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A Possible Housing Meltdown? These Experts Respectfully Disagree | Simplifying The Market

A Possible Housing Meltdown? These Experts Respectfully Disagree

We want to let you know that “rumors of a new market meltdown” are not based on any reputable data. As proof, we offer you the comments of the following experts who have a totally different view on the current housing market.

Lawrence Yun, Chief Economist at NAR:

“In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007.”

Jonathan Smoke, Chief Economist at realtor.com:

“We had a triple crown of April home sales reports, so 2016 is in the pole position to earn best year of home sales in a decade.”

Andrea Riquier, MarketWatch housing reporter:

“I’m calling the end of the housing “recovery.” On to ‘expansion.’”

Freddie Mac:

“Despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.”

Steven Russolillo, Wall Street Journal housing reporter:

“A recent gauge of home builder sentiment held firmly in positive territory, according to the National Association of Home Builders. Perhaps more important, expectations for sales in the next six months jumped to the highest level of the year.”

Fannie Mae:

“Our latest housing tracker shows that the first quarter of 2016 was the second fastest first quarter pace of home sales in the past decade… Home sales typically rise in the spring and summer months, and we anticipate an acceleration in home sales that will surpass 2007′s pace by late summer.”

 

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Moorpark Short Sale Specialist Moorpark Short Sale Help

Chris B Johnson, REALTOR®               Featured Listing                   Time to Sell Your Home?  

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Ventura County Mortgage Rate & Home Value Update
Chris B Johnson           

REALTOR®, Certified REO & Short Sale Specialist at Allison James Estates & Homes Elite

Ventura County Mortgage Rate & Home Value Update

Weekly Mortgage Rate Update

The big event over the past week was Thursday’s ECB meeting. The stimulus measures announced by the ECB made investors more willing to own riskier assets such as stocks, which was negative for safer assets such as bonds. The small amount of U.S. economic data released over the past week had little impact. As a result, mortgage rates ended the week higher.

 

THIS WEEK’S RATE TREND IS UP

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Mixed Economic Data
The prime influence on mortgage rates over the past week was the economic data. The two most significant reports were a bit stronger than expected. As a result, mortgage rates ended the week a little higher. 

Friday’s Employment report contained mixed news for mortgage rates. Job gains remained strong. Against a consensus forecast of 190K, the economy added 242K jobs in February. Upward revisions to prior months added another 30K. The service sector performed well, while weakness was seen in mining and manufacturing. The Unemployment Rate remained at 4.9%, as expected. Average hourly earnings, an indicator of wage growth, declined slightly from January, well below the consensus for a modest increase. The net effect of the strong job gains and the weakness in wage growth was a small increase in mortgage rates following the release of the report.

The ISM national services index released on Thursday indicated that the service sector continued to expand, but at the slowest pace in two years. While down slightly from January, the reading of 53.4 for February was a little stronger than expected. A reading above 50 indicates an expansion in the sector. The service sector accounts for roughly two-thirds of U.S. economic output. Investors will be closely watching the pace of growth in the service sector in coming months, and any signs of weakness would be positive for mortgage rates.

Looking ahead, the next Fed meeting will take place on March 16. No change in the federal funds rate is expected, but the comments from the Fed could have a major impact. Before that, there will be a European Central Bank (ECB) meeting on March 10, and it is expected that they will announce additional stimulus measures to help boost economic growth. The report on U.S. retail sales will be released on March 15. Consumer spending makes up about 70% of economic activity, so this report is closely watched. The consumer price index (CPI), an important monthly inflation indicator, will come out on March 16.

 

Chris B Johnson, REALTOR®SFR®CDPE®, CHS®

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Moorpark Country Club Estates and Moorpark Highlands Luxury Home Specialist #ChrisBJohnsonRealtor

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Helping Homes Buyers Find Dream2

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  • 0 GOLDBAR DriveMoorpark, CA 93021
    • 0 bds
    • 0 ba
    • 1504127 sq ft
    • Status: Active
    • Listing #: 10020117

    Opportunity for Industrial Developer-User/Investor or JV Partner.North Hills Industrial Park Project, approved & partially developed consisting of 17 …

  • $6,000,000
  • View Photos
  • 0 WATERS RoadMoorpark, CA 93021
    • 0 bds
    • 0 ba
    • 20124720 sq ft
    • Status: Active
    • Listing #: 11001685

    462 + – Acres of mostly steep & some rolling hills, verdant green valleys and canyons with crests that offer views of Santa Paula and Fillmore below o…

  • $2,650,000
  • View Photos
  • 0 232 ACRESMoorpark, CA 93021
    • 0 bds
    • 0 ba
    • 10105920 sq ft
    • Status: Active
    • Listing #: 11001788

    High on hillside in area approximately above Moorpark College. Beautiful land. Mostly rolling and steep with 360 degree views from Simi to ocean. Fill…

  • $2,650,000
  • View Photos
  • 11811 DARLENE LaneMoorpark, CA 93021
    • 5 bds
    • 6 ba
    • 6805 sq ft
    • Status: Active
    • Listing #: SR15255459

    Reduced Over $400k SouthFork Meets Moorpark! All Gated 9.08 Usable Acres of Pure Luxury Horse Property & Rolling Agricultural Hills,Full Working Ranch…

  • $2,299,000
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  • 11143 LOPEZ CourtMoorpark, CA 93021
    • 5 bds
    • 6 ba
    • 5851 sq ft
    • Status: Active
    • Listing #: 215014100

    Elegant San Marino with panoramic views of mountains & picturesque surroundings. Located on cul-de-sac in the prestigious, gated golf course community…

  • $1,695,000
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  • 12464 PALMER DriveMoorpark, CA 93021
    • 6 bds
    • 8 ba
    • 5664 sq ft
    • Status: Back Up Offer
    • Listing #: 215015718

    5 bed, 5.5 bath, 4,764 sq ft home, with an additional 1,200 sq ft guest house casitas, in the Country Club Estates! Step in to the entry leading to th…

  • $1,689,000
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  • 4914 READ RoadThousand Oaks, CA 93021
    • 5 bds
    • 4 ba
    • 4070 sq ft
    • Status: Active
    • Listing #: 215016159

    Custom hilltop estate offered for sale, once part of the Joel McCrea Ranch, 5 acres featuring an avocado ranch, a barn, fruit trees, ample parking inc…

  • $1,599,900
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  • 11251 JACOBSEN PlaceMoorpark, CA 93021
    • 5 bds
    • 6 ba
    • 5164 sq ft
    • Status: Active
    • Listing #: 216001260

    Beautiful HOME! amazing sunrise and sunset views. True home ownership thru out, professional details upgrades,accents, decorative touches in almost e…

  • Open House: 2016-02-21 1pm-4pm
  • $1,589,000
  • View Photos
  • 12394 PALMER DriveMoorpark, CA 93021
    • 5 bds
    • 6 ba
    • 5851 sq ft
    • Status: Active
    • Listing #: 216001522

    Wonderful dream home in Moorpark’s gated Country Club Estates neighborhood now available. Turn-key and move-in ready, this updated 2-story home featur…

  • $1,549,000
  • View Photos
  • 7331 ZAHARIAS CourtMoorpark, CA 93021
    • 5 bds
    • 6 ba
    • 4764 sq ft
    • Status: Active
    • Listing #: 216001968

    Spectacular Channel Island View Home located behind the gates in Prestigious Country Club Estates on a premium golf course view lot on one of few prem…

  • $1,549,000

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Based on information from CARETS as of Feb 21, 2016 9:37:am. The information being provided by CARETS is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

Posted by Chris B Johnson Realtor at 10:08 AM

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Labels: Buying Bank Owned PropertiesMoorpark Country Club and Estates Specialist,Moorpark Luxury Home SpecialistMoorpark Short Sale Specialist Chris B Johnson Realtor

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Moorpark Short Sale HELP Market Conditions Report #ChrisBJohnsonRealtor

My Market Insider – Update for February 2016
Dear Moorpark Short Sale Homeowners,Local real estate conditions are changing and your Market Insider provides valuable, up-to-date information about the communities important to you. View critical information about what is happening now, so you can be a “Market Insider”!
Market Area: 93021
Listing Price $847,290
Listing Price Trend -0.01%
Sold Price $419,900
Sold Price Trend + 6.83%
Just a fraction of what’s happening…
click now to view more local market conditions!
View Market Insider
Buying or selling a home involves many factors. Stay on top of current community trends by viewing these listing and sale prices, demographics, school performance, area comparisons, and more. Of course, you can always call or email for help understanding what this information really means for you.
Featured “Insider Tip”
Article Picture18 Countries Launch Unprecedented Global Alliance to Combat Climate Change

 

 

On Thursday, 18 countries, and over 60 organizations launched an unprecedented Global Alliance for Buildings and Construction to speed up and scale up the sector’s huge potential to reduce its e… 

Learn more about successfully selling or buying a home and check out a whole library of tips and articles to help you!
As always, thank you for your time and feel free to get in touch if you have any questions.

Yours truly,

Chris B. Johnson

Chris B Johnson, REALTOR® CDPE, SFR, BPOR, CHS, PSC, CSSN, CDAT

Allison James Estates & Homes Elite

CA BRE 01501699

Office phone: 805.208.0823

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This message was sent on behalf of Chris B. Johnson at Allison James Estates & Homes EliteClick The Links For HyperLocal Market Updates            Chris B Johnson, REALTOR®, SFR®, CDPE®, CHS®

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Moorpark Short Sale Help, Moorpark Home Sellers Play Chess… Not Checkers

Chris B Johnson, REALTOR®SFR®CDPE®, CHS®

Play Chess… Not Checkers | Simplifying The Market

Play Chess… Not Checkers

Checkers is a simple game with a simple objective; eliminate the other player’s pieces. Even the process of doing so is simple, jump the other player’s pieces and start a collection. There is very little thought as to a defensive strategy and it is often more reactive than strategic.

 

Even though the objective of Chess is simply laid out — obtain the other player’s King — the process in which to obtain this goal is much more strategic. Chess requires a greater understanding of the ability of each of the 9 different pieces on the board and a risk assessment that takes longer than a simple scan of the board.

“It’s a game in which the winning strategy is dynamic and requires complex thought across many turns, both for the player and their opponent’s turns.  Chess requires a player to understand the context behind the moves on the board rather than just the risks offered by each individual turn.” –Play Chess Not Checkers by Zach West

You may have heard the saying, “Play Chess, Not Checkers” before, but how does this apply to real estate?

Plan past your next move

So you want to sell your house. You can just put a sign in your front yard and call it a day, right? Wrong! The process of listing your home for sale and what happens next is much more complex than that.

According to the Orlando Regional REALTOR Association, there are over 230 possible actions that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, and who knows what these actions are to make sure that you acquire your dream?

One example, as we’ve reported before, is the fact that 92% of buyers search online for a home. That is in comparison to only 28% looking at print newspaper ads. Most real estate agents have an extensive internet strategy to promote the sale of your home. Do you?

Identify Risks & Defend Against Them

An experienced real estate professional knows the obstacles associated with buying or selling a home and works closely with other professionals to ensure the process is a smooth one.

Practice Makes Perfect

Just like with any skill, practice and experience bring a sense of confidence and expertise. Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.

Bottom Line

With an experienced Real Estate Professional on your side, even the complex process of buying your next home or selling your house can be strategically navigated.

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Moorpark Short Sales Short Sales Are EXEMPT From Deficiency Judgements

Chris B Johnson, REALTOR®, SFR®, CDPE®, CHS®  

Neighborhood Market Report  Mortgage Pre Approval  Time To Buy A Home

Moorpark Home Values & Market Trends                     Moorpark Condo Values & Market Trends

Oxnard REO Coming To Market                                        What Is My Home Worth?

A California homeowner whose home was underwater asked her bank to approve a short sale of their home and the bank agreed… but under one condition.  The borrower would have to agree to waive her anti-deficiency protection, which means that she would be responsible to pay the difference between the sales price of the home and what was owed.

The homeowner agreed… the home was sold for less than the amount owed on the mortgage… and the bank moved to recover the amount of the deficiency.  And were that all there was to the story, it would seem like just another day of the foreclosure crisis and I’d hardly have noticed it, let alone have written about it.

This time, however, the homeowner turned to the courts, filing a complaint that asked the court to rule that the bank could not obtain a deficiency judgment against her based on California Code of Civil Procedure §580b.  That statute, while it would protect a borrower from a deficiency judgment in the case of a foreclosure, was less clear as to whether the protection would extend to short sales.

SHORT

The homeowner’s lawsuit was subsequently dismissed by the trial court, but the appellate court reversed the lower court’s decision, ruling that §580b did in fact prohibit deficiency judgments after ANY kind of sale… assuming it was a purchase money obligation.  [Coker v. JP Morgan Chase Bank, N.A., 2015 Westlaw —–  (Cal.).]

The bank, of course, also argued that the homeowner had agreed to waive any such protection against deficiency judgments, but the high court responded by stating that contractual waivers of §580b are simply unenforceable.

Frankly, I can’t imagine that ruling happening several years ago, so all I can say about it now is… WOW.  It really does show that things do change, perhaps not as quickly as we’d like them to, but in time.

Next, the bank took the case to the California Supreme Court, arguing that since the facts of the case applied to the pre-2012 version of §580b, the anti-deficiency protections should only apply in cases where a foreclosure sale had taken place.  However, just a few days ago, the California Supreme Court unanimously ruled against the bank’s arguments… and ruled in favor of the homeowner. 

The court apparently based its ruling on earlier decisions, determining that in order to protect homeowners from deficiency liability on purchase money obligations, regardless of whether a foreclosure sale had been held, or not… they had all broadly interpreted California Code of Civil Procedure §580b.

So, that’s that.  Assuming we’re talking about a purchase money mortgage, as opposed to a Home Equity Line of Credit used for other purposes, for example, California homeowners don’t have to worry about a lender coming after them to collect amounts not recouped from the sale of their homes… whether the sale occurred as a result of a foreclosure or short sale.

It seems to me that this is an important victory for California’s homeowners, especially since the foreclosure crisis is nowhere near over in this state… but not all legal experts agree. 

This week, Professor Dan Schechter of Loyola Law School, who was involved in the drafting of proposed amendments to clarify earlier versions of the statute, writing for his Commercial Finance Newsletter, published each week on Westlaw, had the following to say about the net effect of the decision…

“Given the enactment of §580e and the ‘reformatting’ of §580b, I do not think that this opinion will have a major impact in future litigation over the application of §580b, since new §580b and §580e now occupy the field.”

What does any of that mean exactly? 

I have no earthly idea, except to say that to me it means that you should consult an experienced attorney before deciding to take legal action based on this decision, because just like all legal rulings and statutes, it’s not black and white in all respects, or as simple as it appears on the surface.

Banks will be banks…

According to Professor Schechter’s analysis of the decision, the bank also questioned whether such a broad interpretation of §580b would serve to encourage borrowers to strategically default… or even cause borrowers to pay more than the market value for homes, because of knowing they have no risk of deficiency liability in all cases involving purchase money. 

The court declined to weigh in on either of those issues, thank the Lord, only offering that earlier cases in California have “implicitly rejected” both ideas.  Clearly, the intent of the state legislature was to protect California homeowners from deficiency liability related to purchase money loans, and now it’s a matter of law that such protection is in place regardless of whether a foreclosure or short sale was involved. 

The other two points about the potential for such broad protection to encourage strategic defaults… or the equally remote risk of borrowers over-paying for properties, didn’t deserve a response, so I applaud the court for its decision not to respond.

For one thing, both claims represent little more than the same sort of scare tactics we’ve seen in countless other arguments made by lenders since the meltdown began in 2008.  And for another, because there are far too many unknowns that could either limit or increase the potential for such outcomes, neither claim can be asserted with any certainty in the hypothetical.

Professor Schechter, although he sees it a bit differently, arrives at basically the same place, writing in his article dated February 1, 2016…

“I believe that both of those arguments have merit but that the Legislature will never change the rule protecting homeowners from liability, for obvious political reasons.”

Again, that does sound like legislative attitudes have changed in this state, which gives me reason to hope that such changes are still coming, but the bottom-line is that this decision makes clear that California homeowners are to be protected against deficiency liability on purchase money loans… period.

And that simply cannot be anything but a positive thing for homeowners, so I think it’s safe to say that this one goes in the “win” column for consumers, which means the bankers can go home and lick their wounds for a change.

Did that come off as being petty?  Perhaps it was, but after watching the courts butcher borrowers for any number of reasons over the last six years, I can’t help but be happy about the proverbial pendulum swinging towards the homeowner’s side, even if just a little bit.

Mandelman out.

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Last Chance For California Short Sales? #ChrisBJohnsonRealtor - CDPE

Your Neighborhood Market Report      The Cost Of Waiting      Still A SELLER’S Market?

Moorpark Short Sale HELP!!                                              California May Pay You To Short Sale

Oxnard REO Coming To Market                                        What Is My Home Worth?

Short Sale Update                                                           February, 2016

Distressed California Homeowners May Qualify for California’s Keep Your Home California Transition Assistance Program (TAP)    

If your financially distressed California clients can no longer afford their homes and are pursuing a short sale or a deed in lieu of foreclosure, they may be eligible for financial help with their relocation to alternative housing.

 

The funds come from the Transition Assistance Program (TAP), part of the Keep Your Home California Program.

 

The state of California is providing up to $5,000 in transition assistance to qualified homeowners who can no longer afford to stay in their homes. You can help by advising your distressed clients that they must:

  • Apply for the funds through their state’s website or by calling 1.888.954.5337.
  • Maintain their property until their house is sold or returned to the lender via a negotiated deed in lieu of foreclosure.

For qualified homeowners, these state funds may be used in addition to any other transition assistance that the homeowner may receive by participating in the Federal Home Affordable Foreclosure Alternatives (HAFA) program or in any other pre-offer short sale program.

 

To learn more about the Transition Assistance Program’s guidelines, and how your clients may qualify, please visit that program’s website at http://keepyourhomecalifornia.org. You can also direct your clients to call 1.888.954.5337 and identify themselves as Bank of America customers.


Customer Relationship Manager
1.800.669.6650

bankofamerica.com/shortsaleagent

If you have questions, first contact your short sale specialist (or closing officer) through Equator messaging. If there’s no response after two days, escalate to the team lead.

For urgent needs (such as a foreclosure postponement) or for escalation beyond the team lead, contact your Customer Relationship Manager at 1.800.669.6650Monday through Friday8 a.m. to 5 p.m. local time.

Visit the Agent Resource Center at bankofamerica.com/shortsaleagent
for educational guides, news and resources to help agents complete a short sale at Bank of America.

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Chris B. Johnson, Realtor, CDPE, SFR, BPOR, HAFA, CDAT

Allison James Elite

Cell # 805.208.0823   CA. BRE 01501699

Email: ChrisBJohnson@gmail.com

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587 W Los Angeles Avenue
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Moorpark Short Sale Specialist Moorpark Short Sale Help, Show Me The (Loan Mod) Money!

Chris B Johnson, REALTOR®  Moorpark Short Sale HELP!! 

California May Pay You To Short Sale

Oxnard REO Coming To Market                                        What Is My Home Worth?

Citigroup Starts to Show Distressed Consumers the Money

money-twoCitigroup was credited with more than half a billion dollars in consumer relief toward fulfilling its obligation of $2.5 billion under the terms of a July 2014 settlement July 2014 settlement with the U.S. Department of Justice and five states for selling toxic residential mortgage-backed securities to investors before the financial crisis, according areport from an independent monitor.

Settlement monitor Thomas Perrelli, a former associate U.S. attorney general and now a partner with Washington, D.C.-based law firm Jenner & Block, credited Citi with $512,456,710 in consumer relief for the period covering April 1, 2015, through June 30, 2015. The amount provided during Q2 2015 raised the cumulative total of consumer relief credited to Citi to $689,132,468, still less than a third of the settlement’s requirement of $2.5 billion. The bank has until 2018 to pay the remaining $1.8 billion. The report was Perrelli’s fourth since the settlement was reached and the first since September 2015.

2-1 Citi graphAccording to the monitor, Citi was credited with $512.4 million in consumer relief during Q2 2015 in three different categories or menu items: First lien principal forgiveness ($3.95 million covering 70 transactions); rate reductions/refinancing ($78.5 million covering 2,002 transactions); and principal forgiveness where foreclosure is not pursued ($430 million covering 10,260 transactions). Citi requested credit for relief for 91 loans to affordable rental housing projects with a purported valuation in excess of $500 million; the monitor is currently working with Citi to validate the credit that the bank has submitted for the 91 loans.

Citigroup settled with the DOJ and five states (California, New York, Illinois, Massachusetts, and Delaware) for a total of $7 billion in July 2014 amid claims that the bank misled investors as to the quality of mortgage-backed securities it sold. The portion of the penalty that went to the DOJ was $4.5 billion, which was the largest civil penalty to date under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). Citigroup agreed to pay $2.5 billion in consumer relief as part of the settlement.

Click here to see a complete copy of the settlement monitor’s January 2016 report. In the September 2015 report, the monitor credited the bank with $162.7 million in consumer relief for the period covering November 22, 2014, through March 31, 2015.

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