Best 10 Real Estate Markets in the U.S.

Orange County, California is not one of the best real estate markets in the U.S., but Utah has three cities in the top ten. The best city, Wentatchee, Washington is experiencing significant price increases through the first three quarters of 2007; 15.7 %. Wow! In comparison, O.C. closed sales in November 2006 compared to November 2007 went up 11.3%, while prices only went up an average of 1% over the same period. Of course, some O.C. cities are doing poorly while others are doing well. If you want a list of the top ten U.S. cities, or details on your city in O.C., contact me by email, tom@tomlevitt.com or call me at 714-264-5964.

California Foreclosure Process

The current real estate market poses some hearty challenges for everyone; especially, property owners having difficulty meeting their loan obligations. The process usually begins with what is called a “Notice of Default.” There are numerous possible outcomes leading all the way to a Trustee Sale. If you find yourself in the unfortunate circumstance of falling behind in your mortgage payments, or real estate property taxes, it is wise to talk to your bank or taxing authority to see what special arrangements they may be willing to work out with you. If you are interested in either listing or buying foreclosures, or other similar properties, I can help! Simply call me at 714-264-5964, or email tom@tomlevitt.com . This link provides a simple to understand process chart depicting how foreclosures work in California. Chart

Who will the Fed's Suprime Mortgage Plan help?

The Fed's plan is designed to help as many as 1.2 million homeowners who are heading for trouble paying their subprime mortgages, but aren’t yet in foreclosure, haven’t already refinanced, or those who are more than 60 days delinquent on more than one payment over the past year. All the others won’t benefit from the Fed’s plan. The initiative is supposed to help stabilize falling home prices and stem foreclosures. Many charge that the plan amounts to a bailout for financially reckless homeowners. Others think the plan does not go far enough. The contention is sure to continue. Actually, the housing crisis has spread beyond the relatively small subprime universe. Prime adjustable loans which are not covered in the plan, hit their highest rate since 1972, and accounted for nearly 20% of the mortgages starting foreclosure in the third quarter! Whatever your personal opinion on the plan, one thing is for sure, the housing market isn’t likely to improve for quite some time. Let me know what you think. Post your thoughts to this Blog.