New California Law Grants Foreclosure Extensions of Time When Listing and Selling a Property
Long Beach/Southern California Real Estate • December 9, 2024
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Back in September, 2024, the Governor signed a bill which would prohibit a foreclosure sale for another 45 days after a listing agreement is signed, and also prohibit a foreclosure for another 45 days after a purchase agreement with a buyer is executed. This is stating the issue simply, and as stated already, certain other guidelines must be followed. Several things must be done by the mortgage servicer, including:
"The mortgage servicer shall provide a means for the borrower to contact it in a timely manner, including a toll-free telephone number that will provide access to a live representative during business hours.
"(5) The mortgage servicer has posted a prominent link on the home page of its internet website, if any, to the following information:(A) Options that may be available to borrowers who are unable to afford their mortgage payments and who wish to avoid foreclosure, and instructions to borrowers advising them on steps to take to explore those options.(B) A list of financial documents borrowers should collect and be prepared to present to the mortgage servicer when discussing options for avoiding foreclosure.(C) A toll-free telephone number for borrowers who wish to discuss options for avoiding foreclosure with their mortgage servicer.(D) The toll-free telephone number made available by HUD to find a HUD-certified housing counseling agency.
As a borrower, you should make sure your contact information is completely current with your lender, so that if they need to contact you, you are available and are properly notified.
In Long Beach right now, there are about 203 residential and commercial properties in some stage of foreclosure, according to the property tax records; only 10 of these properties is on the market or in escrow. If you are one of these owners who are not on the market, and you haven't engaged your lender in any type of conversation, or you've received some type of notice in the mail but you haven't acted on it, you should not waste any time in contacting your lender, especially if you are interested in remaining in your home or otherwise keeping your property. Because if you don't act, you could lose your property and the equity with it.
If you are thinking of selling, you still need to be in touch with your lender, but you should also take action now in finding out what your market value is by contacting a REALTOR who can work with you on your selling requirements.
For more information on the new required timelines and procedure affecting both the mortgage servicer and the property owner, see the link below for the new law.
See the new law at AB2424 If you have any questions about what to do, please feel free to contact me and see how I can help you.
Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996
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View towards San Pedro One of my most popular posts was on the cost of waiting to buy, posted several years ago. And it's still an important reason to make a move -- Renting vs. Buying. Waiting for better interest rates can result in long term higher costs. Renting has zero equity growth and offers no tax benefits of homeownership.It's important to watch the shifts in the local market, and stay ahead of the changes, not behind them where you're playing catch-up.There's been talk of when the interest rates will drop -- but look at the local market--in spite of interest rates dropping and then rising again, the local single family market and condo market has still risen when comparing October 2023 to October 2024. The demand is still strong, and that's helping the overall upward surge in prices. Here's a scenario from my post back in 2009, you can substitute in current asking prices and slightly higher interest rate, but the point is still the same:Let's make an assumption that the prices may still decline 5% more
before they start appreciating again. If while a buyer was waiting for
the price on a $250,000 to go down 5% to $237,500, and the interest rate
goes up one percent from 5.25% to 6.25%, which is entirely possible,
the buyer's monthly payments will increase almost $79 per month. If you're a first time buyer (meaning you haven't owned property in the last years), look into the buyer programs offered through various banks.If you're holding back because you think interest rates will drop again, or again, just think about how you could be gaining equity, and saving on tax deductions. Not every home that's come on the market is selling, and reasons vary, but think again about your goals towards homeownership. Julia Huntsman, REALTOR, Broker |
http://www.abodes.realestate |
562-896-2609 |
California Lic. #01188996
Long Beach Sales October 2024 In October, the average sales price of a single family increased by 1.1% since one year ago, to $1,089,651.The median SFR price for October was $940,000, an increase of 4.2% from one year ago.For condos, both the median and average prices also increased, by 1.5% and 1.6% respectively, $559,000 and $619,000 respectively. The inventory of homes for sale increased also, an encouraging sign for buyers, by 3.1%, but at a total of 270 homes for the entire city, that's not such a very large number compared to other cities in some states. Note the small print at the bottom, that the sales price showing does not account for down payment assistance or seller concessions. Many people may not know this, but seller concessions, i.e., repairs, seller contribution to buyer costs, are noted in the MLS separately when the property closes. So an appraiser notes these concessions and subtracts that figure for the net amount of the sale price of the property. And, broker compensation has always been calculated into final sales figures, so knowing that amount is of significance to all parties as well.In the coming 2025 year, increased inventory, lower interest rates and a strong economy will create a more viable real estate market. Supply and demand are always the key driving factors, so greater supply helps both buyers and sellers.If you would like to know your home value, even if you're not sure about selling, but perhaps for insurance purposes, or any other reason, just contact me or use the property search on my website to review the market in your area. Go to https://www.abodes.realestate/mls-property-searchJulia Huntsman, REALTOR, Broker |
http://www.abodes.realestate |
562-896-2609 |
California Lic. #01188996
Seller Guide GraphicSeptember 2024 sales data in Long Beach California shows a climbing 3 year price trend using price per square foot for single family homes, an increasing number of days on the market and more homes selling under list price as over list price. Properties on the market longer than 5 weeks amounted to 65% of the listings. Price per square foot is more commonly used in commercial listings, but here it's an additional way of showing the overall price increase in single family homes.The average price of a single family home in Long Beach in September was $1,105,665 the condo average was $571,828.Yes, there are homes lower than $1,000,000, and it's even possible to use FHA financing (3.5% down payment) in the higher brackets. Please contact me if you are interested in finding out more! Or go to my website below to use the property search which has the latest information from the MLS. Julia Huntsman, REALTOR, Broker |
http://www.abodes.realestate |
562-896-2609 |
California Lic. #01188996
Summary of Yearly Housing Sale DataThe annual report by the REALTOR trade group was publicly reviewed last Wednesday at the Long Beach meeting at the Convention Center by CAR economist Jordan Levine. What do people want to know first? How much more will houses cost next year.Here are 3 main points from the CAR economist report for 2025:Existing, single-family home sales are
forecast to total 304,400 units in 2025, an increase of 10.5 percent
from 2024’s projected pace of 275,400.
California’s median home price is
forecast to climb 4.6 percent to $909,400 in 2025, following a projected
6.8 percent increase to $869,500 in 2024 from 2023’s $814,000.
Housing affordability* is expected to
remain stable at 16 percent next year after slipping to a projected 16
percent in 2024 from 17 percent in 2023.There's much more to this 2025 annual report, which can be shared on request.If you would like to discuss your home value, please feel free to contact me for conversation. Or, try out this automated home valuation program which will also send you email updatesJulia Huntsman, REALTOR, Broker |
http://www.abodes.realestate |
562-896-2609 |
California Lic. #01188996
House with pool A situation to avoid in any market is ending up with a contract price that the appraiser doesn't agree with. Sometimes sellers are willing to lower their selling price, or buyers raise their contract price, or adjust their loan level if possible to meet the new selling criteria. Sometimes an appraiser is willing to make an adjustment (not very common), or the lender order a new appraisal which is probably going to be an additional expense to the buyer. This is why it's so important to find the right list price and selling price when putting your property on the market--sometimes though, there's just no predicting even when you thought you chose justifiable comparables. Read the article below about how these disparities can come about. How Can Two Appraisers Value the Same Property Differently?: One of the most frustrating things for consumers, agents, and even appraisers involved in a real estate transaction is seeing disparate results in two or more appraisals of a property. A variety of factors—including timing, purpose of the valuation and comparable sales used—can lead to disparities.
