PAULA PELTON

It's getting more and more difficult to buy a home in Yorba Linda. The inventory of available homes has declined to the point that any reasonably priced property attracts multiple offers within the first few days on the market. Home buyers and investors have caught the scent of blood in the air and are looking to take advantage of Yorba Linda foreclosures, short sales and distress sales are surprised to discover they hardly exist long enough to get in an offer.

However, these observations regarding Yorba Linda foreclosures and short sales only apply to the lower price ranges. Higher end homes, in the $800,000 plus price ranges still sit on the market with lower demand. Meanwhile, the lower price ranges have dipped down to make Yorba Linda affordable for a new wave of first time homeowners.

While some have been expecting a tidal wave of Yorba Linda foreclosures and bank owned properties, This wave has simply not occured. Banks and government entities have been working hard to keep homes out of the foreclosure market. Banks strongly prefer the short sale process to the foreclosure process.

To meet these demands, I have been working with distressed Yorba Linda homeowners to help them understand their options. In some cases, I have been able to show homeowners how to get a loan modification with an adjusted interest rate. In other cases I have shown distressed homeowners how to do a short sale. In some cases, bankruptcy and foreclosure has been the only option, but it at least allows the homeowner to get out from under the ongoing pressure and move on with their life.

Most frequestly, a Short Sale is the best option for a Yorba Linda homeowner. It allows them to take a responsible course of action that is less devistating to their credit. Most estimates are that homeowners who short sale will be able to buy again in about two years.

For buyers looking to take advantage of the current market conditions, I have begun to complie a list of Yorba Linda UNLISTED homes. This list allows Buyers and Investors to get in on some of these Yorba Linda distressed sales, foreclosures, short sales, and REOs before they hit the market and attract dozens of offers.

For homeowners who need to know their options, I offer a confidential consultation where I sit down with the homeowner to review their options and help them decide on a plan of action to suit their needs.

Call me. I'm your Yorba Linda foreclosure and short sale specialist. 714-348-2359

Check out the updates to my Yorba Linda Real Estate web site. You can see my latest listings plus lots of information about yorba linda schools.

Yorba Linda Real Estate is a good site to find all the listings by all the brokers in one location.

Fine Homes International has recognized and certified Paula Pelton for her work in the high end luxury estate real estate market. Fine Homes International recognizes agents who work within the top ten percent of their marketplace. A fine homes specialist knows understands the unique challenges of marketing and selling luxury homes and working with exclusive properties.

Paula has also attained Prudential California Realty's highest honors as a member of the elite Chairman's Circle at the highest level as a Diamond award winner. Her experiance and skill give her a distinct advantage when working with the unique properties of Orange County California.

Paula has built a team of high quality professionals who handle the challenge and details of each transaction. Currently Paula networks with over 4000 fine homes specialists around the world to meet the real estate needs of some of the most wealthy clients in the world.

Real Estate News Flash

Fannie and Freddie: What the Bailout Means. Mortgage Rates Have Dropped & Buyers Are Buying!

The U.S. government takeover of Fannie Mae and Freddie Mac made history Sunday as they seized troubled mortgage giants Fannie Mae and Freddie Mac in a bid to help reverse a prolonged housing and credit crisis. Immediately Wall Street posted a huge rally Monday as investors reacted with enthusiasm to the government's actions. The Dow Jones Industrial average gained nearly 300 points in the day's trading. So, what do you know about these mortgage giants?

Think of Fannie and Freddie as hybrids. They are both government sponsored and shareholder owned. They do not have direct contact with consumers; instead, they work with lenders. The job of Fannie and Freddie is to buy mortgages from banks, savings and loans, credit unions, and other lenders to ensure that mortgage funds are consistently available. Together, they hold or guarantee about $5 trillion in home loans which is nearly half of the country's oustanding $12 trillion in home mortgage debt.

What spurred the governement bail out?

Steep home-price declines and a rise in mortgage delinquinces and foreclosures have badly hobbled Fannie and Freddie. The two firms have registered roughly $14 billion in losses over the past year. If they had failed, the damage to the mortgage and housing markets could have a catastrophic effect on the U.S. economy, as well as, the worldwide economy.

What's happening locally?

Homebuyers in Orange County and surrounding areas like Yorba Linda California are encountering competition when writing offers on homes that are well priced in the marketplace. This competition has boosted sales with record home sales over the last 12 months posting in August. Property inventory is shrinking and buyers are finding out the hard way that a lot of the homes listed as available are in fact off the market and under contract as the homeowner awaits lender approval for their short sale. With rates dipping lower we will see a surge of buyers into the marketplace as this will lower monthly payments and therefore increase a buyer's purchasing power. This series of events is making owning a home increasingly more attractive!

Real Estate in Yorba Linda has continued to move faster since the first of January 2008. Each month has been an increase in home sale and a decline in the supply of inventory. Inventory of available homes has decreased over the past 6 months from a high of 24 months to a more reasonable 8 months supply of homes at todays buying patterns in Yorba Linda. Buyer activity has been strong with high turn out for open houses in Yorba Linda.

Recent changes in mortgage lending standards have made it harder for Buyers to qualify for loans and increases in mortgage lending rates to now over 6.5% have made Yorba Linda homes more difficult to fianace.

However, Yorba Linda sales over the summer have been strong, compared to the previous 24 months. This is due in part to the high desirability of the Yorba Linda schools and the typical increase in moving activity over the summer months.