About Long Beach's College Park

We wrote about this in an article back in August What if Active Rain Incorporated a Property Listings Feature and sure enough it's here.  It made sense then and definitely makes sense now.  Based on what we see it looks like Active Rain took some advice from us.

In a 2008 Yahoo Real Estate Report it outlines some key factors consumers look for when visiting Real Estate Websites and/or Networks.  One of the highest rated things is searchable property listings.  So it makes perfect sense for them to add this feature and compete with Zillow and Trulia as well as increase their overall unique visitors.

Agents, Brokers & Realtors© upload (add) their listings, consumers visit those listings AR gets more traffic and professionals increase their lead counts ... everyone wins. It is pretty straight forward and easy to use (add pics, enter property address and save) so if you have listings that you want to advertise and increase the buzz with then give it a whirl!

Details:

• You can access it by clicking the Listings Link (located in upper right hand corner above featured members box - AR homepage)
• You can have up to 20 listings at any time.  Each listing will be active for 30 days.  This is to keep any stale information from being displayed.  If you make any changes to the listing (i.e. update price, add a picture etc) the 30 days will re-start from that day.
• Each listing may have up to 20 photos and be a size of 960 x 440 pixels minimum.
• You have to use either Firefox, Safari, Google Chrome or Internet Explorer 8 to post listings.
• Listings will appear on the new Community Pages and appear on the sidebar of your blog if your a Rain Maker (paid account).

What is FHA 203(k) Financing?

Long Beach, CA. This US Governments housing program has been in existence since the 1990’s. Its purpose allows a home buyer the opportunity to finance into a 30 year fixed mortgage upgrades and repairs they want up to $35000 above and beyond the sales price. Below outlines how these funds may be utilized.

Finance your kitchen appliances such as refrigerator, stove built in microwave, dishwasher, hot water heater, built in trash compactor as part of your 30 year fixed FHA loan. Energy efficient appliances may be eligible for additional rebates from the local utility company. As just signed by rebates from the local utility company. As just signed by President Obama, buyers may qualify for up to a $1500 tax credit for energy efficient upgrades too!

Repairs financed may include: new carpeting, install or refinish hardwood floors, install energy efficient windows, replace a worn leaky roof, replace damaged or worn out kitchen and bathroom fixtures; termite clearance !!!

Get the electrical and plumbing updated and upgraded.

Mixed use properties eligible

Subject to maximum percentage of commercial use.

1-4 unit owner occupied homes

Single family residences, condos and townhomes allowed.

Licensed general contractor generally needed and required.

Close escrow in 60 days

Today, we will see three homes with 30 year fixed payments of $1288, $1304 and $2214 respectively!

$289,000 List Price for

9209 Laurel Street Bellflower, Ca 90706

$289,000 list price

$10,115 3.5% FHA down payment

$278,885 base loan amount

$20,000 FHA 203(k) added for upgrades

$298,885 base loan amount

$1,004.00 per month 1^st mortgage 5.5% 30 year fixed FHA 203(k)

$50.00 per month estimated home owners insurance

$301.04 per month estimated property taxes

$136.99 per estimated private mortgage insurance

$2,214.76 per month PITI

Estimated closing costs based on a 640 credit score is 4% to 4.5% of the sales price. If the seller pays all closing costs, cash needed is:

$10,115 down payment

$425 FHA 203(k) appraisal

$275 inspection

$10,815 total estimate cash needed

Proposed items to upgrade:

Replace Roof

Energy efficient water heater/dishwasher

Paint interior

$149,000 List Price for

5545 Lime Avenue Long Beach, Ca 90805

$149,000 list price

$5,215 3.5% FHA down payment

$143,785 base loan amount

$30,000 FHA 203(k) added for upgrades

$173,785 base loan amount

$1,004.00 per month 1^st mortgage 5.5% 30 year fixed FHA 203(k)

$50.00 per month estimated home owners insurance

$155.21 per month estimated property taxes

$79.65 per estimated private mortgage insurance

$1,288.86 per month PITI

Estimated closing costs based on a 640 credit score is 4% to 4.5% of the sales price. If the seller pays all closing costs, cash needed is:

$5,215 down payment

$425 FHA 203(k) appraisal

$275 inspection

$5,915 total estimate cash needed

Proposed items to upgrade:

All new energy efficient windows and exterior doors

Flooring

All light fixtures

Energy efficient water heater

Wall furnace heater

Paint interior and exterior

$160,000 List Price for

38 East Platt Street Avenue Long Beach, Ca 90805

$160,000 list price

$5,600 3.5% FHA down payment

$154,400 base loan amount

$20,000 FHA 203(k) added for upgrades

$174,400 base loan amount

$1,007.55 per month 1^st mortgage 5.5% 30 year fixed FHA 203(k)

$50.00 per month estimated home owners insurance

$166.67 per month estimated property taxes

$79.93 per estimated private mortgage insurance

$1,304.15 per month PITI

Estimated closing costs based on a 640 credit score is 4% to 4.5% of the sales price. If the seller pays all closing costs, cash needed is:

$5,600 down payment

$425 FHA 203(k) appraisal

$275 inspection

$6,300 total estimate cash needed

Proposed items to upgrade:

All new energy efficient windows and exterior doors

Flooring

All light fixtures

Energy efficient water heater

Wall furnace heater

Paint interior and exterior

Repair kitchen cabinets/install new sink

Kirk Mulhearn, a Long Beach Real Estate Real Estate Broker manages the Prudential California Realty office in Bixby Knolls, he also co-manages a GEM Mortgage Net Branch, a direct lender specializing in FHA, VA, and conventional financing. He can be reached at 562-989-4608 ext. 110

Subscribe to this blog at:

www.longbeachrealestateandloans.com

Long Beach, Ca. After an exceptionally inspiring and charismatic speech, our National Leader gave some of the best sound bites I have ever heard last night in an extremely populist speech. Indeed, to watch many of the star struck senators and congressmen anxiously line up to have their programs autographed by Obama makes one wonder about the head rush of euphoria going through the law makers of our country as they prepare trillions of more spending bills. However, the real problem with all of the bail out and stimulus projects with the government pumping trillions of even more money into our economy is that it is going to all have to be paid back with interest for by the next several generations of Americans at a very heavy economic cost to the economy.

Federal Reserve Chairman Ben Bernanke expects the country's down cycle to continue through at least June but believes growth could resume later this year if "actions taken by the [Obama] administration, the Congress and the Federal Reserve are successful in restoring some measure of financial stability." Wow, he is dumping the responsibility of the economic future of America on to the backs of Congress after the FED had a Monopoly on money making decisions for almost a century, nice spin.....

So far, it is being reported that 90,000 borrowers are at least three months behind in their mortgage payments have been invited to take part in Fannie Mae and Freddie Mac's streamlined modification program, which seeks to lower monthly payments to 38 percent of a borrower's income via interest-rate reductions, longer terms and principal reductions. However, Federal Housing Finance Agency chief economist Patrick Lawler says, "Early indications are that several of the program guidelines should be liberalized to reach a broader population and to create a lower, more affordable payment." Joseph Evers, deputy comptroller at the Office of the Comptroller of the Currency, told lawmakers yesterday that roughly 57 percent of Fannie and Freddie's loan modifications made in the first quarter of last year defaulted again within six months of the modification when the borrower fails to pay their taxes.

The cram down provision we have talked about before is now under consideration by the U.S. House that would let bankruptcy judges reduce principal owed on mortgages and make other changes, insisting that the proposal would boost mortgage rates and lenders' losses. The proposed legislation could help more than 1 million struggling homeowners, says the Congressional Budget Office, which estimates that 350,000 of them likely will file for bankruptcy during the next decade. In a letter to administration officials, the Mortgage Bankers Association said, "Judicial modification should be a last resort and only available where other non-judicial options have been exhausted or are not available." As we have said this will only increase the cost of future home loans, but we will have to see how this works.

How confident are you about the economy? Yesterday it was reported that Consumer Confidence fell to its lowest level since 1967, which is when the survey began. We did see a little price improvement yesterday due to Ben Bernanke's remarks, along with a decent 2-yr auction, but then prices sank somewhat. Bernanke conjectured that the recession could last into 2010, along with assuring the market that the government does not desire to nationalize the big banks, most notably Citi and BofA. The Treasury Department sold $40 billion in two-year notes at a yield of .961% ($32 billion in 5-year notes today and $22 billion in 7-year notes tomorrow) As everyone in mortgage banking knows, the Fed is focusing on purchases of agency debt and mortgage-backed securities as well as extending loans to the private sector to jump-start business and consumer lending - some dealers report that they are the ONLY buyer. You heard correctly, the FED is the only buyer. It is a very serious situation when only the FED shows up to buy. That is why we have kept saying to you about the pricing, it is in a artificial bubble. For the marketplace to work, we need to see other people develop the confidence to become buyers

Kirk Mulhearn, a Long Beach real estate Broker is the Manager for Prudential California Realty, "The Bixby Knolls Office," and Co-Manager for a net branch of GEM Mortgage, a direct lender that originates FHA, VA, and Conventional Loans.

He may be contacted at: 562-989-4608 ext. 110

Subscribe to this blog at: www.longbeachrealestateandloans.com

Long Beach, CA. Notice to all school teachers: Take advantage of the 80/17/3 CalSTRS lending program as soon as you can. This is no doubt the easiest way to purchase a home if you are a school teacher. The way it works is like this: The investor will make a first trust deed at 80% of the sales price. There will also be a silent second trust deed behind the first trust deed at the same interest rate as the first for five years. Today's rate is 5.5% for both the first and silent second for a 30 year fixed loan. The only down payment required from the teacher is 3% of the sales price! Note this is .5% less then what HUD is requiring through an FHA loan and better pricing, too! If you are a school teacher, contact Kirk Mulhearn at 562-989-4608 ext. 110 and get pre-qualified and your DU Certificate today.

Surprise, nationwide new homes sales fell to an annualized rate of 324000 units, that means that less then 27000 new homes are moving a month. It is very evident that some of the best buying opportunities are in the existing homes inventory on the multiple listing services. We need to absorb the available housing that we have rather then continue to build. Although, builders are trying to be very creative in giving bonuses, free kitchen appliances, and upgrades the sales will still be sluggish until the credit markets ease up.

Last week the equity market continued in negative territory waiting for the government to decide to nationalize or provide more capital to the Banks. Bank regulators said they stand "firmly" behind the nation's banks and will begin examining this week whether they have enough capital to survive if the downturn in the economy becomes any sharper. Banks that are not able to raise money privately will have access to government funds. Treasuries have fallen this morning, especially on the long end of the curve, on speculation that the government may purchase up to a 40% stake in Citi, leading to more treasury auctions to fund this transaction. Stock market is currently down 80 plus points. Gold is $989, oil is $40.00 a barrel and the Ten Year yield is at 2.85% (2.76% on Friday). The 30 year fixed MBS market is current off .125% from the close on Friday.

Part of this bank examination is where the regulators will conduct "stress tests" on the financial condition of the nation's 20 largest banks in an effort to determine how they will fare if the ongoing economic slump deepens. The tests come as concerns mount among analysts and investors regarding the Treasury Department's broad plan to shore up America's banking system, details of which may not be available for weeks. As further proof of the distress banks are under, Citigroup reportedly was in active negotiations with regulators this past week concerning plans for the federal government to take a larger ownership interest in the bank.

Meanwhile several Republican governors are debating President Obama's economic stimulus package and how to address budget shortfalls at the state level. At the annual winter meeting of the National Governors Association, some governors said the GOP should compromise with Democrats, but their more conservative colleagues said they should reject new spending and taxes to regain the trust of the party's base. And in the case of upmanship, the California Governor said he will accept any bailout money other states would not accept. Those of you in California, now know the State budget passed, get ready for some added serious money to come from your wallet for taxes and when you register your vehicle

It is truly insane to raise taxes during an economic downturn; nevertheless, our politicos in Sacramento did just that! Look, the State of California has over 200000 employees, and they have hired over 70 people a day, either directly or indirectly for the last 10 years. No wonder, we are sinking into the Pacific.

And last week, Secretary of State Hillary Clinton urged China to continue buying U.S. Treasury bonds to help finance President Barack Obama's stimulus plan, saying "we are truly going to rise or fall together." Do you think she could have told them to buy Mortgaged Backed Bonds as well? If you think we have it bad, consider being one of the over 25 milllion Chinese that have been recently terminated. Reason? Lack of export demand; especially from the USA.

Kirk Mulhearn, a Long Beach Real Estate Broker and Professional Mortgage Planner can be reached at: 562-989-4608 ext. 110

Subscribe to the blog at: www.longbeachrealestateandloans.com