Tuesday, March 24, 2015

Number of Home Listings for Sale in Fresno & Clovis at a 12 Month Low

The total number of SFR home listings for sale in Fresno & Clovis decreased by 10% from February 2014 to February 2015.

If you have any questions on this information or want specific information on the Fresno/Clovis Real Estate housing market, please contact Greg Maroot of Maroot Properties Inc. at 559-994-0254. 

Maroot Properties herein deemed this information is reliable but not guaranteed; representations are approximate, individual verification recommended. Real property transactions information listed above is limited to Fresno MLS listings and may exclude total number of real property transactions which occurred in the marketplace.

Greg Maroot
Maroot Properties
Owner/Broker DRE #01102553
5067 N. Mariposa St., Ste. 102
Fresno, CA. 93710
(559) 840-0232 Work
(559) 994-0254 Mobile

Web Site:  marootproperties.com 

Monday, March 23, 2015

Median Price of SFR Home Listings Sold in Fresno & Clovis Up Big (Feb. 15)

The median price of SFR home listings sold in Fresno & Clovis increased by 10% from February 2014 to February 2015.   

If you have any questions on this blog or want specific information on the Fresno/Clovis Real Estate housing market, please contact Greg Maroot at 559-994-0254.

Maroot Properties herein deemed this information is reliable but not guaranteed; representations are approximate, individual verification recommended. Real property transactions information listed above is limited to Fresno MLS listings and may exclude total number of real property transactions which occurred in the marketplace.

Greg Maroot
Maroot Properties
Owner/Broker DRE #01102553
5067 N. Mariposa St., Ste. 102
Fresno, CA. 93710
(559) 840-0232 Work
(559) 994-0254 Mobile

Web Site:  marootproperties.com 

Wednesday, March 11, 2015

California Apartment Association offers Landlord 101 Class on March 25

Landlord 101 Overview: 
Why YOU Should Join CAA Greater Fresno
Come and learn about:
1.  CAA California specific rental housing forms
2.  Resident Screening Services
3.  Local educational seminars
4.  Laws impacting the rental housing industry

Guest speaker:  Marc Wilson, CEO, San Mar Properties
San Mar Properties, Inc. is a local property management company and has been in business for over 30 years. 
Mr. Wilson will share tips and advice on how to efficiently operate your rental housing units, whether you own and/or manage 1 unit or multiple units. 

Event Details
Wednesday, March 25th from
6pm to 7:30pm

FREE – if pre-registered.
$5.00 for on-site registration.
Seating limited, register early.

UC Center Fresno
550 East Shaw Avenue
Fresno, CA 93710
(Across from Fashion Fair and
between Men’s Warehouse and Bank of America)

How to register:
Email:     events@caanet.org
Fax:         1-877-999-7881
Call:         1-800-967-4222
Online:  caanet.org

Monday, March 9, 2015

Ocwen Agrees to Sell Agency MSR Portfolio Worth $45 Billion

Ocwen Agrees to Sell Agency MSR Portfolio Worth $45 Billion

Ocwen Agrees to Sell Agency MSR Portfolio Worth $45 Billion

Ocwen Mortgage Servicing Rights
Ocwen Financial has signed a letter of intent to sell the mortgage servicing rights for $45 billion worth of Agency performing loans, according to anannouncement on Ocwen's web site late Monday night.
The portfolio consists of about 277,000 performing loans owned by Fannie Mae. The approximate unpaid balance of the loans is approximately $45 billion. According to the announcement, Ocwen expects the deal to close by the middle of the year. The transaction is subject to approval from Fannie Mae as well as the Enterprise's conservator, the Federal Housing Finance Agency, and other customary conditions. Ocwen expects the loan servicing to transfer over the second half of 2015.
Monday's announcement came less than a week after Ocwen announced it was selling an MSR portfolioworth $9.8 billion in performing Agency loans to Dallas-based Nationstar. That portfolio contained approximately 81,000 performing residential mortgage loans owned by Freddie Mac.
These two transactions together represent approximately $55 billion in unpaid principal balance for which Ocwen has agreed in the last week to sell the mortgage servicing rights. Both of the transactions are expected to be completed in the next six months. According to Ocwen's announcement, the Atlanta-based servicer expects the two transactions will generate approximately $550 million in proceeds and "accelerate Ocwen's strategy to reduce the size of its Agency servicing portfolio."
Ocwen did not name the buyer in the $45 billion transaction announced Monday, though Ocwen President and CEO Ron Faris did say last week that his company was looking forward to "exploring additional MSR transactions with Nationstar."
Also announced on Monday, Ocwen entered into an amendment to its $1.3 billion Senior Secured Term Loan to remove certain restrictions on asset sales and permanently increase a financial covenant. To repay cash received from asset sales, Ocwen has agreed to an accelerated repayment schedule.
"We are pleased with the actions of our term loan investors. They have been supportive of Ocwen and recognize the importance and benefit of executing on our strategy," Faris said. "Additionally, their willingness to enter into an amendment with Ocwen is an affirmation that the Company is, and always has been, in compliance with all of its SSTL covenants."
Ocwen's regulatory troubles over the last year have been well-documented. The Atlanta-based non-bank mortgage servicer agreed to a $150 settlement with the New York Department of Financial Services in December 2014. That settlement included the departure of chairman Bill Erbey, who founded the company more than 30 years ago.

Saturday, February 21, 2015

‘Student Society of Real Estate’ monthly meeting

When:            Monday, February 23, 2015
Time:              5:00PM – 5:45PM
Where:          PB 023 (located on patio level of Peters Building/Craig School of Business)

Who:              All students who are interested in Real Estate, Construction Management, Finance, Entrepreneurial and other related industries
Topics:           Introduction of new club officers, presentation of recent SSRE/Guarantee RE Bootcamp certificates, updates on internships available or recently posted, outreach efforts, Guest Speakers:  Gold Leaf Real Estate Properties’ Anthony Hageman, Owner and Scott Tafoya, Sales Manager will talk about the real estate industry and state licensing. 
Come join us and enjoy refreshments and good fellowship!

Look forward to seeing you this Monday,

Casey Cornell

Friday, February 20, 2015

Five Servicers to Pay $123 Million to Service Members for Unlawful Foreclosures

Five Servicers to Pay $123 Million to Service Members for Unlawful Foreclosures

Five Servicers to Pay $123 Million to Service Members for Unlawful Foreclosures

Non-judicial foreclosures service membersFive of the nation's largest mortgage servicers will pay more than $123 million to 952 service members and their co-borrowers as part of a settlement with the U.S. Department of Justice over non-judicial foreclosures that violated the Servicemembers Civil Relief Act (SCRA), according to an announcementfrom the Justice Department.
The five servicers who agreed to pay the penalty as part of the settlement were JPMorgan Chase, Citi, Wells Fargo, GMAC Mortgage, and BAC Home Loans Servicing (a division of Bank of America, formerly known as Countrywide Home Loans Servicing), according to the Justice Department.
Bank of America has already paid $35 million to 286 service members and their co-borrowers as a result of a 2011 settlement with the Justice Department. JPMorgan Chase, Wells Fargo, Citi, and GMAC Mortgage will pay more than $88 million to 666 service members and their co-borrowers in the first round of payments under the SCRA portion of the National Mortgage Settlement (NMS) of 2012.
"These unlawful judicial foreclosures forced hundreds of service members and their families out of their homes," Acting Associate Attorney General Stuart F. Delery said. "While this compensation will provide a measure of relief, the fact is that service members should never have to worry about losing their home to an illegal foreclosure while they are serving our country.  The department will continue to actively protect our service members and their families from such unjust actions."
Service members who are either in military service or within the applicable post-service period are protected under Section 533 of the SCRA, provided they originated their mortgages prior to the beginning of their period of military service. The SCRA prohibits servicers from foreclosing on protected service members even in states that allow non-judicial foreclosures to proceed. The non-judicial foreclosures in question took place between January 1, 2006, and April 4, 2012, according to the Justice Department.
"We are very pleased that the men and women of the armed forces who were subjected to unlawful non-judicial foreclosures while they were serving our country are now receiving compensation," Acting Assistant Attorney General Vanita Gupta of the Civil Rights Division said. "We look forward, in the coming months, to facilitating the compensation of additional service members who were subjected to unlawful judicial foreclosures or excess interest charges.   We appreciate that JP Morgan Chase, Wells Fargo, Citi, GMAC Mortgage and Bank of America have been working cooperatively with the Justice Department to compensate the service members whose rights were violated."
The breakdown is as follows: Bank of America has paid $35,369,756 to 286 service members and their co-borrowers; Citi will pay $14,880,578 to 126 service members and their co-borrowers; GMAC Mortgage will pay $13,720,588 to 113 service members and their co-borrowers; JPMorgan Chase will pay $31,068,523 to 188 service members and their co-borrowers; and Wells Fargo will pay $28,358,179 to 239 service members and their co-borrowers for a total of $123,397,624 paid out to 952 service members and their co-borrowers.
Under the terms of the NMS, the identified service members who had mortgages serviced by Wells Fargo, Citi, and GMAC Mortgage will each receive $125,000, plus any lost equity on the property and the interest on the lost equity, according to the DOJ announcement. Eligible co-borrowers will also receive compensation for their share of lost equity. Service members who had mortgages serviced by JPMorgan Chase will receive either the property free and clear of debt or the cash equivalent of the home's full value at the time of sale. They will also have the opportunity to submit a claim to be compensated for any additional harm they may have suffered, according to the DOJ.

Wednesday, February 4, 2015

Registration Open for the Next Gazarian Speaker Series 2.11.15

The Gazarian Real Estate Center Speaker Series presents
Apartments: Is Renting the New American Dream?

Speaker:                  Robin Kane – Berkadia Real Estate Advisors

Date:                        Wednesday, February 11, 2015

Time:                        11:30 A.M. to 1:00 P.M.

Location:                  PB 192 University Business Center; Craig School of Business; California State University, Fresno

Series Sponsor:       Central Valley Community Bank

·         Lunch will be provided but we only have 44 seats so register early!
·         Registration will be on a first-come, first-serve basis and will close when full or on Feb. 06, 2015
·         Parking instructions will be emailed to all registrants on Feb. 09, 2015

To register, please email Gazarian Center Associate Director Jacqui Curry at jacquelinc@csufresno.edu. Please include your full name, company name/affiliation, and email address. Thank you for your interest in this event.

Please look for invitations to future Gazarian Real Estate Center events:
·         03/06/2015          8:00 A.M.       2015 Spring Symposium
·         04/15/15             11:30 A.M.     Gazarian Speaker Series – Mark Boud: Economic
and Housing Market Forecasts for the Central Valley

Please note, attendees must register for each event separately. 

Monday, January 26, 2015

AREAA US Economic Update by Wells Fargo Sr Economist Eugenio J Alaman, PhD (1/22/15)

Eugenio J Aleman, PhD, Wells Fargo Securities, Director, Sr Economist
January 22, 2015
Torninos Banquet Hall, Fresno, CA

Topic: US Economic Update for 2015

We are on a road to recovery at this time, normal expenditures have been growing in years and comparatively there is an argument also showing we are not spending as much.

Spending is primarily going up due to government spending in Defense.  The deficit is at its worst in years.  Everyone wants to spend and no one wants to pay their bills.
  • Going back in history, there is only one time in the political history we've paid our debts… Clinton era.

Economy grew 5% in GDP last year, strongest since 2006.  We are at a pace of growth that will start to make a difference.  With the recovery starting Oct 2010, 2014 was the strongest job growth year since 1999.
  • It can also be said we’ve had the longest consecutive expansion in job history…

Labor market growing exponentially, federal government jobs are the only slow growth jobs at this time.

Private sector growing evenly and exponentially…  there seems to still be concerns about no jobs and more people on welfare who have no jobs and have no money or food.
  • 87% of all government employees are state and federal job employees.
  • Local and state governments are raising taxes not the federal government.

Unemployment rates down to 5 to 6% , except that this is for full employment, which is why the Fed reserve is considering at some point in time soon, to raise the federal tax wages and employment taxes.

Labor force rates going down and was an unexpected ratio not considered.  Baby boomers are getting out of the labor force 10,000/day at this time.  Also a lot of people are going back to college,  they cannot get a job and having to relearn new trades.

Baby boomers retiring, people going back to college, people tired of looking for a job and that’s why our unemployment rate is going up, not due to lack of jobs.  People are dropping out of the labor force at a fast pace.  It takes 33 weeks to regain a new job.  The worst last time in the 80’s was 22 weeks… and this has surpassed.
  • Unemployment insurance is for 26 weeks  and average payout $12,000 per year.

Serious issues are the long term unemployed, looking to replace the job they had.  A lot of people are still unable to get a job that was equal to what they were doing prior.  A lot of technological issues are causing people to leave the marketplace.  Part time jobs have replaced the full time jobs and have not replaced the opportunities that existed prior.

Unemployment doesn't account for part time employees.  (Still no signs for wage inflation due to the high unemployment pool.)  When labor pool goes down, wage inflation will go up.  Expectation for feds to increase interest rates in June… REALLY expects possibly end of year.
  • Gas prices not affecting airline flight prices!

Federal reserve balance sheet is the most critical concern in moving forward.  If there is a scare and inflation starts to go up, how will they get rid of the money quickly?

Home prices are slowing down, 5% growth year over year.. the biggest issue is where is lending is going.  Lending needs to grow about 10% per year and its way lower than need be.  Mfg and service sectors are expanding quickly at this time. 

2nd concern inflation

3rd concern is lending, credit card lending is happening for most of the country… student loans are happening and kids are going back to school with a new car.  Growth in student loans is growing.

Why consumers cannot get credit when a time when it is critical….  When we are at an all-time debt to income ratio… confidence is still very low compared to other recoveries in the economy… we are using savings again to consume rather than having higher incomes.

  • Higher incomes will have to come back to help the economy recover
  • Interest rates are still going down…we need to see a signal of higher interest rates which means things are getting better, if we continue to stay low, our confidence will be lost.
  • How do we show people things are improving… when all other things are showing stress…
  • US Economy will grow 3%, no expectation for a recession, growth expected.

California economy has slowed down in the last several months, still growing slowly. 
Housing permits are slowing down considerably , Home sales for sfr, improved considerably


People are not coming into Fresno quickly enough to support a growth change enough to attract employment, tourism, etc.
  • Construction  strong while all other areas weak in growth.
  • Unemployment 11%, Present income weak compared to 80s and 90s
  • Home prices still going up which is completely different than the rest of the state and us… different from MSA
  • Permits and MFSH not growing, if home prices are growing, people are coming into the area

People are not spending money…. And they are not buying things because they have to save money for Obama care.  One argument as to why people are not buying goods and services.

The part time and full time jobs could be the competing component…  a lot of people can work part time and get Obama care… 58 yrs old +  if you are not eligible for SSI, and can retire in mass and hold a part time job, keep their coverage before they go fully into retirement.

Best new segment of home buyers is Millennials… what do you think?
  • Underemployment and student loans, as a consequence will not allow them to buy
  • Some millennials want to leave home and buy a home and get married while others want freedom and no commitment to a home.
  • 100 to 200k MBA students, no return on the money, Bachelors degree is a good return.

New article in Wall street journal, millennials don’t want to engage, they don’t want to get married, they don’t want to buy a home and when one day they want one… it may be a tent!

The American Dream has been delayed but is still intact?  We are still the richest country in the world and we own more than most other people in other countries.  We have better benefits than other countries.  We must improve high school, elementary school and education base for the young, there is no sense.

On average we have a recession every five years… and we've been in a recession since 2007… for next 3 years we see no prediction of recession.... and eventually it's bound to come.