September 2010

Roseville Housing Market Impacted by Deception?

September 29, 2010 by · Leave a Comment 

This is amazing! This article supports the fact that the general public is being duped. Fraud is happening (Fannie and Freddie, MERS system). And loan servicers have little to no incentive to help homeowners in the midst of a foreclosure (a.k.a. loan modification or short sale). Most people don’t realize that servicers get paid whether the loan is performing or nonperforming, whether a property is in foreclosure or not. These loan servicers conveniently “lose paperwork” and “close the file until the paperwork is resubmitted” over and over again. Combined with the recently announced “robo signer” scandal, I suspect that something is about to hit the fan. Because fabricated evidence doesn’t hold up well in court… well, at least I’ve never seen it work on Judge Judy or The People’s Court with Judge Wapner. We’ll have to wait and see how this affects our Placer County housing market. Might it lead to a rise in values..?
-Dave Roe
From The Huffington Post

William Alden First Posted: 09-29-10 05:41 PM   |   Updated: 09-29-10 06:18 PM

Even as August saw more Americans lose their homes to foreclosure than in any other month on record, there are growing concerns over the legality of many of those proceedings.

JPMorgan Chase has suspended legal proceedings on “certain” foreclosures, due to concerns about the validity of the foreclosure documents, a spokesman for the bank told CNBC Wednesday (hat tip to Zero Hedge).

Read More…

Roseville Chili Cook-off in Old Town

September 28, 2010 by · Leave a Comment 

The Chili Cook-Off is back in Old Town Roseville. Merchants and the Roseville Moose Lodge are joining together to create this annual event, benefitting Make-a-Wish Foundation of Sacramento in Historic Old Town Roseville. The cook-off features fifteen to twenty-five cookers who must make all preparations on-site within a limited time frame. The activities include live music, family fun, food vendors, and a beer garden in addition to the chili. 

The Loyal Order of Moose is known as the “Family Fraternity” and they strive to have activities for all ages at their events. Be sure to mark your calendars and plan on coming to enjoy a great day in Historic Old Town for a great cause, 11:00-4:00 pm, Sunday, October 6.

Walking Away with Less

September 27, 2010 by · Leave a Comment 

Homeowners in Placer County are realizing the same fate as those mentioned in this Washington Post article. Short sales account for roughly 25% of August sales in Placer County according to our MLS findings. Nobody wants to damage their credit, but selling a home at reduced price and getting out of an upside down situation, for many folks, just makes  good business sense.       
– Dave Roe
From The Washington Post
By Dina ElBoghdady and Dan Keating
Sunday, September 26, 2010; 4:03 AM

Homes for Sale in Roseville A new wave of distressed home sales is rippling, more quietly this time, through American cities and suburbs.

Its unsettling effects are playing out here in Manassas, along Brewer Creek Place, a modest, horseshoe-shaped street lined with 98 brick townhouses. Several years after the U.S. foreclosure crisis erupted, the U-Hauls are back.

The last time, banks seized nearly every fourth house on the street through foreclosure. This time, homeowners are going another route: a SHORT SALE.

“I love this house, but I just have to leave,” said Leanna Harris, 27, the owner of a corner unit that used to be the builder’s model, with a stone path in the yard and a gourmet kitchen. “I’m at peace with it now.”

The original owner bought the home for $400,714 in 2006; Harris and her husband, both bartenders, paid what seemed to be a bargain price, $289,000, in 2008. But they have fallen behind on their mortgage payments, in part because her husband was out of work. Now they have a $246,000 offer for the home, and the balance on their mortgage is more than that. They want to accept the offer. All they need is their bank’s okay.

That kind of deal is called a short sale, and it’s sweeping the country. In these deals, a lender allows a troubled borrower to sell a home for less than what’s owed on the mortgage.

Completed short sales have more than tripled since 2008, and 400,000 of these deals are projected to close this year, according to mortgage research firm CoreLogic. The giant mortgage financier Fannie Mae approved short sales on 36,534 home loans it owned in the first half of the year, nearly triple the number in 2007 and 2008 combined. Freddie Mac, its sister company, approved 22,117 in the first half of 2010, up from a mere 94 in the first half of 2007.

For Complete Article…


Roseville Condo FOR SALE

September 21, 2010 by · Leave a Comment 

Investors, GREAT BUY! Where else can you live in Roseville for 75K? Close to Gallereia Mall, Highway 80, Trader Joes, Parks and more! Shared laundry space located at back of
unit. Selling As-Is.

PrimeCal UPGRADE – From the Past to The Future

September 10, 2010 by · Leave a Comment 

 We recently changed our PrimeCal email address to  
If you would like to send us an email, please use this new address – THANKS!