Wednesday, December 17, 2008

US Government and City Creative Loans.

I read The article on The Wall Street Journal yesterday about the USDA Loans program.

DECEMBER 16, 2008

Home Buyers Turn to USDA for Mortgages
Agency Program Backs Loans to Aid Rural Development; No Money Down -- Even Now

To be eligible for a USDA-backed loan, a borrower can't have income that exceeds 115% of the median county income, and the loans are restricted to areas with lower population density -- generally towns of no more than 25,000 residents. So while home buyers in big cities aren't eligible for the loans, residents of many of America's fastest-growing towns and exurbs do qualify. The loans that come through the program are made by private lenders, then insured by the government and sold to Ginnie Mae, a federal agency that sells mortgages to investors.
Home builders, many of which have overbuilt properties in these areas, are eagerly promoting the program to sell excess inventory.

The USDA program accounted for 40%-50% of sales in October and November for Scottsdale, Ariz.-based home builder Meritage Homes, says John Bargnesi, vice president for sales.

"It's one of our main tools right now."


City of Temecula - Home Improvement Loan for FTHB Program

The City of Temecula Redevelopment AgencyHome Improvement Loan Program for First Time Home BuyersThe City has determined that many homes eligible for the First Time Homebuyer Program are in need of some repair. In the current market many of these affordable homes are Bank-Owned properties that may have suffered some distress either at the hands of former owners or through neglect and vacancy.

This program is designed to work in tandem with the First Time Homebuyer Program.Property Type: Single Family detached homes, condominiums, townhouses and manufactured homes on a 433 permanent foundation.Property Location: Within Temecula City LimitsMaximum Amount: $10,000Loan Terms: A ten year loan at 5% interest.

The loan is forgiven on the maturity date if the terms have not been breached. If title to the property is transferred, the borrower ceases to occupy the property or the first mortgage is refinanced with cash taken out the loan becomes due and payable immediately.

Requirements: The application must be processed concurrently with the First Time Homebuyer Program.Eligible Repairs: Housing staff will perform a pre-inspection of all work to be done to determine eligibility. Eligible repairs include, but are not limited to:

Code items
Deterioration of structure or fencing
Repair or replacement of roof
HVAC systems, wall heater or evaporative coolers
Windows, Screens, Garage Doors & Entry Doors
Exterior Painting
Non-working or missing major appliances

Repair items damaged by neglect, vandalism or theft Participant must obtain a minimum of 2 bids from licensed contractors. All work must be inspected by housing staff or building inspectors prior to payment. Payment may be made directly to the approved contractor or to the homeowner as reimbursement.

Qualifying Income:Family Size / Income

1 / $52,100 2 / $59,500 3 / $67,000 4 / $74,400 5 / $80,400
6 / $86,300 7 / $92,300 8 / $98,200

Farm Service Agency
How about the FSA Loans to First Time Farmers & Ranchers?

The Farm Service Agency (FSA) provides direct and guaranteed loans to beginning farmers and ranchers who are unable to obtain financing from commercial credit sources. Each fiscal year, the Agency targets a portion of its direct and guaranteed farm ownership (FO) and operating loan (OL) funds to beginning farmers and ranchers.

More loans and Disaster Assistance Programs on USDA FSA site.

Sunday, December 14, 2008

And This Too, Shall Pass

And This Too, Shall Pass

With all our blessings, however, is one day of thanks ever enough?

Absolutely not. In his book “Discovering the Laws of Life,” the famed money manager and philanthropist John Templeton recommended a different approach. He called it thanksliving.
Thanksliving means practicing an attitude of perpetual gratitude.

That’s not hard when times are good. But for many, it’s tough out there right now. The economy is weak. The job market is soft. Credit is tight.

Combine these with the real estate slump and the recent swoon in stock and bond markets and an attitude of continual thankfulness becomes a tall order.

Yet Templeton offers a radical solution. Don’t just give thanks for your blessings. Be grateful for your problems, too.

This seems wildly counterintuitive at first blush. But facing up to our challenges makes us stronger, smarter, tougher, and more valuable as parents, mates, employees… and human beings.

Calm seas never produced a skilled sailor. Solving problems is what we’re made for. It’s what makes life worth living.

“Adversity, when overcome, strengthens us,” says Templeton. “So we are giving thanks not for the problem itself but for the strength and knowledge that will come from it. Giving thanks for this growth ahead of time will help you to grow through - not just go through - your challenges.”
Circumstances alone never decide our fate. We all have the ability to shape our destiny. And it begins with believing we can.

Worries, regrets, and complaints solve nothing. They change nothing. Rather they undermine your health, your social environment and your quality of life.

Difficult situations are rarely resolved with positive thoughts or gratitude alone, however. It takes another crucial ingredient: sustained action.

Even then, some problems are intractable. Others - like the death of a loved one - are insoluble. In certain circumstances, only an attitude of acceptance moves us forward.

Most of our day-to-day problems, however, are created by the person in the mirror.
We made them. And we can fix them.

According to Unitarian pastor Preston Bradley, “The world has a way of giving what is demanded of it. If you are frightened and look for failure and poverty, you will get them, no matter how hard you may try to succeed. Lack of faith in yourself, in what life will do for you, cuts you off from the good things in the world. Expect victory and make victory. Nowhere is this truer than in the business of life, where bravery and faith bring both material and spiritual rewards.”

This lesson is best learned at an early age. Once when I was about seven years old, for instance, my father asked me to load some heavy-looking boxes into his car.

I looked them over doubtfully. “I can’t,” I said.

It was one of the few times I’ve ever seen him really angry. “What was that word you just used?” he demanded.

“Can’t?” I asked, sheepish.

“I don’t ever want to hear you use that word again.”

Then he strode off… as I (ahem) loaded the boxes.

Journalist Sam Levenson had a similar experience:

“It was on my fifth birthday that Papa put his hand on my shoulder and said, ‘Remember, my son, if you ever need a helping hand, you’ll find one at the end of your arm.’”

I’m not suggesting that it’s wrong to ask for help. Under certain circumstances, you won’t succeed without it. We could all use a boost from time to time.

But it’s much more satisfying - and dignifying - when we solve our problems ourselves.

In addition to showing us what we’re made of, working through our setbacks makes us more sensitive to - and more compassionate toward - the problems of our fellowmen.

Look around and you’ll see plenty of good people with more troubles than you. This is the season to remember them, incidentally. (Although the true spirit of Thanksliving means remembering - and giving - all year round.)

Whatever problems you’re grappling with - personal, social or financial - the best course is always to face them with all the courage, patience and equanimity you can muster.

And, if possible, be grateful. Opportunity often shows up disguised as hard work.

On occasion, of course, our problems are simply bigger than we are. In an address in 1859, Abraham Lincoln recounted the tale of King Solomon:

“It is said that an Eastern monarch once charged his wise men to invent him a sentence, to be ever in view, and which should be true and appropriate in all times and situations. They presented him with the words: ‘And this, too, shall pass away.’ How much it expresses! How chastening in the hour of pride! How consoling in the depths of affliction!”

And how applicable in every day and age…

Whatever your problems, few of them can withstand the onslaught of optimism, persistence, and a genuine spirit of gratitude. So get moving.

As the poet Robert Frost reminds us, “The best way out is always through.”

Tuesday, December 9, 2008

Chicken Little Doesn't Sell Houses.

A good article by Rismedia.

Chicken Little Doesn’t Sell Houses
Click stars to vote (left is low, right is high)
(48 votes, average: 4.42 out of 5)

By Mike Parker

RISMEDIA, Dec. 9, 2008-”One day, Chicken Little was walking in the woods when-KERPLUNK-an acorn fell on her head. ‘Oh my goodness!’ said Chicken Little. ‘The sky is falling!” Thus begins a timeless tale that seems more relevant each time I read another “authoritative” article positing that the recovery in real estate is years away.

I want to scream: “Your 2009 will be what YOU make it. The sky is not falling and you can be sure that many people will succeed in 2009, just as many continue to succeed, even now.”
We should refuse to buy in to “informed opinion” that predicts three more years of economic morass. It’s time we take responsibility for our own success and make things happen for ourselves.

Once we get through January, I believe we will see the beginnings of recovery. Credit will loosen, people will begin to regain some confidence that Washington has an idea of what they are doing, and opportunities to succeed will abound. Oh, it never will be 2005 again, but who really wants that, anyway? Agents who fail to take strong action to succeed despite conditions will be dropping like acorns in a stiff wind.

Are you Chicken Little? Paralyzed by fear and “informed opinion?” Or, are you a real professional, determined to harvest the opportunity that you know will manifest itself when confidence returns?

Monday, October 20, 2008

September home sales up 65%

September home sales up 65% from last year in Southern California

September home sales up 65% from last year in Southern California
Experts say the numbers reflect attitudes before the economic crisis worsened, and warn that despite the increase, the real estate market is likely to suffer.
By Peter Y. Hong, Los Angeles Times Staff Writer

10:43 AM PDT, October 20, 2008
Sinking home values continued to drive home sales in September as bargain hunters snared properties at 2003 prices.

The median Southern California home sales price was $308,500 in September, the lowest since May 2003 and down 33% from the September 2007 price of $462,000, according to real estate research firm MDA DataQuick.

The number of homes sold in Los Angeles, Orange, San Bernardino, Riverside, Ventura and San Diego counties shot up 65% compared with September 2007. Fifty percent of homes sold last month had been foreclosed.Real estate experts said despite the increase in September sales, the real estate market is likely to suffer along with the rest of the economy.September's figures reflect home purchase decisions that were made in mid- to late-summer, before the dramatic worsening of the nation's economic crisis in recent weeks, said MDA DataQuick president John Walsh.

"Over the next few weeks our sales data will begin to show how the meltdown in financial markets this fall has impacted housing demand," Walsh said in a statement.

Since September, the stock market has declined sharply and unemployment in California has remained close to 8%.

Mortgage interest rates have also been rising, elevating the cost of home purchases.

A total of 20,497 homes closed escrow in the Southern California in September, up 5.8% from 19,366 in August.

Sales were up most in Riverside County, which posted a 106% gain from the same month a year ago.

Riverside and San Bernardino counties also recorded the steepest year-to-year price declines in the region, with the median sales price down 37% compared with a year ago.

In Riverside County, 69% of homes sold in September had been foreclosed, while foreclosed properties comprised 63% of San Bernardino County homes sold last month.

Foreclosed homes made up 39% of Los Angeles County homes sold in September and 37% of Orange County homes sold last month.

Saturday, October 11, 2008

top 10 foreclosure cities

top 10 foreclosure cities
By Inventory

1. Las Vegas, NV
2. Miami, FL
3. Chicago, IL
4. Phoenix, AZ
5. Los Angeles, CA
6. Sacramento, CA
7. Cape Coral, FL
8. Orlando, FL
9. Tampa, FL
10. San Diego, CA

By Activity

1. Fort Lauderdale, FL
2. Las Vegas, NV
3. Miami, FL
4. Pompano Beach, FL
5. Phoenix, AZ
6. Hollywood, FL
7. Orlando, FL
8. Tampa, FL
9. Chicago, IL
10. West Palm Beach, FL


Friday, September 19, 2008

Moving Can be a Taxing Decision

Moving Can be a Taxing Decision

By James O. Armstrong

So, what motivates employees to move during retirement? While there may be other factors, this list covers a number of the considerations many of our fellow baby boomers and others consider important in making such a decision.

First, we may decide to move because a specific job offer emerges from either the private or public sector. This offer to someone in greater demand could also include a future independent contractor status or registration with a speaker's bureau or talent agency, for example. Or, it may include starting your own business or even buying a franchise with an established business plan and strategy to pursue.

Second, we may decide to move because of family considerations, which range from aging parents to relocating so that we can be closer to our children and grandchildren. In fact, a number of my daughter's closest young adult friends in Greater St. Louis have talked about their parents taking precisely this step recently. By the way, this observation includes the movement of grandparents to the St. Louis area, who have never before lived in that region.

Third, men and women also choose to move to a more exciting part of the US or they may choose to live abroad, which an increasing number of Americans are now deciding to do. For example, a fellow baby boomer web entrepreneur, Ann Fry, decided to move from Austin, TX to New York City over the past year and she has never looked back on her decision. The 62 year old Ann runs a successful web site plus works as a motivational speaker and career coach. So, part of her relocation formula has included an upsurge in her speaking engagements and coaching assignments, especially since she moved to New York, despite the warnings of doom and lack of success from her Austin, Texas-based friends.

Fourth, other men and women choose to move to a different part of the US especially for tax reasons. But, of course, the question, which quickly emerges in this complex set of variables is "which taxes?" Many of us no doubt already know Texas or Florida (part-time) citizens, who have emigrated to these states because neither levies a state income tax. Of course, the winning formula is that "they" actually live in their adopted states for one-half of the year plus one day.

But, did you know that there are actually a total of seven states with no income tax as follows: (1) Alaska, (2) Florida, of course, (3) Nevada, (4) South Dakota, (5) Texas, (6) Washington and (7) Wyoming. In addition, New Hampshire and Tennessee only tax interest and dividends.

Likewise, it should be clearly said that a total of 26 states plus the District of Columbia do not tax Social Security benefits. IMPORTANT: Our web site,, is against any states taxing Social Security income. From our standpoint, because of the current and coming labor shortages and especially because of the current skills shortages, our society cannot afford to do anything, which has the net effect of discouraging men and women from continuing to work in America.

Finally, other men and women will factor some or all of these issues into consideration, when deciding where and when to move in our society. In the final analysis, even local sales taxes and property taxes can and should enter into this equation. For example, the City of Chicago recently passed an incredibly high local sales tax, which put this great city at or near the top of local sales taxes in the whole US among major cities. Of course, this consideration only becomes important when someone wants to buy something, whatever that may be.

To tax or not to tax -- that will indeed be the question for state and local governments in the future in the US and elsewhere, as a wave of baby boomers begin to consider all of their relocation factors and options. "Yes," state and local governments would like the bank deposits, which provide the necessary capital needed for consumer loans and local businesses to expand and create even more jobs in that area. "Yes," state and local governments would also like men and women, who will not be adding to the local student population in our nation's public schools, but who will never the less be adding to the local property tax base. "Yes," state and local governments would also like to have men and women, who are creditworthy and who have a greater equity position in their homes move into the community.

But, what if anything are these state and local governments willing to do in order to court "our" favor, you might logically ask? This writer submits to you that the answer to this question will cause state and local governments around the US to make a whole series of different decisions, both now and in the near future, in order to demonstrate "their friendliness" to my fellow baby boomers, who are 78 million strong just in the US.


James O. Armstrong, President of, Inc.,, also serves as the Editor of is the resource for job and career transitions for workers 40 years old and over, Baby Boomers and Active Seniors. Read for skills training, relocation options, job opportunities and much more. In addition, James is the author of "Now What? Discovering Your New Life and Career After 50" and the President of James Armstrong & Associates, Inc., a media representation firm based in Suburban Chicago.

Wednesday, September 17, 2008

Reduced Prices - Estate Homes

Best kept secret in Temecula West Hills - De Luz.

OFFERRED AT $1,599,000

Recently completed gorgeous estate home on 4.52 acres is situated in Santa Margarita Ranchos in serene De Luz/Temecula West Hills. A long driveway leads up to the privacy of this home. The Beautiful Wooden double-doors lead onto a Hugh Great room with Entertainment center, Formal Living, Dining Room & Outside Patio. Features include Separate Master Bedroom Suite and a contemporary bathroom with a fireplace and dressing area. Other Bedrooms with Jack & Jilll bath. Study, Exercise/Nursery. Laundry room, plenty of storage. The property features a stylish modern kitchen with Granite counter tops, Tile, Top Of The line stainless steel appliances. Professionally landscaped, sprinkler systems all around. Three car garage with door openers. Alarm Systems installed. Quite but close to I-15, Old Town & Shopping. Private sanctuary of a garden, majestic oak trees, small orchard, fantastic views. Existing income producing Avocado grove with 200 mature HASS avocado trees. (Buyer to verify).

OFFERRED AT $1,549,000

This recently completed gorgeous estate home on 8.15 acres Situated in the Santa Margarita Ranchos in serene De Luz/Temecula West Hills. Beautiful Custom Iron Double Doors Open onto a Hugh Galleria, Formal Living Room, Dining Room & Outside Lanai. Private Master Bedroom Suite with expansive, contemporary Master bathroom with a fireplace. and dressing area. Carpets & Travertine throughout. Features include large bedroom with storage bathroom, study, Exercise/Nursery. Separate Laundry. Large family /entertainment with a fireplace, French doors to patio. Features a stylish modern kitchen with Granite counter tops, Cherry, Tile, Top Of The line stainless steel appliances. Professionally landscaped, sprinkler systems all around. Three car garage, door openers. Alarm Systems installed. Quiet, close to I-15, Old Town, Shopping. Room for horses, RV, Pool, Fantastic views of mountains & hills. Existing income producing Avocado w/ 500 HASS avocado trees. (Buyer to verify).

Sunday, August 10, 2008

Pending Home Sales Up!

Daily Real Estate News | August 7, 2008
Big Gain in Pending Home Sales Index

Some improvement is projected for existing-home sales in the months ahead, with broader gains seen by the fourth quarter as buyers take advantage of new provisions provided through the recently passed housing stimulus bill, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 5.3 percent to 89.0 from a downwardly revised reading of 84.5 in May, but remains 12.3 percent below June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, says sales have been in a pattern of rising and falling within a fairly narrow range.


Across the Region

Here's a deeper look at the index throughout the country:

* South: jumped 9.3 percent to 92.4 in June but is 16.6 percent below June 2007.
* West: rose 4.6 percent to 101.0 in June but remains 1.7 percent below a year ago.
* Northeast: increased 3.4 percent to 79.6 but is 15.4 percent below June 2007.
* Midwest: rose 1.3 percent in June to 79.6 but is 13.3 percent below a year ago.

Sales gains have been consistently strong in recent months in Sacramento, Calif.; Las Vegas; and Ft. Myers, Fla., where affordability conditions have greatly improved.

Wednesday, July 23, 2008

According to Fox News report, Congress is considering the Considers Second Economic Stimulus Package.

WASHINGTON — Congress is considering a second economic stimulus package that could include $15 billion in infrastructure spending, a senior member of the House told Reuters on Tuesday.

Rep. James Oberstar, a Minnesota Democrat who chairs the Transportation and Infrastructure Committee, said a stimulus package could include "accelerating" payouts of $9.5 billion from the federal trust fund assigned to road construction and maintenance.

"You can have 700,000 people working in three months. We should have done it this spring," Oberstar told Reuters in an interview.

If approved, the funding would go to more than 2,600 projects, he said. States would receive full federal funding and then have a few years to pay back any matching funds.

Oberstar gave a list of spending possibilities to House Speaker Nancy Pelosi last week, who "likes the idea."

Democrats are considering supporting another economic stimulus measure to revive the economy after Congress approved a $152 billion measure in February, which taxpayers received in the form of checks during the spring and early summer.

The timing of a second stimulus bill remains up in the air.

President Bush has said he wants to see how effective the first stimulus package is before lending his support to another one.

Thursday, July 3, 2008

PMI Ranked 14 Markets With Nowhere to Go but Up

A report from PMI Summer 2008 Risk Index Indicates Risk Intensifying in Areas With Previous Rapid Home Price Growth.

Housing Affordability Continues to Improve

WALNUT CREEK, Calif., July 1

-- PMI Mortgage Insurance Co., the primary U.S. subsidiary of The PMI Group, Inc. (NYSE: PMI), today released its Summer 2008 U.S. Market Risk Index(SM), which ranks the nation's 50 largest metropolitan statistical areas (MSAs) according to the likelihood that home prices will be lower in two years. The U.S. Market Risk Index shows risk further diverged along two distinctly different paths during the first quarter of 2008, continuing a trend that began in the fourth quarter of 2007. In general, risk continued to intensify in many of the MSAs where home price growth had significantly exceeded historical norms during the housing boom, but continued to decline in many other areas across the country.

A complete copy of the Summer 2008 PMI ERET report and an appendix that provides data for all 381 U.S. MSAs is available at:

The 14 Markets with less than 1% risk:

5 Milwaukee-Waukesha-West Allis; WI <1
5 Cleveland-Elyria-Mentor; OH <1
5 Austin-Round Rock; TX <1
5 Denver-Aurora; CO <1
5 Charlotte-Gastonia-Concord; NC-SC <1
5 Kansas City; MO-KS <1
5 Columbus; OH <1
5 Cincinnati-Middletown; OH-KY-IN <1
5 Indianapolis-Carmel; IN <1
5 San Antonio; TX <1
5 Houston-Sugar Land-Baytown; TX <1
5 Pittsburgh; PA <1
5 Dallas-Plano-Irving; TX <1
5 Fort Worth-Arlington; TX <1

Source: PMI Mortgage Insurance Co. (07/01/2008)

Thursday, June 26, 2008

Sacramento Area Sales & Foreclosure

May saw 3,420 buyers – the most in 20 months – close escrow for new and existing homes in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties, according to DataQuick Information Systems.

Prices, however, didn't show the same strength. Median prices have dropped in double-digit percentages in all eight counties over the past year.

The May sales burst, coming after a similarly strong April performance, raised hopes that the market is trying to stabilize. Yet as the housing downturn nears the end of its third year, worries remain about the growing pileup of foreclosures overrunning the market.

Since January, banks in the region have foreclosed on 10,224 homes, according to the Web site, based in Fair Oaks. At the same time only about half the number – 5,448 – of repossessed homes were sold, DataQuick reported.

"The sales numbers are great, and if we can keep on that track we could have just a slight decline in value," said Scott Thompson, a partner in Mortgage Resolution Services in Carmichael. "But we're still foreclosing on more than we're selling, and that's the troubling part."

The highlights from DataQuick include:

• Sales rose from 3,163 in April and 3,216 in May 2007 to 3,420. The peak year for May sales during the boom was in 2004, when 6,761 homes sold.

• Slightly more than half the region's sales of existing homes – 51.1 percent – involved repossessed residences owned by banks. That cut the market share for new-home builders to 13.9 percent, down from 24.4 percent a year ago.

• Absentee owners, typically investors seeking rental properties, accounted for an estimated 19 percent of all sales. At one point near the peak of the boom, investor share reached almost 27 percent.

• The number of for-sale signs continued to fall in May across El Dorado, Placer, Sacramento and Yolo counties. Sacramento researcher TrendGraphix reported 12,366 homes for sale, the lowest number in 14 months.

"The Valley for a lot of people is discount central, and Sacramento is in the heart of that," said Andrew LePage, analyst for La Jolla-based DataQuick.

LePage said several inland California counties burdened with foreclosures – San Joaquin, Stanislaus, Riverside and San Bernardino – also saw year-over-year sales gains in May.

Sacramento County, the largest player in the area's real estate market, propelled most of the gains. The county tallied 62 percent of escrow closings, a 30.8 percent gain over the same time last year.

The result: Sacramento County had its strongest year-over-year performance since March 2005, according to DataQuick.

Year-over-year sales were up 15.2 percent in Yolo County, 1.8 percent in Yuba County and 1.4 percent in El Dorado County.

Thursday, June 19, 2008

Commercial Real Estate News.

Nationwide Prices Increase Despite Downturn
Jun 17, 2008 - CRE News
Despite ongoing softness in the Northeast, commercial property prices nationwide rose slightly in March as measured by the S&P/GRA Commercial Real Estate indices.

The all-property composite of the indices, which weighs property values based on completed sales, rose 10 basis points in March versus a 1% drop in February. The composite is up 5.1% from March 2007.

The Northeast has been the worst-performing market with a 1.4% drop in March, which followed a 2.4% decline in February. The Pacific West rose 1.7% in March after a 90 bp drop in February. The Mid-Atlantic South posted a 10 bp drop in March while the Midwest and Desert Mountain West registered gains of 70 bp and 1%respectively.

Warehouse led all property sectors with a 90 bp gain in March, followed by gains of 30 bp for retail, 10 bp for office, and no change for multifamily prices. In February, prices dropped 70 bp for warehouse, 1.9% for offices and 1.3% for multifamily, while they increased 80 bp for retail.

Copyright © 2008 Commercial Real Estate Direct, a service of FM Financial Publishing LLC. All rights reserved.

Lawsuit challenges real estate auctions

Lawsuit challenges real estate auctions

Inman News

A lawsuit filed in California Superior Court challenges real estate auction practices, charging that some auction companies engage in deceptive advertising and violate provisions of federal law related to real estate closing services.

"Many modern real estate auctions are nothing more than a bait-and-switch scheme to lure hopeful buyers to submit offers that can later be accepted or rejected by the lenders/sellers, despite the general public's perception that once the auctioneer declares, 'Sold,' the property is in fact sold," the lawsuit charges.

The lawsuit notes that there has been a boom in the volume of foreclosed, lender-controlled properties -- also known as real estate-owned or REO properties -- sold at auction.

Filed June 12 on behalf of three individuals who attended a real estate auction event in Southern California -- including one individual who is a RE/MAX real estate broker -- the lawsuit also charges that auction companies "direct and require the use of their settlement service providers and shift the cost of sales, including commissions, from the lenders/sellers to the consumers" in auction event signing rooms.

"The lenders'/sellers' representatives are not found in the signing room to sign the contracts; rather they are just there (to) sell loans and other settlement services," the lawsuit alleges.

Several auction companies, lenders Countrywide Home Loans Inc. and GMAC Mortgage LLC, and title and escrow companies are named as defendants in the lawsuit, which seeks class-action status.

Irvine, Calif.-based Real Estate Disposition Corp., an auction company that maintains a real estate broker's license in 21 states and Washington, D.C., and last year sold $1 billion worth of residential real estate at auction, is named in the lawsuit. This year, the company expects to sell $3 billion worth of properties at auction. Representatives for REDC, which operates the Web site, could not be reached for comment about the lawsuit.

Other auction companies named in the lawsuit include, an REDC affiliate; DoveBid Inc., which has a partnership with brokerage company CataList Homes to sell homes at auction; AuctionHouse Real Estate Disposition Services; Kennedy Wilson Auction Group Inc.; and Auction Services International Florida 100 Realty Inc.

Michael Davin, president of CataList homes, a low-cost Southern California-based real estate brokerage company, said in a statement, "I can't comment specifically on the case as I haven't read the documents. However, we will stand firm and defend our auction practices as the reserve auction method is an effective and fully legal sales process utilized for hundreds of years in the sale of many types of assets."

I also thought the winning bidder is the final winner well, this is what
auction is all about but I guess it is not so in the the real estate REO era.

Sunday, June 15, 2008

Buyes Wanted


Should you be giving any thought to moving into your own home, here are a few services I can provide:

• Help you become a pre-qualified buyer to ensure the best financing.

• Assist you in the selection of neighborhoods and price range of homes that meet your requirements.

• Offer you the accessibility to preview as many homes as you wish with the features and benefits your desire.

• Assist and guide you with the proper paperwork for a smooth transaction.

• Guarantee you personal service with knowledge and professionalism.

Let me show you how easy it can be to move into a home of your own. Please give me a call at (phone no.).

Jieranai Maier

Sunday, June 8, 2008

What Is ePro On Your Profile?

A visitor wrote a message and asked me "What Is an ePro? I saw that on your Profile"

Let me explain why there is an ePro logo on my Profile and my web site:

I have successfully completed the REALTOR e-PRO course to become one of a select few real estate professionals to earn the prestigious certification offered through the National Association of REALTORS.®

The REALTOR e-PRO certification course is an educational program unlike any other professional certification or designation course available, comprehensive and interactive. It is specifically designed to provide real estate professionals with the technology tools needed to assist consumers in the purchase or sale of a home.

With more than 70% of consumers beginning their real estate research on the Internet, e-PRO certified agents have the experience and expertise to meet the demands of today’s buyer and seller.

“The real estate industry has undergone a fundamental change over the past several years,” said (Your Name) of (Your Organization). “A majority of consumers are taking the time to conduct their own research prior to contacting an agent. In turn, real estate professionals must be knowledgeable of how technology can assist them in serving the needs of the buying and selling public.”

The exclusive REALTOR e-PRO certification course is presented entirely online and certifies real estate agents and brokers as Internet professionals. Because of its innovative design, students are able to complete the course at their own pace, when and where they want, via any Internet connection. The course is designed to help REALTORS stay at the leading edge of technology and identify, evaluate and implement new Internet business models.

Once completed, the e-PRO certified real estate professional joins the ranks of a special community of highly skilled and continuously trained professionals who provide high quality and innovative online-based real estate services. Consumers can identify the e-PRO through the exclusive e-PRO Internet Professional logo.

Both the content and the delivery platform were created by San Diego-based technology company InternetCrusade®. The course instructs participants in the professional use of e-mail, the development of an interactive Web site, and the use of online research tools. Graduates use the skills they've acquired to provide clients information on properties for sale, local communities, and the local real estate market.

For more information, e-mail me at or call me.

Friday, May 30, 2008

Glass Is Half Full? Or Half Empty?

Glass Is Half Full? Or Half Empty?
Daily Real Estate News | May 28, 2008
Plenty of Positive Market News Today

Hungry for a little good real estate news? Leon d’Ancona, president of IMS Inc., has something to cheer you up.

D’Ancona, who provides real estate information to the industry, has set up a Web site that lists 2,319 markets in the United States where homes are selling well.

For instance, Loganville, Ga., homes sold 38.5 percent faster in April than they did in March, and sales of homes in Avondale, Ariz., increased by 64 percent in April compared with March

"The problem with glass-is-half-empty stories is that they have an undue psychological impact on markets that is not borne out by all the facts," says d’Ancona. "We know, because it's our business to know, that there are hundreds of cities and thousands of neighborhoods in the United States right now where the market is very healthy, thank you.”

I know that bad news travels fast (and fury) I like to hear a little bit of good news and there are good news out there too.

Source: IMS Inc. (05/27/08)

PS: Similar stats here in Riverside County.
Murrieta CA 22%
Temecula CA 0.8%
Sun City CA 27.6%
Hemet CA 38.5%
Menifee CA 23.8%
Perris CA 9.7%

Saturday, May 24, 2008

Housing Relief Bill Could Help 500,000

Headlines on but we will see since this is going to really happen the earliest date of October, 2008.

Housing relief: Help, but for how many?
Sponsors of the Senate's bipartisan mortgage bill say it will help 500,000 people. But an Oct. 1 start date means many homeowners could be out of luck.

By Jeanne Sahadi, senior writer
May 23, 2008: 10:39 AM EDT

NEW YORK ( -- When the Senate Banking Committee passed a housing bill intended to limit foreclosures, panel Chairman Christopher Dodd, D-Conn., said he expected the measure could help 500,000 borrowers stay in their homes.

While the bill could help a lot of people, it's unlikely to help 500,000.

The bill's key provision would allow the Federal Housing Administration (FHA) to insure up to $300 billion in new loans for at-risk borrowers if lenders agree to write down loan balances below the appraised value of borrowers' homes.

The Congressional Budget Office has not yet released its official estimates of the bill's FHA proposal.

But in analyzing the potential costs and reach of a similar proposal passed by the House in May, the CBO estimated that 500,000 borrowers may enter the program - and that 35% of them could still default. So the best estimate of the net number of borrowers who will stay in their homes under the program is 325,000.

That would reduce anticipated foreclosure filings by 8% over the next few years, according to an estimate from Goldman Sachs analyst Alec Phillips.

That's not the only factor that could reduce the number of homeowners helped by the Senate bill. In making its estimates, the CBO assumed a June 1 start date for the FHA program. But the Senate version of the legislation - considered more politically viable than the House bill - would start the program on Oct. 1.

That four-month difference is likely to flush from consideration a segment of the bill's immediate target group: the 1.5 million subprime borrowers with adjustable-rate mortgages (ARM) whose loans are scheduled to reset in 2008.

Home Sales Update

Well, in the last message I mentioned about how difficult the market has been for home sellers while the bank owned properties are selling like hot cakes

Today's Latest News from California Association Of Relators
The median home price for the six-county region was $385,000, unchanged from March but down 24 percent from an April 2007 peak of $505,000. April marked the first time in eight months that the median price did not decline.

Sales were strongest in areas hit hardest by foreclosures: Riverside County (where sales increased month to month for the first time in two years), Lancaster, Chula Vista, Anaheim, Lake Forest and Victorville experienced the strongest rebounds. Two-thirds of homes sold during the month in Los Angeles, Orange, Ventura, San Bernardino, Riverside and San Diego counties were priced under $500,000. About 38 percent of the homes sold were in foreclosure at some point during the previous year, up only 2 percent from March but sharply higher than the 5 percent reported a year ago. In Riverside County, 53 percent of sales involved troubled properties.
The credit crunch, potential for a recession, and uncertainty over when foreclosures will peak caused DataQuick analysts to remain cautious. Lack of financing for high-value homes continues to be an issue and could forestall a recovery if the trend persists. In April, only 15 percent of Southern California home loans were above $417,000, down sharply from the same period a year ago.

Saturday, May 10, 2008

10 fastest growing real estate markets

CNN/Money magazine online featured an article on the 10 fastest growing real estate markets.


McAllen, Texas
12-month forecast: 4%
Median home price: $109,000
One year price change: 2.1%
Five year price change: 23.3%
Change in foreclosure rate: 23%


Rochester, N.Y.
12-month forecast: 2.7%
Median home price: $121,000
One year price change: 3.4%
Five year price change: 20.1%
Change in foreclosure rate: 5%


Birmingham, Alabama
12-month forecast: 2.7%
Median home price: $156,000
One year price change: 2.9%
Five year price change: 29.4%
Change in foreclosure rate: 20%


Syracuse, N.Y.
12-month forecast: 2.6%
Median home price: $126,000
One year price change: 0.8%
Five year price change: 29.5%
Change in foreclosure rate: 27%


Buffalo/Niagara Falls, N.Y.
12-month forecast: 2.4%
Median home price: $105,000
One year price change: 1.6%
Five year price change: 24.5%
Change in foreclosure rate: 14%


New Orleans, La
12-month forecast: 2.2%
Median home price: $158,000
One year price change: 1%
Five year price change: 43.7%
Change in foreclosure rate: 49%


Scranton, P.A.
12-month forecast: 2.2%
Median home price: $128,000
One year price change: 7.2%
Five year price change: 41.1%
Change in foreclosure rate: 8%

Grand Rapids, Mich.
12-month forecast: 1.9%
Median home price: $124,000
One year price change: -3%
Five year price change: 8.3%
Change in foreclosure rate: 37%


Baton Rouge, La.
12-month forecast: 1.9%
Median home price: $170,000
One year price change: 5.7%
Five year price change: 38.3%
Change in foreclosure rate: 14%


El Paso, Texas
12-month forecast: 1.8%
Median home price: $134,000
One year price change: 6.9%
Five year price change: 51.9%
Change in foreclosure rate: 32%

Information is power, using the information wisely is super power.

If you are young, energetic, and an avid investor, the decision to invest in these top cities can certainly bring in good ROI, hopefully in the short period of time. However, if you want to find a retirement home or move to a more affordable place. You have to decide whether you really want to move to and live in any of these cities.

Sunday, April 27, 2008

Challenging Time.

According to my own schedules and my marketing activities - I also have a challenging Real Estate market.

I had several showing appointments and I took my clients out to show several bank owned properties in Hemet and Murrieta in these last several weeks.

The problems were that most listings were either already have offers and or pending without the listings being updated to show the current status.
I tried to call most agents before I showed the homes. Some listing agents never answered their phone calls. Some of the agents are out of town agents and they never RETURN the phone calls.

I showed several homes that were attractively priced and great properties for new home buyers. The buyers were ready to put in the offer but we found out that the bank already had several offers in their pockets and they are waiting for the highest or the higher offer before they are making up their minds.

My buyers are first time home owners and they are very conservative and they want to make a 'LOWER' than the asking prices. Most of the agents told me not to waste my time or efforts.

The scenerio was not the same as when I showed several homes in Moreno Valley to my other buyers about three months ago. Most of the homes that were REO were not in good condition and most of the listing agents told me to submit the offer with, anywhere from $25,000 to $50,000 lower than the asking prices.

Unfortunately my buyers already own two homes and those homes are my listings.
I am trying and have been for over 6 months to sell one of these homes.
Alas there were not many interests since they are priced higher than the market will bear.

Challenging time indeed.

Real Estate News, Challenging Market

According to Forbes magazine. These are 10 most difficulty areas in Real Estate.

Daily Real Estate News | April 24, 2008
10 Most Challenging Housing Markets

The hardest places to sell homes are those with falling prices and a large inventory of unsold homes.

Forbes magazine, which examined markets all over the country, concluded that Florida has the most markets that are really in the doldrums. Several cities there are overbuilt, saddled with lousy loans and flat sales.

Jonathan Miller, president of Miller Samuel, a Manhattan-based real estate appraisal company that assisted with the analysis, says it is hard for a city to climb out of a slowdown because in the best of circumstances there's generally a three- to six-month lag between the time buyers start putting a serious dent into the inventory and the time when prices start to improve.

Here are the 10 markets where Forbes says the sales opportunities are the most challenging:

Los Angeles
Washington, D.C.
San Diego

Sources: Forbes, Matt Woolsey (04/15/08)

Wednesday, April 23, 2008


For Immediate Release
April 22, 2008

WASHINGTON, DC – U.S. home prices rose approximately 0.6 percent on a seasonallyadjusted basis between January and February, according to OFHEO’s new monthly House Price Index. For the 12 months ending in February, U.S. prices fell
2.4 percent. Since its peak in April 2007, the index is down 3.1 percent.

The OFHEO monthly index is calculated using purchase prices of houses backing
mortgages that have been sold to or guaranteed by Fannie Mae or Freddie Mac. The
index, introduced in OFHEO’s fourth quarter 2007 House Price Index (HPI) report,
provides a timely indicator of house price conditions for the nation and each of the nine Census Divisions. For the nine Census Divisions, seasonally-adjusted monthly price changes from January to February ranged from -0.6 percent in the Mountain Census Division to 2.2 percent in the New England Division.

Changes in the national index, which is constructed as a weighted average of data from the nine Census Divisions, reflect movements in market prices as well as changes in the mix of geographic areas within Census Divisions. Normally changes in the mix are relatively small. However, in February, the share of reported sales volumes rose in states with stronger housing markets, which significantly increased estimated appreciation above what it would have been in the absence of such effects. Holding the weights for each state constant, the national increase would have been only 0.3 percent in February.

Monthly index values and appreciation rate estimates are provided in the table and graph on the following pages. All estimates are seasonally adjusted and, as with OFHEO’s quarterly HPI, will be revised in later releases. As indicated in OFHEO’s fourth quarter 2007 HPI report, quarterly HPI releases will include updated monthly data presented in the same format as the attached table.

For detailed information concerning the new monthly HPI, please see the HPI Frequently Asked Questions (FAQs), at

The next release of monthly index data will be included as part of OFHEO’s next quarterly HPI, released May 22, 2008. That release will include quarterly index data through the first quarter of 2008 and will report monthly estimates through March.

Please e-mail for a printed copy of this report.

Friday, April 18, 2008

top 10 things homebuyers and sellers need to know about

Each month, lists the top 10 things homebuyers and sellers need to know about a different topic. So stay tuned for tips on everything from foreclosures to taxes.'s Top 10 Red Flags for Homebuyers
Sellers don't always tell the whole truth to potential homebuyers, especially if they're eager to sell (or "motivated" in real estate lingo). But you can't afford to get a professional inspection of every house you tour. So before you spring for the pro, narrow down your choices by doing your own pre-inspection to spot potential problems.

Mass Exodus from the Neighborhood

Don't let a home's curb appeal keep you from glancing down the street. Are there several other homes for sale? Are nearby businesses boarded up or vandalized? Get the scoop from the neighbors. If everyone else wants to leave the street, maybe you should, too -- before you're stuck with a bad investment. Read More >>

Mediocre Maintenance
Three layers of roofing and gutters with plants growing in them are signs the owners aren't big on maintaining their home. What else did they neglect? Read More >>

Foundation Failures
Check out the yard grading. If the yard slopes towards the house, it could cause water to run down the foundation walls or into the basement, which will be costly to repair. Scour the foundation for damage. Bulges or cracks bigger than 1/3 inch can mean the house has serious structural issues.

Bad Smells (inside or outside)
Take a big whiff of the air inside and outside the house. Do you smell anything funky? If you can't smell anything but the huge baskets of potpourri all over the house, this could be a red flag. Read More >>

Faulty or Old Wiring
While you're probably not an electrician, make sure all the switches and outlets in the house function properly. Flickering lights, circuits that don't work and warm or hot outlets or faceplates are all symptoms of wiring problems. Read More >>

Fresh Paint... on One Wall
New paint can really spruce up drab walls, but it can also hide bigger problems, like water damage, mildew or mold. If the room smells strange or if you see stains or saggy walls or ceilings, have an inspector look for mold and leaks. Read More >>

Locked Doors and Blockades
Ask about any rooms that are "off limits" during your home tour, and arrange to see them later if you're interested in the house. Read More >>

Foggy or Non-Functioning Windows
Check for water in between double-paned windows and make sure all the windows are functional. Read More >>
Structural Walls or Floors Have Been Removed
Sure you love the open floor plan, but was the house always open or did the homeowners renovate? If they removed a load-bearing wall without adjusting the framing, it can shift weight to other parts of the house. Hire a structural engineer if you think any renovations are questionable. Read More >>

No one wants a house with a pest problem -- be it roaches, mice or worst of all, termites. Be on the lookout for unwelcome creatures as you tour the house. Even if no foes pop out while you're there, consider a separate termite inspection if you're thinking of purchasing the property. Read More >>

BOTTOM LINE: Always get a professional inspection

Yeah, it's a little expensive, but it's worth every penny. Don't kid yourself: skipping a home inspection is not a good way to cut homebuying costs. You'll end up paying more in the long run when problems inevitably arise.


Saturday, April 12, 2008

Risk Of Price Declines

Although the risk of price declines in California markets continued to rise, the rate of increase was "significantly below" the third quarter. For the eight California MSAs in the top 50, the average increase in risk score was 2.1 percent, compared to a 19 percent increase between the third and fourth quarters.

Among the top 50 MSAs, the 14 PMI determined face a greater than 50 percent chance of price declines in the next two years were:
• Riverside-San Bernardino-Ontario, Calif. (93 percent)
• Las Vegas-Paradise, Nev. (92 percent)
• Orlando-Kissimmee, Fla. (85 percent)
• Ft. Lauderdale-Pompano Beach-Deerfield Beach, Fla. (84 percent)
• Phoenix-Mesa-Scottsdale, Ariz. (84 percent)
• Santa Ana-Anaheim-Irvine, Calif. (81 percent)
• West Palm Beach-Boca Raton-Boynton Beach, Fla. (80 percent)
• Sacramento-Arden-Arcade-Roseville, Calif. (78 percent)
• Tampa-St. Petersburg-Clearwater, Fla. (78 percent)
• Los Angeles-Long Beach-Glendale, Calif. (77 percent)
• San Diego-Carlsbad-San Marcos, Calif. (73 percent)
• Oakland-Fremont-Hayward, Calif. (64 percent)
• Miami-Miami Beach-Kendall, Fla. (61 percent)
• San Jose-Sunnyvale-Santa Clara, Calif. (51 percent)


Price declines also present the biggest opportunity for the buyers. Here in the Riverside County any home that either bank owned or a short sale and is listed way below market will get 3-5 offers within the first few days after the listing show up in the MLS. Sometimes, it is sold from $10K to $20K more than the asking price.
It is the buyer's market but it is also back to the bidding game. The highest offer/bidder will win and get the home.

Thursday, April 10, 2008

February pending home sales index drops

February pending home sales index drops to record lows

Pending sales of existing homes were weaker than expected in February and 21.4 percent below last year at this time, the NATIONAL ASSOCIATION of REALTORS® (NAR) reported Tuesday. The NAR Pending Home Sales Index measures pending sales contracts and is seen as a barometer of future home sales activity. However, the Index rose 2.1 percent for the month in the West.


The Index fell 1.9 percent from 86.2 in January to 84.6 in February, the lowest level since NAR began publishing the Index in 2001. Economists had expected a drop of 0.7 percent.

Despite the decline, NAR expects home sales to remain flat before picking up during the latter half of the year, when increases in loan limits for jumbo mortgages are expected to help improve liquidity.

By region, the Index in the West, which includes California, rose 2.1 percent.

Housing Market

Lenders retreat as housing market plummets

The national housing market decline and resulting financial institution write-downs are beginning to hit home in the form of tighter credit, even for highly qualified borrowers with solid-gold credentials. As lenders clamp down on new borrowers and cap existing home equity credit lines in an effort to limit future exposure, everyone from car dealers to landscape architects feels the effects.


Credit fuels economic growth by providing the means for people to purchase goods and services. By 2004, Americans had borrowed more than $180 billion based on their home equity, plowing record amounts of cash back into the economy with the resulting purchases.

In particular, lenders are cutting back on loans and lines of credit backed by real estate assets or raising interest rates and qualifying criteria. By year-end 2007, home equity lending plunged to only $26 billion, according to the Federal Reserve.
According to economists, other factors also are at play. Slowing wage growth, rising prices for staples, falling stock portfolios and the cost of servicing existing debt all are causing consumers to rethink their spending habits

Monday, March 24, 2008

Clinton: Protect reputable home lenders

Clinton: Protect reputable home lenders

By CHARLES BABINGTON, Associated Press Writer
1 hour, 32 minutes ago

PHILADELPHIA - Democrat Hillary Rodham Clinton proposed several remedies to the nation's home mortgage problems Monday, including one tool more often associated with Republicans than Democrats.

The New York senator proposed greater protections for lenders from possible lawsuits by investors, a variation of so-called tort reform. For years, GOP leaders have called for restrictions on what they consider unwarranted lawsuits against businesses. Democrats have often resisted them on grounds they limit injured parties' legitimate rights to redress.

"Many mortgage companies are reluctant to help families restructure their mortgages because they're afraid of being sued by the investment banks, the private equity firms and others who actually own the mortgage papers," Clinton said in what she billed as a major address on the economy at the University of Pennsylvania.

"This is the case even though writing down the value of a mortgage is often more profitable than foreclosing," she said. Clinton said she would offer legislation "to provide mortgage companies with protection against the threat of such lawsuits," but provided no further details.

Brian Deese, a Clinton economic adviser, said different categories of investors can have different interests in how a mortgage is handled. Clinton's legislation would state that a mortgage provider's obligations are to "investors as a whole," he said in an interview.

Clinton also called on President Bush to appoint "an emergency working group on foreclosures" to recommend new ways to confront housing finance troubles. She said the panel should be led by financial experts such as Robert Rubin, who was treasury secretary in her husband's administration, and former Federal Reserve chairmen Alan Greenspan and Paul Volcker.

Clinton and Sen. Barack Obama are campaigning heavily in Pennsylvania, which holds its presidential primary April 22 to allocate 158 delegates, the largest single prize left in the campaign season. There were 34,000 foreclosure notices issued in Pennsylvania last year, Clinton's campaign said.

Clinton said she supports pending legislation to establish an auction system for hundreds of thousands mortgages in default. Under the plan, drafted by Democratic lawmakers, lenders "could sell mortgages in bulk to banks and other buyers," Clinton said, who in turn would "restructure them to make them affordable for families, because they know the government will guarantee them once they're reworked."

The Federal Housing Administration, she said, "should also stand ready to be a temporary buyer to purchase, restructure, and resell underwater mortgages" if the auction plan falls short.

Clinton said a recently enacted $168 billion stimulus package "did next to nothing to help homeowners and communities struggling with foreclosure."

"If the Fed can extend $30 billion to help Bear Stearns address their financial crisis," she said, "the federal government should provide at least that much emergency help to families and communities address theirs."

Clinton's remarks built on her earlier proposals on the housing issue. Last week she called for a new stimulus package to include $30 billion to help state and local governments buy foreclosed properties, restructure mortgages, and undertake "anti-blight programs." She proposed another $10 billion for state housing agencies to refinance "unworkable mortgages."

Clinton also has called for a five-year freeze on interest rates for all subprime mortgages, which often go to borrowers with poor credit ratings.

Obama was not campaigning Monday. His campaign manager, David Plouffe, played down Obama's chances of winning Pennsylvania.

In a phone call with reporters, Plouffe called Clinton "the prohibitive favorite" in the state, and said Obama would try to do "as well as we can there."

Plouffe said Obama, if nominated, would put more states in play in the fall than Clinton could, because he would draw more support from independents.

Today's News

Existing home sales rise in February
1 hour, 11 minutes ago

WASHINGTON - After falling for six straight months, sales of existing homes posted an unexpected increase in February which may have reflected more aggressive price cutting by sellers in some parts of the country, a real estate trade group reported.

The National Association of Realtors said that sales of existing homes rose by 2.9 percent in February to a seasonally adjusted annual rate of 5.03 million units. It was the biggest increase in a year and caught economists by surprise. They had been expecting a small decline.

The trade group reported that the median existing sales price in February fell to $195,900. That was the largest year-over-year drop on records that go back to 1999.

Lawrence Yun, chief economist for the Realtors, said that prices in some formerly hot markets in California and Florida were seeing significant price declines now as sellers try to attract buyers.

Analysts cautioned against reading too much into the one-month rise in sales. Many economists are predicting that the steep slump in housing will not bottom-out until later this year after prices fall further and allow huge levels of unsold inventories to be reduced.

"We're not expecting a notable gain in existing-home sales until the second half of this year, but the (February) improvement is nother sign that the market is stabilizing," Yun said.

By region of the country, sales surged by 11.3 percent in the Northeast and were up 2.5 percent in the Midwest and 2.1 percent in the South. The only region of the country to see a decline in the sales was the West, where they dropped by 1.1 percent.

Sales of existing homes fell by 12.7 percent in 2007, the biggest decline in 25 years. Over the past two years, housing has been in a steep downturn made worse by a severe credit crunch as financial institutions tightened their lending standards in reaction to their multibillion-dollar losses on mortgages that have gone into default.

The steep slump in housing has raised concerns about a possible recession. Democrats are pushing the Bush administration to do more to stem a tidal wave of mortgage foreclosures to keep more unsold homes from being dumped on an already glutted market.

Sen. Hillary Clinton, campaigning for the Democratic presidential nomination, on Monday called on President Bush to appoint an emergency working group on foreclosures to recommend new ways to confront the housing crisis.

"Over the past week, we've seen unprecedented action to maintain confidence in our credit markets and head off a crisis for Wall Street banks," Clinton said. "It's now time for equally aggressive action to help families avoid foreclosure and keep communities across this country from spiraling into recession."

Sunday, March 23, 2008

How To Stay Positive!

How To Stay Positive!
Ask Dr. Maya: How to Stay Positive in the Wake of Negative Real Estate Reports

RISMEDIA, March 24, 2008–Do you know how to avoid ‘toxic’ people? Or even what signs to look for to recognize them? This is just one insight among many this week from Dr. Maya Bailey, Ph.D., who tells real estate professionals how to remain positive against an onslaught of negative press surrounding today’s real estate market.

Q. Dear Dr. Maya: With so much negativity from the media and people around me, how can I possibly stay positive?

A. Excellent question. I get asked that a lot so I created eight ways that you can create and maintain a positive mental attitude in today’s market.

1. Avoid toxic people

What does this mean? Who are the toxic people?

Toxic people can be well-meaning people but when they talk to you, they are coming from a negative attitude about money, finances, and especially about the current real estate situation.

2. If you’ve tried everything and exhausted always to avoid toxic people, then you may have to set an internal boundary.

You can do this very simply by having your own inner conversation if someone is saying something negative to you on the outside.

3. Avoid the media

Why? Remember that the intention of the media is to sell newspapers and magazines. The more they can paint a negative and fearful picture, the more their sales go up.

Why subject yourself to slanted, negative spins on the economy when you can find just as much information to point to the positive?

4. Successful real estate professionals do well in any market

Were you aware of that? Knowing that fact, none of us can continue to use the excuse about the market being bad.

In fact, I am coaching several clients right now who in the last six months have doubled and tripled their incomes.

In addition to the right marketing strategies and regular lead generation activities, you could help yourself with this empowered belief:

“I now draw to me clients who are ready, willing and able to make a transaction in the next 30 days.”

5. Look for the opportunity in today’s marketplace

There are many opportunities in today’s market and successful real estate professionals are taking advantage of them.

Did you know that Donald Trump is buying up as much property as he can? Why do you think that is? He is a smart businessman, to say the least, and knows that this is the best time to buy.

Let your prospective clients know this and then say to them, “Let’s get you a deal.” Few could resist this invitation.

6. Remember that your success depends on your mindset, not on the outer conditions of the market.

“If you believe you can or you can’t, either way you are right,” Henry Ford.

What mindset do you choose to nurture inside yourself? Do you want to believe, “I can” or “I can’t?” Your beliefs create your reality so whatever you choose to believe will become true for you.

7. Remember to engage the Law of Attraction as one of your most powerful tools

The law of attraction states that you get what you focus your attention on. Furthermore, your beliefs create your reality so choose your beliefs carefully.

Here’s a tip: instead of saying “I can’t possibly succeed in today’s market,” choose instead to focus one of these beliefs:

“I achieve whatever I set my mind to.”

“I am a money market in any situation.”

“I attract clients who appreciate and respect my expertise.”

“My success depends on my attitude, not on any outer circumstances.”

8. Be proactive

In any marketplace there are always people wanting to buy and sell homes. They need your help and they need your expertise.

Clear out any self limiting beliefs that inhibit your ability to pick up the phone.

Follow the suggestions mentioned above and you’ll be happy to notice that are only are you staying more positive, but also your income is increasing as well.

Visit Dr. Maya’s website:


To successfully use the Law of Attraction, you need to be clear about what you want.

Empowered beliefs that will help you create the income you want:

• I do deserve an abundance of prosperity
• It’s okay for me to be grateful for what I have and still want more
• Money is neutral and can be used for good or evil
• Money can’t buy me happiness, but I can create a better life for myself and people around me by being prosperous
• Some people are honest and some are not. It has no relationship to whether or not they have money
- Dr. Maya Bailey, Ph.D

Friday, March 21, 2008

How Honest Harry Gets the Job Done !

How I Sold It
Honest Harry Gets the Job Done

With little to showcase, sales associate Harry Ackley decided to tell the brutal truth about his unmarketable listing in Plymouth, Mich., and his peers liked the approach.


Location: Plymouth, Mich.
Square footage: 704 square feet
Lot size: 7,695 square feet
Bedrooms: 2
Bathrooms: 1
Year built: 1941
Extras: “Not much to speak of.”

THE CHALLENGE: When Harry Ackley, a sales associate with Coldwell Banker Schweitzer-Bake Real Estate in Plymouth, Mich., secured a listing from a former client in March 2004, he was worried how he was even going to get people to view the property. “The house was a complete disaster,” Ackley recalls. “Just saying, ‘fixer-upper’ or ‘handyman special’ was not going to get it done. I needed to do something drastic to sell this one.”

How did you overcome the challenge?

ACKLEY: There was no point trying to cover up anything, so I didn’t try. In the listing’s public remarks section, I wrote: “The bottom of the barrel! I have avoided listing this one as long as possible, since it will take a miracle to sell. Sure, it has two bedrooms, one bathroom, and an oversized lot in a desirable Plymouth neighborhood. But beyond this, there’s nothing else that’s positive.”

I asked and received permission from the seller before I wrote the remarks, mind you, but I just went with the brutal truth. It sounds crazy, I know, but I received so many calls from real estate professionals, far and wide, who said they wished they could be as honest in their remarks as I was.
Many of them took the listing to their weekly marketing meetings and brought it to their colleagues’ attention. Someone in my office even framed the remarks. It’s hanging on my office wall.

What was the selling price?

ACKLEY: The property listed for $119,900 in March 2004 and sold for $112,500 in April 2004. It was only on the market for 17 days. We closed May 4, 2004.

Tuesday, March 11, 2008

Riverside County population forecast to double by 2050, ranking it No. 2 in state

Sacramento Bureau

SACRAMENTO - Go-go growth is expected to more than double Riverside County's population by 2050, making it the state's second largest county.

Only Los Angeles County will top Riverside County and its estimated 4.7 million residents by midcentury, according to new estimates by the state Department of Finance.

"Let's face it, we got the land," said Assemblyman Paul Cook, R-Yucca Valley, whose district includes Moreno Valley, Perris and other fast-growing parts of Riverside County. "We have to make sure we have the roads, the infrastructure, the environmental mitigation, the water, all these challenges."

The state's population will be nearly 60 million by midcentury, which is 22 million more than today. More than half of the state's residents will be Hispanics, up from 36 percent currently, according to the Department of Finance.

The state report studied demographic trends such as immigration, births and deaths. The estimates did not take into account any shortages that could hold down growth, such as limited water, housing or infrastructure.

All told, nearly one-half of California's population in 2050 will live in five of its 58 counties, all in Southern California -- Los Angeles, Riverside, San Diego, Orange and San Bernardino -- according to the state report.

Riverside County currently is the fourth-most populous, with an estimated 2,031,625 people. San Bernardino County is in fifth place, with 2,028,013.

In California history, only Orange County in the 1960s had the kind of growth that Riverside County is experiencing, said Mary Heim, chief of the Department of Finance's demographic research unit.

"At some point in time, the growth will be like Orange County and taper off," Heim said. "But as long as people are willing to have long commutes in return for more affordable housing, that growth will continue."

State Sen. Jim Battin, R-La Quinta, said he thinks the county maintained its quality of life during recent growth waves. What it will be like in 2050, with more than twice as many people, is still an open question, he said.

"It will present a lot of challenges for the county to make sure we have the facilities and infrastructure that we need and have to adopt policies to recognize that the growth is coming instead of trying to prevent it from coming, because you can't," Battin said.

Reach Jim Miller at 916-445-9973 or

Population 2050

These are projected to be the state's five largest counties by population at midcentury:

1. Los Angeles County: 13.06 million

2. Riverside County: 4.73 million (up from fourth)

3. San Diego County: 4.51 million

4. Orange County: 3.99 million

5. San Bernardino County: 3.66 million (ranking unchanged)

Source: California Department of Finance

Tuesday, March 4, 2008

Why San Francisco has The Highest Gas Price In the Nation?

Someone posted a question on my Baby Boomers Yahoo Group.
So, here is my answer:

Glancing at this Median Sales Price of Existing Single-Family Homes
for Metropolitan Areas report, (compiled by the National Association
of of REALTORS®), I can see these numbers and can understand why,
these prices reflect the cost of living in each area.

US Median Sales Price of Existing Single-Family Homes is $217.8 in

San Francisco-Oakland-Fremont, CA is the 2nd highest in the nation
for at $805.4K for 2007. (up 5.5% from 2006)

San Jose-Sunnyvale-Santa Clara area is the highest in the nation at
$836.8 for 2007 (up 11.2%. from 2006)

Anaheim-Santa Ana, CA (Orange Co.) at $699.6
Los Angeles-Long Beach-Santa Ana, CA $589.2
San Diego-Carlsbad-San Marcos, CA $588.7
Riverside-San Bernardino-Ontario, CA $381.4

New York-Wayne-White Plains, NY-NJ $540.3
NY: Nassau-Suffolk, NY $477.2

Seattle-Tacoma-Bellevue, WA $386.9

Washington-Arlington-Alexandria, DC-VA-MD-WV $430.8

Miami-Fort Lauderdale-Miami Beach, FL $365.5

Youngstown-Warren-Boardman, OH-PA $78.9$FILE/MSAPRICESF.pdf

> Weekly U.S. Retail Gasoline Prices, Regular Grade
> Dollars per gallon, including all taxes
> San Francisco takes the prize!! Why is gas so high in San Francisco?

Friday, February 8, 2008

The Bad News.

Now you can see why our Real Estate industry is in turmoil.
Many mortgage frauds all over the country. The only consolation, the crooks are getting prosecuted but too late for many of the banks and the mortgage companies who lost so much money already. This is bad for the lending industry.

This is only one of the many, many stories on Originator Times.

Broker Arrested for Scamming at Least 15 Million
Tuesday, November 20, 2007 -
By Staff Writer, Originator Times

STUART, FL – Matthew Bevan Cox was sentenced this week to 26 years and four months in jail and hit with $6 million in restitution for mortgage fraud. Cox was arrested in his Nashville, Tennessee home in November of 2006 and plead guilty to charges in April 2007. Cox had been on the run from police and the FBI after arrest warrants were issued in August of 2004 for conspiracy, stolen identification, mail and wire fraud, money laundering, and social security number fraud. At the time arrest warrants were issued, Cox was already on the run from Florida police for violating his probation for a prior incident in that state.

Cox worked as a mortgage broker and is suspected of running hundreds of mortgage-related scams in at least five states including Georgia, Florida, North Carolina, South Carolina, and Alabama with an associate that he met on Reports indicate Cox got away with at least $15 million by defrauding mortgage companies and duping desperate sellers. The pair acted as though Cox was the client and his partner, Rebecca Marie Hauck, was a real estate agent. The duo scoped out MLS ads and pounced on those offering partial owner financing, only to leave the mortgage unpaid and sending the property into foreclosure.

Cox, who has not used his real name since 2003, used the names Maxwell Price, David Richard Freeman, Gerald Scott Cugno, Michael Shawn Shanahan, Gary Lee Sullivan, Michael John Eckert, Michael White, Kevin White, David White, and James Redd. At the time of his arrest, he was operating the Nashville Restoration Project.

Another story:

Fraud Lands Two Brokers and Insider in Prison
Wednesday, August 22, 2007 - By Staff Writer, Originator Times
Click to Review

NEWNAN, GA - Joseph White of Southern Lenders Mortgage and Michael Jones of Infinity Mortgage have both been convicted and sentenced for their participation in an $11 million fraud perpetrated against nBank, with the participation of a then nBank vice president, Ronald Walton.

White, Jones, and Walton operated an elaborate scheme whereby they diverted funds from a broker line of credit issued to Southern Lenders mortgage and Infinity Mortgage by nBank.

According to court documents, once White and Jones closed on transactions with their nBank credit lines, they then sold the same loans to other investors and then diverted the proceeds to pay personal and business expenses.

White diverted $3,700,000 in proceeds from 34 loans and Jones $1,835,000 from 23 loans.

The court found that Walton, then a senior vice president at nBank, managed the division of nBank responsible for broker lines of credit to mortgage brokers. The fraud perpetrated on nBank by White, Jones, and several additional brokers was carried out with the cooperation of Walton, who received commissions from nBank based upon the number of loans nBank funded for brokers. The fraud against nBank was facilitated by Walton knowingly assisting the brokers in circumventing the nBank security controls that were specifically in place to prevent such frauds.

“This case involved the defrauding of a federally insured bank by various mortgage brokers, aided by an insider who was an officer at the bank,” said United States Attorney David E. Nahmias. “The integrity of the banking system and soundness of the lending industry is of importance to all citizens.”

Walton was sentenced to serve over 8 years in federal prison, White will serve over 4 years, and Jones will serve over 3 years for their participation in the fraud

Many on the bottom of this page:

There are many more stories on this site:

The Good News.

I subscribed to Original Times Newsletter and I learn about the latest news in the Mortgage Loan industry.

Purchase Applications Up in Latest Survey
Wednesday, February 06, 2008 - Mortgage Bankers Association

WASHINGTON, D.C. - The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending February 1, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 1086.6, an increase of 3.0 percent on a seasonally adjusted basis from 1054.9 one week earlier. On an unadjusted basis, the Index increased 4.4 percent compared with the previous week and was up 73.2 percent compared with the same week one year earlier.

The Refinance Index decreased 1.0 percent to 5054.0 from 5103.6 the previous week and the seasonally adjusted Purchase Index increased 12.0 percent to 405.3 from 362.0 one week earlier. The Conventional Purchase Index increased 10.4 percent while the Government Purchase Index (largely FHA) increased 20.9 percent. On an unadjusted basis, the Purchase Index increased 19.1 percent to 386.5 from 324.4 the previous week. The seasonally adjusted Conventional Index increased 1.0 percent to 1552.6 from 1537.6 the previous week, and the seasonally adjusted Government Index increased 23.7 percent to 309.5 from 250.2 the previous week.

The four week moving average for the seasonally adjusted Market Index is up 10.4 percent to 1007.4 from 912.2. The four week moving average is down 0.5 percent to 417.1 from 419.3 for the Purchase Index, while this average is up 16.7 percent to 4477.8 from 3837.9 for the Refinance Index.

The refinance share of mortgage activity decreased to 69.2 percent of total applications from 73.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.8 from 8.6 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.61 percent from 5.60 percent, with points decreasing to 0.98 from 1.06 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.09 percent from 5.04 percent, with points decreasing to 0.92 from 1.12 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 5.62 percent from 5.70 percent, with points remaining unchanged at 0.97 (including the origination fee) for 80 percent LTV loans.

Tuesday, February 5, 2008

Prediction for 2008.

1. Seattle, Wash.
Median home price: $395,000
Annual price change from 2006: 8.9%
Projected price change to 2008: 3.09%

2. Pittsburgh, Pa.Median home price: $123,500
Annual price change from 2006: 2.7%
Projected price change to 2008: 3.37%

Columbus, Ohio
Median home price: $153,900
Annual price change from 2006: -1.2%
Projected price change to 2008: 3.49%

4. Dallas, Texas
Median home price: $156,500
Annual price change from 2006: 1.7%
Projected price change to 2008: 5.45%

5. St. Louis, Mo.
Median home price: $157,200
Annual price change from 2006: 2.7%
Projected price change to 2008: 3.01%

Blue-Chip Real Estate Investment Markets Forbes

If you can dream it....


New York, N.Y.
Fifth Avenue And 70th Street
Median Home Sale Price: $2.45 million
Price Growth Since 1990: 325 percent

Chicago, Ill.
Lake Shore Drive And Route 41
Median Home Sale Price: $1.91 million
Price Growth Since 1990: 236 percent

Dallas, Texas
University Park
Median Home Sale Price: $898,640
Price Growth Since 1990: 148 percent

Philadelphia, Penn.
Walnut Street And Third Street
Median Home Sale Price: $914,115
Price Growth Since 1990: 184 percent

San Francisco, Calif.
El Camino Del Mar And Lake Street
Median Home Sale Price: $2.2 million
Price Growth Since 1990: 282 percent

Wednesday, January 23, 2008

Refi applications continue their rebound

Refi applications continue their rebound
Interest rate on 15-year fixed-rate mortgage falls below 5%, MBA data show
By Amy Hoak, MarketWatch

Last update: 7:03 a.m. EST Jan. 23, 2008Print E-mail RSS Disable Live Quotes
CHICAGO (MarketWatch) -- The volume of mortgage applications filed last week rose a seasonally adjusted 8.3% compared to the prior week as mortgage interest rates continued their decline, the Mortgage Bankers Association reported on Wednesday.
Refinance applications drove the increase: Applications to line up new financing on an existing loan rose 16.9% during the week ended Jan. 18, compared with the previous week, according to the MBA's weekly survey.

"Refinance applications are up 92% since the beginning of November and purchase applications are up 7%," said Jay Brinkmann, the MBA's vice president of research and economics.

"With tighter credit conditions, we do not know how many of these applications will become loans, but it is clear that borrowers are responding to the 40- to 80-basis-point drop in rates we have seen since Nov. 2," he said in a news release.
Week-to-week applications for mortgages to purchase a home decreased a seasonally adjusted 4.6%, the MBA said.

Total applications were up 63.7%, compared with the same week in 2007. The four-week moving average for all loans was up 13.7%.

Fully 66% of all applications were for refinance loans in the latest week, an increase from 62.7% the previous week. Applications for adjustable-rate mortgages accounted for 9.3%, up from 9.2% the previous week.

The average interest rate for the 15-year fixed-rate mortgage, a popular option for homeowners seeking to refinance, was 4.96% last week, down from 5.07% the previous week. The 30-year fixed-rate mortgage averaged 5.49% last week, down from 5.62% the previous week.

The rate on a one-year ARM averaged 5.51%, down from 5.77%.
The MBA survey covers about half of all U.S. retail residential mortgage applications.

Amy Hoak is a MarketWatch reporter based in Chicago

Refi applications continue their rebound

Refi applications continue their rebound
Interest rate on 15-year fixed-rate mortgage falls below 5%, MBA data show
By Amy Hoak, MarketWatch

Last update: 7:03 a.m. EST Jan. 23, 2008Print E-mail RSS Disable Live Quotes
CHICAGO (MarketWatch) -- The volume of mortgage applications filed last week rose a seasonally adjusted 8.3% compared to the prior week as mortgage interest rates continued their decline, the Mortgage Bankers Association reported on Wednesday.
Refinance applications drove the increase: Applications to line up new financing on an existing loan rose 16.9% during the week ended Jan. 18, compared with the previous week, according to the MBA's weekly survey.

"Refinance applications are up 92% since the beginning of November and purchase applications are up 7%," said Jay Brinkmann, the MBA's vice president of research and economics.

"With tighter credit conditions, we do not know how many of these applications will become loans, but it is clear that borrowers are responding to the 40- to 80-basis-point drop in rates we have seen since Nov. 2," he said in a news release.
Week-to-week applications for mortgages to purchase a home decreased a seasonally adjusted 4.6%, the MBA said.

Total applications were up 63.7%, compared with the same week in 2007. The four-week moving average for all loans was up 13.7%.

Fully 66% of all applications were for refinance loans in the latest week, an increase from 62.7% the previous week. Applications for adjustable-rate mortgages accounted for 9.3%, up from 9.2% the previous week.

The average interest rate for the 15-year fixed-rate mortgage, a popular option for homeowners seeking to refinance, was 4.96% last week, down from 5.07% the previous week. The 30-year fixed-rate mortgage averaged 5.49% last week, down from 5.62% the previous week.

The rate on a one-year ARM averaged 5.51%, down from 5.77%.
The MBA survey covers about half of all U.S. retail residential mortgage applications.

Amy Hoak is a MarketWatch reporter based in Chicago

Friday, January 18, 2008

Mortgage Demand Reaches 4-Year High

Daily Real Estate News | January 16, 2008
Mortgage Demand Reaches 4-Year High
Demand for mortgages surged last week, hitting its highest level in nearly four years as interest rates fell, the Mortgage Bankers Association reported today.

Mortgage application volume reached 906.4, an increase of 28.4 percent on a seasonally adjusted basis, up from 706 one week earlier. On an unadjusted basis, the index increased 64.8 percent compared with the previous week, which was shortened by the New Year holiday and was up 39 percent compared with the same week a year ago.

The refinance share of mortgage activity increased to 62.7 percent of total applications, up from 57.7 percent the previous week.

Adjustable-rate mortgages were only 9.2 percent of total applications.

Meanwhile, mortgage rates slipped during the week. They were:

30-year fixed-rate mortgages decreased to 5.62 percent from 5.73 percent.
15-year fixed-rate mortgages decreased to 5.07 percent from 5.21 percent.
1-year ARMs decreased to 5.77 percent from 6.04 percent

Source: Mortgage Bankers Association (01/16/08)

Just A Thought.

I have a couple who are looking to buy and they really like this
neighborhood, it is older but still with many nice homes with bigger
lots. The homes are not that modern they are built around mid 90s.
Some homes are upgraded, some are mostly just original but with
fresh paint, new carpet, new kitchen counter and or cabinets.
Prices are reasonable around $490,000 to $550,000.

We drove around the neighborhood of 250+ homes and we only found
about 4-5 homes for sale. The buyers also noticed that too.

Well, guess what, the neighborhood is well established, people
bought long time ago and they have accumulated enough equities
in their homes to stay put or perhaps move up.
(One neighbor moved to the wine country, they built their own home
plus inlaw's home on 5 acres lot, it is approx. $1.6 mil now).
In this neighborhood, most of the home owners probbly have steady
jobs and older kids perhaps with part time jobs.

In the meantime I have a listing in a new neighborhood, it was built
by Lennar in 2005. The homes are all beautiful and all upscale with
granite tops, travertine tiles or wood floor, mostly 5 or 6 bedrooms
with 4 to 4.5 baths. Some homes are truly gorgeous with upgrade in
the front yards as well as backyard.

Guess what, people bought in 2005 with Adjustable Rate Mortgage,
low down payment, low interest rate. Now it's 2008 many mortgage
interests for these home owners became much, much higher. For
example some payment increases anywhere from $500 to $1500 more
per month. No wonder, there are at least 30 homes for sale in this
area. People got into a bad loan and now they are either stuck or
needs to get out. I hate to tell you how much some of these
gorgeous homes are sold for. One of the problem is that since your
home is worth what the market will bear and the appraisers also look
at the neighborhood to see how much homes are sold for in the last 3-
6 months and it does not matter how much you bought it for.

It is not a pretty picture and believe me, the realtors who listed
these homes will spend tons of money for advertising and expenses
out of their own pockets TO HELP the SELLERS!! Some bank owned or
short sale properties are taking long time to sell and must be
priced competitively otherwise forget it. The buyers / investers are
looking for the cheapest house in the neighborhood. That is driving
the price down as well. Forget the existing lenders, they are
horrendously slow in the approval process when working with them.
For shortsale home, if we are lucky and have a buyer, the lender
might just approve 1% commission to the Realtors. What a joke.

I was on the phone for 4 hours one morning trying to talk to them
about processing the home for sale, they transferred me all over the
company. I had to put the phone on the speaker so I can do something
while I waited for someone to answer. Besides all the paperworks
they asked you to fill. All these work just to help the sellers.

In this market, all we can do is to work harder to help the sellers
sell their homes, without even thinking about how much we are going
to make. Some agent will not touch the shortsale, they think that it
just wasting their time.