Summer crazy

如果你还可以等等，不用挤在summer crazy的队伍中。

本周一个carmel valley的condo上市，2房864尺，90年的，short sale, 最少也要4个月能批下来。 就周三给了一个下午让看看，周四已经收到了multiple cash offers， 周五Status就从active改成了contingent.

上周Carmel Valley一个townhouse, 上市4天4个offer。

2周前4S一个小房子，也是short sale. 收了10个offer.

RP一个房子，位置是很好的小学背后，收了26个offer, 全部都没有进去看过那个房子。

The list could go on and on.

这些都是我有客户给了offer的，所以我比较清楚。 其他的类似的肯定多不胜数。 因为夏天很多人要换/买房子给孩子进好学区，加上近期的inventory奇缺。 所以如果你可以继续等等，不如不要去抢吧。

Subprime Lending is Back? This time from the Goverments.

The Federal Housing Administration -- a vehicle for government-backed mortgages where taxpayers bear all the risk -- gives out loans that require borrowers to post a meager 3% down payment. If a “would-be” home owner cannot scrape together this amount of cash, that person should rent and save their cash.

In an effort to boost home buying a number of states are finding creative ways to advance the Federal tax credit to buyers on the day they get their new keys, rather than having to wait for next year's refund check. States are employing schemes whereby they offer prospective buyers low or no-interest loans for the amount of the tax credit, due upon of receipt of their money from Uncle Sam. In Washington, the state Housing Finance Commission also runs a tax credit bridge-loan program, which it hopes will grow in the coming months.

If this sounds eerily similar to the type of lending practices that got us into this mess, well, it should.

Reuters: Obama Mulls Rental Option for Homeowners, along with Paying Mortgages for Jobless

The United States government now wants to become the largest landlord on Earth.

• U.S. government officials are weighing a plan that would let borrowers who have fallen behind on their mortgage payments avoid eviction by renting their homes instead, sources familiar with the administration's thinking said on Tuesday. Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years, the sources told Reuters.
• Officials are also considering whether the government should make mortgage payments on behalf of borrowers who cannot keep up with their home loans, tapping an unused portion of a $50 billion housing aid kitty. As part of this plan, jobless borrowers might receive a housing stipend along with regular unemployment benefits, the sources said.
  

Thankfully, we can get away with this because the U.S. has more money trees growing in its fertile land than all other nations.

Another Rush of Foreclosures Coming Soon

Later this summer or in the fall.

That’s because lenders that have held off on foreclosures as part of President Obama’s plan will now move forward aggressively to clear the backlog of troubled mortgages.

Rising foreclosures will further depress home values, —one in five of those with first mortgages—will be underwater.
The government is “unlikely to implement another moratorium.” But it plans to put in place some programs that encourage lenders to try some alternatives to foreclosure.

Important update (07/03/09): FTB No Longer Accepting Applications

Update: as of July 3rd, 2009 the state has run out of funds for this program. Sometimes when sales people are telling you that you'd have to "Act Now" its actually true...

Official news

今日看房： A typical bank own

今天早上9点去看了一个crappy的银行收回房。

MLS上仅有这么一个照片。 进去之后你就知道为什么没有其他的照片了。

房子差到不能再差。 进去的左手房间的正面墙都是渗水的痕迹，而且接近地面的地方大概3寸高，已经把踢脚线卸下了来，drywall也都剥落了，露出墙体里面黑乎乎的mold。

进到厨房，更是惨不忍睹。 橱柜大部分都拆掉了，炉子，洗碗机一概没有，一部分的橱柜散乱的堆积在地上。

楼梯和楼上都是酱红色（实在不敢恭维的颜色）的地毯，楼上的结构也不好。

整个房子都是popcorn ceiling (which contains Asbestos 石棉)

最少有5家人和我们一起看的。 才早上9点。 厨房的台子上仍了最少20张名片。