FOR SALE in South Redondo Beach!

http://www.imagemaker360.com/149273

Call Me to see  310 346-0391

Check Out my Manhattan Village Real Estate Page.
http://ManhattanVillageRealEstate.com

New Listing coming in Hollywood Riviera

Coming in late June, 2016.
4 Br. 1.75 Baths in about 1650 sq.ft. Updated kitchen and bathrooms. Beautiful views from the front yard and only 1 1/2 blocks to the Torrance Beach ramp. Will be priced around $1.7 Million and is ready to recreate into your dream home. Jack McSweeney / REMAX Estate Properties / CalBRE #01027223 / 310 346-0391

SOLD Recently:

31316 Eaglehaven Circle, Rancho Palos Verdes, CA., 90275  $1,360,000

September, 2015

 

 

 

201 Via Navajo, Palos Verdes Estates, CA., 90274   $1.475.000

November, 2015

 

Call Jack McSweeney to sell your home!

310 346-0391

 

What Sellers Should Know About CMAs

Whether you are buying or selling a home, your real estate professional can give you a snapshot of the local market known as the competitive or comparative market analysis or CMA. These are convenient reports that help sellers choose a listing price and buyers to make competitive offers on a given home.

CMAs are generated from multiple listing service software and vary greatly depending on the search fields that are input by the real estate professional. Each quantifier makes the search increasingly specific - type of home (detached vs. attached), zip code, number of bedrooms, baths and living areas, square footage, and numerous other search criteria.

The result is a report that tells you which homes have recently sold, their selling prices, how long they were on the market and other information. The CMA will also tell you about homes in competition with yours that are similar in size, price, amenities, and location.


See More...


Article by Realty Times

10 Reasons 2015 Will Rock for Real Estate

After a slowdown in the market this year, housing analysts and economists have high hopes for 2015. The real estate market is expected to build momentum across the board nest year, mostly because of a strengthening economy.
Here's a recap of some of the real estate forecasts for 2015:

1. Millennial force: Younger professionals are having more luck in the job market, which is expected to help more of them jump into home ownership in the new year. Overall, employment is on the rise, but jobs for Millennials — particularly those aged 25 to 29 — has risen by 3 percent. That's one percentage point above the nationwide rate. According to some forecasts, Millennials are expected to drive two-thirds of household formations over the next five years. The forecasted addition of 2.5 million jobs next year, as well as an increase in household formation, will likely drive more first-time home buyers into home ownership, according to realtor.com® projections.
2. Home prices stabilize: The double-digit price increases seen in 2013 have slowed, and more stable growth was the trend in 2014. As investors have retreated from the market, so have the rapid home prices in many markets. Home prices are expected to continue to edge up in 2015, with realtor.com® predicting a 4.5 percent gain. "After two years of abnormally high levels of home-price appreciation in 2012 and 2013, price increases moderated throughout 2014," realtor.com® notes in its 2014 Housing Review. "We are now experiencing increases in home prices consistent with long-term historical performance."
3. Mortgage rates rising: Interest rates the last few months have been dipping below 4 percent, lowering the borrowing costs of home buyers and refinancing home owners. However, don't expect the low rates to stick around much longer. Mortgage rates are expected to rise next year. Freddie Mac projects mortgage rates will likely average 4.6 percent but inch up to 5 percent by the end of 2015.
4. Return of the 3 percent down payment: New programs are popping up to help more buyers break into home ownership with lower down payments. In early December, Freddie Mac and Fannie Mae announced conventional loan down-payment programs that will allow qualified first-time buyers to secure a fixed-rate mortgage with a 3 percent down payment. Prior to that, they needed at least 5 percent. Also, "there are many states as well as national programs, which offer grants that range from 1 to 5 percent to be used for a down payment or closing costs," writes Damian Maldonado, co-founder of American Financing Corp., at CNBC. "These easing loan standards will allow more first-time buyers to enter the market."
5. Housing affordability declines: Affordability for homes, based on home-price appreciation and rising mortgage interest rates, will likely fall by 5 percent to 10 percent in 2015, according to realtor.com® forecasts. However, the decline in affordability could be offset by an increase in salaries next year for many households. "When considering historical norms, housing affordability will continue to remain strong next year," realtor.com® notes in its report.
6. New-home sales rebound: Single-family new-home starts barely budged in 2014 compared to 2013, and new-home sales remain far from normal levels. But that could finally turn around in 2015. Sales of new homes are expected to rise 25 percent as single-family construction picks up traction in 2015. The National Association of REALTORS® projects single-family housing starts to rise to 820,000 in 2015, which is still below the 1 million historical average. In the latest new-home report, sales dipped 1.6 percent in November, but builders are remaining optimistic heading into the new year. "As the labor market and broader economy continue to strengthen, we can expect the housing sector to gain momentum heading into next year," says David Crowe, chief economist for the National Association of Home Builders.
7. Foreclosures recede to pre-recession levels: The number of foreclosures is expected to continue to fall in 2015, but expect them to still be elevated in some pockets across the country — particularly in judicial states where foreclosures must wind through the courts. Foreclosure filings have been on the decline for most of this year. From January through November, foreclosure filings fell about 172 percent compared to the same period one year prior, according to RealtyTrac data. "Every month so far this year, we've been down from a year ago," Daren Blomquist, vice president of RealtyTrac, said in a prior report. The only uptick has been in foreclosure auctions, which are up 5 percent in November compared to one year earlier. Foreclosures will likely fall to pre-crisis levels in 2015, Blomquist predicts.
8. Drop in oil prices will boost housing: Oil prices have plunged 45 percent since June, which could inadvertently provide a lift to the housing market. "Households in the U.S. spend more than $1,800 on energy-related costs annually, and 22 percent of that energy consumption is due to residential real estate," according to CoreLogic's 2015 Housing Outlook. "So while the drop in oil prices typically has been linked to a reduction in driving-related expenses, it clearly also reduced energy-related expenses for residential real estate."
9. Rent rises to outpace home-value growth: Rents likely will continue to rise in the new year, and an increase in rental costs in 2015 could outpace annual home-price gains. Expect the rental market to remain a "landlord's market" in 2015, with vacancy rates expected to stay below 5 percent in the new year, according to the National Association of REALTORS®. That should lead to demand pushing rents up even higher and keeping them above inflation, notes NAR Chief Economist Lawrence Yun. Apartment rents are projected to increase 4 percent in 2014 and 4.1 percent in 2015.
10. Stronger economy leads to greater confidence: A stronger economy will likely lead to more demand for housing in 2015. "Overall, the economy finally appears to be gaining enough momentum to help provide the support that the housing market has needed for stronger recovery," Sam Khater, deputy chief economist at CoreLogic, notes in the company's 2015 Housing Outlook. "The combination of stronger employment growth and especially Millennial job growth makes for solid footing for the real estate market. Moreover, the recent drop in oil prices cannot be overstated, because not only does it directly lower the transportation and home energy costs for households, but it also improves consumer confidence. And confident consumers are more likely to spend on big ticket items, which is sweet music to the ears of the real estate market."

—By Melissa Dittmann Tracey, REALTOR® Magazine

605 Gertruda Avenue, Redondo Beach offered by Jack McSweeney | RE/MAX Es...

Fabulous South Redondo Beach Custom home For Sale

http://605sGertrudaAve.com 

New Listing coming in early May, 2014
605 S. Gertruda Ave, Redondo Beach, CA., 90277
4 BR, 4 Bath, Den, Family Room, 4642 SqFt
Built in 2003, 6618 SqFt Lot, Walk to Beach.
$2,450,000

6010 Pacific Coast Hwy #9, Redondo Beach, CA 90277, Presented by Jack McSweeney, Re/Max Execs. Powered by Cristiano Design

6010 Pacific Coast Hwy #9, Redondo Beach, CA 90277, Presented by Jack McSweeney, Re/Max Execs. Powered by Cristiano Design

Hassle Free Listing Agent

http://HassleFreeListingAgent.com/
You are the boss!

Housing Will Strengthen in 2014

Housing Will Strengthen in 2014
Despite many headwinds, the housing recovery is expected to pick up in the next year.
“The cards are in play for a decent and fairly strong recovery in 2014 and particularly in 2015,” says David Crowe, chief economist for the National Association of Home Builders. "From the standpoint of GDP growth, housing has been a plus, growing at two, three, and four times the rate of the rest of the economy in recent quarters."

2013 California Real Estate Market Outlook

http://www.car.org/marketdata/marketforecast/
Interesting take on what is happening in the California market.

Freddie Mac: Mortgage rates up this week; 30-year loan averages 4.39%

http://www.latimes.com/business/la-fi-mo-freddie-mac-mortgage-rates-20130801,0,3975927.story

Fixed mortgage rates moved higher this week after two weeks of declines, with the widely watched Freddie Mac survey pegging the average rate for a 30-year home loan at 4.39%, up from 4.31% last week (LA Times)

Rapid home price gains will slow

http://money.cnn.com/2013/08/01/real_estate/home-price-gains/index.html

Home prices have been seeing rapid gains in recent months, but don't expect that to continue.
CNN

Will Rising Rates Lead to Buyer Rush?

Will Rising Rates Lead to Buyer Rush?

Mortgage rates soared to a two-year high last week, rising by the largest pace since 1987. Freddie Mac reported the average 30-year fixed-rate mortgage climbed from 3.93 percent to 4.46 percent last week. Some economists are predicting 30-year rates to climb to 4.5 percent and 5 percent over the next 12 months, following the Federal Reserve’s recent announcement that it will soon end a program that has kept interest rates near all-time lows for months.

Daily Real Estate News

Fabulous new Listing: 25900 Oak Street, #123, Lomita, CA., 90717

NOW IN ESCROW.....Fabulous new Listing: 25900 Oak Street, #123, Lomita, CA., 90717  $440,000

Very upgraded 3 BR / 2.5 Bath, 1488 SqFt

End Unit with a 2 car Garage and Extra storage
See this fabulous property by clicking here...

REALTORS® Urge Preserving Homeownership Tax Policies

As Congress pursues comprehensive tax reform it should focus on doing no harm to housing and America’s 75 million homeowners by maintaining current tax laws for homeownership and real estate investment, the National Association of REALTORS® said in testimony yesterday.
NAR President Gary Thomas testified before the U.S. House Ways and Means Committee concerning Federal tax provisions that affect residential real estate. Thomas said that homeownership has had long-standing support in the country because of its many benefits to individuals and families, communities and to the nation’s economy...
http://realtormag.realtor.org/daily-news/2013/04/26/realtors-urge-preserving-homeownership-tax-policies?om_rid=AABobn&om_mid=_BRerYZB8yNy71l&om_ntype=RMODaily

Where Are Home Prices Heading Through 2017?

Home prices are expected to continue their trajectory upward, projected to rise 3.7 percent between the third quarters of 2013 and 2014, according to Fiserv, which used data from the Federal Housing Finance Agency for its projection.
Following the third quarter of 2014, Fiserv predicts home prices to rise an average 3.3 percent annually over the next three years.

where-are-home-prices-heading-through-2017?

For Sale: 2431 Sparta Drive, Rancho Palos Verdes, CA 90275

Beautiful Single level View home in a very quiet area,
3 Br, Den, 2395 Sq.Ft, on a 20,000 Sq.Ft lot, Canyon, City and Harbor Views
$949,000

http://2431Sparta.com  

A Good Week for Housing

The housing recovery showed signs of strengthening this week, as two new reports showed home sales and prices on the upswing.
Existing-home sales have soared nearly 8 percent from a year ago, the National Association of REALTORS® reported this week. Meanwhile, the new-home market also is showing signs of recovery, with starts rising 29.1 percent over year-ago levels, according to the Census Bureau.
What’s more, home builders are getting more confident about the market with recent sales, future sales, and buyer traffic. Homebuilder confidence reached its highest level since the housing-boom time of June 2006, according to this month’s index of homebuilder sentiment.
Also this week, fixed-rate mortgages this week were at all-time record lows or near it, helping to keep home buyer affordability high, Freddie Mac reported in its weekly mortgage market survey.
Source: “Housing Recovery Blossoms,” CNNMoney (Sept. 19, 2012) and “Housing Recovery Stirs in August,” Associated Press (Sept. 19, 2012)

http://realtormag.realtor.org/daily-news/2012/09/21/good-week-for-housing?om_rid=AABobn&om_mid=_BQXJKFB8uNptO2&om_ntype=RMODaily

16 Hot Home Markets This Summer

http://realtormag.realtor.org/daily-news/2012/08/15/16-hot-home-markets-summer?om_rid=AABobn&om_mid=_BQK8ZVB8tffdK1&om_ntype=RMODaily

Albuquerque, N.M.

Atlanta, Ga.

Central Massachusetts

Colorado Springs, Colo.

Fernandina Beach, Fla.

Florence, S.C.

Houston, Texas

Kent County, Del.

Lake Charles, La.

Leesburg, Fla.

Los Angeles County, Calif.

Medford, Mass.

Mercer County, N.J.

New Orleans, La.

Orange County, N.Y.

Sheridan, Wyo.

Source: “Hot Home Markets: Summer Real Estate Heating Up Across Middle America,” RISMedia (Aug. 13, 2012)

Shortage of homes for sale creates fierce competition

http://www.latimes.com/business/la-fi-inventory-20120610,0,1637144.story

LA Times

NEW LISTING
5924 S. Pacific Coast Hwy #2, Redondo Beach, CA 90277
Area 128 – Hollywood Riviera
Very nice 2BR-2BA Townhouse in about 1346sf.
New appliances, New Paint, Updated throughout.
View into El Retiro Park. End unit, 2 car underground parking
Expected around May 23rd. $539,000 Call me: 310 346-0391

Home Prices to Rise 4% Per Year?

Have home prices finally hit bottom? Many analysts think so. According to the latest forecast by Fiserv, the market watcher sees a big boost to home prices on the horizon, projecting that home prices will rise nearly 4 percent per year for the next five years. The real estate markets expected to see the biggest increases in home prices will likely be those hardest hit the last few years by foreclosures, such as in Phoenix and Las Vegas, and areas where prices have fallen the most, according to Fiserv’s forecast. Housings rising affordability mixed with falling inventories of for-sale homes are the main factors driving the expected price increases, according to Fiserv. Initially, investors are expected to help drive most of this price increase, and then followed by first-time and trade-up buyers as they re-emerge in bigger numbers to the market. Daily Real Estate News | Wednesday, May 09, 2012

Manhattan Beach inventory is low!

Manhattan Beach inventory of single family active listings is way down this year. (66 listings as of 4/13/2012)
See them here... Call Jack McSweeney / RE/MAX Execs / 310 346-0391 to see the ones you like.

Have Home Prices Finally Reached Bottom?

“Prices are bottoming now,” according to a Bank of America Merrill Lynch forecast, released this week.

In the fall, the analysts had predicted home prices would drop by 8 percent from the second quarter of 2011 through the first quarter of 2013 — but now they’re revising that forecast, realizing the housing market is stabilizing faster than they originally thought.
HousingWire (March 22, 2012)

Warren Buffett on CNBC: I'd Buy Up 'Millions' of Single-Family Homes If I Could

Warren Buffett says along with equities, single-family homes are a very attractive investment right now.

Appearing live on CNBC's Squawk Box, Buffett tells Becky Quick he'd buy up "millions" of single family homes if it were practical to do so.

If held for a long period of time and purchased at low rates, Buffett says houses are even better than stocks. He advises buyers to take out a 30-year mortgage and refinance if rates go down.

Home Sales are up in most of the country

January pending home sales are up in most of the country and that is great news! Inventory is also at 5-6 year lows and interest rates are at all time lows.

Now is the time to buy your home! My open houses have been very good lately and the buyers are out. Don't miss the boat. Contact me and lets start the search. Rents are going up, don't pay somebody elses mortgage! You can enjoy the benefits of homeownership yourself.

Call me, 310 346-0391

March Is American Red Cross Month

l Every two seconds someone in the U.S.
needs blood.
l More than 38,000 blood donations are
needed every day.
l Donating blood is a safe process. A sterile
needle is used only once for each donor
and then discarded.
l The actual blood donation typically takes
less than 10-12 minutes. The entire process,
from the time you arrive to the time you
leave, takes about an hour and 15 min.
l The average adult has about 10 pints of
blood in his body. Roughly 1 pint is given
during a donation.
l One donation can help save the lives of
up to three people.
The American Red Cross works
with more than 50,000 blood
drive sponsors each year to hold
more than 200,000 blood drives,
providing convenient locations
for people to give blood.
www.redcross.org

Are the Holidays a Good Time to Sell?

Sixty percent of real estate professionals advise their sellers to list a home during the holidays because it’s a good time to sell, according to a new survey conducted by Realtor.com.

Why are the holidays such a good time to sell? Seventy-nine percent of the agents surveyed said that more serious buyers come out during the holidays, and 61 percent say less competition from other properties make it a great time to sell. Plus, 17 percent of agents say the cold weather is actually a benefit, making homes feel more cozy.

But online listing photos become even more crucial during the holiday season, according to the survey. Slightly more than half of agents say that the photos are more important because sellers tend to offer less open houses around the holidays, and so the online photos help buyers decide the properties to see and which ones to possibly bypass.

The biggest hurdles sellers face during the holidays, however, are keeping a home ready to show (clean and staged) as well as winter weather conditions and buyers’ vacation schedules, the Realtor.com survey found.

Source: Realtor.com (Dec. 2, 2011)

Stronger Lure for Prospective Home Buyers

Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities...
WSJ
see more...

4.5 million foreclosed borrowers may be eligible for reviews

Nearly 4.5 million current and former U.S. homeowners will soon get a chance to have their foreclosure cases reviewed for mistakes and potential restitution.

Next month, the U.S. government expects the first wave of homeowners to receive its letters in the mail, informing them of their right to ask for a foreclosure review, says Office of the Comptroller spokesman Bryan Hubbard.
Last month, independent consultants hired by lenders also began combing industry data to look for mistakes in foreclosure cases handled by 14 of the nation's largest mortgage servicers: Bank of America, Citibank, JPMorgan Chase, Wells Fargo, Ally Financial, Aurora Bank, EverBank Financial, HSBC, MetLife, OneWest, PNC, Sovereign Bank, SunTrust Banks and U.S. Bancorp.

Reviews will take months to complete. The first consumers could see cases resolved this spring, according to deadlines imposed on the servicers.

Remedies will vary based on the degree of injury, said John Walsh, acting Comptroller of the Currency, in a speech last month.

The reviews cover homeowners in any stage of the foreclosure process on a primary home in 2009 or 2010. Anyone who meets that requirement — and was a customer of one of the 14 servicers — will get a review if they ask. The servicers include Bank of America, Citibank, JPMorgan Chase and Wells Fargo.

The reviews were ordered as part of federal enforcement actions announced in April after a federal investigation last year found "significant weaknesses" in mortgage servicer practices.

The actions include requirements that servicers change some foreclosure practices, such as giving distressed borrowers a single point of contact. But the foreclosure reviews are the "most ambitious and complex" aspect of the action, Walsh said.

The OCC, along with the Federal Reserve, will oversee the reviews.

Whether homeowners were wronged will be decided by independent consultants hired by the servicers but approved by regulators.

The consultants will also decide remedies, which will be spot-checked by regulators. Regulators have also instructed the consultants what errors to seek.

No estimate of cost to servicers has been provided.

One company will process claims and provide one website and telephone number for consumers wanting reviews, the OCC says. The information will be in the consumer letters.

The OCC hasn't released the names of the independent consultants. That is under consideration, Hubbard says.

Consumer advocates say more information, including the names of the consultants doing the reviews and exactly how the reviews will be done, needs to be public to assure fairness and thoroughness.

"The process does seem ambitious," says Alys Cohen, attorney of the National Consumer Law Center. "But we have a lot of questions."

Restitution could be required for a broad range of issues, including if homeowners:

•Paid impermissible fees or penalties.

•Paid too much or had payments misapplied.

•Were wrongly denied loan modifications.

•Were wrongly foreclosed upon.
--USA Today

Luxurious Bathrooms Don’t Always Need a Fancy Tub

Home owners may be starting to rethink what all makes up a luxurious, spa-like bathroom. Whirlpool tubs for several years have been on the wish-lists of many home buyers, but now some buyers are starting to show a change in preferences, swapping larger showers or extra storage space for that oversized bathtub or whirlpool, some designers say....

Goodbye Whirlpool Tub; Hello Luxury Shower.
REALTOR® Magazine

Open House today in Redondo Beach

Come and see this beautiful new residential investment property (Duplex) open today and tomorrow from 1 - 4pm.
http://412AveF.com
Front unit is almost 3100sf with 5 BR and 3.75 BA. Rear unit is almost 1800sf with 4 BR and 3 BA. Will not last!

Duplex For Sale in South Redondo Beach, California

Brand New Duplex located walking distance to the Riviera Village, Beach and Schools. The front unit is approx. 3078 SqFt with 5 Bedrooms, 4 Baths and the Rear unit is approx. 1782 SqFt. with 4 Bedrooms, 3 Baths. Spanish tile roof, Forced Air Heating, Air Conditioned, Tankless water heaters, Central Vacuum, Floors are tile and wood.

Housing Slump? Not in These Markets!

Home prices may be sluggish in some areas of the country but not every city is seeing a sag in prices. California cities overwhelmingly dominated the list of priciest median home prices, based off CNNMoney’s “Best Places” list. Here are the top 10 cities that made the list, factoring in the highest median home prices from 2010.
1. Hillsborough, Calif.: $2,277,500
2. Los Altos Hills, Calif.: $2,273,250
3. Montecito, Calif.: $1,864,000
4. Beverly Hills, Calif.: $1,595,000
5. San Marino, Calif.: $1,560,000
6. Tiburon, Calif.: $1,425,000
7. Los Altos, Calif.: $1,422,500
8. Manhattan Beach, Calif.: $1,360,000
9. Saratoga, Calif.: $1,349,000
10. Palos Verdes Estates, Calif.: $1,339,927

Source: “Best Places to Live 2011: Top 25 Pricey Homes,” CNNMoney (August 2011)

Gen Y to Lead 'Massive Increase in Housing Demand

Watch out for Generation Y: This large, diverse, well-educated generation will drive the housing market recovery over the next 10 years, according to the University of Southern California Lusk Center for Real Estate.

Source: “USC Lusk Center Says More Educated, Diverse Generation to Drive Real Estate Recovery,” The Hoyt Organization (July 19, 2011)

Housing Shortage Is Likely Coming, Report Says

Within the next decade, 16 million new housing units will be needed to meet population growth and shifting demands, according to Harvard University’s Joint Center for Housing Studies in its latest annual "State of the Nation's Housing" report.

That means household growth, which has dropped drastically in recent years, will need to greatly reverse its trend to meet the forecasted spike in demand. From 2007-2010, household growth averaged about 500,000 per year--less than half the 1.2 million annual pace averaged prior from 2000-2007.

To absorb the current rate of foreclosed and distressed homes plaguing most markets, a more normal rate of household formation is critical, according to the report. However, household growth partially has stalled as young adults have delayed home ownership and immigration has slowed.

As such, in recent years, builders have drastically cut production of new homes.

"With inventories of new homes at historic lows, a turnaround in demand could quickly result in tighter markets," the report notes. "Over the longer term, the number of younger households is set to rise sharply, supporting growth in the population that fuels growth in both new renters and first-time buyers. The path of the economy and evolution of the mortgage market will determine when and if this increased demand materializes."

The report predicts a need for greater housing units for several reasons. For example, the report projects demand for 1 million new homes a year is needed to meet population growth in the coming decade. The report also predicts a surge in smaller homes, estimating that 3.8 million baby boomers will be looking to downsize their homes within the next decade. Also in adding to the increase in housing units needed, Immigration growth, the need to replace existing homes, and demand for second homes will contribute to rising demand, the report notes. Therefore, researchers conclude at least 16 million new housing units will be needed over the next decade.

Source: “Harvard: Real Estate Recovery Hinges on Return of Demand,” Inman News (June 6, 2011)

Bailing on Mortgage Not a Good Idea

An estimated 11 million home owners owe more on their mortgage than their property is currently worth. That’s made more home owners consider walking away from their mortgage and home ownership, even those who can still comfortably afford to make their payments (known as “strategic default”).

Walking away from a mortgage usually results in either a short sale or foreclosure. So what are the consequences of walking away? There may be far more consequences than what most home owners ever considered.

The consequences include everything from badly affected credit to potential tax consequences and deficiency risks. There are even possible professional implications, Justin McHood with Academy Mortgage in Chandler, Ariz., warns in an article at Zillow.com.

Home owners' credit scores will be badly hit regardless of whether they attempt a short sale or have their property foreclosed on. (See How Missed Mortgage Payments Hurt Credit Scores)

There also could be the potential for deficiency risks when walking away from a home, which largely varies from state to state. (View anti-deficiency laws by state.) In some states, lenders may sue you for the difference between what you owe and what your short-sale or foreclosure proceeds are, McHood notes.

Home owners considering walking away also should weigh the potential difficulty they may face from moving too. For example, if moving into a rental property, they’ll have to convince a landlord to rent to them after they have the red flag of missed mortgage payments on their credit record. And paying for moving expenses — which many walkaways fail to consider — can quickly add up too.

Plus, home owners may find professional consequences from walking away from a mortgage, as the number of employers eyeing employees’ credit profiles continues to grow.

Source: “The Consequence of Walking Away,” Zillow.com (April 27, 2011)

Buyers Ready to Snatch Bargains This Spring

Bargain prices on housing combined with low interest rates below 5 percent may bring the real estate market its busiest spring season in years, economists say.

Distressed sales continue to put downward pressure on home prices, which may lure more buyers off the fence and ready to snag a deal during the typical prime-time buying season.

Some builders are ramping up discounts on new homes as well as boosting commissions to brokers to try to spark more transactions.

Sellers of existing-homes also are getting more competitive in pricing their homes.

"After three years of the housing downturn, people are becoming much more realistic in terms of valuing their homes," says Lawrence Yun, chief economist at the National Association of REALTORS®.

An improved job market with better income potential may also motivate more people to buy, says David Berson of the PMI Group.

“Household formations are also very important," Berson says. "Kids may have moved back in with their parents, or two people may have moved in together, because of job concerns. Now they can move into their own place."

While interest rates are sitting comfortably below 5 percent for now (30-year fixed rates averaged 4.76 percent last week), economists warn the attractive low rates won’t last long.

"Few think mortgage rates are going lower," says Mark Zandi, Moody's Analytics chief economist. "It's more likely they will be 6 percent than 4 percent next spring. This lights a fire under buyers."

Source: “Discounts Expected in Spring Housing Market,” The Wall Street Journal (March 22, 2011)

Sellers Need to Get Practical About Price

Sellers whose homes have lingered on the market for months--or years, in some cases--are banking on this spring to turn the tide.

Foreclosures and short sales are still flooding the market, which means many sellers are still up against big inventories and some big bargains that may pull away buyers.

As such, more real estate pros say it’s time to have tough conversations with sellers about slashing their sales price of their home, particularly if it hasn’t garnered any traffic in recent months or years. After all, spring usually brings out more buyers, as home shoppers look to buy and move before the next school year.

"We have had a problem with sellers who are nostalgic for the way it was," says Ron Phipps, a Warwick, R.I., real estate professional and the president of the National Association of REALTORS®. He says what home owners could fetch for their home during the housing boom is not practical today. "You have to be where the market is, not where it was," Phipps says.

Phipps suggests encouraging sellers to check out the competition by visiting open houses or viewing online virtual tours of similar homes for sale to see how the seller’s house compares in price and appearance.

"You have to be very realistic about what is keeping your home from selling," Phipps says. "Sometimes it may actually be the person in the mirror, if your expectations are not realistic. Ultimately, there is a price at which all things sell."

Source: “Longtime Listings Try Again in Spring,” Associated Press (March 1, 2011)

Top 10 New Kitchen Trends in 2010

More and more homeowners are remodeling and making the most of their space with these top 10 hot trends in the kitchen.

1. Kitchens are now featuring a “family room” feel with more seating and dining areas.

2. The most popular color choice for cabinets was white. It works well with almost any architectural style – traditional to contemporary.

3. Stainless steel appliances are still a big hit, especially the fingerprint-resistant steel finish.

4. More and more kitchens are featuring custom additions such as pizza-making stations, coffee bars and wine-tasting nooks.

5. Walk-in pantries are popular for families and allow for ample storage of surplus items and bulk purchase like paper towels and canned goods.

6. Tech-savvy kitchens are featuring more electronics, like wall-mounted televisions and built-in sound systems.

7.Eco-friendly kitchens boost water-conserving faucets, energy start appliances and eco-friend cabinetry.

8. Built-in appliances that look more like cabinets are popping up across the country.

9. Lighting can convert from well-lit workspace to dimly lit formal dinner with the flip of a switch. Recessed lighting combined with chandeliers will do the trick.

10. A save-and-splurge mentality helps keep remodelers on budget. Choose to splurge on appliances instead of countertops or a built-in wine rack instead of a porcelain sink.

Fed to Keep Buying Bonds

Citing the slow pace of economic recovery and persistently high unemployment, the Federal Reserve on Jan. 26 unanimously decided to move forward with plans to purchase up to $600 billion in long-term Treasury bonds.

The central bank also reaffirmed its intent to keep short-term interests rates near zero for "an extended period." According to futures markets, investors believe the Fed will begin raising rates in the early part of next year.

Source: “Unanimous Fed Keeps Buying Bonds,” The Wall Street Journal, Sudeep Reddy (01/27/11)

'Secret' Way to Lower Mortgage Payments

Home owners can trim their monthly payments by recasting or re-amortizing their loan without having to refinance... click link to learn more...

Welcoming in 2011 with advice...

This will be an interesting year in Real Estate. If you plan on selling, I recommend you get your home on the market as soon as possible. I believe the banks will step up the forclosure process and many more listings will show up in February. The LA Times confirmed my feelings over the weekend. See it here

Also, interest rates are inching up. The higher they go the smaller the pool of buyer available and qualified. Call me to discuss in detail. Jack McSweeney / RE/MAX Execs 310 346-0391

New Listing with a unbelievable view!

Beautiful custom home in Rancho Palos Verdes for sale. Built in 1992, this home is single level, 2421 sq.ft, 3 bedroom and 2 full baths. It has a very open floor plan. Call me to arrange an appointment to see in person.
Not on the (waiver) MLS. Call Jack at RE/MAX Palos Verdes.

South Bay trends / For sale-SOLD-Pending

July Existing-Home Sales Fall, But Prices Rise

Existing-home sales were sharply lower in July following expiration of the home buyer tax credit but home prices continued to gain, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009. Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995.

Lawrence Yun, NAR chief economist, said a soft sales pace likely will continue for a few additional months. “Consumers rationally jumped into the market before the deadline for the home buyer tax credit expired. Since May, after the deadline, contract signings have been notably lower and a pause period for home sales is likely to last through September,” he said. “However, given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs.

“Even with sales pausing for a few months, annual sales are expected to reach 5 million in 2010 because of healthy activity in the first half of the year. To place in perspective, annual sales averaged 4.9 million in the past 20 years, and 4.4 million over the past 30 years,” Yun added.

Mortgage Rates Dip
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.56 percent in July from 4.74 percent in June; the rate was 5.22 percent in July 2009. Last week, Freddie Mac reported the 30-year fixed was down to 4.42 percent.

The national median existing-home price for all housing types was $182,600 in July, up 0.7 percent from a year ago. Distressed home sales are unchanged from June, accounting for 32 percent of transactions in July; they were 31 percent in July 2009.

“Thanks to the home buyer tax credit, home values have been stable for the past 18 months despite heavy job losses,” Yun said. “Over the short term, high supply in relation to demand clearly favors buyers. However, given that home values are back in line relative to income, and from very low new-home construction, there is not likely to be any measurable change in home prices going forward.”

Inventory Rises
Total housing inventory at the end of July increased 2.5 percent to 3.98 million existing homes available for sale, which represents a 12.5-month supply at the current sales pace, up from an 8.9-month supply in June. Raw unsold inventory is still 12.9 percent below the record of 4.58 million in July 2008.

NAR President Vicki Cox Golder said there are great opportunities now for buyers who weren’t able to take advantage of the tax credit. “Mortgage interest rates are at record lows, home prices have firmed and there is good selection of property in most areas, so buyers with good jobs and favorable credit ratings find themselves in a fortunate position,” she said.

A parallel NAR practitioner survey shows first-time buyers purchased 38 percent of homes in July, down from 43 percent in June. Investors accounted for 19 percent of sales in July, up from 13 percent in June; the balance were to repeat buyers. All-cash sales rose to 30 percent in July from 24 percent in June.

Breakdown of the Numbers
• Single-family home sales dropped 27.1 percent to a seasonally adjusted annual rate of 3.37 million in July from a pace of 4.62 million in June, and are 25.6 percent below the 4.53 million level in July 2009; they were the lowest since May 1995 when the sales rate was 3.34 million.
• The median existing single-family home price was $183,400 in July, which is 0.9 percent above a year ago.
• Single-family median existing-home prices were higher in 11 out of 19 metropolitan statistical areas reported in July in comparison with July 2009 (the price in one of 20 tracked markets was not available). However, existing single-family home sales fell in all 20 areas from a year ago.
• Existing condominium and co-op sales fell 28.1 percent to a seasonally adjusted annual rate of 460,000 in July from 640,000 in June, and are 24.0 percent below the 605,000-unit level in July 2009. The median existing condo price was $176,800 in July, down 1.7 percent from a year ago.

By Region
• Existing-home sales in the Northeast dropped 29.5 percent to an annual pace of 620,000 in July and are 30.3 percent lower than a year ago. The median price in the Northeast was $263,800, up 4.8 percent from July 2009.
• Existing-home sales in the Midwest fell 35.0 percent in July to a level of 800,000 and are 33.3 percent below July 2009. The median price in the Midwest was $151,600, down 2.8 percent from a year ago.
• In the South, existing-home sales dropped 22.6 percent to an annual pace of 1.54 million in July and are 19.8 percent below a year ago. The median price in the South was $156,300, down 3.3 percent from July 2009.
• Existing-home sales in the West fell 25.0 percent to an annual level of 870,000 in July and are 23.0 percent below a year ago. The median price in the West was $224,800, up 3.3 percent from July 2009.

Source: NAR

Three Reasons to Buy a Home Now

Stocks are up 50 percent from the March 2009 bottom. Some commodities have risen dramatically. The only asset class left in the cellar is real estate, says Michael Murphy, editor of the New World Investor stock newsletter.

As a result, Murphy is advising investors to buy now for these three reasons:

• Desperate sellers: Both home owners and lenders are eager to unload a flood of foreclosed and underwater properties. Buyers with the patience to push through these complex deals can save a bundle.

• Little competition. Because most people don’t have what it takes to negotiate their way through short sales and REOs, patient investors are winners.

• Low rates. Mortgage rates are at their lowest level in 40 years. If you believe inflation is inevitable, lock in now.

Source: MarketWatch, Michael Murphy (08/19/2010)

Need an Experienced Agent??

If you are looking to buy or sell real estate in Redondo Beach or anywhere in So. California, give me a call. I am with RE/MAX Palos Verdes Execs, the company with the most market share in the whole South Bay area from San Pedro to Beverly Hills! I have over 22 years of experience and can save you money. I have many references. Sellers: Please google my name: Jack McSweeney, and see the exposure I can get you on the internet. If you are a buyer, I hear about properties not on the MLS all the time or you can see properties on the MLS at http://SoBayCalMLS.com . Also see my main webpage at http://JackMcSweeney.com . I am here to help you. Call me now at 310 346-0391, if I don't answer, I will return your call within 15 minutes. EXPERIENCE... It works Everytime!

Senate Extends Tax Credit Closing Deadline

The U.S. Senate voted Wednesday to extend the home buyer tax credit closing deadline to Sept. 30, giving an estimated 180,000 buyers who met the contract deadline of April 30 extra time to close the transaction.

The extension was added to a bill to pay for jobless benefits.

The NATIONAL ASSOCIATION OF REALTORS® estimates that one-third of qualified applicants have been notified that they will be unable to close by the deadline. The Mortgage Bankers Association says delays are caused largely by the volume of transactions.

The measure still must be approved by the House.

Source: Associated Press

Has your real estate market stabilized?

No matter where you live, sign up and find out what things are selling for in your area! It will then email you once a month and keep you up on all sales and listings!

Governor Expected to Sign Homebuyer Tax Credit

On Monday, the legislature passed AB 183 (Caballero & Ashburn) which would provide $200 million for homebuyer tax credits. The Governor is expected to sign AB 183 into law before the end of the week. C.A.R. supported this important legislation.

AB 183, formerly SB 4 of the sixth extraordinary session (Ashburn), is part of a package of four bills, passed at the request of the Governor, designed to help stimulate the economy and create jobs. The bill allocates $100 million for qualified first time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010, or who closes escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. This credit is equal to the lesser of 5% of the purchase price or $10,000, taken in equal installments over three consecutive years. Under AB 183 purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state).

For Sale: Classic Hollywood Riviera Spanish Home

Your chance to own one of the original Spanish homes in the Hollywood Riviera section of Torrance. 4 BR, 2.5 baths (Jack and Jill) 2259 sf on a 6300 sf lot. $1.300,000
Open House Sunday, Feb. 21, 2010 1-4pm. Should sell quickly. Jack McSweeney / Agent REMAX Palos Verdes Realty 310 346-391

Don't wait to buy if you like low interest rates...

We have had low interest rates for a long time. It looks like that is about to change so don't wait! It is time to buy now.

Click the link to see the full "Inman" article.

Highest apartment vacancy rate in 23-years

Not only has the current economy affected homeowners who can no longer afford their mortgages, in California it has also been a huge issue for Landlords and tenants. This week it was reported that apartment vacancies rose to the highest point in 23-years. This comes as a surprise to many professionals because a lot of landlords have been lowering rent, to make it more affordable for tenants to stay in their current units or to get new ones into the vacant units. Many of the vacancies sit for rent, for weeks, even months until a potential renter comes in to even consider it. The increase of vacancies has slowly been happening since about 2007.

It’s a chain reaction in this industry. Tenants are becoming unemployed, because employers can no longer afford to keep them, in turn having to forfeit their leases or negotiate less of a rent each month. When a landlord loses a tenant, the lose money. When a vacant unit just sits, that’s money out the door everyday, that they can be using toward the mortgage on the building. For investors (landlords) who hold income property, when they are able to occupy the vacant units, the landlords are most likely taking a lot less than market value or holding certain move-in specials, in some cases giving these units away for free, just to get them occupied.

Experts have said that vacancy rates have risen for the past 3 quarters since 2007 and are expected to raise to 8 percent by the fourth quarter of this year, not good news for landlords. It could be good news for the tenants who cannot afford high rental costs though. A lot of the experts have said that this could have been prevented, if landlords would have done their homework and lowered rents before the downfall occurred.

The fact that landlords are being forced to lower rent, is causing a lot of these buildings to go into default, then causing more financial trouble for the landlord. In most cases, these buildings and the income that comes from them, is the owners livelihood.

One bedroom and single apartments are being said to be sitting for the longest. Because of the increase in job loss, people can no longer afford to live alone and are being forced to get a roommate or move in with family. When speaking with a local On-Site manager, she mentioned that 2 one-bedroom apartments, that share common wall, had been sitting for months. Prospects were interested, but couldn’t rent the units because of the limit that is put on how many tenants can live in a one-bedroom, turning the prospective tenant away to find something else, that suits their needs. She had even suggested to the landlord to knock the wall out making it a two-bedroom, in turn making it more appealing and easier to rent in today’s market.

Experts have also said that until the current unemployment rate goes down drastically, that the vacancy rate will continue to be on the rise. Most do not see that happening in the near future. Without steady income, one cannot afford to rent.

Gov. Arnold Schwarzenegger approved seven new mortgage laws

AB 260 by Assemblyman Ted Lieu (D-Torrance). The measure, which takes effect Jan. 1, tightens restrictions on mortgage brokers so they cannot steer borrowers to riskier, higher-interest loans when they qualify for less-expensive ones.
* SB 36, by Sen. Ron Calderon (D-Montebello), sets licensing requirements for all residential loan originators.
* SB 239, by Sen. Fran Pavley (D-Agoura Hills), makes it a felony to commit fraud on a mortgage loan application.
* AB 329, by Assemblyman Mike Feuer (D-Los Angeles), requires lenders to give more and clearer information to those interested in reverse mortgages, which let seniors borrow against their homes' equity.
* SB 237, by Calderon, creates a registration program for appraisal management firms.* AB 957, by Assemblywoman Cathleen Galgiani (D-Stockton), allows buyers of foreclosed homes to choose local escrow officers, rather than being forced to use the escrow company chosen by the seller.
* AB 1160, by Assemblyman Paul Fong (D-Cupertino), requires that mortgage loan documents be written in the same language the verbal negotiations were conducted in.

NEW LISTING in South Redondo Beach, CA., 90277

For Sale: 805 N Juanita Ave. #B, Redondo Beach, CA 90277

$849,000

3 Br, 2.5 Baths, 2226 sf, Rear Unit

Large Kitchen, private back yard.

Call me: Jack McSweeney / 310 346-0391

DRE# 01027223

New Townhome listing coming...

Located in South Redondo Beach. It will go on the MLS on Monday, September 28th. Very nice two on a lot, rear unit.

Fed Holds Rates

The Federal Open Market Committee voted 10-0 to maintain the target federal-funds rate for interbank lending at a record-low range of zero to 0.25%. "Economic activity has picked up following its severe downturn," the Fed said in the upbeat policy statement it released at the conclusion of its two-day policy meeting.
(WSJ)

Tax Credit - You need to act now!

Real estate professionals report that first-time home buyers are flooding the sale market, pressed to finalize a deal before the federal government's $8,000 tax credit offer expires on Nov. 30.
Because mortgage approvals, residential inspections, and other steps in the buying process typically take about two months, buyers hoping to take advantage of the incentive will need to have a contract by the end of September.
The new flurry of activity now as house-hunters try to meet the deadline is triggering bidding wars and energizing the property market, which historically is slow at the end of summer. As a result, more homes are getting their full asking price.
-realtor.org

WSJ - Fed Suggests Economy Is Stabilizing

U.S. Federal Reserve officials on Wednesday left official interest rates near zero but suggested the economy is on more stable ground, more confirmation that the severe recession is either already over or will be very soon.

Palos Verdes Estates Luxury Ocean View home

1484 Via Coronel

Palos Verdes Estates, CA. 90274
This Ocean View home has been extensively remodeled.

5 Bedrooms + Office, 4.5 bath
4883 Sq.Ft, 15,000 Sq,Ft Lot
4 Par Garage, Black Bottom Pool
Formal Living Room, 2 Family Rooms

$2,900,000

Jack McSweeney
DRE#01027223
310 346-0391

Click the link for virtual tour and more pictures.

Great New Listing In North Redondo Beach

2506 Clark Lane, Redondo Beach, CA., 90278

FOR SALE:

Fabulous, Big, 2931 Sq.Ft Townhouse. It has 3 Bedrooms (the 4th was converted to the closet you deserve, off the Master) Loft and 3.5 Baths. All for $725,000

SOLD in 3 days!

The Flippers are coming back

It was only a matter of time. This week I got 3 separate calls from people looking for houses and when I asked what they wanted in their new homes, they all said "Oh, it's not for me personally, I want a real deal, put a few bucks into fixing and putting it right back on the market". The last time I heard that was in 2001. They're Back!
To me, this is a good indication that the real estate bottom is near. Interest rates are low. Investors are returning. There are real bargains to be had and the stock market is still too scary for most people. Where do they turn? REAL ESTATE.
The best barometer of all... My phone is ringing. http://sobaycalmls.com/

Buy or REFI now.

"The Fed said it will buy up to $300 billion in longer-term Treasurys and buy hundreds of billions of dollars more in mortgage-backed securities in an effort to aid the ailing economy. Coming into Wednesday many analysts argued that the Fed was unlikely to take such a bold step. The move thus shocked markets, causing an immediate rally in stocks and pushing bonds up dramatically within minutes of the announcement of the Fed's move."
"By buying Treasurys, the central bank is increasing the amount of money in the system in a similar fashion to reducing interest rates. The move could lead to lower mortgage rates and more favorable spreads for banks."
-WSJ

This could be the opportunity you have been waiting for because it looks like interest rates will be coming down even more very soon. You could see the conforming loan interest rate fall to 4% - 4.25% range from its current 4.75% - 5% range now. If you are thinking about buying or Refinancing your home, now is the time. Just my humble opinion.

New Listing in Torrance

WONDERFUL CURB APPEAL!
This beautiful single family / one level home is located at 22617 Greenwood Ave, Torrance, 90505.
It has 3 Bedrooms, 1 3/4 Baths and almost 1400 s.f..
It is in Move in condition and will not last long at $685,000

PROPERTY TAX REDUCTION SCAM ALERT

The Los Angeles County Assessor's office is alerting homeowners that various private companies are sending mailings to property owners offering their services to pursue a reduction in the owner's property taxes. The companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. Some companies also are imposing late fees if the application is received after an arbitrary deadline. Solicitations from private companies offering to pursue a reduction in property taxes must clearly indicate that they are NOT a government agency and that their services are NOT approved or endorsed by any government agency. Failure to provide such notice is a violation of California law.In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a "decline-in-value." A decline-in-value occurs when the current market value of your property is less than the assessed value as of January 1. The assessed value is the value shown on a property owner's most recent property tax bill. Typically, an application from the property owner is required to initiate a review of the property's value by the Assessor.

The FIXER you have been waiting for!

Fabulous Ocean, Catalina and Trump Golf Club Views from this Rancho Palos Verdes Fixer. The price is $849,000 (not a misprint) for a quick sale. Heirs are not up to the work needed to bring this home up to date. This is the bargain you are looking for!

3924 Exultant Drive, Rancho Palos Verdes. Call for an appointment to see today. This will not last long.

SOLD IN 10 DAY'S!

Let's look at some Stats

As you can see on the graph, the number of unsold listings is coming down in the South Bay area of Los Angles. In July there was 957 listings vs 705 at the end of November. It will be interesting to see the December figures which will come out in Mid-January. What has happened? Interest rates have come down to historic lows and people who don't have to sell aren't selling. Then there are those that just want to get through the holidays. I would be interested in your comments. Happy New Year!

4.5% mortgage rates ?

Proposal could drop mortgage rates to 4.5 percent
The U.S. Treasury Dept. is considering a plan proposed by the Financial Services Roundtable, an industry trade group, to purchase mortgage-backed securities from Fannie Mae and Freddie Mac in an attempt to restore confidence in mortgage-backed securities and encourage banks to make additional loans.

Under the plan, the Treasury Dept. would purchase 30-year, fixed-rate mortgages, which should restore confidence in mortgage-backed securities and encourage banks to make more loans. As a result, banks could lower the rates on mortgage-backed securities, which could lower mortgage rates for consumers.

South Bay area news

-We were very lucky here in the beach area to have avoided the fires that have been raging all around us. This weekend we got a lot of ash falling on us but other than that, only a small fire near Rancho Palos Verdes Citu Hall that was contained quickly. We pray for all Californians who where displaced by the fires.

-An ice skating rink will open tomorrow at the Redondo Beach Seaside Lagoon. See more about it at their website: http://seasideice.com

-Unseasonable warm weather is here in the south bay. It is supposed to be 85 degrees today and stay in the upper 70's for the rest of the week. "Pass the tanning oil with the Turkey".

-See all available homes for sale in the South Bay at http://SoBayCalMLS.com . Arranged by city with newest listings always first.

OPEN HOUSE Sunday November 16th, 2008

Come and see the best Value in the Hollywood Riviera for a big 2300+ Sq.Ft., 2 level, single family home adjacent to El Retiro Park. The price was just reduced to $975,000 ($420 per sq.ft).
140 Vista del Parque, Redondo Beach, CA., 90277

See all Active listings in the South Bay

If you are interested in buying or selling South Bay Area real estate then you must go to the best site on the web. See all South Bay ACTIVE real estate listings: http://sobaycalmls.com/ and then contact me, Jack McSweeney. I am the expert you need in crazy times like these. Call me, you will bevery happy you did!

Beautiful 2 BR, 2 Bath Condo. This one SOLD!

Back on the Market - Hollywood Riviera Listing

This home is agressively priced! 3 br, 1.75 Bath home adjacent to El Retiro Park. Home has been tastefully remodeled and is ready for you now. $975,000 Back on the market!
http://140vistadelparque.com/

Excellent Torrance Schools. Walk to the ocean.

New Hollywood Riviera Listing coming soon.

I have a new listing coming on Sunday, June 29th, 2008 in the lower Riviera that backs up to El Retiro Park. No pictures yet, but I can tell you that it is remodeled and ready to move in now. Walk to the village too! Under a Million. Co-Listed withy Shar. Call me if interested at 310 346-0391.
See all Hollywood Riviera Listings at http://HollywoodRivieraRealEstate.com .

FED keeps rates the same

The FED decided to keep the FED FUNDS rate unchanged today at 2%. The inflation rate is a major concern, but to raise rates now would not be a good idea with the economy so weak and consumer confidance so low because of rising gasoline and food prices.

Interest Rate Update - FED

The Federal Reserve lowered its key interest rate by one-quarter percentage point but also signaled the seven-month easing cycle may be coming to an end. That brings the federal funds rate down to 2 percent and the discount rate down to 2.25 percent.

This could be the end to the declining interest rate cycle, if only because the FED now has to worry about our declining dollar, which is not helped by lowering rates. Inflation is now also a concern. We will see how all this plays out in the coming months.

The graph says it all...

Back in March of 2007, there were 1189 active listings, 353 homes in escrow and 464 sold... Now, fast forward to March of this year - 2008. There were 1558 active listings, 214 in escrow and 213 closed sales. In other words there were twice as many sales this time last year!

If you are looking to buy a home, now is the time. There is a lot to choose from on the market and deals to be made. Interest rates are very low historically and probable readt to start up soon. Call me for expert help, whether you are buying or selling.

Luxury Townhome in So. Redondo Beach FOR SALE

FOR SALE:

1206 S. Catalina Ave, Redondo Beach, CA., 90277

$1,195,000

This is a beautifully maintained Townhome walking distance to the Ocean, Riviera Village and Pier. It has two bedrooms on the street level and the master is on the 2nd level on the Living area. Up one more set of stairs is the mezzinine office area with access to one of the 3 balconies. This is a must see if your goal is to live near the water.

Call me for a private showing.

New Listing in El Segundo

For Sale: A beautiful Condominium located at

815 Main Street #302, El Segundo, CA., 90245

$509,000.

2 BR, 1 3/4 Bath in 1145 Sq. Ft.. Decorator perfect with remodeled kitchen with black granite counter. Master has walk in closet. Smooth ceilings throughout. This property is very open and bright with skylights in the 2 bathrooms. Elevator, Pool, and Spa. 2 parking spaces and generous storage in the gated subteranean parking. A must see!

Call me for a private showing.

FOMC Cuts Fed-Funds Rate by 1/2 Point

At about 11:15 pacific this news came out:
"The Federal Reserve lowered its key federal-funds rate by one-half percentage point, to 3%, capping an unprecedented eight-day period in which officials slashed rates massively to ward off recession risks. Officials signaled they're willing to ease still further in coming weeks. But they also suggested that the recent cuts may be enough to keep the economy on track. The vote was 9-1; Dallas Fed President Richard Fisher dissented, preferring no rate change."
WSJ.com

If congress also approves raising the conforming loan limits that could really help the housing industry in 2008, by refinancing to low rate 'fixed' loans.

New Listing in So. Torrance at 22420 Warmside Ave, 90505

SOLD in 5 days

South Torrance, area 129, has it all. This newly listed remodeled home is one of the nicest properties in the area. It will be open both days this weekend, Jan. 26th & 27th from 1 - 4pm. It has 3 Bedrooms, 1 bath and a 6500 sf view lot. Walk to beach. Excellent Torrance Schools. $809,000. call for info... 310 346-0391

Recession...

Everywhere we turn lately everyone is worried that we are headed into a recession. Here is the problem, by the time the government economists admit to it, we are already on the mend! The main problem with predicting a recession is that it all comes as a result of 'lagging indicators'. You know as well as I do, the government puts out statistics every month that immediately makes the stock market react and then a month later changes the previous months numbers to reflect something they forgot. How can we ever trust anything we read anymore?

I am going to cut to the chase! WE ARE ALREADY IN A RECESSION. Unemployment is going up, real inflation is up (just look at the price of gas, which is not included in the inflation stats) , consumer buying is down, car sales are down, and housing has slowed dramatically. Anybody agree with me?

Does a recession mean hard times? Not necessarily. Thankfully, the Fed has finally realized that they over did the interest rate hikes during the last two years and have to lower them even faster now. (Again, they raised rates based on "lagging inflation indicators'. I hope they learn their lesson this time.) We can look for rates to go down another full point during the next 6 month. Look for FED FUNDS rate to fall to about 3%.

Remember the old saying: " A recession is when a friend loses his job... A depression is when you lose your job"!

Nationwide Existing Home sales figures

"Existing-home sales managed a 0.4% gain during November, the first increase in nine months, but prices tumbled. Home resales rose to a 5.00 million annual rate, up from October's revised 4.98 million annual pace, the National Association of Realtors said. The median price of a previously owned home was $210,200 in November, down 3.3% from $217,300 in November 2006. Inventories of homes fell 3.6% at the end of November to 4.27 million available for sale, which represented a 10.3-month supply at the current sales pace." (WSJ)

Mortgage Forgiveness Act of 2007

Mortgage Forgiveness Act Signed into Law Yesterday, President Bush signed H.R. 3648, The Mortgage Forgiveness Act of 2007, into law, sparing homeowners the tax burden associated with canceled mortgage debt.

Prior to this action, forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure, was considered taxable income. The new law, however, temporarily waives these taxes for debts forgiven (as high as 35%) from the beginning of 2007 to the end of 2009. The bill also extends the tax deduction for mortgage insurance premiums through 2014.

"This is going to make a happy holiday for many homeowners," President Bush said yesterday before signing the bill in to law. During the press conference he added the following:
"When you're worried about making your payments, higher taxes are the last thing you need to worry about. So this bill will create a three-year window for homeowners to refinance their mortgage and pay no taxes on any debt forgiveness that they receive. And it's a really good piece of legislation.
The provision will increase the incentive for borrowers and lenders to work together to refinance loans – and it will allow American families to secure lower mortgage payments without facing higher taxes."

"There's more work to be done," Bush added, saying that Congress needs to pass legislation to strengthen Freddie Mac and Fannie Mae, to modernize FHA, and to allow the government to issue tax-exempt bonds for refinancing existing home loans.

The Fed.. Here we go again!

Most people you ask have no idea what the Federal reserve does. Sure, we know they meet once a month or so and raise or lower interest rates but couldn't we just let the market determine that? Why so much big government, always looking out for us, suposedly?
Now they want to impose rules on lenders to safeguard us some more. They are proposing: 1) Barring or restricting lenders from penalizing subprime borrowers — those with tarnished credit or low incomes — who pay their loans off early. 2) Forcing lenders to make sure borrowers set aside money to pay for taxes and insurance. 3) Barring or limiting loans that do not require proof of borrower's income. 4) Setting new standards for how lenders determine a borrower's ability to repay a home loan. All of this seems like common sense to me.
I am a firm believer in the free market. I don't think the Fed making new rules solves anything. I think borrowers have to make their own decisions and Lenders have to qualify people for loans they can afford. Easy credit is a good thing for qualified borrowers, and a bad thing for the non-qualified.
What do you think?

Fed lowers rats again

The Federal Reserve lowered the Fed funds rate (what banks charge each other) by .25 today. That will bring it down to 4.25%. In response, many of the major banks dropped the prime rate to 7.25% which will make homeowners who have HELOC (Home Equity Loans) a little happier.
The Discount rate (what the Fed charges banks for loans) was also lowered, this time by .25% to 4.75%.
It is my opinion that the Fed will have to continue to lower rates for the forseeable future in order to keep our economy moving. Our dollar should start to get stronger in the second quarter of 2008.

Rancho Palos Verdes REO for sale

Welcome to your new home! This home is in the process of being painted inside and out and will be ready for showing soon. It is located at 30170 Avenida Esplendida, Rancho Palos Verdes, CA. 90275 and is on a 12,388 square foot lot with a pool. The house itself has 4 bedrooms, 3.5 baths, Formal Living room, Family room, private master suite and is walking distance to los Verdes Country Club.

The home is about 3300 square feet and has a 3 car garage. It is priced to sell at $1,429,000. It is also in the Palos Verdes School district. Hurry.

Hollywood Riviera Listing

This is a fantastic listing for someone to get into a "Queens Necklace" oceac and city view property in the Hollywood Riviera Section of Torrance.

The home is located at 431 Calle de Castellana, Redondo Beach, CA. 90277 and is almost 2300 square feet. It has 4 bedrooms and 2.5 baths and is situated on a 6600 square foot lot on a very family oriented street. It was built in 1962 and awaits your 'touches' to make it your own. It is priced at $1,185,000.

Fed Cuts rates - but not enough...

The Federal Reserve cut both the Fed funds and Discount rate by 1/4 of a per cent today. That puts the federal funds rate at 4.5% and the discount rate at 5% for the time being. The major banks followed with a cut in the prime rate to 7.5% (This will help anyone who has a HELOC loan immediately that is hooked to the prime).

I believe that the Federal reserve should have cut interest rates at least1/2 point today and really gave a boost to the economy, so personally I was disappointed knowing that the worst of the sub-prime problems have yet to be devulged. But... we all know that the fed tends to be much more conservative with their "cuts" than they are with their increases.. So, we will all be watching 'consumer' numbers as we approach the holiday season to see if consumers keep spending... any blip in consumer numbers will almost guarantee another cut in December.

Buy your home in the South Bay NOW

The idea of "saving my money until home prices come down" has probably become a contradiction in terms -- at least for the foreseeable future. Yes, housing is cyclical but it usually does not go backward for very long, if at all. The additional money you save now probably will not offset the potential appreciation or the fatter monthly payment that could result if interest rates rise.

For example, if a $500,000 home appreciated 5 percent in the next year, could you sock away an extra $25,000 in after-tax savings to counter that gain? This also does not take into account additional tax savings from the mortgage-interest deduction. Or, if the market remains flat and mortgage interest rates rise, will you still even be able to qualify for the home of your choice?
Inman news...