23 February 2010

Credit Card Changes - Watch Your Statement

The Credit Card Accountability Responsibility and Disclosure Act was signed into law and the bulk of the reforms took effect yesterday, 02/22.  The credit cards companies are making changes to terms of agreements which will bolster their profitability over time.  It is critical to watch your statements - check the interest rate and late fee terms.  Have they gone up?  If not yet, they most likely will.  So read your statement carefully, double check your mail for new or changed agreement terms, and set up your card for automatic payments so you don't get charged late fees.  For more information, read the article in the link.

22 February 2010

New LOW price on darling studio rental!

Just reduced!!  This darling studio cottage, with a Tahoe-feel, is now just $550/month.  New carpets, new appliances, and ready for a new tenant.  Call today or email for more information, or to apply!  Better hurry though, because at this price, this unit is bound to rent fast!

Call for more information:  510-632-1234 (ask for Melissa or press extension 2)
Email for more information:  Since1923@Deadrich.com

17 February 2010

HUD Extends Comment Period for Proposed SAFE Act Rules

Assistant Secretary for Housing David H. Stevens announced yesterday that HUD is extending the public comment period on its proposed rule on the Secure and Fair Enforcement Mortgage Licensing Act (SAFE) Act to March 5, 2010. HUD’s SAFE Actproposed rule published in the Federal Register on December 15, 2009, and the public comment period was originally scheduled to close on February 16, 2010.
There has been quite a bit of concern brought up regarding HUD’s rule and how it will impact seller financing for homes that are not the residence of the seller. Paragraph F of the proposed rule discusses who would not be subject to the licensing requirements. Among other exemptions, HUD specifically indicates that a seller who is financing the sale of his/her own residence would be exempt from licensing requirements. However, HUD’s rule does not provide the same exemption for a property owner who is selling a home that is not the seller’s residence. The rule states:
“The commercial context implied by the taking of an ‘‘application’’ is also absent where an individual seller provides financing to a buyer pursuant to the sale of the seller’s own residence. The frequency with which a particular seller provides financing is so limited that HUD’s view is that Congress did not intend to require such sellers to obtain loan originator licenses. Accordingly, this rule would provide in § 3400.103(e)(5) that such individuals are not subject to State licensing requirements.”
Your NARPM® Governmental Affairs Committee wanted to ensure that you had access to all the pertinent information on this issue. We have provided additional background on the SAFE Act below. If you would like to submit a comment on HUD’s proposed rule for the SAFE Act, click here to visit regulations.gov. If you, as a property manager, work with any investors, you might consider passing this information on to them for their input as well.


As published in a December 15th, 2009 press release from HUD, The SAFE Act was enacted into law on July 30, 2008, as part of the Housing and Economic Recovery Act of 2008. It is designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators. SAFE also mandates the creation of a Nationwide Mortgage Licensing System and Registry (NMLSR), and encourages all states to provide for a licensing and regulatory regime for all residential mortgage loan originators. While states are charged with enacting licensing standards that meet the requirements of the SAFE Act, overall responsibility for interpretation, implementation, and compliance rests with HUD. If HUD determines that a state’s licensing standards do not meet the minimum requirements of the Act, it is required to implement and administer a licensing system for that state.
National Association of Residential Property Managers638 Independence Parkway, Suite 100, Chesapeake, VA 23320
P: (800) 782-3452 | F: (866) 466-2776 | info@narpm.org

11 February 2010

Fewer Homeowners See Home Values Falling...

A recent report shows that one in five U.S. homeowners owed more on their mortgage than their home was worth in the fourth quarter; however, California’s housing market is bucking the national trend and is telling a different story.
Although the report by Zillow.com claims that the percentage of American single-family homes with mortgages in negative equity rose in the fourth quarter, the report does not account for seasonal changes. The traditional home-buying season is April through August. Historically, this time period also is when median home prices rise. In September, median home prices generally show a declining trend, and remain steady from November through February. The change in the median home price noted by Zillow.com is a typical year-end seasonality adjustment in price.
Unlike the national median home price, the month-over-month changes in California’s median home price for 2009 were stronger than the long-run average. Low interest rates and tax incentives led to a rise in the demand for housing. As a result, housing inventory was constrained and created upward pressure on home prices.
California’s housing market has shown signs of stabilization since early last year. Sales of existing, single-family homes bottomed out in August 2007, and the median home price reached its trough in February 2009. In December, California’s median home price was 25.1 percent above the low for the current cycle.
In December, the median price of an existing, single-family home rose to $306,820, an 8.4 percent rise year-over-year, the second consecutive year-over-year increase, and the 10th consecutive month- over-month increase, according to C.A.R.’s December sales and price report.
Although home buyers should not focus solely on future home price appreciation, homeowners who purchase a median-priced house, live in their home for at least five years, and sell it at the then current median price, have averaged an annual rate of return of more than 11 percent, according to data collected by C.A.R. over the last 40 years.
To read the full story, please click here:

10 February 2010

San Leandro City Council Meeting

Save the Date!

Monday, February 22, 2010 @ 7pm...

Mayor Santos will be presenting the State of the City Address.  A good time to hear what is going on in the city...and see what hints we are given about budget and services cuts for the 2010/2011 budget year.  This will impact everyone of us who either lives or does business in the city.  Hope to see you there!

04 February 2010

Open Sunday 12-2

707 & 709 Peralta Avenue, San Leandro.

First time open to the public!  Great property with two homes on one creek-side lot, complete with barn, water tower, and workshop.  Come by on Sunday - special SuperBowl timing from 12 to 2pm - and see for yourself!

Questions?  Give us a call or email us!

02 February 2010

Beware Phoney Cragislist Postings

Be wary of rental ads on Craigslist when they ask for a deposit first.  Many scammers are, and have been, copying ads for properties for sale, and re-posting them as for rent in hopes of getting a deposit from would-be renters.  If you suspect this, email the details to abuse@craigslist.org (make sure you include the URL or 10 digit post ID number in your email).

To avoid scammers, some helpful hints include:
1.  Deal locally with people you can meet in person;
2.  Don't wire funds via Western Union, Money-Gram or any other wire service;
3.  Phoney cashiers checks and money orders are common, but you will be held responsible weeks later after the bank cashes them;
4.  Never give out financial information;
5.  Don't get involved in deals that involve shipping services, and know that only scammers will guarantee your transaction.

Other ways to file a complaint include:
-The FTC @ ftccomplaintassistant.gov or 877-FTC-HELP (877-382-4357)
-Better Business Bureau @ bbb.org or 804-648-0016
-Internet Fraud Complaint Center @ ic3.gov/default.aspx
-The non-emergency number for your police station

Questions?  Send us an email or give us a call.