Long Beach California Real Estate Loans

 Long Beach, Ca.   The February housing stats have come out and the interesting thing is that home prices really did not drop that much in February.  The median sales price was $250,000.00 in the six County area of Southern California including Ventura, Los Angeles, Orange held firm.  However, San Bernardino and Riverside median prices still dropped.  The following chart summarizes the trend: 

Month             Year                Median Sales Price

November       2008                $285,000.00

December       2008                $278,000.00

January           2009                $250,000.00

February         2009                $250,000.00

The question to ask is whether or not we are near the bottom of the market.  The wildcard here is the current unemployment trend in California as small businesses shed even more jobs in an attempt to put more black in their Profit and Loss statements.  Regardless, this is very good news and we should take advantage of these numbers.

 Like anything, there are always two sides to every argument.  Article on CNBC says that the 1 Trillion dollar plan will only makes matters worse.  Someone forgot to tell the equity markets.  http://www.cnbc.com/id/29833885

 Many of you have asked about the Homeowners Assistance Stability Program or HASP.  As we understand it, for Freddie Mac loans we get want the birdie shot at.  Nothing.  But if it is a Fannie Mae loan, we have the opportunity to participate.  It is just the MI companies have not figured out what to do yet in transferring their certificates to the new loan.  As you would expect, information is still limited. Article is from CNN Money and will give you information about the issues loan servicers have to overcome and a website to determine eligibility for borrowers.  Useful information to review for prospective borrowers.

http://money.cnn.com/2009/03/19/news/economy/Obama_foreclosure_plan/index.htm?postversion=2009031915

Kirk Mulhearn, a Long Beach Real Estate Broker co-manages Prudential California Realty, "The Bixby Knolls Office," and a Net Branch of, GEM Mortgage, a direct lender specializing in FHA, VA, and Conventional financing.  Contact him at:  562-989-4608 ext. 110

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