Yard House top chef sells Yorba Linda estate for record $6.095 million

via OCregister

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Carlito Jocson, the top chef for Yard House restaurants, has sold his modern, 8,320-square-foot house on three acres in Yorba Linda for $6.095 million. www.22750HiddenHillsRd.com

That sets a record for the most expensive home sale ever in the city, according to the Multiple Listing Service.

The house, on one of Orange County’s highest peaks, hit the market in September 2016 for $10 million. The price dropped to $8.688 million in February 2017 and $7.5 million in May.

The estate includes a full-size outdoor kitchen with a bar and wood-fired pizza oven. Flanking a zero-edge swimming pool are two glass-tiled fire pits. A meditation garden with more than a dozen olive trees and a disappearing entertainment system are among the outdoor features.

Inside, the solar-powered house has a restaurant-caliber kitchen, 1,200-bottle wine room and a home theater.

Jocson was one of the Yard House’s original founders and went on to become a vice president and the corporate executive chef.

Raj Qsar and Christina Boladian of The Boutique Real Estate Group co-listed the house; Edward Englehart and Leslie Cole of First Team Real Estate represented the buyers.

 

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Lenders that Sell Short Sales Faster and for Less, According to RealtyTrac

By Ester Cho with DSNews.com
04/20/2012

Pursuing a short sale is often thought of as a painstaking process, and it’s not uncommon to hear of complaints about slow responses from servicers and last minute rejections on offers. Fortunately, not all lenders/servicers are the same when it comes to dealing with short sales, and RealtyTrac compiled a list of data revealing which institutions tend to move through the process quicker and for less.
Fannie Mae, Freddie Mac, and FHA had the shortest timelines at 193 days in January 2012, a decrease compared to a year ago in January 2011, when short sales averaged 248 days. Ally Financial came in second at 321 days, reducing its timeline as well from 393 days a year ago.

PNC Financial Group was third, taking 353 days, though the bank takes longer than it did a year ago when the it took 206 days. Wells Fargo came in fourth (385 days). Bank of New York Mellon took the fifth longest (402 days), followed by Bank of America (403 days) and Sun Trust (404 days). The short sale timeline includes the time a property starts the foreclosure process to the time it’s sold as a pre-foreclosure property.

Recently, Fannie Mae and Freddie Mac announced new guidelines to take effect in June requiring servicers to respond within 30 days after receiving a short sale offer or a borrower application. Bank of America recently announced that its providing a decision on a short sale offer in 20 days.

In terms of pricing, Fannie Mae, Freddie Mac, and FHA sold homes for the least amount in January 2012, averaging $128,642, a drop from year ago prices in January 2011 when they averaged $160,982. Deutsche Bank’s average price was $132,996, followed by Sun Trust Banks ($144,024), and CitiGroup ($148,411), and PNC Financial Group Inc ($149,332). Bank of America Wells Fargo were the bottom two on the top 10 list, averaging $158,632 and $167,371, respectively, for January 2012.

As for the number of short sales, Bank of America completed the most in January 2012, with 5,276, followed by Chase (2,967), Wells Fargo (2,788), MERS (1,429), and Bank of New York Mellon (1,401).

©2012 DS News. All Rights Reserved.

First Thoughts – Trulia Mobile App for Agents

First Thoughts – Trulia Mobile App for Agents

Raj Qsar, Principal/Owner

Premier Orange County Real Estate

www.RajQsar.com

When Chris Smith asked if we would do a short review for Inman Next on the new Trulia App for Agents I was pretty pumped up!  It has been a few days now that I have been running with the new mobile app and here are my initial thoughts.  Easy to use navigation, extremely mobile friendly and there are a few cool features you may want to utilize as an agent when you are with clients or on a broker preview.  So here we go!

We love streamline in our office and we love it when mobile apps keep it simple.  And simple it is!  Six main buttons on the home screen once you log in with your Trulia information (see screen shot).  If you currently use Trulia to showcase your listings with Trulia Local Ads or Trulia Pro then log in with your Trulia account info and you will receive all your leads in one easy to find location (see screen shot).  All your contacts are seamlessly imported from your contacts on your phone (cool, but wish it would link with Facebook & Twitter contacts) and the GPS function seamlessly pulls up all homes for sale in your surrounding area (see screen shot).  Also, attached to ach individual listing is a “Neaby Amenities” GPS search with pulls up such hotspots as food, shopping, gas, schools & banks.

One of the new features on this app is the ability to “check in” to the listings that you visit (see screen shot), similar to foursquare or facebook places.  You can also see other agents who have “checked in” nearby to the same listing or nearby listings (so hurry up and write that offer)!  Trulia awards you with 10 points for checking into a listing and you can gauge your points on their leaderboard, which ranks the agents who have checked into similar listings.  My team is a big fan of checking into listings and we have actually coded our website and each listing to have a facebook place.  You can check it out our listing “The Crown Jewel of Vista Del Verde” or our listing at 4058 Hoosier Lawn Way in Yorba Linda and then click on the facebook place icon.  Checking In allows other agents, buyers and even the sellers to check into their own home on facebook and “spread the word.”  When you check-in on Trulia it stays on Trulia…bummer!  We would love a facebook integration of this check in so it could easily post to your wall or better yet your business page (but we are working on this now – see screen shot).

Overall, the new Trulia App for Agents is easy to use, mobile friendly and seems to be in its infancy but may be a step or two ahead of other big name real estate apps.  Dreaming for a GPS locator of recently closed sales, a “Hot Sheet” of recent “Just-Listed” homes and social media integration.

Raj Qsar

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Congress Restores FHA Loan Limits to NAR-Backed Levels

The U.S. House and Senate yesterday restored FHA loan limits to the level they were at before they were allowed to expire at the end of September. As a result, the limits will rise to 125 percent of the area median home price from 115 Percent, up to a maximum $729,750, from $625,500. NAR estimates that several hundred counties where FHA loan limits fell at the end of September will now rise back up to the previous level.

“The reinstated loan limits will help provide much needed liquidity and stability to communities nationwide as tight credit restrictions continue to prevent some qualified buyers from becoming home owners and the housing market recovery remains fragile,” said NAR President Moe Veissi in a statement released last night.

President Obama is expected to sign the legislation shortly. The restored loan limits are in a broad-based bill that includes funding for a wide variety of federal operations and programs.

The maximum conforming loan limits for secondary mortgage market companies Fannie Mae and Freddie Mac also expired at the end of September, but lawmakers did not include a restoration of those limits in the bill. As a result, conforming loan limits will remain at 115 percent of the area median home price, up to $625,500.

Once President Obama signs the bill, the limits will go into effect. FHA will release a mortgagee letter to its approved lenders shortly. The mortgagee letter will contain a list that’s been updated to reflect the new limits. NAR analysts say it will take the agency a short period to update its database and release the mortgagee letter, maybe a couple of weeks.

The funding bill also extends the National Flood Insurance Program (NFIP) until December 16 to allow lawmakers time to consider long-term authorization of that program, which is an NAR priority.

If you have questions about loan limits, lending guidelines or anything real estate please visit www.RajQsar.com or call us directly.

BofA pays $1.3 billion to Fannie, Freddie for foreclosure delays

By JON PRIOR

Monday, November 7th, 2011

Bank of America (BAC: 6.45 0.00%) will spend at least the remainder of 2011 still revising affidavit filings in foreclosure cases around the country.

In October 2010, BofA and other major servicers froze the foreclosure process nationwide when evidence of improperly signed affidavits surfaced in many state courthouses. BofA had to pay $1.3 billion in penalties to Fannie Mae andFreddie Mac in the first nine months of 2011 because of the delays, the bank disclosed in a Securities and Exchange Commission filing.

According to RealtyTrac, more than 8.9 million homes have been lost to foreclosure since 2007. Lender Processing Services (LPS: 18.98 0.00%) said foreclosures completed in September spent an average 624 days delinquent.

“We expect that these costs will remain elevated as additional loans are delayed in the foreclosure process and as the GSEs assert more aggressive criteria,” according to the filing. “We also expect that additional costs related to resources necessary to perform the foreclosure process assessment, to revise affidavit filings and to implement other operational changes will continue for at least the remainder of 2011.”

The government-sponsored enterprises charge servicers for taking too long to complete the foreclosure process under specific, state-by-state guidelines. In June, Fannie said it would even charge servicers retroactively for such delays, though no particular servicers were mentioned.

Federal regulators and the top 14 servicers signed consent orders in April setting standards for how troubled mortgage borrowers would be treated. The orders also included a review of 4.5 million foreclosure files of borrowers directly affected by the mismanaged process. The reviews began last week and could last months, regulators said.

State attorneys general are still in talks with the servicers over a separate settlement to the robo-signing case that could include principal reduction for affected borrowers.

In January, BofA resumed foreclosure sales in judicial foreclosure states, where the bulk of the robo-signing and foreclosure problems occurred, which include Florida, New York, and others.

But the correction continues. BofA claimed extended foreclosure timelines for it and other servicers would only exacerbate the problem — a notion also issued by Republican presidential nominee hopeful Mitt Romney.

“An increase in the time to complete foreclosure sales also may increase the number of severely delinquent loans in our mortgage servicing portfolio, result in increasing levels of consumer nonperforming loans and could have a dampening effect on net interest margin as nonperforming assets increase,” the bank said.

And the bank is already searching for new capital. Also in the SEC filing, BofA disclosed it was exploring an issuance of commons stock to raise nearly $3 billion in cash.

Short Sales Offer Significant Discounts in Several Major Cities

10/31/2011 By Krista Franks

Short sales are growing throughout the nation as distressed homeowners and servicers continue to seek alternatives to foreclosure and home buyers increasingly opt for the significant discounts that come with short sales.

With 9,145 completed short sales, the Los Angeles area had more short sale transactions than any other metropolitan statistical area (MSA) in the second quarter of this year, according to a recent blog post from RealtyTrac.

These short sales came with an average discount of 32 percent and at an average price of $350,237. Phoenix ranked second in number of short sales for the second quarter with 8,434 short sales, which came with an average discount of 27 percent and an average price of $133,793.

According to the RealtyTrac blog post, the metros with the highest numbers of short sales in the second quarter were:

1. Los Angeles
2. Phoenix
3. Cape Coral – Fort Myers, Florida
4. Oxnard – Thousand Oaks – Ventura, California
5. Reno – Sparks, Nevada
6. San Francisco
7. San Jose
8. Portland
9. Atlanta
10. Milwaukee

Short sale savings averaged more than 30 percent in Cape Coral – Fort Myers, Florida; San Francisco; San Jose; and Milwaukee.

Reno – Sparks, Nevada, experienced a 50 percent rise in short sales from the first quarter to the second quarter of the year, while San Francisco saw a 47 percent rise in short sales.

Atlanta and Milwaukee also saw significant increases in short sales over the quarter – 21 percent and 20 percent respectively.

To search all distressed homes in Orange County please visit www.RajQsar.com/search-foreclosures

First-Time Buyers Losing Interest in Short Sales

Processing delays have taken their toll on first-time home buyer interest in short sales, which now account for more than one of every six house sales, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

First-time home buyer purchases of short sales dropped to 39.7 percent of short sale transactions in August. That represented a three-month slide and was the lowest level for first-time home buyers ever recorded by the HousingPulse survey.

The first-time home buyer share of short sales hit a peak of 54.1 percent of all short sale transactions in November 2009, just before the originally-scheduled expiration of the federal homebuyer tax credit.

Short sale transactions have long been problematic for buyers and sellers alike, with typical approval times of several months after a homebuyer first submits an offer. Factors slowing down short sale approvals include lost paperwork, coordination with multiple investors, slow appraisals, and mortgage servicer understaffing.

Still, for many first-time home buyers, average short sale prices of 27 percent lower than non-distressed properties compensated for the wait time. But with average time-on-market for short sales stalled at 16.6 weeks—with the majority of that time spent waiting for short sale approval—short sale transactions are becoming less popular with first-time home buyers.

Short sales are just one type of distressed property, with damaged REO and move-in ready REO also being significant components of today’s housing market. In August 2011, short sales accounted for 17.1 percent of the home purchase market, with damaged REO and move-in ready REO accounting for 13.2 percent and 15.6 percent, respectively.

The total proportion of distressed property, as represented by the HousingPulse Distressed Property Index (DPI), fell to 45.9 percent in August from 46.2 percent in June.

Real estate agents responding to the August survey indicated that home buyers frustrated with short sale delays are resorting to placing offers on multiple properties, with the intention on closing on only one. This practice can bog down the short sale approval process at mortgage servicers.

The Campbell/Inside Mortgage Finance HousingPulse Tracking Survey involves approximately 2,500 real estate agents nationwide each month and provides up-to-date intelligence on home sales and mortgage usage patterns.

To search for all short sales & foreclosures please visit www.RajQsar.com/search-foreclosures

 

The Federal Open Market Committee seems to be taking direct aim at mortgage rates

September 22nd, 2011, 9:32 am

The Federal Reserve‘s plan to reinvest principal payments on some bonds into mortgage-backed securities is already contributing to the nation’s record low mortgage interest rates, Bankrate said Thursday.

Bankrate said the Federal Open Market Committee seems to be taking direct aim at mortgage rates by shifting $400 billion from short-term holdings into long-term government bonds. The program, which begins Oct. 3 and runs through June, will involve longer-term Treasury securities with remaining maturities of six years to 30 years, and will be financed through the sale of shorter-term Treasurys with maturities of three years or less.

“This program should put downward pressure on longer-term interest rates and help make broader financial conditions more accommodative,” the FOMC said in a statement following its two-day meeting.

Analysts also said anemic economic growth and European debt fears are keeping investors on the sidelines.

Rates are unlikely to increase until mortgage refinancing and purchasing activity picks up, Bankrate said.

“In order to get the most economic impact out of low mortgage rates, the pool of prospective refinancers needs to be expanded. Deeply upside-down homeowners, those with second liens or mortgage insurance, and lender concerns about buyback liability are all formidable impediments to refinancing,” according to the firm, which aggregates rate data from across the country.

The Freddie Mac primary mortgage market survey showed the average rate for a 30-year, fixed-rate mortgage remained unchanged this week at 4.09%, while the 15-year, fixed rate dropped one basis point to a new record low of 3.29%.

Meanwhile, the five-year, Treasury-indexed hybrid adjustable-rate mortgage averaged 3.02%, up from 2.99% last week and down from 3.54% a year ago.

The one-year, Treasury-indexed ARM averaged 2.82% this week, up from 2.81% a week earlier and down from 3.46% last year.

“A sluggish economy and investor concerns over the European debt markets left mortgage rates largely unchanged this week,” said Frank Nothaft, vice president and chief economist for Freddie Mac.

“Manufacturing activity in both the New York and Philadelphia regions contracted in September,” he said. “Moreover, the Federal Reserve board reported that households lost nearly $150 billion in net worth in the second quarter, representing the first quarterly decline in a year.”

Bankrate data show the 30-year FRM at record lows for the fifth consecutive week. The average rate for a traditional mortgage fell to 4.29%, from 4.32% last week, while the 15-year FRM declined to 3.42% from 3.44%.

In addition, the 5/1 ARM decreased to 3.05% from 3.07% last week.

 

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.

     

    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