Real Estate

Foreclosures Rise Slowest in Four Years

U.S. foreclosure filings rose 6% in February from a year earlier, the smallest increase in four years, according to RealtyTrac.

RealtyTrac Chief Executive James J. Saccacio added the leveling of the foreclosure trend isn’t necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure-prevention programs, legislation and other processing delays are capping monthly foreclosure activity.

The market researcher reported foreclosure filings on 308,524 U.S. properties in February, up 2% from January. Default notices, meanwhile, were up 3% from the prior month but down 3% from a year earlier. Scheduled foreclosure auctions and bank repossessions were both down from January, but grew from a year earlier.

Nevada posted the top foreclosure-filing rate for the 38th consecutive month despite a 30% year-over-year decrease. One in every 102 Nevada homes received a filing, more than four times the national rate. Even with a 9% decline in February from the prior month, Las Vegas was the worst metropolitan area, with one filing for every 90 homes.

California, meanwhile, posted a 15% year-over-year decline in February. Six California and Arizona metro areas were in the top 10 nationally, while Florida again had two.

Source: Wall Street Journal

Do you know that it’s getting to be a seller’s market in the under $250,000 price range? Almost every home in that price range seems to have multiple offers now. Interest rates are low. This combined with federal tax credits and investors still  buying is continuing to fuel sales.

John J. O’Dell
Real Estate Broker
Search Foreclosed Homes And Short Sales
At click here JohnO’DellRealty.com

Real Estate

Bank of America’s Contractor Confiscates Parrot

Bank of America Nevada City, CA

A contractor for Bank of America went into the home of a borrower which was not vacant nor in default with the mortgage. While Angela Iannelli was away, under instructions from Bank of America, the contractor cut off utilities, padlocked the door and confiscated her pet parrot, Luke.  Maybe the contractor was thinking the woman was in default with her mortgage, would make her payments current if he took the parrot for ransom.

According to the Wall Street Journal:

“Angela Iannelli, 46 years old, alleged in a lawsuit Monday that the October incident—which separated her from her 11-year-old parrot for more than a week—caused so much “emotional distress” that she needed a prescription medication for anxiety.

A Bank of America spokesman said Wednesday a bank employee erroneously believed the house was vacant and sent the contractor there with instructions to install a new lock and otherwise “secure” the property. The bank spokesman said those instructions were inappropriate because Ms. Iannelli wasn’t in default and the house wasn’t vacant.

Mortgage lenders have struggled in the past three years to hire and train enough people to deal with the biggest wave of foreclosures since the 1930s. Nearly eight million households, or 15% of those with mortgages, are behind on their payments or in the foreclosure process.

Many borrowers complain they get the runaround when they call their lenders for help, receive contradictory information from different employees and are required to repeatedly fax the same documents.”

You can say that again. Dealing with banks, you can expect multiple answers to your mortgage problems and repetition of them asking for the same paper work over and over.  You are also transferred to a different person each and every time you call them, so that it appears that they are in complete chaos. In the final analysis, it seems that the last thing they want to do is modify your mortgage or help you in any way.

You can read the full story by clicking here: Wall Street Journal

John J. O’Dell
Real Estate Broker
Do you know one thing about a short sale
that could haunt you for many years to come?
Call  me and find out 530-263-1091

Bits & Pieces, Nevada County Information

The Useless War on Drugs in Nevada County

Although this raid on a marijuana plot in North San Juan happened last September, I think it is still newsworthy.  The producer of this film makes a good analogy of pot growing versus farmers growing tobacco.

According to the video, the pot grower grossed over $1,900,000. More people die from using tobacco than any other drug on the market. Somehow, we don’t seem to be raiding too many tobacco growers. The number two killer drug is alcohol. One in ten deaths in Europe is alcohol related and one in twenty five world wide are alcohol related.  As far as I know, we’re also not doing drug raids on bars.
Death rate extrapolations for USA for Smoking 440,000 per year, 36,666 per month, 8,461 per week, 1,205 per day, 50 per hour. Note: this automatic extrapolation calculation uses the deaths statistic: 440,000 annual deaths each year are smoking-associated (CDC)  Average number of years of life lost because of smoking, 12 years.

Source: WrongDiagnosis.com

httpv://www.youtube.com/watch?v=Ctd–dipNOs

In 2000, 85,000 deaths were alcohol related and 17,000 deaths for all illicit drugs. In 2006, 38,396 persons died of drug-induced causes in the United States. This category includes not only deaths from dependent and non-dependent use of legal or illegal drugs, but also poisoning from medically prescribed and other drugs. It excludes unintentional injuries, homicides, and other causes indirectly related to drug use, as well as newborn deaths due to the mother’s drug use.”  Seems like the war on drugs isn’t working.

Source DrugWarFacts.org

I almost lost a son to drugs, so I know the pain and suffering that drugs can do to a family. So I am not a fan of any drug on the market, including tobacco, alcohol or marijuana.  However, it seems extremely meaningless to continue to fight a losing drug war when we take a blind eye to the number one and number two killer drugs. The money spent on drug wars could be used much more efficiently to cure  people who have a drug addiction, be it tobacco or any other drug on or off the market. Prohibition did not work, why do we think we can win the war on drugs?

As Carl Jung said: Every form of addiction is bad, no matter whether the narcotic be alcohol or morphine or idealism.

What do you think?

John J. O’Dell
Real Estate Broker
Questions about Real Estate?
Call 530-263-1091

Real Estate

Now is the Time to Get Your Real Estate Deal, While You Still Can


The combination of affordable home prices, low interest rates, and the federal tax credit for home buyers have created an opportune time for many buyers to purchase a home.  Many real estate analysts also believe that most housing markets have stabilized, but that some markets may decline further.

MAKING SENSE OF THE STORY FOR CONSUMERS

  • Buyers should keep in mind that housing markets are local and can vary greatly from one neighborhood to the next.  Working with a REALTOR® familiar with the area in which the buyer is searching can help the buyer select a house that best suits their needs.
  • California’s housing market has shown signs of stabilization since early last year.  Sales of existing, single-family homes bottomed out in August 2007, and the median home price reached its trough in February 2009.  In January, California’s median home price was 17.2 percent above the low for the current cycle.
  • The federal tax credit for home buyers was extended and expanded late last year.  Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30, 2010.  Repeat buyers may be eligible for a tax credit of up to $6,500.  Visit First Time Home Buyers Credit Answers for more information about the federal tax credit for home buyers, including eligibility requirements.
  • The Federal Reserve has helped maintain low interest rates, which, in turn, has assisted home buyers.  However, the agency plans to stop purchasing mortgage-backed securities at the end of this month, which likely will increase rates on 30-year fixed mortgages.  Buyers may be able to lock in a low interest rate by working with their lender.

To read the full story, please click here.

John J. O’Dell
Real Estate Broker
Here for you
Because I care
Call 530-263-1091

Bits & Pieces

Driver in Runaway Prius Afraid to Put Transmission in Neutral

1 Comment
2005 Prius. This is the car model that I drive.

James Sikes claims his Prius runaway with him in El Cahon, California.  However, if you listen to the 911 call, the dispatcher repeatedly asked the man to put the car in neutral. He completely ignored the dispatcher’s attempt to help him. He later stated that he was afraid the car would go into reverse.

Yesterday, I drove my 2005 Prius on Brunswick Road at 50 miles per hour and very easily put my transmission into neutral without going into reverse.   I think if my car took off, I could care less if the car went into reverse.

I remember my high school days when I was just fooling around and going about 65 plus, I accidentally slammed my car into reverse. There were a lot of skid marks on the pavement, some weaving, but I got the car under control quickly.  Maybe, for James Sikes, it was just a panic situation and who knows what you do when you panic.

The picture above is what the transmission shift knob looks like on a Prius. Notice that you have only four positions. Reverse, Neutral,  Drive and Braking. The B is for engine braking. Living here in the mountains, I use that position constantly.  It has served me well, since I have 108,000 miles on my Prius and still have the original brakes. The driver could have also shifted to the B position which would also have the engine brake help him stop his car. Maybe he should have read the owner’s manual.

So I don’t know how you have enough presence of mind to dial 911 for help, yet ignore completely what they are telling you. You can hear the 911 call at 911 call of driver of Prius in trouble

Here’s a video of what happened.

httpv://www.youtube.com/watch?v=1P1V-DH4djw

John J. O’Dell
Real Estate Broker

Business

China’s Exports Increase 46%

BEIJING —China announced Wednesday that its exports climbed 46 percent in February from a year earlier. Economists said the data signaled a rebound in consumer demand from the United States and other Western markets after the financial crisis last year.

It was the third consecutive month of increases in Chinese exports and the fastest growth in three years. Orders from the United States, the European Union and Japan accounted for almost half the growth, following a pickup in demand from emerging markets in the previous two months.

Chinese imports also rose 45 percent over the previous year, led by crude oil as factories stepped up production.

Some economists said the figures indicated China’s recovery was well under way. Tao Wang, head of China research for UBS Securities, predicted that Chinese exports would rebound to the level of 2008 before China took a big hit from the global financial crisis.

Source: New York Times

Bits & Pieces

While Shaving Bikini Area Driver Lacked Razor-sharp Focus

2 Comments
Well, at least she wasn't texting.

BY ADAM LINHARDT Citizen Staff
alinhardt@keysnews.com

As authorities nationwide warn motorists of the dangers of driving while texting, Florida Keys law enforcement officers add a new caution: Don’t try to shave your privates, either.

Florida Highway Patrol troopers say a two-vehicle crash Tuesday at Mile Marker 21 on Cudjoe Key was caused by a 37-year-old woman driver who was shaving her bikini area while her ex-husband took the wheel from the passenger seat.

“She said she was meeting her boyfriend in Key West and wanted to be ready for the visit,” Trooper Gary Dunick said. “If I wasn’t there, I wouldn’t have believed it. About 10 years ago I stopped a guy in the exact same spot … who had three or four syringes sticking out of his arm. It was just surreal and I thought, ‘Nothing will ever beat this.’ Well, this takes it.”

If that weren’t enough, Megan Mariah Barnes was not supposed to be driving and her 1995 Ford Thunderbird was not supposed to be on the road.

The day before the wreck, Barnes was convicted in an Upper Keys court of DUI with a prior and driving with a suspended license, said Monroe County Assistant State Attorney Colleen Dunne. Barnes was ordered to impound her car, and her driver’s license was revoked for five years, after which time she must have a Breathalyzer ignition interlock device on any vehicle she drives, Dunne said. Barnes also was sentenced to nine months’ probation.

Barnes and Charles Judy were southbound in her Thunderbird at 11 a.m. when they slammed into the back of a 2006 Chevrolet pickup driven by David Schoff of Palm Bay. His passengers were a man and two women; the latter were treated for minor injuries at Lower Keys Medical Center, FHP spokesman Alex Annunziato said.

Schoff had slowed to about 5 mph to make a turn when the Thunderbird hit him, traveling about 45 mph, which was within the speed limit, Dunick said.

Barnes allegedly drove another half-mile, then switched seats with Judy, who allegedly claimed to be driving, Annunziato said.

“She jumps in the back seat and he moves over,” Dunick said. “It was like the old comedy bit, ‘Who’s on first?’ ”

Burns on Judy’s chest from the passenger-side airbag deploying belied their story, Dunick said. The airbag in the steering wheel did not deploy, he said.

Troopers charged Barnes with driving with a revoked license, reckless driving, leaving the scene of a wreck with injuries and driving with no insurance. Judy was not charged.

Barnes faces a maximum of a year in jail if found guilty of violating her probation due to the wreck, Dunne said.

“My phone has been ringing off the hook all day, and I know there’s a funny side to this, but it’s also deadly serious. This is a scary road and a lot of bad wrecks are caused by dumb stuff like this,” Dunick said. “It is unbelievable. I’m really starting to believe this stuff only happens in the Keys.”

Source: Courtesy and with permission Key West Citizen Newspaper

Written by Adam Linhardt
Police/Courts/Military Reporter for Key West Citizen Newspaper

Real Estate

Jail Time for Man Convicted of Stripping Foreclosed Home

1 Comment
Example of Stripped Home
Example of Stripped Home

At last, someone has been convicted of stripping their foreclosed home! After showing many homes that have been foreclosed on and stripped, it’s about time law enforcement is doing something about this.

For example, I was going to make an offer on a foreclosed home for a  client just this last week, but the listing agent told me to figure $10,000 extra to the purchase price to replace the well pump and tank that had been stripped out.

According to AZFamily.com

“Authorities say a real estate agent has been convicted of fraud for stripping fixtures from his foreclosed home in  Anthem.

Maricopa County prosecutors say it’s the first conviction in a so-called “home stripping” case so far.

Authorities say 34-year-old Kailash Bhatt advertised kitchen cabinets, granite countertops, a double oven, microwave and dishwasher for sale on the Internet.

They say Bhatt was arrested after he accepted $2,000 from an undercover mortgage task force agent for the items, violating the mortgage company contract on the home.

After a five-day trial, prosecutors say Bhatt was convicted Thursday of defrauding secured creditors and will be sentenced April 1.”

Stripping out cabinets, granite counter tops? Wow, glad he’s going to jail and I’m sure he’s losing his license too. So, what do you think?

John J. O’Dell
Real Estate Broker
530-263-1091

Real Estate

Home Affordable Refinance Program Extended Another Year

According to a news release, the government is giving homeowners another year to refinance  their loans under a little-used program designed to help borrowers whose homes have plummeted in value.  My experience with clients who have tried to refinance their homes have had a total horrible experience with their mortgage holders.

The Obama administration effort, known as Home Affordable Refinance Program, had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday.

The program allows borrowers who owe up to 25 percent more than their homes are worth to refinance to lower interest rates.

It was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. So far, it has helped around 220,000, according to the Treasury Department. Yes, and you can blame the banks 100 percent. They would rather foreclose then refinance.

John J. O’Dell
Real Estate Broker