Sacramento-area home sales fall for 1st time since April 2008

By Jim Wasserman
jwasserman@sacbee.com

http://www.sacbee.com/business/story/2033127.html

The 14-month streak is over.

Sacramento-area home sales reached their highest monthly count yet this year in June. But with fewer bank repos on the market, they failed to beat the numbers from June 2008, according to new statistics released Thursday from researcher MDA DataQuick.

It was the first time since April 2008 – when year-over-year figures turned positive after three years of declines – ... Read more

Use of short sales on rise in Sacramento housing market

By Jim Wasserman
jwasserman@sacbee.com

http://www.sacbee.com/business/story/1933643.html


For years real estate agents have steered buyers away from "short sales," labeling them a mind-numbing, difficult experience that could exhaust the patience of the biblical Job.

Now buyers can hardly avoid them.

"When it’s 50 percent of the inventory you don’t have a choice," said Scott Williams, a Roseville-based ReMax broker. Williams specializes in a complex transaction that may be... Read more

Common Closing Costs for Buyers

The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount for:
• Down payment
• Loan origination fees
• Points, or loan discount fees you pay to receive a lower interest rate
• Appraisal fee
• Credit report
• Private mortgage insurance premium
• Insurance escrow for homeowners insurance, if being paid as part of the mortgage
•... Read more

Often home buyers who are obtaining a mortgage for a newly purchased home, will ask their GreatWest GMAC Real Estate Professional, “What are points?”

The answer - Each point or discount point, as real estate professionals and mortgage lenders often refer to them, are equal to 1% of the loan amount. For example, on a $100,000 loan, one discount point equals $1,000. And ½ discount point for the same loan would be $500.

Points are paid to a lender at closing in order to lower the mortgage interest rate. Although “discount points” are a part of your closing costs, they are no... Read more