Temecula, Murrieta, French Valley, Winchester Real Estate

This is a Temecula Real Estate Market Report for MARCH 2010 with information about REO SALES in Temecula, California 92591-92592. This report does not include luxury properties priced over $500,000. For other Temecula Valley market reports go to http://aimreg.com/blog  and use the Categories drop down menu to select the desired market reports.

The volume of activity for Single Family Residences includes 60 Active listings, 74 properties in escrow and 36 homes that have closed in the last 30 days. Recent activity for Condos includes 3 Active listings, 5 homes in escrow and 4 homes that closed in the last 30 days.

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Pricing activity for Single Family Residences in Temecula shows an average list price of $298,391 for Active listings and an average list price of $284,028 for properties in escrow. For SFRs that closed in the last 30 days the average LIST price was $263,833 , the average SALE price was $270,209  and the MEDIAN selling price was  $255,000 .  Pricing activity for Condos shows an average list price of $102,297 for Active listings and an average list price of $178,742 for those properties in escrow now. For Condos that closed in the last 30 days the average LIST price was $145,450 , while the average SALE price was $149,000  and the MEDIAN selling price was $149,000 .

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Price per square foot calculations show that for SFRs the average $/SF of Active listings is $124.86 /SF, for properties in escrow the average is $122.12 /SF and for properties that closed in the last 30 days the average was $127.47 /SF. For Condos the average $/SF of Active listings is $83.16 /SF, for Condos in escrow the average is $122.14 /SF and for condos that closed in the last 30 days the average was $111.15 /SF.

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Sellers and buyers are both interested in how long it takes to close an REO transaction in Temecula, CA these days. Most market reports will evaluate the Days On Market (DOM) figure but this number doesn't give a full picture of how long it's really taking to get an escrow closed. The DOM number counts the number of days the property is marketed but ignores how long everyone waited for bank approvals while it's in escrow. The wait has been increasing for both buyers (for approval on new financing) and sellers (for approval on a short sale). The following statistics include the usual DOM figure as well as a "Total Days" value which represents the total number of days since the property was listed.

For SFRs that have closed in the last 30 days, the average number of days the property was marketed was 25 while the average number of days from listing to closing was 62. For Condos that have closed in the last 30 days, the average DOM was 29 while the Total Days average was 77.

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This information is provided by Aim Real Estate Group Inc. and is intended for use by those who may want to buy or sell property in Temecula, California 92591/92592. Statistics presented here do not include manufactured homes, For Sale By Owner or New Construction. All information deemed reliable but is not guaranteed.

Contact Temecula Realtors (covering the entire Temecula Valley) for more information.  Please call David Northup at (951) 326-0196 to speak with a listing agent, for a list of available properties or to schedule a tour of Temecula homes for sale that interest you!

This is a Temecula Real Estate Market Report for APRIL 2010 with information about SHORT SALES in Temecula, California 92591-92592. This report does not include luxury properties priced over $500,000. For other Temecula Valley market reports go to http://aimreg.com/blog  and use the Categories drop down menu to select the desired market reports.

The volume of activity for Single Family Residences includes 332 Active listings, 176 properties in escrow and 49 homes that have closed in the last 30 days. Recent activity for Condos includes 35 Active listings, 18 homes in escrow and 8 homes that closed in the last 30 days.

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Pricing activity for Single Family Residences in Temecula shows an average list price of $269,829 for Active listings and an average list price of $266,078 for properties in escrow. For SFRs that closed in the last 30 days the average LIST price was $270,851 , the average SALE price was $267,531  and the MEDIAN selling price was  $259,000 .  Pricing activity for Condos shows an average list price of $148,323 for Active listings and an average list price of $126,665 for those properties in escrow now. For Condos that closed in the last 30 days the average LIST price was $139,800 , while the average SALE price was $131,409  and the MEDIAN selling price was $138,138 .

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Price per square foot calculations show that for SFRs the average $/SF of Active listings is $116.94 /SF, for properties in escrow the average is $115.57 /SF and for properties that closed in the last 30 days the average was $118.98 /SF. For Condos the average $/SF of Active listings is $102.76 /SF, for Condos in escrow the average is $99.56 /SF and for condos that closed in the last 30 days the average was $102.48 /SF.

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Sellers and buyers are both interested in how long it takes to close a Short Sale transaction in Temecula, CA these days. Most market reports will evaluate the Days On Market (DOM) figure but this number doesn't give a full picture of how long it's really taking to get an escrow closed. The DOM number counts the number of days the property is marketed but ignores how long everyone waited for bank approvals while it's in escrow. The wait has been increasing for both buyers (for approval on new financing) and sellers (for approval on a short sale). The following statistics include the usual DOM figure as well as a "Total Days" value which represents the total number of days since the property was listed.

For SFRs that have closed in the last 30 days, the average number of days the property was marketed was 123 while the average number of days from listing to closing was 218. For Condos that have closed in the last 30 days, the average DOM was 120 while the Total Days average was 169.

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This information is provided by Aim Real Estate Group Inc. and is intended for use by those who may want to buy or sell property in Temecula, California 92591/92592. Statistics presented here do not include manufactured homes, For Sale By Owner or New Construction. All information deemed reliable but is not guaranteed.

Contact Temecula Realtors (covering the entire Temecula Valley) for more information.  Please call David Northup at (951) 326-0196 to speak with a listing agent, for a list of available properties or to schedule a tour of Temecula homes for sale that interest you!

This is a Temecula Real Estate Market Report for APRIL 2010 with information about STANDARD SALES in Temecula, California 92591-92592. This report does not include luxury properties priced over $500,000. For other Temecula Valley market reports go to http://aimreg.com/blog  and use the Categories drop down menu to select the desired market reports.

The volume of activity for Single Family Residences includes 74 Active listings, 60 properties in escrow and 46 homes that have closed in the last 30 days. Recent activity for Condos includes 7 Active listings, 2 homes in escrow and 4 homes that closed in the last 30 days.

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Pricing activity for Single Family Residences in Temecula shows an average list price of $332,645 for Active listings and an average list price of $300,610 for properties in escrow. For SFRs that closed in the last 30 days the average LIST price was $290,047 , the average SALE price was $286,476  and the MEDIAN selling price was  $287,950 .  Pricing activity for Condos shows an average list price of $191,527 for Active listings and an average list price of $199,450 for those properties in escrow now. For Condos that closed in the last 30 days the average LIST price was $142,400 , while the average SALE price was $138,750  and the MEDIAN selling price was $138,750 .

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Price per square foot calculations show that for SFRs the average $/SF of Active listings is $139.65 /SF, for properties in escrow the average is $133.61 /SF and for properties that closed in the last 30 days the average was $130.53 /SF. For Condos the average $/SF of Active listings is $127.09 /SF, for Condos in escrow the average is $68.13 /SF and for condos that closed in the last 30 days the average was $118.46 /SF.

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Sellers and buyers are both interested in how long it takes to close a transaction in Temecula, CA these days. Most market reports will evaluate the Days On Market (DOM) figure but this number doesn't give a full picture of how long it's really taking to get an escrow closed. The DOM number counts the number of days the property is marketed but ignores how long everyone waited for bank approvals while it's in escrow. The wait has been increasing for both buyers (for approval on new financing) and sellers (for approval on a short sale). The following statistics include the usual DOM figure as well as a "Total Days" value which represents the total number of days since the property was listed.

For SFRs that have closed in the last 30 days, the average number of days the property was marketed was 29 while the average number of days from listing to closing was 63. For Condos that have closed in the last 30 days, the average DOM was 59 while the Total Days average was 113.

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This information is provided by Aim Real Estate Group Inc. and is intended for use by those who may want to buy or sell property in Temecula, California 92591/92592. Statistics presented here do not include manufactured homes, For Sale By Owner or New Construction. All information deemed reliable but is not guaranteed.

Contact Temecula Realtors (covering the entire Temecula Valley) for more information.  Please call David Northup at (951) 326-0196 to speak with a listing agent, for a list of available properties or to schedule a tour of Temecula homes for sale that interest you!

Low participation in HAMP and homeowners who aren't really out of the woods when the Loan Mod is done mean more foreclosures ahead.

Thanks to Dave Rosenmarkle for the following details.

Owners of Murrieta Real Estate in Murrieta, CA who want to Stop Foreclosure may eligible for a loan modification under the Making Home Affordable - Home Affordable Loan Modification Program (or HAMP).

 

HAMP modification steps are:

• First, reduce the interest rate to as low as 2%,
• Next, if necessary, extend the loan term to 40 years,
• Finally, if necessary, forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount.

Note: Servicers may elect to forgive principal under HAMP on a stand alone basis or before any modification step in order to achieve the target monthly mortgage payment.

With all the stories out there about the difficulties homeowners have had in trying to get a loan modification you may be wondering if your lender is even doing loan mods.

Are you interested in knowing if your bank is participating in the efforts to do Loan Modifications under the HAMP program?

The chart below shows a percentage of Active Trial Modifications or Permanent Loan Modifications done by each bank with regard to the total number of loans that are eligible under HAMP guidelines.

The results may surprise you.

It's pretty clear that while GMAC is not the biggest servicer, they are doing more loan modifications per loan they service than any other bank. It's also pretty clear that while Wachovia has become a Listing Agent's favorite bank to work with on a Short Sale (see my post on that topic here - Wachovia / Wells Fargo reaching out to Temecula Homeowners), they are far more interested in doing Short Sales (and foreclosures) than HAMP loan modifications.

For more statistics and to view my complete report, you can see it here - Making Home Affordable - The banks get another report card

If you're looking for a good company to help you with your Loan Modification, contact me. I don't do them myself but I can make sure you get teamed up with a reputable company that only gets paid at the end if they're successful in getting you the loan modification.

-Temecula CA Real Estate Pros

Owners of Winchester Real Estate in Winchester, CA 92596 who want to Stop Foreclosuremay eligible for a loan modification under the Making Home Affordable - Home Affordable Loan Modification Program (or HAMP).

HAMP modification steps are:

• First, reduce the interest rate to as low as 2%,
• Next, if necessary, extend the loan term to 40 years,
• Finally, if necessary, forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount.

Note: Servicers may elect to forgive principal under HAMP on a stand alone basis or before any modification step in order to achieve the target monthly mortgage payment.

With all the stories out there about the difficulties homeowners have had in trying to get a loan modification you may be wondering if your lender is even doing loan mods.

Are you interested in knowing if your bank is participating in the efforts to do Loan Modifications under the HAMP program?

The chart below shows a percentage of Active Trial Modifications or Permanent Loan Modifications done by each bank with regard to the total number of loans that are eligible under HAMP guidelines.

The results may surprise you.

It's pretty clear that while GMAC is not the biggest servicer, they are doing more loan modifications per loan they service than any other bank. It's also pretty clear that while Wachovia has become a Listing Agent's favorite bank to work with on a Short Sale (see my post on that topic here - Wachovia / Wells Fargo reaching out to Temecula Homeowners), they are far more interested in doing Short Sales (and foreclosures) than HAMP loan modifications.

For more statistics and to view my complete report, you can see it here - Making Home Affordable - The banks get another report card

If you're looking for a good company to help you with your Loan Modification, contact me. I don't do them myself but I can make sure you get teamed up with a reputable company that only gets paid at the end if they're successful in getting you the loan modification.

-Temecula CA Real Estate Pros

According to the most recent Servicer Performance Report, there has been a dramatic increase in the number of loans modified under the Home Affordable Loan Modification Program or (HAMP). The HAMP program is part of the Making Home Affordable Program launched by the Obama Administration in February 2009.

So how are the banks doing? What level of participation are different banks demonstrating?

Let's take a look.

First an overview of the entire program. Here are some interesting statistics:

• The number of permanent loan modifications is up by 45% since last month
• More than 170,000 permanent modifications have been done (guaranteed lower payments for 5 years).
• 91,800 additional modifications have been approved and are pending borrower's approval/acceptance
• Over 1,300,000 borrowers have received Trial Modification Offers
• Median Savings for borrowers that received a  permanent loan modification = $518/month
• Making Home Affordable has a goal of offering 3-4 million homeowners loan modifications by Dec. 2012.
• 1,300,000 offers to date

Of the permanent modifications that have been done so far:

• 100% had an interest rate reduction
• 40.8% had the term extended
• 27.8% had some sort of principal forbearance

The Hardship reasons for permanent modification were:

• 57.4% Loss of income
• 10.8% Excessive Obligations
• 2.7% Illness

So how do individual banks compare?

One of the biggest questions homeowners have is "What are my chances of getting a loan modification with ------ Bank?". Here's how the different banks compare.

It's pretty clear that while GMAC is not the biggest servicer, they are doing more loan modifications per loan they service than any other bank. It's also pretty clear that while Wachovia has become a Listing Agent's favorite bank to work with on a Short Sale (see my post on that topic here - Wachovia / Wells Fargo reaching out to Temecula Homeowners), they are far more interested in doing Short Sales (and foreclosures) than HAMP loan modifications.

Here are the total numbers by servicer.

 

Here is a look at the types of Investors behind the loans that have been modified.

 

And one last chart to show the MSAs with the highest HAMP activity.

The numbers show that my area of Riverside/San Bernardino/Ontario is 5th in the nation with regard to HAMP activity.

If you want to see the entire report you can access it from my site at http://aimreg.com/-hamp.asp on the left sidebar. As of this post, the Feb 2010 report is the most recent.

-Temecula CA Real Estate

Wachovia has been very aggressive in recent months, training some Winchester Realtors® to work within the system they've set up to Fast-Track qualifying Short Sales. They've also sent out over sixty-six thousand packages to borrowers who are struggling with their payments, notifying them of their Fast-Track program.

Owners of Winchester Real Estate who are having a tough time paying their mortgage (or even those who can forecast a hardship in the near future) are advised to seek the help of a Wachovia Fast-Track Trained Realtor® who can help them understand their options.

Benefits to the seller include:

• Quick approval of hardship (3-4 days)
• Quick approval of sale price and purchase offer (5-7 days)
• Offer approval good for 30 days - Extensions are easy
• YOU DO NOT HAVE TO BE DELINQUENT
• DEFICIENCY IS RELEASED
• May be eligible to receive "Cash for Keys" payout
• Okay for investor to purchase and rent back (But the investor may not be a family member.)

Qualifying loans may have been originated by one of the following lenders:

• Golden West Financial
• World Savings
• Wachovia

Contact Aim Real Estate Group to speak with a Wachovia Fast-Track Trained Realtor® and see if this might be the right option for you!

Wachovia has been very aggressive in recent months, training some Murrieta Realtors® to work within the system they've set up to Fast-Track qualifying Short Sales. They've also sent out over sixty-six thousand packages to borrowers who are struggling with their payments, notifying them of their Fast-Track program.

Owners of Murrieta Real Estate who are having a tough time paying their mortgage (or even those who can forecast a hardship in the near future) are advised to seek the help of a Wachovia Fast-Track Trained Realtor® who can help them understand their options.

Benefits to the seller include:

• Quick approval of hardship (3-4 days)
• Quick approval of sale price and purchase offer (5-7 days)
• Offer approval good for 30 days - Extensions are easy
• YOU DO NOT HAVE TO BE DELINQUENT
• DEFICIENCY IS RELEASED
• May be eligible to receive "Cash for Keys" payout
• Okay for investor to purchase and rent back (But the investor may not be a family member.)

Qualifying loans may have been originated by one of the following lenders:

• Golden West Financial
• World Savings
• Wachovia

Contact Aim Real Estate Group to speak with a Wachovia Fast-Track Trained Realtor® and see if this might be the right option for you!

Wachovia has been very aggressive in recent months, training some Temecula Realtors® to work within the system they've set up to Fast-Track qualifying Short Sales. They've also sent out over sixty-six thousand packages to borrowers who are struggling with their payments, notifying them of their Fast-Track program.

Owners of Temecula Real Estate who are having a tough time paying their mortgage (or even those who can forecast a hardship in the near future) are advised to seek the help of a Wachovia Fast-Track Trained Realtor® who can help them understand their options.

Benefits to the seller include:

• Quick approval of hardship (3-4 days)
• Quick approval of sale price and purchase offer (5-7 days)
• Offer approval good for 30 days - Extensions are easy
• YOU DO NOT HAVE TO BE DELINQUENT
• DEFICIENCY IS RELEASED
• May be eligible to receive "Cash for Keys" payout
• Okay for investor to purchase and rent back (But the investor may not be a family member.)

Qualifying loans may have been originated by one of the following lenders:

• Golden West Financial
• World Savings
• Wachovia

Contact Aim Real Estate Group to speak with a Wachovia Fast-Track Trained Realtor® and see if this might be the right option for you!