Today, a customer looking to buy a house under $150,000, having 3.5% down payment, at 5.% interest rate, equates to a monthly mortgage payment of $775.00!!! This monthly payment also includes principle and interest. Income required for this loan $30,000. Can you believe it? Do you know anyone in Lodi, that is renting a home for $775.00? Now is the time to buy! 01/20/2009

  In April of 2008, I published the following article regarding Short Sales: I imagine by now, you have heard the term "Short Sale" over and over and over again. Today's real estate market has lots of them. (They are really a pre-foreclosure) Most short sales will become REO's (real estate owned by the bank) as they will not sell and will ultimately go through the foreclosure process. A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for.  The bank must agree to allow the property to be sold for less than the amount owed on it as payment in full. There are many reasons why a bank might agree to a short sale. Here are a handfull: Declining market values. Mortgage is in arrears. Homeowner has hards... 01/15/2009

Have you ever purchased a 'mystery gift' from your favorite catalog? You know, pay $50.00 for a $100.00 gift. You don't know what the gift is, but you do know it's a good deal. This is very similar to buying an REO. REO properties makeup the majority of our local inventory and are at great value, but there are risks involved that you need to be prepared for. REO properties, Bank Owned properties, often have their own contracts and/or addendums. These documents very from bank to bank. I'm sure your Real Estate Professional will review the specifics of these documents, but keep in mind, these contracts were written by the bank, in favor of the bank. When purchasing an REO property, it is likely that you previewed the property without utilities. Make sure that prior to your home inspection... 01/10/2009

I've got some good news for those of us stuck in a declining real estate market. If your property is worth less than what you paid, you may qualify for a reduction in your property taxes. If your property taxes were not automatically adjusted, contact your county tax collector. Once your taxes have been reevaluated, contact your lender. Most lenders evaluate escrow accounts annually, but don't wait.  It's time well spent. My mortgage adjusted $173/month and my lender is sending a check for $2,000. Yippee! More money for me!     12/17/2008

We have a TREND in San Joaquin and Sacramento County. Home prices keep falling and the total number of sales keep rising. The good news is that our REO (Bank Owned) Inventory is moving and with low interest rates we have a perfect Buyer's Market. Home Sale Activity by City and County San Joaquin AND Sacramento               County/City #Sold  September  September %     2008 2007 Change SAN JOAQUIN COUNTY 1381  $ 190,000 $ 360,500   -47.30% ESCALON 10  $181,500 $313,500 -42.11% LATHROP 76  $224,500 $400,000 -43.88% LOCKEFORD 5  $317,500 $502,500 -52.53% LINDEN 3  $178,000 $375,000 -36.82% LODI 94  $190,000 $309,000 -38.51% MANTECA 166  $210,000 $384,500 -45.38% RIPON 31  $350,000 $429,250 -18.46% STOCKTON 726  $155,000 $297,000 -47.81% TRACY 265  $280,000 $472,500 -40.74% WOODBRIDGE 3  ... 11/03/2008

The American Housing Rescue & Foreclosure Prevention Act, was signed July 30th, 2008 and will go into effect October 1, 2008. This bill is designed to assist distressed homeowners in order to avoid foreclosure, to provide support to mortgage giants Fannie Mae and Freddie Mac and gradually stimulate the housing industry. If your mortgage is at least 31% of your gross monthly income, your loan was issued between January 2005 and June 2007, and you occupy the residence, you may be able to obtain the FHA-backed mortgage. Several stipulations are attached to this program, so contact your lender if your interested and get to work on the process. Jumbo Loans have been redefined! Fannie Mae and Freddie Mac now have authority to purchase loans up to $625,000, up from $417,000 for single family h... 08/13/2008

Home Sale Activity by City and County San Joaquin, Sacramento, and Stanislaus County                     County/City #Sold  May   May   %      2008   2007 Change SAN JOAQUIN COUNTY 1000  $241,500  $390,000 -38.08% ACAMPO 5  $385,000  $550,000 -30.00% ESCALON 13  $285,000  $412,500 -30.91% FRENCH CAMP 3  $200,000  N/A  N/A LATHROP 58  $250,500  $434,000 -42.28% LOCKEFORD 5  $179,000  N/A  N/A LODI 77  $226,000  $355,000 -36.34% MANTECA 125  $270,000  $399,000 -32.33% RIPON 18  $348,250  $558,000 -37.59% STOCKTON 471  $195,000  $337,500 -42.22% TRACY 221  $315,000  $513,000 -38.60% WOODBRIDE 3  $225,000  $401,500 -43.96           SACRAMENTO COUNTY 2028  $225,000   $345,000  -34.78% ELK GROVE 302  $270,000  $373,500 -27.71% GALT 54  $221,750  $380,750 -41.76%           STANISLAUS COUNTY 6... 07/08/2008

Bank Owned Properties have created the market. Currently 70% of all sales are Bank Owned Properties. Here is a comparison between April of last year and this year. Home Sale Activity by City for San Joaquin, Sacramento and Stanislaus County.   Homes Sales Recorded in April 2008 County/City                    #SOLD          April 2008        April  2007    % Change                                           SAN JOAQUIN COUNTY 823  $  245,000.00  $  396,500.00 -38.21% ACAMPO 2  $  407,000.00  $  700,000.00 -41.86% ESCALON 8  $  272,000.00  $  392,000.00 -30.61% FRENCH CAMP 2  $  210,000.00  $  359,500.00 -41.59% LATHROP 29  $  279,000.00  $  484,000.00 42.36% LINDEN 2  $  428,000.00  $  519,000.00 -17.44% LOCKEFORD 2  $  235,000.00  N/A N/A LODI 58  $  237,500.00  $  363,750.00 -34.71% MAN... 06/06/2008

My only daughter who is in between an older brother and a younger brother, just graduated from George Washington Elementary School. It is was a pleasant afternoon as my daughter joyfully recieved her 6th grade diploma. And yes it was an emotional time for me as well, to realize, that yes, we are headed in a different part of our mother-daughter relationship. I am having to let go and see the beautiful young woman she is becoming and yet holding on to the little girl who started out in Mrs. McDaniels kindergarten class with a twinkle in her eye as she was looking forward to her first day of school. She has transformed right in front of my eyes, yet that same sparkle in her eyes still exists. Well her worries of what's next include how to change classes, will she find her way? I tell her ... 05/30/2008

Baseball is back in Lodi. Our Lodi GrapSox's play in the Sierra baseball League at Zupo Field. Opening night is Friday, June 6th at 7:05 pm. The GrapeSox have planned something special for every home game.  Youth Sports Night, fireworks, Vintage Car Night, Hannah Montana Night, and $2 Beer Night, are just a few of the bonus activities offered at the game.  For a complete schedule, and more details please visit www.grapesox.com. Let's Play Ball! See you at the Game. Corie   05/27/2008

Award winning wines from 50 Lodi wineries,enjoy delicious food, live entertainment, wine and cooking school, blend your own zin, arts, and crafts.Tickets are $35 in advance and $45 at the gate.Purchase TicketsThe official site of Zinfest will provide you with directions and answer any questions.If you have any real estate questions regarding Lodi and surrounding areas, please visit my website www.findlodirealestate.com or e-mail cgorham@c21mm.com     04/16/2008

     We can't seem to discuss real estate without mentioning the word foreclosure. Just last month, 70% of all property sales in California were foreclosures. In speaking with clients, friends,family and colleagues, I've recognized the need to explain the foreclosure process in California.     Notice of Default is the start of the foreclosure process. This is the initial notice recorded when borrower does not meet terms of loan. During this period, you may purchase the property directly from the owner, a Realtor can list the home for sale (short sale) and Lender's can help borrower refinance. If the terms of the lender are not met, Notice of Trustee Sale is recorded.      Notice of Trustee Sale sets the auction date. The auction date can be recorded 90 days after Notice of Default, but ... 04/08/2008

 Attention all buyers, sellers and agents in the greater Lodi, Galt and Stockton communities.100% financing is no longer available on conventional loans. Loan to value can't exceed 92%. 8% is the new minimum requirement. Investment properties are requiring 20% down, in a declining market. Buyers, if you are involved in a transaction that doesn't meet these requirements, contact your lender ASAP. Sellers, review financing terms of you contract. Agents, if you have any escrows exceeding the 92% LTV, contact the lender and make sure your clients will not be affected.Good news from FHA. FHA is still at 3% and has not been impacted by this change.   03/24/2008

      Eight weeks of training (running around circles in Lodi), a knee injury, two nights of carb loading (my favorite part) and it was time to run. March 16th. was the annual Shamrock'n Half Marathon in West Sacramento.Thankfully, the weather forecast of rain was incorrect, but the brisk wind made for a challenging race. Ready Get Set.... GO!         Flat and fast course with the historic Tower Bridge in back ground.It's the finish line! Home plate at Raley Field. 1:52 minutes and a cold green beer.     03/21/2008