Brenner Place Historic District (Long Beach, CA)
By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
Long Beach, Ca.  When buying or selling an REO property, it is much better to go with a direct lender; especially, here is Southern California in that there's quite a bit of doubt about the viability and truthfulness for the pre-qualifications offered by mortgage brokers at the receiving end of a sales contract.  In addition, CNN is reporting more large banks are cutting ties to mortgage brokers, insisting that direct contact with an internal mortgage officer who can explain various products and help borrowers choose one that best meets their needs is essential. Brokers counter that they help consumers by monitoring products and costs of various lenders and that lenders --not brokers-- have the final say when it comes to writing the loan. Perhaps that is why we are seeing a number of fo...
Comments 1
By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
The Long Beach Mortgage Report: Fico is revising Credit Scoring Models Long Beach, Ca.  On the Credit Front.   Credit scores and the system are being revised.  Fair Issac will start offering the revamped score, "FICO 08," to lenders. Fair Isaac believes that the new score will do a better job of predicting borrower defaults, be more forgiving of one-time slipups, take a harder line on repeat offenders, and in general will do a deeper analysis of borrowers with poor or thin credit histories. The score will still range from 300 to 850. Hard to believe January 2009 is almost over.  This morning market is being driven by shrinking manufacturing numbers.  A government report today showed the U.S. economy shrank at the fastest pace since 1982 in the fourth quarter as consumer spending slid th...
Comments 0
By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
Long Beach, Ca.   With all the news about the recent layoffs, there is no holding back by home buyers in the local Long Beach real estate markets if the price on a listing is reasonable.   Inventories for certain areas of REOs on the market have diminished.  The current trend is Short Sale listings.  Remember that there are approximately 50 million mortgages outstanding and a full 10% of them are in default.  That means that one out of every 10 neighbors is probably feeling the stress of the new economy.  There are lots of short sale properties avialable at more affordable prices; but, not not as many agents that understand how the process of getting the property accepted by the lenders.  Yesterday we had some interesting economic news. The Conference Board's Leading Economic Index rose...
Comments 0
By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
Long Beach, Ca. Now for some good news.  Sales of existing homes rose 6.5 percent from November to December, closing out the worst year for the U.S. real estate market in more than a decade, an industry trade group said Monday. The National Association of Realtors reported that sales of existing homes rose to an annual rate of 4.74 million in December, from a downwardly revised pace of 4.45 million in November.   December's sales had been expected to fall to a pace of 4.4 million units. according to Thomson Reuters.   For the full story you can go to:  http://www.cnbc.com/id/28854489 To continue reading this article go to:   http://www.longbeachrealestateandloans.com/
Comments 0
By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
1.  Property values don't always go up. 2.  Use common sense when buying anything.  If you don't have common sense, borrow it from someone who does.  3.  Be prepared for the worst case scenario.  Assume it will happen and make sure you are ready. 4. Talk to a CPA and a bankruptcy attorney before you, "let the house go back to the bank."  5.  Understand how the banking system really works by watching the classic, "Money as Debt."  7.   Explore the Loan Modification process only with an attorney that knows what he is doing. Long Beach, Ca.  Following the current equity markets and correlating them to the fact that real estate foreclosures are up over 80% this year over last is like watching a slow moving train wreck happen in real time.  The first sound of crunching metal  on the rail  li...
Comments 0
Community Sponsor Long Beach, CA Real Estate Professionals