Home Prices on the Rise?

In the Ventura Real Estate Market we're experiencing an uptick in activity and prices inching up ever so slightly in the lower end properties. I saw this article on line today and thought you'd find it encouraging.

Copy and paste this link in your browser and take a look...

http://realestate.aol.com/blog/2012/04/05/no-joke-home-prices-rising-some-indexes-say/?icid=maing-grid10%7Chtmlws-main-bb%7Cdl20%7Csec3_lnk2%26pLid%3D149672

Inventory of Ventura Homes for Sale appears to be decreasing which is an indicator of an improving market.

Real Estate Snapshot

Pending home sales in California rose in February and increased from the previous month and year according to C.A.R.’s Pending Home Sales Index, based on signed contracts. The index also was up from data recorded in February 2011, marking the tenth month in a row that pending sales were higher than the previous year. C.A.R. President LeFrancis Arnold stated “A lack of inventory in the bank-owned (REO) and short sale market was a contributing factor to the decline in share of distressed sales in February,” “In fact, REO inventory declined 24 percent in February from the previous year, while short sale inventory dropped 17 percent during the same period.”

After declining for two consecutive months, equity sales (homes that are not distress sales or “upside down”) increased in February, making up 51.1 percent of sales in February. In January 2012 and February 2011, equity sales consisted of 49.9 and 44.8 percent respectively of all sales.

Statewide, the total share of all distressed property types sold went down in February to 48.9 percent, down from January’s 50.1 percent and from 55.2 percent in February 2011.

The share of short sales dipped slightly in February. Of the distressed properties sold statewide in January, 23 percent were short sales, down from the previous month’s share of 23.8 percent but increased from last February’s share of 22.9 percent.

The share of REO sales also edged down in February to 25.2 percent, down from January’s 25.9 percent and down from the 31.9 percent recorded in February 2011.

Locally, in Ventura County, we’ve seen prices increase slightly in the low end price range. Much of this is being driven by investors, though first time home buyers are a large part of the market too. A listing in the under $350,000 range is sure to sell fairly quickly if priced right and in decent condition with multiple offers not uncommon. The mid range homes seem to have stabilized and high end single family homes are still constricting somewhat.

Income property, particularly multiple units, are flying off the shelves as well since those with money in the bank are not getting a good return on their money.

Detect, Prevent and Report Real Estate Fraud

If you know of anyone who is struggling to keep or has lost their home, you may want to read on. It’s easy to be vulnerable when under financial distress and there are people who will prey on those who are.

Enter “The Real Estate Fraud Advisory Team” (REFAT) which is a unique collaboration between the Ventura County District Attorney’s Real Estate Fraud Unit and Ventura County real estate professionals. The knowledge and expertise of this volunteer team assists in identify various frauds taking place and stays on top of the ever changing tactics of scammers who seek to take advantage of Ventura County residents.

REFAT has done such an outstanding job of finding and prosecuting scammers that they’ve successfully prosecuted over a dozen people for real estate fraud over the last year. Other DA offices throughout California and further have begun doing the same and are using us a model.

Here’s some practical advice to prevent consumers from falling victim to a scam:
Never pay an upfront fee for loan modification services. These fees are illegal.
Watch out for promises or guarantees of any sort. No one can promise that a loan modification will be successful.

Anyone offering to take over your payments in exchange for a fee is likely committing fraud. Homes have been lost and life savings have been wiped out.
Contact a HUD-approved counseling agency that can provide loan modification services for free.

If you think you’ve been approached in this manner or have been a victim of a loan modification or other scam, report it to the DRE, the FTC, the Attorney General, and the Ventura County District Attorney’s Real Estate Fraud Unit. We can’t do it without your help!

Check out the REFAT website – you’ll be surprised what’s been accomplished and they’ve only just begun. http://www.refat.org/home Or you can call their hotline at
(805) 751-5899.

Check Out Senior Living at it's Best!

5 open houses in one of Ventura's most desirable Senior Parks this Sunday from 1-4!

4700 Aurora Dr., #85, Ventura, CA 93003

http://idx123.realtytech.com/lkenton/Aurora.aspx (DRE # 01041434)

New Listing Above the College

This Ventura home for sale is located in sought after neighborhoodand and made for entertaining with open floor plan and lots of light. Remodeled full baths and new cabinets in kitchen. Formal dining room and a cozy breakfast area to sip your morning coffee. Spacious master has a balcony with ocean and island views. For more pictures and info on this and other Ventura homes for sale, visit my web site at http://www.LynnKenton.com or http://idx123.realtytech.com/lkenton/Vanderbilt.aspx
Lic. #01061434

A Shred of Good News

Pending Home Sales in California Higher for Seventh Month in a Row

California Association of Realtors reported that pending home sales fell 9.1% in November 2011, but were up from a year ago. Based on contracts signed in November, the index came in at 109.8 (down from October’s revised index of 120.9). The index was up 11%, however, from November of 2010.

This marked the seventh month in a row that pending sales were up from last year. Equity sales (as opposed to short pays or bank owned homes)) accounted for more than half (55.1%) of sold homes in November, up from 53.9% in October and 54.4 % in November 2010.

New Listing!

This 2 bedroom home is a treasure! 2 bedrooms on a large lot with hardwood floors (under the carpet) and dual pane windows. It's been well cared for (not a fixer). Located in a nice neighborhood on a large lot! $269,000. Contact me for details.

Lynn Kenton, 805-901-5444, Lynn@LynnKenton.com, www.LynnKenton.com

Ventura Real Estate Digression

Lynn Kenton is officially wrapping up the end of 2011 for Ventura Home Sales. In case you're under the impression I don't have a life outside of being a Ventura Realtor, I wanted to share some fun statistics and info on my beloved Green Bay Packers. Yes, my husband and I were raised in Wisconsin. Just so you know, if born there, you are an official "Cheesehead" even if you only lived there for a nanosecond.

We even have one of those silly vinyl Cheesehead hats and my hubby received one share of the Packers as a gift from his buddy this Christmas. No worries, I'll not be retiring off of that:) And their current record notwithstanding, they are endearing as you can see from this article recently printed.

Packer's are still making history, with Aaron Rodgers as quarterback and this weeks stock sale

( http://www.postcrescent.com/article/20111207/APC0101/112070495/Green-Bay-Packers-stock-sale-off-roaring-start )

This was in the Deseret News, the Salt Lake City newspaper.

Maybe the only truly romantic thing left in American sports: The Green Bay Packers .

Seriously, America , what's not to like about the Green Bay Packers ?
What's not to like about a small-town team that is not only surviving, but thriving in the billion-dollar business of professional football?

There is nothing like them in professional sports. Think about what an oddity they are. Teams have come and gone in the NFL in a continuous game of musical chairs - the Baltimore Colts moved to Indianapolis , the Cleveland Browns to Baltimore , the Oakland Raiders to LA. and back to Oakland , the Cardinals from Chicago to St. Louis to Phoenix , the Los Angeles Rams to St. Louis .
But the Packers have stayed in tiny Green Bay , Wis .., since their birth in 1919. America 's second biggest city, Los Angeles , with a population of 4 million, doesn't even have a franchise, but Green Bay , with a population of 101,000, does. It's like plunking down a team in the middle of Sandy , Utah .

They are the smallest market in pro sports Green Bay 's metro area - if you stretch the definition of "metro" - is 283,000. Buffalo , the next smallest in sports, has 1.1 million. New York City has 8.5 million in the city limits alone, 19 million in the metro area.
What's not to like about a team that was dreamed up during a street-corner conversation one day? Curly Lambeau , a former Green Bay prep star and Notre Dame football player, hatched the idea and convinced his employer, the Indian Packing Company, to buy uniforms and provide a practice field. In turn, the team called itself the Packers. Lambeau was the team's first star player (for 11 years) and its first coach (for 30 years) and - you've got to like this - he pioneered the forward pass in the NFL.

What's not to like about the last small-town survivor of the National Football League? In the early '20s, the fledgling NFL consisted almost entirely of small-town teams like Green Bay - the Decatur Staleys, Akron Pros, Canton Bulldogs, Muncie Flyers, Rochester Jeffersons, Rock Island Independents. But as the league turned fully to professionalism, those teams either folded or moved to big cities for bigger profits. Green Bay found a way to keep the Packers - the community bought them.
What's not to like about a team that is owned by its fans? The Packers are the only publicly owned team in professional sports. There's no Jerry Jones, George Steinbrenner or Daniel Snyder in Green Bay . The other teams have one very rich, often reviled, owner; the Packers have 112,000 shareholders - or 112,000 Monday-morning quarterbacks who are legally entitled to kibbitz. They've rescued the team from financial hardship four times - in 1923, '35, '50 and '97. Without them, the team simply would not exist.

What's not to like about this team? Apparently, not much.
Despite their small-town roots - or perhaps because of it - they have courted a world-wide following. According to a 2010 Harris poll, the Packers are still the third most popular team in the country, 40 years after their glory years. Someone once asked the late former NFL commissioner Pete Rozelle to name the best football city in America . " Green Bay ," he replied. "A small town.. People owning their own football team. Rabid supporters."
The Packers have one of the longest waiting lists for season tickets in pro sports, some 80,000 deep (Lambeau Field seats only 78,000). The average wait for season tickets is estimated to be 30 years, but if you added your name to the list now you probably wouldn't get tickets in your lifetime. Packer fans are known to leave season tickets in their wills or to place newborn babies on the waiting list. Packer games have been sold out since 1960.

"I'm a 'green and gold' season ticket holder and have some voting stock in the team," explains Walt Mehr, a Utah resident who grew up in Eagle River , Wis. , just north of Green Bay . "It took me 23 years to get season tickets. We have a big shareholders meeting in July and vote. We were involved with remodeling of the stadium. As season-ticket holders we had to put up money for that - $5,000. My tickets are in my will." It's every fan's dream - they get to help run the team.. You've got to like that.

What's not to like about a team that has been an almost mythical force since joining the NFL in 1921? They've won 13 championships - nine NFL titles in the pre-Super Bowl era, and four Super Bowls - and no one else is close to matching them..

They won the first two Super Bowls . They won five championships in seven years during the '60s They're the only team that's ever won three in a row. The city's nickname is "Titletown." Their coach's name is on the Super Bowl Trophy . They have 21 Hall of Famers, second only to the Chicago Bears. They are a team of legends - Starr, Nitschke, Taylor, Lombardi, Davis, Hornung, Kramer, Gregg, Hutson, Lambeau, Favre.
What's not to like about a team that is so entrenched in the community in such a personal way? It's big-time football in a small-town way that has been lost as the NFL has grown. This is the town that spawned the Lambeau Leap - players leaping into the arms of fans behind the end zone after a touchdown, a routine that has since been adopted throughout the league. It symbolizes the close connection between the team and the fans, like so many other things.
Green Bay's stadium is bordered by the back yards of middle-class neighborhoods. The players live in regular neighborhoods, with the fans.

"Unlike the other NFL cities, where players can live in mansions away from the masses, Green Bay has no real 'affluent' suburbs," says Vai Sikahema , a former Packer and BYU player.

"And because of the frigid weather, everyone had second homes in warmer places. So the players lived in modest homes in regular neighborhoods.
"Playing for the Packers and living in Green Bay is generally the way it was in the '60's when Vince Lombardi lived there. The house we rented was rented by a host of former Packers , dating back to the great running back Jim Taylor .

"Another player rented a home once lived in by Bart Starr . That creates this extra unique bond with the fan base. On Tuesdays, our day off, we'd walk our children to the bus stop and all the dads would go in late so they could walk their own kids and talk football with us at the bus stop. My wife had play dates with regular moms on our street, as opposed to the closed, elitist 'wives club' on other teams."
There is a tradition in Green Bay that has received considerable publicity over the years. Kids wait for Packer players outside the locker room and often use their bikes to ride to the practice field. The kids hold the players' helmets and jog alongside the players as they ride the kids' bikes to practice. Who couldn't like that?

"I was one of those kids who ran next to a player while he rode my bike to the practice field from the locker room," says Mark Stimpson, a Salt Lake resident who grew up in Green Bay . "We did it every day during the summer. I had a metallic green stingray bike. I'd wait by the locker room. The player would hand me his helmet. The players wouldn't pedal the bikes. They were too big. They'd just stick their legs out and coast because it's a down-hill walk to the field.. We'd talk to them while we walked beside them. Then, during practice we'd watch the guy who rode our bike. It was a fun time. The players were great to us."
Sikahema remembers the bike routine, as well. "The bikes are one of those unique things in Green Bay that allow fans, especially kids, to get to know the players in a personal way," he says. "I stayed in touch with the kid whose bike I used through his college years and his wedding. He's now in his mid-30s. His name is Aaron Smet. When I was there, a bunch of poor kids didn't have bikes to lend to the players and (teammate) Sterling Sharpe had Wal-Mart deliver to the complex a tractor trailer full of bikes that he gave away to less fortunate kids."

Stimpson recalls seeing Willie Wood , Ray Nitschke , Eli ja h Pitts and Bart Starr around town when he was a kid. The Packers were one of them. His sister, Mary Nelson, babysat for reserve quarterback Zeke Bratkowski .
" Zeke lived around the corner from us," says Nelson. "After the games some of the players would come over to Zeke's house. I got to meet Bart Starr , Jerry Kramer and Max McGee and their wives. Every time I babysat Zeke's kids he would walk me home."

What's not to like about a town that is all about its team? Green Bay businesses are Packer themed. The streets are named after Packers - Lombardi , Ray Nitschke , Brett Favre , Mike Holmgren , Don Hutson , Reggie White , Bart Starr , Tony Canadeo . Even the official Green Bay website is all about the local football team.
The town shuts down during games; churches schedule around the Packers , then open their parking lots for Packer fans. "The streets are empty during the games," says Stimpson. "When I was a boy I could ride my bike down the middle of the street because there was no traffic."
What's not to like about a team that won the Ice Bowl , one of the greatest games ever played? It was the 1967 NFL Championship game in Green Bay , and the temperature was minus-13 degrees , with a windchill hovering around 50 below .
Rick Delacenserie, who grew up in the Green Bay area and now lives in Park City , watched the Packer practices as a boy and witnessed the Ice Bowl from the same end zone where Starr scored the game-winning touchdown.

"I spent most of the third quarter in the bathroom," he recalls. "It was packed in there. Everyone was trying to get warm. Someone brought a hacksaw and cut up the goal posts. All I got was some of the foam they wrapped around the post."

You've got to love a team that inspires fans to brave sub-zero weather. After the Super Bowl victory that followed the Ice Bowl , the Packers went into decline for 25 years until the Favre years arrived in the early '90s , but the Packers still inspired fierce loyalty and love.

"The only thing you can see on the horizon is Lambeau Field ," says Mehr, who pauses to choke back tears before continuing. "I get chills when I see it. On a beautiful clear day, omigosh."

For his part, Stimpson left home decades ago to attend BYU and settle in Utah . He doesn't follow sports as he once did, and the game has changed, and yet he still says this: "The Packers are so much a part of you. The Packers still have a certain pull. They always will."
You've got to like that.

Hope you all had a great holiday! Go Pack!!!!!

Has Your Equity Line Been Reduced or Cancelled?

A potential class-action lawsuit could have an immense influence on the future of homeowner rights under the Truth in Lending Act and some consumer protection statutes.

Here’s the scenario:

You’re a home owner who has taken out a $100,000 home-equity line for home improvements. Cash has been pulled out to hire contractors and purchase materials for the renovation. Then a letter comes from the bank stating that the credit line has been canceled and there is no further access to it.

The bank claims that your home is worth substantially less than when the credit line was opened. And now you have bills to pay with no equity line available.

To add insult to injury, the bank has not done a formal physical appraisal, but an automated valuation done with no more than a computer program. If you believe your property to be worth more than the bank claims, you can appeal it and pay to have another formal appraisal done at your expense, but it will be with an appraiser of the bank’s choosing.

There are apparently huge numbers of home owners (in the millions) whose credit lines have been reduced, frozen or canceled in 2009. Banks were understandably gun shy during that time after the close call of near disintegration of the marketplace.

In Chicago, a federal district court has given the go-ahead to customers of J. P. Morgan Chase Bank to commence with a class action suit alleging that their equity lines were illegally reduced or cancelled. Chase attempted to get the case dismissed, but a judge rejected the bank's motion to dismiss the case, clearing the way for a possible giant class action suit.

Suits are being filed in six different states including California which should have a great (and hopefully positive) influence on the future of consumer protection laws for homeowner rights.

At the forefront of the suit will be alleged violations of truth in lending practices and consumer protection laws. The suits should bring attention to the manner in which the lenders are expediting these automated appraisals with tools and programs that are egregiously inaccurate in many cases. Word has it that there are similar suits being filed against other big players such as GMAC Mortgage, Wells Fargo and Citibank.

The Chicago law firm representing the plaintiffs found that the computer valuations used by J. P. Morgan Chase were "grossly in error" after later physical appraisals were done.

Also hovering about will be the issue of Chase having accepted $25 billion in emergency funds from the Treasury. This money was to be used to assist them in lending to borrowers in need of credit which was subsequently cut back.

In fairness, it should be noted that Chase has since paid back the treasury money and they are one of the better lenders in approving short sales in an expedient manner. It will be interesting to see how this shakes out...

http://www.LynnKenton.com

Short Sale Update: A Win for Short Sale Sellers

This month, Gov. Jerry Brown signed SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to guarantee that any lender agreeing to a short sale is required to accept the approved short sale payment as payment in full of the outstanding balance of all loans.

Under previous law (SB 931 of 2010), a first mortgage holder could accept the agreed-upon short sale payment as full payment for the outstanding balance of the loan, but that rule didn’t apply to junior lien holders (second trust deeds). SB 458 extends the protections of SB 931 to junior liens. SB 458 contains an urgency clause making it effective upon signing. This should make sellers’ lives a little less stressful after undergoing the hardships that necessitated the short sale.

If you know of someone considering a short sale, give me a call- we’ve assembled a great team of short sale negotiating experts and can equip you with information to make the right decision for you.

Real Estate Update

The National Association of Realtors® has reported that pending home sales increased in six of the last nine months. The Pending Home Sale Index is an indicator derived from signed contracts and showed a rise of 5.1% in March from February. The index also showed that it was 11.4% lower than March of 2010. This was caused by the high number of contract signings by people wanting to cash in on the home buyer tax credit.

NAR’s chief economist, Lawrence Yun feels that market activity has shown an irregular but palpable improvement. “Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own,” he stated. “The index means modest near-term gains in existing-home sales are likely, which would be even stronger if tight mortgage lending criteria returned to normal, safe standards.”

“Based on the current uptrend with very favorable affordability conditions, rising apartment rents and ongoing job creation, existing-home sales should rise around 5 to 10 percent this year with sales growth of lower priced homes likely to outperform high-end homes. That means the price trend will reflect more homes sold in the lower price ranges,” he said.

Yun also added, “The good news is that recent home buyers are staying well within budget, leading to exceptionally low loan default rates among home buyers over the past two years.”

Real Estate Headlines, taken it with a grain of salt...

A recent Pending Home Sales Report stated that signed contracts on existing homes slipped in January for the second month in a row. Come to think of it, that may not be a huge surprise since not many people shop for homes during the holidays.

We should be somewhat cautious about buying into the doom & gloom and not erect barriers to our progress just because of a minor setback, like the one we had with last week's Pending Home Sales. Although The National Association of Realtors (NAR) records show fewer signed contracts on existing homes, the drop wasn't as severe as anticipated. NAR's chief economist stated: "We should not expect the recovery to be in a straight upward path--it will zigzag at times."

The most recent general forecast from NAR showed an interesting projection of that recovery. Property re-sales should grow 8.1% this year and an additional 5.2% in
2012. Median prices are expected to be static during 2011 and then increase over 3% next year. Sales of new homes are projected to go up about 5% this year, to over 55% for 2012. Median price will move up a bit in 2011, then up 3.5% next year.

As always bear in mind that this is a National survey and real estate and economies vary geographically. More soon on Ventura County real estate and California…

HUD Announces National First Look Program

The Department of Housing and Urban Development has announced a new program which includes parts of California.

The National First Look Program is the first time there has been an agreement between public and private entities (HUD and the National Community Stabilization Trust). It's purpose is to give communities participating in HUD's Neighborhood Stabilization Program an initial opportunity (or first right of refusal) to buy properties that have been foreclosed on in designated areas so the homes can be rehabilitated, rented, resold, or demolished instead of falling into disrepair.

http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-187

At first blush this seems like a great idea. I have to question where the local governments would get the money from to purchase these homes since most have had to cut way back on expenditures in the last few years. I personally would rather have Station 4 in Ventura open again...