Southern California Real Estate

Southern California Real Estate

Riverside, California is named after the Santa Ana River. The population is about three hundred thousand people. You might think that it is a boring place to visit, unlike LA or San Francisco but you’ll think otherwise once you’re there.



The place is also called the City of Arts and Innovation, and if you are looking for something to stimulate your mind, then you have come to the right place. There are lots of places to visit here.



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California Real Estate Industry – The Changing Trends



Today the real estate industry is experiencing a lot of changes at various levels. After the recession, the California real estate industry is gradually reviving and investors have once again started approaching the real estate industry with renewed hope. However, both investors and home buyers are very cautious when they approach the California real estate market. So the first change is to be seen in the customer’s response to the California real estate listings.







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http://www.adorerealty.com/2011/04/california-real-estate-industry-%E2%80%93-the-changing-trends/ http://amplify.com/u/bznvq

How to Choose a Real Estate Lawyer



In real estate investing, there are legal matters involved. This is due to the real estate laws and other procedures that have to be considered. If you are interested in a property in California, hiring a real estate lawyer is still necessary. You will need one if, for instance, your real estate "property" is faced with tax issues.



There are certain steps that you can take when you are looking for a real estate lawyer, which include the following:



1. Pinpoint the specific issue in real estate law where you need legal assistance. These areas include tax issues, sales transactions, financing issues, and title defect matters.



2. Look for possible lawyers at the State Bar of California. The list of lawyers can be accessed through the organization’s website. But if you are a resident of another state or need help for another jurisdiction, checking the American Bar Association’s website can help.



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First Quarter pending homes sales increasing in Orange County and so are distressed properties. This time of the year increased sales are the normal as reported by REALTORS® (C.A.R.). “The total share of all distressed property types sold statewide increased in February to 56 percent, up from 54 percent in January and up from 55 percent in February 2010. Non-distressed sales made up the remaining share at 44 percent in February, down from 46 percent in January and down from 45 percent in February 2010.



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http://www.adorerealty.com/2011/04/orange-county-real-estate-distressed-sales-rising/ http://amplify.com/u/byfyh

Quality Investment in California Real Estate

California is one of the most populous states of the United Sates. You can say that it is the most sought after place in the US. After the great hit of the economic recession, California real estate has started growing by leaps and bounds. It is because of the immense demand of high-class homes in this exotic place. The breathtaking scenic beauty of this place magnetizes potential investors to buy properties in this area. Indeed, it is an ideal location to spend the rest of your lifetime. In order to seal a perfect deal, you can seek the assistance of knowledgeable as well as professional realtors working in this area from a long period of time. It will reduce half the hassles involved in buying California property. All you need to do is go online and hit the relevant online resources. What are you waiting for?



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http://www.squidoo.com/california-property http://amplify.com/u/byekg

It’s April now, and that means Springtime! Warmer, lighter, longer days at last! I always feel that the year really starts in Spring, with bulbs poking their cheerful heads above the ground, and the blossom trees beginning to… well, blossom. It’s a time for thinking ahead and being excited about the future.



Personally, I’m thinking about new kitchens … I dream in kitchens. No kidding! I really do. I dream about a spacious, airy, light-filled room where I am somehow transformed into a potential winner for MasterChef…



I think about clean lines. Space to store all my utensils. Worktops made of a wipe-clean material that won’t stain or warp when the husband puts hot pans straight out of the oven on them, or the kids spill their Ribena.



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http://www.adorerealty.com/2011/04/a-new-kitchen-for-spring-2/ http://amplify.com/u/bybd5

When asked about the course of action for homeowners that cannot afford to make increased mortgage payments, 64% of those polled believe it’s better for the person to sell their house and find a less expensive one, while 22% say it’s better for the government to assist them with their payments than it is for them to be forced to sell their house; the remaining 14% were undecided.



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http://www.adorerealty.com/2011/04/underwater-mortgages/ http://amplify.com/u/byb8i

California is one of the most populous states of the United Sates. You can say that it is the most sought after place in the US. After the great hit of the economic recession, California real estate has started growing by leaps and bounds. It is because of the immense demand of high-class homes in this exotic place. The breathtaking scenic beauty of this place magnetizes potential investors to buy properties in this area.



Read Full Story

http://www.squidoo.com/california-property http://amplify.com/u/byb20

Mortgage market pricing continues to worsen this AM due to stock market recovering from the earlier losses, despite the economic release about U. S. February home sales dropping more than forecast and median purchase price declining as well. Pricing is going to trade off the Libya and oil situation and how the stock market reacts. The market influence from Japan is abating for now unless new information is developed that better quantifies the impact of the disaster in Japan and its economic industries.



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http://www.adorerealty.com/2011/04/mortgage-market-pricing-worsen/ http://amplify.com/u/byb1g

Goodbye, over-the-top kitchen remodel? Hello, study but unshowy new windows? Maybe so, if a recent report on where we’ll put our remodeling dollars in the coming years turns out to be correct.

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http://www.latimes.com/business/realestate/la-fi-umberger-20110327,0,7668990.story http://amplify.com/u/byaz9

La Verne Homes

Life in the Foothills…

Like many of the other cities located in the foothills of the San Gabriel Mountains, La Verne features convenient access to the Los Angeles and Orange County metropolitan areas, while offering a quiet retreat from the fast-paced city life. Even though it is only 30 miles from Los Angeles, La Verne has the “small town” feel of a close-knit community. In 2010, Family Circle magazine named La Verne one of the “10 Best Towns for Families”. A lot of things come together to make La Verne the wonderful community that it is: well-balanced neighborhoods, beautiful tree-lined streets, a wonderful “old town” area, great restaurants (try Frisella’s Roastery,  T. Phillips Alehouse, and Shogun Restaurant) and great public schools. In addition, La Verne is located close to several world-class institutions of higher education, including the University of La Verne, Cal Poly Pomona and the Claremont Colleges.
Living in La Verne offers a quality of life that is hard to beat. Explore some of the most recent homes listed for sale in La Verne and let us know if we can schedule a showing.




La Verne Homes

Will We See a Housing Shortage in the Future?

Will We See a Housing Shortage in the Future?  Some mortgage executives are starting to talk about a coming shortage in homes to buy. No, these executives (most of whom don't want their names attached to such crazy talk) aren't saying that such a shortage is right around the corner - but in three to five years, who knows? If you're wondering what's behind this talk, it's the (continued) weak new home building and permit numbers. Also, if employment continues to gather steam that means more consumers will be in a position to buy a home. And here's one startling statistic: In 75% of U.S. cities it is now cheaper to own than to rent. (No, New York City is not one of them.) When the rent/own pendulum tilts, good things can happen. It's too bad for home buyers that they will need to have a 20% down payment in order to get a great rate. But that's what mom and dad are for or really good friends.

Thad Pracht

Golden Empire Mtg.

Corona CA Golf Homes

With Corona CA Golf Homes, you’re always near your cherished leisure activity. And with Southern California’s unlimited amount of warm and rainless weather, you’ll have abundant chances to wedge in a swift game. Living near Dos Lagos Golf Course can really improve your putting game, granting you a competitive edge. And the luscious, carefully sculpted greens present a stunning view you can delight in from your home. You can discover one of these covetable homes with our help. Just scan our no-cost, easy-to-use MLS for the golf residence of your fantasies! For more information, get in touch with real estate professional Maria Gracian at 877-380-7992. Maria Gracian is available to help make your home-buying dream a reality.

Find Corona CA Golf Course Community That Suit Your Lifestyle


The hunt for the ideal residence for you can be drawn out and difficult. But by using the advanced search on our website, you can discover Corona Golf Course Community loaded with all the other characteristics you desire. Whether you’re looking for a low-maintenance patio home or a sprawling estate, we at Adore Realty can help. At this moment, the 65 golf homes for sale in Corona, CA range in price from $314,832 to $507,442 and were built between the years of 1944 and 2011. Searching is always quick and easy, as no registration is necessary. Streamline your search for Corona CA Golf Homes with our convenient real estate resources today!

Home Sales Southern California Edge Lower

Southland homes sold at the slowest pace for a January in three years – and the second-slowest in 15 – amid record-low new-home sales, tight credit, and a persistent reluctance among would-be buyers. The median sale price dipped slightly from a year ago but fell more than usual from December as investors and others targeting lower-cost properties accounted for a larger share of sales, a real estate information service reported.

Last month 14,458 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was down 26.0 percent from 19,528 in December, and down 5.9 percent from 15,361 in January 2010, according to DataQuick Information Systems of San Diego.

A December-to-January sales drop is normal for the season, with the decline averaging 28.3 percent since 1988, when DataQuick’s statistics begin.

The total number of homes sold last month was the lowest for a January since 2008, when 9,983 sold, and the second-lowest since 1996. Last month’s sales fell 18.8 percent below the average January sales tally of 17,802.

January new-home sales were the lowest for any month in DataQuick’s records back to 1988. Builders have struggled to compete with prices on resale homes, especially distressed properties.

But what’s proven the bane of the building industry has fueled a boom among investors, who appeared to be as active as ever last month.

Absentee buyers – mostly investors and some second-home purchasers – bought a record 24.8 percent of the homes sold in January, paying a median $198,500. Over the last decade, absentee buyers purchased a monthly average of about 16 percent of all Southland homes.

Buyers who appeared to have paid all cash – meaning there was no indication that a corresponding purchase loan was recorded – accounted for a near-record 29.5 percent of January sales, paying a median $190,000. So far, the peak for cash sales was 30.1 percent last February. The 10-year monthly average for Southland homes purchased with cash is about 13 percent.

“Last month was sort of a flashback to January last year: Sales were lousy, but many investors and others looking for bargains stayed active. They kept working the distress-heavy, lower-cost markets through the holidays, which translated into a relatively high level of investor and cash deals closing last month. It helps explain the larger-than-usual, month-to-month dip in the median sale price,” said John Walsh, DataQuick president.

“Once again, we’re seeing data that tells us as much about who’s not buying as who is buying,” he added. “Lots of potential buyers continue to hold back, waiting for a sign prices have bottomed, that their jobs are safe, or that loans are easier to get. Meanwhile, plenty of potential sellers are still waiting for a stronger market. Some could technically sell now but can’t swallow the perceived loss in value compared with the market’s peak. Others are ‘upside down,’ owing more than their homes are worth, and can’t afford to budge until prices climb again.”

The median price paid for a Southland home last month was $270,000, down 6.9 percent from $290,000 in December, and down 0.6 percent from $271,500 in January 2010. It was the median’s lowest level since it was $268,000 in July 2009. Last month’s year-over-year decline in the median was the first since October 2009, when the median fell 6.7 percent, to $280,000.

The median’s low point for the current real estate cycle was $247,000 in April 2009, while the high point was $505,000 in mid 2007. The peak-to-trough drop was due to a decline in home values as well as a shift in sales toward low-cost homes, especially inland foreclosures.

At the county level last month, the overall median sale price fell on a year-over-year basis in Los Angeles (-7.7 percent), Orange (-2.4 percent), Riverside (-2.6 percent), San Diego (-0.3 percent) and Ventura (-2.8 percent) counties, while San Bernardino County recorded a modest 1.0 percent gain.

The median price for the largest home-type category – resale single-family detached houses – fell year-over-year last month in Los Angeles (-4.6 percent) and Orange (-2.0 percent) counties. The other four counties recorded year-over-year changes ranging from 0.0 percent to a gain of 1.9 percent.

Foreclosure resales – homes foreclosed on in the past year – accounted for 37.0 percent of the resale market last month, up from 35.1 percent in December but down from 42.1 percent a year ago. Over the past year, foreclosure resales hit a low of 32.8 percent last June and have generally trended higher each month since then. The peak for foreclosure resales was 56.7 percent in February 2009, DataQuick reported.

Government-insured FHA loans, a popular low-down-payment choice among first-time buyers, accounted for 33.2 percent of all mortgages used to purchase homes in January – the lowest level since October 2008, when 32.6 percent of purchase loans were FHA. Last month’s FHA level was down from 33.5 percent in December and 35.0 percent in January 2010. Two years ago FHA loans made up 38.9 percent of the purchase loan market, while three years ago it was just 3.9 percent.

Last month 17.7 percent of all sales were for $500,000 or more, down from 20.8 percent in December and down from 18.9 percent a year earlier. The low point for $500,000-plus sales was in January 2009, when only 13.6 percent of sales crossed that threshold. Over the past decade, a monthly average of 26.8 percent of homes sold for $500,000 or more.

Viewed differently, Southland zip codes in the top one-third of the housing market, based on historical prices, accounted for 33.2 percent of total sales last month. That was down from 36.0 percent in December but up slightly from 32.5 percent a year ago. Over the last decade, those higher-end areas contributed a monthly average of 37.1 percent of regional sales. Their contribution to overall sales hit a low of 26.2 percent in January 2009.

High-end sales still suffer from tight credit policies. Adjustable-rate mortgages (ARMs) and so-called jumbo home loans have been relatively difficult to get ever since the credit crunch hit in August 2007.

Last month ARMs represented 7.0 percent of Southland purchase loans, up from 6.4 percent in December and 4.4 percent a year ago. Over the past decade, a monthly average of about 38 percent of purchase loans were ARMs.

Jumbo loans, mortgages above the old conforming limit of $417,000, accounted for 14.6 percent of last month’s purchase lending, down from 16.7 percent in December and up slightly from 14.2 percent a year earlier. However, in the months leading up to the credit crisis that struck in August 2007, jumbos accounted for 40 percent of the market.

Last month the percentage of Southland homes bought and re-sold on the open market within a six-month period was 3.1 percent, down from a “flipping” rate of 3.5 percent in December and 3.6 percent a year earlier. Flipping varied last month from as little as 2.2 percent in Riverside County to as much as 3.4 percent in Los Angeles and Orange counties.

The typical monthly mortgage payment that Southland buyers committed themselves to paying was $1,128 last month, down from $1,205 in December and down from $1,170 in January 2010. Adjusted for inflation, current payments are 49.8 percent below typical payments in the spring of 1989, the peak of the prior real estate cycle. They are 58.9 percent below the current cycle’s peak in July 2007.

Indicators of market distress continue to move in different directions. Foreclosure activity remains high by historical standards but is lower than peak levels reached over the last two years. Financing with multiple mortgages is very low, and down payment sizes are stable, DataQuick reported.

Sales Volume Median Price

All homes Jan-10 Jan-11 %Chng Jan-10 Jan-11 %Chng

Los Angeles 5,228 4,908 -6.10% $325,000 $300,000 -7.70%

Orange 1,867 1,929 3.30% $425,000 $415,000 -2.40%

Riverside 3,162 2,738 -13.40% $195,000 $190,000 -2.60%

San Bernardino 2,252 2,085 -7.40% $150,000 $151,500 1.00%

San Diego 2,322 2,248 -3.20% $305,000 $304,000 -0.30%

Ventura 530 550 3.80% $360,000 $350,000 -2.80%

SoCal 15,361 14,458 -5.90% $271,500 $270,000 -0.60%

DataQuick Information Systems monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Closing costs

those involved with the home sale (such as your lender for processing the loan, the title company for handling the paperwork, a surveyor, local government offices for recording the deed, etc.). The amount varies, but could be, say, $6000 on a $130,000 house. The range is all over the map -- from 1 to 8% of the price of the home, though more typically 2-3%. These costs are significant -- especially after you've already had to come up with a lot of cash for the down payment.

Your lender will give you a more accurate estimate of closing costs on the purchase of a particular house you've selected.  This is called a "Good Faith Estimate". If they don't give it to you, ask for it.

Tip: Make sure to get the Good Faith Estimate (GFE) from your Lender. Review it and compare it to the typical closing costs listed at Yahoo. Direct any questions about it to your lender and your realtor.

Tip: Roll in the closing costs into the mortgage. If you don't have enough cash to pay the closing costs, you can often get the closing costs added to the amount of the loan. For example, if the loan amount is for $150,000, and the closing costs are $4500, you'd add the closing costs to the loan amount so you'd actually be borrowing $154,500 total. This is handy if you're short on cash after making your down payment.

You need two things to be able to roll in your closing costs like this. First, you have to qualify for the bigger loan. If the bank will only loan you $150,000 from our earlier example and not a penny more, then you've already hit the maximum they're willing to loan. But don't get discouraged, because it's usually not a problem to get the bank to loan you a few thousand extra dollars extra.

The second thing is that the new loan amount can't exceed what's called the Loan-To-Value ratio (LTV), which is the amount of the loan compared to the to the value of the house, based on the appraisal. In simple terms, let's say the house is worth $100,000, and the bank will loan up to a 95% LTV, meaning they'll loan you up to $95,000. If your credit isn't so good then the bank might only loan up to an 80% LTV, meaning they'll loan you only $80,000.

Don't confuse the price of the house with the value of the house. The bank gets the value of the house -- what they think the house is worth -- from the appraisal, which is a report prepared by a professional which estimates the value of the house. The selling price could be higher or lower than the appraised value.

Okay, so the point of all this is, if you roll the closing costs into the mortgage, the new loan amount can't exceed your LTV. If the LTV amount was $120,000, and the $4000 closing costs would push the loan amount from $118,000 to $122,000, then the bank won't let you roll in the closing costs. You could get around this by making a larger down payment, so you don't have to borrow as much money from the bank, but if you have the extra money for the bigger down payment then you also have the extra money to just pay that money towards the closing costs instead of rolling them into the mortgage in the first place.

One way of rolling the closing costs into the mortgage is to have a seller concession. It's a little complicated so I recommend you just ask the lender if you can roll the closing costs into the mortgage the easy way. The lender might require that you use the seller concession method, though. If you have to go that route, the way it works is that you and the seller say that the sale price will be about 6% more than the price you agreed on, and then the seller "gives" you that extra 6% that you paid. For example, let's say the price was $100,000 and you're putting 10% down, or $10,000, so you're getting a loan for $90,000. You and the seller decide to go the seller concession route, so you agree that the price should be 6% more, or $106,000. That means you'll now put $10,600 down and get a loan for $95,400. See what happened? You got a loan for $5,400 more than the original loan. That's what you use to pay the closing costs. The seller doesn't keep the extra money because part of the deal is that (s)he gives that extra money back to you at closing.

Tip: Ask the seller to pay some of the closing costs. If you're short on cash for the closing costs and can't roll the closing costs into the mortgage, ask the seller if they're willing to pay part of the closing costs. It's not unusual for buyers to ask for this. Usually the worst that can happen is that they say no.

Tip: Get the lender to pay the closing costs. If you're short on cash for the closing costs and can't roll the closing costs into the mortgage, some lenders will pay part or all of the closing costs, but in exchange you'll have to pay a higher interest rate on the loan, perhaps 0.25% or 0.50% higher. Ask your lender if this is an option if you need it.

What to Know About Credit

There is nothing more important than your credit when it comes to buying a home. The first thing a lender will do is review your credit report. This is a history of money you have borrowed in the past and how you have repaid those debts. It contains a list of debts such as credit cards, car loans, and other loans. It shows any bills that have been referred to a collection agency. It lists other public record information such as liens or bankruptcies. And, it documents inquiries about your creditworthiness and whether you were extended credit or not. Your credit report is constantly updated and most information is deleted after 7 years (10 years for bankruptcies). This credit information then helps generate a computer-derived number that indicates your risk as a payer of debts. This is called your credit score. Your credit history and/or your credit score is used to decide whether your loan is approved and it could be used to determine your interest rate.

If You Don’t Have Credit

If you haven’t established credit, start now. Perhaps apply for a credit card or two, then use them carefully and pay them off each month. Once you’ve done this, you’ve started your credit history. Next, apply for credit on a store purchase such as an appliance, or a TV. Do this even if you have the cash to pay for it. When the first bill comes, use your cash to pay it off in total. You see, buying on credit and paying it off helps your credit better than buying something for cash.

If You Have Bad Credit

It can take awhile to improve bad credit, but it can be done. Since credit scores reflect much of your most recent activity, the first thing you should do is to start paying on time. Pay all of your bills, even if it’s just the minimum. Never pay less than what is due, and never pay late. And, don’t max out your credit cards because it indicates poor money management. One of the best things you can do is to make a budget to help with your monthly expenditures and then live by it. Also, start a savings account and make it part of your budget. You will need money for a down payment, or it will help if you lose your job or source of income.

Determining the Right Home for You

There are a number of things to consider when choosing the right home and everyone’s priority is different. Where should it be located; neighborhood preference; single or multi-level, number of bedrooms and baths; square footage; yard size; features; quality of schools; age of home; interior or exterior appeal; and most of all, price, because if it’s out of your budget, it can’t be considered.

Make a List

Make a priority list of things important to you. Start with the most important, things you have to have. Then work down the list, putting them in order of most important. After you are done, go up to the top and move down until you get to a place where you can draw a line. Above the line should be all of the items you have to have, and below the line should be all of the things that would be nice to have. This will save you a great deal of time and provide a clear focus for your house hunting.

Working with an Agent

Although the Internet can provide you with homes matching your criteria and it seems easy to drive around, take notes, and set up appointments to view homes for sale, using an agent can be more efficient. They can do the same thing for you, but by working with an agent, you benefit from their knowledge and experience also. Their advice could better help you determine the right home for you and they can assist you with the actual purchase contract.

What to Do When You Find the Right Home

Considering everything has come together, the price is within your budget, and a home has met your demands, it’s time to make an offer. Part of the offer should require a home inspection so you have reliable information about any major problems or repairs you might incur and how they will be handled. If your offer is accepted, the sale proceeds. If your offer is not accepted, the seller may counter-offer with different terms.

Figuring What You Can Afford

In addition to your monthly mortgage payments, there are many things to factor in when determining how much you can afford, or even if you can afford to buy a home at all. There is a down payment for the loan, closing costs, moving expenses, plus purchases and maintenance for the new home. Generally, your annual gross income multiplied by 2.5 will give you an approximate amount for the price of home you can afford. It could vary depending on how much you have as a down payment, your debts, financial situation, and credit history/rating. Your debts, including alimony and child support, should not be more than 30 to 40% of your gross income.

Monthly Mortgage Payment

Lenders want to make sure you have the ability to pay your loan. As a general rule of thumb, you can figure that your monthly mortgage payment should be equal to or less than 25% of your gross monthly income. This also will vary depending on circumstances.

Amount of Money Needed

You will need money for a down payment and closing costs, plus any move related expenses and maintenance or repair costs for your home.

Down Payment – Your down payment is a percentage of the property value and is usually from 3 to 20%, or more if you want a lower loan amount. This can vary by the type of mortgage you obtain. Also, if your down payment is less than 20%, you may be required to pay mortgage insurance (PMI or MI).

Closing Costs – these are settlement costs involved in purchasing your home. They range from 2 to 7% of the property value and include such things as points (a percentage paid for securing a particular interest rate), financing fees, taxes, title insurance, pre-paid and escrow items, and your down payment. You will receive an estimate of these costs prior to closing.

12476 KUMQUAT Pl CHINO CA SOLD!!!!

Beds: 3

Baths: 2

Sq. Ft.: 1,520

$/Sq. Ft.: $201

Lot Size: 7,200 Sq. Ft.

Property Type: Residential, Single Family

Style: One Level

Year Built: 1974

Community: Chino

County: San Bernardino

MLS#: T10121770

Source: MRMLS

Beautiful Single Story home in the heart of Chino. Home has remodeled kitchen with custom cabinets and granite counters. Upgraded bathrooms, with new carpet and paint. To top it off there is plenty of RV PARKING for all your toys and the backyard has room for the kids to play. Probably the cleanest home in the neighborhood and ready for you to move in. This is a standard sale, so no long waits for banks to respond and repairs to deal with. Come on down, the price is right!

Buyer's agents: David Hood & Maria Gracian AdoreRealty,Inc.

Listing Provided Courtesy of: James Brennan, Pacific Coast Realty Group Inc