Lynne Pope is your Realtor in Hermosa Beach, Manhattan Beach and Redondo Beach

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Major Mortgage Rates
26-Aug-09		Last
30 Year FXD		4.94%
15 Year FXD		4.74%
3/1 ARM		4.36%
5/1 ARM		4.50%
7/1 ARM		4.73%

Points from the  National Consumer Law Center in Boston

The Bank closures in Texas take our country to 81 closed banks this year. There are more coming.  Realtors are staying in close contact with lenders daily. Lenders come to our RE/MAX office every week for the overall information that we need to help our clients. Realtors share experiences on successful resources. We are a service business. Chase, Bank of America, California Funding Group are lenders that I have spoken to personally this last week.

• @DianeKohler I was at tizish today getting started. its only been a year. Looking forward to talking soon #
• @johnbethell whats a VA link? @kevinbui whats a va link? #
• @rickeyredmond change that picture-or I’m gonna come down there and take a photo for you!. You rock-show it like u mean it! u r awesome,man #
• @joshgalvan @orlando I love Rickey. brilliant and kind awesome talent what a blend.
  Teacher and guide. I just LOVE him. make him new photo #
• craigs list scam today up late last nite in town vis bro/sister anyone else need help like me? mortgage refi I guess. I got 2 of them #

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What is this? With the whole world looking for a good deal the mortgage industry created one too. Its the red tag sale, Presidents day, Mothers day, 4th of July all rolled into one consistant sale… WHOLESALE.

Too good to believe? Too good to be true?  Check it out. I have a whole page devoted to it. Look across the top of the list of pages and go see it for yourself.

 I now have 3 in escrow using this wholesale mortgage and it is working out to save so much in costs…closing costs. On a 600K home one lender fees tucked into the total  closing costs looked like 14K. The wholesale lender fees tucked into total closing costs for the buyer is 9K.  Thats the truth the only difference was in the fee of the loan, all the other closing costs numbers remained the same.

Feel free to talk to me about it. The lender is working on my South Bay purchases for buyers in Torrance and Gardena, as well as Los Angeles. One is a bank owned, the other 2 are short sales. It makes no difference even a normal sale will do. I haven’t seen too many normal sales…lately. Have you? I love your questions and comments.  Everyone deserves a pot of gold at the end of the rainbow. This is ours.

Activity in our area is still bumpy. A little up and then a little quiet. People waited for after the election, we thought.  

REO’s are selling. One lady at our Church just bought one and has a LOT of fixing up to do. We know about special financing to help that.

I have two short sales for this year one a list and one a buy. There is just a lot of waiting on those.

Progress for me -last month sold one and this month leased one selling 1 and countering one. Thats’ progress.

 This is good news!  I just had to share it…. 

News of the day! They said it…..This is what they said….

“Daily Real Estate News  |  November 12, 2008  

These Cities Are In Line for a Rebound 
Have we reached bottom? In many cities, knowledgeable observers say yes.

In October 2005 at the peak of the boom, the median sales price for a U.S. home reached 7.3 times per capita income. By this May it was 5.7 times, just about the historical norm. Home inventories have flattened. The decline in sales has ended ¢â‚¬â€œ and in some places sales have expedited.

“The indicators are starting to look better,” says Adam York, an economic analyst with Wachovia.

Here are seven markets that SmartMoney magazine says are in line for a rebound:

• Seattle
• Raleigh
• Des Moines
• Philadelphia
• Denver
• Birmingham, Ala.
• Salt Lake City

Source: SmartMoney (11/01/08)

Activity in our area is still bumpy. A little up and then a little quiet. People waited for after the election, we thought.  

REO’s are selling. One lady at our Church just bought one and has a LOT of fixing up to do. We know about special financing to help that.

I have two short sales for this year one a list and one a buy. There is just a lot of waiting on those.

Progress for me -last month sold one and this month leased one selling 1 and countering one. Thats’ progress.

 This is good news!  I just had to share it…. 

News of the day! They said it…..This is what they said….

“Daily Real Estate News  |  November 12, 2008  

These Cities Are In Line for a Rebound 
Have we reached bottom? In many cities, knowledgeable observers say yes.

In October 2005 at the peak of the boom, the median sales price for a U.S. home reached 7.3 times per capita income. By this May it was 5.7 times, just about the historical norm. Home inventories have flattened. The decline in sales has ended ¢â‚¬â€œ and in some places sales have expedited.

“The indicators are starting to look better,” says Adam York, an economic analyst with Wachovia.

Here are seven markets that SmartMoney magazine says are in line for a rebound:

• Seattle
• Raleigh
• Des Moines
• Philadelphia
• Denver
• Birmingham, Ala.
• Salt Lake City

Source: SmartMoney (11/01/08)

Redondo Beach real estate, homes for sale have more open houses this summer than ever! There is a reason. I was at a conference and I heard that Agents are looking for Buyers!  With listings staying on the market longer, the expense of the listing really adds up. The buyer market is slim now as mortgage loans are for the few with 1099 stubs. The days of the stated income are rare right now.

When the news says the rates have come down. It doesn’t mean the consumer rates will fall. Call the mortgage lender of your choice today and check out the true interest rates. Then you will be ready to buy a home. It is the first time that interest rates and home prices have both been low. The prices will remain low for another year but will interest rates?