Credit Score Key to Mortgage

Posted on May 28, 2009 by Ginger Wilcox

Did you know that a strong credit score is still one of the leading factors lenders use in determining whether or not to issue a consumer credit?Â Staying on top of your credit score to make sure there are no inaccuracies or errors is important for consumers even if you aren’t anticipating taking out a loan anytime soon.

Free Credit Reports

You can receive a free copy of your credit report once a year at www.annualcreditreport.com.Â This report will only show credit history, and not credit scores.Â To obtain a credit score, you can visit www.myfico.com.

Disputing Credit Errors

To dispute an error, you should first should contact the lender that reported the information to the credit bureaus.Â Next, contact the credit bureaus using the numbers listed on the credit reports.Â This also can be done online at www.transunion.com, www.equifax.com, or www.experian.com.Â If the report is more than 60 days old, you should obtain a new report, which may have a new phone number.Â If the report was obtained from a third-party site rather than directly from the credit bureau, you may have to order a report from the bureau to begin the dispute process.Â It usually takes 30 to 45 days to resolve disputes, although simple factutal errors can take less time.

California Statewide Real Estate Stats

Posted on May 27, 2009 by Ginger Wilcox

Median Home Price in California >-Â March 09: $253,040
Highest Median Home Price by Region- Santa Barbara So. Coast, $825,000
Lowest Median Home Price by Region- High Desert $114,670
Calif. First-time Buyer Affordability Index – First Quarter 2009: 69 percent, What this means:Â The percentage of households that could afford to buy an entry-level home in California stood at 69 percent in the first quarter of 2009, compared with 46 percent for the same period a year ago.

(Source: C.A.R.)

Marin County April Closed Sale Statistics

Posted on May 6, 2009 by Ginger Wilcox

Marin County Homes Sales Statistics, April 2009

Marin County Home Sales	Apr 08	Apr 09	% Change
For Sale	833	900	8%
Sold	141	104	-26.2%
Pending	142	141	-0.7%

*Marin County Single Family Residential Home Sales

Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

*Report published May. 2009, based on data available at the end of Apr. 2009. Data provided by Bay Area Real Estate Information Services, Inc. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

First-Time Home Buyer Credit Form

Posted on March 18, 2009 by MortgageNews

As part of the American Recovery and Reinvestment Act of 2009, the IRS has officially released Form 5405 — better known as the First-Time Home Buyer Credit Form.

True to tax code standards, the 10-field form is accompanied by 3 pages of instructions.

Form 5405 is a helpful, go-to resource for home buyers with questions about the tax credit.

For example, the form distinguishes tax consequences for homes bought in 2008 versus 2009, and clearly defines the term “first-time home buyer”.

In addition, Form 5405 highlights the math behind the tax credit. In general, the First-Time Homebuyer Credit is equal to the lesser of:

$8,000 for homes bought in 2009
10 percent of the home’s purchase price

Married couples filing separately are entitled to half of the expected credit, and homes sold within 3 years are subject to a credit repayment in the year the home ceases to be the “main home”.

Form 5405 is a comprehensive reference. However, be sure to check with your accountant for specific questions about your personal returns and how the First-Time Homebuyer Credit may impact your finances.

Guidance For Soon-To-Be Real Estate Investors

Posted on March 16, 2009 by MortgageNews

“Most of the biggest real estate fortunes were not made in good times, but in bad times like this” Barbara Corcoran reminds us in this talk with NBC.

It’s important perspective for Americans wondering how to invest in foreclosed properties without losing their cash or their credit rating.

In the 4-minute interview, Corcoran quips on the basics and the essentials of foreclosure investing,

“Everyone who loses their shirt loses it somewhere else.”
“Every big shark started small.”
“The house on the corner sets the tone for the block.”

She also lends some personal perspective to rent rolls, the cost of losing a tenant, and finding a good business partner.

Banks are anxious to sell their foreclosed homes and that makes this an ideal time for shrewd real estate investors. If you’re new to the game, watch the video and take good notes.

Greenbrae Market Report

Posted on March 9, 2009 by Ginger Wilcox

This market profile is a snapshot of what is happening in Greenbrae. Home prices have trended down in recent weeks.Â While the days-on-market has been increasing, listing inventory has been decreasing and the Greenbrae Market Action Index has been on the rise, signally positive indications for the Greenbrae real estate market.

Greenbrae Real Estate Market Update

There are currently 12 homes for sale in Greenbrae, California. There are 0 homes under contract.
Median List Price	$1,111,550
Highest Priced Home in Greenbrae (single family)	$2,399,000 45 Corte Dorado, Greenbrae
Lowest Priced Home in Greenbrae (single family)	$869,000 44 Corte Morada, Greenbrae
Asking Price per Square Foot	$518
Average Days on Market	139
Percent of Properties with Price Decrease	67%
Percent Relisted	8%
Median House Size (sq ft)	2,135
Median Lot Size	6,501-8,000 sq. ft
Median Number of Bedrooms	3.6
Median Number of Bathrooms	2.3
Market Action Index	13 – Cold! Buyer’s Market

The Market Action Index answers the question:
“How’s the Greenbrae Real Estate Market?”
By measuring the current rate of sale versus the amount of inventory.
Index above 30 implies seller’s market conditions.
Below 30, conditions favor the buyer.

Greenbrae Real Estate Market Data effective as of March 8, 2009. Data provided by AltosResearch and Bay Area Real Estate Information Services, Inc. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

What The Homeowner Affordability and Stability Plan Doesn’t Mean For Homeowners

Posted on February 22, 2009 by MortgageNews

On Wednesday, the President presented the Homeowner Affordability and Stability plan, a multi-pronged effort to support the housing market.

The story made the front page of nearly every newspaper in the country.

The president’s plan is sweeping:

Incent mortgage servicers to work with at-risk homeowners before delinquency starts
Let homeowners with good credit but little equity refinance to today’s low rates
Fund Fannie Mae and Freddie Mac to support mortgage markets

It is a broad plan with many positive angles, but for now, we can’t forget that it’s just a plan. Although the White House shapes and influences housing policy, Congress, Loan Servicers, and the Federal Agencies must still implement and execute it. Until that implementation occurs, these reforms exist only on paper.

It is a key aspect of the speech that’s not getting coverage.

One thing we learned during the stimulus package debate was that just because the President wants something to happen doesn’t mean that it will. There are always details to be worked out and that’s one reason why the Homeowner Affordability and Stability Plan couldn’t go into effect immediately. There are still loose ends to tie and details to define.

According to its website, the White House lists March 4, 2009 as the plan’s effective date. Until March 4, nothing in Wednesday’s speech is guaranteed.

(Image courtesy: Birmingham News)

A Gloomy Moment in History

Posted on February 19, 2009 by Ginger Wilcox

This is reprinted with permission from an email sent to my company, Alain Pinel, by Alain Pinel Owner/CEO Paul Hulme.

Did you read the editorial in yesterdayâ€™s paper?

THE AWFUL UNCERTAINTY OF THE FUTURE

It is a gloomy moment in history. Not in the lifetime of any man who reads his paper has there been so much grave and deep apprehension; never has the future seemed so dark and incalculable.

In France, the political cauldron seethes and bubbles with uncertainty.

England and the English Empire is being sorely tried and exhausted in a social and economic struggle, with turmoil at home and uprising of her teeming millions in her far-flung Indian Empire.

The United States is beset with racial, industrial and commercial chaos â€“ drifting, we know not where.

Russia hangs like a storm cloud on the horizon of Europe â€“ dark and silent.

It is a solemn moment, and no man can feel indifference, which happily no man pretends to feel in the issue of events.

Of our own troubles, no man can see the end………..

This editorial sounds pretty gloomy, doesnâ€™t it? The writer evidently was weighted down by present problems and quite ready to sell our Nation short. Did I say â€œpresent problemsâ€? Excuse me, please. No, far from it. This editorial appeared before 9/11, Vietnam, before the Korean conflict, before World War II, before the Depression of 1929, before the First World War in 1914, before the Panic of 1891, before the Civil War in 1865.

It was an editorial in Harperâ€™s Weekly â€“ October 10, 1857. One hundred and fifty-two years ago! Yes, our country is going through difficult economic times, but hang in there. And remember, â€œThe race goes not always to the swift nor to the strong, but to those who endure to the end.â€

This, too, shall pass.

Mill Valley Real Estate Market Report

Posted on February 16, 2009 by Ginger Wilcox

This market profile is a snapshot of what is happening in Mill Valley. Mill Valley home prices have continued to trend down in recent weeks. While the listing inventory in Mill Valley has been decreasing, days-on-market has been increasing. The Market Action Index has been basically flat, not providing a strong indication of the direction of the Mill Valley real estate market. Despite these numbers, Mill Valley continues to be one of the stronger real estate markets in Marin County.

Mill Valley Real Estate Market Update

There are currently 84 homes for sale in Mill Valley, California. There are 16 Mill Valley homes under contract.
Median List Price	$1,199,000
Highest Priced Mill Valley Home (single family)	$5,700,000 321 Summit, Mill Valley
Lowest Priced Mill Valley Home (single family)	$770,000 290 Morning Sun Ave, Mill Valley
Asking Price per Square Foot	$657
Average Days on Market	108
Percent of Properties with Price Decrease	43%
Percent Relisted	9%
Median House Size (sq ft)	2,160
Median Lot Size	8,001-10,000 Sq. Feet
Median Number of Bedrooms	3.0
Median Number of Bathrooms	2.3
Market Action Index	17 – Cold! Buyer’s Market

The Market Action Index answers the question:
“How’s the Mill Valley Real Estate Market?”
By measuring the current rate of sale versus the amount of inventory.
Index above 30 implies seller’s market conditions.
Below 30, conditions favor the buyer.

Mill Valley Real Estate Market Data effective as of February 15, 2009. Data provided by AltosResearch and Bay Area Real Estate Information Services, Inc. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.

San Rafael Real Estate Market Report

Posted on by Ginger Wilcox

This market profile is a snapshot of what is happening in San Rafael. San Rafael home prices in the 94903 zip code have continued to trend down in recent weeks while home prices in the 94901 zip code have stayed flat. While the listing inventory in San Rafael has been decreasing, days-on-market has been increasing. The Market Action Index has been basically flat, not providing a strong indication of the direction of the San Rafael real estate market.

San Rafael Real Estate Market Update

There are currently 180 homes for sale in San Rafael, California. There are 41 San Rafael homes under contract.
Area- Zip Code	94901	94903
Median List Price	$889,500	$699,000
Highest Priced San Rafael Home (single family)	$4,500,000 349 Bay Way, San Rafael	$6,500,000 1677 Lucas Valley Rd, San Rafael
Lowest Priced San Rafael Home (single family)	$375,000 117 Auburn Street, San Rafael	$379,900 842 Rincon Way, San Rafael
Asking Price per Square Foot	$450	$407
Average Days on Market	126	149
Percent of Properties with Price Decrease	39%	49%
Percent Relisted	9%	2%
Median House Size (sq ft)	2,047	1,833
Median Lot Size	8,001-10,000 Sq. Feet	8,001-10,000 Sq. Feet
Median Number of Bedrooms	3.8	4.0
Median Number of Bathrooms	2.4	2.0
Market Action Index	14- Cold! Buyer’s Market	15- Cold! Buyer’s Market

The Market Action Index answers the question:
“How’s the San Rafael Real Estate Market?”
By measuring the current rate of sale versus the amount of inventory.
Index above 30 implies seller’s market conditions.
Below 30, conditions favor the buyer.

San Rafael Real Estate Market Data effective as of February 15, 2009. Data provided by AltosResearch and Bay Area Real Estate Information Services, Inc. Are you a Marin real estate junkie? Sign up to receive very detailed real-time market reports in your email. Just register and let me know which neighborhoods you are interested in. Download a sample report.