Jill McGovern

Please those of you who are in the Orange County Association of Realtors Board Vote for Jill McGovern! You can vote now thru the 20th and your vote does count! Especially to an Independent agent as myself who relies solely on my record and performance rather then the large company endorcements so please take the time to Vote. Jill McGovern Board of Directors OCAR.

The process is difficult with banks scrutinizing every nook and cranny of someones life!!! I am amazed at the knee jerk reaction of these banks and underwriters who can't seem to see the forest thru the trees. For instance Buyers with 20% down and a small $350k loan A+ credit rating and income and assets. BOA is requesting to see a State Wide Buyer Seller Advisory???? Why I ask is that any concern of the banks??? The underwriter has had the borrower going bank and forth to her bank to get all electronic bank deposits and withdrawls from the branch. This is over kill and docs which should of long since gone out are still waiting!!! Frustrated is not the only word,,,BOA and all major institutions are what is blocking business from occurring.

Recently I attended a function at the board on REO and Short Sales and the hosts invited a guest speaker, Head Loss Mitagator for Bank of America West Coast Division Ivan Cho who started his talk by stating if you are looking to become an REO Agent we are full and not accepting any new agents to list homes with us. This was startling given the news of several REO's on there way and the lifting of the moritorium. Next he went on to say that Bank of America's belief towards borrowers who have defaulted on their loans and are looking to Short Sale their homes the banks position is to recoup losses and have the borrowers share in the banks loss, they are asking that the borrowers sign and or pay monies in order to be released from debts by selling cars or other items and or borrow the money. The banks position is we are not letting these guys off scott free! Well my belief is that banks should be looking at each case individually and not making across the board decisions and that people who tried to modify their loans yet could not should not punished in order to satisfy the bank! The bank here is forgetting all the TARP money they were given and spent on aquiring other institutions or paying off their own debts! Why are we not upset about this as a Country? Why are we letting Banks dictate to us about our own money? It is our savings that were lost not theirs? I am obviously passionate about this and feel as though the reform needs to be at the base or foundation of the problem which always starts with attitude....

As summer sizzles and the roadways are jammed with people going to Laguna and the beaches I am reflecting on summers past when it was so easy seems like life has gotten harder with all the economy and the cut throat business tactices. I see that this area is changing as new blood is buying in at rock bottom prices and the ones who have lived here for awhile are slowly getting edged out by the New Money coming to town, the New Money with the New Ideas, more growth more people more change! Where to run is the battle cry of many of our locals who are fed up with the incondsiderate ways of some of these new people moving from areas where respect of the beach, others space or privacy is totally ignored. What to do? Only time will tell...Summer is winding down and the true test of time will be the last quarter of 2009...

Well we made it through June 2009 a time of increased sales and lots and lots of Notices of Defaults filed! I think we are really living through a time that will go down in the History Books much like the Great Revolution only the outcome may not be as pretty. Back to Real Estate! In a recent Economic Forecast by Gary Watts Mr. Doom and Gloom I heard the report and understood the numbers and I am floored by one fact that was revealed, we have lost the MOVE UP Buyers! You know the ones that buy a modest first home then have children and expand to a larger home? Not going to be so easy in the future due to lending practices, economy and jobs, but mostly to availability! People are not going to sell if they don't have to, the homes that do come on the market (which in our area is at a record low) are homes that are either owned by the bank or soon to be and are desperately placed on the market as a Short Sale which is a Long Sale to say the least. Sellers are anticipating that the banks will release them however more and more we are seeing contracts where the banks are reserving the rights to go after the Sellers for the Debt. This makes the Short Sale process really difficult because it almost makes sense if you are upside down to have it go to Foreclosure or file BK! These are trying times, the inventory is almost non existent as homes that hit the market are gone in a few days with multiple offers, especially homes that are upgraded and in decent areas and are priced right. This loss of inventory and Sellers staying in their homes rather then sell really dries up the pool of available homes. The trend is for more and more Short Sales and REO's as there were about one million Notices of Defaults filed in the state and as we move through into 2010 and beyond that will be the market in a nutshell. Dana Point in particular is an area of desirability I have had several inland empire buyers looking to get in at the beach and do it now! The overall growth that we are anticipating in the South Orange County Area is about 20% over the next 15 -20 years! This will greatly impact are market! So if you are looking to buy in Dana Point or any of the surrounding areas here are my picks, I am qualified as a 34 year resident to speak to these areas I love so dearly; in Dana Point you have Stratford at the Pacific, Dana Knolls, Dana Mesa, Lantern Village, Lantern Bay Estates, Lantern Bay Villas, The Bluffs, Monarch Beach, Niguel Shores, Niguel Terrace, Headlands at the Strands. These are a few of some of the Dana Point areas. In San Clemente I like ShoreCliffs, and Marblehead as well as Cypress Cove and the Pier Bowl area. In San Juan Capistrano I love the horse country off the Ortega Highway, the old Los Corrales area, Mission Bell, Mission Area, Flats and of course Marbella Country Club, Hunt Club and the Highlands! Please feel free to contact me regarding any of these great areas or others from Laguna Beach to Bonsall I know the areas! Have a safe and sane 4th of July!