Fannie Mae has just released a new web site to provide unbiased information to homeowners who are having trouble making their mortgage payments. The web site contains both text and video assistance designed to help distressed homeowners deal with a highly stressful situation. Information is also provided in Spanish.
If you know someone who may be in danger of getting stuck in the foreclosure process, pass the word to them. The first step in resolving their issues is education. Once they know what options are available to them they can start a course to get those issues resolved.
Select this link to go directly to the web site:
If you find any of this information confusing feel free to call us at (916) 337-0658 or e-mail Mike@BMikeWest.com. We provide assistance at no direct cost to the homeowner.
El Dorado Hills, CA REO (BANK OWNED) SALES DATA FOR October 2010
This is a continuation of our three year long monthly report on Bank Owned (REO) home sales data for El Dorado Hills, CA. This report covers Bank Owned homes sold in October 2010.
There were 13 Bank Owned homes sold in October, up from 5 in September. That September number was the smallest number of REO homes sold in one month since we have been reporting this data.
REO inventory in El Dorado Hills spiked to a 6.4 month supply in September and dropped back into the normal range wit a 2.2 month supply in October.
The inventory for all available homes dropped from a 5.5 month supply last month to a 4.7 month supply in October. A six month supply is considered a neutral market.
The average days-on-market decreased from 45 days last month to 38 days in October. None of the REO homes that sold this month had been on the market for over 100 days and four of the REO homes sold were on the market two weeks or less.
The cost per square foot of REO homes in October was $ 134, down from $ 142 the previous month. The cost per square foot of all El Dorado Hills Homes sold in October dropped four dollars, to $ 159.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO homes represented a 15% savings for REO buyers in October, a little better than in September.
The overall sales price for REO homes was 98.8% of the final asking price, and 92.7% of the original asking price. And 47% of the buyers paid more than the asking price for REO homes in October.
The actual, measurable savings is the difference in cost per square foot between REO homes sold and the cost per square foot of all home sold: in July, $ 25 per square foot. That is a $ 60,000 savings on a 2500 square foot home, A much larger difference than normal.
If you have any questions about the data provided on Bank Owned Homes sold in El Dorado Hills, feel free to give us a call at (916) 337-0658. If you need assistance in finding the best bank owned deal we are the El Dorado Hills Realtor you should contact.
The data follows:
Folsom, CA REO (BANK OWNED) SALES DATA FOR October 2010
This is a continuation of a three year study of Bank Owned home sale in Folsom, CA. This report covers REO homes sold in October 2010.
There were 19 REO homes sold in October, up from 11 in September. Lenders continue to release these homes for sale at a very slow pace in order to avoid causing major problems in the housing market. A glut of low priced homes would be catastrophic to an already shaky market.
The average days-on-market statistic for the month was 78, up from 73 the previous month. The trend for the length of time REO homes are on the market is increasing. Six of the homes sold had been on the market over 100 days. Only two of the REO homes sold had been on the market for two weeks or less, a much smaller number than has been reported over the past years.
The 19 homes sold represent 24% of all homes sold in Folsom, on the lower end of the normal range.
The overall home inventory in Folsom increased to a 6 month supply, the highest level of inventory in well over fourteen months. The overall is trending up over the past year. We had a 2.9 month supply last October. The inventory for REO homes peaked for the last year in July with a 4.7 month supply and has dropped steadily since. The present inventory in October was a 1/7 month supply. A six month supply is considered a neutral market.
The difference between the cost per square foot of REO properties and the cost per square foot of all properties sold indicates that REO sales represented a 5% savings for REO buyers. That is the same as reported the previous month.
The overall sales price for REO homes was 95% of the final asking price. And only 11% of the buyers paid more than the asking price for their bank owned home in September. There was a $ 9 dollar per square foot savings in the purchase of REO homes, compared to the cost of all homes sold. When we apply that price difference to a 2500 square foot home it represents a $ 22,500 savings, something worth considering when selecting a home: not a small sum.
If you have any questions about purchasing a Folsom REO or an REO anywhere in the area, or are just looking for the best buys available feel free to call us at (916) 337-0658.
The data follows:
New HUD Home Buyer’s Video Clip: Shopping For Your Home
The Department of Housing and Unban Development has just come out with a three video series designed to help home buyers better understand the home buying and financing process. The videos are straight forward and easy to understand. They range from 10 to a little over 12 minutes long and are a MUST VIEW for any first-time home buyer. More experienced home buyers may also find them helpful.
Here is a link to the first of the three, Shopping For Your Home: http://www.youtube.com/HUDchannel#p/a/u/0/kTn6hSrEGZg
Anyone who is seriously considering the purchase of a home should take the time to view these videos. It might be prudent for home sellers to view the videos as well.
If, after viewing the video, you have any questions or need assistance in finding the best deal on a home, feel free to give us a call at (916) 337-0658, or e-mail Mike@BuyYourVilla.com.
Serving El Dorado Hills, Folsom, Cameron Park, Placerville, El dorado, Sacramento and Place counties.
KEEP YOUR HOME CALIFORNIA PROGRAM
The California Housing Finance Agency (CalHFA) reported this week that its “Keep Your Home California” program implementation will be delayed. They report logistical problems have delayed the original November 1st start date.
The “Keep Your Home California” program is a $ 1.83 billion-with a B-program designed to help low to moderate income California homeowners to keep their homes. They have a target of an estimated 100,000 California homeowners. A key requirement to qualify for the program is that the homeowner must have endured a verifiable loss of income.
There are two primary forms of aid. The first is $ 875 million earmarked for unemployed Californians. The program plans to help them make up the shortfall in their mortgage payments. The second is $ 790 million earmarked to directly reduce mortgage loan balances for qualified Californians.
A major reason for the delay in implementation is that Fannie Mae and Freddie Mac instructed their loan servicers to participate in this program. These two quasi government agencies handle the vast majority of mortgages sold on the secondary market and the volume has overloaded the CalHFA staff.
Although the program has been delayed for several weeks, homeowners struggling to make their mortgage payments are encouraged to contact their loan servicer or lender and advise that they wish to be considered for the program. DO NOT WAIT! These programs tend to run out of funds quickly.
For more information about the “Keep Your Home California” program go tohttp://www.KeepYourHomeCalifornia.org .
Stay tuned for more information.
If you are in need of assistance in avoiding or stopping foreclosure contact
Mike West at (916) 337-0658 for a no cost consultation.