Toni Patillo – Santa Monica and Palisades Real Estate Agent

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Up to 23,000 condo projects could lose FHA eligibility in 2011

According to the National Association of Realtors, 23,000 condo projects are on the verge of losing their eligibility for FHA-guaranteed sales and refinancing after 2,200 projects have already lost eligibility.

The FHA set standards last year that require condominium projects that are FHA approved before 2007 to renew their approvals by December 7, 2010 and NAR projects roughly 25,000 have missed the cutoff date.

Given the staggering number of projects that did not renew, FHA extended...

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2011 Real Estate Market Outlook

Fannie Sees Positive Real Estate and Lending Market in 2011

The slowly recovering economy has led Fannie Mae to project an improved outlook for the real estate market next year.

According to the report, while the mortgage giant expects that home prices will finish 2010 down approximately 0.6 percent compared with last year, they should bounce back slightly in 2011 before rising more than 4 percent in 2012.

Low mortgage rates should also continue to bring appealing conditions for those interested in buying a home. Fannie Mae‘s forecast shows...

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Moratorium on Bank of America Foreclosures


Here is an article I read today on DSnews.com, Bank of America is now the fourth bank nationwide to place a moratorium on their foreclosures:

UPDATED to include PNC Financial’s reported foreclosure freeze and impending joint investigation of 40 states into servicers’ foreclosure procedures. The nation’s largest mortgage lender, Bank of America announced Friday that it is expanding its foreclosure moratorium from 23 states, as announced by the bank last week, to include all...

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Moratorium on Bank of America Forclosures

UPDATED to include PNC Financial’s reported foreclosure freeze and impending joint investigation of 40 states into servicers’ foreclosure procedures.
The nation’s largest mortgage lender, Bank of America announced Friday that it is expanding its foreclosure moratorium from 23 states, as announced by the bank last week, to include all 50 states.

The company explained in a statement, “Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our assessment has been satisfactorily completed.”
The company added, “Our ongoing assessment shows the basis for foreclosure decisions is accurate. We continue to serve...

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Today’s Mortgage Rate… Lower Than Yesterday’s

Here is an article I read on DSNews today. These new figures from Freddie Mac are stunning. With rates already at their lowest in over a half of a century, one has to wonder how low will they go? Here is the article:

How low can we go? When it comes to mortgage rates, the floor keeps dropping. Industry reports released Thursday show that interest rates for home loans – already at their lowest marks in more than a half-century – dropped again this week.

Market analysis conducted by Freddie Mac found that the 30-year fixed-rate mortgage (FRM)...

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House Bill Would Force Lenders to Decide on Short Sales in 45 Days

Here is some news I am passing on to you. It’s an article I was emailed last week that states a house bill would force lenders to decide on short sales in 45 days. Here is the full article:

Distressed homeowners looking for a way out of their mortgage that doesn’t involve foreclosure may find relief is on the way from a new bill introduced in the U.S. House.

The legislation would impose a deadline on lenders to respond to short sale requests, requiring them to return an answer to the borrower within 45 days.

The bipartisan bill, Prompt Decision...

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Should I buy a home now? 10 Reasons Why you should.

Everywhere I go people ask me these hot topic questions, should I buy a home now? Is this as low as the market is going to get? When will the real estate market bounce back? Is it going to bounce back?

I think that home ownership is a beautiful thing and I feel that everyone must look at their personal situation to decide whether to buy or not. But if you are looking to buy, now is a great time. Of course this is my personal opinion, but here is an article from the Wall Street Journal that backs my...

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