How we use words in our every day life can have such an impact.  How the world perceives us, how we mean to inform people of our needs.  Even the words we use in every day life, to strangers to our love ones. This video The Power of Words really underscores this.  A well thought out presentation illustrating how powerful words can be. The video have been viewed worldwide over 12,750,000 times, which if I might say speaks for itself.

John J. O’Dell

Credits:

The Story of a Sign by Alonso Alvarez Barreda Music by: Giles Lamb http://www.gileslamb.com Filmed by www.redsnappa.com Director Seth Gardner.
Cast: Bill Thompson, Beth Miller http://www.uk.castingcallpro.com/view.php?uid=217905

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For all your real estate needs:
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John J. O’Dell Realtor® GRI
Real Estate Broker
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More mortgage relief from the White House – but congressional OK doubtful

In his State of the Union Address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery.  Details of that plan were released yesterday.  However, funding for the proposed program must be approved by Congress, lowering the possibility that it will be implemented quickly.

Making sense of the story

• Operated by the Federal Housing Administration, the plan would allow underwater homeowners to refinance into cheaper federally insured loans.  Borrowers with good credit who are current on their loan payments are eligible.
• The measure also streamlines the process of refinancing an underwater mortgage, eliminating the need for an appraisal or submitting a new tax return.
• To qualify, borrowers must be current on their mortgage, have a minimum credit score of 580, and must be refinancing a loan on a single-family owner-occupied principal residence.
• Lenders only need to confirm that the borrower is employed.  Loans that are more than 140 percent of the home value probably would not qualify until banks wrote down part of the balance.
• Congress must approve $5 billion to $10 billion in funding, leading housing experts to praise the plan’s objectives with skepticism of it passing this year.

Read the full story

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• Obama proposes home loan refinancing plan – CNNMoney (money.cnn.com)

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I’ve just learned that there is website called Welcome Home Blog that has daily videos of military homecoming. Sure, it’s probably impossible to have a military homecoming video that isn’t wonderful, but this one’s a little different. In it, the returning soldiers are greeted by their dogs who welcomes them home with all the excitement one would normally expect from the more human members of the family.

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SACRAMENTO, CA—A real estate investor pleaded guilty today in United States District Court in Sacramento to conspiring to rig bids and commit mail fraud at public real estate foreclosure auctions held in San Joaquin County, Calif ., Sharis A Pozen, Acting Assistant Attorney General of the Department of Justice’s Antitrust Division, and Benjamin B Wagner, United States Attorney for the Eastern District of California, announced.

Kenneth A Swanger pleaded guilty to conspiring with a group of real estate speculators who agreed not to bid against each other at certain public real estate foreclosure auctions in San Joaquin County. The primary purpose of the conspiracy was to suppress and restrain competition and to obtain selected real estate offered at San Joaquin County public foreclosure auctions at noncompetitive prices, the department said in court papers.

According to the court documents, after the conspirators’ designated bidder bought a property at a public auction, they would hold a second, private auction, at which each participating conspirator would bid the amount above the public auction price he or she was willing to pay. The conspirator who bid the highest amount at the end of the private auction won the property. The difference between the price at the public auction and that at the second auction was the group’s illicit profit.

The illicit profit was divided among the conspirators in payoffs. According to his plea agreement, Swanger participated in the scheme beginning in or about June 2009 until in or about October 2009.

To date, nine individuals, including Swanger, have pleaded guilty in United States District Court for the Eastern District of California in connection with the investigation. They are: Anthony B Ghio; John R Vanzetti; Theodore B Hutz; Richard W Northcutt; Yama Marifat; Gregory L Jackson; Walter Daniel Olmstead; and Robert Rose. In addition, four other investors, Wiley C Chandler, Andrew B Katakis, Donald M Parker and Anthony B Joachim, and one auctioneer, W Theodore Longley, were indicted by a federal grand jury in Sacramento on December 7, 2011.

“This type of illegal scheme undermines the transparency and integrity of the competitive market for residential real estate.

Today’s guilty plea sends a clear message that the Department of Justice does not tolerate anticompetitive conduct that harms consumers,” said Acting Assistant Attorney General Pozen. “The Antitrust Division will continue to work with its law enforcement partners to prosecute the perpetrators of anticompetitive schemes in public real estate foreclosure auctions in the Sacramento area and into northern California.”

“The Department of Justice is bringing greater scrutiny to auctions of foreclosed properties as part of our effort to root out fraud in the real estate industry in all its forms,” said United States Attorney Wagner. “The days when a few players could rig these auctions for their own benefit are ending.”

Swanger pleaded guilty to bid rigging, a violation of the Sherman Act, which carries a maximum penalty of 10 years in prison and a $1 million fine. The maximum fine may be increased to twice the gain derived from the crime or twice the loss suffered by the victims of the crime if either of those amounts is greater than the statutory maximum fine.

Swanger also pleaded guilty to conspiracy to commit mail fraud, which carries a maximum sentence of 30 years in prison and a $1 million fine.

These charges arose from an ongoing federal antitrust investigation of fraud and bidding irregularities in certain real estate auctions in San Joaquin County. The investigation is being conducted by the Antitrust Division’s San Francisco Office, the United States Attorney’s Office for the Eastern District of California, the FBI’s Sacramento Division and the San Joaquin County District Attorney’s Office. Trial attorneys Anna Pletcher and Tai Milder from the Antitrust Division’s San Francisco Office and Assistant United States Attorney Russell L Carlberg are prosecuting the case.

Today’s charges are part of efforts underway by President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.

The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes. One component of the task force is the national Mortgage Fraud Working Group, co-chaired by United States Attorney Wagner. For more information on the task force, visit www.StopFraud.gov.

Anyone with information concerning bid rigging or fraud related to real estate foreclosure auctions should contact the Antitrust Division’s San Francisco Office at 415-436-6660, click here:  USDOJ, contact the United States Attorney’s Office for the Eastern District of California at 916-554-2700 or contact the FBI’s Sacramento Division at 916-481-9110.

Soruce: FBI

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The 6,316-square-foot Rancho Mirage, Calif., home belonging to the late President Gerald Ford and First Lady Betty Ford is up for sale at $1.699 million.

The one-story, flat-roof home overlooks a golf course and features his and her offices, five bedrooms, and six-and-a-half bathrooms. The Ford’s moved into the home after leaving the White House in 1978.

The home still contains the original furniture and looks very similar to the way it did when the Ford’s first moved there, says the real estate agent listing the home, Nelda Linsk. The home still has floral patterns in the bedroom and lime and avocado fabrics featured in the dining and great rooms.

“They were very private people,” Linsk told the Gannett News Service. “They didn’t want anything showy.”

President Ford passed away in December 2006, and Betty Ford died in July 2011.

Source: “Fords’ Rancho Mirage Home Goes up for Sale for $1.7 Million,” The Desert Sun (Palm Springs) (Jan. 23, 2012) and “President Ford’s House for Sale,” Gannett News Service (Jan. 25, 2012)

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Fannie Mae and Freddie Mac recently extended their foreclosure forbearance programs to give short-term aid to unemployed homeowners, but housing counselors warn that these borrowers will need to look at longer-term solutions.

Making sense of the story

• In a forbearance program, a lender agrees not to foreclose on a property and gives the borrower several months’ grace from or reduction in monthly mortgage payments.  The programs work best for temporary setbacks, like job loss, health problems, or natural disasters.
• There are drawbacks to the forbearances though. The most-significant drawback is a larger total debt from the smaller payments.  The unpaid balance continues to increase during this time.
• The new temporary mortgage payment is often set to 31 percent of the household income; in some cases lenders agree to accept no payments.  Fannie Mae’s extended unemployment program, first offered in the fall of 2010, limits any nonpayment or other forbearance plans to one year, with the second six months requiring approval by both Fannie Mae and the lender.
• However, even with the program in place, the lender could still report a mortgage as delinquent, which could adversely affect the borrower’s credit score.
• Because some agreements add onerous term and conditions, homeowners should also consult with a housing counselor certified by the Dept. of Housing and Urban Development.

Read the full story

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Cash buyers are sending home values down much lower than they otherwise would be, suggests a new survey by Campbell Inside Mortgage Finance, which polled more than 2,500 real estate agents nationwide.

In its December Housing Pulse Tracking Survey, the company found that investors accounted for one out of three real estate transactions last month, and about 74 percent of those purchases by investors were made using all cash.

“Investors have an over-sized command on the market since their ability to pay cash in the majority of transactions puts undue downward pressure on home prices,” an article at Housing Predictor notes about the study.

Cash buyers can be attractive to home sellers, banks, and mortgage companies, since they do not usually come with contingencies, require extra time to secure financing, and tend to move more quickly to closing. As such, cash buyers tend to make purchases at lower prices than those who may need financing or come with contingencies.

Source: “Cash Buyers Pushing Home Prices Lower,” Housing Predictor (Jan. 24, 2012)

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Sandy Woods, CEO of the Nevada County Fairgrounds

By Wendy Oaks

Sandy Woods, Chief Executive Officer of the Nevada County Fairgrounds, has been elected as President of the Western Fairs Association’s (WFA) Board of Directors. Woods was recently inaugurated at the association’s annual conference in Anaheim.

Woods will serve a one year term as President. During the past two years, she has also served as Vice President and Treasurer. All WFA directors are elected by their peers.

As President of the Board, Woods will represent the more than 800 WFA members and will work on their behalf for legislative advocacy, as well as govern the activities and policies of the association.

“The President of Western Fairs serves as the Chair of the 19 member elected Board of Directors and is ultimately accountable for all of the associations programs, including the legislative advocacy efforts,” noted WFA Executive Director Stephen Chambers. “It’s a challenging job in these tumultuous times. The fairs of the West are strong, however, funding and oversight issues continue to impact their success and our members stand ready to support Ms. Woods leadership.”

The Western Fairs Association is a non-profit trade association serving the Fair industry throughout the Western United States and Canada. WFA serves fair-related businesses, fair management, fair board directors, festivals, and industry associations.

The 2012 Nevada County Fair, “Barnyard Safari,” is August 8 – 12.
Wendy Oaks
Publicist, Nevada County Fairgrounds
(530) 273-6217
wsoaks@gmail.com

Website: www.NevadaCountyFair.com
Facebook: Nevada County Fairgrounds

Nevada County Fair                          August 8 – 12, 2012
Draft Horse Classic                            September 20 – 23, 2012
Halloween at the Fairgrounds      October 27, 2012
Country Christmas Faire                  November 23 – 25, 2012

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Thinking of buying or selling?
For all your real estate needs
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John J. O’Dell Realtor® GRI
(530) 263-1091
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Image by jferzoco via Flickr

Shopping for the best rates
Interest rates are the lowest in decades, enticing many borrowers to shop for a loan.  Mortgage lenders adjust their rates based on perceptions of risk, so unless the borrower can show they’re a low-risk individual, the borrower is unlikely to qualify for a rate that matches those seen in recent advertisements and headlines.

• The rates quoted are averages drawn from a variety of financial institutions, and lenders use varied approaches to set them.  Consumers who want to try for the lowest rates available need to consider basic factors, such as credit score, points, property type, down payment, and length of the loan.
• Credit score: The ideal borrower has a FICO score of 740 or higher, which puts the individual in the best place for pricing.
• Points: The lowest rates usually are decreased by paying a fee called a point, or 1 percent of the loan amount.  Borrowers may buy points in order to get the best rates at many banks.  Points might make sense depending on the borrower’s financial situation and how long they expect to stay in the home.
• Property type: Borrowers planning to buy a duplex or a four-unit build likely will have a higher interest rate.  Condominiums also may have a rate premium rate, especially if they are newer or the down payment is less than 25 percent.  Lenders also may charge more if the borrower is not planning to live in the home.
• Down payment: Borrowers who put down at least 25 percent are more likely to obtain the best interest rates.  Lenders offer different breaks on rates if equity in the property is higher, so borrowers should ask what is available.
• Length of loan: Borrowers who are likely to move in a few years may want to look into an adjustable-rate loan with a low interest rate fixed for a few years, and adjusted afterword.

Read the full story

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Nevada County Heart of the Gold Country Image via Wikipedia

WIN IN $250 IN ARTWORK DESIGN CONTEST
Submit the winning artwork for the 2012 Nevada County Fair and you could win

The Nevada County Fairgrounds is sponsoring a contest to find the best artwork to illustrate the 2012 Nevada County Fair theme – “Barnyard Safari.” If you’re a talented artist, and you’d like $250, this is the contest to enter!

The contest, which is open to Nevada County residents only, takes place now through Friday, February 10.  If you submit the winning artwork, you will win $250 and a 2012 Nevada County Fair package that includes admission tickets, parking and carnival coupons. Additionally, the winning artwork will be used on various Fair promotional pieces, print ads, buttons, t-shirts, banners, posters, and flyers.

Interested artists may use any medium and can submit up to three entries, which must be on 8-1/2 by 11-inch paper. Entries can be delivered to the Fairgrounds Office at 11228 McCourtney Road or mailed to the Fair Office at PO Box 2687, Grass Valley, CA  95945. A complete set of rules can be found on the Fair’s website at the Nevada County Fair Website, or by calling the Fair Office at (530) 273-6217.

The 2012 Nevada County Fair is August 8 – 12.

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• Two Halloween Events Planned On October 29 At The Nevada County Fairgrounds (nevadacounty.com)

Thinking of buying or selling?
For all your real estate needs
Email or call:
John J. O’Dell Realtor® GRI
(530) 263-1091
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