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.