Luis Cano's Monterey County Real Estate Blog

By following the link below you will find all recorded sales in Monterey County for The First, Second and Third quarters of 2009.

Click here to see report

Freddie Mac Suspends Evictions Through January 3, 2010
For Immediate Release

December 17, 2009
Contact:  corprel at freddiemac.com
or (703) 903-3933

McLean, VA – Freddie Mac (NYSE: FRE) today announced it has ordered its eviction attorneys to suspend all evictions involving foreclosed occupied single family and 2-4 unit properties that had Freddie Mac-owned mortgages between December 19, 2009 and January 3, 2010.

“If the property is occupied, our attorneys will halt the eviction during this holiday moratorium,” said Freddie Mac CEO Ed Haldeman. “In these extraordinary times, we want to provide a greater measure of certainty to these families during the holidays.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

News Release

December 17, 2009

Fannie Mae Suspends Foreclosure Evictions

WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today that it is suspending all foreclosure evictions from December 19, 2009 through January 3, 2010. All owner-occupants and tenants living in foreclosed properties the company holds will not be subject to evictions during the holiday time frame. The company will also support the efforts of the servicers it works with that are taking similar actions.

“We’re taking this step in support of struggling families who have unfortunately found themselves facing foreclosure,” said Michael J. Williams, President and Chief Executive Officer. “No family should have to face the prospect of being evicted during the holiday season.”

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers.Our job is to help those who house America.

Fannie Mae Resource Center Telephone 1-800-7FANNIE
(1-800-732-6643)

CitiMortgage and CitiFinancial Announce National Foreclosure Suspension Program to Help Distressed Homeowners During The Holiday Season
30 Day Suspension Effective December 18 through January 17

NEW YORK – CitiMortgage and CitiFinancial North America, both units of Citigroup, today announced a national foreclosure suspension program for Citi-owned mortgages to allow distressed homeowners to remain in their homes through the holiday season. During the 30 day suspension, effective December 18, 2009 through January 17, 2010, borrowers with first mortgage loans owned by CitiMortgage and CitiFinancial North America and who meet certain other criteria will not be subject to foreclosure sales or foreclosure notifications. While Citi does not own all of the loans it services, the company hopes to help those borrowers it can with this initiative.

“We hope that with this suspension we can make the holidays a little less stressful for our customers who are going through a very difficult time,” said Sanjiv Das, President and Chief Executive Officer of CitiMortgage. “And we will continue to look for meaningful ways to assist our customers experiencing hardship,” Mr. Das added.

Citi’s existing Homeowner Assistance Program is a multi-faceted foreclosure prevention initiative that has helped approximately 715,000 homeowners avoid foreclosure and remain in their homes since the housing crisis began in 2007. Citi currently makes strenuous attempts to establish contact with distressed borrowers and help them avoid foreclosure. The company does not initiate or complete a foreclosure sale on any eligible borrower where Citi owns the mortgage, the borrower is seeking to stay in the home, which is his or her primary residence, is working in good faith with Citi and has sufficient income for affordable mortgage payments.

“CitiFinancial remains committed to working closely with customers, community leaders, business partners, the government and other stakeholders to address the national housing situation. We remain committed to finding ways to keep people in their homes,” said Mary McDowell, President and Chief Executive Officer of CitiFinancial North America.

Citi’s national holiday foreclosure suspension affects only those loans owned by Citi, approximately 20 percent of the company’s $746 billion mortgage servicing and lending portfolio. Under the program, CitiMortgage and CitiFinancial will halt all foreclosure sales on first mortgage accounts nationwide through January 17th. In addition, evictions on real estate owned properties (REO) will cease during this time. Citi expects the national suspension will affect approximately 2,000 borrowers scheduled to have foreclosure sales and another 2,000 that were to receive foreclosure notifications in the next 30 days.

Citi Foreclosure Prevention Efforts Continue to Lead the Industry

CitiMortgage is a committed participant in the federal Home Affordable Modification Program (HAMP). As of November 30, CitiMortgage had begun trial or permanent mortgage modifications for 43% percent of HAMP-eligible borrowers, the highest proportion among large U.S. commercial bank mortgage servicers.

Among the industry-leading programs and initiatives that Citi has put in place to help homeowners in distress are:

* Office of Homeownership Preservation (OHP) – Established in 2007, OHP provide a range of support services that go beyond modification of a mortgage loan, including an extensive partnership network with non-profit organizations that offer legal assistance, counseling and translation services to borrowers.
* Citi Homeowner Assistance Program (CHAP) – Launched in November 2008, CHAP includes a series of initiatives designed to proactively help potential at-risk borrowers remain current on their payments and ultimately in their homes.
* Citi Unemployment Assist Program – Since March 2009, this program serves as a bridge to longer-term solutions for recently unemployed and delinquent borrowers with Citi-owned mortgages. The program lowers monthly mortgage payments to an average of $500 for three months for most eligible borrowers, a cost below the national average rent for a one-bedroom residence, according to Citi Research.

To see a comprehensive report about Citi’s foreclosure prevention efforts, please go to: http://www.citigroup.com/citi/fin/data/3…

For further information, call 866-272-4749 or go to www.citimortgage.com.

Las casas se estan vendiendo en grandes cantidades.
De acuerdo con la Asociacion Nacional de REALTORS®, los Estados Unidos esta en posicion de vender 4.68 Millones de casas este año. Eso pondria al 2009 como uno de los 5 mejores años en ventas en la historia de Estados Unidos. El Mercado indica que probablemente ya tocamos fondo.

Veamos la diferencia que hace solo el 1% en estos prestamos:

Prestamo Tipo de Prestamo Tasa de Interes Pago Mensual.
$250,000.00 30 Años Fijos 5% $1,342.05
$250,000.00 30 Años Fijos 6% $1,498.88
$250,000.00 30 Años Fijos 7% $1,663.25
El tiempo para comprar es hoy!

The complexity of new home buyer tax credits leaves potential buyers with many questions. Here are answers to some of the most confusing:

How does a current home owner qualify for the $6,500 credit?
Buyers must have lived in their homes for at least five out of the last eight years. The home they buy must become their primary residence, but buyers don’t have to sell their previous home. They can use the previous home as a rental or a second home and still claim the credit.

Does the new home have to be more expensive than the one the buyer currently owns?
No. It is fine to use it to downsize. If the property sells for more than $800,000, the buyers don’t qualify.

Can buyers who are building a new home claim the credit?
Yes, although the contract must be in place by April 30 and the buyer must move in by July 1.

Can buyers claim the credit if they purchase a home from a relative?
No. The legislation prohibits taxpayers from claiming the credit if the sale is between “related parties,” including parent, grandparent, child, or grandchild.

Source: USA Today, Sandra Block (11/24/2009)

The $8,000 tax credit expires November 30Th.  Will it be extended? Probably! What if it wasn’t extended. Will you still buy a home? Prices are still low and so are interest rates.

La gente siempre esta preguntando, Como esta el Mercado? Mi respuesta seria… Cual Mercado? Si se trata del mercado de Bienes Raices, Tomemos en cuenta que cada Mercado es unico y diferente. Ya que tenemos el Mercado nacional, Estatal y Local. Entonces nos concentraremos en el Mercado local en el condado de Monterey. Especialmente cuando como Hispanos somos mas del 50%. En ciudades como Seaside, Salinas, Greenfield y Soledad el impacto ha sido mucho mas fuerte, comparado a las ciudades de Monterey, Carmel, Pacific Grove y Pebble Beach. Ya paso lo peor? Creo que hemos salido de lo peor, pero aun tenemos un camino no facil de recorrer al menos en el futuro cercano. Hemos sido golpeados fuerte pero seguimos de pie y venimos a este pais a trabajar duro. Hagamos un balance de donde venimos, Donde estamos y hacia donde vamos. Yo tengo la certeza que a fuerza de Trabajo, Honestidad y Humildad saldremos de esto mas pronto de lo que pensamos.

We have a total of 102 homes for sale at an average list price of $350,626. 31 active and 71 pending. 10 homes also sold this week and the average sales price was $305,625 with average days on the market at 42 days….This is a weekly report!

Five homes sold and 5 new listings is what this week left in Seaside. Average sales price was $239,600 and Average list price for all homes is $347,423. With 103 current listings… 31 active and 72 pending. Keep going….. This is a weekly report.

Average list price for all homes for sale in Seaside is $340,127. This week close with 6 homes sold at an average sale price of $383,000. Average days on the market is 126 days. Current inventory is 103 homes, 32 active and 71 pending.  Low inventory, Multiple offer is what we are seeing in Seaside. For sellers this could be the time to start getting their home ready for sale…

With the sale of Eight homes at an average sales price of $275,851. The average days on the market was 47 days. There are currently 101 total listings at an average list price of $346,495. Eight new homes entered the market as well..This is a weekly report! Until next week!.