Time To Discuss Living Trusts

legalIn this ever-changing housing market, questions regarding vesting (the manner in which title is held to real property) continue to arise.  One such frequently misunderstood means of vesting is that of properties held in a “Living Trust.”

When a property is held in a Living Trust, title companies have particular requirements in order to facilitate a smooth sale or refinance transaction.

While not comprehensive, the attached FAQ sheet will provide you with some of the basics regarding Living Trusts. For more technical, legal and/or tax questions, you’ll need to consult the proper professional.

See attached PDF

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Southern California Home Sales Dip Year Over Year Again; Median Price Edges Higher

As seen on DQNEWS.com

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its February 2015 Southern California housing market report, which shows the number of homes sold rose slightly from January but hit the lowest level for a February in seven years. Also according to the report, the median price paid for a home, which hasn’t changed much since last fall, inched up from January and rose year over year for the 35th consecutive month.

A total of 13,650 new and existing houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in February 2015. That was up 0.7 percent month over month from 13,560 sales in January 2015, and down 2.7 percent year over year from 14,027 sales in February 2014, according to CoreLogic DataQuick data.

On average, Southern California home sales have increased 0.7 percent between the months of January and February since 1988, when CoreLogic DataQuick data began. Sales have fallen on a year-over-year basis in 15 out of the last 17 months.

February home sales have ranged from a low of 10,777 in 2008 to a high of 26,587 in 2004. February 2015 sales were 21.6 percent below the February average of 17,420 sales since 1988.

“This feels a lot like early 2014, with home sales off to a slow start as many would-be home buyers struggle with inventory constraints, credit hurdles and reduced affordability,” said Andrew LePage, data analyst for CoreLogic DataQuick. “And just like a year ago, one of the big questions hanging over the market is whether we’ll see a sizeable jump in inventory this spring and summer. A nearly three-year stretch of price appreciation has given many more owners enough equity to sell their homes and buy another. Recent job growth has helped fuel housing demand and if that’s met with only a modest rise in the supply of homes for sale it will put upward pressure on prices. Of course, the direction of mortgage rates, among other factors, will also play a role in determining how the housing market shapes up this year.”

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Your Lucky Day!

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Housing Market is Off and Running!

We wanted to share this great article from the OCregister.com

Orange County watched the Super Bowl – and all its high-profile ads – then went shopping for houses.

The latest biweekly report by veteran Orange County real estate tracker Steve Thomas – which follows sales and inventory information within real estate brokers’ listing systems – shows the local market catching fire since the Super Bowl, the unofficial opening of the traditional house-hunting season.

As of Feb. 26, demand for Orange County existing homes is surging. There were 2,891 new escrows opened in the previous 30 days – basically double from the start of the year and up 18 percent from a year ago.

Click here for entire article.