Fullerton Housing Looks Promising

Fullerton Realtor Diego Loya

Home Living Report – Fullerton, CA Real Estate News by Diego Loya

The Fullerton Real Estate market in 2013 had some big gains. Homes increased to it’s highest levels since 2007. The same trend will continue into 2014. As long as the hunger from buyers to buy up homes stays strong, home sellers will reap the benefits of a strong market and growing real estate prices.

It’s tempting to confuse market normalization with a possible slowdown. But those equipped with high-quality MLS data know better. As mortgage delinquencies fade, banks are listing bargain-priced product less often. That
means investor activity – which accounts for a substantial market share – is moderating. That’s not to say that rates and prices aren’t still attractive to owner occupant buyers. They most certainly are. Some short-term volatility is expected as part of a normal market readjustment.

  • New Listings were down 13 percent for single family homes and 25 percent for condos and townhome properties.
  • Pending Sales decreased 16.9 percent for single family homes and up 31.8 percent for townhouse-condo properties.
  • The Median Sales Price was up 21.4 percent to $563,500 for single family homes and down 12.3 percent to $315,000 for condos and townhome properties.
  • Months Supply of  Inventory was a positive up 4.5 percent for single-family homes but down 22.2 percent for townhouse-condo units.

The economy has more or less shuffled along, despite some climate-induced surprises to job growth and new construction. There is no denying the fact that we’ve now seen 47 straight months of private job growth, creating 8.5 million new payrolls. There’s still work to be done. Thankfully, with such low inventory levels, many builders are bullish on new construction. The spring market is budding, and it should be an interesting one.

Want to Sell Your Home?

Contact me now and you’ll receive a private consultation at your home. No obligation. 714.989.6040  diego@ehomeliving.com .  [gravityform id=”2″ name=”Send us Your Questions and Comments” title=”false” description=”false”]

*Data from PWR and includes Orange County and some surrounding areas.

Current Fullerton Homes For Sale

(Contact us a specific type of property you are looking for)

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Foreclosure Victims Qualify for First Time Buyer Assistance

How To Buy A HomeMany California home owners fell victim to foreclosure, short sale or bankruptcy since the Real Estate Crash of 2007.Recovering from a foreclosure may not be as difficult as you think.In some cases, there are even incentives for home owners experiencing past hardships to become home owners again.

Buy a Home After Foreclosure

Having a foreclosure, short sale or bankruptcy may affect your credit scores at the time of the event, but time heals most credit hiccups as long as you have a plan and understand how to re-establish your credit. Qualifying for a mortgage loan to purchase a home after foreclosure depends on what type of loan you are trying to qualify for.

FHA and VA are the best options for qualified buyers to re-enter the market in 3 years or less.
A minimum 640 credit score is usually required to qualify for Conventional and FHA mortgages, VA requires a minimum 620 credit score to buy a home after foreclosure.

Qualify for First Time Buyer Assistance

The definition of a first time home buyer recognized by many buyer assistance programs, including the State of California CalHFA programs, is that the applicant cannot have owned a home as a primary residence in the past 3 years.

Since the waiting period to buy after foreclosure using a FHA loan is 3 years, home buyers re-entering the market will be considered first time buyers!

California First Time Buyer Assistance Program

CalHFA CHDAP – California Housing Finance Agency –  California HomebuyersDownpayment Assistance Program.

Eligible buyers receive assistance equal to 3% of the purchase price, can be used as down payment or closing cost assistance. Eligible buyers must not exceed program income limits or purchase price.

Additional Resources
View Income Limits
Apply Now for CHDAP

Foreclosure Victims Qualify for First Time Buyer Assistance was originally posted on Find My Way Home.

City of Brea Real Estate

Personalize your search and have access to all homes for sale in the City of Brea and Fullerton within the Multiple Listing Service  HERE

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How to Buy a Home After a Short Sale

How to Buy a Home After a Short SaleThe economic hardships that many families faced over the past several years resulted in many folks losing their homes due to foreclosure or short sale, as well as having to go through bankruptcy.

A short sale occurs when a home owner sells their home for less than what is owed to the bank.  Becoming a home owner after a short sale is not as difficult as you may think.

A short sale has many benefits over foreclosure, one of the most important being the shortened time line before being able to re-enter the home buying market under certain circumstances.

Buy One Day Out of Short Sale

FHA will allow a home buyer to purchase a home 1 day out of short sale if the sale IF:

  • The borrower was current on the mortgage at the time of the short sale
  • The Short Sale occurred as the result of extenuating circumstances

Here are the guidelines for buying a home after Short Sale using the 3 most common loan types:

Conventional Mortgage

  • You can buy a home 2 years after a Short Sale with a minimum 680 credit score and 20% down payment
  • You can buy a home 3 years after a Short Sale with a minimum 680 credit score and 10% down payment
  • You can buy a home 7 years after a Short Sale with a minimum 640 credit score with less than 10% down payment

FHA Insured Mortgage

  • You can buy a home 3 years after a Short Sale with a 640 credit score and 3.5% down payment

VA Guaranteed Mortgage

  • You can buy a home 2 years after a Short Sale with a 620 credit score and no down payment
  • Due to the unique circumstances surrounding deployment and/or relocation of active duty military personnel, extenuating circumstances may have resulted in the short sale of the home.  Check with your VA lender if you feel that your short sale occurred due to circumstances completely outside your control.

How to Buy a Home After a Short Sale was originally posted on Find My Way Home.

Take Action if You Are in Pre-Foreclosure Status

Foreclosure HelpThere’s no reason to put your home at risk. Prevent a foreclosure of your home. Take action today.

If you need to know what to do to stop a foreclosure, we can help.

If you are having difficulty making your monthly mortgage payments, you can protect your home, but you must act immediately. Your actions can prevent the loss of your home through foreclosure. With our help, we give provide you with the information you need to avoid foreclosure, but it is only the beginning. If you are having serious financial difficulties, you need to seek professional assistance and/or legal counsel to best protect your home.

The very first thing you need to do is call and communicate with your lender. Lenders are in the lending business, not the real estate business. Your lender will want to work with you and help you find a way to keep your home. The longer you wait, the more difficult this will be to do. If you are several months behind in your mortgage payments and you have not made contact with your lender, they will probably assume that you do not intend to repay their loan. Don’t avoid your lender or their calls. Do take action and know your rights in the process. Do be diligent in avoiding scam artists that may be contacting you to “help”.

Get your financial ducks in a row. Be prepared to discuss your problems honestly and in detail. Think about the questions you may be asked in advance and make notes to help you answer them. This may impress your lender that you are prepared and sincere.

If you are facing foreclosure, you do have several options. There are numerous ways in which your lender might be able to help you. You could start with debt counseling, which can help you to look at all your outstanding debt to see if any of it can be restructured or consolidated. Your mortgage payments would be the last payments that you would default on, so it is likely that you are experiencing difficulty with your other payments as well. Your lender/counselor can help you make a budget to structure a repayment plan.

There are several other legal options that you should pursue with your lender. Modifications, forbearance and recasting are all possible if you have sufficient equity in your home.

If your problem is serious enough that it can not be resolved in a reasonable amount of time, it may be necessary for you to sell your home and find a living situation that is more manageable. If it is possible to pay off the mortgage balance, you can settle your delinquent debt and avoid foreclosure. A short sale negotiation with your lender is another option to be explored. Make sure to work closely with your lender to allow a reasonable time to sell the home. If all else fails you may have the option of signing the home over to your lender, normally referred to as a “Deed-in-lieu”. Bankruptcy, as a last resort, can also be utilized in this process.

With all of these options available to you, there is no reason to lose your home. We give you all the tools and information that you need to make an educated decision on how to save your home.

Know Your Options – Fannie Mae

Fannie Mae Foreclosure HelpThese days you have to know your options. If your buying a home you have to know your options. If your selling your home, you need to know your options. If you are trying to loan mod or short sale, well you know the answer. Know your options!

Luckily Fannie Mae has created a web site that answers a lot of questions if you have a Fannie Mae loan. They will explain options to stay in your home or options to leave your home. They also offer in person or telephone support to answer your questions.

So your probably thinking, “Do I have a Fannie Mae loan?” Well here’s how you can find out. Go to Fannie Mae Lookup: www.fanniemae.com/loanlookup and see if your mortgage is owned by Fannie Mae. All you do is input your address and answer a couple of questions and it will tell you on the spot if you have a Fannie Mae loan.

Next thing you want to do is is visit Know Your Options: www.knowyouroptions.com by Fannie Mae and read all the valuable information on how they can help you resolve your issue.

If you have questions, contact us. We’re here to help.


Concern About Another Housing Dip

Housing’s Adverse Feedback Loop

When will we see a housing recovery. These words are often spoken about when I meet with homeowners contemplating what they show do, sell or stay? Most homeowners have one of these three issues.

#1 I have some equity in my home. I’m not sure whether right now is the best time to sell. Should I hold on and try to get a little more for my home in six months, a year, or more.

#2 I received a loan modification but it is still not enough to keep my family from sinking into more debt. Should I sell now or is the market going to rebound and I will regain my equity.

#3 I cannot afford my home. I was denied a loan modification. I need to sell my home in a short sale before my lender forecloses. Am I going to sell then regret it later because my house value went up.

The housing recovery as well as the whole economic recovery is a complicated beast. There are many moving parts to the matter and what confuses many is how we see Wall St recovering and big business recovering so small business and real estate should be recovering too, right?

This is the article from The Housing Matrix. It is a great short explanation of the real estate recovery as well as the overall economy recovery.


Much of the concern about another housing dip centers on the banks. A sharp house-price decline could lead to more foreclosures, hammering profits and reducing lending, such as it is. Here is a look at just a few factors that contribute to housings Adverse Feedback Loop.
Economist Michelle Meyer identifies an “adverse feedback loop” where:
Lower Home Prices => Tighter Bank Credit => Fewer Jobs => Prolonged Housing Recession


Economists at Bank of America Merrill Lynch say one key to a jobs recovery is an improvement in housing – because so much job creation is driven by new businesses that have in recent years been financed in part by home equity borrowing.
It has been reported that over $1 Trillion in homeowner’s equity has been lost during this past recession, so far. This represents Billions of dollars that are no longer available to small businesses. Whatever the final numbers are this traditional source of financing small businesses has been severely limited creating another adverse feedback loop:
Lower Home Prices => Lower Home Equity => Less Financing Available for Small Business (a key source of financing) => Fewer New Jobs => Prolonged Housing Recession


Truth is that you can create additional adverse feedback loops for Shadow Inventory, Distressed or Foreclosed Housing and you have the same outcome – Prolonged Housing Recession. The feedback loops seem unlimited.
Recently, we hear that an economic recovery will exclude both jobs and housing. While the other economic fundamentals are encouraging it is will be difficult for any sustained economic recovery to exclude the key factor to economic growth over the past 30 years – housing. Housing has and continues to be the primary support to the US economy and very little commerce is not impacted by housing: land, building materials, the trades (jobs), furnishings, appliances and local, state & federal tax revenues, and on and on.
Any genuine economic recovery must include jobs and housing.

If you would like to discuss this further or have any questions, contact us. We are more than happy to assist you. We’re here to help.

We take pride in provide the most current accurate information to the community. Let’s get together and discuss your possibilities.

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Where Are Home Prices Heading?

Housing Prices – Are They Going Up, Down or All Around

One of the biggest questions I get asked is where are home prices headed. It seems like everyone has a different answer according to what they saw on TV, read in the paper or heard from their friends or family. I cannot say exactly where we will be later this year but one thing is most likely, prices overall will drop. This is caused by a continued upswing in foreclosure bound properties like short sales. Short sales will be the leader in housing inventory uptick. Bank owned properties will stay steady as will standard sales, those real estate sales with equity. Although standard sales will thin out as more and more equity sellers move and are replaced by non or little equity buyers becoming homeowners.  But here’s the kicker. If we can sift through and drop the number of foreclosures bound properties, this will normalize the market and keep prices at current levels.

This is a great article published today from the Housing Matrix.

The National Association of Realtors (NAR) reported that the number of signed purchase contracts for existing homes rose. Their index rose 3.5% in November. Even though the index remains 5.0% below its November 2009 The NAR’s Pending Home Sales Index took a steep dive following the expiration of the homebuyer tax credit in April.

Post-Tax Break Bounce Back

This is a sign that housing is regaining its health, even though the index remains 5.0% below its November 2009 measurement. This indicates that home sales are recovering without direct government stimulus. The NRA describes it as “a gradual recovery into 2011.”
The West posted the largest month-over-month jump of 18.2 percent, which is 0.4 percent above November 2009. The Northeast reported gains of 1.8 percent from a year earlier but is still 4.2 percent down from October. The South fell 1.8 percent while the Midwest declined 4.2 percent from October, according to the NAR.

What Caused the Increase?

Lawrence Yun, NAR chief economists, attributes this gain to an improvement in increased housing affordability, and overall economic improvements.

Will the Gain Continue?

“Further gains are needed to reach normal levels of sales activity…All the indicator trends are pointing to a gradual housing recover…Home price prospects will vary depending largely upon local job market conditions,” says Yun.

Looking Forward: How Will Home Prices Fair?

“The national median home price, however, is expected to remain very stable even with a continuing flow of distressed properties coming onto the market, as long as there is a steady demand of financially healthy home buyers…As we gradually work off the excess housing inventory, supply levels will eventually come more in-line with historic averages, and could allow home prices to rise modestly in the range of 2 to 3 percent in 2012,” according to Yun.

See How Many Foreclosures Are On Your Street

Map of Foreclosures for Hacienda Heights  La Habra Heights  La Habra

Maybe you are just curious or need to make an important decision on whether to go forward with a loan modification or short sale. Here you see the amount of properties that are in some sort of the foreclosure process.

As of 1-10-2011, Hacienda Heights has a total of 341 properties in some sort of foreclosure. 115 are in pre-foreclosures, meaning that they have missed at least 3 months worth of payments and their lender has issued a Notice of Default, NOD.From this point, the borrower has at least 90 days to became current or come to some arraignment with the lender to make payments, modify the loan or sell the property on their own, most likely a short sale.

201 are scheduled for auction. At this point the borrower has not made payments or a successful arraignment with the lender and the 90 days since the notice of default has passed. The lender has issued a Notice of sale, NOS. This document will state the property will be up for sale at auction on a certain date.As of 1-10-2011, the properties listed for auction have a sale date pending in less than 4 weeks.

25 are bank owned. The lender was not able to sell the property at auction and the home has reverted back to the lender. At this point the lender will put the home for sale as a bank owned home.

In La Habra Heights, as of 1-10-2011,  there are a total of 44 properties in some sort of foreclosure. 16 are Notice of Default, NOD, Pre-foreclosure properties.  25 are scheduled for auction within the next 4 weeks and 3 are bank owned.

In the city of La Habra, as of 1-10-2011, there are a total of 357 properties in some sort of foreclosure. 124 are Notice of Default, NOD, Pre-foreclosure properties. 192 are scheduled for auction within the next 4 weeks and 41 are bank owned.

This map does not include any homeowners that are late on their mortgage payments and have not received a notice of default, NOD. This is estimated to be at least 25% of homeowners.


If you would like a more detailed area or list of foreclosures in your interested area or have any questions, contact us. We are more than happy to assist you.

We take pride in provide the most current accurate information to the community. Let’s get together and discuss your possibilities.

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Recent Home Sales in Hacienda Heights

A mix of Standard, Short Sales and Bank Owned Properties Sold in Hacienda Heights

A mixture of homes were sold both in November 2010 and December 2010 making up standard sales, short sales and bank owned homes.

Let’s define what a standard sale, short sale and bank owned(reo) are:

A standard home sale consists of the homeowner either having equity or funding the difference owed versus sold in a sale. There is no negotiation with the lender and escrow is a typical 30 to 60 days from acceptance of an offer. There are two parties involved, a buyer and seller.  This sale is one you would normally think of.

A short sale is a a sale of a home where the borrower (owner/seller) owes more on the house than what the house is worth. Here the lender is involved in a negotiation to settle the amount the property will sell for. There is typically three parties involved. The seller, buyer and lender holding the note on the property. Escrow typically will last 30 to 60 days but prior lender approval of the sale must be obtained. This lender approval can usually last 60-90 days but sometimes longer. If you are lucky, it can be shorter, but rare.

A bank owned/REO home is  a property that went through the foreclosure process and did not sell at the foreclosure auction. At that point the lender takes the property back and puts the house back for sale. The lender now is the seller. There are two parties involved, the buyer and seller. There is no negotiation lender approval. Escrow typically takes 30-60 days.

In November 2010 there were 33 homes/condos sold in the community of Hacienda Heights, 91745. 14 of these properties sold were Standard Sales. 9 were Short Sales sold and 10 were Bank Owned/REO properties sold.

In December 2010 there were 35 homes/condos sold in the community of Hacienda Heights, 91745. 23 of these properties sold were Standard Sales. 7 were Short Sales sold and 5 were Bank Owned/REO properties sold.

In January the trend should continue with around the same number of homes sold. Standard sales should continue to dominate the market while short sales and bank owned sales should make up. As the months pass and the number of past standard sales add up the trend will become less standard sales available and the short sale market will grow as lenders push homeowners facing foreclosure to sell in a short sale. Bank owned properties will remain steady. The number of sales of standard sales will slump while pre foreclosure and foreclosed homes rise. How much, keep posted.

Home Sales in Hacienda Heights for November 2010

Home Sales in Hacienda Heights for December 2010


We take pride in provide the most current accurate information to the community. Let’s get together and discuss your possibilities.


How Can a HAFA Short Sale Help

How can a HAFA Short Sale help you?

But first, what is HAFA?

You can read below but to get a better understanding, you might want to watch this quick video.

The Home Affordable Foreclosure Alternatives Program, known as HAFA, is designed to help owners (referred to below as borrowers) who are unable to retain their home under the Home Affordable Modification Program (HAMP). While the first priority is to keep families in their homes, where this is not possible with a loan modification, they may be able to avoid foreclosure by completing a short sale or a deed-in-lieu of foreclosure (DIL) under HAFA.