Maralee Grantham's Blog

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Ca. Assoc of Realtors State of Housing 2009

noreply@blogger.com (Westside Investor's Eye) — Tue, 16 Mar 2010 20:00:00 +0000

California Assoc. of Realtors statistics on the State of Housing 2009 show that the average time homes are owned has declined from 10 years in 1999 to 5 years for all home sellers, but the portion that are second home and investment sellers declined to 3.5 years.

Sales volume for existing homes in Ca. and the US bottomed out at the same time in 2007 and only showed improvement in mid-2009. Sales had risen 28% over 2008 by the 3rd quarter of 2009. The median price hit a low in Feb 2009 to $245,170, then began to rise to $271,000 currently and projected to be $280,000 by 2010 ( to $597,000 in May 2007).
Homes break out at 77% below $500,000, 3% above $1,000,000 and 20% between $500 and $1,000,000. Inventory supply is 9 mo. for the above $1mmm category, 3 months for those below $$500,000 and 4 months between $500 and $1mm.

The really great news is that 1st time home buyer as a % of total buyers rose to 47%, mostly because of the tax credit of $8,000, which could be requested in the same year as the purchase. (This level had been reached only in the 1993 and 1995 years).

Distressed homes, at the state level, REO/foreclosures and short sales made up almost half (46.5 percent) of all annual sales in 2009, an increase from 35.6 percent in 2008. Median price of distressed properties was $250,000 vs. $485,000 non-distressed. was $250,000 vs. $485,000 non-distressed. The top reason for selling in S. Cal was short sales and foreclosures, 28% and in N. Cal., 19%, and 43% in the rest of Cal.
The profile of the 2009 1st time home buyer was that most had an income above $80,000, were 32 years old, received an interest rate of 5.5%, and made up 53% of total buyers. Those able to buy homes made up
80% and condos 16.8%, the median home price was $365,000 with an average square footage of 1900 up from 1600 in 2005, 34% were able to get FHA loans; 35% were single and 31% were married.

How Clients Found Agents in 2009

Recommendations of friends 27.7%
Client was friend/relative/neighbor 19.4%
Represented in previous transaction 17.0%
Listing agent for home purchased 1.0%
Yard signs 3.1%
Newspaper/Internet/Magazine Ad 5.2%
Direct mail/telephone marketing 1.2%
Other 25.3%

Short Sale imminent? Gov. assures FHA loan on next home

noreply@blogger.com (Westside Investor's Eye) — Wed, 03 Mar 2010 16:18:00 +0000

Anyone who is facing a short sale, if possible, keep your mortgage payments current and you are assured of receiving an FHA insured loan on your next home. There are more details, such as your home's sale must pay off your present mortgage...

Here is link to find out more detail about the government insured loan program: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-52ml.pdf

LA Westside Fun March 2010

noreply@blogger.com (Westside Investor's Eye) — Tue, 02 Mar 2010 23:10:00 +0000

March Fun Things to Do on the Westside
Brought to you by your neighborhood realtor Maralee Grantham
Happy St. Patrick's Day, Don't forget to run or volunteer to help in the 1st LA Marathon to end at the SM Pier!
2010 LA MARATHON 3/21, Learn how you can get involved in the big event by submitting your marathon special offers, display downloadable
LA Marathon placards or by volunteering to welcome runners and fans. Read More; Academy Awards 3/7
NATION'S BEACH HOUSE: Annenberg/Marion Davies Beach House: 415 PCH ,sign up classes such as yoga, soccer, dance start 4/15,
see http://www.annenbergbeachhouse.com
OPERA Thursday Evenings with the LA Opera 2/18 — The fifth of a free series of presentations about five upcoming operas (before heading
out to see them) is Introduction to the Ring Cycle & Gotterdammerung, 7 p.m. at the Main Santa Monica Public Library, 601 Santa Monica
Blvd., Santa Monica, (310) 458-8600 or www.smpl.org/
THEATRE/CONCERTS: Getty Saturday night music at the 7:30-3/27 see gettycenter.edu or call 310 440 7300 ( Note parking at Villa and
Center is $15,free after 5 pm; Getty has new play Alkestis -modern version with a modern dance company-- where Herakles wrestles death,
sat 3 and 8 pm and Fri 8 and Sun 3; UCLA Royce Hall Randy Newman of "I love LA" fame 8 p m tickets $65, 50, 40.
HOME BUYERS: The So.California Home Buyer’s Fair, open 10 a.m. to 5 p.m., Saturday, March 13, and 11 a.m. to 4 p.m., Sunday, March
14, features more than 50 educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence
and peace of mind. Seminar topics range from understanding home prices and monitoring and fixing credit to applying for a mortgage and the
importance of the home inspection. Several of the sessions also will be offered in Spanish. The event is free to the public. In addition, the first
200 attendees each day will receive a free movie ticket (one ticket per person). See a consumer fact sheet about the event. Please visit
http://www.homebuyersfair.com/ for more information. Buying Income Property in Santa Monica seminar 3/2 SM Public Library 9:30-12
noon put on by Rent Control Board.
MUSEUMS/ART: LACMA: Renoir in the 20th Century February 14, 2010–May 9, 2010 American Stories:Paintings of Everyday Life, 1765–
1915, many icons of American art on display, February 28, 2010–May 23, 2010; Getty 3-25 to 7-5 Aztec Pantheon and the Art of Empire; SM
Airport Art Walk 3/20 Sat 1-5 pm-see amazing portrait painter, give a workshop to paint children 1:30. 3300 #G airpt av. enter from 23rd.st
LECTURE: :Getty Villa free lecture 3/4, Thurs. 7:30 pm (park $15 or free after 5) 2000 year old Greek Cosmos tracking device-Antoikythera
discovered ,now we know it 's purpose. Santa Monica, Winter Lectures at Memorial Park, 3/13, "The True Story of Marion Davies", put on by
the SM Conservancy and in honor of the donor of the Annenberg Community Beach House.14th and Olympic tickets $10, ,smconservancy.org,
3/27 lecture on the rebirth of the Beach House site the architecture, both 2-5 pm
FILM: USC, French new wave cinema of Kourtrajmé Productions, a Paris-based collective of emerging visual artists, filmmakers, actors and
musicians short films, music videos and documentaries. Directors share their work.
ARCHITECTURE: LA Conservancy has 16 free walking tours of downtown, such as LA' s evolving Skyline.
FESTIVALS: 3/6-7 Pomona Fair grounds Irish festival weekend.
MUSEUM/THEATRE: new play from the museum's Native American company, "Tales of an Urban Indian", opens March Fri 8pm and Sat
2pm and 8 pm and Sun 2 pm
ENVIRONMENT: Native Plants? Sunland, Ca has the definitive Native Plants Foundation, Theodore Payne, don't want to drive to Sunlandnorth
on the 5 Freeway? Go to see them at the Hollywood Farmer's Market, just n. of Sunset and w. of Vine, 8 am to 1 pm, Sundays, one of
LA's best, see farmernet.com; Tree Hugging Day 3/20 Sat. go to Palisades Park SM noon; SM city offers to anyone these 6 session Green
Living Workshops. Sessions start 3/1 Mon., another 6 sessions start Tues 3/2 and Wed. 3/3 another. Topics include:, one per week: Water,
Energy, Waste, Chemicals, Transportation, and Shopping & Food. Workshop meets for six sessions at the same location and time. All evening
7:00 pm to 8:30, Sustainable Works [nancy.barba@sustainableworks.org], or www.SustainableWorks.eventbrite.com, open to all, suggested
donation for lare workbook is $25.West LA Surfrider Foundation offers core training course 3/6 Sat. 11-12 am, Santa Monica Youth Hostel,
2nd St., this is a beginner intro course to help people learn basic water quality, plastics, ocean friendly gardens, beach clean-up…RSVP
www.surfriderwlam.comDANCE: don't forget to see what Staci and Conroe have planned for the Michael Jackson dancing classes and
subsequent performances- www.flashmobamerica.comTOURISTS: Friends visiting? Send them off to see 3 major areas: Santa M Bev Hills W
est LA, Hollywd Universal on the Star Line, they can ride all over, get on and off as they like $30 for 1 day $40 for 2, Go online or visit any
hotel.. YEAR OF THE TIGER: listen to what an expert says- what is in store for the Tiger metal year:
http://www.raymondlo.com/ver2/aboutmasterlo/articles.asp?id=15
Maralee Grantham and Associates In Pursuit of Your Dreams
Sotheby’s INTERNATIONAL REALTY maralee@maraleegrantham.com cell 310 570 6100

Did you remeber all your Real Estate tax deductions?

noreply@blogger.com (Westside Investor's Eye) — Tue, 02 Mar 2010 21:18:00 +0000

Selling Your Home, Sweet Home:
Have you thought of all deductions?

deductions on points paid when you bought the home
deductions on mortgage interest
property taxes while you lived in it.

Sellers
deduct the fees you incur to unload your home.
deduct a portion of the property taxes
agent commission lowers the sales price (reducing capital gains tax
fees you paid at closing.

NAR finally helps the Homeowner

noreply@blogger.com (Westside Investor's Eye) — Tue, 16 Feb 2010 23:14:00 +0000

National Assoc. of Realtors' HouseLogic site offers the homeowner a web site for neighborhood issues, homeimprovement and first lok at political issues that will affect them--no listings or home selling informaiton.
Instead, the site offers a collection of tools, information and advice that's geared to helping consumers "maintain, protect and increase the value of their homes

The site also "empowers homeowners who want to get more actively engaged in shaping community life and advocate neighborhood and homeownership issues that matter most to them," NAR said.

To get access to all of the site's tools and obtain "customized recommendations," HouseLogic users must create an account for themselves, and provide the site with an e-mail address.

Users can opt to receive e-mails on specific topics, including HouseLogic newsletters, alerts about national issues related to housing," and "alerts regarding state and local political issues that are relevant.
To Create an acount in NAR's HouseLogic, click on the link:

Fannie Mae 3.5% assistance if home listed on homepath.com

noreply@blogger.com (Westside Investor's Eye) — Sun, 14 Feb 2010 20:05:00 +0000

Fannie Mae recently announced that people purchasing a Fannie Mae-owned HomePath® property will receive up to 3.5 percent of the final sales price to be used toward closing cost assistance or their choice of appliances. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1.

Properties eligible for this incentive are listed on HomePath.com and most listings include detailed property descriptions; photographs; community and school information; and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers home buyers an opportunity to purchase with as little as 3 percent down.(CAR)

Home Buer Fair 3 13/14 Freddie Mac Biggest buy down

noreply@blogger.com (Westside Investor's Eye) — Sun, 14 Feb 2010 20:01:00 +0000

Southern California Home Buyer’s Fair: March 13-14
Los Angeles Convention Center for the FREE third annual Southern California Home Buyer’s Fair.
The Southern California Home Buyer’s Fair, open 10 a.m. to 5 p.m., Saturday, March 13, and 11 a.m. to 4 p.m., Sunday, March 14, features more than 50 educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind. Seminar topics range from understanding home prices and monitoring and fixing credit to applying for a mortgage and the importance of the home inspection. Several of the sessions also will be offered in Spanish.

Freddie Mac
Record share of borrowers reduced principal balance
In the fourth quarter of 2009, 33 percent of borrowers who refinanced their loan lowered their principal balance, resulting in the highest “cash-in” share since Freddie Mac began tracking the characteristics of refinance transactions in 1985, according to the company’s refinance report.

Consistent with the cash-in share, the report showed that the share of borrowers who increased their loan balance by 5 percent or more during the fourth quarter was at a record low of 27 percent.

“Rates on 30-year fixed-rate mortgages set a new record low during the first week in December at 4.71 percent

Haiti Red Cross update

noreply@blogger.com (Westside Investor's Eye) — Fri, 05 Feb 2010 15:43:00 +0000

February 2, 2010
On January 12, a series of earthquakes ranging from magnitude 6.5 to 7.3 struck Haiti. Approximately 57 signiﬁcant aftershocks have occurred. This is already the largest, single-country, relief operation in global Red Cross history in terms of number of Red Cross emergency relief teams deployed. While the relief operation continues to focus on meeting the immediate needs of survivors, the AmeTHE RED CROSS RESPONSE
More than 500 Red Cross Red Crescent workers from at least 30 countries have been deployed, including two ERUs from the American Red Cross as well as additional disaster specialists in logistics, communications, shelter and recovery. The American Red Cross has already spent or committed more than $67 million to meet the most urgent needs of earthquake survivors.

The growing Red Cross response is being guided by lessons learned during the response to the 2004 Indian Ocean tsunami which affected 14 countries. Recovery planning is beginning now, with a Red Cross cross-functional team that includes an American Red Cross recovery specialist. Recovery planning will occur with collaboration of the Government of Haiti and key development partners including the World Bank, Inter-American Development Bank, and the UN. Because of the generosity of donors, people in Haiti will receive more than immediate relief—they will receive resources, support and training from the Red Cross that will help them recover and rebuild for years to come.

SUPPORT OF DONORS
The American Red Cross can accept gifts designated to the ongoing response to the earthquakes in Haiti,
but asks that donors consider making a gift to the International Response Fund. Donors can help the victims
of countless crises around the world each year by making a ﬁnancial gift to the American Red Cross
International Response Fund, which will provide immediate relief and long-term support through supplies,
technical assistance and other support to help those in need. Donations to the International Response Fund
can be sent to the American Red Cross, P.O. Box 37243, Washington, D.C. 20013 or made by phone at
1-800-REDCROSS or 1-800-257-7575 (Spanish). Internet users can make a secure online contribution
by visiting redcross.org.

KEY DEVELOPMENTS
• The Red Cross response is expanding into areas outside of Port-au-Prince to the heavily damaged cities of Jacmel and Leogane as three Relief Emergency Response Units (ERUs) distribute relief supplies in those communities.
• According to the UN, the port of Port-au-Prince has been declared unsafe for incoming ships following an in-depth assessment. Landing crafts are being used to ofﬂoad boats, but these are operating with very limited capacity.

CURRENT SITUATION
Health – Approximately 1,200 patients are being seen per day at Red Cross health facilities, with around 4,000 patients seen to date. Epidemiological surveillance has begun as well as psychological support and hygiene promotion.
Water and Sanitation – The water and sanitation team is working to identify sewage pumping capacity within Port-au-Prince and in the Dominican Republic while investigating the purchase of additional trucks from the private sector.
Food – The World Food Programme reports that since January 12, it has delivered food aid to more than 580,000 people through the distribution of nearly 16 million meals. A gradual transition from general food distributions to food- and cash-for-work activities is planned, as relief gives way to recovery. The agricultural team is monitoring prices in areas receiving displaced urban populations, and there are indications of signiﬁcant price increases for the main food items.
Shelter and Relief Items – The main challenges for addressing the needs for shelter are: scarcity of open space in Port-au-Prince; uncertainty regarding the security of remaining buildings; density of the population; difﬁculties with host families; and the approaching rainy season. The combination of immediate shelter assistance with more durable settlement solutions also remains a challenge. A 3,000 person planned settlement site at Tabarre in Port-au-Prince is almost completed and the ﬁrst families are expected to arrive in the coming days.

Fun Events Westside Los Angeles February 2010

noreply@blogger.com (Westside Investor's Eye) — Wed, 03 Feb 2010 06:20:00 +0000

Fun Things on the Westside in February
Happy Valentine's Day, Year of Tiger, Mardi Gras
brought to you by Your Neighborhood Realtor, Maralee Grantham

MUSEUMS: Museum of the American West, (also part of Autry in Griffith Park.). Western Art Show in" Masters of the American West". 323
667 2000, 2/6-3/7, then on 2/21 Sunday Western Music Jam, third Sunday of every month! 1-3 pm , also 2/21, Native Women in also, Autry
film series, "Edge of America 2- 5 pm film and discussion; LA County Mus. of Art, LACMA Renoir in the 20th Century: 2/ 11–13 members,
and 14th general public; American Stories: Paintings of Everyday Life, 1765–1915 2/ 25–27,members, public 2/28,call 877 522-6225. Also see
African American exhibit Ca. Science Center.
FILM: UCLA Dept. of Film –see calendar fro many free films: http://www.tft.ucla.edu/calendar/ example-- presenting director Melnitz movies,
free 2/2 "Red Riding" 1983, 2/4 is "The Most Dangerous Man in America", James Bridges Theatre, 2/9 "The Housekeeper 8:00 PM at Little
Theater, Macgowan Hall.(Trilogy of Yorkshire 70's and 80's) also UCLA Film School shows "Fire Island", free Feb 23-27, 8 pm + al a 2 pm on
Saturday.; Don't forget free preview club at Laemmle Theatres http://www.laemmle.com/mailinglists.php, also at Laemmle’s Royal Theatre,
West L.A, see LA Connection Comics, redub "The Blob", starring Steve McQueen 2/11Thurs. 10 p.m., , 310-477-5581, $10
laconnectioncomedy.com, see above in MUSEUMS-the Autry "Native Women in Film" series-films monthly. AAA offers discounted movie
tickets to members.
ENVIRONMENT: Celebrate Valentine's Day at the SM Pier-Aquarium they have a program to help you learn about and watch the
Gray Whales as they migrate from the Arctic to Baja, Ca-they are passing us! Just a heads up for those interested in sustainable
gardens, yes we missed the potluck, which was 2/1 , but the planting event is 4/17-18, join a crew, sponsor a crew or be crew
guru-100's of gardens are planted that weekend, www.gardensofgratitude.com; 2/6 , you have 2 choices: clean up Topanga
St.Bch, https://www.volgistics.com/ex/portal.dll/?FROM=16651; or restore Stone Canyon Creek, join the Santa Monica
Baykeeper/ Institute of the Environ, UCLA Sat. 10 am to 1 pm, meet at lot 4 s. of Sunset enter on Hilgard campus north entrance.
UCLA provides tool, training, and http://www.ioe.ucla.edu/calendar/showevent.asp?eventid=229
Green networking events: 2/4 www.lagreendrinks.org, check site 7-10 pm; also, 2/9 is meeting of interested environmentalists, Ambrose Hotel
on 20th St. SM, 6-9 pm, $10; Farmer's Market growers discuss the art of growing the fruit tree, SM Public Library 2/11 Wed. 7-9 pm. Autry
Museum of American West has" Ca. Native plants Workshop" 2/28 from 1-3.
DANCE: Salsa Wed. Weekly Dance Lessons, Salsa Rumba etc. at SM Bay Women's Club 1210 4th St. 310 487 0911 $10 lesson 7 pm to
7:40 pm; Great free dance lessons Michael Jackson style go to Flashmobusa, also put in Conroe on YouTube. Join Staci and Conroe to learn
the Thrill the World dance Thriller and now Janet Jackson Rhythm Nation etc. flashmobamerica@gmail.com. , Meringue etc. Joslyn Park
Aud. Wed. 1/13-3/3, 8:30-9:30 pm $48 reservations;
Events and Festivals: MARDI GRAS BEGINS 2/16, See LA version downtown at Olvera St.'s LA Historical Monument.
YEAR OF THE TIGER parade, in Chinatown on Broadway and Hill 2/13-14, lagoldendragonparade.com. MARATHON: see March
21finally finishing on Westside!! Dodger Stadium to Santa Monica. African American Art Festival, Culver City, 2/6, see
ecostation.org. Also check out the African American contribution to world at Ca. Science Center, downtown now.
LECTURES: 2/18 main Santa Monica Public Library Thursday Evenings with the LA Opera— The fifth of a free series of
presentations about five upcoming operas (before heading out to see them) is Introduction to the Ring Cycle & Gotterdammerung,
7 p.m. at the Main, (310) 458-8600 or www.smpl.org/
GOLFers: Riviera Country Club, Northern Trust Open, open to the public, Tuesday 2/2 to 2/7, 6 am, tickets $20 on line,
http://www.northerntrustopen.com/tournament/spectators_tickets.html, or $30 at gate, up for final rounds to $35 SKATING: Venice, 2/7,
Skate Clinic / Social skate, the first Sunday of the month; meet at the Venice Beach Pavilion, at the Skate Dancer’s circle at
11:00AM. That’s that lima bean shaped patch of cement just east of the new skate bowls. Friday Night Skate
[dan@fridaynightskate.org]DOG Training: SM Memorial Pk. $65 res.,$72 non-residents, Sessions start for 2/20, Sat 9-10:00 am for 5 wks.
. NETWORKING: Santa M. Chamber, has Red Cross fundraiser and mixer, 2/10 5:30 and Business Exposition 2/17, 5 pm at
Sheraton Delfina Hotel, Speed Networking, 2/23, 5 pm at the SM chamber offices.
THEATRE/CONCERTS: UCLA Royce Hall Randy Newman of "I love LA" fame 8 p m tickets $65, 50, and 40. Malibu Stage Co Feb 12-
March 7 new play "Three Tall Women" older woman looks back on life 310 589 1998, 29243 PCH. Malibu at Pepperdine has Play "Harry the
Dirty Dog 2/13 at Smother's Theatre, 310 506 4522
VOLUNTEER: Red Cross: join the WEST LA Chapter—call 866 548 8226, meetings are the 3rd Th. 6:30 each month-just go-it is on the
Ohio entrance to the Veteran's admin in West La, or join me on a Disaster Action Team call the Santa Monica office, Phone Number:
(310) 394-3773 PACT (positive alternative choices today) mentor young people 310 313 4119, www.pactla.org
Maralee Grantham and Associates In Pursuit of Your Dreams
Sotheby’s INTERNATIONAL REALTY maralee@maraleegrantham.com cell 310 570 6100

1/1/2010 new rules allow less room for changes to loan net charges when escrow closes , also FHA loan changes

noreply@blogger.com (Westside Investor's Eye) — Tue, 02 Feb 2010 18:42:00 +0000

The Good Faith Estimate (GFE) and HUD-1 disclosures are intended to give borrowers sufficient information to permit shopping for the best possible loan terms and closing costs. The Good Faith Estimate has been in for years, but it left too much wiggle room, now revised there are well defined tolerance limits.
The base of all this is what is your net loan cost when you close the loan, not when you begin escrow!!
Web site for facts: http://www.hud.gov/offices/hsg/ramh/res/resparulefaqs.pdf
Also the FHA has revised rules on charges:

11. Elimination of FHA origination fee limitation

Effective Jan. 1, 2010, FHA-approved mortgagees may collect any fee to compensate them for expenses incurred in originating and closing a loan--not merely the 1 percent of the loan amount they were previously limited to. Of course, their fee is still subject to the overall RESPA rule against receiving unreasonable or unearned compensation
information from the Cal Asoc of Realtors legal dept.

March 13, 14 Homebuyer Fair L A Conv. Ctr.

noreply@blogger.com (Westside Investor's Eye) — Fri, 29 Jan 2010 16:10:00 +0000

The Southern California Home Buyer’s Fair, open 10 a.m. to 5 p.m., Saturday, March 13, and 11 a.m. to 4 p.m., Sunday, March 14, features more than 50 educational “how-to” seminars designed to help home buyers navigate today’s real estate market with confidence and peace of mind. Seminar topics range from understanding home prices and monitoring and fixing credit to applying for a mortgage and the importance of the home inspection. Several of the sessions also will be offered in Spanish.

The event is free to the public. In addition, the first 200 attendees each day will receive a free movie ticket (one ticket per person).

C.A.R. also has created a consumer fact sheet about the event. Please visit http://www.homebuyersfair.com/ for more information.

Is Your Lender following Home Afford Guidelines?

noreply@blogger.com (Westside Investor's Eye) — Sat, 23 Jan 2010 23:16:00 +0000

Visit the loan look up center to see if the loan is owned or guaranteed by Fannie Mae or Freddie Mac. If the loan is a Fannie Mae or Freddie Mac loan, call (800)-7Fannie (732-6643) or (800) Freddie (373-3343), as appropriate, describing the specific inconsistency.

FHA 90 day anti fliipping out for 1 year

noreply@blogger.com (Westside Investor's Eye) — Sat, 23 Jan 2010 23:06:00 +0000

The Dept. of Housing and Urban Development (HUD) announced Friday it will eliminate for one year the Federal Housing Administration (FHA) 90-day anti-flipping rule.

FHA’s anti-flipping rule generally prohibits insuring a mortgage on a home owned by the seller for less than 90 days. That rule already has been waived for certain transactions, including REOs. Beginning Feb. 1, buyers may use FHA-insured financing to purchase properties resold through private developers and investors. This one-year waiver will give FHA buyers access to a broader array of recently foreclosed properties.

Under the temporary waiver, all transactions must be made at arm’s-length and may require additional documentation of improvements and justification of certain price increases. Additional documentation may include a second appraisal and a property inspection ordered by the lender.

FHA Tightens up loan costs--even though $8000 tax credit still in place

noreply@blogger.com (Westside Investor's Eye) — Fri, 22 Jan 2010 22:27:00 +0000

Yes the $8,000 tax credit is still in place but look closely at the details.
KEEP THIS IN MIND
• The FHA is federally mandated to maintain reserve funds at 2 percent or greater. As of November,
the agency reported that its fund had declined to .53 percent. The funding is used to cover losses on
mortgages insured by the FHA that go into default.
• Loans insured by the FHA generally are less expensive to borrowers because of the lower down
payment requirements. However, these loans also have fees, such as up-front mortgage insurance.
To help the agency raise its cash reserves, the FHA is increasing the up-front mortgage insurance
premium from its current 1.75 percent to 2.25 percent. HUD released a Mortgagee Letter today
making the premium increase effective in the spring.
• The agency also is raising the minimum credit score requirements. Currently, borrowers with FICO
scores as low as 500 have been approved for FHA-insured loans. Under the policy changes, new
borrowers will be required to have a minimum FICO score of 580 to qualify for the FHA’s 3.5 percent
down payment program. New borrowers with less than a 580 FICO score will be required to put down
at least 10 percent. FHA expects this to take effect in early summer once it passes the normal
regulatory process.
• The new policy also will reduce the amount of money sellers can provide to home buyers at closing to
3 percent, down from its current 6 percent, of the home’s price. The change brings the agency in line
with industry standards and removes the incentive to inflate appraisals. The FHA expects this to take
effect in early summer after it passes the normal regulatory process source cnn money and fha web site.

January Fun Things to do in Santa Monica and the Westside

noreply@blogger.com (Westside Investor's Eye) — Tue, 05 Jan 2010 17:35:00 +0000

Have Fun and Everything Else will Fall into Place

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

THEATRE/ CONCERTS: LA Theatre Works 1/21-23 University of Notre Dame visiting company presents RFK: A Journey to Justice 7:30
except Sat 7 pm $36.;UCLA Royce Hall Los Lobos 1/30 8 pm $40, 28;: Thurs., Jan 21 THURSDAY EVENINGS WITH L.A. OPERA — The
fourth of a free series of presentations about five upcoming operas (before heading out to see them) is Behind the Scenes in Opera, 7 p.m. at
the Main Santa Monica Public Library, 601 Santa Monica Blvd., Santa Monica, (310) 458-8600 or www.smpl.org/.; Miles Theatre: 1/ 8 to 2/ 6,
Santa Monica’s landmark theater hosts an eclectic line-up of music every Friday and readings of Pulitzer Prize-winning
American dramas every Saturday night beginning at 8pm. Come as early as 7pm to warm up and get a snack-1/9 hear Thornton
Wilder's "The Skin of Our Teeth", local singers song writers 1/22 and Guitar 1/15.)located at Wilshire and Lincoln
FUN ,FUN: Voice Your Opinion a la London's Hyde Park, stand on an especially provided soap box every Sunday in Palisades Park
(intersection of Ocean Av. and SM Blvd)., Santa Monica 10 am to noon; SM Outdoor Antique Market, 1/24 this month held on 4th Sunday, 6
am to 3 pm at Airport in the lot at Bundy and Airport Ave. Ph 323 933 2511, admission $7 early in from 6 to 8 then $5; Support the SM Malibu
School system attend the John Muir school Ocean Park Blvd. and Lincoln, high end flea market. 1st and 3rd Sat. of Month 8 am to 3 pm
contact Diana Rogers 310 570 6483, $1 admission; Read Your Poetry or Prose weekly on Thurs. at the Novel Café 212 Pier, SM, 310 396
8566. Griffith Park Observatory new First Fri each month 1/8, free programs, info 213 473 0800;; UCLA Live Los Lobos Sat 8 pm 1/30
$40.213-473-0800
ENVIRONMENT: Green Garden Academy SM Public library Sats. 10-1; City of Santa Monica Green Living Workshop begins Mon. 1/11 at
SM Yoga 7:15-8:45pm 1640 Ocean Park; Beach clean up Sat.'s 9 am-11, to find the schedule and sign up e mail: WLAM Surfrider
[webmaster@surfriderwlam.org]; SM Library Green Living Workshop 7 to 8:30 pm, Wed. 1/13; Green Garden Workshop SM Public Library
Sat.'s 10 am to 1 pm www.sustainablesm.org/landscape..
VOLUNTEER: PACT (positive alternative choices today) teach work ethics or mentor young people 310 313 4119, www.pactla.org, M-Fri.
1pm-6 pm, located in Mar Vista.
SERENITY: Jan 1/5-1/17 Women's in Retreat at Serra Malibu, 3401 Serra rd. 310 456 6631 If you have not driven past the gate, do it- see
the neighborhood, beautiful Retreat Center, great view!; Martin Luther King Day 1/18 join Santa Monica College for a multi ethnic
inspirational program at SGI, 525 Wilshire Mon. begins 9 am.
DANCE: Salsa, Meringue etc. Joslyn Park Aud. Wed. 1/13-3/3, 8:30-9:30 pm $48 res.; Wed. Weekly Dance Lessons, Salsa Rumba etc. at
SM Bay Women's Club 1210 4th St. 310 487 0911 $10 lesson 7 pm to 7:40 pm
ACTING: Promenade Playhouse, go to a Friday stand-up comedy open mike 9:30pm, take acting classes, evenings learn Meisner,
Strasberg from accredited coaches who bring casting directors promenadeplayhouse.com,(310) 656 – 8070 ext. 17 Promenade Playhouse
continues with stand up comedy Sat.'.s $12, 9 pm
Santa Monica: ICE skating ends 1/31, only $10 skate all day.
DOG Training: Memorial Park $65 res. $72 non-r. Sessions start Sat 9- 10:00 a.m., 1/16 for 5 weeks. Do not bring dog first session.
MUSEUMS: Skirball: 310 440 4500,; Autry and Southwest Museums: SW has Secrets of Braun Research Library Sat., 1/23, 2pm-3, "100
years of collecting", Autry has "Native Women in Film" Sun. 1/24 2 pm; Sun.1/30 "Women n Hard Times lecture continues with Families in the
west".2-4 pm. Continuing is the most amazing collection of Indian baskets and the Yosemite photographic expo comparing landscapes of 100
years ago to the erosion of today; LACMA Jean Paul Belmondo Film Festival 1/15 and 1/16, Fri. 7:30 Mississippi Mermaids and Sat, one at
7:30 and 9:40, 1/22-/23 the epic films of Russian director Andrei Tarkovsky; Getty Thurs 7 pm 1/14 Rembrandt: Draftsman documentary brings
his studio to life; Hammer, Westwood Rembrandt prints Sun 3 pm 1/10.
NETWORKING: Santa Monica Chamber: Wed. 1/13 is Business at Sunset mixer at Studio 1452 on 1452 2nd St. 1/21 State of the City hear
LA county economic Dev Corp speaker and Frank McCourt 1/26 is Speed Networking-well worth attending Networking for Professionalsscratch
them off your list they need to work on their delivery here in Santa Monica; Mar Vista is starting a new chamber. Look for new Mar
Vista Chamber to stimulate business-where is downtown Mar Vista, see Venice Blvd. near Inglewood Blvd. ;Pacific Palisades Chamber
mixer Tues1/12 Pearl Dragon 15229 Sunset Blvd. ;West LA Chamber 1/6 7 am First Wed always a breakfast, Women's Network meeting Tues
1/26 5:30 $25 non-members.
HOMEBUYING: my clients, men and women are finding the "Trilllion Dollar Woman's guide to Make Buying and Remodeling Decisions",
helpful when going through that stressful time.
Maralee Grantham and Associates In Pursuit of Your Dreams
Sotheby’s INTERNATIONAL REALTY maralee@maraleegrantham.com cell 310 570 6100

Before you go to foreclosure user friendly web site

noreply@blogger.com (Westside Investor's Eye) — Fri, 01 Jan 2010 22:42:00 +0000

Hard as it is to believe so many homeowners who are behind in their mortgage payments have not even sought help. Another percentage have tried to contact their bank and have been unable to get help.
One great avenue is the government program Hope for Homeowners hopenow.com.
This is a user friendly web site where one can find a self assessment and free counseling help.

Homeowners 15 day headstart on foreclosures

noreply@blogger.com (Westside Investor's Eye) — Wed, 30 Dec 2009 21:20:00 +0000

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

noreply@blogger.com (Westside Investor's Eye) — Wed, 23 Dec 2009 00:20:00 +0000

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

noreply@blogger.com (Westside Investor's Eye) — Wed, 16 Dec 2009 22:50:00 +0000

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

noreply@blogger.com (Westside Investor's Eye) — Tue, 15 Dec 2009 16:26:00 +0000

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

noreply@blogger.com (Westside Investor's Eye) — Sun, 13 Dec 2009 17:05:00 +0000

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

noreply@blogger.com (Westside Investor's Eye) — Fri, 11 Dec 2009 16:03:00 +0000

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

noreply@blogger.com (Westside Investor's Eye) — Thu, 03 Dec 2009 21:13:00 +0000

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

Fannie Mae en Espanol Por Fin!!

noreply@blogger.com (Westside Investor's Eye) — Sat, 28 Nov 2009 21:20:00 +0000

Fannie Mae launches new Spanish Web site
Fannie Mae last week launched a Spanish version of its HomePath.com Web site designed to help more potential homeowners who speak Spanish purchase Fannie Mae-owned properties.
The new Spanish Web site mirrors the English version of HomePath.com, featuring an interactive search tool of Fannie Mae-owned properties nationwide, details about HomePath® financing, a mortgage payment calculator, property alerts, and information on foreclosure prevention and the Making Home Affordable program.
For more information about HomePath, visit www.HomePath.com and click "En Español", or for direct access to the Web site in Spanish, visit www.es.HomePath.com.