Bank of America recently announced that “as of January 15, 2013, there will no longer be a temporary foreclosure hold during the Cooperative Short Sale property marketing phase. We may begin or continue the foreclosure process up until a submitted offer to purchase the property is approved by all relevant parties.  Any existing short sale will not be impacted by this change.”

The cooperative short sale has been used when a homeowner does not qualify for the US Treasury’s HAFA (Home Affordable Foreclosure Alternative) program.

Our January newsletter touches on a lesson I had to be reminded of about how easy it is to miss something of great value!

It centers on a $1.5 million Stradivarius, the man who’s playing it, and where it’s being played.

Plus (of course) we keep you abreast about current real estate trends in west county. Enjoy!

Yesterday the LA Times had a front page article explaining why banks today are pushing short sales – and getting them done.

Realtors, buyers and sellers in the past dreaded doing short sales – banks took forever to approve the offers (the buyers would lose patience and move on to another property) and it seemed like the lenders were always asking for more paperwork (which had already been sent in and “misplaced”).

But those days are pretty much gone. Lenders have staffed up to handle the load, offers are being reviewed in 10 days or so and in California, the new Homeowner Bill of Rights makes it easier for homeowners to do a short sale after they’ve considered all their options.

Contrary to what some might think, lenders don’t want to foreclose on a home. A vacant house is subject to vandalism, decreases neighborhood values and will probably be sold for less as a bank owned property vice had it been sold as a short sale.

Unfortunately, many homes still go through foreclosure in Ventura County, often because the homeowner waits too long before trying to do a short sale.  Once a Notice of Trustee Sale has been filed on the property, the auction will be set for 3-4 weeks out, and often that doesn’t leave enough time to market the home, get a good offer, submit that offer to the lender and then still have enough time for the lender to review that offer.  Time simply runs out.

Leslie and I counsel homeowners at the pre-foreclosure stage (when the Notice of Default has been filed) to use the first 6 weeks or so of the 3 month time frame (the Default stage) to try and get their loan mod, but if unsuccessful, then seriously consider starting the short sale process.  Homeowners need to do short sales for a variety of reasons – job transfer, divorce, death of a spouse, job loss or reduced income, medical issues, etc.

The key is to always – like a chess player – be thinking a move or two ahead and be ready to make a decision before time runs out.

Listed below are the December results for the sold prices of homes, the number of homes sold and number of homes in escrow – a future indicator of homes sold.

Also included is the quarterly chart showing the 4th quarter of 2012. The quarterly chart provides a smoother look of price trends; the monthly chart is more “choppy”.  It’s clear price points have bottomed and the housing market is now strengthening going into 2013.

This data is taken from the Ventura, Oxnard and Camarillo MLS.

To see the detailed charts for Ventura, Oxnard and Camarillo, please see the links below.

The percentage of single family homes that were distressed sales in the month of December are:

Ventura – 32%      Oxnard – 53%     Camarillo – 28%

Sold prices – Single family homes in Ventura, Oxnard, Camarillo:

• 12 month graph
• Quarterly graph ending Q4

Sold prices – Condos in Ventura, Oxnard, Camarillo:

• 12 month graph
• Quarterly graph ending Q4

Numbers sold – Single family homes in Ventura, Oxnard, Camarillo:

• 12 month graph
• Quarterly graph ending Q4

Detailed data for single family homes sold in:

• Ventura
• Oxnard
• Camarillo

Detailed data for condos sold in:

• Ventura
• Oxnard
• Camarillo

Detailed monthly data for pendings (in escrow) – single family homes and condos:

• Ventura
• Oxnard
• Camarillo

All data is taken from the Ventura, Oxnard and Camarillo MLS.

Late Tuesday night, Congress reached a settlement in the “fiscal cliff” negotiations.  As a result, the Mortgage Forgiveness Debt Relief Act has been extended for another year.  The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal reduction), or foreclosure.