Pederson Properties, Inc.

Another 6 Weeks of Winter...

The Legend According to legend, if Punxsutawney Phil sees his shadow, there will be six more weeks of winter weather. If he does not see his shadow, there will be an early spring. Great News! Punxsutawney Phil, the Grand Master Groundhog saw his shadow at Sunrise this morning at Gobbler's Knob in Punxsutawney Pennsylvania. This means we will have six more weeks of Winter. Not good news for those in attendance at the ceremony where it was 20 degrees and partly cloudy. But here in California it's blue skies, sunny and warm. Our winter visitors are here from cold climates all over the country and we are HAPPY there are six more weeks of Winter!

Now is the time to escape the cold! Thanks Phil! Migrate west & enjoy our Season with us. The time to buy is now. Take advantage of the opportunity to snatch up some GREAT deals! . ..Let us share our inventory with you:)

For everything your ever wanted to known about GroundHog Day - and a few things you wish you'd never known - visit www.groundhog.org.

C.A.R. on Sunday announced that CALMLS, the statewide Multiple Listing Service (MLS) initiative, has selected Rocklin, Calif.-based Concentric as its technology partner in California. Concentric was selected following an extensive vetting process that included input from REALTORS® and other stakeholders statewide. Platform-and browser-neutral, Concentric's Web-based system performs substantially faster than any product on the market.

"By selecting Concentric as our technology partner, we are taking the first step toward a more current and flexible system, designed with a real estate agent's needs in mind," said Mike Silvas, CALMLS chairman and co-owner of Morgan Lane Real Estate, a luxury market brokerage based in Napa, Calif. "We have had a tremendous response from brokers and agents who see how it will improve their efficiency and effectiveness as real estate professionals."

CALMLS also debuted new branding for the products and services offered by the statewide MLS entity. These now will be branded as calREDD^TM, an acronym for California Real Estate Dynamic Data. The new calREDD^TM branding reflects the long-term vision of creating one database for all California real property, with advanced technology that goes beyond current MLS systems and incorporates a database rich with detail about every single property in the state.

CALMLS also announced it has secured a line of credit for partnership activities, ongoing operations, and future development. Sixty-six local REALTOR® associations and three regional MLSs representing more than 120,000 members across the state already have signed letters of intent to participate in CALMLS. At the C.A.R. board of directors meetings this past week in Monterey, Calif., Concentric conducted standing-room only demonstrations, with local REALTOR® associations vying for priority to have the system for their respective MLSs. CALMLS will allow brokers and agents to access the statewide data through any participating AOR or MLS. Associations and MLSs may be part of the system by using the new vendor as their primary software or by continuing to operate under their current systems and providing data feeds to the statewide database.

"This initiative will fundamentally improve the most critical service for California REALTORS®," Silvas said. "Thanks to the hard work and visionary leadership of California REALTORS®, CALMLS is poised to provide real estate professionals with next generation technology in the MLS arena, as well as the ancillary benefits of optimized pricing and product flexibility," he said. "The historic actions taken this past week mark a sea change for the real estate industry in California."

Last night, the U.S. House of Representative passed H.R. 1, the Economic Recovery Package, by a 244 to 188 vote.The bill contains a number of issues critical to REALTORS® and the industry, including the extension, until the end of 2009, of all Metropolitan Statistical Area's (MSA's) 2008 Fannie Mae, Freddie Mac and FHA loan limits. The proposed legislation also will eliminate an existing payback requirement on the first-time homebuyer tax credit for qualified buyers who purchase a home between Dec. 31, 2008 and July 1 this year.

Congress included these provisions as a direct result of the grassroots efforts put forward by REALTORS®, and the advocacy efforts of both NAR and C.A.R. Congress elected not to include numerous housing provisions beyond those previously mentioned. Instead, Congress will address housing issues in other legislation next week when the Financial Services Committee meets.

In addition to tax credits for individuals and married couples, other provisions in the bill include funds for increasing access to high-speed and broadband; highways and roads; railroads; alternative energy incentives; unemployment insurance; Medicaid insurance, health care technology upgrades; childcare; education; and low-income and affordable housing programs. The bill is expected to be voted on by the Senate sometime next week.

We'd like to encourage you all to check out the following links. Save these websites & read through the literature provided when you have time. The more you know, the better you can serve:)

H.R. 1 Bill in its entirety: http://tinyurl.com/dy7nz6

H.R. 1 Bill [EH] - Table of Contents: http://tinyurl.com/bedjwv (There are two versions, click on the second one, marked H.R.1.EH which was passed by the House 1/28/09)

Sec. 1301.: http://tinyurl.com/cpdc5y (If this link is dead scroll down a little more then half the page on the previous link to Section TWO, Title ONE, Subtitle D which is labeled HOUSING INCENTIVES)

If it wasn't obvious already, we're finding out more and more through conversation with consumers how little they know about their options regarding their distressed home. Let us remind everyone, that Section 1403 of the new housing bill that was signed into law on July 30th, 2008(HR 3221 - effective immediately) requires mortgage servicers to modify loans for homeowners and help them avoid foreclosure as long as three requirements are met:

1. Default on the mortgage either has already happened or is "reasonably foreseeable"
2. The home owner is living in the property as his or her primary residence
3. The lender is likely to recover more through the loan modification or workout than by forcing the home owner into foreclosure

The fact is that this law is effective immediately, and most distressed home owners are unaware of this option. When borrowers make their monthly payments to their mortgage servicers, the servicers keep a portion of the payment as their profit while sending the rest to the Wall Street investors who actually own the mortgage. The law mentioned above requires the servicers to act in the best interest of all their investors and obligates them to modify your loan if you can afford the negotiated modified loan terms - as well as the above mentioned.

when negotiating a loan modification with your mortgage lender, it is advisable to follow this four step process:

1. Make sure you are dealing with your lender's loss mitigation and/or work out department
2. Write a hardship letter demonstrating job loss, serious medical condition, balloon payment coming due, adjustable rate reset or some other financial calamity that will make it impossible for you to continue making your mortgage payments as scheduled. Unless you are in imminent danger of default as required by this new law, lenders are not likely to work with you
3. Send the lender your financial statements, employment records, tax returns and bank statements demonstrating how you would be able to afford the modified loan terms under your present financial circumstances
4. Send your lender a current appraisal of your home or some documentation on recent comparable sales in your neighborhood demonstrating the current value of your home.

The key is to demonstrate how the lender is likely to recover less money through foreclosure than they would by working with you in your proposed loan modification plan.

For a sample letter you can use during your renegotiation, Click Here: http://www.cmpsinstitute.org/pdf/SampleLoanModificationRequest.pdf

We know this is a tough market to be in for everyone; we're here to educate and assist in any way possible - especially with the situations you're a little rusty on or have never been through before.

We will all get through this - we refuse to leave anyone behind!

As the overall U.S. economy continues to struggle, nonresidential construction spending is expected to decrease by 11 percent in 2009 in inflation adjusted terms, with commercial projects, including office buildings and retail establishments, experiencing the most significant decrease in activity, according to the American Institute of Architects (AIA) semi-annual Consensus Construction Forecast.

"As profits for businesses have fallen and the ability to get credit to finance projects has become far more difficult, construction plans have been put on hold or canceled outright in recent months," said AIA Chief Economist, Kermit Baker. "This is not expected to turn around anytime soon and it's likely to get worse before it gets better.

"The downturn in nonresidential activity has helped stabilize construction costs," Baker said "For example, prices for steel, gypsum products, lumber and cement have all come down recently, which makes taking on projects more attractive to developers."

More info