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Robert Melodys Real Estate Report For March 2010
Robert Melody REALTOR® (DRE License Number 01467643)
Prudential California Realty
855 Howe Ave
Suite 2
Sacramento,  CA  95825
916.201.5215
916.480.3300 
Contact Me
Visit My Web Site
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Double the escrow, double the pain
DEAR BENNY: I own a house worth approximately $400,000. The current mortgage is $25,000. A company in Florida took over the mortgage about six months ago. The mortgage company handles the tax and insurance payments through an escrow account. Given the current schedule of payments, the account will have a positive balance all next year. The mortgage company now wants to double the escrow payments.
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FHA program funds fixers
Investors have been taking advantage of low interest rates and discounted prices to buy run-down foreclosure properties, sometimes 10 or so at a time. They fix up the properties enough to be rented until the market turns, which could take years. When the time is right, the investor puts the finishing touches on the improvements and hopefully sells for a profit.
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Get real with unrealistic sellers
In some areas there is a shortage of desirable, well-priced listings. Sellers who don't need to sell now are waiting for a better market. Many sellers who would like to sell now have unrealistic expectations about what a buyer would be willing to pay for their home.
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Appraisal rules tangle with home values
How much your home is worth depends on who's looking at it. Your home insurer will value your home in terms of the cost to rebuild it. A mortgage lender's appraiser will value your property in terms of the sale prices of similar homes in your neighborhood that sold recently. The property tax assessor may have a different set of criteria.
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Should I Refinance?

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Robert Melody
REALTOR®
Prudential California Realty
855 Howe Ave
Sacramento,  CA  95825
916.201.5215
916.480.3300 
Contact Me
Visit My Web Site
Equal Housing Opportunity   
  
2010: year of the turnaround?
A spurt in home sales in 2009, aided by low interest rates and the first-time homebuyer tax credit, has led some economists to forecast a turnaround in the housing market this year. Other forecasters feel this is too optimistic a projection. ...more
 
Rate-lock dos and don'ts
Interest rates dropped at the end of last year after creeping up over the summer, with 30-year fixed-rate mortgages with interest rates below 5 percent readily available. ...more
 
Home prices put to ZIP code test
The wealth created by the housing bubble has been wiped out, according to Lawrence Yun, chief economist for the NATIONAL ASSOCIATION OF REALTORS®, who spoke at the group's annual conference in November 2009. Does this mean that if you bought your home in 2005 in an area that experienced rapid appreciation from 2004-2007, you'll lose money if you sell today? ...more
 
Fair Oaks Chamber of Commerce
Nationwide Mortgage Protection Services
Rancho Cordova Chamber of Commerce
Rosemont Community Association
American River Parkway
 
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