The Ins and Outs of Obama’s New Mortgage Refi Plan

Daily Real Estate News | Tuesday, October 25, 2011, RealtorMag, National Association of Realtors

President Obama announced Monday a plan to ease eligibility rules for home owners who want to refinance to take advantage of ultra-low mortgage rates and lower their mortgage payments. The administration hopes that by broadening its requirements for the Home Affordable Program that about 1 million home owners will now be able to qualify.

Here are more details about the newly announced changes to the program:

What is HARP?

Continue reading The Ins and Outs of Obama’s New Mortgage Refi Plan

On this week’s show ~The Upside of Downsizing; Planning Ahead

On the Real Estate Hour Sunday 9:00-10:00am, Donna Von  Edelkrantz  of
Senior Transitions Move Management Services
will be calling in to discuss her upcoming seminar; The Upside of Downsizing
  • Planning Ahead/Being ProActive
  • Lightening Up Responsibilities/Living Fully
  • Practical Tips and Techniques
  • Valuable Resources
Senior Transitions serves the North Bay Area Senior Community by providing caring, compassionate and professional relocation and downsizing services. Donna von Edelkrantz, a Senior Move Manager and her team are dedicated in assisting seniors and their families manage the relocation and transition process from beginning to end. 
November 10, 2011 @ 10:30AM Santa Rosa Senior Center, Bennet Valley Rd.
707-778-0580, donnavone@comcast.net, www.donnavonedelkrantz.com

Winter’s Coming. Before spending precious dollars on improvements, know WHAT you really need in the way of energy smart improvements.

John Sutter of Applied Building Science is our featured guest today. We’ll discuss the best way to winterize your home, Energy Audits (updated 2011 information), the SCIEP (Sonoma County Energy Independence Program) plus the HERS rating system. Follow THIS LINK for a downloadable color booklet ON the HERS rating system. As they say, “You wouldn’t buy a new car without knowing its “miles per gallon” rating. So why buy a home without a “home energy rating?”

If you would like a HERS energy audit give John Sutter a call. No sense in spending precious dollars on improvements without knowing WHAT you really need in the way of energy smart improvements. John can give you a complete plan: 707-528-3468 or direct: 707-703-5244  jsutter@absnorthbay.com

18.5% back in 1978! NOW we have the LOWEST EVER interest Rates!

Here in Sonoma County, California–18.5% Interest rates?? It could happen! I began my illustrious career in 1978 here in Sonoma County, California–rates went from 9 to 10% my first month.  Eventually I sold a house to a dentist in Montgomery Village at the inflation fueled rate of 18.5%.

"That's me, 1978, Surprised at BIG Rates!

    Allison and I just locked in a young buying couple at 3.875%!!  That is a 14.62% difference.  It gets even more fun–take a $300,000 loan. At 3.875 the payment will be $1411.00 PI but at that startling ridiculous rate of 18.5% the payment would be $4,644 per MONTH.    Now granted, the house wasn’t even close to $300,000 back in 1978. As a matter of fact the Doc got into the house with 20% down payment, purchase price $70,000 or $14,000. So his payment was ONLY $867.00 PI. but at our rates today he would have paid: $259.00 per month!!  Or roughly three times as much! Now what prompted a smart dentist to pay 18.5% for a loan to buy real estate? We had INFLATION which was AT that level of 18-20% a year! So figure it out. The Doc “leveraged” $14,000 (down payment) with inflation at 20% yearly which, at the end of one year, had his modest Montgomery Village home worth $84,000! So his “return on investment” was 100%!! BEFORE TAXES!! Combine the “straight-line” depreciation write-off we have in those days (15 years I believe) PLUS he was able to also write off all that interest from his horrid loan rate! Can you say, “Hubba-Hubba”!? Continue reading 18.5% back in 1978! NOW we have the LOWEST EVER interest Rates!

Open House today at 2584 Rim Rock Way in Santa Rosa, Ca. 1-4PM

If the beautiful park like setting on a half acre lot doesn’t win you over, the 3000+ square foot home with soaring wood beam ceilings, 4 bedrooms, 2.5 bathrooms, great room, sunken living room, dining room, huge back deck for entertaining, and more, will surely steal your heart.  Priced at $659,900, this is a great opportunity to own in desirable Montecito Meadow.  Add your updates, and personal style,  then call it home . Come by and see me today from 1-4, or to schedule a showing another time, call me at 707-799-3617, or contact TheKellyNormanTeam@Gmail.com. Take Chanate to Montecito Meadow to Rim Rock.  Come up the hill, house is on the left.  Additional , but separate,  .68 acre lot behind not included, but may also be available.

 

Foreclosure Update: Cancelled and Sold to 3rd Party in Santa Rosa! Trend?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This is a snapshot of Santa Rosa from www.ForeclosureRadar.com  which shows the “Cancelled” foreclosures PLUS those properties sold to “3rd Parties” Cancelled may mean the lender is negotiating with the homeowner for a loan mod or extending for a pending Short-Sale. The “3rd” party is someone, an investor no doubt, who has purchased the property at the courthouse steps in the foreclosure process.

 

 

Guess who’s stompin’ grapes at the Sonoma County Harvest Fair Sunday Oct. 2nd ??

Team “The Real Estate Hour 1350am KSRO “ will be going for the gold tomorrow in the 2011 World Champion Grape Stomp at the 37th Annual Sonoma County Harvest Fair.  Allison Norman, the Stomper.  Mike Kelly, the Swabbie.  The goal is to fill a jug with the most grape juice (ie; future wine) If we win our 1:00pm round , we’ll be back for the Finals at 5:00pm. We are looking forward to a good time. Come out and cheer us on. The Harvest Fair is a classic Sonoma County event, not to be missed. Stay tuned for pictures and video.                                                                             

www.harvestfair.org