REAL ESTATE MATTERS: 50-Year Real Estate Loans a Possibility; Longer Loan Term Would Lower Monthly Payments; You Can’t Get One...Yet. Just as folks are getting used to the idea of 40-year mortgages, securities issuers are upping the ante, talking about possible amortization schedules of 50 years, according to industry professionals. It's not possible to get such a loan at present. But the idea is currently a hot topic in the industry, and 40-year loans are becoming more and more popular, suggesting that 50-year loans might find favor with consumers as well. By stretching mortgage payments out over a longer period of time, borrowers can lower their monthly payments, even though the interest rates on alternative products such as 40-and 50-year loans are higher. This can be a big help to low-income home buyers or people in areas with high home prices. Because homes in California are so expensive, alternative loan products such as interest-only loans, adjustable-rate loans and 40-year loans are popular in the state. Click here to read more.
Real Estate Seminar Shares Interior Design Secrets to Increase Profit. Best-selling Real Estate author and investor Jeanette Fisher offers a seminar to share her unique approach to flipping houses February 4, 2006 at Mt. San Jacinto College, Menifee. In "Doghouse to Dollhouse for Dollars," Fisher will give beginning and experienced real estate investors tips on how to find, finance, fix, and flip bargain houses for profit. She will explore how her interior Design Psychology methods greatly increase profits on investment properties. Fisher, who has flipped over thirty houses and now has a multimillion-dollar real estate investment portfolio, attributes her success to using Design Psychology, which appeals to buyers' emotions. She published her secrets to making greater profits in real estate in the books Doghouse to Dollhouse for Dollars: Using Design Psychology to Increase Real Estate Profits and Sell Your Home for Top Dollar--Fast! Design Psychology for Redesign and Home Staging. The seminar includes slides of the Fisher's fixers, before, during, and after transformation. In the seminar she'll also share tips on how to resolve credit issues or to use credit for greater real estate purchasing power. Author of Credit Help! Get the Credit You Need to Buy Real Estate, Fisher gives seasoned advice on how to use credit as a tool, not a burden, in real estate investing. Click here to read more. Tina says: This class sounds amazing, I would love to go to it. I think the one at the Menifee MSJC campus is February 4th, which is unfortunately, the same night as my next open house AND my own birthday party. If anyone goes to this class, please tell me if you enjoyed it!
Housing starts fall 2.7% in 2005. Downturn expected to increase in 2006. After a decadelong run of annual increases, statewide housing starts fell 2.7 percent last year, and that drop-off is expected to more than double this year, said a new report from a state housing-industry association. The California Building Industry Association said 2004 and 2005 saw the strongest production numbers in 15 years, but blamed the downturn in part on what it called unnecessary regulatory barriers that hold down production. That, even as California's population continues to grow at between 500,000 and 600,000 people per year. Preliminary data from the Construction Industry Research Board show that last year a total of 207,154 building permits were issued statewide for single-family homes, condominiums and apartments. That compares with 212,960 in 2004, the strongest year for housing construction since 1989. Permits for single-family homes were up 2.2 percent for the year, rising from 151,417 in 2004 to 154,816 in 2005, but permits for condos and apartments dropped 15 percent from 61,543 in 2004 to 52,338 last year. Click here to read more.State's New-Home Sales Increase 4.4% in 2005. The volume is the most in nearly two decades. The question is whether last year marked a peak. Home builders in California had their best year in nearly two decades in 2005, selling 136,000 new houses and condominiums, data released Friday showed. That was a 4.4% increase from the year before, according to real estate research firm DataQuick Information Systems. It also was the highest number of new-home sales since the La Jolla firm began keeping track in 1988. The trend was the same nationwide, with new-home sales climbing last year to an all-time high of 1.28 million units, up 6.6% from 2004, the Commerce Department said Friday. It was the fifth straight year of record U.S. sales. But the question now — a day after California builders reported a 3% drop in housing starts last year — is whether new-home sales have peaked. Nationwide, the number sitting unsold would take 4.9 months to sell at the current sales pace. That compares with 4.1 months' worth of homes in inventory a year ago. Industry analysts are concerned that if demand slows and inventories continue to build, real estate prices could start to decline. Click here to read more.
Downtown Condo Inventory Soars. January always sees a spike in real estate inventory levels. People who have avoided putting their homes on the market over the holidays often flock to the market at the beginning of the year. Southern California's analysts aren't particularly surprised by the spike in downtown inventory hitting the market this month. They said it is further evidence of what they have been saying for months: the downtown condo market is over-saturated, condos are taking longer to sell and a buyer's market is emerging. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
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