Mike’s Real Estate Show

Events (Free, unless cost noted)

Tuesdays this summer – Kid films at the Windsor Town Green Time: 15 minutes after sunset

July 11 – Santa Rosa Downtown Market – along 4th Street from B to D Streets.  Time: 5-8:30pm

July 12 — Windsor Summer Nights on the Green! Every Thursday Evening - June, July, August. Windsor Farmers Market. Music tonight – Charlie Musselwhite. Food for sale. Come early for dinner. Family lawn games. Bring your low-back chairs and blankets, and picnic on beautiful Windsor Town Green! Time: Market opens 5 p.m.; Music at 6pm

July 12  – Thursdays “Brown Bag” Lunches – Weekly Entertainment Series in Courthouse Square.  Time: 12-1pm

July 13 — Live Music Each Friday evening. The bands will be jammin out front on our beautiful deck. Wines by the glass are offered starting at $5.00. We offer plenty of foods to choose from. SL Cellars 9380 Sonoma Hwy Kenwood Time: 6 p.m. - 9 p.m.

July 14 – Stones and Images Tour – Learn the meaning of the symbols and emblems carved on the tombstones, the origin of the styles of the stone markers and the significance of some of the trees and shrubs which were a part of grave site planting.  An easy, one-hour stroll under the beautiful oaks will be led by docents.  Tours leave every 15 minutes.  Franklin and Monroe  Time: 10am Read the rest of this entry »

Tip of the Week:   One more service I can provide you – Land and Construction loans!  I work with quite a few investors that provide financing for the purchase of Land as well as for Construction on land being purchased.  If you, or someone you know, has a property you’d like to build on, or would like to build on a piece of property you’d like to buy, give me a call and I can help you structure your purchase loan and let you know what you will need to keep moving forward.  Construction loans do require plans to be approved prior to the close of the loan, but once you have those, the transaction can be very smooth.  And there are options for construction loans where you can have a one time close – you won’t have to find financing once the project is complete as the construction costs will be wrapped up into a new loan at the end.  You’ll receive a guaranteed rate, and if rates should go down prior to the close of the construction period, you’ll have the option of getting that better rate.  There are lot’s of possibilities!  

Think of me as your Full Service Real Estate Financing source!   If you, or someone you know is thinking of building their dream home, or wants to purchase the property to build their dream home, give me a call today.  I am delighted to assist you in finding the perfect loan for your purpose.    (707) 284-2718 and on the web www.aliciahodenfield.com. 

Press Releases
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Joint Release Office of the Comptroller of the Currency
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of Thrift Supervision
National Credit Union Administration 

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For Immediate Release June 29, 2007

Federal Financial Regulatory Agencies Issue Final Statement on Subprime Mortgage Lending
The federal financial regulatory agencies today issued a final Statement on Subprime Mortgage Lending to address issues relating to certain adjustable-rate mortgage (ARM) products that can cause payment shock.

The statement describes the prudent safety and soundness and consumer protection standards that institutions should follow to ensure borrowers obtain loans they can afford to repay. These standards include a fully indexed, fully amortized qualification for borrowers and cautions on risk-layering features, including an expectation that stated income and reduced documentation should be accepted only if there are documented mitigating factors that clearly minimize the need for verification of a borrower’s repayment capacity. Consumer protection standards include clear and balanced product disclosures to customers and limits on prepayment penalties that allow for a reasonable period of time, typically at least 60 days, for customers to refinance prior to the expiration of the initial fixed interest rate period without penalty.

The statement reinforces the April 17, 2007 interagency Statement on Working with Borrowers, in which the agencies encouraged institutions to work constructively with residential borrowers who are financially unable or reasonably expected to be unable to meet their contractual payment obligations on their home loans. Workout arrangements that are consistent with safe and sound lending practices are generally in the long-term best interest of both the financial institution and the borrower.

The agencies published the proposed Statement on Subprime Mortgage Lending for comment on March 8, 2007. Comments were received from financial institutions, trade associations, consumer and community organizations, members of Congress, state and local officials, and members of the public. The agencies made a number of changes to the proposal to respond to commenters’ concerns and to provide additional clarity.

The Statement on Subprime Mortgage Lending is attached.

Attachment: Statement on Subprime Mortgage Lending

FDIC-PR-55-2007

Media Contacts:

Federal Reserve Deborah Lagomarsino (202) 452-2955
FDIC David Barr (202) 898-6992
NCUA Cherie Umbel (703) 518-6337
OCC Kevin Mukri (202) 874-5770
OTS Kevin Petrasic (202) 906-6677
 

Rates as of 7/6/07         

Give me a call to get information for your sellers about offering buy downs for buyers!  It could be a great incentive for buyers.  To buy down the rate, the seller would be needs to pay about 2% of the loan amount to get the rate down to 6%, as of today’s conforming rates.  A Sampling of today’s rates follows – all rates are quoted without points.  Buyers can buy down their own rate buy paying points (1 point = 1% of the loan amount; 1 point will not buy down the rate one percentage point.  Please contact me for details and actual buy down rates)

Conforming                 fully amortized                        interest only

30 year fixed               6.625%                                    6.875%

3/1 ARM                     6.625%                                    6.875%

5/1 ARM                     6.75%                                     6.875%

7/1 ARM                     6.75%                                     6.875%

10/1 ARM                   7.00%                                     7.125%

                                                             fully amortized                        interest only

JUMBO – up to $1million

30 year fixed               6.875%                                    7.00%

3/1 ARM                     7.00%                                     7.00% 
5/1 ARM                     7.00%                                     7.00% 

7/1 ARM                     7.125%                                    7.125%

10/1 ARM                   7.125%                                    7.125%

100% financing: Mortgage Insurance may also be an option – here are some possibilities without MI.

 30 year fixed – 80/20  - Conforming loan amount on the first 7.125% 1st / 10.25% 2nd – assumes 680 credit score and full document loan for 2nd pricing – better score, better pricing on the 2nd

30 year fixed – 75/25 – Conforming loan amount on the first 6.875% 1st / 10.25% 2nd – assumes 680 credit score and full document loan for 2nd pricing – better score, better pricing on the 2nd

Call for information on Blended rate 100% options with No MI.  I will evaluate and consult with client whether mortgage insurance is a better option. 

Other loan options… I can provide additional loan options, including Alt-A loan products, Option ARMS, the Flexible Hybrid ARMS, Commercial loans, Home Ownership Accelerator Program, Construction Loans, Loans for Investment Property, Community Lending Program for those who might not qualify for traditional loans and much, much more!

 Here’s the fine print: Conforming limit is $417,000.00.  Rates assume impound account set up and except for 100% financing, assumes loan to value (LTV) no more than 80%.  Funds to be used for purchase.  Cash out refinances may incur higher rates.  Rates quoted with a 30 day lock.  Subject to qualifying borrowers and properties.  Rates quoted for fully documented loans.  Rates are as of 7/6/07 and are subject to change.  Rates are quoted WITHOUT points.  Borrowers may buy down the rate.  Each application is evaluated on an individual basis.  There may be better suited programs for borrowers the may offer better rates/terms as well as options for non-qualifying borrowers.

Alicia Hodenfield,Investors Trust Mortgage  Direct line (707) 284-2718

Cell (707) 483-6299

Fax (707) 573-8109

1105 N. Dutton Avenue Suite 200 Santa Rosa, CA  95401

www.aliciahodenfield.com

Licensed by California DRE #01104067/Salesperson License #01501465

“We must learn to live together as brothers or perish as fools.” — Martin Luther King, Jr. 

Oh by the way, if you know of someone thinking of purchasing or refinancing a home, who would appreciate the kind of service I offer, I’d love to help them.  As these people come to mind, just give me a call with their name and number.  I will be happy to follow up and tend to their real estate financing needs.

CONFIDENTIALITY NOTICE:  The information contained in this e-mail message, including any attachments is confidential and/or proprietary information intended only for the use of the individual or entity named on this e-mail.  If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution or the taking of any action in reliance on the contents of this e-mail is strictly prohibited, and that the documents should be returned to this company immediately.  In this regard, if you have received this e-mail in error, please notify us as the address above.  Thank you.

Al Gore’s kid was stopped for speeding at 100 miles per hour in his Preius and when they pulled him over they discovered the odor of marijuana and noticed some other “influences” in the car. This is absolutely shocking!!! I had NO IDEA a Preius could do 100Miles Per Hour!!!!

The $1,000,000 home report:  properties listed and sold for a $$$Million+ in price have extended  time on the market and supply increasing. Currently in Santa Rosa there are 138 Homes now on the market with only 14 in escrow. This is about a 10 month supply of homes. For the past six months we have a total of 65 Sales with a median price of $1,175,000. Five years ago for the same reporting period we only had 14 sales in the $1,000,000+ price point!! Yes, appreciation lifted ALL ships!

  Countywide it is a bit different. 406 “Active Listings” our now on the market with 72 in escrow or just under a six month supply of homes. In the past six months we have 184 “Sold” properties with a median for the county right around $1,275,000. Average time on the market is about the same at 129 days. The bulk of the activity happens from $1,000,000 to $2,000,000 with 154 sales in this price range.

  Those areas with the most $1,000,000 properties are the Eastside of Santa Rosa, Healdsburg/Cloverdale (wine country influence here!) and Sonoma. The coast also draws its fair share of $1,000,000+ properties as our very dramatic coast gives us some dramatic price points!!

  In our real estate community one of the good guys is Mark Davidson. Mark has worked in the Title Company business for years, is a gifted artist (his classic cars posed in wine country vineyards are collector items as is his classic corvette!)and an astute observor of our industry. He sent me the following quotes from our Founding Fathers and great statesman of the past which he feels, reflect, how we might wish to accept the current state of our real estate market and perhaps the world:

“As we celebrate our 4th of July, its important to recognize the challenges that were overcome to help create freedom for this wonderful country. The current Real Estae Industry now faces it’s own set of challenges that may parallet many of early Americas’s. Consider how these patriot’s ideals can still apply today:

“These are the times that try men’s souls”…Thomas Paine

“Energy and persistence conquers all things”…Benjamin Franklin

“It is wonderful how much may be done if we are always doing”…Thomas Jefferson

“Always bear in mind that your own resolution to succeed is more important than any one thing”…Abraham Lincoln

Enjoy celebrating America’s freedom with friends and family!”

Compiled by Mark Davidson, 707-548-1291 and MarkRDavidson@comcast.net

FOR IMMEDIATE RELEASE
CONTACT: Michael J. Kelly, CRS,SRES 707-322-8503
Or 800-959-7244

MORE THAN A MILLION $5 MILLION-DOLLAR HOUSEHOLDS
Number of Ultra-Affluent households in the U.S. increased 23% in 2006
Increasing wealth drives luxury home market

Santa Rosa,Calfornia (July 4, 2007) – For the first time in history, there are more than a million households in the United States with a net worth of $5 million dollars or more (not including primary residences), according to an April report released by the Chicago-based Spectrum Group, “Affluent Market Insights 2007.”
  The number of Ultra High Net Worth individuals (those with a net worth of $5 million or more, excluding primary residences) grew 23% in 2006, representing the fastest growing sector of the luxury market.  These numbers echo trends seen elsewhere indicating that while the rich are getting richer, it’s the ultra-affluent who are experiencing the greatest increase in wealth.  According to the 2006 Forbes list of the Top 400 Richest Americans, each of the 400 individuals has a net worth of at least $1 billion dollars, a first since the company began compiling its list.

Read the rest of this entry »

  As a member of The Institute of Luxury Home Marketing I have had the pleasure of hearing lectures from the Institute’s leader, Laurie Moore-Moore (yes, this IS her real name!) and the following is her advice for “staging” Donald Trumps amazing estate in Florida. And you thought moving the old recliner to the garage was a major issue?? Read on!