Housing & Economic Housing Act of 2008 Signed Today!

President Bush just signed into effect several provisions that will effect our housing market! According to the National Association of REALTORS, here is a brief overview. Some of the changes are as follows: FHA loans will be reformed. There is now a permanent, greater loan limit of $271,050 or 115% of the local area median home price, with a cap of $625,000. The minimum down payment will go up to 3.5%, but this could be paid by family members, employers, or charitable organizations.(no longer the Seller).
VA loan limits are also increased. A Homeowner Tax Credit is available for those Buyers who purchase from April 8, ‘08 and June 30, ‘09. The credit is repayable over several years. To read more,
click on the link. www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument

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Testimonial from a Happy Customer!

“I was a first time buyer and a little nervous about buying a home. Deborah explained the whole process along the way and put me at ease.She was patient with my many questions and was eager to make sure I was happy during all the negogiations and the steps while we were in the escrow period. I love my new condo and recommend Deb to everyone I can. When I am ready to buy a larger place, I will call her!”
J. A.

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Rancho Palos Verdes Sales

This chart shows sales of single family homes in the last 18 months that are the typical size of 2000 estimated square feet to 2700 est. sq. ft.

For More Information Contact Deborah at 310-808-3739 or email dlondon@remax.net or visit my website.

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Real Estate in the Media-What to Believe?

There are numerous articles about the health of the real estate industry, some saying we are near the bottom of the downturn-others that paint a much more gloomy picutre. How does one know what to believe? We certainly can’t believe everything we read, especially when it’s contradictory.
The best thing to keep in mind is home values vary from neighborhood to neighborhood. What you read about Southern Calif in general probably does not apply to the Palos Verdes Peninusla. PV has weathered this downturn that started in the fall of 2005 fairly well with a minimal loss of home values. Check back here soon to hear more about home values on the hill!

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Why this is the best real estate market ever!

There is so much negative press about California’s housing market, and also the national housing market as well-yet, this is the greatest real estate market ever! You might be thinking, “How can this be true?” Here’s how: it is the market we have in front of us today, and today is our greatest day!
In all actuality, it’s not quite that simple. Buyers want a “good deal” and often refuse to come up to fair market value in their negogiations. They may need to write several offers before they actually purchase a home. In the process, they may lose their favorite home and need to settle for their 2nd or 3rd choice. Multiple offers still abound and many homes in So. Cal. are selling quickly when they are well-priced and in lovely showing condition.
Sellers with equity are competing with low priced homes owned by banks or distressed homeowners willing to let their home go for, what is sometimes, a deeply discounted price. This is a challenge, that also brings benefits. One benefit is it brings a needed correction to the sales cycle. The cycle goes up; the cycle goes down.
This is a good market for investors looking to buy now and hold for a while. Holding real estate in your portfolio is an obvious way to disversify.
Your comments are appreciated!

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Blog Probes Real Estate Models

www.REALonomics.net is a blog that is asking serious questions about where the real estate industry is going. More specifically, REALonomics poses challenges to the broker/owners to adopt models that will allow their organizations to become more transparent.

REALonomics.net advocates that the industry open up the property information portals to consumers and upgrade its approach to how it is interacting with the consumer by implementing more social networking such as www.CityBlogUSA.com, a community blogging network for every city in the USA.

Visit www.REALonomics.net.

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Condos in Town?

Are there any condo projects in Rancho Palos Verdes, California and are there any that are on golf courses? What is the condo price range? Are there any age restricted condo communities?

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Real Estate Companies

Rancho Palos Verdes has a lot of real estate companies. Which one is considered the best company according the Rancho Palos Verdes, California residents? Who are the best real estate agents in Rancho Palos Verdes, California? Historically, which company has been there the longest? Do any of the real estate companies also have title and mortgage companies?

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Foreclosures in Town?

Can anyone speak to the issue of foreclosures in Rancho Palos Verdes, California? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Rancho Palos Verdes?

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