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Bobby Lehmkuhl & Danielle Dutcher's Blog

By Bobby LehmKuhl | Broker in 90265
  • Freddie Mac 30-year mortgage jumps highest in 2 years

    Posted Under: Market Conditions in Malibu, Financing in Malibu  |  August 23, 2013 2:54 PM  |  435 views  |  1 comment


    Freddie Mac reported that mortgage rates are at the highest they’ve been in two years. Thirty- year home loans are being offered at an average of 4.58%, which is up from last week’s average of 4.4%. This is the highest rate Freddie Mac has reported in over two years.

    The popular alternative to a thirty-year fixed loan, the fifteen-year fixed loan, was also up to 3.6%, from last week’s 3.44% and last year’s 2.89%.

    These rate jumps have had their impacts. Wells Fargo, the number one mortgage lender, is cutting nearly 2,300 of it’s employees within the next two months blaming it on that fact that there is way less demand for refinancing, as compared to last year. Also, there are fewer foreclosures and delinquencies than last year.

    A Wells Fargo representative said the layoff impact in the greater Los Angeles area would mostly be in Orange County and in San Bernardino. Minor layoffs will take place in San Diego.

    Wells Fargo isn’t the only major lender handing out pink slips. The number two mortgage lender, JP Morgan Chase & Co., recently reported that they are going to eliminate three thousand mortgage related jobs.

    It’s reported that the Federal Reserve as been buying up to eighty-five billion a month in mortgage backed securities and Treasury Bonds. Mortgage rates are rising and investors are expecting the Federal Reserve to start cutting back on their stimulus program later this year.

    According to the minutes of the Federal Reserve’s last policy meeting on Wednesday, no consensus as to when to scale back the bond purchases had not been made. However, some analysts believe the first cut will happen in September.

    With the rates going up, there has been a slight increase in the fence sitters jumping into the market. But the increase in those homebuyers has not made up for the decline in refinancing.

    If you’re interested in purchasing Malibu Real Estate before the mortgage rates go any higher, contact our office, 4 Malibu Real Estate, at 310.456.3655 or visit our website at:http://www.4Malibu.com.

    As reported in Seen in LA Times, by E. Scott Reckard.

  • Bank of America to extinguish up to 150,000 second liens

    Posted Under: Financing in Malibu, Foreclosure in Malibu  |  October 1, 2012 10:52 AM  |  553 views  |  No comments


    Borrowers with second liens owned and serviced by Bank of America may qualify to get their subordinate debt extinguished entirely. The banking giant mailed 150,000 letters to pre-qualified homeowners who are eligible to have their Bank of America second-lien mortgages eliminated.

    The program was designed to ease the pains of struggling borrowers who are also dealing with issues on first mortgages and to help more individuals create equity in their properties.

    Unless the customer opts out of this automatic relief within thirty days of receiving the letter, the borrowers will have second liens on collateral property completely removed. Only second liens owned and serviced by BofA that meet certain delinquency and property value guidelines are qualified for the program. The offer will take care of the entire unpaid principal balance on second liens.

    As long as the second lien is fully owned or serviced by Bank of America, second lien mortgages associated with a severly delinquent first lien mortgage also qualify. Ownership of the first lien mortgage does not matter as long as Bank of America has control of the subordinate lien.

    Mailings to eligible customers began in July. Only customers who receive pre-qualified letters will be able to use the program today.

      

                  Twitter@4_Malibu


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    Sales | Rentals | Property Management | Notary

    22967 Pacific Coast Highway  | Malibu, CA 90265

    O  310.456.3655  F  310.218.2117  Info@4Malibu.com

    www.4Malibu.com

     

  • Home foreclosures starting to rise again

    Posted Under: Market Conditions in Malibu, Financing in Malibu, Foreclosure in Malibu  |  November 25, 2011 12:55 PM  |  1,075 views  |  No comments


    According to an industry trade group, home foreclosure filings rose in the 3rd quarter, as recent declines in the rate of new foreclosures came to an end. The Mortgage Bankers Association reported that foreclosures started for 1.08% of outstanding home loans, up from 0.96% in the second quarter.

    Even though the rate of homeowners who are delinquent in their mortgages dropped, the jump in foreclosures still came. Those only 30 days late making payments improved to 3.19%, the lowest level since the second quarter of 2007. And those 60 and 90 days or more late in making payments also declined, bringing the percentage of delinquent loans not in foreclosure to under 8%.

    But the Mortgage Bankers Association said increased foreclosure filings by several big lenders led to the upturn in homes in foreclosure. Experts have speculated that this upturn could be partly due to these lenders working on their loan documentation that stopped some foreclosures. 

    An executive at Realty Trac, a company who also tracks foreclosure activity, stated that the foreclosure increases are related to the lenders work towards correcting paperwork and processing problems. 

     

      

                  Twitter@4_Malibu


    MALIBU REAL ESTATE PARTNERS

    Sales | Rentals | Property Management | Notary

    22967 Pacific Coast Highway & 23805 Stuart Ranch Road | Malibu, CA 90265

    O  310.456.3655  F  310.218.2117  Info@4Malibu.com

    www.4Malibu.com

     


  • Mortgage aid open to more Calif. borrowers

    Posted Under: Home Buying in Malibu, Financing in Malibu, Foreclosure in Malibu  |  November 12, 2011 11:01 AM  |  916 views  |  No comments

    The state-run program, “Keep Your Home California,” which helps homeowners struggling to pay their mortgages now has broader eligibility guidelines.  Borrowers who did cash-out refinances and own multiple properties now are eligible for the program, according to California Housnig Finance Agency officials. Keep Your Home California has helped approximately 8,000 low- and moderate-income households that are behind on loan payments or close to default. 

    There are four parts to the program - mortgage aid for homeowners with documented financial hardship, mortgage help for the unemployed, relocation help for those in the midst of a short sale or deed-in-lieu of foreclosure, and reduction of principal. Homeowners who completed cash-out mortgage refinancing now are allowed to take part in the four programs outlined above, and borrowers who own more than one property also can apply for the program.  Previously, these two groups of borrowers were excluded from participation. Mortgage aid to unemployed borrowers also has been extended to nine months, instead of six. Such homeowners can receive up to $3,000 a month.  To qualify, borrowers must be receiving unemployment benefits.  Additionally, the program has reinstated up to $20,000 in past-due mortgage payments instead of the previous $15,000 cap.

        

                    Twitter@4_Malibu


      MALIBU REAL ESTATE PARTNERS

      Sales | Rentals | Property Management | Notary

      22967 Pacific Coast Highway & 23805 Stuart Ranch Road | Malibu, CA 90265

      O  310.456.3655  F  310.218.2117  Info@4Malibu.com

      www.4Malibu.com

       


    • Call-for-Action: Update on loan limits

      Posted Under: Home Buying in Malibu, Financing in Malibu  |  November 10, 2011 2:25 PM  |  570 views  |  No comments

      Conforming loan limits severly dropped on October 1, as Congress failed to extend GSE and FHA conforming loan limits.  Unless Congress takes action soon, this move will dramatically impact the recovery of the housing market and the overall economy.  Recently, the Senate included an amendment to the Transportation, Housing and Urban Development appropriations bill that reinstates the previous loan limits through December 2013.  While the Senate passed that bill, the House passed its own version of the same bill without the amendment.  To remediate this, a conference committee now must reconcile the two bills. 

      We have been informed that the C.A.R. and NAR will continue to work with the members of the conference committee, fighting to include the loan limits provision in the final legislation that will be sent to the President.

        

                    Twitter@4_Malibu


      MALIBU REAL ESTATE PARTNERS

      Sales | Rentals | Property Management | Notary

      22967 Pacific Coast Highway & 23805 Stuart Ranch Road | Malibu, CA 90265

      O  310.456.3655  F  310.218.2117  Info@4Malibu.com

      www.4Malibu.com

       


    • FHA Loan Max Dropped

      Posted Under: Financing in Malibu, Foreclosure in Malibu  |  November 9, 2011 12:30 PM  |  746 views  |  1 comment

      The limit on loans that Fannie Mae and Freddie Mac can guarantee dropped to $625,500 on October 1st. This mostly affects the upper end housing in the US. FHA loan limits vary based upon the area median home prices, but they fall within a range of $271,050 and $625,000. 

      Those homebuyers wanting to purchase a home in the upper-cost housing markets will face larger mortgage rates, higher down payments and stricter loan qualifications. Therefore resulting in higher interest rates and down payments. 

      By the end of the year, loan limits will be reviewed for 2012 and certain counties will see dramatic drops in their loan limits. 


        

                    Twitter@4_Malibu


      MALIBU REAL ESTATE PARTNERS

      Sales | Rentals | Property Management | Notary

      22967 Pacific Coast Highway & 23805 Stuart Ranch Road | Malibu, CA 90265

      O  310.456.3655  F  310.218.2117  Info@4Malibu.com

      www.4Malibu.com

       

    • Rising foreclosure rates to impact home prices

      Posted Under: Market Conditions in Malibu, Home Selling in Malibu, Financing in Malibu  |  November 7, 2011 3:05 PM  |  606 views  |  1 comment

      According to a Fitch Ratings report, reflecting the impact of last year's robo-signing scandal, rising foreclosure start rates will add to the distressed property inventory driving  home prices down further. 

      More than 10% of severely delinquent loans in private-label residential mortgage-backed securities are now moving into foreclosure each month, the ratings agency said. That's nearly double the rate from a year ago when the moratoria instituted by lenders and servicers in the wake of the robo-signing debacle were in place. It's also edging closer to the 14% rate seen between 2000 and 2010.

      Home prices are expected to dip another 10% before they stabilize, due to an increasing inventory of distressed homes. Home prices dropped around 1%  in September from August and 4.1% from a year ago, according to a CoreLogicreport Monday.

      Foreclosures are taking an average of eight months to close in nonjudicial states and 15 months in judicial states.

      While the rate increased about 25% on borrowers who have missed between three and six payments, the foreclosure rate nearly doubled on borrowers delinquent for more than six months. 

      The foreclosure rate nearly doubled on borrowers delinquent for more than six months, while the rate increased about 25% on borrowers who have missed between three and six payments.

        

                    Twitter@4_Malibu


      MALIBU REAL ESTATE PARTNERS

      Sales | Rentals | Property Management | Notary

      22967 Pacific Coast Highway & 23805 Stuart Ranch Road | Malibu, CA 90265

      O  310.456.3655  F  310.218.2117  Info@4Malibu.com

      www.4Malibu.com


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