Area foreclosures climb
Ashley Gebb of the Appeal Democrat in Marysville reports on foreclosures in the area:
Yuba County ranked second highest in the state for the percentage of foreclosure sales last month, data shows.
ForeclosureRadar, a Discovery Bay company that tracks every auction in California, determined Yuba County had one foreclosure sale for every 2,252 residents. Company founder Sean O’Toole said the company does not analyze the reason behind the numbers, but he guessed it’s linked to a rise in growth. Counties with a lot of land for new development are more likely to have higher foreclosure rates.
Sutter County ranked sixth highest with one foreclosure sale for every 2,534 residents, and Colusa County ranked 23rd, with one foreclosure for every 7,171 residents. Nadia Artero, branch manager at Countrywide Home Loans in Yuba City, said she has noticed a large number of foreclosures in the area recently. “All you have to do is look in the newspaper every day at the notices of default,” she said.
Appeal-Democrat records show that 85 ads were taken out for notice of trustee sales in June, compared with 60 in January. Artero said a decrease in property values since October 2005 has contributed to the increase. Many people purchase homes with 100 percent financing and use adjustable-rate mortgages. The rate jumps out of their price range when it eventually changes, and people end up owing more than their homes are worth. “People can’t afford the home, can’t afford to refinance and were probably stretched just to get the home to begin with,” she said. Artero’s advice to homebuyers is to use a fixed-rate or more conservative loan. Once someone reaches foreclosure, it’s difficult to keep the home, she said. “That’s tough, really tough,” she said. “It’s an ugly time right now for a lot of people.”
ForeclosureRadar reported that foreclosures now represent 16 percent of all new and resale home sales in the state. California had 6,960 homes sold at auction in June, a 95 percent increase from January. However, there was almost no increase from May to June.
“We’ll keep our fingers crossed that it will stay that way,” O’Toole said.
Monday, July 16, 2007
Friday, July 13, 2007
Common Closing Costs for Buyers
Common Closing Costs for Buyers
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:
Downpayment
Loan origination fees
Points, or loan discount fees, you pay to receive a lower interest rate
Appraisal fee
Credit report
Private mortgage insurance premium
Insurance escrow for homeowners insurance, if being paid as part of the mortgage
Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
Deed recording fees
Title insurance policy premiums
Survey
Inspection fees—building inspection, termites, etc.
Notary fees
Prorations for your share of costs, such as utility bills and property taxes
A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:
Downpayment
Loan origination fees
Points, or loan discount fees, you pay to receive a lower interest rate
Appraisal fee
Credit report
Private mortgage insurance premium
Insurance escrow for homeowners insurance, if being paid as part of the mortgage
Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
Deed recording fees
Title insurance policy premiums
Survey
Inspection fees—building inspection, termites, etc.
Notary fees
Prorations for your share of costs, such as utility bills and property taxes
A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
Monday, June 18, 2007
5003 State Hwy 70
For Sale
5003 State Hwy 70
Priced At: $600,000
View the Virtual Tour of this Property at: http://ts.rtvpix.com/tour/RC/tour.view.ltr.php?utl=RC-7584-Y1NVK7-01
To learn more about this property, please visit: www.HomesInYuba.com or www.SandgrenRE.com.
Sacramento region default notices hit record highs
Sacramento region default notices hit record highs
Both notices of default, the first sign that homeowners are having trouble making payments, and foreclosures reached historic highs across much of the Sacramento area during first quarter reported Sami Siddiqui, President of GreatWest GMAC Real Estate.The statistics are the newest indication of stress in one of California’s most troubled major housing markets. They come as spring sales already are slowing amid a glut of resale inventory and tightening of borrowing standards by lenders.Real estate industry analysts call the region’s defaults an echo from the surge of home loans made during the summer of 2005 as the region’s real estate market soared. That summer, capital region buyers stretched their hardest to buy homes, with about 76 percent using adjustable rate loans, according to DataQuick Information Systems of La Jolla.Many of those loans, as well as refinancing to tap housing boom equity for things like swimming pools and cars, are resetting to higher payments and pressuring the area’s economy."You can’t party forever and our inventory of foreclosed listings shows it”, said Sami Siddiqui of GreatWest GMAC Real Estate.Notices of default -- issued after a homeowner misses at least two monthly mortgage payments -- reached their highest levels ever during this year’s first quarter in Amador, El Dorado, Sacramento, Sutter, Yolo and Yuba counties, DataQuick reported.The number of defaults stopped rising only in Placer County. Nevada County remains below previous highs reached in the 1990s, DataQuick reported.First-quarter foreclosure numbers also reached highs across much of the region -- in Sacramento, Placer, El Dorado, Yolo and Sutter counties -- according to DataQuick, which tracks county property records.DataQuick said 1,505 homeowners in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties lost their houses to foreclosure during January, February and March. That’s up from 865 the previous three months.DataQuick reported just 143 foreclosures in the eight-county region in the first quarter of 2006."Lender inventory of foreclosed properties has increased and will continue to increase” said Brodie Stephens, a Manager at GreatWest GMAC Real Estate.DataQuick attributed part of the record-breaking numbers to a greater supply of homes and loans in the Sacramento region since previous records were established during the recession-plagued mid-1990s. But the bigger factor is a combination of risky 2005 and 2006 loans and falling home prices that make it difficult for owners to refinance out of trouble. Even in a time when the economy continues to generate job growth, selling the house is becoming harder.The Sacramento region has plenty of troubled company. Statewide, defaults reached a 10-year high during the year’s first quarter. Among major urban counties Riverside and Contra Costa counties also had record levels of defaults, DataQuick reported.Nationally, Yuba County ranked ninth and Sacramento 16th among more than 1,000 counties for the percentage increase of defaults from the first quarter of 2006, according to Foreclosures.com, a Fair Oaks-based Web site that tracks them for investors. Placer and El Dorado counties ranked 19th and 20th.
Both notices of default, the first sign that homeowners are having trouble making payments, and foreclosures reached historic highs across much of the Sacramento area during first quarter reported Sami Siddiqui, President of GreatWest GMAC Real Estate.The statistics are the newest indication of stress in one of California’s most troubled major housing markets. They come as spring sales already are slowing amid a glut of resale inventory and tightening of borrowing standards by lenders.Real estate industry analysts call the region’s defaults an echo from the surge of home loans made during the summer of 2005 as the region’s real estate market soared. That summer, capital region buyers stretched their hardest to buy homes, with about 76 percent using adjustable rate loans, according to DataQuick Information Systems of La Jolla.Many of those loans, as well as refinancing to tap housing boom equity for things like swimming pools and cars, are resetting to higher payments and pressuring the area’s economy."You can’t party forever and our inventory of foreclosed listings shows it”, said Sami Siddiqui of GreatWest GMAC Real Estate.Notices of default -- issued after a homeowner misses at least two monthly mortgage payments -- reached their highest levels ever during this year’s first quarter in Amador, El Dorado, Sacramento, Sutter, Yolo and Yuba counties, DataQuick reported.The number of defaults stopped rising only in Placer County. Nevada County remains below previous highs reached in the 1990s, DataQuick reported.First-quarter foreclosure numbers also reached highs across much of the region -- in Sacramento, Placer, El Dorado, Yolo and Sutter counties -- according to DataQuick, which tracks county property records.DataQuick said 1,505 homeowners in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties lost their houses to foreclosure during January, February and March. That’s up from 865 the previous three months.DataQuick reported just 143 foreclosures in the eight-county region in the first quarter of 2006."Lender inventory of foreclosed properties has increased and will continue to increase” said Brodie Stephens, a Manager at GreatWest GMAC Real Estate.DataQuick attributed part of the record-breaking numbers to a greater supply of homes and loans in the Sacramento region since previous records were established during the recession-plagued mid-1990s. But the bigger factor is a combination of risky 2005 and 2006 loans and falling home prices that make it difficult for owners to refinance out of trouble. Even in a time when the economy continues to generate job growth, selling the house is becoming harder.The Sacramento region has plenty of troubled company. Statewide, defaults reached a 10-year high during the year’s first quarter. Among major urban counties Riverside and Contra Costa counties also had record levels of defaults, DataQuick reported.Nationally, Yuba County ranked ninth and Sacramento 16th among more than 1,000 counties for the percentage increase of defaults from the first quarter of 2006, according to Foreclosures.com, a Fair Oaks-based Web site that tracks them for investors. Placer and El Dorado counties ranked 19th and 20th.
Thursday, May 3, 2007
829 Santi Court
829 Santi Court
Price Reduced - $312,000
Bedrooms: 4
Bathrooms: 2
Square Feet: 1832
Price: $312,000
Beautiful 4 bedroom 2 bath home in Yuba City. This home was built in 2004 and filled with upgrades including whole house fan, custom window coverings, designer paint, large tile entry, landscaped front and back yard, fenced dog run, and much more. Immaculate condition. Home is located at the end of a quiet cul-de-sac. Minutes from Lowes, Home Depot, and Walmart.
View the virtual tour of this property at: http://tours.justsnooping.com/2278375/
For more information about this property please visit: www.homesInYuba.com or www.sandgrenRE.com.
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