April Jobs report: Best gain in four years

April Jobs report: Best gain in four years

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Big Economic news, today!

Big economic news, today. Lets start with our report on foreclosures in Los Angeles county. Yesterday there were 1675 foreclosure cases scheduled for Los Angeles county courts. The results were.... 1457- Auctioned 124- Cancelled 64- Bank owned 30- 3rd party TODAY there are 2826 cases scheduled! Opportunity is calling you, will you let it in? Above if you haven't notice the 3rd party numbers. These are investors, groups, and or individuals who came in with the money to buy these properties and are sure to make a huge profit! Why not you? As for the economic calendar, its a big day. Today starting with the Producer Price index. The PPI was led by a 2.4 percent spike in food prices which was partcially cause by winter freezing and a loss of some crops. Inflation jumped in the latest month because of this food price inflation will ease as crops from other regions come into play, adding to supply. Oil prices have steadied. Jobless Claims, March 2010. Jobless claims had stocks firmed slightly. Claims for the April 10 week fell 40,000 to 4.646 million with the four-week average down slightly to 4.644 million.

The Labor Department attributed the rise in claims not to economic factors but to continuing administrative snags as offices catch up with claims during the shortened Easter week and, in California, for the Cesar Chavez holiday.

Existing home sales Existing home sales, the big Kahuna of the residential real estate market! Existing home sales rose 6.8 percent to an annual rate of 5.35 million with February revised slightly downward to 5.01 million. The median price rose 3.7 percent to $170,700. Distress sales rose 3 percentage points to 36 percent with first-timers making up 44 percent of total sales, up 2 percentage points from February. Also President Barack Obama will speak on Wall Street reform in NY today. Expected to be a little spanking for Wall Street but as he always does try to keep it about the future and positive. Tomorrow is another important day in Economic news with Durable Goods, and New Home Sales reports scheduled. Durable goods have been up the last 3 months, will that streak continue? New home sales, fell in February 2.2 percent to a 308,000 annual rate. This was a record low sales pace with this series which goes back to January 1963. Naturally a rise is expected as home buyers scramble to get the soon to be ending home buyers tax credit. Which brings up credit tips for the day. Staying with the home buyers tax credit, here are some facts on tax credit...

1. The credit is either 10 percent of the purchase price of the home or $8,000, whichever is less.
2. The credit for qualified 2009 purchases does not have to be repaid, as long as the home remains your main home for 36 months after the purchase date.
3. If a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.

Here is an overall view of the California foreclosure count.

As always for more information and knowledge subscribe to our blog and for questions or suggestions feel free to contact us and make it a great day. Rex Chapman The Concierge Group http://www.rexchapman.com/ rexchapman@rexchapman.com http://www.rexchapman.blogspot.com

1868 foreclosure case in LA court today!

1868 foreclosure case in Los Angeles county today.

Finally a big drop in the number of cases. As for yesterdays out come they are...

2218- auctioned

248- cancelled

139- bank owned

35- 3rd party

Nice number under cancelled yesterday. Which means that they came out with some deal with the bank. Either postponed, paid for, loan modification, etc.

Looks like our favorite 3rd party column has declined also but still a nice number at 35 deals.

On the economic calendar today Ben Bernanke the Fed Chief is to speak today at 11 am ET. where he will testify before the House Financial Services Committee on the bankruptcy of Lehman Brothers. Pretty much Bernanke is saying " Lehman was exempt from supervision by the Federal Reserve because the company did not own a commercial bank it was allowed by federal law to own a federally insured savings association without becoming subject to Federal Reserve supervision".

Looks like Bernanke is saying that Lehman Brothers fell through the cracks using loop holes that we must stop so that this won't happen in the future and our economy will be further protected from big banks like this getting over.

Credit tip of the day:

Your credit score is made by the following...

Repairing your credit is as simple as rolling up your sleeves and calling your creditors and start negiotiating! It really is that simple. Some will play hard ball but keep fighting and listen more than you talk. You have more power than you think. Know your rights and don't get bullied.

For more information or questions you may have feel free to email us.

Rex Chapman

The Concierge Group

www.rexchapman.com

rexchapman@rexchapman.com

2647 foreclosure cases today in Los Angeles!

Monday, April 19th, 2010

2647 foreclosure cases scheduled in Los Angeles county courthouses today!

Up?! from friday's 2377 cases. Not what many people would like to do coming off a weekend.

The outcome of friday's cases are:

2002- Auctioned off

220- Canceled

103- Bank owned

42- 3rd party

Of course the number I like to watch is the 3rd party cases which are on the rise again.

Two things my team found that we think is interesting also and kinda a look into the future is that there are 3,819 homes in Los Angeles that are in pre-foreclosure.

Pre-foreclosure is when the lender or bank is saying this is your "grace period' and something needs to be done whether you sell the home, give it back, or call your rich uncle for help.

Interesting enough is that there are 36 homes in the prestigous 90210 zip code. Tough times are everywhere!

Good news for home owners doing short sales. Gov. Schwarzeneggar signed last weeks measure (SB 401) into law waiving state taxes on mortgage debt in a foreclosure or short sale. Another help for homeowners in foreclosure is President Obama's federal "Home Affordable Modification Program". HAFA, also provides up to $3,000 in relocation assistance. For more on getting help and information go to the HAFA website.

As far as economic indicators this today nothing to really speak about until later in the week.

Today's credit tip has us bring up an interesting article from CNN Money entitled "Skip the mortgage, pay the credit card".

A study published by TransUnion stated that 10% of credit card carrying consumers were paying cards instead of the mortgage payment. I have spoken to many clients making this same choice. Most of them have said that because the banks won't talk to them unless they are late on the mortgage they can't do anything to help them. Catch 22 senario from homeowners trying to do the right thing by talking to the banks and letting them know that they are in trouble.

One thing about the choice to consider is that when factoring your credit score, 35% of your score is from history. Meaning that if you were paying your credit card longer than your mortgage it could have a bigger impact on your score than the mortgage. Although the mortgage balance is larger so it could go either way if not balance each other out.

Tomorrow will we have another day of increased cases or will this number finally start going down? For any questions or things you would like to know about please email us at....

rexchapman@rexchapman.com

Make it a great day and seek more knowledge.

Rex Chapman

The Concierge Group

www.rexchapman.com

2377 foreclosure court cases in LA county today!

We are movin on up....

2377 foreclosure court cases in Los Angeles County today! A pretty big jump from yesterdays numbers. And the outcome of yesterdays cases are:

1750- Auctioned off

176- Cancelled

118- Bank owned

39- Third party

Once again the number that stands out for me is 39 to a 3rd party. That means some business, investor, or group of some sort now own that property and will probably make a huge profit off of it.

Why not you or your group? As a my grandfather once said "time waits for no man". When will you make your move?

As for the economy the LA Times reported that California's unemployment rate hits high of 12.6%. This is the single most economic indicator that can effect the stock and bond market and not the news we want to hear.

Another indicator the housing starts had a modest rise of 1.6% in March. This indicator records the number of new homes being built and permits for future construction. Not as important but still pretty important as far as real estate is concerned. This indicator is a gauge for the future of the economy. As mortgage rates rise, this discourages future construction of homes.

Whats on the calendar for next week?

Thursday, April 22nd, Producer Price Index, Existing home sales.

Friday, April 23rd, New Home sales, Durable goods orders.

One of the things that is effecting a lot of people right now is credit. We will start having little credit tips of the day to try to help as far as what to do to improve your credit situation.

Credit tip No. 1...

Know what your score is and what is on your report.

Like people who won't talk to their bank or creditors we put our head in the sand and have the "if I don't see it, its not there" or "I didn't know" approach. Both don't help and only makes things worse.

Again, control your destiny and future or it will control you. As Carlton Douglas Ridenhour said " we are all pieces in one big chess game". You have to decide what piece you will be on the board, a pawn, a rook, queen, king, etc.

I hope this blog is informative and if you should have any questions, comments, or would like to have a specific topic on this blog please feel free to contact me and my team. Until Monday have a great weekend and travel well.

Rex Chapman

The Concierge Group

(310)272-6789

http://www.rexchapman.com/

2087 foreclosure cases scheduled for today!

Yesterday we informed you of 1577 foreclosure cases scheduled in Los Angeles county. Today there are 2087 cases!

The outcome of yesterdays 1577 foreclosure cases are:

150- Cancelled- which means they are working on a deal or they came up with the money

90- Went to the bank and now the bank owns it period!

29- Went to a 3rd party, which means someone be it an investor, rich uncle, etc. bought it

1305- Where auctioned off!

Who are buying these homes at auction? As Warren Buffet said "when someone has it bad someone else has it good". In these bad times it usually is the best time for buyers or in particular investors to make a lot of money! While everyone has there head in the sand and believing and reading how bad it is, investors are capitalizing on everyone else jumping ship and losing their homes.

According to the AP article titled "Foreclosure rates surge, biggest jump in 5 years". Its only getting worse but at least banks are starting to move some of the inventory. Help is everywhere around but most people losing their homes are doing the old don't answer the phone, you can't see me thing? That does not help. As I wrote yesterday the best thing you can do is talk. From the beginning of time we have hopefully been taught to talk out our differences for only then can we come to some kind of resolution or compromise. Cause if we don't, as we can see things only get worse as in war, were everyone looses. For those who are mantaining and would like to capitalize or invest now. Some banks are still lending although they may make you bend over backwards to get the loan. You will find out that it was worth it when rates start to go back up. But with a professional to do the research and find great deals for you as my team does, you should have no problem making money now! Noticed the 29 cases that went to a 3rd party today. Was that a friend who helped out, grandma, a hard money loan? I'm sure like me your wondering is that a bandaid or will those cases not find there way back to the court house steps? Everyone knows of someone who is in trouble with their home right now. What are they doing? Have they asked you for help wether it be monetary or just good old plain advice? Remember the best thing you can tell them is don't sit back and do nothing! Control your destiny and make it happen instead of watching it happen to you. For help, advice always seek a professional. Rex Chapman The Concierge Group (310)272-6789 http://www.rexchapman.com/

There are 1577 foreclosure cases in Los Angeles courts today!

There are 1577 court foreclosure cases scheduled today! Are you one of them? Most of these cases will be either given a new date after the home owner talks with the bank. Today many people under water with there homes are not and have not spoken to the banks at all. Why is it that most people hide or think that its best to not talk about it to the source.

Home owners have many options but must act as soon as possible! Whether you have a realtor, attorney, or even your spouse do it, someone must take action or your home will be taken without a fight.

If you don't get a professional to open talks for you call the bank yourself and ask what are your options. They will of course want to know your situation and what happen. They will more than likely ask for tax info., paystubs, or some kind of documents to support your explanation but don't let that scare you.

As you can see with the chart above filings are starting to catch up with sales of the properties.

Don't stand by and do nothing is the point other wise you will be left with nothing.

Feel free to call my team for free advice or help anytime.

Rex Chapman

The Concierge Group

(310)272-6789

http://www.rexchapman.com/