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Archive for the 'Finance and Mortgage' Category

H.O.P.E. of Amador County-Workshop

Posted by John Lockwood on 5th March 2007

HOPE Flyer    Are you looking to buy a home in Amador or El Dorado counties? We are holding a workshop to help you prepare yourself for the home buying process,  on Saturday March 10th from 9am-1pm at Placer Title in Jackson, you will have the opportunity to talk with lenders, Amador County Realtors, Title & Escrow officers, and receive assistance in understanding your credit.  Please call or e-mail Bridget at [email protected]  (530) 306-9111 reservations or required. We will have a list of homes in various price ranges in areas such as: Plymouth, Ione, Sutter Creek, Jackson, Pine Grove, Mt Aukum, Fairplay, and River Pines.

H.O.P.E. of Amador County

Posted by John Lockwood on 25th January 2007

     I would like to share some news about our famous Amador County and our progress toward helping those whom without programs like, H.O.P.E. would be unable to own a piece of Amador County Real Estate. We resumed our H.O.P.E. meetings this morning at the Amador County Board of Realtors and had a great turnout. Thank-you to all of those who attended, Barbara Nichols  and Gina Grubb from Diablo Funding, Susan Brown and Diana Rethford from Placer Title, Cathy Yochheim from Coldwell Banker, and of course myself, Bridget Felmley-Gay from Elite Properties. H.O.P.E. is also known as Homeownership Opportunity Planning Enterprise, the Amador County Association of Realtors and local lenders and title companies have teamed up to help assist you with the purchase of a home. The funds are donated by local Amador County Realtors,  loan officers, escrow officers, concerned citizens, and federal grants. There are some qualifications, one being the willingness to provide your new home with “sweat equity”. The funds typically help pay for improvements and items like pest work. If you would like more information regarding donations or an application for funds please contact [email protected] (877) 735-5657 ext 82 or the Amador County Board of Realtors (209) 223-3874.

      H.O.P.E. is offering a “Workshop” on Saturday March 10th at 10 am at Placer Title in Jackson. The workshop will focus on helping you to get your credit to the point of qualifying to purchase a home. For more information or to sign up for the workshop contact [email protected] (877) 735-5657 ext 82.


High Foreclosure Rates a Concern for National Association of Realtors®

Posted by John Lockwood on 28th December 2006

The National Association of Realtors® recently published an article voicing concern over the rising foreclosure rate in many areas, urging consumers “to make sure they understand the risks and rewards of all types of mortgages before they make a decision on a loan”.

One of the really interesting tidbits in the article was the idea that problematic loans are made in certain areas.

Foreclosures are not only a disaster for families but also for communities. Problematic loans are often made in concentrated areas, and high foreclosure rates of single-family homes can seriously threaten a neighborhood’s stability and a community’s well being.

The reason I found this of interest is that I had previously noticed in working with some buyers in neighborhood in Sacramento County that there was a high concentration of short sales all within the same neighborhood. This stood out even more because even the buyers I was working with were being forced to move because the home they were renting was in foreclosure, and they lived in the very same neighborhood.

What NAR’s article fails to address, however, is why this should be the case. What are we dealing with here that it should be limited to a given subdivision? Is it just agreessive lending practice, or outright loan fraud? I know at least in the case of the landlord of the buyer I was working with, the loan in foreclosure was not one that was made when the subdivision was first created, but much later on. Are we dealing with unscrupulous “area specialists” here, and if so, NAR’s remedy for the problem (consult a Realtor®), is rather like consulting the fox to solve the problem of maimed chickens. Or is it simply the case that a subdivision that experiences lots of sales and rapid price appreciation during a buyer’s market tends to attract more speculative buyers by appearing to be a “hot” area.

I’m also very curious as to whether my readers have encountered anything similar in El Dorado or Amador County. I wouldn’t be surprised if you could uncover something like this in Serrano in El Dorado Hills, for example, but I haven’t proven that, it’s just a hunch at this point. (Fortunately, since I’m not Alan Greenspan, my hunches probably won’t sway the market one way or another, folks).