Oxnard Economic Forecast

Here's a nice synopsis of one economist's view of the housing market - posted by a friend and fellow real estate agent, Joe Virnig.

Oxnard Economic Forecast

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The Reality of Buying Bank-Owned Properties

The following video seems far fetched, unless you're currently in the market to buy a bank-owned home. The housing inventory has contracted and there are far fewer bank-owned properties on the market today than there were 6-9 months ago. Unfortunately, the 'bots' are acting out a very real scenario for most home buyers looking to pick at the carcass of the REO inventory. Enjoy the clip!

Loan Modifications - Homeowner Beware!

It seems as though they're everywhere. You can't get away from them. They capture you in your car. They have official looking TV ads. They're even on your computer screens when your surfin' the net. They are the Loan Modifiers -Companies who provide a service to consumers to help get their home loans modified so the consumer can stay in their home. The problem is there is often a hefty upfront fee before they even begin "working" with your lender. And, yes, they're even willing to let you miss a mortgage payment, so that their fee can be paid. The fees, often several thousand dollars, are monumental for those seeking some sort of mortgage relief and there is no guarantee that the modification will be granted by your lender.

The California Attorney General has already taken action against a few of the worst offenders. Now the State Bar of California is doing their part by listing 16 attorneys under investigation who are engaged in loan modifications.

San Francisco, September 18, 2009 — The State Bar of California, alarmed by the number of lawyers preying on vulnerable homeowners, today identified 16 attorneys who are under investigation for misconduct related to loan modification.

“In my 21 years in attorney discipline, I have not seen a crisis of this magnitude. It is truly unprecedented,” said Interim Chief Trial Counsel Russell Weiner, who is waiving investigation confidentiality in favor of public protection. The waiver, allowed by law, is used only occasionally, but Weiner said the seriousness of the problem demanded a strong reaction by the bar in order to protect consumers. This is the first time the names of more than a few lawyers being investigated have been made public. full story (includes the list of attorneys under investigation)...

I hear many stories of people being taken advantage of by these schemes with little to no result. Consumers end up in far worse financial shape than when they began the process with the loan modifier. Consumers would do better by using a low-cost or free service from local non-profit agencies skilled in working with lenders and consumers on credit and mortgage-related issues. In Ventura County, I know of 2 agencies that can assist.

• SurePath Financial Solutions (Formerly Consumer Credit Counselling Service)
• Cabrillo Economic Development Corporation

I am obviously out-gunned in the war against fraudsters, so Homeowner Beware! Choose carefully when seeking financial assistance and question those seeking you out. These companies are in business...and like all businesses, they're in it to make money, regardless of the financial position it puts you in.

It's a Dog's Life!

I just saw this article and thought I would share. We all struggle with the decision to finance homes and here’s an example of someone who is financially secure setting up a $325,000 DOG HOUSE. Don’t get me wrong, I LOVE my dog, but she can live in the same house with me! Enjoy…

Daily Real Estate News August 11, 2009

No Bones About It: This Is a Dog House Paris Hilton’s Chihuahuas – Tinkerbell, Marilyn Monroe, Prince Baby Bear, Harajuki, Dolce, and Prada – have closed on new digs, reports Life & Style magazine.

The property in Hollywood is a $325,000, 300-square-foot canine palace complete with a balcony, a backyard, living room furniture, and a chandelier – plus central air.“It’s a miniature version of my house,” says Hilton. “I designed it with the help of my interior decorator, Faye Resnick. I wanted it to be fun, cute, comfortable and beautiful. My friends just love it and think it’s so adorable and cool.”

Source: Life & Style (08/05/2009)

Beware of Foreclosure Rescue Scams

- Help Is Free!

• Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
• Assistance from a HUD-approved housing counselor is FREE.
• Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
• Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
• Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never make a mortgage payment to anyone other than your mortgage company without their approval.

The above information provided courtesy the Obama Administation's Financial Stability Program, Making Home Affordable (www.MakingHomeAffordable.gov).

In Ventura County, there are two non-profit organizations that help with not only Foreclosure Prevention, but also Loan Modifications! Services are available in both English and Spanish.

• SurePath Financial Solutions (Formerly Consumer Credit Counseling Service)
• Cabrillo Economic Development Corporation - A NeighborWorks Chartered Member.