Realtors for Ventura | Oxnard | Camarillo

At the beginning of every month (usually!) we take a check of the inventory of homes available for sale in Ventura, Oxnard and Camarillo. On a macro level, if we can tell how many homes are for sale and how many homes have sold in a given period, we can get a sense of the activity and strength of our market. Not surprisingly, we’re seeing inventory levels going up now that the first time buyer credit has expired. Inventory levels are always fluid as new homes every day come on the market and others are sold, so these numbers are merely “snapshots” at the time we pull the stats. Here are the latest numbers and trends. Here are the latest numbers and trends.

Click on the picture to view a video PowerPoint about the U.S. Treasury Department’s just announced streamlined short sale process for homeowners struggling under their mortgage payments.

The government has tried stemming the flood of foreclosures – primarily through the HAMP program – but it’s only been marginally successful. To avoid foreclosure, thousands of homeowners have attempted to do short sales, but that process has been cumbersome, time consuming for both buyers, sellers and agents, and highly frustrating for all parties.

To solve those problems, the HAFA program provides a clear path for homeowners to do a pre-approved short sale. Listen to this video PowerPoint for an overview of the program.

Click on the picture for a more detailed PowerPoint video about the U.S. Treasury Department’s just announced streamlined short sale process for homeowners struggling under their mortgage payments.

Would HAFA work for you? Listen to this video – get the information and understand your options – then call Leslie. She wants to hear your story!

In an effort to cut down on fraud by borrowers and tighten underwriting criteria, lenders will require a second full credit report just prior to closing escrow. This is part of Fannie Mae’s “loan quality initiative” (LQI) which takes effect June 1st.

Lenders are concerned that  mortgage borrowers shop for things they need for their anticipated new home – often furniture or even a car – possibly thousands of dollars worth of purchases . The home buyer often will open up a new credit account, thus affecting the borrower’s debt-to-income ratio.

What should a home buyer do? The rule of thumb is – abstinence, resist the spending until after escrow closes! Read Fannie Mae’s FAQs on this topic.

Each Thursday, the California Franchise Tax Board updates the numbers for credit availability. Escrow must have closed before a home buyer can submit for the credit. Here are this week’s numbers!