Good news to report: President Obama is expected to sign a resolution passed late yesterday by Congress extending the current limits for Fannie Mae, Freddie Mac, and FHA loans through 2010. The limits were set to expire at the end of this year. This is especially critical for California, where more than 80 percent of all loans are financed by Fannie Mae, Freddie Mac, or FHA, and will help maintain the positive signs we are now seeing in California’s mortgage market. President Obama is expected to sign the resolution today or tomorrow as part of a broader piece of budgetary legislation that will prevent a government shutdown.
While home prices in California have declined, the demand for housing has not. The market has been dominated by first-time home buyers who have faced a shortage of financing opportunities. The loan limits are set at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas, including many regions in California. Sales in move-up and high-end markets have been constrained this year; the loan limits extension will help qualified home buyers in these markets to move forward with their purchases.
Although loan limits are safe through 2010, there is still work to be done. Congress has yet to act to extend the First Time Home Buyer Tax Credit past its current Nov. 30 expiration date. Yet the impact of the home buyer tax credit is clear: A C.A.R. survey of first-time home buyers shows that 40 percent would not have purchased a home without the tax credit.
Friday, October 30, 2009
Sunday, October 25, 2009
Now The Law - California
Governor Schwarzenegger has signed into law, Senate bill 94..
California law now prohibits Advance fee demand on all/any Loan modifications or loan forbearance service from 1 to 4 unit residential.
This law does not affect agreements entered before October 11, 2009.
The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
California law now prohibits Advance fee demand on all/any Loan modifications or loan forbearance service from 1 to 4 unit residential.
This law does not affect agreements entered before October 11, 2009.
The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So california since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
California Condo Home Owner Associations
California Condo Home Owner Associations
Do You feel the monthly dues you pay are justified according the amenities services you complex offers? and if not why?
let me know your feedback.
The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So California since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
Do You feel the monthly dues you pay are justified according the amenities services you complex offers? and if not why?
let me know your feedback.
The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So California since 1989
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
The California King
The California Condo King
Jason M. Gokei
Studios to Luxury Town Homes
from the Valley to the Sea
#1 In Service #1 in Sales
Proudly serving So California since 1989
Contact me Now for your FREE NO OBLIGATION property analysis on your California Condo.
(951)818-9601
sold@ThecaliforniaCondoKing.com
www.TheCaliforniaCondoKing.com
www.facebook.com/ThcaliforniaCondoKing
www.twitter.com/CalifCondoKing
http://thecaliforniacondoking.blogspot.com
Friday, October 23, 2009
Networking
Let`s Network!
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
http://www.facebook.com/ThecaliforniaCondoKing
http://www.twitter.com/califCondoKing
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
http://www.facebook.com/ThecaliforniaCondoKing
http://www.twitter.com/califCondoKing
Wednesday, October 21, 2009
I need Your Condo Listings!
I need your Condo listings!
My Inventory is all sold and Buyer demand is higher than available market inventory.Act Now.
Contact me asap for your free no Obligation market analysis on your condo.
Contact me asap for your free no Obligation market analysis on your condo.
For Exclusive Representation.
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
The Valley to the Sea
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
The Valley to the Sea
#1 in Service #1 in Sales
Proudly Since 1989
951-818-9601sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
https://instagram.com/thecaliforniacondoking/
https://www.pinterest.com/CalifCondoKing
https://plus.google.com/u/0/+JasonGokeiTheCaliforniaCondoKing1
https://www.linkedin.com/in/thecaliforniacondoking
https://www.facebook.com/TheCaliforniaCondoKing
Tuesday, October 20, 2009
IRS probing home-buyer tax credit claims:
The U.S. Internal Revenue Service is probing more than 100,000 doubtful claims of a tax credit meant for first-time home buyers, the Wall Street Journal reported on its website on Tuesday.
The $8,000 tax credit for first-time home buyers under the American Recovery and Reinvestment Act was passed in February to help prod the U.S. economy back to life.
Lawmakers have expressed concern that significant number of claims might turn out to be fraudulent, the paper said.
The IRS was investigating 167 "criminal schemes" involving the credit, according to the House Ways and Means oversight subcommittee, the paper said.
Source: Reuters
The $8,000 tax credit for first-time home buyers under the American Recovery and Reinvestment Act was passed in February to help prod the U.S. economy back to life.
Lawmakers have expressed concern that significant number of claims might turn out to be fraudulent, the paper said.
The IRS was investigating 167 "criminal schemes" involving the credit, according to the House Ways and Means oversight subcommittee, the paper said.
Source: Reuters
Friday, October 16, 2009
Top California Hoa Attorney
Need a Top California HOA Attorney?
Contact: Robert M. DeNichilo, Esq.
(949) 766-4700
http://hoabrief.com/
Contact: Robert M. DeNichilo, Esq.
(949) 766-4700
http://hoabrief.com/
Thursday, October 15, 2009
California Condo Law - FHA Reserve Requirements
QUESTION: Regarding the FHA 60% reserve funding requirement; just what does the 60% mean?
ANSWER: As reported last week, starting November 1 the FHA will not insure loans in condo developments where the association’s reserves are less than 60% of the funding levels called for in the association’s most recent reserve study. The 60% reserve requirement is not a national standard, it was issued by the Santa Ana HUD/FHA office. Since the Santa Ana office serves the Western region, their rule controls all loan guarantees in California.
Reserve Requirements. In addition to requiring 60% reserve funding for existing condominium associations, the Santa Ana office obligates condo conversions to 100% reserve funding. Below describes how the new requirements work.
Existing Condos. If an association’s roof costs $100,000 to replace in 20 years, then $5,000 must be set aside annually for the next 20 years. Assume the roof is now 10 years old; to be fully funded, the association must have $50,000 in its reserve account for the roofs. To meet the Santa Ana requirement, the association needs at least 60% of the $50,000, i.e., $30,000 cash on hand for the roofs. To arrive at the total cash for all reserve items, the same calculation is applied to each item in the reserve study. If all components taken together total $1 million as of today’s date, then the association must have 60% of $1 million in the bank, which means $600,000.
Condo Conversions. If the development is a condo conversion, the association needs 100% of the reserve study’s fully funded requirement. In the roof example above, condo conversions need the entire $50,000 in roof reserves to qualify for FHA loan guarantees. Keep in mind that roofs are only one component. If all components taken together total $1 million, then the association must have $1 million in its reserves to qualify.
Bona Fide Reserve Study. An obvious way to meet the FHA requirement is to doctor the reserve study to reduce the $1 million funding requirement to whatever amount is currently in your reserves. That would be a very bad idea. Directors would face potential liability for fraud (not covered by insurance) and breach of fiduciary duties. In addition, the FHA requires that associations use a bona fide site visit reserve study for their calculations. Bona fide means “made in good faith without fraud or deceit.”
Thank you to Robert Nordlund of Association Reserves, Inc. and Clifford Treese of Association Information Services for their input on this question.
COMMENT: It’s understandable the FHA would not want to guarantee loans in weak associations. Unfortunately, the Obama Administration’s timing is terribly short-sighted. The new requirement is being imposed when the housing market is already distressed and associations are suffering record foreclosures. FHA insured loans are vital to the housing market because they enable buyers with modest incomes to purchase homes. On November 1 when the new regulations go into effect, tens of thousands of condominiums in California will become virtually unsalable. This will further depress the housing market and drive more condominiums into foreclosure. Not a smart move. -
Bye Adrian Adams
ANSWER: As reported last week, starting November 1 the FHA will not insure loans in condo developments where the association’s reserves are less than 60% of the funding levels called for in the association’s most recent reserve study. The 60% reserve requirement is not a national standard, it was issued by the Santa Ana HUD/FHA office. Since the Santa Ana office serves the Western region, their rule controls all loan guarantees in California.
Reserve Requirements. In addition to requiring 60% reserve funding for existing condominium associations, the Santa Ana office obligates condo conversions to 100% reserve funding. Below describes how the new requirements work.
Existing Condos. If an association’s roof costs $100,000 to replace in 20 years, then $5,000 must be set aside annually for the next 20 years. Assume the roof is now 10 years old; to be fully funded, the association must have $50,000 in its reserve account for the roofs. To meet the Santa Ana requirement, the association needs at least 60% of the $50,000, i.e., $30,000 cash on hand for the roofs. To arrive at the total cash for all reserve items, the same calculation is applied to each item in the reserve study. If all components taken together total $1 million as of today’s date, then the association must have 60% of $1 million in the bank, which means $600,000.
Condo Conversions. If the development is a condo conversion, the association needs 100% of the reserve study’s fully funded requirement. In the roof example above, condo conversions need the entire $50,000 in roof reserves to qualify for FHA loan guarantees. Keep in mind that roofs are only one component. If all components taken together total $1 million, then the association must have $1 million in its reserves to qualify.
Bona Fide Reserve Study. An obvious way to meet the FHA requirement is to doctor the reserve study to reduce the $1 million funding requirement to whatever amount is currently in your reserves. That would be a very bad idea. Directors would face potential liability for fraud (not covered by insurance) and breach of fiduciary duties. In addition, the FHA requires that associations use a bona fide site visit reserve study for their calculations. Bona fide means “made in good faith without fraud or deceit.”
Thank you to Robert Nordlund of Association Reserves, Inc. and Clifford Treese of Association Information Services for their input on this question.
COMMENT: It’s understandable the FHA would not want to guarantee loans in weak associations. Unfortunately, the Obama Administration’s timing is terribly short-sighted. The new requirement is being imposed when the housing market is already distressed and associations are suffering record foreclosures. FHA insured loans are vital to the housing market because they enable buyers with modest incomes to purchase homes. On November 1 when the new regulations go into effect, tens of thousands of condominiums in California will become virtually unsalable. This will further depress the housing market and drive more condominiums into foreclosure. Not a smart move. -
Bye Adrian Adams
Tuesday, October 13, 2009
Price`s Holding!
"A tracking firm says the median home price in Southern California held steady last month from August, at $275,000.
San Diego-based MDA DataQuick reported Tuesday that the median price in the six-county region of Southern California was 11 percent lower than the September 2008 median price of $308,000. That price is the median's lowest year-over-year decline since November 2007.
Sales were up two-tenths of a percent from August to September. The firm says sales were bolstered by late-closing summer transactions, low mortgage rates and buyers hoping to take advantage of a soon-to-expire tax credit.
In Orange, San Diego and Ventura counties, the median prices paid for resale houses increased for the first time since at least August 2007."
San Diego-based MDA DataQuick reported Tuesday that the median price in the six-county region of Southern California was 11 percent lower than the September 2008 median price of $308,000. That price is the median's lowest year-over-year decline since November 2007.
Sales were up two-tenths of a percent from August to September. The firm says sales were bolstered by late-closing summer transactions, low mortgage rates and buyers hoping to take advantage of a soon-to-expire tax credit.
In Orange, San Diego and Ventura counties, the median prices paid for resale houses increased for the first time since at least August 2007."
Sunday, October 11, 2009
Monday, October 5, 2009
Market bottom out
Market bottom out
Has the California real estate market hit the bottom?
post your thoughts and views.
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
http://www.facebook.com/ThecaliforniaCondoKing
http://www.twitter.com/califCondoKing
Has the California real estate market hit the bottom?
post your thoughts and views.
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
http://www.facebook.com/ThecaliforniaCondoKing
http://www.twitter.com/califCondoKing
Recent California Condo and Hoa bills signed in to law
Recent California Condo and Hoa bills signed in to law:
Senate Bill 1511 introduced by Ducheny. This law provides that upon request by an association, the mortgagee or trustee of a property provides the association with the name and address of anyone who purchases that property at a foreclosure sale. The information must be provided within 15 business days following the date the trustee's deed is recorded.
Assembly Bill 1892 introduced by Assembly Member Smyth, renders void any unenforceable any restriction in the governing documents of an association that effectively prohibits or restricts the installation or use of a solar energy system unless those restrictions are reasonable and do not significantly increase the cost of the system or signficantly decrease its efficiency.
Assembly Bill 2180 puts teeth into the provisions of Assembly Bill 1892 regarding solar energy systems. This new law requires associations to provide written approval or denial of an application to install a solar energy system. If the application is not denied in writing within 60 days form the date of receipt of the application, itis deemed approved, unless the delay is the result of a reasonable request for additional information. Any willful violation of this section may result in a $1,000 civil penalty.
Assembly Bill 2846. This bill introduced by Assembly Member Feuer amends Section 1365.1 and adds Section 1367.6 to the Civil Code. If a dispute between an owner and the association exists over some assessment or charge levied by the association, the owner may pay under protest and commence an action in small claims court as long as the amount in dispute does not exceed the court's jurisdictional limits.
This is not intended as legal advise, please consult an attorney for more info:
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
http://www.facebook.com/ThecaliforniaCondoKing
http://www.twitter.com/califCondoKing
Senate Bill 1511 introduced by Ducheny. This law provides that upon request by an association, the mortgagee or trustee of a property provides the association with the name and address of anyone who purchases that property at a foreclosure sale. The information must be provided within 15 business days following the date the trustee's deed is recorded.
Assembly Bill 1892 introduced by Assembly Member Smyth, renders void any unenforceable any restriction in the governing documents of an association that effectively prohibits or restricts the installation or use of a solar energy system unless those restrictions are reasonable and do not significantly increase the cost of the system or signficantly decrease its efficiency.
Assembly Bill 2180 puts teeth into the provisions of Assembly Bill 1892 regarding solar energy systems. This new law requires associations to provide written approval or denial of an application to install a solar energy system. If the application is not denied in writing within 60 days form the date of receipt of the application, itis deemed approved, unless the delay is the result of a reasonable request for additional information. Any willful violation of this section may result in a $1,000 civil penalty.
Assembly Bill 2846. This bill introduced by Assembly Member Feuer amends Section 1365.1 and adds Section 1367.6 to the Civil Code. If a dispute between an owner and the association exists over some assessment or charge levied by the association, the owner may pay under protest and commence an action in small claims court as long as the amount in dispute does not exceed the court's jurisdictional limits.
This is not intended as legal advise, please consult an attorney for more info:
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
http://www.facebook.com/ThecaliforniaCondoKing
http://www.twitter.com/califCondoKing
Friday, October 2, 2009
California Condo info
California Condo info
Tip of the day..
Your Condo Association Can Raise the Dues A Maximum of 20% per Year..
Home Owners must be given a Minimum of 30 Day Notice
of Assoc. Dues, Budget Increase or Special assesment in Writing...
The California Condo King
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
Tip of the day..
Your Condo Association Can Raise the Dues A Maximum of 20% per Year..
Home Owners must be given a Minimum of 30 Day Notice
of Assoc. Dues, Budget Increase or Special assesment in Writing...
The California Condo King
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
Thursday, October 1, 2009
Condo referrals
Condo referrals.
Hello fellow agents and brokers. I want your California Condo referrals.
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
Hello fellow agents and brokers. I want your California Condo referrals.
Jason M. Gokei
The California Condo King
Studios to Luxury Town Home
from the Valley to the Sea
951-818-9601
sold@TheCaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
Sell your Condo!
Sell your condo.
Looking to sell your California Condo? contact me and I will be happy to give you a FREE no obligation market profile on your condo.
Contact me at: 951-818-9601
sold@ThecaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
Jason M. Gokei
The California Condo King
Studios to Luxury Town Homes
from the Valley to the Sea
Looking to sell your California Condo? contact me and I will be happy to give you a FREE no obligation market profile on your condo.
Contact me at: 951-818-9601
sold@ThecaliforniaCondoKing.com
http://www.thecaliforniacondoking.com/
Jason M. Gokei
The California Condo King
Studios to Luxury Town Homes
from the Valley to the Sea
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