New California Foreclosure Moratorium Goes Into Effect TODAY

From Sacramento Bee:

After a severe economic storm of more than 365,000 California foreclosures since early 2007, the state's long-awaited 90-day foreclosure moratorium law goes into effect Monday.

Moratorium to force lending insitutions to have federally approved loan modification / short sale programs in place and being utilized:

Backers say it will make lenders try harder to keep borrowers in homes. Starting Monday, loan servicers must prove to the state they have comprehensive loan modification programs in place – or be denied rights to foreclose on their own schedules.
"You have voluntary programs that they don't have to do," said Assemblyman Ted Lieu, a Torrance Democrat who was the author of the bill. "This creates an enforcement mechanism to force them to do it. The hammer is the 90-day foreclosure moratorium, which they all hate."

Full article here.

BRAND NEW: Sign up for Kern County Home Search E-Mail Report!

To provide better service to our clients, we have begun the "Kern County Home Search E-Mail Report." This free e-mail report will be sent to you, at no obligation, to help you fell better informed about the current real estate market in Bakersfield and surrounding Kern County, CA. With topics like: Overview, Loans & Interest Rates, Buyer's Options, Today's Insider Secret and more, this short but full e-mail report is just what you need to set yourself apart from other buyers who are frustrated in this market because their offers are not being accepted. With our discounts (up to $20,000!), experience, qualified lender, and home-buying systems and procedures, you will quickly realize how benefiting it is to use our services! For a quick and free e-mail report, feel free to call us, or you can email me at:

miketowers@cbbakersfield.com

I look forward to your real estate success!

California Homebuyer's Downpayment Assistance Program Is Back

The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less – to qualified borrowers to be used for their down payment or closing costs. This junior loan may be combined with a CalHFA or non-CalHFA first mortgage loan.

For more information, contact Marisa at 835-5331 or Mike at 706-6922 today!

Market Review: May 2009

As of June 1, 2009, there are 2,401 residential properties for sale on the market in Kern County.
In May, 665 homes sold. That is a 3 1/2 month supply of homes if no other homes come on the market. During May 1038 homes were listed.

102 of these homes are priced above $500,000. During May 6 of these homes sold. That’s a 17 month supply in this price range if no others come on the market. During May 27 additional homes in this price range were listed.

371 of these homes are priced $250,001-$500,000. During May 46 of these homes sold. That’s a 8 month supply in this price range if no others come on the market. During May 143 additional homes in this price range were listed.

704 of these homes are priced $150,001-$250,000. During May 187 of these homes sold. That’s a 3 1/2 month supply in this price range if no others come on the market. During May 338 additional homes in this price range were listed.

1224 of these homes are priced under $150,000. During May 426 of these homes sold. That’s a 3 month supply in this price range if no others come on the market. During May 530 additional homes in this price range were listed.

Number of homes sold in Kern County per month: January - 671 February - 682 March - 845 April - 884 May - 665

Number of sales are down, as well as number of listings (2700+ in mid-April down to 2401 today). The number of foreclosures on the market have drastically been reduced. However, the foreclosure moratorium is now over and bank owned foreclosures will soon flood the market again. Now is the RIGHT time to list your home for sale to receive the most value, before home values are further lowered by the competitive banks. Speculators are estimating bank owned foreclosures for sale will last for awhile, possible through 2012. Bakersfield home values have dropped to below 2002 levels, with some real estate experts estimating we will soon drop before 1999 levels. Now is NOT the time to wait, now is the time to list with an aggressive agent to get your home sold, for the best value, in the quickest time, with the least amount of hassle!