New Housing Scam Emerges; California Homeowners Beware.

If you're applying for the $2 billion state-run program that helps struggling borrowers, remember, the process should be free from start to finish.

Related: Are mortgage-aid programs too little, too late?

State officials have noticed an emerging scam: Callers say they will help homeowners apply for Keep Your Home California benefits for fees of up to $900. The calls are happening statewide.

Applying for the program is free.

California, one of the hardest-hit states in the U.S., launched Keep Your Home California last year to help folks who’ve lost their jobs, seen their companies move away, or watched their home equities plummet from price-boom highs. The idea is to catch them up on mortgage payments, help them relocate after a short sale and cut their principal, by far the most controversial part of the program.

So far, it's helped about 12,000 borrowers, reflecting more than $200 million in aid. Read some of their stories here.

Officials with Keep Your Home California, a program run by the California Housing Finance Agency, encourage Californians to call 888-954-5337 instead of taking phone calls from solicitors about the program. You can also visit keepyourhomecalifornia.org.

Article by:

Written by

Lily Leung

12:56 p.m., March 7, 2012
Updated 1:10 p.m.

 We are always on the lookout for the latest news on Short Sales.  One thing is for sure, working with an experienced team can make the difference!   We have been working with Short Sales throughout our Real Estate career since 1994.

(Original Article from http://abclocal.go.com/kfsn/story?section=news/business&id=8264936)

FRESNO, California (KFSN) -- California realtors are calling on lenders to do more to prevent families from going into foreclosure. This after a recent survey found more than half of Central Valley realtors characterized closing short sale transactions as "difficult" or "extremely difficult."

Sal Valencia said, "You can't do anything if they aren't willing to talk, not willing to respond, even acknowledge you."
Valencia has been trying to short sell his Central Fresno home since August of 2009.
"At the time there was a lot of things that changed in our lives that we couldn't afford our home anymore," said Valencia.
Instead of going into foreclosure - he chose another alternative. A short sale -- where homeowners with a proven hardship negotiate an agreement with their lender to sell their home for less than what they owe. But so far - he's run into a number of man-made roadblocks.
Valencia said, "The most difficult part is the lack of communication."
Don Faught, California Association of Realtors said, "Californian's are being victimized by a process that should be helping them."
At a news conference outside Valencia's home - a group of Central Valley realtors said he's not alone - calling the short sale process "broken."
Fresno Realtor, Patrick Prince said, "The vast majority of properties we put through into contract, the buyer cancels and moves on to another property before we can get a short sale."
They say the problem is with the lenders slow response times, repeated requests for documentation and poor communication with their clients. Some realtors even said the lender foreclosed on the home before the short sale was completed.
Prince said, "I think the process is similar enough among all the lenders that it could be streamlined across the board."
They're now calling for reform. Demanding the lender appoint a single point of contact for each transaction -- speed up the approval process -- and stop foreclosure proceedings while negotiating a short sale. Solutions they believe will help thousands of homeowners who face foreclosure each year.
Valencia said, "I'd hate for someone to go through this. That's the only reason I'm here."

(Copyright ©2011 KFSN-TV/DT. All Rights Reserved.)

California pending home sales rise in June, distressed properties remain flat C.A.R. reports

For release:
July 20, 2011
California pending home sales rise in June, distressed properties remain flat C.A.R. reports
LOS ANGELES (July 20) – California pending home sales rose for the second consecutive month in June, while the share of distressed property sales was unchanged, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today. 
Pending home sales:
Pending home sales in California rose in June, according to C.A.R.’s Pending Home Sales Index (PHSI)*.  The index was 119.0 in June, an increase of 1.9 percent from May’s revised index of 116.8, based on contracts signed in June.  The index also was up 4.4 percent from June 2010.  Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.
“Pending home sales have improved in the last couple of months and the next few months should bring continued gains,” said C.A.R. President Beth L. Peerce.  “So much depends on the direction of the economy going forward. As for the makeup of the market, distressed sales continue to be a significant part of the market with the split between short sales and REO sales varying greatly across the state.”
Distressed housing market data:

• The total share of all distressed property types sold statewide was unchanged in June from May’s revised 47 percent.  The share also was unchanged from a year prior.
• Of the distressed properties sold statewide, 19 percent were short sales, a decline from last month’s share of 20 percent and last year’s share of 21 percent.
• At 27 percent, the share of REO (real estate-owned) sales was unchanged compared with May, but was up from 25 percent reported in June 2010.
• Non-distressed sales made up the remaining share of home sales in June at 53 percent, unchanged from both previous month and year.

Multimedia:

• View a video of C.A.R. Chief Economist Leslie Appleton-Young discussing highlights of the June existing home sales and price report, which was released July 14.
• View a chart of pending sales compared with closed sales.
  
  # # #

Share of Distressed Sales to Total Sales
(Single-family)

Type of Sale	June-10	May-11	June-11
REOs	25%	27%	27%
Short Sales	21%	20%	19%
Total Distressed Sales	47%	47%	47%

 
Single-family Distressed Home Sales by Select Counties
(Percent of total sales)

County	June-10	May-11	June-11
Amador	44%	61%	51%
Butte	27%	44%	34%
Humboldt	20%	17%	29%
Kern	68%	66%	66%
Lake	62%	80%	86%
Los Angeles	47%	45%	47%
Madera	54%	85%	83%
Marin	20%	28%	26%
Mendocino	32%	51%	63%
Merced	53%	59%	64%
Napa	49%	43%	51%
Orange	33%	36%	35%
Riverside	69%	65%	61%
Sacramento	62%	65%	65%
San Bernardino	69%	69%	69%
San Diego	25%	29%	28%
San Luis Obispo	40%	40%	42%
Solano	66%	71%	72%
Sonoma	43%	48%	51%
Tehama	67%	62%	73%
CALIFORNIA	47%	47%	47%

*Note:  C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state.  Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market.  A sale is listed as pending after a seller has accepted a sales contract on a property.  The majority of pending home sales usually becomes closed sales transactions one to two months later.  The year 2008 was used as the benchmark for the Pending Homes Sales Index.  An index of 100 is equal to the average level of contract activity during 2008.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Short Sales frustrating, but better than foreclosures

We found this great article via the California Association of Realtors.  Gives a great insight on what goes on behind the scenes as far as how the industry is making changes and streamlines in the  daunting process of a short sale.  If you have any further questions, or would like a private consultation, please feel free to contact us.

Yoli and Sharon,

Rebecca U. Cho, Staff Writer

Posted: 06/11/2011 08:01:10 PM PDT

Short sales have been anything but short in duration. As lenders grapple with the huge volumes of distressed properties and navigate the complex web of loan ownership created by bundling mortgages, transactions have stalled for months.
Real estate professionals and homeowners are frustrated - and the California Association of Realtors has been pushing to speed up the process. The trade group is working with lending institutions such as Fannie Mae to shorten the time brokers and agents must wait for approval on short sales.
Short sales, in which the lender agrees to accept the sale of a home for less than is owed on the property, help lenders and homeowners avoid foreclosures. And such transactions make up a significant portion of the housing market: 19 percent of total home sales in California were short sales in April, according to C.A.R. statistics on existing single-family homes.
Doug Shepherd, the president of the Inland Valley Association of Realtors, C.A.R.'s regional chapter, spoke on the present state of the short sales process and ongoing improvements in streamlining the process. Shepherd is also the owner of Shepherd Realty Group based in Riverside.
Q: Are short sales a relatively new type of transaction in real estate?
A: I started doing short sales in the early 1990s in the Inland Empire, the last time we had a real downturn, when they closed the Air Force bases around here and property values dropped. It occurs
often after a run-up on prices and when equities can't catch up. It's always been there. Q: Why are we experiencing big delays in short sales today?
A: Inefficiency and sheer volume. Because it's a national issue and the way mortgages are bundled today, who owns it? Bank of America services or collects payments on hundreds of thousands of loans in the United States. But they can make decisions on only 10 percent of loans. So on 90 percent of loans, people are making payments to BofA as the servicer, but someone else owns the loan. So it's this whole thing of who really owns the loan. Nine out of 10 times you're not talking to the decision maker.
Q: How has the short sales process been for real estate agents and Realtors?
A: It's very frustrating. And our national and state associations are trying to put forth some measures to help alleviate this. It's the time involved and the uncertainty. If I take five listings, it could be five different banks and each could have their own processes. So it's very inconsistent and time consuming. You can imagine you can open an escrow today and not see a paycheck until December or sooner. A buyer may say I don't want to wait anymore and you have to go out and find another.
Q: What kind of changes are the associations pushing for?
A: Fannie Mae and Freddie Mac are working with us. We're trying get a streamlined program or a consistent set of guidelines so a homeowner can say, "I can start this process, I know what to expect. I qualify or I don't."
Q: Do you see signs of improvement?
A: There's an online platform banks use now called Equator. It's streamlined, the homeowner or Realtor can go online and enter information rather than faxing over papers that get lost. Those kinds of things are speeding up the process for many institutions.
Q: What role are short sales playing in the housing recovery?
A: First and foremost they lessen the amount of distressed properties that are foreclosed on and come onto the community as vacant property. A homeowner in a short sale tends to maintain it before moving out. In a foreclosure, they may move out and get evicted and property may become a blight on the community, so it will pull down the community as well as the individual homeowner.
Another reason we want to do short sales is it's good for the homeowner, institution and community. It's good for the homeowner because it lessens the credit impact and allows them to be in control when they move and how they go about it. It's good for the institutions because they lose less money and don't have to take properties back. And it's good for the communities because the housing stock stays in a better condition

Read more: http://www.sbsun.com/business/ci_18256673#ixzz1Pvl8SvDW

FREE HOMEBUYER'S CLASS: Thursday, June 24th 2010

Presented by:

Sylvia Gomez-Waki Senior Loan Consultant

Yoli Manzo License# 01184359 (916) 997-6934 Sharon Boatwright License# 01207889 (916) 825-4315 Realtors Team Power For Working for You

· Get answers to questions like: · How do I qualify & what documents will the lender need ? · How much home can I afford? · Is my credit good enough? · Cal Pers loans · Government sponsored programs Downpayment Assistance · Choosing the right Realtor · Secrets to buying foreclosed properties

We’ll help you with your First Step

We know buying your first home is a big step and that you have lots of questions. We are here to help!

You are invited to attend this free informative, no obligation, seminar offering valuable insight into the step by step process of the home buying experience.

Date: Thursday June 24th Place: Summit Funding 9250 Laguna Springs Dr. #113 Elk Grove, 95758 Time: 6:00—7:30 Seating is limited RSVP: (916) 997-6934 (916) 825-4315 Email: sgomez@summitfunding.net

Licensed by Department of Real Estate #01220358

We had a blast in San Francisco!!! Yoli and Sharon's Annual Shopping Trip.

Hello Everyone,

Wow, what a wonderful day in San Francisco. We had a blast!!! Thank you for your support and encouragement and making this another successful bus trip.

We wanted to say thank you for all for your wonderful raffle prizes and gifts..Everyone was so excited. We hope that we can continue to support your businesses and thank you for supporting ours...

We hope to see you next year!!!

Please go to http://www.yoliandsharon.blogspot.com/ and enter for our drawing.......

One free ticket for our Reno Casino Bus or San Francisco Shopping trip..

Let us a comment about your favorite " Real Estate Team"..

Please forward to someone you know or would like to be a part of our guest list.

Please contact us on any of your real estate needs...

A recent client of Sharon & Yoli's, a local teacher, recieves an AWARD

One of our favorite clients received a wonderful award as a teacher for going above and beyond, at a local Sacramento elementary School. Her award included a $1000 dollars of supplies from Office Max,Mrs Winquest also received her favorite leather desk chair! Congratulations Mrs Winquest,we are proud of you!

If you have a success story and would like to share it with your "Favorite Realtors". Please pass along to us story.

If you know anyone who needs to buy or sell real estate, please give them our contact information.

Another Sacramento King Ticket Give Away!

Hey Sacramento,

It's that time again! Another giveaway from your favorite Residential Real Estate Team, Yoli Manzo & Sharon Boatwright!

We are giving away a set of two seats to the Sacramento Kings game. They are playing the Golden State Warriors.



The game is Saturday, October 17th, 2009.

All you have to do, to enter is leave us a comment. If you "follow" our blog (see follow button to the right of our blog) you get your name entered twice!

We will announce the winner on October 15th, so be sure to check back, so that you can claim your tickets prior to the game. We will make arrangements with you to pick up your tickets. (You must be available to pick up your tickets)

Please tell a friend and or feel free to share this blog to others.
If you or someone you know is in need of a Realtor, we would be happy to offer our guidance and services. We have been going strong since 1994, and have been representing everyone, from 1st time buyers, to Short Sale sellers, and REO's.

Yanni Ticket Giveaway for Friday night in Sacramento

Between listing properties and making offers in the greater Sacramento area, we are feeling generous too! We are giving away two sets to two tickets to Friday night's show at Arco Arena to see the incredible, Yanni! Friday, June 19th 2009 at Arco Arena.

All you have to to is leave us a comment on our blog! The contest is running now and we will pick a winner on Friday morning. Be sure to leave you email or a way for us to contact you! Winner must be able to pick up tickets at our office. (Located in the Greenhaven area of Sacramento)

Everyone is a winner with Yoli and Sharon!

Yanni (born Yanni Chryssomallis (Greek: Γιάννης Χρυσομάλλης, classical transcription Giannis Chrysomallis), on November 14, 1954 in Kalamata, Greece) is a self-taught pianist, keyboardist, and composer. After receiving a B.A. in psychology, he would instead seek a life in music though he had no formal training and could not read a note.

He earned Grammy nominations for his 1992 album, Dare to Dream, and the 1993 follow-up, In My Time. His breakthrough success came with the 1994 release of Yanni Live at the Acropolis, deemed to be the second best-selling music video of all time, ^[1] (behind Michael Jackson's video for Thriller with nine million units). Yanni has since performed live in concert before in excess of two million people in more than 20 countries around the world. He has accumulated more than 35 platinum and gold albums globally, with sales totaling over 20 million copies.^[1] Yanni is considered to be one of the top fundraisers of all time for public television. His compositions have been included in all Olympic Games television broadcasts since 1988, and his music has been used extensively in television and televised sporting events. His music is frequently described as "new age", though he prefers the term "contemporary instrumental".^[2] The regents of the University of Minnesota conferred upon Yanni the honorary degree of Doctor of Humane Letters.

Free Andre Rieu Concert Ticket Giveaway!

Hey friends,

We got last minute access to two lower level tickets to the wonderful and talented Andre Rieu concert at Sacramento's Arco Arena on Wednesday evening!

If you or someone you know loves symphony and orchestra, than this is the giveaway for you!

Here are some highlights of Andre's incredible career!

At University he performed the Gold And Silver Waltz by Franz Lehár. Encouraged by the audience reaction he decided to pursue the waltz form. Rieu formed the Maastricht Salon Orchestra and performed as a violinist with the Limburg Symphony Orchestra. In 1987, he created the Johann Strauss Orchestra and his own production company. Since then, his melodramatic stage performances and rock-star demeanor have for some been associated with a revival of the waltz music category.

[edit] Johann Strauss Orchestra

The Orchestra began in 1987 with 12 members but now performs with between 40 and 50 musicians. At the time the Orchestra first toured Europe, there emerged a renewed interest in waltz music. The revival began in the Netherlands and was ignited by their recording of the Second Waltz from Shostakovich's Jazz Suites. As a result, Rieu became known as the waltz King.

Rieu and his orchestra have performed throughout Europe, in North America, and Japan. Winning a number of awards including two World Music Awards, their recordings have gone gold and platinum in many countries, including 8-times Platinum in the Netherlands. In September 2007 Rieu performed in Australia for the first time solo, without his Orchestra at the Eastland shopping centre in the Melbourne suburb of Ringwood playing "My Way" and "Waltzing Matilda"—and the next day appeared at Sydney’s Arena Cove, Warringah Mall shopping complex with the same set. Rieu and orchestra returned to Australia in November as part of his world tour. Rieu and his orchestra played 3 concerts at Melbourne's Telstra Dome from 13-15 November and continued their tour throughout Perth, Sydney, Brisbane and Adelaide, through to December 2008. The concert theme is 'A Romantic Vienna Night' and the set comprises a complete replica of a Viennese castle, complete with 2 ice-skating rinks 2 Fountains, and a ballroom dance floor situated above and behind the Orchestra. Rieu's largest concert attendance to date in Australia was 38,000 on Saturday 15th November in Melbourne. The Perth concert did not feature the replica of the Viennese Palace as it was stated in the press because it would not fit into the front doors of Subiaco Oval.

He records both DVD and CD repertoire at his own recording studios in Maastricht in a wide range of classical music as well as popular and folk music plus music from well-known sound tracks and theatre musicals. His lively orchestral presentations, in tandem with incessant marketing, have attracted worldwide audiences to this subgenre of classical mus

Rules:

Leave us a comment and a winner will be randomly selected tomorrow at 4pm. Make sure we have a way to contact you and the winner must be available to pick up the tickets by tomorrow evening or early Wednesday. The concert is Wednesday, June 17th, 2009!

Tell a friend and don't forget to pass along our names to anyone you know who needs any type of Real Estate assistance!

Yoli and Sharon

Sacramento! It is competitive out there!

First off, we would like to congratulate Scott S. and Michelle S. for being the lucky winners to last week's drawing. Both of them won two tickets each, to the Sacramento Monarch's opening game. Stay tuned because we will be doing periodic raffles and prizes!

Also, be sure to add us to your favorites and or subscribe to our blog. To the right of our blog is a follow button and you can also hit the subscribe button and it will send you an e-mail whenever we update our blog. (see the "Subsribe to our blog" button under the "Follow" button)


So, anyone try to submit an offer on a property in the Sacramento area lately? Tell us about it! Currently, Sharon and I are working with about 7 "First Time" buyers. Literally, we are chasing homes! When ever we do get an accepted offer, it is like hitting the lottery. It is that crazy out there!

Currently, we are experiencing a very low housing inventory, and with the very favorable property prices and interest rates, everyone is bidding for the few houses that are out there on the market. While it can be a frustrating process, do not give up. Diligence and patience are the key to success in this market.

Here is an article on the latest Real Estate statistics throughout the country.

Pending Home Sales Increase Nearly 7 Percent The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun, NAR chief economist, says buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he says. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”Geographical Breakdown

Northeast: The Pending Home Sales Index shot up 32.6 percent to 78.9 in April and is 0.8 percent above a year ago.
Midwest: The index rose 9.8 percent to 90.4 and is 11.1 percent above April 2008.
South: The index slipped 0.2 percent to 93 in April but is 3.5 percent higher than a year ago.
West: The index rose 1.8 percent to 94.8 but is 2.9 percent below April 2008.

NAR President Charles McMillan says there are numerous buyer assistance programs around the country.
“Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” McMillan says.

Last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment.

Affordable Housing

NAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, which makes it the second-highest monthly reading on record after peaking at 176.9 in January of this year.

The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

A median-income family, earning $60,900, could afford a home costing $296,800 in April with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest.

Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of that amount. The affordable price was well above the median existing single-family home price in April, which was $169,800.

Pending vs. Existing Sales

Yun cautions that the reporting sample for pending home sales is smaller than that of existing-home sales, so it is subject to greater variability.

“In addition, the relationship between contracts on pending home sales and closings on existing-home sales is taking longer than in the past for several reasons,” he says. “Mortgage processing time has increased, it is taking many months to close on those homes requiring short sales with lender approval, and some sales are falling through at the last moment.”

The total number of existing-home sales is expected to improve but with dramatic local market variation in the timing of recovery. “The market has already bottomed in some areas, but this is an unusual housing cycle with some areas improving rapidly while others languish or decline,” Yun says.

Existing-home sales for May will be released June 23. The next Pending Home Sales Index will be on July 1.

Source: NAR (06/02/09)

Baskins Robbins 31 Cent Scoop Night

Hello Everyone,


We love sharing with you. Take a love one for a scoop of ice cream and remember that you heard this from your favorite " Real Estate Team"....


Sharon & Yoli

" Team Power Working For You"

Please leave a comment for us.....

BASKIN-ROBBINS 31 Cent Scoop Night

Only 31 Cents !!!

Help your neighborhood raise money for YOUR local fire service organization during Baskin-Robbins 31 Cent Scoop Night. For the third annual event, Baskin-Robbins is partnering with the National Volunteer Fire Council (NVFC) and their National Junior Firefighter Program and will donate $100,000 to the cause. Locally, Baskin-Robbins is providing an opportunity for firefighters and store owners to come together for an event of fun, smiles and fundraising for local fire service organizations. On Wednesday, April 29th, 2009, Baskin-Robbins stores across the country will hold 31 Cent Scoop Night from 5-10 pm to honor America's firefighters. Baskin-Robbins will reduce prices of small ice cream scoops to 31 cents* and create an opportunity for customers to donate to local fire charities. Read more about the NVFC and the National Junior Firefighter Program at http://www.nvfc.org/juniors