Westlake Village, CA

Foreclosures, Westlake Village, Ca - New Wave of Foreclosures looms ahead per the latest news in USA Today's November 19th article by Stephanie Armour. She states there are about seven million properties that are destined to go into foreclosure, according to a September study by Amherst Securities Group compared to 1.27 million properties in 2005. If this is true, we are going to have a huge onslaught of short sales and bank owned properties on our hands.

The foreclosure process is a very slow process. It can takes months to get to the foreclosure sale from the initial default on the loan. Why?

Foreclosures, Westlake Village, Ca

1. There have been MORATORIUMS... state laws that have been set in place to try to encourage lenders to work with homeowners.
2. Lenders are Overwhelmed... loss mitigation representatives have 100 of files on their plate at one given time.
3. Loan Modifications... banks are forced to try the loan modification process first before foreclosing. This can take at least 2-6 months... and all this time the foreclosure sale is getting postponed.
4. Asset Write-Downs... Lenders can keep the homes on their books at a higher value than if they write the asset down and foreclose.

Foreclosures, Westlake Village, Ca If you or someone you know is in default and facing foreclosure, it's good to speak to a professional who can help you see your options. Many homeowners who are in default are in denial as well. Knowledge is power and acting on good knowledge will help the decisions work in your favor. Foreclosures, Westlake Village, Ca. To read the USA Today article visit: http://www.usatoday.com/money/economy/housing/2009-11-19-shadow19_ST_N.htm

A recent survey taken by the National Association of Realtors gives some terrific insight into how home buyers are finding homes in this market.

After surveying 9,138 home buyers, the results came in as follows:

On the average, home buyers searched for approximately 12 weeks before buying and viewed approximately 12 homes before finding the one they bought.

36% said they found their home through their agent and

36% found their home via the Internet.

12% found their home via a yard sign and

6% found their home via a friend, neighbor or relative.

5% found their home via a builder.

3% found their home via a print or newspaper ad.

2% found their home directly from a seller. And less than

1% found their home via a real estate book or magazine.

About 90 percent of home buyers responding to the survey said they used the Internet to assist their home search, 87 percent said their agent assisted the home search, 59 percent used yard signs, 46 percent attended open houses, and 40 percent viewed print or newspaper ads.

This survey definitely speaks out that the Internet is playing an important role in a home buyer's home search in this market which is why Realtors need to be on it. Where are home buyer's finding homes in this market? Most of them are starting with Internet searches and having their agent's assist them with the search.

The one thing home buyers need to remember and understand is, often there are "pocket listings" an agent will know about that are not listed on the Internet. Also there are listings that might be coming up within a Realtor's network that could be a perfect match! An agent's professional advise and guidance can save home buyer's from making grave mistakes.

After all, this is one of the biggest decisions a home buyer will make.... it's worth doing it the right way... with a Realtor!

The First-Time Buyer's Tax Credit has been extended out to April 2010. Aside from extending the deadline, the new extension includes existing home owners who want to move up or down. Since there is much more involved in the newly passed bill, I suggest that anyone who is interested visit: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

We all have heard by now how important this First-Time Buyer's Tax Credit has been to the revival of the housing market. While we are not out of the woods yet, with the newly extended bill moving out to April 2010 I predict we will see the housing market continue to improve and pricing will continue to stabilize.

When I work with buyers, I suggest they buy with the thought process they will be staying in their new home for at least five years... no less... maybe more. Appreciation will be a slow growth in the future. My buyers are fully aware that they are buying something they can grow into... not something that will be too small in five years. Values are affordable and interests rates at an all-time low. This is a terrific time to take advantage of the First-Time Buyer's Tax Credit.

HouseLogic, a new website sponsored by the National Association of Realtors, and now in the Beta version, is a website full of information about home maintenance, home improvement and beyond. The page titles are as follows: Improve, Maintain, Engage, Taxes and Incentives, Finances and Insurance, News and Activity.

If you need information regarding a certain subject about your house, you can use the search tool to search for information on the subject. If you are "green" conscious, you can search for ideas to make your home a more "green" home.

You can visit the new website at http://www.HouseLogic.com. Take the tour today!

Recently, hubby and I took a sunset cruise on Westlake Island with some Realtor friends. Besides the wonderful weather, good wine and snacks and the company of good friends, one of the joys of cruising Westlake is the view of some interesting homes.

My favorite is the pirate house, which I'm told is owned by some retired Disney executive. Hope you enjoy the pix and have a wonderful Sunday afternoon everyone.