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- The Desert Real Estate Blog
- De gustibus non est disputandum - There's no excuse for good taste. Living Well Begins At Home. As the broker of choice for countless celebrity clients and Fortune 500 CEOs, I take pride in a level of service, experience, and discretion that is without peer in the communities of La Quinta, Rancho Mirage, Indian Wells and Palm Desert. Searching for a residence of uncommon distinction and grace? Share your wishes with me and reap the benefits of an insiders’ knowledge of the upscale desert communities. And if you are planning to place your home on the market, no one is more skilled at providing exposure and finding qualified buyers across the nation and the world. I specialize in luxury homes and fine golf properties within the Coachella Valley.
Thursday, November 25, 2010
Fast Facts
12:34 PM | 
Posted by
The Desert Real Estate Blog
Calif. median home price: October 2010: $304,220 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region October 2010: Santa Barbara So. Coast $864,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region October 2010: High Desert $125,060 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third quarter 2010: 64 percent (Source: C.A.R.)
Mortgage rates: Week ending 11/18/2010 30-yr. fixed: 4.39 Fees/points: 0.9% 15-yr. fixed: 3.76% Fees/points: 0.7% 1-yr. adjustable: 3.26% Fees/points: 0.6% (Source: Freddie Mac)
Foreclosure sales drop in Western states.
Foreclosure sales declined across the Western states in October amid foreclosure suspensions by some lenders, according to a report by ForeclosureRadar. ForeclosureRadar's monthly reports cover California, Arizona, Nevada, Oregon, and Washington.
In California, notice of default filings declined 25.5 percent year-over-year in October to 27,217. Nevertheless, overall bank-owned (REO) inventory in California rose 16.5 percent year-over-year and 1.5 percent from September.
Foreclosure time frames in California continued to rise compared with the same period last year. An average of 279 days passed between the filing of a notice of default and a sale at auction, up from 211 days in October 2009. An additional 210 days passed on average between the sale at auction and when the bank resold the property, up from 183 days.
Calif. highest median home price by C.A.R. region October 2010: Santa Barbara So. Coast $864,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region October 2010: High Desert $125,060 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Third quarter 2010: 64 percent (Source: C.A.R.)
Mortgage rates: Week ending 11/18/2010 30-yr. fixed: 4.39 Fees/points: 0.9% 15-yr. fixed: 3.76% Fees/points: 0.7% 1-yr. adjustable: 3.26% Fees/points: 0.6% (Source: Freddie Mac)
Foreclosure sales drop in Western states.
Foreclosure sales declined across the Western states in October amid foreclosure suspensions by some lenders, according to a report by ForeclosureRadar. ForeclosureRadar's monthly reports cover California, Arizona, Nevada, Oregon, and Washington.
In California, notice of default filings declined 25.5 percent year-over-year in October to 27,217. Nevertheless, overall bank-owned (REO) inventory in California rose 16.5 percent year-over-year and 1.5 percent from September.
Foreclosure time frames in California continued to rise compared with the same period last year. An average of 279 days passed between the filing of a notice of default and a sale at auction, up from 211 days in October 2009. An additional 210 days passed on average between the sale at auction and when the bank resold the property, up from 183 days.
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About Impound Accounts
Happy Thanksgiving!
Recently I have had a lot of inquiries about Impound Accounts especially from distressed home owners and purchasers of REOs, Short-sales and bank owned properties.
Irregardless of whether you have a 10% of value mortgage, most lenders will require a Impound Account.
An Impound Account, also known as an Escrow Impound Account, is an account set up and managed by mortgage lenders to pay property taxes and insurance on behalf of the home buyer. These accounts are set up with the lender during escrow to ensure that the home buyer’s property taxes and insurance are paid on time and in full. The biggest misconception with the Impound Account is that it is managed by the escrow company. However, after escrow collects the initial deposit for the Impound Account and after the transaction is closed, the escrow company is no longer involved.
How It Works:
Each month, an amount equal to about 1/12 of the total sum of the annual property taxes and insurance due is collected from the buyer, along with their mortgage payment, and placed inside the account. When the time comes to pay the annual property taxes and insurance, the lender makes the payment from the funds accumulated in the account on the behalf of the buyer.
Setting up an Account
The account is set up by the mortgage lender during escrow. Escrow collects an Escrow Impound Deposit, which is typically a deposit of 2-6 months worth of taxes and insurance. Due to the fact that property taxes can be adjusted and insurance rates can change, this deposit ensures there are sufficient funds to make the payments in full when they are due.
Common Questions Regarding an Escrow Impound Account:
Is it mandatory to have an Escrow Impound Account?
No. The buyer may elect to pay property taxes on their own, and there is usually a small fee when waiving the account. However, based on the type of loan, the lender may require the buyer to have one.
Is it a good idea to have an Escrow Impound Account?
Since the property taxes and home insurance bills only come about twice a year, many average Americans have a hard time saving for them, and gladly give their money to the loan company interest free. This is one less thing to worry about, as the lender makes the payments for the buyer.
Do I have to decide now whether or now I wish to set up an account?
If it is not a condition of the loan, the buyer does not have to make an immediate decision. However, depending on the lender, there may be a cost to set it up at a later date.
The purpose of impound accounts is to help home owners pay their annual property taxes and insurance on time. For more information on your account, payments and more information on how they are managed, contact your mortgage lender or seek legal advice.
Recently I have had a lot of inquiries about Impound Accounts especially from distressed home owners and purchasers of REOs, Short-sales and bank owned properties.
Irregardless of whether you have a 10% of value mortgage, most lenders will require a Impound Account.
An Impound Account, also known as an Escrow Impound Account, is an account set up and managed by mortgage lenders to pay property taxes and insurance on behalf of the home buyer. These accounts are set up with the lender during escrow to ensure that the home buyer’s property taxes and insurance are paid on time and in full. The biggest misconception with the Impound Account is that it is managed by the escrow company. However, after escrow collects the initial deposit for the Impound Account and after the transaction is closed, the escrow company is no longer involved.
How It Works:
Each month, an amount equal to about 1/12 of the total sum of the annual property taxes and insurance due is collected from the buyer, along with their mortgage payment, and placed inside the account. When the time comes to pay the annual property taxes and insurance, the lender makes the payment from the funds accumulated in the account on the behalf of the buyer.
Setting up an Account
The account is set up by the mortgage lender during escrow. Escrow collects an Escrow Impound Deposit, which is typically a deposit of 2-6 months worth of taxes and insurance. Due to the fact that property taxes can be adjusted and insurance rates can change, this deposit ensures there are sufficient funds to make the payments in full when they are due.
Common Questions Regarding an Escrow Impound Account:
Is it mandatory to have an Escrow Impound Account?
No. The buyer may elect to pay property taxes on their own, and there is usually a small fee when waiving the account. However, based on the type of loan, the lender may require the buyer to have one.
Is it a good idea to have an Escrow Impound Account?
Since the property taxes and home insurance bills only come about twice a year, many average Americans have a hard time saving for them, and gladly give their money to the loan company interest free. This is one less thing to worry about, as the lender makes the payments for the buyer.
Do I have to decide now whether or now I wish to set up an account?
If it is not a condition of the loan, the buyer does not have to make an immediate decision. However, depending on the lender, there may be a cost to set it up at a later date.
The purpose of impound accounts is to help home owners pay their annual property taxes and insurance on time. For more information on your account, payments and more information on how they are managed, contact your mortgage lender or seek legal advice.
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