Long Beach Mortgage Rates Report: June 12, 2008

Long Beach mortgage rates are headed higher.  Lock all rates at application, regardless of closing date.

The trend is clear; the Fed believes it has done all it can to stave off the banking crises and is now focusing its efforts on inflation.  This morning, retail sales were up and the dollar is strengthening.  If stagflation is the fear, the current strategy of targeting core inflation may be abandoned for the more radical Paul Volcker-style approach to tame inflation. 

While I believe the higher mortgage rate cycle will be shorter than the 80-s style interest rate hikes, it's clear to me that Bernanke is talking differently than he did in 2006 and 2007.  The effect?  We could see Long Beach mortgage rates rise as much as 2% in the next two years.  I still believe that a five year ARM will offer the best solution because interest rates move in cycles; I think we'll see mortgage rates under 6% again in 2011.  Today?  The trend looks like we're headed higher.

What then, should be your strategy?

1- If you were thinking of refinancing your home loan, apply now.  There will be little periods of weakness in rates this year and you should jump on any chance you have to get a 5/1 ARM under 6% or a 30 year fixed rate under 6.5%.

2- If you can't get the home loan you want today, get your documentation to me anyway. Secure an approval that is good for 90 days and wait for those periods of weakness to lock in the right rate.

3- If you were thinking of buying a home in Long Beach, mortgage rates are about as good as they'll get for the next two years.  Get pre-approved, contact your REALTOR and start looking.

Brian Brady

(858)-777-9751

brian(at) californialoanconnection (dot) com

For faster service, apply online, fax your most recent paystub, 2007 and 2006 W-2 form, and most recent bank statement to 858-605-4230, and call me immediately.

Posted on June 12, 2008 07:27:19 by Brian.Brady

Long Beach Mortgage Rates Report: June 9, 2008

Posted on June 09, 2008 15:51:55 by Brian.Brady

Can We Save the Long Beach Condo Market?

The Long Beach condo market experienced a significant decline before the mortgage credit crunch started.  In fact, Southern California was one of the markets that promulgated the credit crunch with its higher than normal foreclosure rate.  On August 2, 2007, American Home Mortgage went belly-up, sparking a chain reaction of A paper lenders to close their doors, permanently.  262 lending institutions have "imploded" since the sub-prime mortgage decline in late 2006. The mortgage industry contraction has exacerbated the Long Beach housing market decline, especially the condominium market.

It doesn't have to stay like this.

Condominium management associations are dealing with stressed out homeowner associations who are responding to angry homeowners.  "Where are all the qualiied buyers?", they demand.  "Why is the Long Beach condominium market in a free fall?"

I have the answer.  Nobody can get financed.  Well, nobody is a strong word; very few can get financing for Long Beach condominiums.  On June 2, 2008, Fannie Mae severely limited its approvals for Long Beach condominium financing; now, you need at least 10% downpayment to get a loan for a condominium....UNLESS...

...you read carefully.  I know how to stop these prices from dropping like a ball off a table;

government financing.

That's right, FHA or VA loans can save the Long Beach condo market.  They don't have "declining market" adjustments, aren't relying on PMI companies to insure loans with a down payment of less than 10%, and offer competitive loan terms to borrowers.  The problem with FHA/VA home loans in Southern California?  Most condominium complexes are NOT approved for government loans.  If you're a condo owner, or a HOA board member, or an association management company employee, you can check to see if the complex is approved for:

FHA financing here or

VA financing here.

If your complex isn't approved for government loan financing, you have effectively cut the pool of potential buyers by two thirds.  Many Long Beach condominium buyers are first-time home buyers and don't have 20% down payment.  When you limit the pool of potential buyers, you work against the already stabilizing housing market in Southern California.

While house prices may rise, later this year, Long Beach condominiums can still decline in value because of poor management.  Can you afford to have your property investment go sour because of laziness or lack of information?  It doesn't have to be that way.

Call me and I'll help assist you in the government loan approval process.  It may take 4-6 weeks and will probably cost the association about $2,000 to get the complex approved.  While that may sound costly, I assure you that your homeowners will be ecstatic that you've stabilized their property value.

Brian Brady is a San Diego-based mortgage banker and can be reached at 858-777-9751

Posted on June 06, 2008 17:49:49 by Brian.Brady

Alamitos Beach Condos-Market Report-2008-Long Beach Real Estate Sales

Alamitos Beach Condos Market Report

2008

Long Beach Real Estate Sales

Ocean Boulevard Corridor Condo Sales

January 1, 2008 - June 3, 2008

Active

There are currently 59 Ocean Blvd Corridor Condos For Sale in Alamitos Beach, many with fantastic waterfront views, some with city views. 

• 17 of these condos are priced under $500,000 and range from 580 sq ft to 1,128 sq ft.
• 28 of these condos are priced between $500,000 and $1,000,000 and range from 846 sq ft to 1,850 sq ft. 
• 13 of these condos are priced between $1,000,000 and $1,499,000 and range from 1,264 sq ft to 2,065 sq ft. 

Pending

5 Alamitos Beach Condos are pending in escrow.

• 3 bedroom, 2 bath, 1,535 sq ft., $930,000, 51 Days on Market
• 2 bedroom, 2 bath, 1,245 sq ft., $619,000, 182 Days on Market
• 3 bedroom, 2 bath, 1,818 sq ft., $774,900, 83 Days on Market
• 3 bedroom, 2.5 baths, 1,788 sq ft, $799,900, 100 Days on Market
• 2 bedroom, 2 bath, 1,590 sq ft., $910,000, 82 Days on Market

Back Up Offers

4 Alamitos Beach Condos are in escrow accepting back up offers:

• 1 bedroom, 1 bath, 732 sq ft., $459,000, 73 Days on Market
• 3 bedroom, 2 bath, 1,320 sq ft., $699,900, 51 Days on Market
• 3 bedroom 3 bath, 1,788 sq ft., $899,000, 15 Days on Market
• 3 bedroom, 2 bath, 1,800 sq ft., $1,649,000, 120 Days on Market

Closed Sales:

17 Alamitos Beach Condos have closed escrow this year (2008) to date: 

• 9 Under $500,000
• 6 Between $500,000 and $1,000,000
• 2 over $1,000,000
  

Cancelled

29  - Alamitos Beach Condos listed for sale on the Ocean Blvd. corridor were taken off of the market.  Average Days on Market: 155

Expired

34 - Alamitos Beach Condos on the Ocean Blvd. corridor, listed for sale, expired in 2008, Average Days on Market: 155

• Long Beach CA Ocean Blvd Condos For Sale

• Alamitos Beach Luxury High Rise Condos Market Report-Ocean Boulevard Corridor-90802-January-December 2007
  

Long Beach Relocation Resource Guide

• Relocating to Long Beach California-Resource Guide

Alamitos Beach Condos and High Rise Condos For Sale

• Alamitos Beach Condos For Sale $400000 to $500000
• Alamitos Beach Condos For Sale $500000 to $600000
• Alamitos Beach Condos For Sale $600000 to $800000
• Alamitos Beach Condos For Sale $800000 to $1000000
• Alamitos Beach Condos For Sale $1000000 and more
• Alamitos Beach-Downtown Long Beach-Ocean Blvd Condos For Sale-Long Beach Real Estate For Sale

Downtown Long Beach Condos For Sale

• Downtown Long Beach-Alamitos Beach-Ocean Blvd Condos For Sale
• Emerald Villas Condos-555 Maine Ave-Downtown Long Beach Condos For Sale-Long Beach Real Estate For Sale
• Sunset Pointe Condominiums-640 W 4th St-Downtown Long Beach Condos For Sale-Long Beach Real Estate For Sale
• Golden Gate Square Condos-730 W 4th St-Downtown Long Beach Condos For Sale-Long Beach Real Estate For Sale
• Ocean Gate Square Condos-720 W 4th St-Downtown Long Beach Condos For Sale-Long Beach Real Estate For Sale

Downtown Long Beach Homes For Sale

• Downtown Long Beach Homes For Sale $500000 and up
• Downtown Long Beach Homes For Sale $300000 to $500000
• Downtown Long Beach Homes For Sale Under $300,000

Prefer Luxury Waterfront Long Beach Homes with room for a boat?

Try Spinnaker Bay. 

Or perhaps the Belmont Shore and Naples areas:

• Belmont Shore and Naples Condos For Sale-Long Beach Real Estate
• Belmont Shore Naples Homes For Sale in Long Beach CA $2000000 and up
• Belmont Shore CA Homes for sale under $1000000
• Belmont Shore-Naples Homes For Sale in Long Beach California $1000000 to $2000000
• Marina Pacifica Condos for Sale Long Beach CA
• Bay Harbour Homes For Sale Long Beach California

Posted on June 03, 2008 17:17:20 by Laurie.Manny

Seeking California Heights Historic Home For Sale

If you are thinking about selling and have a Historic California Heights Home that is not yet on the market, I have a specific, highly qualified "A" credit buyer, with a large down payment, who may be interested in purchasing your home. This is not a solicitation to list your home. This buyer is quite real, as am I. This is not the first time I have reverse prospected a Long Beach home for a buyer looking for something a little extraordinary.

The buyers are a young professional couple, both doctors, who are purchasing their first home with a large inheritance. They have a sizable down payment, FICO scores in the 800 range, are already pre-approved, are ready to purchase and pay market price. All they need is the right home.

They have been in escrow on another home in the California Heights Historic District. Inspections revealed large problems with the home, none of which was the seller willing to remedy in any way. The home was priced at market, which was too high once the actual condition of the home was revealed.

We are seeking a Historic California Heights home in good and solid condition. That doesn't mean it has to be perfect, but several serious structural issues proved to be too much to deal with. The home should be at least 2 bedrooms, 2 baths, Spanish style is preferred, but we are not limited to this style, wood floors, coved ceilings, garage, lot size is not as important as condition. Historic status is a major plus.

 Homes are sitting on the market for long periods of time, many not selling at all. If you are thinking about selling your California Heights Historic home at any time in the near future, it would not be a waste of your time to call me to discuss the possibilities. Just think, a quiet easy sale and no trail of people coming through your home for months on end.

What I propose is very simple. If you already have an exclusive Long Beach Realtor®, have them give me a call. If you do not already have a Realtor or would like to save a substantial sum of money on commission, I can make this very appealing to everybody.

Call Laurie for details (562) 212-5420

Posted on May 29, 2008 20:59:28 by Laurie.Manny