Patty McMillen's Blog

I had recently a listing in our MLS and come to find out someone took my listing and published this on Craig List for rent with the address. If you publish your address then beware of scams like this.

The new appraisal management companies are not doing the buyers any justice.  The management companies are sending appraisers from everywhere who don’t know values in the areas they area they are appraisaling for.  I work in Mendocino County and was recently sent an appraiser from Sacramento.  This is approximately a three hour drive from Mendocino.

The tax credit should be given to any buyer and not just first time buyers.  The goal here is to stimulate the economy.

What you pay for homeowners insurance depends on age, location, type of residence, proximity to a fire department, the deductible amount and scope of coverage. Here are some tips to help loosen the squeeze on your wallet while still receiving the best coverage to meet your needs.

• Check out online resources. Go to the Department of Insurance website for your state to make an educated comparison of various insurance companies.
• Compare quotes from at least three different insurance companies to determine which one has the best coverage and premium.
• Consider using one insurer for all your needs. Some companies offer a multiple policy discount if you buy auto, life and health insurance policies from them as well.
• Consider a higher deductible. Increasing your deductibles by just a few hundred dollars can make a big difference in you’re your premium. 
• Check for government-backed rates. Some areas at high risk for natural disasters offer government-backed loans with lower rates.
• Check to see if you belong to any groups or organizations that can get you a lower rate. Common examples include alumni associations and service clubs.

Known as the “Buyer’s Choice Act”, this new law prohibits a seller of residential property from requiring the buyer to use an escrow service company or purchase title insurance chosen by the seller and also prohibits a seller of residential property from, without good cause, disapproving the use of a title or escrow company chosen by a buyer. A sell er who violates these provisions would be liable to the buyer for a civil penalty.

The Benefits: Buyer’s Choice not only benefits buyers by saving them time and money, but also supports local businesses. Buyers of bank-owned properties (foreclosed homes) now have the choice of using a local escrow office to handle their transaction. And local escrow companies that can offer the best resources and services in this current housing crisis will be able to save homeowners money and better expedite the transfer of foreclosed properties.

AB 957 will also impose new penalties on REO sellers that violate the law, and will empower state regulators to go after both RESPA and “steering” violations.

Thank you Fidelity National Title Company for providing this information to us.

Signs of economic recovery are everywhere, but is the recession over? We believe so, and here’s why:

1. Leading economic indicators are positive. By August, the stock market, as measured by the S&P 500, has risen 50% from its March lows. In addition, The Conference Board’s Index of Leading Economic Indicators, designed to anticipate changes in the economy three to six months in advance, rose 0.6% in August, its fifth consecutive monthly gain.

2. Global economies are recovering. The Organisation for Economic Co-operation and Development’s (OECD) composite leading indicators for its 33 member contries recorded the largest increase since records began in 1962. (Located in Paris, the OECD spells “organization” as shown.)

3. The job market is improving. In august, non-farm payrolls fell by 216,000, the smallest decline in a year. This rate has been improving since January, when payrolls declined by 741,000. The unemployment rate rose to 9.7% in August but has historically been a lagging indicator, having improved at the end of or well after every recession in the postwar period.

4. The Federal Reserve’s efforts to stabilize the financial system worked. Its moves to slash interest rates and pump trillions into the financial system restored the money and corporate credit markets. Corporate America has taken advantage of attractive rates, issuing more then $800 billion in new bonds during the first seven months of 2009.

5. Bank lending is increasing. Bank’s profitability and capitalization have improved, and they have started lending again. According to the Fed’s recent periodic survey of banks, the percentage of banks tightening their lending standards has dropped across all types of loans. While standards are expected to remain tight compared to historical standards, the improvement that has occurred should be enough to support economic recovery.

6. Expectations for 2010 economic growth continue to improve. Numerous surveys and forecasts indicate a more promising outlook, including a recent Wall Street Journal survey in which 80% of economists said they believed the recession either had already ended or would end by September.

7. The housing bust appears to have bottomed out. Sales of existing U.S. homes jumped 7.2% in July. This equates to an annual rate of 5.24 million homes, the highest level in almost two years.

8. Manufacturing in on the rebound. The Fed said industrial production rose 0.8% in August compared to July. This was the largest back-to-back gain since 2005 and followed nice consecutive monthly declines. European industrial orders increased 2.6% in July compared to June, the second consecutive increase, according to the European Union’s statistics office.

Article from Edward Jones statement.