South Coast Winery Resort & Spa To Host Grape Stomp & Blessing of The Vines

TEMECULA In a tradition that dates back centuries to European vineyards,two-time California Winery of the Year, South Coast WineryResort & Spa, invites everyone to squish a littleMerlot between their toes at the 7th annual Harvest CelebrationBlessing of the Wines and Grape Stomp.Their ceremony, steeped in tradition, is a fun-filled celebration for the whole family. There will be a special wine blessing officiated by Pastor Phil Hottsenpillar of the Yorba Linda Friends Church, followed by delectable,hot off-the-grill BBQ, along with award-winningwines. Take a tractor-pulled hay ride through the vineyards and dance the night away to the Bayou Brothers Band. Those who enter in the grape stomping contest can win from an assortment of fabulous prizes.

The South Coast WineryBlessing of the Wines and Grape Stomp will be held on Sunday, Sept. 25, from4 – 7 p.m. at the South Coast Winery Resort & Spain Temecula.Adult tickets are $55 dollars and kids 12 and under are $15 dollars. Reserve tickets at SouthCoastWinery.com or call(951) 587-9463. South Coast Winery Resort & Spa is located at 34843 Rancho California Road in the heart of Temecula’s Wine Country.

South Coast Winery Resort & Spa is a 38-acre destination property in the heart of Southern California Temecula Wine Country that produces award-winning wines.Since opening doors in 2003, South Coast Winery has garnered over 1,600 awards and medals in both regional and international competitions, and has been named Best Winery in California two years in a row. For the second year in a row, South Coast Winery’sVineyardRoseRestauranthas been awarded the prestigious Award of Excellence from Wine Spectator. This award recognizes select restaurants whose wine lists offer interesting selections, are appropriate to their cuisine, and appeal to a wide range of wine lovers.Additionally, Fodor’s, the leading name in travel information, has recognized South Coast Winery Resort & Spa as a 2011 Fodor’s Choice selection. This distinction designates South Coast Winery Resort & Spa as a leader in its field for service, quality, and value.

Dramatic Tenth Anniversary of 9/11 Events Set at Nixon Library

Dramatic Tenth Anniversary of 9/11 Events Set at Nixon Library

Click here to see images

By Richard Nixon Foundation

Published: Wednesday, Aug. 31, 2011 – 2:21 pm

YORBA LINDA, Calif., Aug. 31, 2011 — Focal point of all Southern California ceremonies begins Labor Day with police, fire, and highway patrol motorcade escorting 20 tons of steel burned and blown off the Twin Towers, and a damaged FDNY fire truck used for search and rescue efforts at Ground Zero.

YORBA LINDA, Calif., Aug. 31, 2011 /PRNewswire-USNewswire/ — The Richard Nixon Foundation will mark the 10th anniversary of the September 11, 2001 attacks on America with events from Labor Day, September 5 through Sunday, September 11.

Labor Day, September 510:30 am, the planned week of remembrance will begin with the dramatic arrival ceremony welcoming the motorcade transporting 20 tons of steel burned and blown off the World Trade Center, and a damaged first-responder FDNY aerial ladder fire truck. These symbols of one of our nation’s darkest hours will be escorted from Citizens Bank Arena in Ontario, and will arrive at the Richard Nixon Presidential Library accompanied by police, fire, and Highway Patrol vehicles. The program will feature 60 members of the Navy Sea Cadets, a blessing by clergy, patriotic choral presentations by local high schools, a display of an antique 1969 American La France fire engine from the Rancho Cucamonga Fire Department, and a solemn bagpipe arrangement and bell tolling in honor of those who lost their lives. The event is free and open to the public.

Sunday, September 1110:30 am, the week will culminate with a free public Remembering 9/11 event in the East Room, featuring a military honor guard, remarks by Orange County Sheriff Sandra Hutchens, Congressman Ed Royce, and an eyewitness account of heroism by 9/11 survivor and first-responder fireman Joe Torrillo, who was on the scene during the attacks and survived the collapse of both towers.

September 6, 8 and 9, 10:30 am, there will be free presentations featuring members of the Armed Forces and 9/11 first-responders sharing tales of bravery, heroism, and patriotism. The educational programs are free and open to school-aged children and the general public.

For more information, visit nixonfoundation.org.

FOR COVERAGE OPPORTUNITIES: CONTACT JONATHAN MOVROYDIS AT (714) 364-1126 OR EMAIL AT jonathan@nixonfoundation.org

The Richard Nixon Foundation, a not-for-profit organization located on the campus of the Richard Nixon Presidential Library and Museum, 18001 Yorba Linda Blvd., Yorba Linda. The museum is open daily 10:00 am to 5:00 pm and Sundays 11:00 am to 5:00 pm. For more information about events or exhibits, please call (714) 993-5075 or visit the Foundation online at www.nixonfoundation.org.

SOURCE Richard Nixon Foundation

 

Mortgage Rates Fall = Second Chance for Procrastinators

Falling mortgage rates are opening a new window for some borrowers, including those who missed their opportunity to refinance last year when rates hit similar lows.

Thirty-year fixed-rate mortgages averaged 4.39% for the week ending Aug. 4, the lowest level for the mortgage in 2011, according to the latest survey from Freddie Mac, released Thursday.

Looking for a 15-year fixed-rate mortgage? Those averaged 3.54% in the latest survey – the lowest they’ve been in the history of Freddie Mac’s survey. Five-year Treasury-indexed hybrid adjustable-rate mortgages also hit a record low, averaging 3.18%.

The rate drops came courtesy of glum economic reports as well as continued concerns about economies abroad. A sharp drop in the stock market also may have sent more investors toward bonds and mortgage-backed securities – which brings mortgage rates down.

History suggests that rates won’t go much lower, and it’s also anyone’s guess as to when rates will begin an upward trend once more. While the economy looks grim right now, a dose of optimism from some report or another could turn things around. Expectations are so low now that even slight surprises could cause rates to rise. Should the Federal Reserve adopt additional “quantitative easing” to stimulate the economy, that also could affect mortgage rates for the worse.

All of which is to say that if you’re in the market to refinance, get moving now. Below are some points to keep in mind before you start shopping.

What’s your home worth?

One of the biggest hurdles to refinancing today is a drop in house prices: If your home’s value has dropped since the origination of your last mortgage, refinancing might not be quite as appealing as you thought.

If your home value has fallen, you might need to pay down your principal in addition to whatever closing costs you’ve agreed to pay, in order to get the best rates. According to Freddie Mac, 26% of people who refinanced in the second quarter of 2011 brought cash to the closing table.  The whole concept of cash-in refi isn’t unheard of, but you’re taking money out of savings and plunking it into an equity situation. And with falling home prices, there’s the fear of “I’m going to put 10 grand in and it could be gone tomorrow.”

Others simply aren’t able to pay down principal for a refi. We’ve got a generation of borrowers out there who have been paying on their mortgages and carrying an above-market rate, but can’t refinance because the appraisal won’t allow them to do so.  At least have a ballpark idea of what your home is worth before calling a lender – and before wasting $400 or so for an appraisal that tells you your home value has drastically fallen.  To protect our clients, we regularly pull property profiles to make sure the expected and/or needed value is likely.

Make sure it makes sense.

An old rule of thumb is that refinancing makes sense if you’re able to get a rate that shaves a percentage point off your mortgage. For instance, on a $200,000, 30-year fixed-rate mortgage, the monthly payment is $1,136 per month if you have a 5.5% rate and $1,013 if you have a 4.5% rate.  That kind of savings probably makes a refinance worthwhile.

Another way to look at it is the client’s “break-even point.”  At TNG Mortgage, we typically like to see our clients be able to break even on the cost of the refinance in 36 months. Every situation is unique, and clients have wide-ranging goals.  In some cases, for instance, longer break-even periods could make more sense, if the homeowner plans on living in the home for a long amount of time to come.



For all real estate in Orange County please visit www.RajQsar.com

Mortgage servicers bypass foreclosure delays with more short sales

by JON PRIOR

Mortgage servicers contending with attorney general investigations and extended foreclosure delays turned more to short sales in the past year.

In August 2009, short sales accounted for 8% of all liquidations of distressed properties. That number grew to 25% by the middle of 2011, according to research from Moody’s Investors Service.

Meanwhile, the time it took from a borrower default to eventual REO liquidation grew from an average 14 months in early 2009 to 24 months by the summer of 2011.

The delays pushed the timelines out and as a result, losses on the eventual sale of those properties higher. Servicers had to halt the foreclosure process in October 2010 to correct forged documents and mishandled foreclosures as part of the robo-signing scandal. Since then, new regulations from federal agencies and still ongoing negotiations between the state AGs left servicers turning toward an early sale of the property before a filing a foreclosure.

“To reduce their expenses and mitigate the high loss severity on liquidated loans, servicers are increasingly opting to bypass the foreclosure process and liquidate properties more quickly through a short sale,” Moody’s analysts said.

Researchers at Deutsche Bank said servicers are using the transactions to also cut into the shadow inventory of properties stuck somewhere in the foreclosure process.Standard & Poor’s said the market actually cut into the shadow inventory during the second quarter for the first time since 2009.

Deutsche Bank found short sales actually take less time to complete than REO sales because of the documentation problems.

The average REO took 17 months to sell in the middle of 2011, compared to just under 12 months for short sales completed in that time, according to Deutsche Bank.

Loss severities dropped as well. Servicers experienced a 70% loss rate on REOs sold in the middle of 2011, compared to less than 60% for short sales.

These transactions also do less damage to a borrower’s credit score, dropping it between 50 and 200 points compared to an REO sale, which can slash the FICO score for the borrower as much as 400 points.

Borrowers who manage a short sale can buy a new home between one and two years as well, according to researchers. Those whose homes sell through REO must wait between five and seven.

However, short sales continue to be a struggle as investors often squabble over whether or not to approve the transaction.

“Short sales, like other servicer loss mitigation strategies, may stir a fierce ‘class warfare’ between investors in different parts of the deal capital structure,” Deutsche Bank researchers said.

Moody’s analysts said short sales steadied loss severities over the past year, as foreclosure problems continue to plague the recovery.

“We can attribute the stabilization of average loss severities in part to a rising number of liquidations through short sale, which by reducing liquidation timelines, foreclosure expenses, and legal costs, can reduce the losses incurred on defaulted loans,” Moody’s said.

O.C. property index up again

August 11th, 2011, 1:00 am · 29 Comments · posted by Jon Lansner

By The Big Orange Index’s math for the second quarter, local real estate enjoyed its sixth consecutive advance — but the smallest gain in the streak. Homebuying and lending is down, but hiring and construction are up.
 

That’s the springtime read of my Big Orange Index, a compilation of three dozen measures of local economic patterns. Overall, Big Orange Property Owner index was 124 for last quarter. That’s up 0.38% vs. the previous three months and up 9.84% vs. a year earlier.

FULL BIG ORANGE INDEX ANALYSIS HERE!

Here’s benchmarks that comprise the Big Orange Property Index and how they’re doing:

  • People working in real estate and finance jobs averaged 157,700 in past year. That’s up 0.21% vs. the previous three months and down 0.19% vs. a year earlier. Employment Development Dept. is the source.
  • Homes sold ran 29,426 in past year. That’s down 4.08% vs. the previous three months and down 10.32% vs. a year earlier. DataQuick is the source.
  • Local home value ran at an estimated 453,108 in past year. That’s down 0.24% vs. the previous three months and up 1.63% vs. a year earlier. Compilation of data from Real Estate Research Council and Federal Hosuing Finance Agency is the source.
  • Residential building permitting pace was $1.16 billion in past year. That’s up 3.90% vs. the previous three months and up 30.29% vs. a year earlier. Chapman U. estimate is the source.
  • Mortgage making of all sorts in Orange equals $62.68 billion in past year. That’s up 0.85% vs. the previous three months and up 43.07% vs. a year earlier. DataQuick is the source.
  • Large-complex rents in O.C. averaged 1,425 in past year. That’s up 1.33% vs. the previous three months and up 1.82% vs. a year earlier. RealFacts is the source.

 

Real estate for sale in Yorba Linda looks brighter by one set of statistics.

Every two weeks, Orange County broker Steve Thomas publishes a report on the supply of local homes for sale. Here’s what the latest report — as of July 7 — has to say about Yorba Linda …

Compare these trends to countywide patterns:

  • Cities with highest level of distressed properties among their listings? Anaheim was tops — 60.3% — followed by Rancho Santa Marg. at 58.3% of listings and Santa Ana at 57.8% of listings.
  • Fewest? Corona Del Mar was tops — 3.1% — followed by Seal Beach at 3.7% of listings and Newport Coast at 8.1% of listings.
    • 384 residences listed in brokers’ MLS system with 94 new deals opening in the past 30 days.
    • By Thomas’s math, this community has a “market time” (months in would take to sell all inventory at current pace of new escrows) of 4.09 months vs. 4.87 months found two weeks earlier vs. 4.58 months seen a year earlier. Countywide, latest market time was 3.96 months vs. 3.78 months a year ago.
    • So, homes in this community sell — in theory — in 3% more time than the countywide pace.
    • Of the homes listed for sale in this community, 96 were either foreclosures being resold or short sales, where sellers owe more than the home’s value. So distressed properties were 25.0% of supply of homes for sale vs. 33.1% countywide.
    • Homes for sale in Yorba Linda represent 3.4% of Orange County inventory — and 2.6% of all the distressed homes listed for sale in Orange County. New escrows here are 3.3% of all Orange County’s new pending sales.

     

    Housing Starts up 14.6% in June to 629,000 units

    Tuesday, July 19th, 2011

    Housing starts rose 14.6% in June, according to Commerce Department data, continuing gains of the prior month and coming in well above most analysts’ estimates.

    On a seasonally adjusted basis, starts increased to the highest level since January at 629,000, up from a revised 549,000 for May and nearly 17% higher than 539,000 a year earlier.

    Analysts polled by Econoday were expecting housing startsto come in at 575,000 with a range of estimates between 550,000 and 600,000. Economists surveyed by MarketWatch projected starts to come in at 580,000 for June.

    In a joint release, the Census Bureau and Department of Housing and Urban Development said single-family starts climbed 9.4% in June to a seasonally adjusted rate of 453,000 units, up from a revised 414,000 for May.

    June’s increase comes on the heels of a 3.5% increase in May. Starts dropped 22.5% in February, which was the largest monthly decline since March 1984.

    Building permits in June rose 2.5% to an annual rate of 624,000 from a revised 609,000 for the prior month.

    To search all homes for sale on the MLS please visit www.RajQsar.com/search

    Should Congress Extend Higher Federal Mortgage Limits?

    Will they stay or will they fall?

    The expanded loan limits that Congress boosted for federally backed mortgages three years ago are set to shrink modestly at the end of the summer, but there’s a movement afoot in Congress to delay the decline in the so-called “conforming” limit, citing the shaky housing market.

    On Friday, Reps. John Campbell (R., Calif.) and Gary Ackerman (D., N.Y.) introduced a bill that would defer the loan-limit reduction for another two years. They say that housing markets are too shaky to consider any reduction in loan ceilings that could raise borrowing costs for some homeowners.

    In 2008, Congress raised the maximum loan amount that mortgage giants Fannie Mae and Freddie Mac and federal agencies could guarantee in certain housing markets. Home buyers in dozens of cities faced a credit squeeze when private lenders pulled back from originating loans that exceeded $417,000, the limit for government-backed loans. Congress allowed limits to rise above that mark in certain high cost markets to as high as $729,750. After September, they’ll fall on a sliding scale, topping out at $625,500.

    A spokesman for Rep. Campbell said Friday that the measure has significant bipartisan support. “There’s a wide recognition in the House and hopefully the Senate that we need to do this,” he said. Congress passed a one year extension last fall, and another extension the year before that.

    The Obama administration in February said it supported allowing the limits to fall as scheduled:

    In order to further scale back the enterprises’ share of the mortgage market, the administration recommends that Congress allow the temporary increase in limits that was approved in 2008 to expire as scheduled on October 1, 2011…. We will work with Congress to determine appropriate conforming loan limits in the future, taking into account cost-of-living differences across the country. As a result of these reforms, larger loans for more expensive homes will once again be funded only through the private market.

    But it’s not clear whether the administration would stand in the way of an effort by Congress to keep the limit at its current level for another year. The administration is “paying attention to market conditions” and “looking carefully” at the impact of the decline in the limits, said Housing Secretary Shaun Donovan in a brief interview on Thursday. He said the administration would make a decision “shortly” on any changes.

    Other top officials, including Treasury Secretary Timothy Geithner, have previously said that the limit should decline in order to create more room for private lenders to compete against federal entities. Bob Ryan, now a senior adviser to Mr. Donovan, reiterated that position at a housing conference in New York last month.

    So-called jumbo loans that are too large for federal backing typically carry higher interest rates and bigger down payments, raising concerns that higher borrowing costs could reduce sales and put pressure on prices.

    “There’s a trade-off there between supporting the higher-priced homes and weaning the system off the unusual limits that were put on during the crisis,” said Federal Reserve Chairman Ben Bernanke in response to questions from Rep. Ackerman at a House hearing on Wednesday.

    Source: The Wall Street Journal

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    COUNTDOWN TO GIVEAWAY T-6 !!!!! Raj Qsar, Realtor – Premier Orange County Real Estate is giving away 2 Anaheim Angels vs Texas Rangers tickets for 7/19. Go to Raj Qsar, Realtor – Premier Orange County Real Estate and “Like” our page & comment “Angels Rock” to be automatically entered. The winner will be announced 7/7 at 12 p.m. (Brought to you by Assistants Made Simple, growing your business virtually)

    10 Secrets of Home Staging

    In a tough market, sellers need all the competitive edge they can get. Home staging is a great way to make your home appear to its best advantage.  Staging is about appealing to a broad range of buyers. It’s about creating an image of a lifestyle that buyers can’t resist. They need to be able to imagine themselves living in your house. Staging doesn’t require a big budget either. Although, if you have the budget to make your home a showpiece, go for it! In general, though, successful staging means paying attention to the details.

     

     

    Here are 10 secrets of staging that can help your home sell.

    1. Declutter. Clutter can be one of the most distracting aspects of showing a house. Instead of a buyer focusing on the unique architectural details of your room, they focus in on your trinkets and trash. You don’t have to toss your decor, just put it away for now.

    2. Furniture: Large, oversized furniture can makes rooms look smaller than they are. The converse if true as well. Small furniture in large rooms looks disproportionate.

    3. Room true to purpose: You may have your dining room set up as an office or a second bedroom set up as a craft room, but buyers need to see homes true to their purpose. They want to see the formal dining room that was advertised on the MLS. They want to see 2 bedrooms, not one and a craft room.

    4. Proper lighting: Good lighting makes everything look better. CFL lights in “daylight” color makes rooms look light and bright even during the evening hours. Be sure all rooms are well lit, including laundry rooms, garages, and closets.

    5. Repairs: Most buyers aren’t interested in fixer-uppers. They want homes that have been well-maintained. You may have to spend a little time and money to fix broken doors, drawers, and windows. Buyers will notice every loose board and trim piece. Fix it before you start showings!

    6. Keep it neutral: It is much easier to imagine putting your mark on a neutral room than it is to imagine yourself living in someone else’s Moroccan paradise. Paint is relatively inexpensive. Play it safe and pick out neutral tones.

    7. Fresh flowers: It’s all about things smelling fresh and clean. Flowers add life and fragrance to a room!

    8. Thorough Cleaning: Clean from top to bottom. The basics mean having dishes and laundry done. Deep cleaning means cleaning carpets, removing stains, and scrubbing that bathroom until it sparkles.

    9. Staged Dining Area: You can really make a room pop by setting a formal place setting. Outdoor dining spaces also look great set with placemats, chargers, and proper plates and glasses.

    10. Hotel Inspired Bedrooms. Boutique hotels do a great job of making bedrooms feel luxurious. You can do the same by updating your bedding and having a liberal use of pillows.

    Staging can make your home can make you stand our from your competition. It may mean the difference between selling and not in this tough market.

    Give us a call today and watch our team transform your home in preparation for the MLS and the market!

    www.RajQsar.com

    Published: June 30, 2011

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