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Mar
21


Long Beach Mortgage Rates Report: March 21, 2008

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Long Beach mortgage markets are taking pause today, in honor of Good Friday.  It was another dramatic week with Ben Bernanke playing John Wayne.  Last weekend, Bernanke brokered a deal that handed Bear Stearns over to Jamie Dimon and JP Morgan Chase. Last week, a share of Bear Stearns traded for the price of a tankful of gasoline, this week, it trades around the price of a Starbucks cup of coffee.  Fannie Mae and Freddie Mac agreed to buy a lot of mortgages, $200 billion worth to be precise.  This buoyed up the mortgage bonds market and had a positive effect on Long Beach mortgage rates.

 

Let's lock those rates, now.  I don't see a whole lot more reward on the horizon and the risk of higher rates will increase next week.

 

ARM rates are out of whack, again, and the fixed-rate mortgages are the best priced.  Today, the wholesale rate for a 30-year fixed-rate loan is 5.625%.  If you called me, you would get that 30-year fixed rate loan for 1% of the loan amount plus $499 for an APR of 5.89%.  A 15-year fixed rate mortgage can be locked for 4.875% for an APR of 5.15%.  That's about .75% less than what rates were on March 10.  My advice to stay calm, in the face of panic, and float rates, panned out.

 

If you need specific advice, about a mortgage, contact me here.

http://www.lauriemanny.com/00273D
Posted on 2008-03-21 @ 7.20:16 am by Brian.Brady
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Mar
18


Long Beach Mortgage Rates Report: March 18, 2008

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The Federal Reserve Bank Cut both the discount rate and federal funds rate .75% today in an effort to stimulate this slowing economy.  While commodities' prices accelerate, the housing market and subsequent liquidity crisis is dragging the economy into a recession. 

 

We call this phenomenon stagflation and it's REALLY  bad for the economy.  The Fed has been aggressively cutting interest rates and the declining housing market is closing down mortgage companies, investment banking firms, and real estate brokerages. What more can the Fed do to help?

 

The Fed can (and will) buy mortgage-backed securities. 

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http://www.lauriemanny.com/00266B
Posted on 2008-03-18 @ 9.00:52 am by Brian.Brady
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Mar
13


New FHA Loan Limit For Long Beach Homes

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What is the new FHA loan limit for Long Beach?

 

I was a guest on Real Estate Radio USA, yesterday, hosted by Barry Cunningham and Barry Johnson.  I talked about the impact of the higher conforming and FHA loan limits and how it might shore up the "desperate" real estate markets.  Real Estate Radio USA is a provocative and engaging program for real estate professionals and airs daily from 1PM-3PM (Pacific Daylight Time).  Listen to my interview here.

 

Sorry to keep you in suspense with the little self promotion there.  The new FHA loan limit for Long Beach is $729, 750.  FHA loans can be useful for Long Beach home buyers because:

 

1- Only 3% downpayment is required.  Some Long beach homebuyers have had to put as much as 10% down to obtian financing; the FHA loan can solve that problem.

2- Credit scores are not used in the underwriting process.  You still need to pay your bills but a loan can be funded if your credit score fell because of incorrect information on your credit report.

3- FHA loans don't have a "declining market adjustment".  Many Long Beach home buyers have been caught by surprise, when trying to obtain a home loan, and have had to put an extra 5% down.

4- the FHA 203-k loan program allows for "rehab or repair" financing.

 

Interested in buying a home in Long Beach but unsure about how to finance it?  There are three ways to get started:

 

1- Call Brian Brady at (858)-777-9751

2- Email Brian Brady at brian (at) californialoanconnection (dot) com

3- Apply online for the quickest response (this takes about 20 minutes)

http://www.lauriemanny.com/002423
Posted on 2008-03-13 @ 5.59:09 am by Brian.Brady
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Mar
12


Alamitos Beach Luxury High Rise Condos Market Report-Ocean Boulevard Corridor-90802 January-February-2008

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Alamitos Beach Luxury High Rise Condos Market Report

Alamitos Beach Condos Long Beach California

Ocean Boulevard Corridor

January - February 2008

 

 

 

Alamitos Beach luxury high rise condos on the Ocean Boulevard Corridor are slowly beginning to come back to life.  This year got off to a slow start with only 4 very small condos actually selling.  There are currently 9 condos in escrow and buyers are out again shopping Alamitos Beach condos for sale


We have a specific highly qualified buyer seeking a high rise condo, on the Ocean Blvd. corridor, who has not quite found what they are looking for.  If you have a 3 bedroom condo - or a 2 with a den, not currently on the market, around 1600 sq ft or more, on the sand in Alamitos Beach, with a direct ocean view, we would like to speak to you.  Preference is an upper corner unit with an unobstructed east/south facing view in excellent condition.  Our buyer wants to purchase now.  Call today if you are thinking about selling, if you have the right unit, we may be able to make this relatively easy for you.  Contact Laurie at  562-212-5420. 

 

There are currently 57 ocean front and luxury high rise condos for sale in Alamitos Beach, on the sand. 

# Bed Bth Gar SqFt YBlt List Price DOM
706  1958  $215,000  27 
580  1928  $239,900  70 
706  1958  $365,000  53 
1,080  1965  $395,000  65 
732  1973  $419,000  51 
700  1958  $439,900  116 
689  1975  $444,000 
1.5  1,097  1958  $445,000  185 
732  1973  $459,000  12 
10  839  1928  $465,000  194 
11  839  1928  $478,900  335 
12  1,080  1965  $485,000  55 
13  880  1965  $485,000  26 
14  1,026  1992  $499,000  57 
15  1,080  1965  $519,900  231 
16  853  1975  $525,000  27 
17  850  1975  $525,000  20 
18  880  1965  $549,000  33 
19  1,000  1984  $600,000 
20  1,000  1984  $609,000  122 
21  1,350  1980  $619,000  146 
22  1,245  1928  $619,000 
23  880  1965  $629,000  41 
24  1,260  1965  $659,000  65 
25  1,542  1921  $665,900  110 
26  1,325  1958  $675,000  153 
27  1,448  1928  $689,000  26 
28  1,090  1984  $699,000  48 
29  1,080  1965  $699,000  49 
30  1,645  1992  $699,000 
31  1,455  2000  $724,900  190 
32  1,260  1965  $739,000  61 
33  1,260  1965  $740,000  96 
34  1,260  1965  $749,000  27 
35  1,400  2001  $749,900  96 
36  1,800  1980  $769,900  55 
37  1,260  1965  $799,000  61 
38  1,818  2003  $809,900  28 
39  1,377  1992  $824,900  63 
40  1,393  2001  $830,000  468 
41  1,282  2000  $839,000  29 
42  1,120  1976  $850,000  196 
43  1,423  1992  $870,000  41 
44  1,542  1992  $889,000  33 
45  1,510  2004  $1,049,900  208 
46  1,510  2004  $1,049,999  261 
47  1,758  2003  $1,050,000  15 
48  1,264  1985  $1,099,900  12 
49  1,259  2001  $1,125,000  47 
50  1,400  1992  $1,150,000  112 
51  1,425  2001  $1,224,000  114 
52  1,965  2003  $1,275,000  153 
53  1,866  2003  $1,285,000  86 
54  1,400  2000  $1,299,000  48 
55  1,800  2001  $1,299,000  23 
56  1,800  2001  $1,649,000  119 
57  2,245  1992  $2,230,000  131 
Average 2   2 1,247   $768,171 93
Number of Properties: 57
Average ( ListPrice / SqFt ) : ( 768171 / 1247 ) = $ 616.02

 

3 ocean front and luxury high rise condos in Alamitos Beach are in escrow and accepting back-up offers. 

# Bed Bth Gar SqFt YBlt List Price DOM
740  1976  $499,999  88 
1,239  1928  $899,000  59 
1,510  2004  $1,049,999  85 
Average 2   2 1,163   $816,332 77
Number of Properties: 3
Average ( ListPrice / SqFt ) : ( 816332 / 1163 ) = $ 701.92

 

 

 6 ocean front and luxury high rise condos in Alamitos Beach are Pending in escrow. 

# Bed Bth Gar SqFt YBlt List Price Pending Date DOM
1,080  1965  $374,999  12/05/2007  69 
814  1976  $384,900  2/21/2008 
990  1984  $549,900  2/15/2008 
1,231  1975  $739,900  3/01/2008 
2.5  1,788  1992  $799,900  2/06/2008  100 
1,600  1992  $900,000  2/20/2008  230 
Average 2   2 1,251   $624,933   68
Number of Properties: 6
Average ( ListPrice / SqFt ) : ( 624933 / 1251 ) = $ 499.55

 

 

 4 ocean front and luxury high rise condos in Alamitos Beach have closed escrow - SOLD. 

# Bed Bth Gar SqFt YBlt Sold Price SP/ SqFt SP/LP SP/OLP Sold Date DOM
296  1928  $185,000  $625.00  94.87%  94.87%  3/11/2008 
873  1928  $370,000  $423.83  97.63%  82.22%  1/07/2008  158 
841  1928  $379,000  $450.65  100.00%  108.29%  1/30/2008  192 
487  1975  $381,750  $783.88  95.68%  95.68%  1/31/2008  44 
Average 1   1 624   $328,937 $570.84 97.04% 95.26%   131
Number of Properties: 4
Average ( SalePrice / SqFt ) : ( 328937 / 624 ) = $ 527.14

 

Read more »

http://www.lauriemanny.com/00240F
Posted on 2008-03-12 @ 8.00:01 pm by Laurie.Manny
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Mar
11


Long Beach Mortgage Rates Report: March 10, 2008

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Warren Buffett describes his investment philosophy as being fearful when everyone else is greedy and greedy when everyone is fearful.  Today, fear abounds in the mortgage bonds market and that is driving mortgage rates higher.

 

Rampant fear is why I'm suggesting that borrowers float their mortgage rate. I had been advising borrowers to lock loans, until all hell broke loose, on March 6,2008.  Investors are worried that the mortgage bonds they hold will be worthless.  This market is a lot like the junk bond market of the late 80s.  Those that panicked lost money; those that kept a cool head, profited.

 

Today a 30 year fixed rate loan is offered at 6.25%, up from 5.875%, and a 7 year ARM is at 6.125%, up from 4.875%. 

 

Can you see how much panic there has been in less than a week?

 

I think the market will calm down and traders will pay attention to the economic figures. The Consumer Price Index is due out Friday and that should be the big market mover.  Float your mortgage rates, for now.  Keep alert and keep checking back.

 

Contact me at (858)-777-9751 with questions or apply for a mortgage online for a quick response.

http://www.lauriemanny.com/0023C1
Posted on 2008-03-11 @ 4.30:32 am by Brian.Brady
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