Getting Safely Out Of ARMs Way

Here’s another great way to protect yourself from the current meltdown in the housing market. If you own a home and have an adjustable rate mortgage (ARM) set to adjust higher you need to:

• Know your credit score.
• Know the contents of your credit report.
• Clean up your credit report and remove inaccuracies to maximize your credit score.

With the recent changes to the housing market the lenders have made changes to underwriting guidelines. Underwriting guidelines are based on your credit. When underwriting guidelines get more stringent it is the people with the better credit that continue to qualify for good home loans.

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Are We On The Rebound?

While the housing market continues to decline, there is a broad consensus among economists that a rebound will occur in 2008.

According to the ECONOMIC FOCUS, Volume 11, Issue 24 for the week of June 22nd, inorder for a rebound in 2008 the housing market must first bottom out. So, simple logic dictates that if we are a few months away from the rebound then we must be even fewer months away from the bottom.

“I still think we’re not at the bottom in terms of housing construction,” says Mark Vitner, a senior economist at Wachovia Corp. “Sales have to bottom out first. …We haven’t seen that yet. And then construction starts will probably bottom out nine months after that.”

If this holds true, a decline in new home construction should indicate that we are months closer to a bottoming out moving us closer to a recovery. Further, if there is a nine month lag in construction starts and if the industry will start its recovery in 2008 then simple math would place the bottom sometime prior to 2nd Quarter 08.

• May’s numbers were mixed, but in line with expectations, and reflected weakness in the South and West, offsetting construction gains in the Northeast and Midwest. The positive message is that numbers are mixed and not down across the board.
• Construction of single-family homes dropped 3.3 percent in May while apartment construction rose by 3.1 percent, another mixed signal. Historically, a hot housing market draws buyers from the rental rolls and causes a decline in apartment starts. This reversal indicates market corrections at the beginning of the manufacturing process, and as new home inventories shrink, demand will build in the coming months.
• Finally, interest rates remain flat. The Fed has held their rates steady for nearly a year with no indication of sharp rises in the near future. The last thing the Fed wants to do is take the remaining breath out of housing with higher mortgage rates.

Perhaps the soothsayers are correct and we are nearing the bottom and a recovery in the housing market is near.

Seniors in Rancho Cucamonga – Catch a Fox!

Since February of 1999 seniors have had the blessing of transportation to the grocery store and to the James L. Brulte Senior Center for the many health, wellness and recreational offerings. This transportation has been provided by the City of Rancho Cucamonga and Rancho Cucamonga & Fontana Family YMCA and it’s just getting better!

A door-to-door service, as of this summer it has been enhanced with added route services and dedicated Grocery Store and Medical Visit stops Monday – Friday. It’s even been given a whole new name and look – Silver Fox Express!

Seniors ages 60+ can take advantage of this service for an annual fee of $25*. Quite a bargain when you think of all of the traffic, parking, and expensive trips to the gas station you can avoid! “Fox Funds” are available to assist those seniors that qualify. The Silver Fox Express operates within the City limits of the City of Rancho Cucamonga and, for routine medical visits, certain destinations in Upland and Fontana as well.

Contact the James L. Brulte Senior Center for more information (909) 477-2780, or you can go into the Center – 11200 Base Line Road – to complete an application. Once you you’re signed up, call the Reservation Line (909) 987-0777 to schedule your pick-up! The Senior Center has an entire Resource Guide of additional transportation resources available, so make sure to get one next time you drop by.

4th of July Spectacular!

The City of Rancho Cucamonga Presents:

8th Annual Fireworks Spectacular

at the

Rancho Cucimonga Epicenter & Adult Sports Park

(8408 Rochester Avenue)

Featured Performers:

Surf City All Stars

Tickets on sale NOW!

Tickets $7* purchased BEFORE July 4th

Children age 2 and under are free (lap seating only)

ALL Tickets – $10* purchased ON july 4th (if available)

*Ticket surcharges apply

BUY TICKETS EARLY – show has SOLD OUT the last 3 years

Tickets available:

• Walk-up or via phone order at the Lewis Family Playhouse Box Office (909) 477-2752

• Or online here!

PARKING INFORMATION

Parking Lots Open at 5 pm * Stadium opens at 5:30 pm

For safety reasons, Rochester Ave.
(South of Foothill and North of Jack Benny Drive)
will CLOSE to PEDESTRIAN and VEHICLE traffic from 8:40 – 9:45 pm. If arriving AFTER 8:30 pm please use Arrow Route entrance (West of Rochester) to avoid delays due to Rochester closure.

Click HERE for area map and additional parking information.

Fireworks are illegal in the City of Rancho Cucamonga and the law will be strictly enforced. As an alternative, please visit our professional firework display.

Top 10 Markets With Highest Mortgage Risk, Summer 2007

The PMI Group has come out with their summer analysis of the metropolitan regions that have the highest risk of housing losing it’s value in the next two years. The Inland Empire region of Southern California is leading the way followed closely by Phoenix and Las Vegas. All 3 of these regions experienced huge housing gains during 2004 – 2005 so expectations of a flat or negative period are not expected.

PMI Group is one of the largest underwriters of Private Mortgage Insurance so it is in their best interest to know and understand markets and calibrate their PMI rates to counter the risk that is faced.

Top 10 Markets With Highest Mortgage Risk, Summer 2007

1. Riverside-San Bernardino-Ontario, CA (652)
2. Phoenix-Mesa-Scottsdale, AZ (646)
3. Las Vegas-Paradise, NV (614)
4. West Palm Beach-Boca Raton-Boynton Beach, FL (607)
5. Los Angeles-Long Beach-Glendale, CA (586)
6. Santa Ana-Anaheim-Irvine, CA (577)
7. Oakland-Fremont-Hayward, CA (572)
8. Orlando-Kissimee, FL (563)
9. Sacramento-Arden-Arcade-Roseville, CA (560)
10. San Diego-Carslbad-San Marcos, CA (555)

CONGRATULATIONS CLASS OF 2007!!

Seven graduating seniors from high schools around the Inland area express their thoughts and feelings to the Press-Enterprise. Click here to see more!

And if you’re a new graduate, feel free to post YOUR thoughts and feelings right here in the comments section!

Inland Empire Residents: Get Your Career In Gear!!

By Fall 2007, look for the launching of the Inland Empire’s first career-oriented web site dedicated solely to preparing Inland Empire residents for careers in the I.E.

CareerQuest TV (www.CareerQuest.TV), will provide comprehensive, interactive career information on six different categories: Business, Computers, Engineering, Education, Health Care, and Industrial.

Visitors “tuning in” to CareerQuest TV will be presented with potential long-term job prospects that exist locally. The site will also include current postings of Inland Empire area job fairs, career-related events, and other resources that may be beneficial to those looking to advance their career.

Click here to open a link to Rancho Cucamonga’s Fast Track Newsletter and found out more about this innovative way that the Inland Empire is preparing it’s residents to meet the employment needs of local companies to ensure a strong local economy.

Plane Crashes into 3 Upland Homes

UPLAND, Calif. – A twin-engine plane lost power and slammed into homes today while approaching Cable Airport in Upland for landing. The plane came to a rest atop a garage and there was no fire. A wing is atop the roof of another home. There were minor to moderate injuries reported but no fatalities. The Piper Seneca was approaching the airport when it lost power and crashed into three homes on Blossom Circle. Weather doesn’t appear to have been a factor. It was sunny with no clouds or fog.

Click here to see live video.

Niche And Grow Rich . . . Or So They Thought!

May 30, 2007 ·

We all know there are far too many real estate agents in Southern California! So how do you gain an advantage in a saturated market? Marketing 101 teaches us that it’s a smart idea to specialize in a specific niche to gain more business. However, when choosing to specialize, selecting to serve a niche that will use the house for criminal enterprise may not be the wisest long term career move.

I’m sure we all heard about the Stockton California Police finding a string of grow-ops homes, (homes that had been converted to indoor pot farms). Like all good investigators, the police looked for commonality that linked the houses. Bingo they found one! All of the homes had been purchased by a buyer who used the services of two enterprising real estate agents inpurchasing a total of 41 grow-ops throughout San Joaquin and Sacramento counties. These are real estate agents who found their niche and stuck with it!

Those same type indoor grow-ops are now magically appearing all over the western half of the Inland Valley. The Diamond Bar Neighborhood Watch is one among many neighborhoods that have revived its crime-watch program after police raided several local homes in our region.

A sophisticated cultivation system was installed in this local Inland Valley home that included 70 1000-watt sun lamps, 70 power box converters, 12 industrial sized air purifiers, 35 wall fans, and over 200 gallons of liquid fertilizer. Installed throughout the entire house was a drip irrigation and water recycling system

Keep a Watchful Eye

Neighbors keep a watchful eye out for suspicious activity that could indicate that other grow operations are hidden behind closed doors in a home near you. According to Los Angeles County sheriff Lt. Jim Whitten here are some signs to watch for:

• Windows are always shut.

• Unkempt yards.

• Lack of activity inside and outside.

• Mail or newspapers piling up outside.

• New owners immediately begin heavy construction inside.

• Owners move in several items, but there is a noticeable absence of clothing or furniture.

• A three- or four-bedroom house has only one or two people seen there during the week.

• The presence of a strong smell similar to skunk odor.

Department of Real Estate Is Raising The Bar For California Real Estate Licensees

May 30, 2007 ·

California presently has 1 licensed real estate agent for every 50 residents. Most of these agents are so poorly trained in providing adequate service for their customers that serious legal problems have increased dramatically in California real estate transactions.

Under the old rules, the only pre-requisite for a licensee to take the State’s Real Estate exam was to complete 1 college-level course of Real Estate Principles. They then qualified to take the State’s real estate exam -as many times as it took to pass it. The entire process could take as little as 3 months if they scheduled and passed their State exam the first time out. The licensee would then receive a conditional license that required them to take two additional classes within 18 months to qualify for a 4-year license.

“There has been quite an influx of new agents into the marketplace over the past several years which has eroded the quality of service, the level of services and the professionalism in the industry,” said Alex Creel, chief lobbyist for California Association of Realtors, which sponsored the legislation.

To address this growing problem, Governor Arnold Schwarzenegger has signed into law a new measure AB 2429, which requires prospective licensees to complete 3 Department of Real Estate mandated courses before they can qualify to take the State’s Real Estate license examination. The measure, which is highly supported by the real estate industry, takes effect October 2007.

I, for one, applaud the Governor’s move to require much more education for California licensees. This has been a controversial topic among professional, experienced Realtors for some time as we have seen the influx of new inexperienced real estate agents in the marketplace. Agents so inexperienced and proud to confess that it took them 10-13 attempts at passing the State exam and feeling such a sense of pride and accomplishment that that was all it took to now be entrusted with the most valuable financial resource that the average person has. As selling real estate becomes more litigious, the need for on going training becomes more apparent to the professionals that take this business seriously.