Burlingame, CA Real Estate News

By Phil Caulfield, I Get The Loans Done That The Big Banks Don't!
(Cardinal Financial Company, Limited Partnership)
Attention all you former Burlingame High School hoop stars! This coming Friday, November 27th, you have your chance to lace 'em up once again to show the young guys how to play the game. The first tip-off is at 3PM with a game against the freshman team. This is the first year in a long time that BHS has fielded a freshman team. I need a few old geezers like myself to push these punky freshman around. The frosh-soph take the court next at 4:30. Perhaps some of you former all-leaguers can help out to defeat what should be a very talented frosh-soph team this year. Finally, the varsity game tips off at 6PM. Hopefully some of our younger alumni brethren can run the floor with the 2009 league champions! Food and drinks will be available to help us revive after the game. I hope to see plenty ...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
Just recieved confirmation that the High Balance Conforming Loan Program with FNMA has been extended thru 2010 (was supposed to expire 12/31/2009). The loan limits have been extended also....so if you are in San Francisco, San Mateo, Santa Clara, Contra Costa Counties, we can still do loan amounts up to $729,750! This is excellent news! The rates on the High Balance Conforming loans (>$417,000 & <=$72,750) have tended to be about .625-.875% lower in rate than the Jumbo loans, and that has saved borrowers thousands of dollars in mortgage payments. This is another indication of the Federal Governments commitment to stimulating the economy in regards to real estate purchase and refinances as a way of furthering the recovery we are begining to see. If you or any of your clients are looking ...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
"The human contribution is the essential ingredient. It is only in the giving of oneself to tohers that we truly live" Ethel Percy Andrus
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By Cheryl Bower, Realtor, CRS, GRI, ABR, ePro
(Zephyr Real Estate, San Francisco, CA)
Coyote Point, Burlingame I recently pulled data for a neighbor who is evaluating selling his Burlingame home.  It's a bit of a mixed bag with trends but overall there is an improvement from October 2008. Days on market is down slightly: Median price is up: Inventory is down: Units sold has been on a consistent upward trend with the exception of August & October 2009. There has been a steady up tic in buyer demand as of April of 2009 with properties going into contract at a 33% increase. Then we hit the expireds.  Wow!!  A 129% increase in expireds. Expireds include withdrawn and canceled listings as well.  I did a little more digging & pulled these properties in the MLS.  Pricing was a good cross section of Burlingame properties ranging from ~$2,000,000 to the low of $779K for a bungal...
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By Cheryl Bower, Realtor, CRS, GRI, ABR, ePro
(Zephyr Real Estate, San Francisco, CA)
As of the latest Burlingame e-newsletter, there are exciting environmental changes underway!  It has taken time, but it seems like green/eco-friendly construction & living are finally gaining momentum. Now if Burlingame would implement recycling pick-up on a weekly basis rather then the current  bi-monthly schedule as well as start a home green garbage compost program (currently just yard waste is picked up).  Thus far my complaints and suggestions to Allied Waste have fallen on deaf ears. My understanding is that more frequent pick ups are expensive but I believe there would be an increase in recycling by Burlingame residents.  If it's not "easy" it's not going to happen is my feeling.  As it currently stands, we also have to sort paper from glass/cans/metals adding another layer of i...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
I don't know if it is a generational thing or not, but it seems to me that people are getting more rude and displaying a lack of courtesy and a lack of kindness more and more each day. When I was raised (born in 1954), I was taught to address my elders by surnames (e.g. Mr. Smith and Mrs. Smith), to open doors for women and elderly (and people with strollers or hands full of shopping). I was taught to show up to an interview (whether it was for a job as dishwasher or executive), dressed in suit and tie, with my shoes polished. Maybe it is my imagination (I want to believe that), but it seems like people just don't care about anyone but themselves. I was driving on the freeway the other day and no one would let me change lanes to get around a slow truck, even though I waited with blinker...
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By Cheryl Bower, Realtor, CRS, GRI, ABR, ePro
(Zephyr Real Estate, San Francisco, CA)
If you live on the Peninsula and want to stay in the loop on the High Speed Rail plans, there is an upcoming meeting in Burlingame. The public is invited! Fri., Nov. 20th, 8:45am to 10:15am Burlingame City Hall, Council Chambers 501 Primrose Road Burlingame, CA 94010 More details about the high speed rail can be found: http://www.sfbungalow.com/2009/09/12/workshop-today-for-the-peninsula-high-speed-rail-project/
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
Make a standout bid on a home you want! Be a more confident Homebuyer with our "ON-TIME CLOSING GUARANTEE". Reassurance carries a lot of weight with home sellers and their listing agents. Like you, they want to feel comfortable about your mortgage lender's strength and capabilities. That's why our "ON-TIME CLOSING GUARANTEE", combined with our preapproved financing, can help elevate your offer above the others. It helps everyone feel more confident in our intention to see the sale through. The Fewer Uncertainties The Better- Rely on our lending stability to help you find the right financing solution for your needs. And we'll put our closing guarantee in writing to reflect our commitment to service excellence-and to you!. Contact me today for a free consultation! Roger Hunt 650.796.0326 ...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
Looking Ahead - California Association of Realtors Releases 2010 Housing Market Forecast   RISMEDIA, November 9, 2009-"California's housing market continued its strong sales rebound this year, resulting from the continued pace of distressed properties coming to market," said California Association of Realtors (C.A.R.) President James Liptak. "This follows two years of double-digit sales declines in 2006 and 2007. Looking ahead, we expect sales to moderate to a more sustainable pace." "After experiencing its sharpest decline in history, we expect the median price to rise modestly next year," Liptak added. "2010 will mark the beginning of the ‘new normal' for California's housing market. This ‘new normal' likely will feature a steady stream of sales driven by distressed properties in the ...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
1.4 Million Families Have Taken Advantage of First-Time Home Buyer Tax Credit, More Claims Expected   RISMEDIA, November 9, 2009-With the First-Time Home Buyer Tax Credit deadline now extended, the Internal Revenue Service recently reminded potential home buyers they must complete their first-time home purchases before April 30, 2010 to qualify for the special first-time home buyer credit.The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million taxpayers so far. The credit of up to $8,000 is generally available to home buyers with qualifying income levels who have never owned a home or have not owned one in the past three years. The IRS encouraged all eligible homebuyers to take advantage of the first-time home buyer c...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
Ask the Experts: More Than an Agent - Today's Real Estate Advisor   RISMEDIA, November 9, 2009-As a new and different economic environment continues to evolve around us, a unique opportunity exists for real estate agents to take a position of authority and provide guidance which will earn them respect, a strong reputation and long-term career success. Here, Glenn Melton, CEO of Realty Executives Int'l., Inc. discusses what you must be doing to position yourself now and for the future. Trying to wrap your arms around the myriad of market conditions, government policies and economic trends is a tall order, but well worth the investment. A unique opportunity exists right now for real estate agents to take a position of authority and provide guidance to customers that will earn them respect...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
Big Rebound in Existing-Home Sales Shows First-Time Buyer Momentum   RISMEDIA, November 9, 2009-Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales-including single-family, townhomes, condominiums and co-ops-jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2% higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007. Lawrence Yun, NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. "Much of the ...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
To reduce or minimize the risk of becoming a victim of identity theft or fraud, there are some basic steps you can take. For starters, just remember the word "SCAM": Be Stingy about giving out your personal information to others unless you have a reason to trust them, regardless of where you are: At Home Start by adopting a "need to know" approach to your personal data. Your credit card company may need to know your mother's maiden name, so that it can verify your identity when you call to inquire about your account. A person who calls you and says he's from your bank, however, doesn't need to know that information if it's already on file with your bank; the only purpose of such a call is to acquire that information for that person's personal benefit. Also, the more information that you...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
The long-awaited extension of the tax credit has been approved by both the House and the Senate and currently awaits President Obama's signature (which is not expected to be a problem).  There is also an expansion of the credit to include current homeowners (not just first-time buyers)...however, there are several restrictions along with improvements.  The income limits have been increased, the maximum sales price has been set at $800,000, etc. 
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
Home Price Reduction Levels Stay Above 25% for Fourth Consecutive Month   Trulia, Inc announced that 25.6% of homes currently on the market in the U.S. as of October 1, 2009 have experienced at least one price cut. More than one in four current listings on Trulia have been reduced in price for the fourth straight month. The total amount slashed from home prices is $28.4 billion, a $967 million increase from June 2009. The average discount for price-reduced homes continues to hold steady at 10% off of the original listing price. Northeast with Most Homes Reduced; West Sees Biggest CutsFive of the 10 states with the highest percentage of homes with price reductions are in the Northeast- Massachusetts, Rhode Island, Connecticut, New Hampshire and New Jersey. One in three homes in these sta...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
Bernanke: Recession Is Over, but Tough Times Will Linger The deep recession that's gripped the U.S. economy by the throat since December 2007 is "very likely over at this point," Federal Reserve Chairman Ben Bernanke recently said. However, Bernanke painted a picture of an underperforming economy well into next year as he fielded questions after a speech at the Brookings Institution, a center-left research center in the nation's capital. "From a technical perspective the recession is very likely over," Bernanke said, cautioning that unemployment is likely to remain high. "It's still going to feel like a very weak economy for some time, as many people will still find that their job security and employment status is not what they wish it was. So that's a challenge for us and all policymak...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
No Rest for the Weary: 75% of Americans Plan on Working as Long as They Can A new study released by Bankrate, Inc. shows that the vast majority of working Americans plan to work as long as they can during retirement age, showing a redefinition of how Americans view traditional retirement plans. The poll, conducted by Princeton Survey Research Associates International, is included in the new Bankrate Financial Literacy series on Retirement Income. Among the findings:-75% of Americans plan to work as long as they can during retirement age. 39% plan to work because they enjoy work while almost one-third plan to work because they'll need the money;-Although so many Americans plan on working through retirement age, only 15% of retirees polled are currently employed compared to 84% who are no...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
HERA-HOEPA Fees & Loan Data that impact APR Govt Recording/Transf Fees: · Recording Fee/Assignment · Subordination/Modification 3rd Party Fees: · Broker Compensation Fee · Courier/Messenger Fee · EDD to 3rd Party · Fax/Copies/Postage · Final Inspection · Flood Life of Loan · HOA Cert Fee · Home Warantee · Mortgage Ins Ap Fee · Processing Fee · Re-Draw Fee · Reconveyance Fee · Tax Service Fee · Transfer Fee · Underwriting Fee · Wire Transf Fee Lender Fees: · Application Fee · Assumption Fee · Commitment Fee · Discount Fee · Lock extension fee  · Lock extension fee · Return to Float Fee · Lock in Fee · Modification Fee · Mortgage Broker Comp. Fee · Origination Fee · Processing Fee · Underwriting Fee · Holdback Fee Title/Closing/Settlement: · Closing/Escrow/Settlement · Mortgage Insurance ...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
Kiva How does it work? Kiva brings together lenders and worthy enterprises on the web.  From Kenya to Ecuador, microfinance institutions (MFI) around the world go to Kiva.org and post photos and profiles of low income entrepreneurs in need of money for their businesses.Loans made easy and personal. Lenders go to Kiva.org and browse through profiles of low-income entrepreneurs-a dairy farmer in Kenya, a man who wants to open a shoe shop in Honduras, or a tailor in Bulgaria. Lenders can then loan as little as $25 to the entrepreneur of their choice via PayPal, a globally recognized online payment service.When a loan is funded by individual lenders, Kiva pools the money and transfers it to a Microfinance partner who handles distribution and collection of loan payments.  Journal updates ke...
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By Roger Hunt-Jumbo Loans
(Private Mortgage Advisors/an affiliate Wells Fargo Bank N.A.)
Forget to mention that you just bought a new car or stereo system. Forget to mention that you have to pay child support or alimony. Forget to mention that you will be going on maternity leave during the escrow. Forget to mention that the money you are using for the down payment and closing costs are coming from a gift from family and there is not way to document it. Forget to mention that one of the borrowers (husband/wife) hasnt recieved green card yet, or greencard is expiring. Forget to mention that the borrower is married (applied as single man/woman), and let the lender discover it when you sign loan papers. Have the money needed to close escrow come from the sale of another property that hasnt closed yet, and you need to close this escrow first. Apply on line with one of these on...
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