Foreclosures Decline in January 2013
According to CoreLogic’s National Foreclosure Report, 61,000 foreclosures were completed nationwide in January. This is down from 75,000 completed foreclosures in January 2012, a year-over-year decrease of 17.8 percent. On a month-over-month basis, completed foreclosures rose from 56,000 in December 2012 to the January level of 61,000, an increase of 10.5 percent. As a basis of comparison, prior to the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month between 2000 and 2006. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 4.2 million completed foreclosures across the country.

Approximately 1.2 million homes were in some stage of foreclosure in the U.S., known as the foreclosure inventory, as of January 2013 compared with 1.5 million in January 2012, a 21 percent year-over-year decrease. This was the 15th consecutive month with a year-over-year decline. Month over month, the foreclosure inventory was down 3.3 percent from December 2012 to January 2013. The foreclosure inventory as of January 2013 represented 2.9 percent of all homes with a mortgage compared to 3.5 percent in January 2012.

{ Chocolate Luxury }

First all brown chandelier I’ve seen and I love it! This room seems elegance and luxury!

Rising home prices offset lower interest rates, reducing housing affordability in California during the third quarter of 2012, C.A.R. reported Monday.

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California fell to 49 percent in the third quarter of 2012, down from 51 percent in second-quarter 2012 and from 51 percent in third-quarter 2011, according to C.A.R.’s Traditional Housing Affordability Index (HAI).

Home buyers needed to earn a minimum annual income of $65,810 to qualify for the purchase of a $339,860 statewide median-priced, existing single-family home in the third quarter of 2012.  The monthly payment, including taxes and insurance on a 30-year fixed-rate loan, would be $1,650, assuming a 20 percent down payment and an effective composite interest rate of 3.72 percent.  The effective composite interest rate in second-quarter 2012 was 3.92 percent and 4.63 percent in the third quarter of 2011.

~CALIFORNIA ASSOCIATION OF REALTORS®

As a real estate broker in California, I receive regular updates from the California Association of Realtors (CARS) about the housing market. This week I was shocked to see what was in my inbox. CARS has been fighting a battle with the Federal Housing Finance Administration (FHFA) and Fannie Mae about selling off their REO homes in bulk sales and to undisclosed investors at deep discounts. The issue is with the sale of about 500 Fannie Mae-owned foreclosed homes in the Los Angeles and Inland Empire to undisclosed institutional investors, it negatively affects the California’s state housing market and will burden taxpayers with Fannie Mae’s loss. (CARS Newsletter). Moreover, their actions are affecting markets that have actually seen the increase of sales of homes and price stabilization over the last three years. (CARS Newsletter).

If you have looked into purchasing a home lately, you will know that these areas in the southern California area are experiencing a strong housing/buyer demand with very little homes for people to purchase from. The low availability of actual homes to purchase with the high demand to buy keeps housing prices high (lower prices than we have seen in the past but keeping the prices high helps current home owners who have purchased in the past when housing prices were even higher). With the bulk REO sales, it is predicted that the prices of the houses will fall dramatically due to the increase supply of homes. Currently, Fannie Mae is slowly releasing their REOs and I believe they should continue to do so. Their bulk sale will change our already ever changing real estate market. It will likely be a benefit to anyone who would like to purchase a home within the next few years but it will affect so many who have purchased already. It will perhaps even affect those who just purchased recently.

As an economics major in undergrad and an attorney, I am still baffled at the fact that California congressional leaders cannot comprehend some of the basic supply and demand principles that are fully explained in detailed to them and the consequences of their actions. Perhaps the leaders have another insight that we just do not see. But as of now, even as an attorney, one can feel helpless.

Katie Bayliss, Esq.
Katie B Realty

‎{ Rooftop Lounge }

This photo just takes my mind to another place…to heaven! I don’t think I could live with myself if I was blessed with such a life :D. So in the meantime, I’ll keep dreaming! ♥

Yay KatieBRealty.com is live!!! After months in the making and making edits here and there with my awesome webmaster, we have it live and ready to share some cool new home related things there. Please come back to my site often.

So my next project aka PARTY is the launch of Katie B Realty.com and my new company name Katie B Realty where I will be employing agents in the state of California. I used to be a self entitled broker but now I am a company! 😀 Woo hoo. So if you are an Agent looking for an awesome and relaxed Broker to work for, contact me at info at katiebrealty.com or please fill out the form under the “Contacts” tab. Thanks!

~ Katie Bayliss for Katie B Realty
Orange County Real Estate Broker

Hello hello!!!

Hope everyone is sleeping well tonight. I’m up working on some emails and looking into some homes for my new real estate client. My TC (technical coordinator) and real estate/property researcher is helping me look into the details of the homes we are finding and seeing what is best for my client. We look into property tax percentage for that particular community (they do vary depending if the builder), special/local assessments, HOA fees, mello roos, etc. That’s all money that a home buyer can save and that’s what I’m going to do to help my clients. I just don’t say, “Hey look up the homes online and tell me what homes you like. I’ll show you the homes YOU PICKED OUT!” I can’t believe there are agents who do that…and many to say the least! That’s called being lazy!!! That’s my job and I will only show quality homes.

This new client’s specifications are fun! It’s going to be a modern bach pad. Can’t wait to show you the homes we’ll be looking at.

~Katie Bayliss, Esq.
Real Estate Broker, Member of the Realtor Association, and Attorney

{ Nifty in Teal }

I love how this vintage style mirror is brought to life with just a coat of paint!

Don’t underestimate how a cool tone color can bring so much brightness and feeling into a room!

I’m sure you can do this to one of your old picture frames or mirrors. Paint is your best friend. Don’t fear it!

~ Katie Bayliss, Esq.
Real Estate Broker, Member of Realtor Association, & Attorney
Orange County, California

If any of you have ever tried to short sale your home or purchase a short sale and the bank of the note was Bank of America, then you know the pain I am talking about. Let’s just say that Bank of America’s not the fastest moving bank around. Oh boy do they have a bad reputation for their slowing moving short sale process. They used to take up to 1 1/2 years to approve a short sale. But now they have their approval time to 2 to 3 months. This article will come to you as a surprise. They are not the fastest moving bank around. Sometimes you have to wait weeks if not months to get an approval for a short sale. Thus, this article is super awesome!

Bank of America Makes C.A.R. Recommended Changes to Short Sale Process

Over the past few months, C.A.R. has worked with Bank of America to make changes to the bank’s short sale purchase contract addendum and Short Sale Real Estate Licensee Certification.  Starting April 14, along with other changes, agents and brokers are no longer required to sign the Short Sale Addendum.

C.A.R. is pleased BofA has made these changes to its short sale documents in line with C.A.R. recommendations and looks forward to continuing to work with BofA to improve the short sale process in ways that will mutually benefit both REALTORS® and lenders.

~ CARS

{scenic view of the water}

Who wouldn’t want to wake up and open their backyard doors to this gorgeous view?  The sound of the splashing waves and your hair getting caught in the morning breeze makes it worth getting up even if you have to head out the front door for work!