Homeowners 15 day headstart on foreclosures

Fannie Mae introduces neighborhood stabilization programs
Fannie Mae last week announced its First Look initiative, which provides owner occupants and public entities an advantage in purchasing Fannie-Mae owned foreclosed properties. With First Look, only offers from owner occupants and buyers using public funds are considered during the first 15 days a property is on the market. Offers from investors will be considered only after the first 15 days have passed.



In addition to First Look, buyers using Neighborhood Stabilization Program (NSP) funds from the U.S. Dept. of Housing and Urban Development's (HUD) Community Development Block Grant (CDBG) program, HOME Investment Partnerships Program funds from HUD, local housing trust funds, or charitable foundation funds also may qualify for additional benefits, including:

Deposit waivers
A reserved contract period, and
Extra time for closing
For more information about Fannie Mae's First Look initiative or the company's programs for public entities, contact publicentity_reosales@fanniemae.com. For more information about Fannie Mae-owned properties for sale, please visit www.HomePath.com.

California Housing Facts

Calif. median home price - October 09: $297,500 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region October 09: Santa Barbara So. Coast $970,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region October 09: High Desert $118,580 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third Quarter 2009: 64 percent (Source: C.A.R.)
Home Prices and volume up in November on the Westside!

Banks have 10 days to respond to Short sale offer

HAFA (Home Affordable Loan Program) helps standardize the short sale and deed-in-lieu process by creating an alternative to foreclosures for homeowners unable to successfully modify their troubled mortgage under HAMP.

It also makes clear the timeframes by which servicers must respond to an offer on a short sale. The bank must respond to an offer in 10 days not 3-4 months!

The HAFA program will permit pre-approved short sale terms before a property is listed; prevent servicers from attempting to reduce real estate commissions established in the listing agreement as a condition for short sale approval; release borrowers from future liability for the debt; and provide financial incentives to borrowers, servicers, and investors. Note these are California guidelines, for non Freddie and Fannie loans up to $729,500, hopefully Fannie and Freddie will adopt their own guidlines soon.
per C Assoc of Realtors

Short Sales Streamlined Sumary

Finally the Treasury is about to roll out some real homeowner help. Going to Foreclosure is not the solution. Finaly a program that can benefit all parties-homeowenr, bank and second lien holders-if deftly handled.

If that pivotal first lient holder, the bank can be convinced they will net more dollars by a short sale, your credit will suffer far less damage. Is your bank stalling on renegotiating your mortgage, get some help with someone who can present the facts to the bank. Hiding from the bank notices seems to be the route so many distressed homeowners take. Even if you have an equity line of credit on top of the mortgage, both can be negotiated. Armed with the facts on realistic neighborhood prices, details on comparalble homes reently sold and local price trends, a really good real estate agent can present a homeowner's case to the reo division of your bank.

Yes we are in the holiday season, but there is so much pent up investment money looking for "good deals"
I have people answer my notice on the Realtor.com web site all the time from different countries, different states.

For a deal to work it has to benefit all parties. Look for a realtor with the new National Association of Realtors official designation, "Resource in Foreclosure and Short Sales". Very few realtors have this designation because it is new.

Here is a summary of the new Short Sale streamlining plan to roll out in 2010:

• Requires lenders and servicers to use uniform documentation, pre-approved short-sale terms and accelerated turnaround times
• Financial incentives for key players:
Homeowners who successfully complete a short sale under the program receive $1,500 to defray relocation costs.
Mortgage servicers can receive $1,000 per case.
Investors get $1,000.
Second-lien holders receive up to $3,000 from the sale proceeds.

Always your best investment Westside properties

I receive so many calls from people in Chicago and Philadelphia and e mails from people in Hong Kong wanting to buy foreclosures in California.
They want to be on the Ocean and or have a direct Ocean view.
Recently I did a study through the new Martket Metrics analysis: For all west side of Los Angeles cities the decrease in price for homes was down 16%.
This is more of a reflection of the frenzied run up in late 2005 -2006 rather than any recession.
It wtill holds true no matter where you go in the United States. No area holds it price like this area.
Even in the 1974 downturn, prices in the Westside communities bounced back.

Volume of New Home Sales Positive 1st time since 2006

California's new-home sales turn positive
Median base price of homes down 4% from last year
By Inman News, Friday, December 11, 2009.

Inman News

For the first time since December 2006, there was a year-over-year rise in the monthly count of new-home sales in California, according to the California Building Industry Association.

The association's monthly CBIA/Hanley Wood Market Intelligence (HWMI) New-Home Sales and Pricing Report showed sales in new-home communities of 10 units or more were 25 percent above October 2008. New-home and condominium sales rose to 2,294 this year from 1,838 last year.

Condominium sales were up a whopping 94 percent, townhomes and "-plexes" -- duplexes, triplexes, etc. -- were up 36 percent, and sales of single-family homes were up 4 percent. The San Francisco Bay Area led the change with a more than 100 percent increase in new-homes sales in the San Francisco, Peninsula and Silicon Valley areas.

The rise represents the first notable increase since the start of the housing downturn. HWMI's director of published research, Jonathan Dienhart, said in a statement that the numbers must be viewed in the proper context.

"While this month's figures are encouraging, we must keep in mind that we're comparing the figures to October of 2008, which was the second-lowest month of nominal sales we've seen during the downturn," Dienhart said in a statement.

Deinhart also said the first-time homebuyer tax credit, orginially set to expire in November, could be distorting the market due to buyers rushing to meet the deadline.

The median base price of homes sold was down 4 percent year-over-year, according to the report.

Non-seasonally adjusted total new-home sales were 1 percent below levels seen in September, but were an improvement from the 29 percent decrease seen last year for the same month-to-month period.

Fun Things to do in Santa Monica Westside December 2009

Have Fun and Everything Else will Fall into Place

Brought to you by Your Neighborhood Realtor, Maralee Grantham
see also on blog maraleegrantham.com

CHRISTMAS/ CHANUKAH/HOLIDAYS: Children's concert, St. Monica's, 12/4 7pm; The Wave radio presents a holiday concert Santa
Monica 3rd St. Promenade 12/5 5 PM, and tree lighting event ; Every evening 12/11-18 Menorah lighting event 3rd St. Promenade 1300
block; Santa Claus at the Farmer's market 12/13-19 10 am to 1 pm; Montana annual Holiday Walk 12/4 5-9 pm; Main street Holiday tree
lighting and concert12/5 6-9 pm Edgemar Courtyard (2415 Main St.) concert 6:30 pm Fairmont Miramar 101 Wilshire Fig Tree lighting
charity event silent auction benefitting Chrysalis working for the homeless 3-7 pm Sat 12/6 gingerbread house expo; .St.. Monica's Christmas
Boutique 12/5-6 Sat 4-7 and Sun 8 am to 8 pm handmade gifts;; Roosevelt Elem. Fundraiser 12/6 11 am Radio Disney's Jordan Johnson
performs; Grant Elem. School Boutique 8 am to 2 pm, 12/11; Marina Del Rey Boat Parade fireworks start 5:55 parade 6 to 8 pm; Culver
City lights Veteran's Memorial Tower 12/4, 6:30 at 4117 Overland visit with Santa Claus, refreshments served; SM Conservancy Holiday
party, become a member or come as a guest of a member 12/6 3-5 pm 310 496 3146; Griffith Park. Festival of Lights best way, go to the
LA Zoo Parking lot park and take the beautiful walk 12/3-30 put on by the dept of Water and Power
Annenberg Community Beach House, the nation’s only free public beach house. Offers a private beach, parking expensive can walk across
the bridge and down. Look for free poetry sessions In honor of Marion Davies" support of artists. SM city will have a poet in residence. Majid
Naficy, from Iran will do evening readings on Santa Monica: http://beachhouse.smgov.net/plan-your-day/events-and-happenings.aspx: 12/14:
"This, and My Heart", Actress Linda Kelsey, soprano Anne Marie Ketchum and pianist Victoria Kirsch combine their talents to celebrate the
genius of Emily Dickinson through words and music.
12/21: Second Reading by Poet Majid Naficy, Beach House Artist in Residence: The Homeless In the spirit of the holidays, Beach House Artist
in Residence will read a selection of his poems her theme is homelessness.
THEATRE: LA Theatre Works at Skirball see live performance of a radio show "Crumbs from the Table of Joy" author Lynn Nottage stars
Deidre Henry, Russell Hornsby and Charlayne Woodward ,shown Dec 9-13 310 827 0889 8 pm.;
SM Broad Stage Jane Austen improv. shows on 11th St. Dec 11-20 tickets $35 and high tea $15.; 12/7, 7:30 Twyla Tharp the great
choreographer offers a lecture and book signing310 434 3400 $25-$50, say you received an e mail and call to get 50%discount
Promenade Playhouse, 1323 A 3rd st. Promenade 310 451 0850 improv. comedy, 3rd St. Promenade, Santa Monica, shows $10, take a class
also or go to open mike sing up 6 pm Sat. go on 6:30! Planetarium, Drescher Hall Santa Monica College: excellent on Pico parking free
shows 7 and 8 pm $5 or $9 for both, Dec 4, 11, 18; UCLA Royce Hall, 12/12 Sat 8 pm Carlos Fuentes, famous Mexican author tickets $24
plus.
MUSEUMS: Autry Griffith Park, learn about LA's Founders by a Chandler see Dreamers in Dream City ends 1/3/2010; Rancho Los
Alamitos amazing ranch house and gardens Have a taste of a Californio Christmas 6400 Bixby Rd. Long Beach. 562 431 3541 12/16-
12/20 tours for Christmas 3-5 or 1-5pm call. Just down the 405, in Long Beach Christmas shows www.rancholosalamitos.com. LA County
Art Museum: S. 12/5 2 pm Oxford U. professor lecture on the rarely seen Persian carpet the " Ardabil "carpet from Iran A.D. 1539-40; Getty:
12/8 Rembrandt and his pupils, their drawings. Harold Williams aud. Lecture on Rembrandt Sun 12/13 3 pm free need reserv..
NETWORKING/ NEIGHBORHOODS: Ocean Park Assoc. OPA annual holiday party Edgemar , pizza appetizers, cash bar 2435 Main Sat
12/5 4-6 then lighting of lights at Heritage Square, members will receive ballots for elections www.opa-sm.org Santa Monica Chamber
mixer, Sat 12/5, 4-6 pm, at Anisette's wonderful French restaurant 225 Santa Monica Blvd. then at dusk go to the 3rd St. Promenade, and,
see Bayside Tree lighting ceremony. Back by popular demand, Speed networking at SM Chamber office Tu. 12/15 5-6:30; also join the So
Cal Speed networking network: e mail Dawn Langford dawn@socalspeednetworking.com, meetings in Santa Monica and Culver City
High Speed Networking for Prof. 12/8 at the Yard, 119 Broadway, 6:30 to 8:30, Santa Monica $10 members $15 non, free
membershiphttp://www.networkingforprofessionals.com/eventlistings.php?event=HSNLA
ENVIRONMENT: Saturday, 12/5, 3pm eco home tour in Echo Park 323.717.9636, or email Julie: contactgbf@gmail.com RSVP for address;
Save gas share a ride-rideamigos.com; Find meetings, activities? Gotogreen.com; Network, have a drink and discuss the environment, try
lagreendrinks.com. Sustainable Works http://www.sustainableworks.org/ Nancy Barba with the city of Santa Monica, come for 6 weeks and
change your life to help you and the planet free or suggested donation of $25.
NETWORKING:.
FUN: Friday Night Skate around Santa Monica at the cannon by the Pier many Fridays Friday Night Skate dan@fridaynightskate.org
Learn about the city, become a volunteer SM city ambassador, take the 2 hour course. Classes for I am Santa Monica class Tuesday, Dec.
1, 2009 / 6-9 pm, go to Iamsantamonica.com.
Maralee Grantham and Associates In Pursuit of Your Dreams
Sotheby’s INTERNATIONAL REALTY maralee@maraleegrantham.com cell 310 570 6100