Asset Vu Real Estate Brokerage

Move in ready! Covered Patio, Spa, Two Tone Paint & More!

2010-07-28T00:57:00Z

• 2,223 sq. ft., 3 bath, 4 bdrm 2 story - MLS® $281,500

Highland Reserve, Roseville - Move in ready home with custom two tone paint, tile flooring, formal dining room, seperate family and living rooms, covered patio, tool shed and spa. Spacious kitchen with upgraded cabinets. Large master suite with private den or nursery that can be easily be converted to a 4th bedroom.

There will be an open house this Saturday, July 31st from 1:00pm - 4:00pm. Call for a private showing.

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5 Real Estate Scams You Need to Know About

2010-07-23T03:13:00Z

Don't be duped by mortgage fraud. Here are a few common scams and the red flags you should look for in a transaction.

By Melissa Dittmann Tracey | August 2010

Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, home values plummeting, and lenders raising their rates and fees to recover losses.

The crimes are often complex, involving several parties and occurring over multiple transactions. To protect you and your clients, educate yourself about mortgage fraud and be on guard for any warning signs in a transaction. You can start by reviewing these five scams, and then test your knowledge by taking our Mortgage Fraud Quiz.

1. The Foreclosure Rescue Scheme

The Scam: “Rescuers” promise cash-strapped home owners that they can save their home from foreclosure. The rescue, which involves paying upfront fees, can take multiple forms, such as the perpetrator obtaining a new loan on behalf of the owner or by having the owner sign over the home’s deed and then rent the home until they can repurchase it. Eventually, the home owner loses the home, either to foreclosure or the fictitious rescue company.

Red Flags: With foreclosure rescue programs, borrowers are often advised to sign over the title of their house to a third party, become renters of their home, not contact their lender, or send mortgage payments to a third party, according to Fannie Mae, which provides fact sheets on mortgage fraud.

2. Loan Documentation Fraud

The Scam: This fraud involves numerous schemes in which a borrower provides inaccurate financial information — such as about their income, assets, and liabilities — or employment status in order to qualify for a loan with lower rates and more favorable terms. Occupancy fraud is one growing area: Borrowers say they plan to live in the property when they actually intend to rent it.

Red Flags: Documentation may raise suspicion if the employer’s address is shown as a post office box, accumulation of assets compared to the person’s income appears too high or low, the new house is too small to accommodate occupants, the person has no credit history, or the application is unsigned or undated, according to Fannie Mae.

3. Appraisal Fraud

The Scam: A faulty appraisal — saying a property is worth more than what it really is — is connected to many types of mortgage fraud. It entails manipulating or overstating comparables, market values, or property characteristics in order to obtain a higher appraisal. The higher property appraisal, which generates false equity, is done by falsifying an appraisal document or using an appraiser accomplice to obtain the higher value.

Red Flags: Be skeptical of appraisals that are dated prior to the sales contract, list comparable sales that do not contain similarities to the property or are outside the neighborhood, the owner is not the seller listed on the contract or the title, or a third party participating in the transaction orders the appraisal, Freddie Mac warns.

4. Illegal Property Flipping

The Scam: This entails purchasing properties and reselling them at inflated prices. These scams usually involve faulty appraisals and inaccurate loan documents. The property is then refinanced or resold immediately after purchase for an inflated value. The home is purchased at a higher price, often by straw buyers working with the “flipper,” and eventually falls into foreclosure.

Red Flags: Some key things to look for are rapid refinancing of a property; the seller recently having acquired the title or acquiring the title concurrent with the transaction; an appraisal that comes in too high; a property that was recently in foreclosure being purchased at a much lower price than its sales price; or the owner listed on the appraisal and title not matching the seller on the sales contract, according to Fannie Mae.

5. Short Sales Schemes

The Scam: Borrowers owe more than the current value of their home so they fake financial hardship and no longer make their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property in a short sale agreement. The lender agrees to the short sale, unaware that it was premeditated. The property, after being purchased at the reduced price, is then often resold at the home’s actual value for profit.

Red Flags: The borrower suddenly defaults on the mortgage with no workout discussions with the lender, an immediate offer is made to a lender at a short sale price, the short sale offer is less than current market value, or a cash back is offered at closing to the delinquent borrower (disguised as “repairs” or other payouts, for example) and is not disclosed to the lender, according to Fannie Mae.

You can report instances of suspected mortgage fraud to Stopfraud.gov.

Learn More: Take the Mortgage Fraud Quiz >

Upgraded 3 Bedroom, 2 Bathroom Halfplex with 2 Car Garage!

2010-07-22T23:20:00Z

• 1,178 sq. ft., 2 bath, 3 bdrm single story - MLS® $99,900 USD

Natomas, Sacramento - Move in ready 3 bedroom, 2 bathroom halfplex with new two tone paint and carpet. Custom tile entry with granite border with tile flooring extended throught the kitchen and spacious nook area. The family room has a vaulted ceiling and cozy brick fireplace. Be sure to put this one on your list.

Please call for a private showing.

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Summer FUN! Bank Owned Home with Built In Pool and Play Structure!

2010-07-22T22:06:00Z

• 1,489 sq. ft., 3 bath, 3 bdrm 2 story - MLS® $211,800 USD

Rocklin, Placer County - Move in ready BANK OWNED home with built in pool and play structure, new appliances, two tone paint and low maintenance laminate and tile flooring throughout the bottom floor. Centrally located near shopping and the Galleria with easy freeway access.

Please call for a private showing.

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SELLERS FEEL THE HEAT AS THEY CONTINUE TO SLASH HOME PRICES THIS SUMMER

2010-07-21T20:10:00Z

SAN FRANCISCO, July 14, 2010 – Trulia.com (www.trulia.com), smart real estate search to help you make better decisions, today announced that 24 percent of listings currently on the market in the United States as of July 1, 2010 experienced at least one price reduction. This represents a nine percent increase from the previous month. The total dollar amount slashed from home prices was $27.3 billion and the average discount for price-reduced homes continued to hold at 10 percent off of the original listing price.

Many of the largest U.S. cities saw significant increases in price reduction levels this month with 22 of the top 50 cities across the U.S. experiencing price reduction levels at 30 percent or more, compared to just 10 cities in the previous month. Minneapolis leads the way with 40 percent of its home listings experiencing at least one price cut. This is the third straight month that Minneapolis has held the top spot and no other city has reached the 40 percent mark since Trulia started tracking home price reductions in April 2009. With an average discount for price-reduced homes at nine percent, the city’s total dollar amount slashed from home prices was $30.1 million.

“Sellers are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb,” says Pete Flint, co-founder and CEO of Trulia. “We’re seeing more and more sellers reduce their home listing prices to attract potential buyers, who definitely have the upper hand in negotiations this season. The slow start to the summer season is a major concern that we are heading towards a double-dip in the second half of this year.”

Western U.S. Leads with Price Reduction Increases

In the first half of 2010, cities in the Western U.S. were experiencing a decrease in reductions. This month, the same cities experienced some of the largest surges in price reductions compared to the previous month. Oakland increased 38 percent month-over-month and San Diego saw reductions increase by 25 percent. Additionally, Honolulu experienced a 21 percent increase from the previous month and Las Vegas increased by 20 percent. Texas cities also saw significant increases in price reductions with San Antonio and El Paso increasing by price 21 percent and 20 percent respectively. The following U.S. cities experienced the biggest increases in price reductions from June 1, 2010 to July 1, 2010:

City	State	June 2010	July 2010	Percentage Change
Oakland	CA	13%	18%	38%
San Diego	CA	16%	20%	25%
Omaha	NE	25%	31%	24%
Virginia Beach	VA	26%	32%	23%
Honolulu	HI	19%	23%	21%
San Antonio	TX	19%	23%	21%
El Paso	TX	15%	18%	20%
Las Vegas	NV	10%	12%	20%

Luxury Market Still Feeling The Pain

Price reduction levels for luxury homes (those listed at $2 million and above) continue to provide large discounts with an average of 14 percent off of the original listing price. The average discount for homes priced less than $2 million remains at 9 percent.

July 2010 Price Reductions - Top 50 U.S. cities based on population: Download full chart.
To download an infographic illustrating the data, click here.

Rank	City	State	Percent of Listings with Price Reductions	Average Reduction (%)	Total Amount of Reductions
1	Minneapolis	MN	40%	9%	$30,138,399
2	Milwaukee	WI	39%	9%	$22,856,449
3	Dallas	TX	38%	9%	$164,878,956
4	Boston	MA	34%	7%	$51,750,099
5	Baltimore	MD	34%	11%	$37,273,818
6	Phoenix	AZ	33%	13%	$103,082,616
7	Memphis	TN	33%	9%	$24,156,340
8	Kansas City	MO	32%	9%	$34,122,816
9	Tucson	AZ	32%	10%	$63,589,760
10	Columbus	OH	32%	8%	$20,431,656
11	Mesa	AZ	32%	12%	$29,327,845
12	Jacksonville	FL	32%	11%	$88,552,440
13	Virginia Beach	VA	32%	8%	$38,029,348
14	Albuquerque	NM	31%	8%	$32,371,380
15	Louisville	KY	31%	6%	$15,619,604
16	Omaha	NE	31%	7%	$12,518,865
17	Arlington	TX	31%	7%	$ 9,206,050
18	Cleveland	OH	30%	12%	$11,384,016
19	Chicago	IL	30%	8%	$199,322,934
20	Atlanta	GA	30%	10%	$175,613,656
21	Indianapolis	IN	30%	7%	$31,539,844
22	Seattle	WA	30%	9%	$68,197,903
23	Portland	OR	29%	8%	$42,937,356
24	Philadelphia	PA	29%	8%	$66,643,452
25	Raleigh	NC	28%	7%	$34,265,088
26	Nashville	TN	28%	8%	$34,065,495
27	Long Beach	CA	27%	9%	$24,944,304
28	Fort Worth	TX	27%	8%	$35,456,022
29	Houston	TX	27%	8%	$144,307,968
30	Colorado Springs	CO	27%	7%	$38,904,960
31	Tulsa	OK	26%	6%	$16,068,222
32	Austin	TX	26%	7%	$74,626,954
33	Washington	DC	25%	10%	$72,029,714
34	San Francisco	CA	25%	8%	$71,276,436
35	Charlotte	NC	25%	9%	$76,384,896
36	Oklahoma City	OK	24%	7%	$11,470,734
37	San Antonio	TX	23%	8%	$61,355,501
38	Los Angeles	CA	23%	11%	$214,794,838
39	Honolulu	HI	23%	8%	$32,572,680
40	Denver	CO	22%	8%	$48,509,205
41	Miami	FL	21%	13%	$162,958,950
42	Sacramento	CA	20%	9%	$14,727,930
43	San Diego	CA	20%	8%	$73,750,825
44	Fresno	CA	19%	11%	$9,713,964
45	Detroit	MI	19%	26%	$10,058,664
46	El Paso	TX	18%	7%	$12,642,480
47	Oakland	CA	18%	10%	$9,580,388
48	New York	NY	17%	10%	$442,588,446
49	San Jose	CA	16%	8%	$23,803,457
50	Las Vegas	NV	12%	15%	$98,065,686

Trulia Price Reductions

Trulia is the first and only national real estate site to provide consumers with the ability to use price reductions as a search filter in their quest to find a deal in today’s market across all 50 states. Trulia’s Price Reduction feature can be accessed from the Trulia homepage and is deeply integrated into the existing search experience on the search results page and via the advanced search tab. Detailed information regarding multiple price reductions and prior sold data is now available on each property listing page.

Providing home buyers with access to price reduction data empowers them to make more informed decisions regarding which home to purchase and helps consumers get the most home for their dollar. It also helps home sellers price their homes competitively as more homes come onto the market.

Methodology: All price change data is from live listings on Trulia.com, as of July 1, 2010 and tracks all price reductions from July 1, 2009 to July 1, 2010. This data does not include foreclosure properties. Trulia obtains its listing information from brokers, agents, third party aggregators and Multiple Listing Services (MLSs). The percentage of listings with price reductions includes any non-foreclosure property on Trulia.com that has experienced at least one price reduction since it was first posted on the site. The city level data is for listings within the city boundary, and not for metro areas.

About Trulia, Inc.

Trulia.com is the most comprehensive real estate site focused on empowering you with smarter tools to help you find the right home. Whether you are an active buyer, seller or real estate enthusiast, Trulia gives you all the information you care about from rich property data to a personalized search experience. We are focused on helping you find the home that truly meets your needs, and delivers on what’s most important for you. Ultimately, we built a smart real estate search experience bringing together local information, community insights, market data and national listings all in one place, all for you.

Media Contacts:
Cerena Hsieh for Trulia, chsieh@sutherlandgold.com, 415-848-7178

Walk to Breen Elementary! Move in Ready Upgraded Bank Owned Home

2010-07-19T19:02:00Z

• 1,343 sq. ft., 2 bath, 3 bdrm single story - MLS® $223,900 USD

Stanford Ranch, Rocklin - Not your typical Bank Owned home. Move in ready single story home with beautiful laminate flooring, new appliances and two tone paint. Great location surrounded by numerous bike and walking paths. Walking distance to shopping, Breen Elementary, Granite Oaks Middle School and Rocklin High School in the popular Stanford Ranch area. This home is a must see!

Please call for a private showing.

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Salaries expected to modestly increase in 2011

2010-07-15T15:15:00Z

U.S. salary increase budgets remain historically low, but projections for 2011 show a modest increase, according to The Conference Board annual salary increase budgets survey report released today.

For the second straight year, the median salary increase budget is 2.5 percent. Projections for 2011 show a modest increase to 3 percent. (Salary increase budgets refer specifically to the pool of money that an organization dedicates to salary increases for the coming year. Generally, it is represented as a percentage of current payroll.)

“This less-than-robust increase is an indication that the economic recovery has not yet picked up enough strength to significantly raise salary budgets to a level consistent with a healthy economy,” says Christopher Woock, Researcher, Human Capital, The Conference Board. “But the news is not all grim. There appears to be little risk of inflation eroding the real value of the increase.”

Foreclosures in US reach record high

2010-07-15T15:12:00Z

By ALEJANDRO LAZO
Los Angeles Times

Published: Thursday, Jul. 15, 2010 - 1:00 am

Last Modified: Thursday, Jul. 15, 2010 - 6:58 am

LOS ANGELES -- The number of U.S. homes taken back by banks through foreclosure hit a record high in the second quarter, even as lenders delayed more homes from entering the process through short sales and loan modification efforts, according to data to be released Thursday.

This growing supply of lender-owned properties could set back the nation's housing recovery but probably won't sink it completely if the nation's employment situation doesn't deteriorate further and the economy begins to pick up steam, experts said. Sales of homes have faltered nationally in recent months with the expiration of government tax incentives for buyers.

Mortgage rates remain at the lowest level in decades!

2010-07-15T15:05:00Z

By ALAN ZIBEL
AP Real Estate Writer

Published: Thursday, Jul. 15, 2010 - 7:08 am

Last Modified: Thursday, Jul. 15, 2010 - 7:39 am

WASHINGTON -- Mortgage rates were unchanged this week at the lowest point in decades, but it hasn't been enough to jump-start the housing market.

Government-sponsored mortgage buyer Freddie Mac said Thursday the average rate for 30-year fixed loans this week was 4.57 percent. That's the same as a week earlier and the lowest since Freddie Mac began tracking rates in 1971.

The last time home loan rates were lower was the 1950s, when most mortgages lasted just 20 or 25 years.

Rates have fallen since the spring. Investors, concerned with the European debt crisis, have poured money into the safety of Treasury bonds. Treasury yields have fallen and so have mortgage rates,

However, low rates have yet to fuel home sales and have sparked only a modest increase in refinancing activity.

Read more:

California State Fair's early start draws a crowd

2010-07-15T14:53:00Z

By Matt Kawahara
mkawahara@sacbee.com

Published: Thursday, Jul. 15, 2010 - 12:00 am | Page 1B

Gator-on-a-stick, shrill midway screaming and a cow giving birth for a rapt audience meant the California State Fair was in full swing on opening day Wednesday – a full month earlier than usual.

By most accounts, the new schedule is a good one.

Custom Home on Corner Lot in Carmichael

2010-07-14T18:48:00Z

• 1,726 sq. ft., 2 bath, 3 bdrm single story - MLS® $299,000 USD

Carmichael, Sacramento County - Wow! What curb appeal!!! Beautiful well built custom home on HUGE corner lot on a quiet well kept street in the heart of Carmichael. Almost 1/3 acre with mature oaks and rv accesss possible on either side of property. Pool sized lot. Immaculate inside and out! Brand new roof and all new fencing! New paint inside and out! This home is turnkey. Not a Short Sale or REO. Must see to appreciate. Seller just paid for pest inspection.

Please call for a private showing.

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Price Reduced on 606 Chana Way in Wheatland

2010-07-13T21:09:00Z

Wheatland, Yuba County - Announcing a price reduction on 606 Chana Way, a 1,686 sq. ft., 2 bath, 4 bdrm single story. Now MLS® $145,900 USD - PRICE REDUCED!!!.

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What Causes Borrowers to Walk Away?

2010-07-10T02:57:00Z

While borrowers with “super prime” credit scores accounted for just 5 percent of the mortgage delinquencies, about 28 percent of their defaults were calculated and strategic.

This relatively small actual number is nevertheless causing the credit industry to look at new ways to evaluate walk-away risk even among the very creditworthy.

Credit bureau Experian reports that borrowers in California, Florida, and other hard-hit states are more likely to walk away than people living in states with more stable markets. Also, residents of states where lenders have no recourse are more likely to toss in the towel.

People with small amounts of negative equity also are more likely to stay and pay.

Source: Washington Post (07/03/2010)

Price Reduced on 6581 Hearthstone Circle #1533 in Sunset/Whitney

2010-07-09T16:25:00Z

Sunset/Whitney, Rocklin - Announcing a price reduction on 6581 Hearthstone Circle #1533, a 816 sq. ft., 1 bath, 1 bdrm single story. Now MLS® $79,900 USD - Reduced!.

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Beautiful home! Hardwood floors, granite countertops! A must see!!

2010-07-03T02:18:00Z

• 1,566 sq. ft., 3 bath, 3 bdrm 2 story - MLS® $164,900

Antelope Springs, Antelope - Beautiful move in ready 3 bedroom, 2.5 bathroom home with hardwood flooring throughout most of the main level and an upgraded kitchen with granite counters including a full backsplash and maple cabinetry. The backyard features a large, well maintained multi-level deck with spa and bridge. This home is a must see!!

Don't miss you opportunity to view this home. Call today to schedule your private showing.

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