Archive for January, 2011

Just Listed! 3bd, 2 bath SFR

January 28, 2011 Leave a comment

Open House Saturday 1/29/2011 –  11am

Dave & David Warner



Fishing for Dollars – We’re In

January 28, 2011 Leave a comment

Catch a Squawfish & Earn some Cash!

You can help save salmon and get paid to do it by going fishing! The Pikeminnow Sport Reward Fishery Program, funded by the Bonneville Power Administration, pays anglers for each northern pikeminnow that they catch that is nine inches or larger. Rewards range from $4 to $8 per fish, and special tagged fish are worth $500.The program operates from May 1 to September 30, 2011 in the lower Columbia River (mouth to Priest Rapids Dam) and the Snake River (mouth to Hells Canyon Dam).

Northern pikeminnow eat millions of salmon and steelhead juveniles each year in the Columbia and Snake River systems. The goal of the program is not to eliminate northern pikeminnow, but rather to reduce the average size and curtail the number of larger older fish. Reducing the number of these predators can greatly help the salmon and steelhead juveniles making it out to sea.

BPA funds the program to partially mitigate for the impact of the Columbia River hydroelectric system on salmon. Results indicate the program is successful. Since 1990, over 3.5 million northern pikeminnow have been removed by the Sport Reward Fishery. Predation on juvenile salmonids has been cut by an estimated 37%.

The 2011 season for the sport-reward fishery will start at all stations on May 1, 2011. The season will end September 30, 2011.For every qualifying northern pikeminnow 9 inches or longer returned to a registration station, anglers will receive $4-$8. The more fish an angler catches, the more they’re worth: the first 100 in one season are worth $4 each; after 100, they’re worth $5 each; and after 400 they’re worth $8 each. Special tagged northern pikeminnow will be worth $500 again this year.

Get this,  The top anglers last season made close to $50,000!.

Thank you,  fishwithjd


Dave & David Warner


Weekly Mortgage Rates – January 27, 2011

January 27, 2011 Leave a comment
January 27, 2011 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.80 % 4.09 % 3.70 % 3.26 %
Fees & Points 0.7 0.7 0.7 0.6


N/A N/A 2.74 2.77

From Freddie Mac

Dave & David Warner


California December Home Sales

January 27, 2011 Leave a comment

An estimated 36,215 new and resale houses and condos were sold statewide last month. That was up 15.3 percent from 31,403 in November, and down 13.4 percent from 41,837 for December 2009. California sales for the month of December have varied from a low of 25,585 in 2007 to a high of 66,503 in 2003, while the average is 44,338. DataQuick’s statistics go back to 1988.

The median price paid for a home last month was $254,000, down 0.4 percent from $255,000 in November, and down 3.8 percent from $264,000 for December a year ago. The year-over-year decrease was the third in a row after eleven months of increases. The bottom of the current cycle was $221,000 in April 2009, while the peak was at $484,000 in early 2007.

Of the existing homes sold last month, 38.1 percent were properties that had been foreclosed on during the past year. That was up from a revised 37.6 percent in November and down from 40.8 percent in December a year ago. The all-time high was in February 2009 at 58.5 percent.

The typical mortgage payment that home buyers committed themselves to paying last month was $1,055. That was up from $1,010 in November, and down from $1,125 in December 2009. Adjusted for inflation, last month’s mortgage payment was 51.3 percent below the spring 1989 peak of the prior real estate cycle. It was 60.5 percent below the current cycle’s peak in June 2006.

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

Indicators of market distress continue to move in different directions. Foreclosure activity has declined somewhat but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying is up, DataQuick reported.

Thank You DataQuick News

Dave & David Warner


Lake Forest homes quickest O.C. sellers

January 26, 2011 Leave a comment

The latest O.C. home inventory report from Steve Thomas at Altera Real Estate says that as of January 20 …

Hottest Supply Deals Mon. Yr. ago Price
Lake Forest 181 61 3.0 1.4 $398k
Ladera Ranch 150 48 3.1 1.3 $623k
Westminster 129 40 3.2 2.4 $421k
Brea 90 27 3.3 2.2 $456k
Santa Ana 575 163 3.5 2.4 $334k
County Supply Deals Mon. Yr. ago Price
All of O.C. 10,225 2,154 4.7 3.0 $875k
Coolest Supply Deals Mon. Yr. ago Price
Laguna Beach 287 21 13.7 13.0 $3.4m
Corona Del Mar 122 12 10.2 10.5 $2.9m
Laguna Woods 336 34 9.9 6.4 $212k
Portola Hills 27 3 9.0 1.4 $349k
Newport Beach 453 56 8.1 7.8 $2.3m
  • The “hardest” O.C. town to find a home to buy in terms of “market time” (supply of homes for sale vs. new purchase deals inked in past month) is Lake Forest at 3.0 months to theoretically sell all for-sale homes at the current buying pace. A year ago, this town was at 1.4 months.
  • The 5 “hardest to buy” markets combined have a market time of 3.3 months and comprised 11% of the supply of homes for sale and 16% of homes in escrow.
  • “Hardest” market to sell a home in, based on the same math, is Laguna Beach with market time at 13.7 months to theoretically sells all for-sale homes at the current buying pace. A year ago, this town was at 13.0 months.
  • The 5 “hardest to sell” markets have a combined market time of 9.7 months and were 12% of the supply of homes for sale and 6% of homes in escrow.
  • All told, countywide market time was 4.7 months last week.
  • All told, 0% of the communities tracked by Thomas had “market times” less than 2 months, a clear sellers’ market. Four weeks ago? 0% – and it was 18% a year ago.
  • Chart at right looks at the 5 hottest and 5 coldest markets in O.C. as of last Thursday (supply for sale; new deals made; market time in months vs. a year ago and average listing price) by Thomas’ market time math.

Dave & David Warner


Fishing Hole of the Day

January 22, 2011 Leave a comment

Hunter at Bear Creek after a Hawg

Categories: Uncategorized

Thinking of Flipping a Property in 2011?

January 20, 2011 1 comment

Property flips are not inherently illegal and not all transactions involving a rapid purchase and resale are improper. Legitimate property flips are acceptable transactions.  Both Conventional and FHA financing is allowed on property flips as long as all guidelines are met. Many of the guidelines overlap, i.e., must be arms-length, seller listed on title report, etc. There are a few differences as to when and if a 2nd appraisal is required.  Below is a list of the requirements for all property flips, in general if ownership has changed within 12 months for Conventional financing and 90 days for FHA financing. General Property Flip Guidelines· No seller financing allowed, usual seller contributions towards closing costsallowed.· Property must have been exposed to the open market through MLS, traditional auction, or developer marketing.· Buyer and seller cannot be represented by the same agent or broker.· No re-dating of purchase contract.· Seller must be listed on title report.· No simultaneous closings.· No more than 1 title transfer, other than a financial institution or government agency, within the last 12 months.· If ownership is in a LLC or corporation, a full review of the legal documents is required to ensure buyer is not affiliated.· Must be arms-length.  For Conventional financing, generally property flip guidelines will be required if seller has owned property less than 12 months.  Cannot be purchased as investment property· If seller is on title less than 90 days, maximum financing for buyer is 80% LTV.· 2 full appraisals required if new sales price is 15% higher than what seller paid.  If  increase is less than 15%, an exterior-only appraisal is required (in addition to the 1st appraisal). New value must be justified through appraisals. Appraisal cannot be done concurrently.· Lender will use the lower of the two appraised values for decisioning.

FHA Financing in the past, FHA financing was not allowed on properties if the seller had owned the property for 90 days or less, no matter if there was an increase in value or not.A waiver is now in place for contracts dated Feb. 1, 2010 through Feb. 1, 2011, allowing financing as long as they meet the guidelines mentioned previously. Enhanced guidelines are required for increases in price of 20% or greater:· A 2nd full appraisal is required. Appraisals cannot be done concurrently.· New value can be justified through the appraisals with complete details of property improvements. If no improvements were made but property was originally bought well below market value and is now selling at market value, this  must also be addressed.· The lower of the two appraised values will be used for decisioning.· A full property inspection must be provided to the borrower.· Both the inspection and the 2nd appraisal can be paid by the borrower.· Any health and safety issues noted in the appraisals or inspection report would need to be repaired prior to closing. Full inspection of the repairs would also be required.If seller has owned the property between 91 – 180 days, no additional requirements unless new value is 100% greater than what seller paid. If  so, then the above requirements must be met.

From Mike Harper

Bankers Funding Trust LLC

Dave & David Warner