Distributed today by the California Association of Realtors:
During the height of the real estate market, most borrowers who applied for a mortgage received one. However, in today’s lending environment, consumers should be more cautious about where they apply for a loan and from which Web sites they receive quotes.
Borrowers should be cautious about sites that request a Social Security number and address upfront. The site may pull the consumer’s credit report, which could have a negative impact on their FICO score should they not apply for the mortgage.
It’s also important that consumers ensure that all fees are clearly disclosed on a site’s rate quote. Otherwise they may be surprised when receiving the paperwork from the lender.
Borrowers who are unsure of which type of mortgage is best for them and their situation should contact a mortgage broker. Those in the market for a jumbo loan or financing an investment property may best be served by working with an experienced broker.
To read the full story, please click here.
The attached PDF has charts that track year to date sales by property type and neighborhood by number of sales; low, high and median sales price; average days on market (how long it took the home to be designated “pending sale”); and average sales price to original list price (that percentage of original list price buyers ended up paying). N/A means either the data wasn’t available or wasn’t trustworthy. An asterisk signifies a confidential sale — thus the price shown is the final asking price and not the actual sales price.
File Attachment: july_newsletter09.pdf (96 KB)
Shiso Modern Asian and Sushi will celebrate its third anniversary at 8 p.m. Saturday with a Sonoma-inspired luau.
The Hawaiian-style buffet will include Kailua-style pig, pupas, lomi lomi and Spam-fried rice. There will be drinks for $5, Hula Hoop and grass-skirt contests and live, local music.
The restaurant is located at 522 Broadway. Reservations: 933-9331.
There will be an Eco-Tour Dog Hike at Kunde Family Estate (9825 Sonoma Hwy.) on July 11. The three-mile hike with Jeff Kunde begins at
9 a.m. and will take guests through the 1,850-acre wine growing estate with an elevation change of 800 feet.
There will be plenty of treats for dogs and there will be a wine tasting and picnic lunch in the vineyards for the dog walkers. Cost is $45, a portion of which will be donated to Canine Companions and to the Sonoma County Humane Society. Space is limited and advance registration is a must. Reserve a spot by going online at www.kunde.com. If you have questions or need additional details about the hike before you sign up, call 282-1534.
A surge in home sales that started in some of California’s more affordable inland areas has begun to spread to several more expensive coastal areas, another indicator that the state’s real estate market may be in recovery mode.
MAKING SENSE OF THE STORY FOR CONSUMERS
Many homes in the lower end of the market are receiving multiple offers, with some prospective buyers bidding well above asking prices. Inventory levels for homes priced under $500,000 stood at 3.2 months in May 2009, compared with 9.4 months in May 2008.
Some buyers, especially those in historically higher-priced markets such as the San Francisco Bay Area, are newly optimistic about buying homes and are realizing that the combination of low interest rates, favorable home prices, and first-time home buyer tax credits may not realign for many years.
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Wine educator Dave Miles is offering a narrated walk in the historical Bedrock Vineyard on July 2. The vineyard, at 18701 Gehricke Road, is owned by Ravenswood founder and winemaker Joel Peterson.
Guests will enjoy a Sonoma bounty of artisan cheeses, pates and breads paired with Ravenswood Bedrock Vineyard Wines.
The tour is limited to 10 people. Larger groups need to make a special arrangement. The fee is $125 per person and departure time for the tour is 10 a.m.
For reservations, call 933-2332.
The Largest Free Jazz Festival on the West Coast
Every summer, the Fillmore Jazz Festival welcomes more than 90,000 enthusiastic guests, who gather to celebrate a prosperous tradition of jazz, culture and cuisine against the picturesque backdrop of Fillmore Street.
July 4th and 5th
10 a.m. to 6 p.m.
Fillmore Street, between Jackson and Eddy in San Francisco.
2009 Entertainment Schedule
First-time home buyers wanting to take advantage of the state’s $10,000 tax credit may have less time than originally expected. California set aside $100 million to help home buyers purchase newly built homes, hoping to jump start the residential-construction market. According to state officials, the tactic has worked well and is helping to entice home buyers into the market. However, there only is approximately 20 percent of the program’s funding remaining.
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Recent news headlines have caused confusion by mischaracterizing the new California Foreclosure Prevention Act as a “90-day moratorium” and incorrectly stating that the lender must modify delinquent loans before it begins foreclosure. In reality, the foreclosure process for certain owner-occupied residential first trust deeds has been extended by 90 days, effective June 15, but an exemption is available for lenders with comprehensive loan modification programs as defined by the Act.
Under pre-existing law, a lender must wait three months after filing a notice of default before it can file a notice of sale. The new California Foreclosure Prevention Act extending that time frame by another 90 days may not have much practical impact. For more information on the new law, go to C.A.R.’s legal article “Housing Stimulus Laws for 2009” at http://www.car.org/legal/2009-qa/housing-stimulus-laws-2009/.
Rodney Strong Vineyards and Omega Events present the 19th Annual Summer Concert Series – celebrating Rodney Strong’s 50th Anniversary in style with breathtaking views, wine tasting and sizzling jazz! Surrounded by acres of beautiful vineyards, guests will be treated to some of the top performers in contemporary music while picnicking at the winery’s intimate concert venue, The Green.
June 27
Peter White and Mindi Abair
Doors 4 p.m. - Showtime 5 p.m. Tickets: VIP $70 – GA $45
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