Lisa Wiseman

There it was, buried at the bottom of the dam, hoping against hope that someone
would rescue it. Today was it's lucky day.

Brandi to the rescue!

View more of her escapades at: www.myspace.com/mycaninelife

July 15

July 15, 2009

Visit the Department of Consumer Affairs (DCA) Web site at www.takeChargeCA.ca.gov, or call our toll free number at (800) 952-5210, where consumers can get a list of many free, low cost, discount and income-eligible services offered by government agencies and trusted sources.

The list of free and low cost services help California consumers save money! Want a free or low cost hair cut, or manicure? Looking for help paying for a Smog Check, or just some basic coupons for household products or food? It's all there and much, much, more.

We encourage everyone to share this information with your community and industries leaders, and even your employees, family and friends. We know there are many more services that can be added to this list but we need your help.

Contact us at TakechargeCA.ca.gov. Call us toll free at (800) 952-5210, or call me directly to add even more free and low cost services that everyone can save money on.

If you want to be removed from my email list please send me an email with the subject titled: delete my email, and I will remove you from my listing.

Sincerely,

Michael Lafferty, Outreach Manager

DEPARTMENT OF CONSUMER AFFAIRS

O. 916.574.7409

E. Michael_lafferty@dca.ca.gov

Santa Clara Valley Home Sales Highest Since 2007

Home sales increased, year-over-year, by 10.9% in May. This is the eleventh month in a row homes sales have been up compared to the year before. The 984 homes sold were the most since May 2007 when there were 1,022 homes sold. Year-to-date, home sales are up 26.7%.

The median price for single-family, re-sale homes rose 4.5% in May from April. Year-over-year, the median price was off 36.2% The average price gained 7.9%, month-over-month, but was off 33.2% compared to May 2008.

Inventory dropped to its lowest level since February 2007. It was down 42.7% year-over-year.

Pending sales, which is a leading indicator, was up 41.5% compared to last May.

The sales price to list price ratio for homes rose 0.5 of a point to 98.9%.

Days of inventory dropped 24 to 93 days for homes.

Condo sales rose 20.3% from April, and were up 20.8% year-over-year.

The median price for condos rose 10.7% from April, but it was off 38.3% compared to last May. The average price gained 7.3%, month-over-month, but was down 33.2% compared to May 2008.

Condo inventory was down 42.3% year-over-year, while pending sales were up 41.8%.

The sales price to list price ratio for condos rose 0.5 of a point to 97.6%.

Pending Sales Have Surpassed Active Sales, a sign the market has or is close to bottoming out.

You may have heard or experienced how crazy it can be trying to purchase a home in the
lower price range in today's maket. It may seem illogical, but many buyers are making
offers sight unseen as they have made dozens of offers, only to be outbid on a home
that receives multiple offers over asking(even short sales!)

I have advised some of my clients to do this, making the offer contingent upon
inspection. I have also registered with an electronic signature company to expedite
offers. All this has become necessary in a market like we are experiencing now.

Just remember; recovery of a market always starts at the entry level, which is what
we are beginning to see. A good sign for buyers, and for sellers in the long run.

I would be glad to assist you or someone you know with their purchase.

The HECM FHA insured reverse mortgage can be used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. The loan, commonly known as HECM, is funded by a lending institution such as a mortgage lender, bank, credit union or savings and loan association. To assist the homeowner in making an informed decision of whether this program meets their needs, they are required to receive consumer education and counseling by a HUD-approved HECM counselor. HECM counselors will discuss program eligibility requirements, financial implications and alternatives to obtaining a HECM and provisions for the mortgage becoming due and payable. Upon the completion of HECM counseling, the homeowner should be able to make an independent, informed decision of whether this product will meet their needs. You can also use this handy Reverse Mortgage Calculator to help you see if you qualify. Homeowners who meet the eligibility criteria can complete a reverse mortgage application by contacting a FHA-approved lending institution such as a bank, mortgage company, or savings and loan association. If you need assistance locating a FHA-approved lender, you can request a listing of FHA-approved lenders from the HECM counselor or use HUD's searchable listing. Borrower Requirements: Age 62 years of age or older Own your property Occupy your property as primary residence Participation in a consumer information session given by an approved HECM counselor Mortgage Amount Based On: Age of the youngest borrower Current interest rate Lesser of appraised value or the FHA insurance limit Financial Requirements: No income or credit qualifications are required of the borrower No repayment as long as the property is the primary residence Closing costs may be financed in the mortgage Property Requirements: Single family home or 1-4 unit home with one unit occupied by the borrower HUD-approved condominiums Manufactured homes and leased land Meet FHA property standards and flood requirements How the Home Equity Conversion Mortgage Program Works: Homeowners 62 and older who have paid off their mortgages or have only small mortgage balances remaining, and are currently living in the home are eligible to participate in HUD's reverse mortgage program. The program allows homeowners to borrow against the equity in their homes. Homeowners can select from five payment plans: * Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence. * Term - equal monthly payments for a fixed period of months selected. * Line of Credit - unscheduled payments or in installments, at times and in amount of borrower's choosing until the line of credit is exhausted. * Modified Tenure - combination of line of credit with monthly payments for as long as the borrower remains in the home. * Modified Term - combination of line of credit with monthly payments for a fixed period of months selected by the borrower. Homeowners whose circumstances change can restructure their payment options for a nominal fee of $20. Unlike ordinary home equity loans, a HUD reverse mortgage does not require repayment as long as the home is the borrower's principal residence. Lenders recover their principal, plus interest, when the home is sold. The remaining value of the home goes to the homeowner or to his or her survivors. You can never owe more than your home's value. If the sales proceeds are insufficient to pay the amount owed, HUD will pay the lender the amount of the shortfall. HUD's Federal Housing Administration (FHA) collects an insurance premium from all borrowers to provide this coverage. The amount a homeowner can borrow depends on their age, the current interest rate, other loan fees and the appraised value of their home or FHA 's mortgage limits for their area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow. For example, based on a loan with an interest rates of approximately 9 percent, and a home qualifying for $100,000, a 65-year-old could borrow up to 22 percent of the home's value; a 75-year-old could borrow up to 41 percent of the home's value; and, an 85-year-old could borrow up to 58 percent of the home's value. The percentages do not include closing costs because these charges can vary.There are no asset or income limitations on borrowers receiving HUD's reverse mortgages. There are also no limits on the value of homes qualifying for a HUD reverse mortgage. The value of the home will be determined by an appraisal. However, the amount that may be borrowed is derived from the lower of the appraisal amount or FHA mortgage limit for the area, which varies from $200,160 to $362,790. For Alaska, Guam, Hawaii and the Virgin Islands, the FHA mortgage limits may be adjusted up to 150 percent of the ceiling depending on the area. The FHA limits usually increase each year. As a result, owners of higher-priced homes can't borrow any more than owners of homes valued at the FHA limit. HUD's reverse mortgage program collects funds from insurance premiums charged to the homeowners. Homeowners are charged an upfront insurance premium which is 2 percent of the maximum claim amount that may be borrowed plus a .5 percent annual premium. Technical Guidance: This program is authorized by the Housing and Community Development Act of 1987, Section 417, Public law 100-242 (12 U.S.C. 1715z-20). Program regulations are in 24 CFR 206. This program is administered by the Office of Single Family Program Development in HUD's Office of Housing-Federal Housing Administration. http://www.apply4reversemortgage.com