Real Estate

U.S. Lowers The Size Of Mortgage It Will Guarantee

September 30, 2011
The current conforming loan limit, which determines the maximum size of a mortgage that the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac can buy or guarantee – is set to expire Friday, Sept. 30.

 

  • Beginning Oct. 1, the conforming loan limit will decline to $625,500, from the current $729,750 limit, though the majority of counties will fall far below the $625,500 maximum.
  • Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan and require a higher down payment, increasing the monthly payment and negatively impacting housing affordability for California home buyers.
  • Under the new GSE loan limits, Monterey County would see the greatest drop in the loan limit at $246,750, followed by San Diego ($151,250), Sonoma ($141,550), Solano ($140,500), and Napa ($137,500) counties.
  • Under the new FHA loan limits, Monterey County would see the greatest drop in the loan limit at $246,750, followed by Merced ($201,450), Riverside ($164,650), San Bernardino ($164,650), Solano ($157,300), and San Diego ($151,250) counties.
  • The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) estimates that more than 30,000 California home buyers statewide will be impacted by the change to the conforming loan limits.
  • In anticipation of the conforming loan limit decline, some banks already have stopped accepting conventional and government applications for loan amounts that exceed the new permanent loan amounts.

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Thinking of buying or selling?
For all your real estate needs, call or email:

John J. O’Dell Realtor®
Real Estate Broker
O’Dell Realty
9530) 263-1091
jodell@nevadacounty.com

animals

World’s Smallest Dog And World’s Tallest Dog

httpv://youtu.be/whPa2h7YE9k

Here we have the world’s smallest dog (might be the shortest too) and the world’s tallest  dog.  Of course this was all created by humans breeding dogs over the ages.

httpv://youtu.be/y0SDq8F_jKc

A Great Dane from the US state of Arizona has been officially recognised by Guinness World Records as the tallest dog ever on record.Giant George, owned by David Nasser, stands 43in (1.09m) tall paw to shoulder, and weighs 245lb (111kg). Guinness officials say there were conflicting reports about Giant George’s height, so they sent a judge to his home in Tucson to verify it.

Giant George – who has his own website – consumes 110lb of food each month.

Four-year-old Giant George made it into the record books by beating his nearest rival, Titan, a Great Dane from California, by three-quarters of an inch.

He was named by Guinness World Records as both the world’s Tallest Living Dog and Tallest Dog Ever.

Mr Nasser says George sleeps on his own queen-sized bed inside the house.

On a recent plane trip for a media appearance in Chicago, George was given a row of three seats to himself.

And his presence on the plane certainly caused a commotion, says Mr Nasser, with many passengers coming up to take photographs.

“There were so many people coming to the front of the plane, the pilot ended up illuminating the ‘fasten seat-belt’ sign to get everyone to sit down,” he added.

 

Problems making your mortgage payments?
Consider the advantages of a short sale
Call or email today for a free consultation

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

nevada county fair

Nevada County Fairground County Christmas Faire 2011

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By Wendy Oaks

Mark your calendar for the 27th annual Country Christmas Faire at the Nevada County Fairgrounds in Grass Valley on November 25, 26, and 27. Rated as one of the top handcrafted shows in Northern California, the Country Christmas Faire features unique gifts and crafts from top artisans from across the state.

Exhibit buildings will be filled during the Thanksgiving weekend, giving shoppers a chance to start their holiday shopping with quality hand-made holiday items, ornaments, jewelry, wooden crafts, soaps and lotions, hand-woven baskets, stained glass, candles, bead work, and dozens of other unique gifts.

Visitors to the Faire will enjoy strolling live entertainment, festival foods, the magical Gingerbread House exhibit, Santa Claus and Mrs. Claus, errand elves, and a community bon-fire. Wagon rides around the Fairgrounds will be offered; and Victorian singers, the bell ringing RiverBells, and the Sierra Symphony quartet will perform throughout the event.

Free babysitting will be offered, so parents can drop off their children while they enjoy holiday shopping.

The Country Christmas Faire begins Friday, November 25, and runs through Sunday,

November 27. Admission is $4 for adults, and children 12 and under are free. Parking is $5; however, Faire-goers will receive one free admission for each paid parking pass.  The hours are 10 am – 5 pm on Friday and Saturday, and 10 am – 4 pm on Sunday.

The Nevada County Fairgrounds is located at 11228 McCourtney Road in Grass Valley, 50 miles northeast of Sacramento, off Highway 49. For more information, visit the Fair’s web site at www.NevadaCountyFair.com or call (530) 273-6217.

 

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 22 – 25, 2011
Halloween at the Fairgrounds      October 29, 2011
Country Christmas Faire                  November 25 – 27, 2011

 

Thinking of buying or selling?
For all your real estate needs, call or email:

John J. O’Dell Realtor®
Real Estate Broker
O’Dell Realty
9530) 263-1091
jodell@nevadacounty.com

Real Estate

Home Owners Beware A New Twist on Foreclosure Rescue Fraud

Forensic Mortgage Loan Audit Scams:

Fraudulent foreclosure “rescue” professionals use half-truths and outright lies to sell services that promise relief to homeowners in distress. According to the Federal Trade Commission (FTC), the nation’s consumer protection agency, the latest foreclosure rescue scam to exploit financially strapped homeowners pitches forensic mortgage loan audits.

In exchange for an upfront fee of several hundred dollars, so-called forensic loan auditors, mortgage loan auditors, or foreclosure prevention auditors backed by forensic attorneys offer to review your mortgage loan documents to determine whether your lender complied with state and federal mortgage lending laws. The “auditors” say you can use the audit report to avoid foreclosure, accelerate the loan modification process, reduce your loan principal, or even cancel your loan.

Nothing could be further from the truth. According to the FTC and its law enforcement partners:

  • there is no evidence that forensic loan audits will help you get a loan modification or any other foreclosure relief, even if they’re conducted by a licensed, legitimate and trained auditor, mortgage professional or lawyer.
  • some federal laws allow you to sue your lender based on errors in your loan documents. But even if you sue and win, your lender is not required to modify your loan simply to make your payments more affordable.
  • if you cancel your loan, you will have to return the borrowed money, which may result in you losing your home.

If you are in default on your mortgage or facing foreclosure, you may be targeted by a foreclosure rescue scam. The FTC wants you to know how to recognize the telltale signs and report them. If you are faced with foreclosure, the FTC says legitimate options are available to help you save your home.

Spotting a Scam

If you’re looking for foreclosure prevention help, avoid any business that:

  • guarantees to stop the foreclosure process – no matter what your circumstances are
  • instructs you not to contact your lender, lawyer or credit or housing counselor
  • collects a fee before providing any services accepts payment only by cashier’s check or wire transfer
  • encourages you to lease your home so you can buy it back over time
  • recommends that you make your mortgage payments directly to it, rather than your lender
  • urges you to transfer your property deed or title to it
  • offers to buy your house for cash at a fixed price that is inappropriate for the housing market
  • pressures you to sign papers you haven’t had a chance to read thoroughly or that you don’t understand.

Source: Federal Trade Commission

 

 

Problems making your mortgage payments?
Consider the advantages of a short sale
Call or email today for a free consultation

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

Nevada County Information

Tri Counties Bank, Chico, California, Assumes All of the Deposits of Citizens Bank of Northern California, Nevada City, California

September 24, 2011

Citizens Bank of Northern California, Nevada City, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Tri Counties Bank, Chico, California, to assume all of the deposits of Citizens Bank of Northern California.

The seven branches of Citizens Bank of Northern California will reopen on Monday as branches of Tri Counties Bank. Depositors of Citizens Bank of Northern California will automatically become depositors of Tri Counties Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Citizens Bank of Northern California should continue to use their existing branch until they receive notice from Tri Counties Bank that it has completed systems changes to allow other Tri Counties Bank branches to process their accounts as well.

This evening and over the weekend, depositors of Citizens Bank of Northern California can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2011, Citizens Bank of Northern California had approximately $288.8 million in total assets and $253.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Tri Counties Bank agreed to purchase essentially all of the assets.

Customers with questions about today’s transaction should call the FDIC toll-free at 1-800-430-6165. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/cbnc.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $37.2 million. Compared to other alternatives, Tri Counties Bank’s acquisition was the least costly resolution for the FDIC’s DIF. Citizens Bank of Northern California is the 73rd FDIC-insured institution to fail in the nation this year, and the fourth in California. The last FDIC-insured institution closed in the state was San Luis Trust Bank, FSB, San Luis Obispo, on February 18, 2011.

Source FDIC

Problems making your mortgage payments?
Consider the advantages of a short sale
Call or email today for a free consultation

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

 

 

 

Real Estate

REALTORS® Expect 1 Percent Rise in Calif. Home Sales

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The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) released its 2012 Housing Market Forecast this week during CALIFORNIA REALTOR® EXPO 2011 in San Jose.  The forecast calls for California home sales and median price to improve only slightly in 2012, as the continuation of the tepid economic recovery, uncertainty about the future, and funding challenges for residential mortgages are expected to keep the market moving sideways, with little foreseeable momentum in either direction.

  • The forecast for California home sales next year is for a slight 1 percent increase to 496,200 units, following essentially flat sales of 491,100 homes this year compared to the 491,500 homes sold in 2010.
  • “Discretionary sellers will play a larger role in next year’s housing market,” said C.A.R. President Beth L. Peerce.  “Those who held off selling in 2011 may list their homes in 2012, thereby improving the mix of homes for sale compared with the last few years.  Additionally, distressed sales will remain an important segment of the overall market as lenders continue to work through the foreclosure process.”
  • The California median home price is expected to increase 1.7 percent in 2012 to $296,000 in 2012, according to the forecast.  Following a double-digit increase in the median price in 2010, the median home price will decrease a projected 4 percent in 2011 to $291,000.
  • View a video of C.A.R. Vice President and Chief Economist Leslie Appleton-Young discussing the 2012 Housing Market Forecast.
  • “2012 will be another transition year for the California housing market, as the continued uncertainty about the U.S. financial system, job growth, and the stability of the overall economy remain in the forefront for all market participants,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “An improvement in job growth, consumer spending, and corresponding gains in housing are essential to a broader recovery in the economy, but would-be buyers will remain cautious as they weigh these myriad uncertainties against the clear opportunities presented by today’s very affordable housing market.

Read the full story
Problems making your mortgage payments?
Consider the advantages of a short sale
Call or email today for a free consutation

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

nevada county fair

Community Enterainment At This Weekend’s Draft Horse Classic

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.
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.

By Wendy Oaks

Local thespians to dazzle the audience with classic country music of Willie Nelson, Patsy Cline and Dolly Parton

Spectators at this weekend’s Draft Horse Classic will enjoy special musical entertainment provided by local performers Chris Crockett, Kris Stepanian, and Nancy Keith. Throughout the evening performances and at Sunday’s late afternoon performance, this dynamic trio will dazzle the audiences with the classic country music of Willie Nelson, Patsy Cline and Dolly Parton.

These three talented performers are regulars at Off Broadstreet Theatre in Nevada City and each have their own special charm.  Chris Crockett, performing as Willie Nelson, is a singer, songwriter and actor, and has performed all over the United States. Nancy Keith, performing as Dolly Parton, is an actress who has won numerous awards for her acting talent. Kris Stepanian, performing as Patsy Cline, is an award winning vocalist, and has performed as both a vocalist and an actress throughout California and Nevada.

Additional entertainment can be found at the Harvest Fair, which takes place at the Fairgrounds during all four days of the Classic. Enjoy Bluegrass, Western & ‘Old-Time’ music, cowboy poetry, and stories of the old west. These toe-tapping, hand-clapping, crowd-pleasing performances take place on the Pine Tree Stage, beneath the shady tall trees where you can sit a spell and take in the show.  This year’s local performers include Sidewinder, a Western Swing band; Sourdough Slim, a yodeling cowboy comic and songster; Buffalo Gals, a good-time string band; Larry Ilg, a cowboy poet; Bill Schultz, a cowboy poet; and the Chillbillies, a rockabilly /country surf band. These performers will be entertaining throughout the weekend on the Pine Tree Stage at the Fairgrounds. Visit www.NevadaCountyFair.com for a schedule.

The Draft Horse Classic and Harvest Fair starts Thursday and runs through Sunday, September 25 at the Nevada County Fairgrounds in Grass Valley. While there is a charge for Draft Horse performance tickets, admission to the Fairgrounds is free for the Harvest Fair activities.  In addition to live entertainment, there is a world class art show, Treat Street goodies, vendors with western wear and items, a clogging jamboree, a live shoeing competition, community exhibits, and barn visits.

For Draft Horse Classic performance tickets, call the Fair office at 530-273-6217 or stop by the Arena box office. Visit www.NevadaCountyFair.com for additional information.

 

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 22 – 25, 2011

Halloween at the Fairgrounds      October 29, 2011

Country Christmas Faire                  November 25 – 27, 2011

 

Thinking of buying or selling?
For all your real estate needs, call or email:

John J. O’Dell Realtor®
Real Estate Broker
O’Dell Realty
9530) 263-1091
jodell@nevadacounty.com

nevada county fair

Meet The Judge OF The 25th Annual Draft Horse Classic

By Wendy Oaks

Jim Poole from St. Louis, Missouri, has been selected as the judge of this year’s Draft Horse Classic, September 22 – 25, at the Nevada County Fairgrounds. Poole has been judging horse shows across North America for more than 35 years, and this is his third time judging the Draft Horse Classic.

“The Draft Horse Classic in Grass Valley is one of the finest shows I have ever had the honor of judging,” he said. “The entire event is managed to perfection and held in a very unique and beautiful setting. From my past experiences at the Classic, the caliber of exhibitors and horses are always top notch and everyone works together to make this the great event that it is.”

Born in St. Boniface, Manitoba, Canada, Poole was immediately immersed in the world of Belgians on his family’s farm. Learning the ropes from his father Fred, Poole began traveling with the family’s hitch at an early age to exhibitions and fairs throughout Canada and the United States. As a young adult, he worked for various traveling six and eight horse hitches in the competitive and exhibition circuit. During that time, Poole worked at the Alberta Game Farm in Edmonton, Canada  where he took the reins of one of the most decorated 6-horse hitch of Belgians ever, and also managed the park of more than 3,000 wild animals.

In 1984, Poole moved to Ontario, Canada, where he spent the next 5 years managing his farm and showing his Belgians, before being recruited by the world famous Budweiser Clydesdales. In 1989, he and his family moved to St. Louis, Missouri where he supervised the traveling 8-horse hitch of the famous Clydesdales. For the next 22 years Poole moved through the ranks of Clydesdale Operations, eventually serving as department manager in 1997. In 2008, Poole was instrumental in leading the effort to develop a state-of-the-art breeding facility – located on 347 acres in Booneville, Missouri – specifically for the Budweiser Clydesdales.

Today, in addition to judging horse shows, Poole continues working with Draft Horses through his consulting and management business.

At this year’s Classic, September 22 – 25, Poole will be busy judging all six Draft Horse Classic performances that take place throughout the four day event. Live entertainment, a world class art show, Treat Street goodies, a Western Trade Show, a clogging jamboree, a live shoeing competition, community exhibits, and barn tours are all part of the activities at the Fairgrounds.

Tickets to the performances are on sale now, as well as the day of the event, and may be purchased by calling the Fair office at (530) 273-6217, or visiting www.NevadaCountyFair.com.

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 22 – 25, 2011

Halloween at the Fairgrounds      October 29, 2011

Country Christmas Faire                  November 25 – 27, 2011

 

 

Problems making your mortgage payments?
Consider the advantages of a short sale
Call or email today for a free consultation

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

Real Estate

Mistakes Housing Investors Make


With traditional investments delivering low returns, some are considering buying rental housing.  However, potential investors should do their homework and avoid the following common mistakes.

Making sense of the story

  • Investing in real estate right now can be profitable, if everything goes as planned.  Rents are increasing in many areas, and more properties may be coming on the market.
  • Last month, the Obama administration asked for proposals on how to convert at least some of Fannie Mae’s and Freddie Mac’s inventories of foreclosed homes into affordable rentals.
  • Traditionally, investors rented out properties for 1 percent of the purchase price per month.  However, according to one property management firm, today, some investors are receiving as much as 2 percent of the purchase price.
  • While it may be true that in some areas home prices are relatively low, that doesn’t mean the property can be rented out.  Homes in deserted subdivisions aren’t any more appealing to renters than they are to buyers.  The same is true for less-attractive properties or those in less-desirable school districts.
  • Prior to purchasing a property, investors should also factor in closing costs of 3 percent to 6 percent, the costs to fix up the place and maintain it, and the holding costs.
  • Investors become landlords, and as such, need to keep in mind that, just like homeowners, tenants may not always be able to pay rent.  Evicting tenants can take several weeks.
  • It’s also important to remember that owning a rental is not the same as owning a home.  An owner may put up with flaws in a home that a renter wouldn’t tolerate.  Additionally, many states and communities have strict laws for landlords, even for those who own only one property.

Read the full story

Facing foreclosure?
Consider the advantages of a short sale
Call or email today for a free consultation

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

 

Real Estate

Foreclosure Notices Soar 33%, Biggest Monthly Gain In 4 Years

A new wave of foreclosures hit in August, as banks picked up the pace in taking action against home owners who have fallen behind on their mortgage payments, RealtyTrac Inc. reported Thursday.

The number of U.S. homes that receiving an initial default notice rose 33 percent in August from July. That increase represents the biggest monthly gain in four years, according to RealtyTrac.

“This is really the first time we’ve seen a significant increase in the number of new foreclosure actions,” says Rick Sharga, a senior vice president at RealtyTrac. “It’s still possible this is a blip, but I think it’s much more likely we’re seeing the beginning of a trend here.”

The uptick in foreclosure activity follows after months of a slowdown in foreclosures, which started last fall, with banks reviewing foreclosure policies and paperwork after facing lawsuits and criticism over how they processed foreclosures. Some banks even temporarily halted their foreclosures as they more carefully reviewed pending cases. The slowdown was also blamed on court delays in some states.

But some housing experts say the increase in foreclosure activity actually could be good for the housing market. A faster turnaround in foreclosures could help clear the glut of shadow inventory hovering over the market, which many say has caused home values to plummet.

The “bloated foreclosure pipeline now presents the greatest obstacle to a housing market recovery,” said Josh Levin, a Citi analyst. About 3.7 million more homes are in some stage of foreclosure than in a normal housing market, Levin said.

Banks are on track to repossess about 800,000 homes this year — down from more than 1 million last year, Sharga said.

Overall, 228,098 U.S. homes — or one in every 570 U.S. households — received a foreclosure-related notice in August, a 7 percent increase from July. However, that represents a 33 percent decline from August 2010.

Source: “Report: Mortgage Default Warnings Spiked in August, Signaling Potential New Foreclosure Wave,” Associated Press (Sept. 15, 2011)

 

 

Facing foreclosure?
Consider the advantages of a short sale
Call or email today for a free consultation

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