listing now that has received four but it is a very cute house, clean, ready to move-in and we… Read Full Post