Monthly Archives: August 2011

Real Estate

State Responsibility Area “Fire Prevention Fee” Now Law

The State of California will collect an annual “fire prevention fee” from property owners in wildland areas where the state has responsibility for providing fire protection. A fee of one hundred fifty dollars ($150) will be charged on each structure intended for human habitation in this State Responsibility Area (“SRA”), commencing with the 2011-2012 fiscal year.

The fee is established in Assembly Bill 29 by Bob Blumenfield (D-Van Nuys), which was signed by Governor Jerry Brown on July 7, 2011 (as ABX1 29).

Not a “firefighting fee”The bill is very clear about the fee’s intended purpose. The moneys collected will create an “SRA Fire Prevention Fund”, which will be used for specified “fire prevention” activities that will benefit the owners within the SRA who are required to pay the fee. The bill does not earmark any portion of the fee for firefighting services.

Examples of specified fire prevention activities include grants to municipalities to fund public education programs in the SRA, grants to qualified conservation groups and nonprofit organizations for fire prevention projects in the SRA such as brush clearance, and CalFire services in the SRA such as defensible space compliance inspections and fire severity and fire hazard mapping.

The law is being challenged by opponents who see it as diverting CalFire’s funding to fire prevention and away from the department’s critical firefighting budget. Republican lawmakers and local fire officials are contesting the law, some calling the fee a double tax on SRA property owners already taxed for fire protection services, and are seeking its repeal. The Governor, in his signing letter, has already called for the language to be revised to ensure that revenues projected from the fee are realized.

State Modifies SRA Fire Prevention Fee

Continue reading State Responsibility Area “Fire Prevention Fee” Now Law →

nevada county fair

2011 Nevada County Fair A Success

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By Wendy Oaks

Canned Food Drive, Junior Livestock Auction, Ag Mechanics Auction, and Treat Street all Benefit Nevada County

Beautiful weather, a successful canned food drive, more than $380,000 raised for Nevada County youth, and several community partnerships made the 2011 Nevada County Fair a success. Below are some fun Fair facts.

  • On the Tuesday before the Fair, BloodSource and the Fair hosted a community blood drive at the Fairgrounds. As a result of this partnership, 78 pints of life saving blood were collected.
  • At Sunday’s canned food drive, 1,000 pounds of food were collected for the Food Bank of Nevada County – enough to feed more than 100 families.
  • Two hundred and thirty two animals were auctioned at this year’s Junior Livestock Auction, raising more than $350,381 for the youth of Nevada County. Funds raised from the auction go directly to these students and many use the money for college education or vocational training.
  • This year’s Ag Mechanics Auction, featuring 48 custom projects handmade by FFA students from Bear River and Nevada Union high schools, raised more than $32,835 for these students.
  • Proceeds raised from the local non-profit organizations that sell food on Treat Street will allow these organizations to provide vital services to our community.
  • The Fair featured nearly 8,000 community exhibits. A complete list of exhibit winners is posted on the Fair’s website at www.NevadaCountyFair.com.
  • Wednesday evening’s Idol Competition was won by Chelsea Kirksey, who received $767 for her charity of choice – African Ministries (through Gold Country Chapel).
  • Saturday’s Locks of Love event had 18 individuals donate hair to help provide a hairpiece to financially disadvantaged children suffering from long-term medical hair loss. The Designer’s Hair Salon assisted with the hair donation process, and cut and styled hair for free.
  • Continue reading 2011 Nevada County Fair A Success →
nevada county fair

Join The Fun At The Draft Horse Classic And Harvest Fair – Nevada County Fairgrounds

 

The magnificent six-up competition is always a crowd favorite at the Draft Horse Classic and Harvest Fair at the Nevada County Fairgrounds in Grass Valley. Tickets to the event are on sale now.
The magnificent six-up competition is always a crowd favorite at the Draft Horse Classic and Harvest Fair at the Nevada County Fairgrounds in Grass Valley. Tickets to the event are on sale now.

By Wendy Oaks

Tickets on sale now for the September 22 – 25 event

Majestic Draft Horse performances, breath-taking competitions, and seeing a Draft Horse “up close” are all part of the festivities at the 25th annual Draft Horse Classic and Harvest Fair, September 22 – 25, at the Nevada County Fairgrounds in Grass Valley. Whether it’s the Draft Horses working farm equipment, pulling carriages, or working side by-side on a hitch – these amazing animals compete with elegance and power and always entertain.

Known as the premier Draft Horse event in the Western United States, this unique event features six majestic performances by the beautiful Draft Horses. In between classes, enjoy showcase specialty acts, including some returning favorites like Clay Maier and Ramon Becerra, as well as some new acts.

Tickets to this event are on-sale now. To celebrate our anniversary, we’re offering discounted pricing on morning performances and children’s tickets. Draft Horse Classic evening and late afternoon performance tickets are $21 for reserved seating and $18 for general admission. For morning performances, tickets are $15 for reserved seating and $12 for general admission. For children (ages 12 and under), any performance ticket is $13 for reserved seating and $10 for general admission. Ticket order forms are available at www.NevadaCountyFair.com. You can order your tickets by FAX, mail, phone or walk-in. General admission tickets can also be ordered from our website. There is a small transaction fee if you order your tickets on-line. For all tickets purchased after September 21, there is an additional $3 charge per ticket.

While at the Fairgrounds, take time to visit the many Harvest Fair activities. Featuring live musical entertainment, a clogging jamboree, Treat Street goodies, Art at the Classic, a chance to visit with the horses, and hundreds of community exhibits, the Harvest Fair is an experience that can be enjoyed by kids and adults!  Although there is a fee for the Draft Horse performances, admission to the Fairgrounds and Harvest Fair activities are free.

Once again, guided barn tours will be available this year. For these tours, reservations are required and are limited to 20 people. New this year is the Classic Rib Cook-Off. Whether you want to show off your cooking skills or simply join the fun and taste the treats – we’ve got it all in one place. The Classic Rib Cook-Off will take place on Sunday, September 25, in the afternoon. Teams are being formed now, and tickets for tasting will be for sale at the event.

“Taste of the Gold” will be held on Saturday of the Classic. This fun and tasty event features fine food and drink from some of the Gold Country’s finest restaurants and wineries. For tickets and information, visit www.sierravintners.com or call the Grass Valley Downtown Association at (530) 272-8315.

The Nevada County Fairgrounds is located on McCourtney Road in Grass Valley, just 50 miles northeast of Sacramento. The phone number is (530) 273-6217 and the FAX number is (530) 273-1146.  Visit www.NevadaCountyFair.com for more information.

Wendy Oaks
Publicist, Nevada County Fairgrounds
(530) 273-6217

wsoaks@gmail.com

Website: www.NevadaCountyFair.com

 

 

Real Estate

Working With Short Sales, They Are Worth The Trouble

Short sales – a real estate transaction in which the homeowner needs to sell the property, but owes more on the mortgage than the home currently is worth – continue to dominate the housing market, but these real estate transactions aren’t for everyone.

  • Typically with a short sale, the homeowner is underwater and has experienced a financial hardship such as a job loss.  To limit the damage to his credit rating, a homeowner may attempt to work with his lender to negotiate a short sale.  Not only must the bank approve of the short sale itself, it also must agree to the price, since the bank will accept the difference as a loss.
  • Unlike foreclosures, in which the owner has walked away and the bank is looking to unload a vacant – and sometimes vandalized – property, a short sale isn’t a distressed home that will sell at an extremely low price.  According to data from RealtyTrac, short sales typically sold for nearly 10 percent less than the market price in the first quarter of 2011, whereas foreclosures sold at an average discount of 35 percent.
  • Home buyers wanting to purchase a short sale must have patience.  In most cases, when a buyer makes an offer on a house, he receives a response from the seller within a few days, or even hours.  With a short sale, the bank must approve of the sale and bank representatives are overloaded with cases.  It may take 30 days or longer for a buyer to receive a response from the bank.
  • In a traditional real estate transaction, it is common for a home buyer who currently owns his home to make his offer contingent on selling his current home.  In short sales, most banks will not approve an offer that is contingent on the buyer selling his current home, as too many things can go wrong.
  • Banks also typically won’t consider short-sale offers that have inspection contingencies in them, so buyers can either do an inspection prior to making an offer or forgo an inspection altogether.
  • Even with the challenges associated with short sales, buyers should not avoid these transactions.  Being prepared ahead of the time and working with an experienced REALTOR® can help buyers avoid frustration and surprises down the line.

Interested in a short sale?
Call or write:
John J. O’Dell ® GRI
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

Real Estate

Shadow Inventory Continues to Fall

Standard & Poor’s estimates that it would take nearly four years — or 47 months — for the housing market to work through its shadow inventory at the current rate. While that number is still high, it marks an improvement over S&P’s first quarter report that had estimated 52 months.

Shadow inventory represents homes that are in the foreclosure system but haven’t hit the market yet. S&P defines shadow inventory as foreclosure and REO properties in 90-day delinquency or worse.

“In conjunction with stable liquidation rates, we believe these are positive signs that the amount of time it will take to clear this ‘shadow inventory’ should continue to decline over the next year,” S&P analysts said.

Delays from mortgage servicers in processing foreclosures likely will cause more than 1 million foreclosures to be postponed until next year, RealtyTrac recently reported.

As such, “the shadow inventory will continue to jeopardize the housing market’s recovery until servicers are able to improve liquidation times,” S&P said. “However, if and when that happens, an influx of homes will likely enter the market, increasing supply and driving prices down further.”

Shadow inventories are largest in New York, where S&P estimates it will take 144 months — or 12 years — to work through foreclosure properties at the current rate. That is down slightly from 146 months in the first quarter.

Source: “Standard & Poor’s: Shadow Inventory Levels Begin to Improve,” HousingWire (Aug. 17, 2011)

 

For all your real estate needs
Call or email:

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

 

Real Estate

Mortgage Fraud Remains Rampant, FBI Says

About $10 billion in originated loans last year contained fraudulent information, according to CoreLogic.

“The current and continuing depressed housing market will likely remain an attractive environment for mortgage fraud perpetrators who will continue to seek new methods to circumvent loopholes and gaps in the mortgage lending market,” said a new report from the Federal Bureau of Investigation (FBI) that cited CoreLogic’s figures.

The most prevalent mortgage fraud schemes include fraud involving loan origination, foreclosure-rescue initiatives, short sales, property flipping, equity skimming, builder bailouts, and reverse mortgages, the FBI says. Additionally, it’s finding many of the mortgage fraud schemes have a strong connection to organized crime.

“There have been numerous instances in which various organized criminal groups were involved in mortgage fraud activity,” the FBI says. “Asian, Balkan, Armenian, La Cosa Nostra, Russian, and Eurasian organized crime groups have been linked to various mortgage fraud schemes, such as short sale fraud and loan origination schemes.”

Source: “Mortgage Fraud Remains Prevalent, Organized Crime Involved: FBI,” HousingWire (Aug. 12, 2011)

 
For all your real estate needs
Call or email:

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

Real Estate

Co-signing Or Not To Co-sign?


Tighter lender standards and an unstable job market have made it tougher for some people, especially those just starting out, to qualify for a home mortgage on their own.  So, some home buyers are turning to family members or close friends with good credit to co-sign a home loan.

Making sense of the story

  • While becoming a co-signer may seem like a good solution, money manager and lenders caution against those who are asked to be the cosigner.
  • A cosigner, even if not living in the house, is really a co-borrower, meaning he or she still is responsible for payments if the occupant is unable to meet his or her obligations.  In other words, if the principal party defaults on the loan, the cosigner is on the hook.
  • One financial planner suggests potential co-signers take a less risky alternative, such as providing a cash gift for the down payment.  Under current tax laws, a person can give as much as $13,000 to a person, free of gift taxes, or $26,000 per person, if a married couple filing jointly is giving the money.
  • Those considering co-signing a mortgage must conduct due diligence.  First, the cosigner must understand why the family member or friend is asking for help.  Potential co-signers shouldn’t be afraid to look into the requester personal finances to help determine whether he or she will be able to repay the loan.  Perusing credit reports also will show the track record he or she has for paying off debts.
  • A discussion about worst-case scenarios also should take place before signing on the dotted line.  Working out a written contract containing an agreement about what would happen in the event of a default, also is recommended.
  • Cosigners also should keep in mind that the mortgage will show up on their credit report, and could affect their own ability to borrow money or buy a second home.  If the principal borrower makes a late payment, that also will show up on the co-signer’s report.

Read the full story

 

John J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

Bits & Pieces

Erik Zetterberg, Humanitarian, Needs Your Help to Help Others

Eric Zetterberg
Eric Zetterberg

By John J. O’Dell

Erik  Zetterberg is getting ready for his 26th annual trip to Mexico where he gives away artificial legs, wheelchairs, crutches and other aides for people who have no access to this equipment. Over the years, he has financed much of this on his own, although from time to time he has had aide from individuals and the Rotary Club of Nevada County South.

Zetterberg, who’s had a prosthetic leg since the age of 7, has collected used and rejected prostheses from local prosthetic companies and distributed them for free among the disabled poor in Mexico. Over the years he has received a larger variety of donations – clothes, toys, eye glasses, mainly from friends.

In September 2007, the Sierra Nevada Memorial Hospital Foundation recognized Zetterberg as the Humanitarian of the Year for his decades of social service. “I couldn’t see usable goods going to waste when people needed them” said 70 year old Zetterberg. “There was a need for these things in Mexico.  I couldn’t see them being thrown away in the garbage can”

One of his joys is to know that from the multiple artificial legs he donated to organization in Mexico last year, they were able to somehow take parts of some of the artificial legs and create multiple more legs to help more people.

If you have any wheel chairs, crutches, canes or even artificial legs,  you would like to donate to Zetterberg, you may contact him by calling him (530) 273-0789 or (916) 955-7711 and he will come by and pick up whatever you care to donate.

ohn J. O’Dell Realtor® GRI
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com

 

 

Real Estate

Foreclosures Reach Lowest Level Since 2007

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Foreclosure filings dropped again in July, marking the 10th straight month for year-over-year declines and reaching their lowest level since November 2007, RealtyTrac reports. But analysts are still mostly attributing the drop to banks’ processing delays as they take more time to take action against delinquent home owners.

For July, about 212,764 homes received a foreclosure filing — which is a notice of default or auction sale or completed foreclosure — that’s down 4 percent compared to June. Filings were 35 percent lower than July 2010, according to RealtyTrac, and bank repossessions were down 33.6 percent from its peak in September 2010. Also, initial notices of default dropped 39 percent year-over-year to fewer than 60,000, which could be an indication that fewer borrowers are falling behind on their mortgage payments or that lenders are not filing notices as promptly in the past.

“The downward trend in foreclosure activity has now taken on a life of its own,” says RealtyTrac CEO James Saccacio. “It appears that processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts, may be allowing more distressed home owners to stave off foreclosure.”

Las Vegas continued to have the highest rate of foreclosures in the country — a filing for every 99 homes. Overall, for states, Nevada had the highest foreclosure rate of any state (one filing for every 115 homes), followed by California (one in every 239 homes), and Arizona (one in every 273 homes).

Source: “Foreclosure Filings Fall for 10th Straight Month,” CNNMoney (Aug. 11, 2011)

 
For all your real estate needs
Call or email

John J. O’Dell® GRI
Real Estate Broker
O’Dell Realty
(530) 263-1091
jodell@nevadacounty.com