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What are the number of homes Active vs.In Escrow in Orange County?

by Ashlie DuCros

Here are the Stats for the month of December!

 ACTIVE homes on the Market VS. Homes in ESCROW

 

December 2009

City

# of Active Homes on Market

# of Homes in Escrow

Yorba Linda

225

116

Brea

69

69

Fullerton

253

259

Anaheim Hills

125

79

Newport Coast

136

41

Irvine

460

413

Placentia

80

91

Orange

269

249

Tustin

70

21

Corona Del Mar

151

169

Villa Park

171

34

North Tustin

35

16

 

If you have any questions or would like more information please contact Ashlie Ducros (714) 743-9778 or via email AshlieDucros@mailpcr.com

Good News for those considering Short Sale of their home!

by Ashlie DuCros

 This is good news for those considering short sale of their home…Government program to encourage short sales includes incentive to Seller and Lender & no further liability to the Seller for the debt. This and other changes could make 2010 the year of the short sale.

Guidelines Aim to Ease Short Sales

The Obama administration laid out final guidelines on Monday that should make it easier for some financially troubled borrowers to sell their homes.

The guidelines are designed to encourage the use of short sales, transactions in which the borrower with lender approval sells the home for less than what is owed on the loan. The program also makes it easier for borrowers to voluntarily transfer ownership of properties through a "deed in lieu of foreclosure."

Short sales can result in higher prices than foreclosures and can be less damaging to local neighborhoods, in part because homes aren't left vacant and exposed to vandalism. But these transactions are often difficult to complete.

Under the plan, borrowers will receive $1,500 from the government if they sell their homes for less than the amount of their mortgages. Mortgage-servicing companies will also receive $1,000 for each completed short sale. The program is open to borrowers who may be eligible for the government's loan-modification program, but don't end up qualifying, or are delinquent on their modification, or request a short sale or deed-in-lieu transaction.

The short-sale program is the latest addition to the Obama administration's $75 billion foreclosure-prevention plan, which includes incentives for mortgage companies and investors to rework troubled loans. The government first said in May that it would include short sales in the program, but it has taken months to finalize the details.

Under the new guidelines, second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgages, meanwhile, can collect up to $1,000 from the government for allowing such payments.

Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.

Printed in The Wall Street Journal, page A6

If you or anyone you know is having financial difficulties making their mortgage payment, please contact me to discuss if you can qualify for short sale at www.AshlieDuCros.com or ashlieducros@mailpcr.com

Government Announces Short Sales Guidelines

The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.

To qualify under these new guidelines:

  • The property must be the home owner’s principal residence.
  • The home owner must be delinquent on the mortgage or close to defaulting.
  • The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
  • The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax income.


Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.

Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.

Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009)

If you or anyone you know is having financial difficulties making their mortgage payment, please contact me to discuss if you can qualify for short sale at www.AshlieDuCros.com or ashlieducros@mailpcr.com
 

Is A Short Sale Right For You?

by Ashlie DuCros

O.C. short sales gain traction

(Update: Short sale listings also on the rise.)

Some Realtors say the sale of a home for less than the owner owes on it has gotten smoother, while others say those underwater sales are as difficult as ever.

Whatever the case, Orange County’s year-long uptick in “short sales” increased another notch last month, rising to 21.3% of all existing home sales, according to figures from the Southern California Multiple Listing Service.

That’s up from 19.4% in September and the highest percentage this year.

Short sales also outpaced the sale of repossessed homes, or REO’s, for a second straight month, even though REO sales increased slightly, too.

Details from the latest SoCal MLS report include:

  • Orange County home sellers completed 530 short sales in October, 80% more than took place at the start of the year.
  • Short sales on average accounted for 18.6% of O.C. homes sold through the MLS during the first nine months of the year, falling as low as 16.7% in March.
  • Repossessed homes resold by lenders accounted for 17.8% of sales in October, down from 44% at the start of the year.
  • All distressed sales combined jumped to just over 1,000 in October.
  • But distressed sales accounted for just 40.7% of all existing home sales last month, vs. 64.8% at the start of the year.click to enlarge

Posted in: Selling patterns posted by Jeff Collins

For More Information Please contact Ashlie DuCros (714)743-9778 

Check out my Blogs on Trulia.com or Follow me on Twitter @ Oc_Realty

 

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Ashlie DuCros & Associates
Coldwell Banker Previews Global Luxury
21580 Yorba Linda Blvd.
Yorba Linda CA 92887
714-743-9778
Fax: 714-849-5489