Do You Know Someone In Distress?

We All Know Someone...

These days, it's an unfortunate part of our reality - every one of us knows of someone who is close to facing, are in the middle of, or have gone through foreclosure. Whether due the economic downturn resulting income loss or reduction, illness, declining property values, or any number of factors, foreclosure is now an ugly but real part of our national landscape.

In fact, currently in the Temecula valley* almost 62% of all properties sold in the first three months of the year are distressed properties** (433 short-sale, REO and foreclosure properties sold and 270 standard sale properties sold).

The good news is that's an improvement over the first three months of 2011, when about 70.5% of all properties sold were distressed sales(468 short-sale, REO and foreclosure properties sold and 196 standard sale properties sold).

But the bottom line is that foreclosures and short sales are going to be around for awhile, especially since a large amount of "ARM" loans are scheduled to be adjusting soon, possibly resulting in increased mortgage payments that some folks won't be able to afford and the recent "robo-signing" settlement between the government and lenders is expected to speed up foreclosures in the coming months.

What Most Concerns Me

As a Realtor, what most concerns me is that as many as 7 out of 10 homeowners that have lost their homes through foreclosure were unaware that there are real and good options available to them that may have helped them avoid foreclosure, maybe helping them keep their homes or moving on with their lives with as little pain as possible.

Please don’t let someone you know have their home taken away by a foreclosure if they have options

I have invested in the specialized training needed to help folks understand their foreclosure options. I am a Certified Distressed Property Expert (CDPE) and Certified HAFA Specialist.

My phone number is 951-506-1956 and I'd be happy to talk with anyone facing foreclosure about what options they might have to avoid it. They can also click here to fill out a simple, free, confidential form that will let us get to work right away helping to determine if there are ways that they might avoid foreclosure. I'll even send them my booklet "Options You Might Have To Avoid Foreclosure" if they ask for one.

(*Temecula Valley: Temecula, Murrieta & Wildomar: ** Distressed properties: Short-sales, foreclosure, REO)

Real Estate Market Update
Temecula & Murrieta - February 2012

Number of Sales and Median Price
Temecula, Murrieta & Wildomar
SFDs, Condos, Townhouses

Inventory and Number of Listings
Temecula, Murrieta & Wildomar
SFDs, Condos, Townhouses

Original Price vs Sales Price
Temecula, Murrieta & Wildomar
SFDs, Condos, Townhouses

Sales Price vs Days To Sell by Price Range
Temecula, Murrieta & Wildomar
SFDs, Condos, Townhouses

What Does It All Mean?

February sales and median price decreased (demand) and inventory has increased with active listings exactly the same (supply) when compared to a year ago.

There are currently 508 standard sale listings (some equity) on the market and 371 "others" (short-sales, REO, etc.). Houses in all price ranges are selling for less than their original price, which is an indicator that this is still a "buyer's" market, and homes in the $300k-$400k price range are moving the fastest, with homes in the $800k-$900k price range staying on the market the longest.

"Why are you sending me Temecula & Murrieta stats and I live somewhere else?" you ask. If you want to see market stats for your area, please call us or click here to request a specific market analysis for your area.

For more information, we post lots of local real estate information, articles and stats on our blog at, click here!

Temecula Wine & Music Festival 

The 8th Annual Temecula Wine and Music Festival 
at Vail Lake Resort
 Saturday kicks off April 28th. New Venue, More Music , More Wineries, More Vendors! With over eighteen acts over the weekend and over ten wineries offering a unique wine tasting experience at one of California's largest wine and music events.

Don't miss the concert event of the year in Temecula's wine country.
 
Saturday, April 28th, 2012
Doors Open at 11:00 a.m. 
Music Starts at 11:30 a.m.,
Ends at 6:00 p.m.
Vail Lake Resort - 38000 Highway 79
/ Temecula Parkway 

For info & tickets click here

Is This Really A Buyer's Market?

One of the things we constantly hear is that this is a "buyer's market". In our opinion, that depends on what your definition of buyer's market is. Yes, prices are low compared to peak prices and interest rates are at all time lows. When combined, home affordability is at an all time high, but....

Inventory of houses that folks really want to sell is very low. What's that mean? Properties on the market where someone is making the decisions on how to sell, when to sell, and if they really care if they sell are rare. Many properties on the market now are short-sale or REO. That means the lender is really the one pulling the strings - not the homeowner. And those lenders are usually sitting in an office far away, with little concern other than their net bottom line - if it doesn't sell for what they need to net, they'll spend their time on one that will. Add to that there are probably dozens of other files on their desks of properties in similar situations and the fact they are only human after all and they are overwhelmed, over-worked and usually underpaid - well you get the picture.

Folks that don't really NEED to sell their homes and can wait out the downturn are hunkering down and waiting for property values to turn upward.

That leaves sellers that NEED to sell their homes. Rental rates are moving upward, and rental property inventory is lowering as demand for rentals increases driven by folks that have lost their homes to foreclosure or sold in a short-sale and are waiting for their credit to repair in 2-7 years.

So is it a buyer's market? In our opinion - not exactly. If you are looking to buy it's takes a lot of good old fashioned ground work, it's a "get a good realtor to help you out" market, whether you are buying or selling. If that's the case - call us first - we'd be glad to help - 951-506-1956

Charming turn-key home and walking distance to the beach!

A really cute & turn-key Huntington Beach home in a prime location with tons of amenities and upgrades.

9816 Bluereef Drive • MLS# T12029524.

(click here for more on this property)

A Great Source For Southwest Riverside News

If you live in the Temecula valley and are frustrated with not being able to get up-to-date local news - fret no more! The Southwest Riverside News Network - SWRNN -  is a great source for local news.  Click here to get local news online at SWRNN.

For more links to Temecula Valley information, government, schools and more, check out our webpage here!

California to Enforce Overlooked Property Tax Law as a Source of Revenue

You might want to ask your tax advisor about this one.

According to Foreclosure Radar's newsletter, one of their real estate predictions may soon have an impact on your tax return.

At the end of 2010, Sean O’Toole predicted that states would to look to property taxes to make up budget shortfalls. During 2011, the California Franchise Tax Board (FTB) proposed a change to Schedule CA to require the information necessary to enforce an overlooked area of the real estate tax deduction.

Read More Here

10 Apps Murray Can't Live Without
#5 -  PandoraJam

My first four "Ten Apps Murray Can't Live Without" started with  Seamonkey, DropBox,  KeePass and Evernote.

This months app I can't live without is a fun one! PandoraJam, but PC users please note - this is a Mac only app.

You've all heard of Pandora, but what if you could get the songs playing on Pandora onto your computer, iPod and iPad? Wanna hear more, click here.