John Kim's Real Estate Blog

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Services for Real Estate Pros - Property Services & Short Sale TC
As a Short Sales Processing Service this blog is to help inform and receive information on our industry. This blog is to explain some things to the homeowner or realtor in Short Selling, Loan Modification, and industry related news.
RECENT BLOG POSTS
     Two banks have just fallen to start off the 2009 list.  National Bank of Commerce of Berkeley, Illinois and Bank of Clark County of Vancouver, Washington.  So the FDIC's final count for 2008 is 25 banks and 2009 is about to tie for the 3 in 2007.  So Washington has not only lost Bank of Clar...
01/17/2009
     Citigroup plans to split into two units one will be a commercial and retail banking and the other is going to focus on brokerage, asset management, and their troubled assets.  Citi has taken $45 billion from the government's taxpayer TARP, Troubled Asset Relief Program, funded which holds ab...
01/17/2009
     Bank of America is taking$20 billion in government aid due to obtaining Countrywide and Merrill Lynch. B of A received a second capital infusion from the U.S. government due to its $118 billion troubled recent purchase. Bank of America's lending division is suffered and having it's existing ...
01/17/2009
2008 U.S. foreclosure filings are more than 81% which is 3.1 million filings.  And 861,664 homeowners lost their homes to foreclosure on the steps of city hall.  Even with the government aid to sponsor the mortgage Freddie MAC and Fannie MAE to suspended foreclosures from November 26, 2008 throug...
01/17/2009
Now going on the 11th consecutive week that the interest rates are going down.  The 30 year fixed is hitting 4.96% with 0.7 point from last weeks 5.01% with 0.6 point.  15 year is around 4.65% with 0.7 points.  The 5 year Treasury indexed ARM, adjustable rate mortgages, dropped to 5.25% and 0.6 p...
01/17/2009
     The $825 billion economic stimulus bill will be ready for Obama's signature sometime in February.  With this new bailout cash for the falling financial industry, huge proposed spending, and tax cuts many this borrow and spend their way back to prosperity will be implemented like the borrower...
01/17/2009
     Yes, you heard it.  Barack Obama asked Bush to implement the release of the $350 billion financial bailout to be sooner than later.  This request was recently confirmed by Dana Perino, the White House Press secretary.  These are some of the things to help aid the transition from the Bush adm...
01/12/2009
     Effective as of 2009 Congress has altered the taxes on the profit of second homes... vacation homes and rental properties.  Now under the current law, you could sell your primary residence and take up to $250,000 of profit and double that for a joint return ($500,000).  Meaning tax-free as l...
01/03/2009
Top 10 Foreclosure Cities and States as of November 2008 Top 10 Foreclosure Cities Merced, California Modesto, California Stockton, California Riverside, California Detroit, Michigan Fort Lauderdale, Flordia Cape Coral, Flordia Vallejo, California Las Vegas, Nevada Sacramento, Califonia Top 10 Fo...
01/03/2009
IMB Management Holdings LP and its group of investors signed an agreement to take over IndyMac Bank, the Federal Deposit Insurance Corporation this New Year.  With their terms not being released at this time but the AP said it to be worth 13.9 billion and is to be finalized the the end of this mo...
01/03/2009
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