Property Tax bills
If you don’t want
to pay a 10% penalty on your property tax bill make sure you have your payment
to the county by December 10th. PLEASE DO NOT MAIL it is not the
post mark date. It needs to be received by the county by December 10, 2015.
Negative Equity still a problem.
I read this great
article from CNBC regarding the negative equity effects still in our
marketplace.
As a nation
nearly two thirds of all homes have a mortgage. In California the figure is
slightly higher with a little over 70%.
On average 10% of
homes with mortgages (7% overall) in the bay area are underwater or have
negative equity. The problem with the negative equity is that it creates a
shortage of homes for sale. If you can’t sell at a profit, as a homeowner, you
are stuck.
The recent study
found that the majority of homes with negative equity are the less expensive
homes that are below the median price for the area. Often these homes are the
entry-level or starter homes.
Also the number
of repeat buyers has dropped dramatically in the last decade, owing to negative
equity, but when combined with tighter underwriting standards, the options for
these buyers is even worse. Lenders today require higher levels of income
compared to debt, and Americans in mid-tier FICO credit ranges have had
increasing difficulty qualifying for loans.
While the market
is much stronger and a key part of the growth of the overall economy, the
prediction is that it may be 3-4 years before the “negative equity” effect is
behind us.
-Kris
Toys for Tots Client appreciation party recap
I wanted to thank
everyone who came out last night. We had a blast and were able to give over 200
toys to Toys for Tots.
THANK YOU.
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