Wayne Chang

From the California Association of REALTORS, 12/10/2008:

New data shows that more than half of loans modified in the first quarter of 2008 fell delinquent within six months.

"After three months, nearly 36 percent of the borrowers had re-defaulted by being more than 30 days past due. After six months, the rate was nearly 53 percent, and after eight months, 58 percent," said U.S. Comptroller of the Currency John C. Dugan. A report scheduled to be published later this month will show continued increasing delinquencies and foreclosures in process for all first-lien mortgages held by the largest national banks and federally-regulated thrifts, Dugan said. However, new foreclosures decreased by 2.6 percent from the second quarter.

The mortgage metrics report covers nearly 35 million loans worth more than $6.1 trillion, or about 60 percent of all first-lien mortgages in the United States. The quarterly reports are unique in that they are not merely surveys, but instead consist of validated, loan level data using standardized definitions for prime, Alt-A, and subprime mortgages, and standardized definitions for loan modifications.

My broker went to a RE/MAX meeting in Pasadena on December 4, where RE/MAX founder, Dave Liniger, was speaking.

He writes, "Liniger has been, and is, the only Real Estate person that congress has been in touch with for ideas on how to solve the housing crisis. He has given pointed suggestions and is confident that congress will ultimately solve the problem.

"Today's Wall Street Journal, front page, has an article "U.S. Eyes Plan To Lift Home Sales" where the government is considering a plan that could help some people obtain mortgages at 4.5%. That's great news.

"Dave Liniger thinks the market in 2009 will be just like 2008. NAR's opinion is that 2008 was the bottom and 2009 will see an increase in sales."

Source: my broker, RE/MAX of Valencia

My broker went to a RE/MAX meeting in Pasadena on December 4, where RE/MAX founder, Dave Liniger, was speaking.

He writes, "Liniger has been, and is, the only Real Estate person that congress has been in touch with for ideas on how to solve the housing crisis. He has given pointed suggestions and is confident that congress will ultimately solve the problem.

"Today's Wall Street Journal, front page, has an article "U.S. Eyes Plan To Lift Home Sales" where the government is considering a plan that could help some people obtain mortgages at 4.5%. That's great news.

"Dave Liniger thinks the market in 2009 will be just like 2008. NAR's opinion is that 2008 was the bottom and 2009 will see an increase in sales."

Source: my broker, RE/MAX of Valencia

I am hearing that Countrywide/Bank of America will close its Lancaster, California, call-center facility and distribute those positions (may not be ALL those positions) in its other facilities in Simi Valley and Calabasas, among others. Can anyone confirm?

The Lancaster facility in Northern Los Angeles County (Antelope Valley) is not only one of two nationwide (the other is in Western Texas) that takes inbound customer service calls, but also makes outbound calls to contact homeowners eligible for special refinancing programs. They also have work groups that otherwise assist homeowners restructure or refinance their loans.

From fellow Santa Clarita Realtor and buddy Paul Atkins (per email 11/6/2008):

* Activity (Closed Sales) up 85.7%, September2008 versus 2007

* Pending Home Sales up 148.4%, September 2008 versus 2007

* Homes on Active status Down 36.3%, September 2008 versus 2007

All the numbers look good for a recovery in SCV!

Current Inventories as of September statistics:

* Stevenson Ranch: 4.6 months inventory

* Valencia: 5.3 months

* Saugus: 4.6 months

* Canyon Country: 5.4 months

* Castaic: 5.6 months

* Newhall: 6.1 months

* Acton/Agua Dulce: 16.8 months

* All of SCV: 5.59 months

Except for Acton/Agua Dulce, short sales or REOs account for between 49-66% of Active Properties on the market, based on September numbers.