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Is Today a Good Day to Buy or Sell a Home?

January 29, 2011 1 comment

THE FOLLOWING ARTICLE APPEARED IN THE JAN. 29, 2011, EDITION
OF THE RIVERSIDE PRESS-ENTERPRISE.

Distressed properties are piling up by the millions, threatening to delay the nation’s economic recovery and the next upswing in the real estate market.

But combined with historically low interest rates and the current supply and demand, that pent-up supply has created a sweet spot in the market for buyers and sellers.

Standard & Poor’s reported this week that the volume of homes likely to hit the market as either foreclosures or short sales grew to $450 billion as of the end of the third quarter of 2010. This “shadow inventory” – which S&P defines as properties 90 or more days late on their mortgages; properties in foreclosure; and lender-owned properties not yet resold – is expected to take 44 months to clear out.

“Our estimate for the average time to clear these properties in the U.S. has increased by about 25 percent since the start of 2010 and increased 7 percent between the second and third quarters,” S&P reported.

“Experts” are all over the spectrum on predictions for the future. Economists from Fannie Mae, Moody’s, S&P, Wells Fargo and many others predict price drops in 2011, at least nationally. Meanwhile, the National Association of Realtors predicts prices to remain flat this year.

With so much conflicting information, how should homeowners and potential buyers proceed?

SELLERS: If prices do decline again in a double-dip, sellers need to make their move now, before the competition grows.

A flood of homes to the market could increase competition among sellers and drive down prices.

For sellers with equity, that’s bad news because it translates to less money in their pockets at the close of the transaction.

For distressed sellers, it’s worse because the risks are greater – a bump in the road and the loss of a buyer could result in a financially devastating foreclosure that would keep someone from re-entering the housing market before the next big run-up in prices.

And for homeowners with vacant properties on the block, it could mean a continuation of dead lawns, squatters and vandals in the neighborhood.

BUYERS: People thinking about jumping into the real estate market face a trifecta of confusion: uncertainty, fear and the thrill of the past upswing.

The recent soar and plummet of the real estate market took us to unchartered territory. It shifted the way Americans think when it comes to buying a home, and that notion of “buy low, sell high” pierced so deeply into the core of the nation’s psyche, that suddenly, everyone was a real estate “investor.”

But many paid a heavy price in that arena.

That’s why home buyers today should be focused on the “cost” of home ownership instead of the price of a house.

Interest rates are at historically low levels, but they have increased more than a half-percent in the past three months. What was 4.2 percent in October is 4.8 percent today, according to Bankrate.com.

Home buyers who locked their rates at the lows of last year and closed their purchases at 4.2 percent on a $200,000 loan would have a loan payment of $978.03. In comparison, a buyer who waited for a 5 percent drop in prices but who purchased with today’s interest rate of 4.8 percent would have a payment of $996.86 on a loan amount of $190,000.

Lower price, yes. And higher cost.

Will interest rates continue to increase, or will they drop back again this year? It wasn’t that long ago that they were higher than 5 percent. Home buyers who focus on price instead of cost could get caught again.

Additionally, the cost to rent a home actually exceeds the cost to purchase in many areas of California. Online real estate tracker Trulia reported this week that in 72 percent of the largest 50 U.S. cities, renting actually costs more than buying. Though the Inland Empire cities of Riverside and San Bernardino were too small to be considered, Long Beach, San Diego, Sacramento and San Jose were all on the list.

The foreclosure epidemic also has also put pressure on the U.S. rental housing market. Property research firm Reis Inc. reported this month that the apartment vacancy rate in the last quarter of 2010 decreased to 6.6 percent from 8 percent a year earlier. And effective rents increased to $986 from $964 a year earlier.

FREE INFORMATION: Whether a buyer, a seller or both, consumers need the guidance of a seasoned real estate broker to help them navigate the complexities of a real estate transaction.

For a free copy of our brand-new Special Report, “Inland Empire Home Buyers: Strategies to get the Best Deal and Beat the Competition,” call 1-800-941-1900, ext. 9403; email PE@DreamBigRealEstate.com, or visit www.DreamBigRealEstate.com.

Or, for a free copy of the Brand-New Special Report, “9 Alternatives to Inland Empire Foreclosure,” call 1-800-941-1900, ext. 9003; email PE@DreamBigRealEstate.com, or visit www.DreamBigRealEstate.com.

(Brian Bean and Timothy Hardin are Realtors and Ambassadors for Helping A Million Homeowners, a nationwide organization that is committed to helping alleviate the financial stress that so many homeowners face today. They can be reached directly at Brian@DreamBigRealEstate.com.)

Brian Bean and Timothy Hardin
Real Estate Professionals
www.DreamBigRealEstate.com
www.IEShortSalePros.com
www.HelpingAMillionHomeowners.com

Short Sale Genius Elite

I’ve been specially trained to negotiate short sales with an emphasis on Deficiency Waivers

 

ACTIVE RAIN - Dream Big Real Estate and Inland Empire Short Sale Pros Blog Dream Big Real Estate and Inland Empire Short Sale Pros Blog FACEBOOK - Dream Big Real Estate and Inland Empire Short Sale Pros TWITTER - Dream Big Real Estate and Inland Empire Short Sale ProsLINKEDIN - Dream Big Real Estate and Inland Empire Short Sale ProsRSS FEED - Dream Big Real Estate and Inland Empire Short Sale Pros BlogSTUMBLE UPON - Dream Big Real Estate and Inland Empire Short Sale Pros SEND EMAIL to BRIAN BEAN @ Dream Big Real Estate and Inland Empire Short Sale Pros YAHOO PULSE - Dream Big Real Estate and Inland Empire Short Sale Pros GOOGLE BUZZ - Dream Big Real Estate and Inland Empire Short Sale ProsDIGG - Dream Big Real Estate and Inland Empire Short Sale Pros

If one advances confidently in the direction of his dreams,
and endeavors to live the life which he has imagined,
he will meet with a success unexpected in common hours.
 

 

Henry David Thoreau

Distressed Homeowners: Focus on the Numbers, not the Distractions

THE FOLLOWING ARTICLE APPEARED JAN. 23, 2011,
IN THE RIVERSIDE PRESS-ENTERPRISE

Homeowners having difficulties making their house payments face a confusing and treacherous path.

But committed to finding the right direction and guided by skilled advisers, they can emerge from their misfortune with dignity and financial future intact.

And they can re-enter the housing market while prices are still at the bottom.

Amid threatening lender phone calls and letters, and “experts” knocking on their doors and filling their mailboxes and front steps with free offers to help, finding the right path is critical.

So how do people caught in the whirlwind of noise and promises and distraction find the best solution to their problems?

It’s simple: They stay focused on the numbers.

The Best Deal

Despite what many consumers think, banks do not want to foreclose on any more homes.

Banks always look at the numbers, and statistics prove that foreclosure almost always nets the bank less money than other options available to a distressed homeowner.

The bank will foreclose if it has to, but usually only because homeowners don’t address their problems correctly or quickly enough.

In 2010, banks took back more than 1 million properties, according to online foreclosure marketer RealtyTrac. And they recorded nearly 4 million foreclosure filings on almost 3 million properties last year. All of those numbers were record highs.

But in the meantime, lenders also continued to streamline other solutions for distressed homeowners.

Loan Modifications

Banks do not like loan modifications. Why? Because of the numbers. Though permanent loan-mod approvals increased in the past year, success remains well below 25 percent, and re-default rates are well above 50 percent in the first nine months following a modification.

“Trial modifications,” however, have been a boon for banks. While modification applicants undergo a 90- to 180-day test period at a reduced house payment, the lender continues to collect money on a loan that previously was in default.

Some banks have been accused of approving trial modifications for applicants even though the applicants had zero chance of permanent approval. Meanwhile, the foreclosure process runs concurrently. And all too often, on the heels of a modification rejection letter comes a notice of foreclosure sale.

Short Sales

Banks love short sales because they almost always net a larger profit than if the bank is forced to foreclose on the homeowner.

The time and cost to foreclose, evict, take possession, repair, market and sell a property can mean an 8 percent to 12 percent decrease in the bank’s bottom line. Once considered “short” if completed in less than 12 months, short sales now can legitimately be negotiated in 45-60 days with another 30 days to close the transaction.

But they still can carry heavy consequences if not handled correctly by a seasoned negotiator who knows how to prevent banks from pursuing the homeowner for more money later.

1st vs. 2nd

Banks will pursue homeowners for the “deficiency” – the difference between what was owed and what the bank received – whenever possible.

As of Jan. 1, it is now unlawful in California for a lender in first position to pursue or collect a deficiency after a short sale on residential property, regardless of whether the owner lived in the property, even if the loan was a refinance. This law does not address loans in second position.

Some 2nd TD lenders still have the right and ability to go after a homeowner after a foreclosure. And that can be the obstacle that prevents a short sale – if the numbers don’t make sense for the bank.

In those cases, a seasoned and skilled negotiator may be the only solution to move forward without liability for the homeowner.

California is a non-recourse state and prevents a lender from seeking a deficiency judgment after the most common form of foreclosure.

Do Your Numbers Add up?

Homeowners who focus on the numbers and avoid the distractions can begin the process of finding the best solution to their problems.

The first step is find a proven real estate professional to help guide them through their options.

For a free evaluation to determine if a loan mod, deed-in-lieu, short sale or one of the many other alternatives is right for you, call 951-778-9700 today. There is no obligation. Or, for a free copy of the Brand-New Special Report, “9 Alternatives to Inland Empire Foreclosure,” call 1-800-941-1900, ext. 9003; email PE@DreamBigRealEstate.com, or visit www.DreamBigRealEstate.com.

(Brian Bean and Timothy Hardin are Realtors and Ambassadors for Helping A Million Homeowners, a nationwide organization that is committed to helping alleviate the financial stress that so many homeowners face today. They can be reached directly at Brian@DreamBigRealEstate.com.)

Brian Bean and Timothy Hardin
Real Estate Professionals
www.DreamBigRealEstate.com
www.IEShortSalePros.com
www.HelpingAMillionHomeowners.com

Short Sale Genius Elite

I’ve been specially trained to negotiate short sales with an emphasis on Deficiency Waivers

 

ACTIVE RAIN - Dream Big Real Estate and Inland Empire Short Sale Pros Blog Dream Big Real Estate and Inland Empire Short Sale Pros Blog FACEBOOK - Dream Big Real Estate and Inland Empire Short Sale Pros TWITTER - Dream Big Real Estate and Inland Empire Short Sale ProsLINKEDIN - Dream Big Real Estate and Inland Empire Short Sale ProsRSS FEED - Dream Big Real Estate and Inland Empire Short Sale Pros BlogSTUMBLE UPON - Dream Big Real Estate and Inland Empire Short Sale Pros SEND EMAIL to BRIAN BEAN @ Dream Big Real Estate and Inland Empire Short Sale Pros YAHOO PULSE - Dream Big Real Estate and Inland Empire Short Sale Pros GOOGLE BUZZ - Dream Big Real Estate and Inland Empire Short Sale ProsDIGG - Dream Big Real Estate and Inland Empire Short Sale Pros

If one advances confidently in the direction of his dreams,
and endeavors to live the life which he has imagined,
he will meet with a success unexpected in common hours.
 

 

Henry David Thoreau

Banks Took Back 1 Million Homes in 2010

U.S. lenders took back more than 1 million homes from distressed homeowners in 2010, according to a report released today by online foreclosure marketer RealtyTrac.

And nearly 4 million foreclosure filings were recorded against nearly 3 million properties during the same period, despite the “foreclosure freezes” that occurred for several weeks at the end of 2010, according to RealtyTrac’s Year-End 2010 U.S. Foreclosure Market Report.

Both figures were increases from 2009 and exceeded projections for the year.

“Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity — triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings,” James J. Saccacio, chief executive officer of RealtyTrac, said in a company news release. “Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 — which we estimate may be as high as a quarter-million — will likely be restarted and add to the numbers in early 2011.”

According to RealtyTrac, 3,825,637 foreclosure filings, which include default notices, scheduled auctions and bank repossessions, were recorded on 2,871,891 U.S. properties in 2010, a record high. Filings increased 2 percent from 2009 and were up 23 percent from 2008, according to RealtyTrac. One in 45 homes in the United States received at least one foreclosure filing last year, 2.23 percent of all U.S. housing units, up from 2.21 percent in 2009, 1.84 percent in 2008, 1.03 percent in 2007 and 0.58 percent in 2006.

Fourth-quarter activity dropped as several large banks suspended foreclosure activity for a period of time before resuming filings. In December, banks filed on 257,747 properties, down 2 percent from November and 26 percent from December 2009. Quarterly filings decreased 14 percent from the third quarter and were 8 percent lower than in 2009.

California in Top Four

The big four — Nevada, Arizona, Florida and California — had the highest foreclosure rates, RealtyTrac reported.

Nevada: More than 9 percent of housing units (one in 11) received at least one filing in 2010, though activity did decrease 5 percent from 2009. Nevada has had the nation’s highest state foreclosure rate for four consecutive years. It also saw a spike of activity in December 2010, increasing 18 percent from November and 14 percent from December 2009. Fourth-quarter activity was down nearly 7 percent from the previous quarter but up 19 percent from the fourth quarter of 2009.

Arizona: One in 17 housing units (5.73 percent) received at least one foreclosure filing in 2010.

Florida: One in 18 units, (5.51 percent)

California: One in 25 units (4.08 percent). California topped the list with the largest total number of homes receiving foreclosure filings at 546,669, a 14 percent decrease from 2009. Foreclosure activity hit a two-year low in November but spiked back up nearly 15 percent higher in December, which was still 18 percent lower than December 2009.

Other states rounding out the top 10 foreclosure rates were Utah (1 in 29, 3.44 percent), Georgia (1 in 31, 3.25 percent), Michigan (1 in 33, 3.00 percent), Idaho (1 in 34, 2.98 percent), Illinois (1 in 35, 2.87 percent), and Colorado (1 in 40, 2.51 percent).

Riverside and San Bernardino County Foreclosure Activity

Homes in the city of Riverside received 897 foreclosure filings in 2010, while 636 Corona homes received filings, RealtyTrac reported. They led Riverside County, which had 6,628 homes countywide with a filing.

San Bernardino County homes received 5,806 filings, according to the report. The High Desert city of Victorville had 620 of those filings, and San Bernardino had 606, followed closely by Fontana at 602.

Los Angeles County led the state in foreclosure activity with 12,807 properties receiving filings. The city of Los Angeles recorded 2,616 of those filings, but north L.A. County areas of Lancaster, Palmdale, Santa Clarita and Pearblossom had the highest concentrations.

To see more details from the RealtyTrac report, CLICK HERE.

With foreclosure activity on the upswing, it’s more important than ever to ensure that, faced with the inability to make your home payments, you make the right choices. One misstep can result in a foreclosure on your record, which will be financially devastating to your credit rating and future ability to purchase a home before the next real estate boom begins.

We can help you choose from among the many alternatives available to avoid a foreclosure on your record. Call us today for a free evaluation to determine the best path for you. Or call 1-800-941-1900, ext 9003, to order a copy of the Brand-New Special Report, “The 9 Alternatives to Foreclosure.”

(Brian Bean and Timothy Hardin are Realtors and Ambassadors for Helping A Million Homeowners, a nationwide organization that is committed to helping alleviate the financial stress that so many homeowners face today. They can be reached directly at Brian@DreamBigRealEstate.com.)

Brian Bean and Timothy Hardin
Real Estate Professionals
www.DreamBigRealEstate.com
www.IEShortSalePros.com
www.HelpingAMillionHomeowners.com

Short Sale Genius Elite

I’ve been specially trained to negotiate short sales with an emphasis on Deficiency Waivers

ACTIVE RAIN - Dream Big Real Estate and Inland Empire Short Sale Pros Blog Dream Big Real Estate and Inland Empire Short Sale Pros Blog FACEBOOK - Dream Big Real Estate and Inland Empire Short Sale Pros TWITTER - Dream Big Real Estate and Inland Empire Short Sale ProsLINKEDIN - Dream Big Real Estate and Inland Empire Short Sale ProsRSS FEED - Dream Big Real Estate and Inland Empire Short Sale Pros BlogSTUMBLE UPON - Dream Big Real Estate and Inland Empire Short Sale Pros SEND EMAIL to BRIAN BEAN @ Dream Big Real Estate and Inland Empire Short Sale Pros YAHOO PULSE - Dream Big Real Estate and Inland Empire Short Sale Pros GOOGLE BUZZ - Dream Big Real Estate and Inland Empire Short Sale ProsDIGG - Dream Big Real Estate and Inland Empire Short Sale Pros

If one advances confidently in the direction of his dreams,
and endeavors to live the life which he has imagined,
he will meet with a success unexpected in common hours.

Henry David Thoreau

HAFA Program falls woefully short …

THE FOLLOWING ARTICLE APPEARED DEC. 18 IN THE P-E

By Brian Bean & Tim Hardin

Banks completed just 342 short sales through the Home Affordable Foreclosure Alternatives program in the first six months, according to a report from the Special Inspector General for the Troubled Asset Relief Program.

HAFA launched April 5 and was designed for homeowners to short sale a home and avert foreclosure if they couldn’t complete or qualify for a loan modification through the government’s Home Affordable Modification Program. Through Sept. 30, the Treasury Dept. paid out $1.6 million in TARP funds to banks, investors, servicers and homeowners on 342 short sales or deeds-in-lieu of foreclosure, according to Treasury data in the SIGTARP report.

Banks and servicers dispute the results but thus far have not produced their own HAFA numbers. Servicers canceled 699,924 HAMP trial modifications as of September and another 29,190 permanent modifications, according to an October report from HousingWire.

HAFA guidelines provide $1,500 to a servicer for a completed HAFA short sale, and the lender cannot pursue the borrower for the remaining loan balance. The investor also receives $1 for every $3 it allows to compensate a junior lien holder, up to $2,000. Junior lien holders can receive a maximum of $3,000 each. The borrower receives $3,000 for “relocation.”

In the Inland Empire, junior lien holders often derail HAFA transactions because the program severely limits their compensation while requiring lien holders to waive the deficiency balance. The government program, despite what many believe, is not mandatory.

For information about the realities of HAFA and HAMP, call 951-778-9700 or email PE@DreamBigRealEstate.com.

* * *

MLS Home Sale Data

Here are monthly sales statistics for Riverside-San Bernardino single-family residences. The data is reported by CRMLS, the regional database Realtors use to market properties for sale and lease and to track sales activity. Sales data, which is updated by individual brokers, can change.

SOLD

November 2010

Riverside County: 2,463

San Bernardino County: 1,466

October 2010

Riverside County: 2,554

San Bernardino County: 1,560

November 2009

Riverside County: 2,823

San Bernardino County: 1,628

IN ESCROW

Dec. 15

Riverside County: 7,443

San Bernardino County: 4,175

ACTIVE LISTING

Dec. 15

Riverside County: 12,730

San Bernardino County: 7,448

(Brian Bean is a real estate broker and ambassador for Helping A Million Homeowners, a nationwide organization that is committed to helping alleviate the financial stress that so many homeowners face today. He can be reached directly at Brian@DreamBigRealEstate.com.)

Brian Bean
Real Estate Professional
www.DreamBigRealEstate.com
www.IEShortSalePros.com
www.HelpingAMillionHomeowners.com

Short Sale Genius Elite

I’ve been specially trained to negotiate short sales with an emphasis on Deficiency Waivers


ACTIVE RAIN - Dream Big Real Estate and Inland Empire Short Sale Pros Blog Dream Big Real Estate and Inland Empire Short Sale Pros Blog FACEBOOK - Dream Big Real Estate and Inland Empire Short Sale Pros TWITTER - Dream Big Real Estate and Inland Empire Short Sale ProsLINKEDIN - Dream Big Real Estate and Inland Empire Short Sale ProsRSS FEED - Dream Big Real Estate and Inland Empire Short Sale Pros BlogSTUMBLE UPON - Dream Big Real Estate and Inland Empire Short Sale Pros SEND EMAIL to BRIAN BEAN @ Dream Big Real Estate and Inland Empire Short Sale Pros YAHOO PULSE - Dream Big Real Estate and Inland Empire Short Sale Pros GOOGLE BUZZ - Dream Big Real Estate and Inland Empire Short Sale ProsDIGG - Dream Big Real Estate and Inland Empire Short Sale Pros

If one advances confidently in the direction of his dreams,
and endeavors to live the life which he has imagined,
he will meet with a success unexpected in common hours.
 

 

Henry David Thoreau

New Listing: Immaculate, Remodeled Santiago Canyon Home

CLICK HERE FOR DETAILS

(Brian Bean is a real estate broker and ambassador for Helping A Million Homeowners, a nationwide organization that is committed to helping alleviate the financial stress that so many homeowners face today. He can be reached directly at Brian@DreamBigRealEstate.com.)

Brian Bean
Real Estate Professional
www.DreamBigRealEstate.com
www.IEShortSalePros.com
www.HelpingAMillionHomeowners.com

Short Sale Genius Elite

I’ve been specially trained to negotiate short sales with an emphasis on Deficiency Waivers

 

ACTIVE RAIN - Dream Big Real Estate and Inland Empire Short Sale Pros Blog Dream Big Real Estate and Inland Empire Short Sale Pros Blog FACEBOOK - Dream Big Real Estate and Inland Empire Short Sale Pros TWITTER - Dream Big Real Estate and Inland Empire Short Sale ProsLINKEDIN - Dream Big Real Estate and Inland Empire Short Sale ProsRSS FEED - Dream Big Real Estate and Inland Empire Short Sale Pros BlogSTUMBLE UPON - Dream Big Real Estate and Inland Empire Short Sale Pros SEND EMAIL to BRIAN BEAN @ Dream Big Real Estate and Inland Empire Short Sale Pros YAHOO PULSE - Dream Big Real Estate and Inland Empire Short Sale Pros GOOGLE BUZZ - Dream Big Real Estate and Inland Empire Short Sale ProsDIGG - Dream Big Real Estate and Inland Empire Short Sale Pros

If one advances confidently in the direction of his dreams,
and endeavors to live the life which he has imagined,
he will meet with a success unexpected in common hours.
 

 

Henry David Thoreau

Nearly 1 in 2 Riverside-San Bernardino homes underwater

November 11, 2010 1 comment

Nearly 1 in 2 homes in the Riverside-San Bernardino metropolitan area is worth less than the money owed on it, according to data released this week by online real estate data provider Zillow.

Nationwide, nearly 1 in 4 (23.2 percent) homes had mortgages that were underwater in the third quarter of this year, up from 22.5 percent in the second quarter, Zillow reported. In the Inland Empire, 48.1 percent of homes are underwater.

Zillow also indicated U.S. home values decreased 4.3 percent to $179,900 in the third quarter from the previous year, while values remained flat at $193,300 in the Riverside-San Bernardino metropolitan area. Home values have dropped nearly 25 percent nationwide, according to Zillow, but 52 percent in the Inland Empire.

“The high percentage of homeowners in negative equity continues to be troubling, in that it represents a huge number of people who are not only more vulnerable to foreclosure, but who are essentially trapped in their current homes and are prevented from selling and buying a new home,” Dr. Stan Humphries, Zillow’s chief economist, said in a press release. “This has profound implications for future demand and will be a millstone around the neck of the housing market.”

More than 3 out of 4 metro areas in the United States saw home values decrease in the third quarter, including the largest cities in California, which saw drops after several months of value increases, Zillow reported. The numbers seem to indicate what many experts have been predicting — that the real estate market could continue to fall.

“While not unexpected, the unceasing declines in home values signal that we’re in for a long, bleak winter of continued troubles for the housing market,” Humphries said. “The length and depth of the current housing recession is rivaling the Great Depression’s real estate downturn, and, with encouraging signs fading, will easily eclipse it in the coming months.”

Homeowners in Southern California continue to face tough times ahead, and it’s more crucial than ever to have accurate information. People who have missed mortgage payments or are at risk of missing them in the future have options to avoid a foreclosure, which could financially devastate a family for 7-10 years.

For a free report on those options, contact our office.

(Brian Bean is a real estate broker and ambassador for Helping A Million Homeowners, a nationwide organization that is committed to helping alleviate the financial stress that so many homeowners face today. He can be reached directly at Brian@DreamBigRealEstate.com.)

Brian Bean
Real Estate Professional
www.DreamBigRealEstate.com
www.IEShortSalePros.com
www.HelpingAMillionHomeowners.com

Short Sale Genius Elite

I’ve been specially trained to negotiate short sales with an emphasis on Deficiency Waivers

ACTIVE RAIN - Dream Big Real Estate and Inland Empire Short Sale Pros Blog Dream Big Real Estate and Inland Empire Short Sale Pros Blog FACEBOOK - Dream Big Real Estate and Inland Empire Short Sale Pros TWITTER - Dream Big Real Estate and Inland Empire Short Sale ProsLINKEDIN - Dream Big Real Estate and Inland Empire Short Sale ProsRSS FEED - Dream Big Real Estate and Inland Empire Short Sale Pros BlogSTUMBLE UPON - Dream Big Real Estate and Inland Empire Short Sale Pros SEND EMAIL to BRIAN BEAN @ Dream Big Real Estate and Inland Empire Short Sale Pros YAHOO PULSE - Dream Big Real Estate and Inland Empire Short Sale Pros GOOGLE BUZZ - Dream Big Real Estate and Inland Empire Short Sale ProsDIGG - Dream Big Real Estate and Inland Empire Short Sale Pros

If one advances confidently in the direction of his dreams,
and endeavors to live the life which he has imagined,
he will meet with a success unexpected in common hours.

Henry David Thoreau

Riverside/San Bernardino County Voters – Find your polling place and Vote Today

These midterm elections have been among the costliest and nastiest in recent history. It’s enough to turn off the average voter. But please make an effort to get out and vote today. There are many important ballot measures that could swing either way. And this state is facing billions in budget problems.

In Riverside County, find your polling place based on your address: http://www.voteinfo.net/voterInformation/root1102/pollplac.htm

In San Bernardino County, find your polling place based on your address: http://gispub.sbcounty.gov/sbcwebs/ROV_ppL/search.asp

This is an important election. Among the issues and offices on the ballot today:

Governor: Former Gov. Jerry Brown faces off against former Ebay CEO Meg Whitman. Both campaigns have been contentious and smearing. Will the negative campaigning rule the day?

U.S. Senate: Sen. Barbara Boxer faces off against Former HP CEO Carly Fiorina. Another campaign fueled by negative ads and millions spent by both parties.

U.S. Representatives: Voters will decide 53 races across the state today and the results could change the balance of power in Washington, D.C.

Prop. 19, Legalized Marijuana: Allows people 21 years old or older to possess, cultivate, or transport marijuana for personal use. Permits local governments to regulate and tax commercial production and sale of marijuana to people 21 years old or older. Prohibits people from possessing marijuana on school grounds, using it in public, smoking it while minors are present, or providing it to anyone under 21 years old. Maintains current prohibitions against driving while impaired. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Savings of up to several tens of millions of dollars annually to state and local governments on the costs of incarcerating and supervising certain marijuana offenders. Unknown but potentially major tax, fee, and benefit assessment revenues to state and local government related to the production and sale of marijuana products.

Prop. 20, Realigning Congressional Districts: Removes elected representatives from the process of establishing congressional districts and transfers that authority to the recently authorized 14-member redistricting commission. Redistricting commission is comprised of five Democrats, five Republicans, and four voters registered with neither party. Requires that any newly proposed district lines be approved by nine commissioners including three Democrats, three Republicans, and three from neither party. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Probably no significant change in state redistricting costs.

Prop. 23, Air Pollution: Suspends State laws requiring reduced greenhouse gas emissions that cause global warming, until California’s unemployment rate drops to 5.5 percent or less for four consecutive quarters. Requires State to abandon implementation of comprehensive greenhouse-gas-reduction program that includes increased renewable energy and cleaner fuel requirements, and mandatory emission reporting and fee requirements for major polluters such as power plants and oil refineries, until suspension is lifted. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Potential positive, short-term impacts on state and local government revenues from the suspension of regulatory activity, with uncertain longer-run impacts. Potential foregone state revenues from the auctioning of emission allowances by state government, by suspending the future implementation of cap-and-trade regulations.

Prop. 25, Budget Votes: Changes the legislative vote requirement necessary to pass the state budget from two-thirds to a simple majority. Provides that if the Legislature fails to pass a budget bill by June 15, all members of the Legislature will permanently forfeit any reimbursement for salary and expenses for every day until the day the Legislature passes a budget bill. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Unknown changes in the content of the state budget from lowering the legislative vote requirement for passage. Fiscal impact would depend on the composition and actions of future Legislatures. Minor reduction in state costs related to compensation of legislators in years when the budget bill is passed after June 15.

Prop. 26, Tax Votes: Increases legislative vote requirement to two-thirds for state levies and charges, with limited exceptions, and for certain taxes currently subject to majority vote. Changes Constitution to require voters to approve, either by two-thirds or majority, local levies and charges with limited exceptions. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: Potentially major decrease in state and local revenues and spending, depending upon future actions of the Legislature, local governing bodies, and local voters.

Here is another source for details on the ballot: http://california.evoter.com/?gclid=CIOxsb-ngqUCFSZl7AodLkCmOA

Get Out and Vote!

(Brian Bean is a real estate broker and ambassador for Helping A Million Homeowners, a nationwide organization that is committed to helping alleviate the financial stress that so many homeowners face today. He can be reached directly at Brian@DreamBigRealEstate.com.)

Brian Bean
Real Estate Professional
www.DreamBigRealEstate.com
www.IEShortSalePros.com
www.HelpingAMillionHomeowners.com

Short Sale Genius Elite

I’ve been specially trained to negotiate short sales with an emphasis on Deficiency Waivers

ACTIVE RAIN - Dream Big Real Estate and Inland Empire Short Sale Pros Blog Dream Big Real Estate and Inland Empire Short Sale Pros Blog FACEBOOK - Dream Big Real Estate and Inland Empire Short Sale Pros TWITTER - Dream Big Real Estate and Inland Empire Short Sale ProsLINKEDIN - Dream Big Real Estate and Inland Empire Short Sale ProsRSS FEED - Dream Big Real Estate and Inland Empire Short Sale Pros BlogSTUMBLE UPON - Dream Big Real Estate and Inland Empire Short Sale Pros SEND EMAIL to BRIAN BEAN @ Dream Big Real Estate and Inland Empire Short Sale Pros YAHOO PULSE - Dream Big Real Estate and Inland Empire Short Sale Pros GOOGLE BUZZ - Dream Big Real Estate and Inland Empire Short Sale ProsDIGG - Dream Big Real Estate and Inland Empire Short Sale Pros

If one advances confidently in the direction of his dreams,
and endeavors to live the life which he has imagined,
he will meet with a success unexpected in common hours.

Henry David Thoreau