MRES

New Mortgage Tax Information – A Costly Maneuver

www.mres.com Ron Henderson President/Broker of Multi Real Estate Services conveys the latest information on the new tax on Freddie & Fannie mortgages to pay for the two month Payroll Tax cut extension. Also some commentary on the economically illogical, and politically motivated element of it.

Specialist in the Art of Real Estate Sales and Finance

Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley

Mortgage Rate Update December 30 2011 Year in Review and What to Watch for in 2012

www.mres.com Multi Real Estate Services – Ron Henderson President/Broker of Multi Real Estate Services evaluates the present mortgage interest rate environment as of December 30, 2011. Year in review and what will effect mortgages in 2012.

The Latest Top 20 Foreclosure Markets. How’s Los Angeles Holding Up?

After five straight quarterly drops, default notices that start the foreclosure process increased 14 percent nationwide from the second quarter to the third quarter of 2011, signaling that another wave of foreclosure activity is beginning in many parts of the country. Although this wave will probably not crest as high as the foreclosure wave of 2007 to 2010 that resulted in more than 3 millionborrowers losing their properties to foreclosure, it comes on the heels of a temporary lull in foreclosure activity caused by foreclosure delays over the past year.

This new wave of foreclosures is hitting some markets particularly hard. Below are graphics showing the 20 markets nationwide with the biggest quarterly increase in new foreclosure starts in the third quarter.

Source: realtytrec

Could Lenders Start Factoring in Energy Costs?

Rising utility bills can greatly affect a home buyer’s ability to afford a house, sometimes even more so than property taxes or home owner’s insurance. As such, a new bill introduced in the Senate is calling on lenders to start taking into account a home’s energy costs in standard mortgage underwriting—right along with principal, interest, taxes, and home owner’s insurance.

The bipartisan bill, SAVE Act (Sensible Accounting to Value Energy) would require the three major mortgage agencies—Fannie Mae, Freddie Mac, and the Federal Housing Administration—to factor energy costs into every loan they insure, guarantee, or buy. To gather estimated costs of energy bills on a home, lenders would gather data from previous utility bills or from an Energy Department survey database.

The bill also calls on the mortgage agencies to instruct appraisers to raise their property valuations when energy efficiency savings on a home can be shown. The higher value could thenbe used by a buyer to justify a higher loan amount if needed.

Source: Daily Real Estate News | Tuesday, November 01, 2011

Mortgage Interest Rate Update October 28, 2011

Ron Henderson President/Broker of Multi Real Estate Services evaluates the present mortgage interest rate environment as of October 28, 2011.

How are recent US economic reports & European economic issues effecting mortgage rates? Ron will show you the technical elements using charts, and what news fundamental events to watch for…

Specialist in the art of Real Estate sales and finance

Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley

Carbon Monoxide detector law, refinancing and appraisals

Well, I’m trying REAL HARD not to be political, but it’s getting tougher. CA Senate bill 183 is a mandatory residential Carbon Monoxide detector law that is now in effect. Since the state can’t enforce all their new rules (or old ones), it appears that certain appraisers and/or lenders may be pushed to do it for them. What’s this mean? Generally, if you are getting a real estate loan and you don’t have a detector installed, the appraiser could require it, along with an added fee for coming back to the property to make sure it’s installed.

First, be aware of the law, and you may want to install the appropriate detectors (even if just for safety reasons). Second, if you’re refinancing (or selling your house), install the detectors before the appraiser shows up. It may save time, and an added re-certification fee.

At this point, I don’t think every appraiser/lender will require compliance, but I do want to give everyone a “heads up”.

Proposition 13 Proposed Changes and Unintended Consequences

Ron Henderson President/Broker of Multi Real Estate Services gives an overview and thoughts about proposed changes to California’s Prop 13. Information  from a meeting with John Noguez – Los Angeles County Assessor Aug 23, 2011. Covers basics of Prop 13, the potential splitting of the property types, how the gov’t will bribe general population to vote for it, and the potential unintended consequences.

Specialist in the Art of Real Estate Sales and Finance

Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley

Conforming High Balance Limits Expiring September 2011

Ron Henderson President/Broker of Multi Real Estate Services evaluates the effect of the expiration of the temporary conforming loan limits. If you have a loan amount between $417,000 and $729,950, and want to refinance, do so immediately. Rates are great, and you get the temporary benefit of Freddie Mac, Fannie Mae & Ginnie Mae getting you a better rate than when the loan goes Non-Conforming.

Mortgage Rate Update August 3 2011

Ron Henderson President/Broker of Multi Real Estate Services evaluates the present mortgage interest rate environment as of August 3, 2011.

California Carbon Monoxide Bill Now in Effect

A new bill was passed in the State of California where, by July 1,2011, homeowners are required to install carbon monoxide devices in their homes. The authors of the bill entitled SB 183, the Carbon Monoxide Poisoning Act of 2010, hope to prevent accidental sickness and deaths relating to carbon monoxide poisoning through detection and education by increasing public awareness.

Who does this requirement apply to?

• Existing Single Family Residences

• Where appliances burn fossil fuels (e.g. coal, kerosene, oil, wood, fuel gases, and other petroleum or hydrocarbon products).

• Where the home has a fireplace or an attached garage

Detector

• According to the senate bill, the detector must sound an audible warning once carbon monoxide is detected. It also must be powered by a battery, or if it is plugged in, have a battery for a backup. The detector also must be certified by national testing labs, such as the Underwriters Laboratories. The packaging on the carbon monoxide detector will state this. If the CO detector is also a smoke detector, it must still meet the above standards and must sound an alarm that is different than the smoke alarm. Carbon monoxide detectors typically can be purchased for about $20 and up.

Exceptions

• Although the law targets units that are occupied by humans, the law exempts state and local government property, as well as property owned by the University of California Regents. The law requires local jurisdictions to comply; however, they may amend their current ordinances to fall more in line with the law.

Penalties:

• Notice to Comply within 30 days

• $200.00 fine