On November 18, 1918, an armistice, or temporary cessation of hostilities, was declared between the Allied nations and Germany in the First World War, known than as "the Great War."
Commemorated as Armistice Day starting the following year, November 11th became a legal federal holiday in the United States in 1938. In the aftermath of World War II and the Korean War, Armistice Day became Veterans Day, a holiday dedicated to American veterans of all wars.
While Memorial Day, which is held on the 4th Monday of May honors American servicemembers who died in service to their country or as a result of injuries incurred during battle, Veterans Day pays tribute to all American veterans--living or dead--but especially gives thanks to living veterans who served their country honorably during war or peacetime.
So, while we may disagree about political direction and which candidates get to represent us in the Government, it's difficult to disagree that we live in liberty and freedom in this great nation, thanks in large part to a veteran.
The unselfish sacrifice of America's soldiers, sailors, airmen and Marines will never be fully appreciated by the rest of us who go about our lives under the constant vigilance and protection of these young heroes.
On November 11, please take the time to thank a veteran for his or her service.
Bank of America has gone on the offense,
rejecting claims by a lawyer for several large investors that it should buy back troubled mortgages because the loans were improperly made.
Several investors, including the Federal Reserve Bank of New York and Pimco are pressing Bank of America to buy back a portion of some $47 billion worth of mortgages. Bank of America argued that the effort would have the effect of speeding up the foreclosure process and force it to evict more homeowners. As the foreclosure crisis has escalated, the investors’ claims have become a major concern on Wall Street. Bank of America claimed the problems stemmed from the economic downturn rather than any underlying problem with how the mortgages were sold to investors.
B of A called the investor claims “utterly baseless.”
Signaling a much more aggressive legal stance, the bank also criticized the lawyer behind the effort, Kathy D. Patrick. It argued that a letter she wrote last month that was signed by clients was “written for an improper purpose, or in furtherance of an ulterior agenda.” Ms. Patrick did not immediately respond to calls seeking comment. “I don’t think we should be put in a position where we aren’t trying to help homeowners through this strife because people want us to foreclose faster,” said Brian T. Moynihan, Bank of America’s chief executive. Mr. Moynihan also said he was caught off guard by the decision of the Federal Reserve and Freddie Mac, the government-controlled giant, as well as private investors to sign the letter.
Some observers of the ongoing controversy are predicting that B of A will untimately have to answer the charges and sholder some responsibility as the claims suggest.
For more information on this controversy as well as other foreclosure news, click here. Michael Sebastian Homes is a premier So. Cal resource for short sale and foreclosure information and assistance.
Bargains can be found in higher-end markets across the Country, with homes in the 34102 zip code of Naples, Fla., selling on average for $370,000 below an asking price of almost $2.3 million. Homes in the 33480 zip code of Palm Beach, Fla., for example are selling on average for $212,000 below an asking price of more than $1.2 million.
John Oldham, Director of Marketing for ZipRealty declared “While we’ve seen California top the list of the country’s ‘hottest’ home sale markets for some time, we’re now seeing signs that buyers in other markets across the country—including hard-hit regions like Florida and Las Vegas—may be taking advantage of the historically low pricing and interest rates characterizing today’s market.” He continued to say “The gap between homes selling most above and below asking price appears to be decreasing, an encouraging sign that prices may be stabilizing and both buyers and sellers could be adjusting to the new market reality.”
In our local Orange County market, the 3rd quarter, 2010 results reveal that in Villa Park the closed sale prices were, on average $72,162, or 5.9% less than their asking price of $1,207,995. For the same period in 2009, the closed sale price was, on average $84,274, or 7.4% less than the original asking price of $1,133,378.
More results of local home activity and prices can be found at http://www.MichaelSoldMyHome.com. For Professional Service and Exceptional Results with your Real Estate transaction, simply contact me via e-mail at Michael@MichaelSoldMyHome.com, or call at (949) 795-3989.
These figures certainly indicate that our local prices are stabilizing and the difference between asking prices and closed sale prices is shrinking as the realities of the “new” housing market are realized.
Fannie Mae and Freddie Mac really want you to buy one of their 150,000 foreclosed properties!
To fully get your attention, Fannie and Freddie are offering low down payments and up to 3.5% in closing cost assistance, dropping the requirement for mortgage insurance, and allowing up to $30,000 to be added to the mortgage for renovations. Plus, the real estate agent selling the property gets a $1,500 bonus!
All these new incentives start on offers submitted on or after Sept. 23, 2010, and they must close within 60 days of acceptance but not later than December 31, 2010.
Typically, these foreclosures offer a significant savings over other similar homes in a neighborhood, and in some cases they undercut the average selling prices on like homes by as much as $100,000!
As you might imagine, these homes are often snapped up by investors to fix up and turn, but Fannie and Freddie Buyers are allowing buyers who plan to live in the properties a 15-day chance to view the homes before investors can purchase them. Investors with cash will likely snap up any properties remaining at the end of the 15-day grace period.
According to a Freddie Mac spokesperson, “Our goal is to recover as much as we can to offset our loss and not to be low balling properties just to move them. We absolutely have no motivation to be leading a downward spiral in home prices."
For full details, click here. To get a listing of available Fannie Mae and Freddie Mac foreclosed properties available for sale, contact me.
Michael Sebastian
OC Signature Properties
OrangeCountyFineHomes@gmail.com
(949) 795-3989
THIS JUST IN..
This fabulous 6BR, 4BA plus HUGE finished gameroom home with luxurious custom pool, spa, built in BBQ area and much more is now priced for IMMEDIATE SALE! The owners have instructed us to chop $111,000 off the listing price. That's a nearly 10% reduction!
This sprawling beauty offers approximately 4,000 sq. ft. of living space, making it perfect as a large family compound! Situated on a roomy half-acre lot with peek-a-boo view, there's plenty of space for backyard parties!
If you're looking for the buy of a lifetime in one of the nicest parts of VILLA PARK, CA, don't miss this one! Now priced at just $1,088.000, this one will not last!
9491 Sandra Cir, Villa Park, CA 92861 Visit the home at the Open House on Sunday, 8/22/10 from 1-4PM, presented by Michael Sebastian of OC Signature Properties, Inc!
Directions here:
Orange County, California Professional real estate services including Villa Park, Orange, Anaheim Hills and Huntington Beach. Experienced real estate investor, business owner and negotiator.
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