Here is some useful information from the California Association of Realtors to find the help you need:
C.A.R. has created several new resources for homeowners seeking information on existing mortgage workout programs. To provide you with one easy-to-use document, we’ve developed a chart outlining programs offered by the larger lenders and government entities, including a snapshot on eligibility requirements and contact information. If a lender or loan servicer is not on the chart, homeowners may wish to contact their lender or loan servicer to determine if a workout program is available.
We have also developed consumer information sheets containing detailed information on specific programs that you can print or e-mail. Please click on the appropriate link below for information on a specific program.
HOPE For Homeowners (H4H)
Countrywide Financial (Bank of America)
Citigroup, CitiMortgage
JP Morgan Chase & Co.
IndyMac Federal Bank, FDIC
Federal Government Loan Modification (Participants include: Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, U.S. Dept. of the Treasury, Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.)
Tags: Economy · Foreclosure
| Chico MLS Single Family Homes |
Last Week |
This Week |
Up or Down |
|
Week Ending
|
11/07/2008
|
11/14/2008
|
|
|
Active homes for sale
|
377
|
367
|
Down 10
|
|
Median price, active
|
$352,500
|
$350,000
|
Down 2.5K
|
|
New listings
|
15
|
10
|
Down 5
|
|
Escrows opened
|
9
|
10
|
Up 1
|
|
Escrows closed
|
15
|
12
|
Down 3
|
|
Avg days on market
|
82
|
28
|
Down 54
|
| SNVMLS Chico 1A to 1F |
|
|
|
Search for Chico real estate through the MLS. Click here.
Source: Sierra North Valley MLS, Chico Urban Areas 1A to 1F
Tags: Quick MLS Facts
How many times have you heard, “I was just in the right place at the right time?”
A good 15 to 20 years ago, I heard something I will never forget.
I was attending a seminar on how to negotiate with large advertising agencies placing television buys. The skills I learned are great for negotiating real estate deals, but that wasn’t what changed my life.
I had one of those moments that created a freeze-frame in my brain. I don’t remember what city I was in, or the people I was traveling with. But I have a vivid picture of where I was sitting: in a white plastic chair, on the center aisle, about a third of the way down.
The speaker was a man, in his mid 40s, wearing a gray suit. He was using an overhead projector, with piles of clear plastic sheets printed with outlines and key points. He had a red dry-erase pen to add words and circle things.
[Read more →]
Tags: Curious? · Home prices · Housing market · Questions before you buy a house
| Chico MLS Single Family Homes |
Last Week |
This Week |
Up or Down |
|
Week Ending
|
10/31/2008 |
11/07/2008
|
|
|
Active homes for sale
|
394 |
377
|
Down 17
|
|
Median price, active
|
$350,000 |
$352,500
|
Up 2.5K
|
|
New listings
|
32 |
15
|
Down 17
|
|
Escrows opened
|
13 |
9
|
Down 4
|
|
Escrows closed
|
14 |
15
|
Up 1
|
|
Avg days on market
|
41 |
82
|
Up 82
|
| SNVMLS Chico 1A to 1F |
|
|
|
Search for Chico real estate through the MLS. Click here.
Source: Sierra North Valley MLS, Chico Urban Areas 1A to 1F
Tags: Scams
California has been hit by two major housing “hurricanes.” One in fall 2005 and a second one this August.
Imagine Florida for a moment. When a major hurricane blows in, the area closest to the eye of the storm experiences the major brunt of the damage, and possibly the storm surge. As the storm continues its path across land, the strength gradually decreases. From a Category 3 or 4 at landfall, it winds down to a still-nasty Category 2, then 1, and finally sputters into a tropical storm.
Some areas of the state are completely devastated. Others suffer major damage. A few areas get heavy bands of wind and rain, and many areas miss the storm all together. Florida, like California, is a large state.
The California real estate market has been hit by two severe storms. But Chico managed to survive the storms with very little damage, and our recovery is slow and sure. [Read more →]
Tags: Economy · Home prices · Housing market
Should the government get involved in helping reduce the loan amounts on underwater mortgages?
If structured well, I think the government can help rework loan amounts on troubled mortgages. But ultimately, the homeowner should not gain the benefit if the home increases in value years later. Any amount absorbed by taxpayers should be protected by recording a silent second trust deed.
For example, if a family purchased a home for $325,000 with 100% financing, and similar neighboring homes are selling for $250,000– the homeowner could apply for a fixed rate 30 year mortgage for $250,000.
The amount of money that remains, in this case $75,000, would be secured by a new second trust deed on the home. This second trust deed would be paid before the seller would see any profits from a future sale. At the time of sale, if the home value is still too low to repay the entire $75,000, the remaining amount could be forgiven. It could also be interest and payment free for the first five years.
[Read more →]
Tags: Economy · Home mortgages · Housing market
| Chico MLS Single Family Homes |
Last Week |
This Week |
Up or Down |
|
Week Ending
|
10/24/2008
|
10/31/2008 |
|
|
Active homes for sale
|
405
|
394
|
Down 9
|
|
Median price, active
|
$350,000
|
$350,000
|
=
|
|
New listings
|
31
|
32
|
Up 1
|
|
Escrows opened
|
12
|
13
|
Up 1
|
|
Escrows closed
|
15
|
14
|
Down 1
|
|
Avg days on market
|
49
|
41
|
Down 8
|
| SNVMLS Chico 1A to 1F |
|
|
|
Search for Chico real estate through the MLS. Click here.
Source: Sierra North Valley MLS, Chico Urban Areas 1A to 1F
Tags: Quick MLS Facts
When I brag about Chico to outsiders, I always talk about how special we are as a community. Somehow, with 100,000-plus citizens, we have maintained the feeling of a small town. Just walk anywhere in Chico and you will see smiling faces and get warm greetings.
Lately, that smile has been fading a bit. Things are tense on the economic front. That feeling of dread shows up at work, in the park, in the store. It is the bits and pieces all day long that add up to bring us down.
With a little effort, I think we can turn the tide. I understand that part of the human experience is to share our sorrows. The hard part is remembering to share our joys as well. When things get bad, it can take a lot of work just to feel peaceful again. We might need some help getting back to joyous thoughts. [Read more →]
Tags: Around town · Chico charm · Networking
| Chico MLS Single Family Homes |
Last Week |
This Week |
Up or Down |
|
Week Ending
|
10/17/2008
|
10/24/2008
|
|
|
Active homes for sale
|
400
|
405
|
Up 5
|
|
Median price, active
|
$354,900
|
$350,000
|
Down 5K
|
|
New listings
|
30
|
31
|
Up 1
|
|
Escrows opened
|
11
|
12
|
Up 1
|
|
Escrows closed
|
21
|
15
|
Down 6
|
|
Avg days on market
|
35
|
49
|
Up 14
|
| SNVMLS Chico 1A to 1F |
|
|
|
Search for Chico real estate through the MLS. Click here.
Source: Sierra North Valley MLS, Chico Urban Areas 1A to 1F
Tags: Quick MLS Facts
With the wild ride on Wall Street, I am hearing of ordinary folks taking their hard-earned savings out of the bank and putting it in a safe. This is the first time I have heard it happening with people I know.
This past week I have been in meetings with panels of chief economists. They get very excited when the economy gets wacky. They live for this stuff. With big smiles on their faces, they show us hundreds of graphs and charts showing the whys, hows and whens. Some I actually understood.
They all agree that we have to get back to the basics. Invest for the long term. Live within our means. Make smarter choices with our money. For people with 20 or more years to retirement, there should be plenty of time to build some wealth.
Economists also agree that recent fear on Wall Street may keep some people out of the markets for good. But is hording cash in your home safe the best strategy? It might be, if it were not for inflation. [Read more →]
Tags: Economy · Housing market
