Agency Helps Consumers Resolve Credit Report Complaints

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Credit Report HelpThe Consumer Financial Protection Bureau announced that it is now accepting consumer complaints about credit reporting and will work to help resolve individual credit reporting issues.

“Credit reporting touches the financial lives of nearly each and every American,” writes Scott Pluta, CFPB’s assistant director for the Office of Consumer Response. “Credit reports affect whether or not you are able to get a credit card, a home loan, an auto loan, or a student loan, the ability to rent an apartment or get hired, and even tasks as simple as getting a cell phone or electricity for your home. It also can affect how affordable or expensive those things are for you.”

As such, CFPB says it will now help consumers with individual complaint assistance on issues with their credit report. Issues may include incorrect information on a credit report; improper use of a credit report; being unable to get a copy of a credit score or file; or problems with credit monitoring or identify protection services.

For consumers who think there is an error on their credit report, CFPB first recommends they go through the credit bureau’s process for trying to fix any problems. But for those who aren’t satisfied with the end result, the CFPB encourages consumers to contact the agency for assistance in resolving the issue.

CFPB says that it is using the submitted complaints as a way to better understand the challenges consumers face with credit reporting agencies.

Consumers can submit a complaint at the Consumer Financial Protection Bureau’s Web site, www.consumerfinance.gov/Complaint.

Source: “Now Accepting Credit Reporting Complaints,” Consumer Financial Protection Bureau (Oct. 22, 2012)

via Agency Helps Consumers Resolve Credit Report Complaints | Realtor Magazine.

Would You Buy a Haunted House?

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Happy Halloween!Based on a Realtor.com poll, nearly a third of prospective home buyers would not rule out buying a “haunted house” or a property where some sort of paranormal activity is said to have to occurred. However, 29 percent of those house-hunters said they would expect a discount of at least 20 percent for stigmatized property.

Warm or cold spots in a house, possibly from a supernatural source, are deal-breakers for 62 percent of those polled. Strange noises and/or voices, flickering lights or appliances, eerie sensations, ghost sightings, and levitating objects are other occurrences that are likely to put a buyer off from going through with a deal.

About 35 percent of those surveyed, meanwhile, signaled that they would not even consider buying a haunted house in the first place. At the other end of the spectrum, meanwhile, 2 percent of poll participants said they would pay a premium for a haunted property.

 

 

“Borrowers Will Buy Haunted Houses, But Expect Discount,” Housing Wire (Oct. 18, 2012)

via Buyers Want Discount to Share New Home With Ghosts | Realtor Magazine.

An Interesting Graphic on Historical Mortgage Interest Rates

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Interest Rates by Decade

5 Most Stressed Out Cities in U.S.

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Forbes Magazine recently ranked cities based on their unemployment rate, housing affordability, cost of living, and other factors to determine which cities are the most stressed out.

Here are the cities topping its “stressed” list:

Los Angeles: A 12.3% unemployment rate, the third least affordable housing market in the nation, and a high cost of living.

New York, N.Y.: “The least affordable housing stock in the U.S., the most extreme population density, and the highest cost of living,” according to Forbes.

Chicago: Worst traffic congestion in the country, a 10.3% unemployment rate, and fourth most extreme for population density in the nation.

Washington, D.C.: Tied with Chicago for worst traffic congestion in the U.S., which keeps commuters in traffic jams, on average, 70 hours per year.

San Diego, Calif.: Some of the least affordable housing in the nation, seventh highest cost of living in the country, and a 10.5% unemployment rate.

Find out what other cities topped the “stressed” list at Forbes.

Source: “America’s Most Stressful Cities,” Forbes (October 2012)

via 5 Most Stressed Out Cities in U.S. | Realtor Magazine.

Foreclosure ‘Boomerang’ Home Buyers Return

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BoomarangFamilies who had once lost their home to foreclosure following the housing crash are now re-emerging and looking to buy again, The Wall Street Journal reports.

As Stuart Miller, chief executive of national homebuilder Lennar Corp., puts it: More people are “coming out of the penalty box.”

Some builders have a growing interest in reaching out to these “boomerang” foreclosure buyers. For example, builders like K. Hovnanian are providing sales staff with fliers that detail mortgage eligibility rules for families who have undergone a foreclosure or bankruptcy.

“The industry is saying, ‘Pay your dues and then get back into the market,’ ” says Dan Klinger, president of K. Hovnanian American Mortgage.

In order to qualify for a mortgage backed by the Federal Housing Administration, families must wait three years or more to apply again following a foreclosure or short sale. Using that benchmark, about 729,000 households that were foreclosed on during the housing crash are now eligible to apply for an FHA mortgage–up from 285,000 a year ago, The Wall Street Journal reports.

Fannie Mae and Freddie Mac require a much longer wait than FHA to qualify for a loan after a foreclosure or short sale, up to seven years.

But just because “boomerang” families are allowed to apply again for financing for a home purchase doesn’t mean they’ll qualify for a loan, housing experts say. These families will still have to show a strong credit score and meet stringent underwriting standards.

Source: “Buyers Back After Foreclosure,” The Wall Street Journal (Oct. 14, 2012)

via Foreclosure ‘Boomerang’ Home Buyers Return | Realtor Magazine.

How ’bout this testimonial!

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Manny's Testimonial
See more of our testimonials here.

Calif. Metros Post Largest Inventory Declines | Realtor Magazine

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Inventory

Murray’s Note:
Inventory in San Bernardino / Riverside Counties continued to decline this month. Inventory in September was down 41.75%  and the latest decline is -42.57% from last year /same month’s figures.

Buyer’s market? Historically low interest rates, Temecula prices up 20% over last year’s, very little to choose from – hmmmmmm.

For-sale inventories of single family homes, condos, town homes, and co-ops continue to hover at historic lows, down nearly 18 percent compared to a year ago, according to September housing data from Realtor.com.

Some markets have seen inventories drop even more in the past year, falling by even 60 percent or more in some cases. California continues to see some of the biggest drops in for-sale listings nationwide, as well as some of the largest increases to median asking prices.

For example, in just one month from September to August, the Stockton-Lodi, Calif., metro area has seen inventories of for-sale homes shrink by 35 percent and inventories have fallen by nearly 34 percent in Sacramento.

The following are the metros that have seen the largest year-over-year drops in for-sale inventories (September 2012 compared to September 2011):

Stockton-Lodi, Calif.: -63.04%
Sacramento, Calif.: -60.26%
Oakland, Calif.: -57.14%
Riverside-San Bernardino, Calif.: -42.57%
San Jose, Calif.: -41.97%
Fresno, Calif.: -41.26%
Bakersfield, Calif.: -38.92%
San Francisco, Calif.: -38.39%
Seattle-Bellevue-Everett, Wash.: -38.34%
Atlanta, Ga.: -37.15%

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

via Calif. Metros Post Largest Inventory Declines | Realtor Magazine.

Another Great Deal Closed!

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Congratulations Team!Congratulations to my team on closing another great deal in Temecula!

This short sale fell through at the last moment, and were able to come in and create a win-win for everyone from offer to lender approval to closed escrow in 30 days!

45525 Jaguar WY, Temecula. MLS#: T12082691. You can check it out here.

 

We can do it for you or someone you know too! Call us today: 951-506-1956

County Targets Wine Country Party Houses

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Party HouseSome Wine Country single-family dwellings are being turned into “nothing more than motels, creating disruptions to the lives of surrounding property owners.”

The Riverside County Board of Supervisors signaled today that rental properties leased for weekend parties and other uses that create disruptions in Wine Country and other unincorporated regions may be the subject of future regulation.

“The county needs to get out in front of this so there’s adequate ability to enforce and prevent this kind of activity from occurring,” said Supervisor Bob Buster.

The Riverside-area farmer said he had received an increasing number of complaints from various homeowners’ associations in unincorporated communities about noise, traffic and other disturbances connected with raves and similar large gatherings at rental houses.

“Homes that are designated as single-family residences are being used for commercial ventures,” county resident Kathleen Hamilton complained. “More entrepreneurs are using residential property for motel use.”

Vicki Long with the La Cresta Property Owners’ Association said she and her family had been “suffering a party house” adjacent to their home for the last eight months. “There are parties there every weekend,” Long told the board. “They’re renting properties for $3,000 a weekend. People are purchasing houses just for these activities, and it will get worse without an ordinance.”

Fred Barts with the Morgan Hill Homeowners’ Association said people who had purchased million-dollar homes weren’t getting to enjoy them. “People did not buy these places … just to have this kind of activity in their neighborhood,” Barts said.

Supervisor Jeff Stone noted a “pervasive problem” in the Temecula Wine Country of single-family dwellings being turned into “nothing more than motels, creating disruptions to the lives of surrounding property owners.”

At Buster’s urging, the board voted 4-0 to commission a study by county agencies to determine what land-use regulations might be implemented to prevent rentals from becoming party homes. The board directed that the study be completed in 45 days.

via County Targets Wine Country Party Houses – Temecula, CA Patch.

Beware of Craigslist Rental Scammers

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Beware!

This is a real problem! If you or someone you know is looking for a rental contact a real estate professional before you give any money to anybody saying they are renting “their” property – it may not be theirs! This happens not only with REO (bank owned) properties, but all kinds of properties Read the rest of this entry »