Napa Real Estate News

May 16th, 2012 10:20 AM

Can you believe it? 3.5% Interest rate with 0 points on a 15 year owner occupied loan?  That is what the rate is right now. 

I would have never believed it would get that low.  If you want more details call your lender or Gene Ciabattari at Mortgage Solutions at 707-259-5272.  Good guy for loan information and rates.

Posted by Heli Sairanen on May 16th, 2012 10:20 AMPost a Comment (0)

BofA initiates home loan modification offers

By ALEX VEIGA
ASSOCIATED PRESS
Published: Tuesday, May 8, 2012 at 1:40 p.m.
Last Modified: Tuesday, May 8, 2012 at 1:40 p.m.

LOS ANGELES — Homeowners with a Bank of America mortgage have good reason to check their mailbox.

The lender said Tuesday it has begun mailing out letters to customers who may qualify to have their home loans reduced as part of a multistate settlement over alleged foreclosure abuses.

The Charlotte, N.C.-based company estimates that more than 200,000 of its customers could potentially be in line for a reduction in the principal balance on their mortgage.

Some customers could receive letters from the bank as early as this week that invite them to provide financial information as part of a review process for the program. The bank plans to have mailed out most of the letters by the end of the third quarter.

Bank of America estimates that customers who end up receiving the loan modifications will save, on average, 30 percent a month on their mortgage payments.

Among the criteria to qualify, borrowers must owe more on their mortgage than the property is worth, and be at least 60 days behind on payments as of Jan. 31.

Bank of America will reduce the amount owed by the homeowners by as much as $100,000 in some cases. And only mortgages that are currently owned by Bank of America will qualify. Those that are owned by government entities Fannie Mae and Freddie Mac, or backed by the Federal Housing Administration, will not be eligible.

The lender said it began reducing the principal balance on mortgages in March, focusing initially on homeowners who already had a loan modification bid under review.

Posted by Heli Sairanen on May 14th, 2012 8:15 AMPost a Comment (0)

 

I am exhitibing a miniature painting at the Napa Valley Museum in Yountville and the show opens today, Friday May 4.  Eighty-five Artists are exhibiting at the "Take a Chance on Miniatures" exhibit, and the artworks will be raffled off as a fundraiser for the museum.

Be among the first to  see this juried exhibition at the Opening Reception, May 4, 5:30 to 7:30 p.m. Admission free to members, $5.00 for guests. The exhibition continues through June 2. 55 Presidents Circle, Yountville.

I have painted all of my life, and I have my Bachelor of Arts in painting from UCLA and my Master of Arts from CSUN.  The works are small, but this is my first entry into the public forum since my MA show in 1977.

Heli Sairanen
Broker Associate, Real Estate Instructor
707.480.6266
 
Posted by Heli Sairanen on May 4th, 2012 11:16 AMPost a Comment (0)

Housing Declared Bottoming in U.S. After Six-Year Slump

The U.S. housing market is showing more signs of stabilization as price declines ease and home demand improves, spurring several economists to call a bottom to the worst real estate collapse since the 1930s.

"The crash is over," Mark Zandi, chief economist for Moody's Analytics Inc. in West Chester, Pennsylvania, said in a telephone interview. "Home sales -- both new and existing -- and housing starts are now off the bottom."

Data released yesterday (4/24) showing better-than-estimated new-home sales and a slowdown in price declines are bolstering optimism that the market is poised for a sustainable recovery.

Click Here to read the full article on Bloomberg.com.

Posted by Heli Sairanen on April 27th, 2012 7:43 AMPost a Comment (0)

 Bay Area Home Sales Climb to Highest Level in Five Years

Bay Area home sales in March reached their highest level in five years, which analysts attributed to lower prices, low interest rates and an improving economy.

Buyers last month purchased 7,694 houses and condos in the nine-county Bay Area, according to DataQuick, a San Diego-based real estate information service. That was up 9 percent from a year earlier and the largest amount for the month since 8,317 homes were sold in March 2007.

Posted by Heli Sairanen on April 20th, 2012 7:43 AMPost a Comment (0)
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