Wow. There is certainly a lot of misinformation going around about this "tax" that's going to hit homeowners in 2012. I hear about it at BBQ's, and birthday parties, get together's, and so I had to do a little research, which took all of about 5 minutes, to find out whats really going on with this.
Misinformation, we get it everyday. I can't tell you why, unless it's political and this blog is non political. You want the truth, so I will find it and post it. Here's the links I used to research this.....
http://www.snopes.com/politics/taxes/realestate.asp
http://urbanlegends.about.com/od/government/a/Health-Care-Real-Estate-Tax.htm
http://www.taxfoundation.org/blog/show/26741.html
http://www.politifact.com/truth-o-meter/statements/2010/aug/23/chain-email/health-care-law-sales-tax-home-sales-no/
Please take the time to read these if your a home owner and planning on selling your home. I personally know Realtor's who are passing off bad information on this to scare clients into selling homes so they can make a commission, that's bad business people....and it's a lie. Here's the truth....
First, there is no "sales" tax on home sales in the health care bill. The bill would impose essentially a capital gains taxes on some home sales made by a limited number of taxpayers. (The health care law contains a new 3.8 percent tax on "unearned income" for high-income taxpayers. Unearned income includes capital gains.) To be hit by the 3.8 percent capital gains tax, you first have to be a married couple making more than $250,000 in adjusted gross income or $200,000 if you are single. The capital gain on the home sale must also exceed $500,000 if this is a primary home and you are a married couple ($250,000 for singles). So for example, even if you and your spouse make $300,000 in wages and you bought a home that you lived in for a while for $600,000 that you now sell it for $1 million, your capital gains tax on that home sale would be zero. Even if the home sold for $1.2 million, thereby resulting in a capital gain of $600,000, only $100,000 of that capital gain would subject to the new tax (because of the $500,000 exclusion). Now, if your an investor you will be paying this tax, because you did not live in the house for 2 years and it is nothing more than a money making investment for you. But for over 95% of all the people, this will never affect you in any way.
People, do NOT let bad information lead you to sell your home before it's time, or even keep you form buying one. Very few people will ever be affected by this "tax". By the way, this is a "medicare" tax, just like you pay on your paycheck. The reason being to help level medicare with out raising taxes on the lower and middle class. Which is 95% or more of the people.
I vow to always post the truth as well as I can find it. I will research things like this to help educate people into doing the right things for themselves and so they will not be scared into making a bad or wrong decision regarding their Real Estate investments. Thanks for dropping in, and stay tuned for my next blog. I found some great new products to help you fix up your home or investment property and get outstanding results for less money , time and effort...stay tuned!!
Tuesday, October 4, 2011
Thursday, September 1, 2011
Riverside Food Truck Festival
I thought I would do a little something different this week. This time I wanted to show an event that I think those of us who aren't leaving town would enjoy, a food festival. Not your normal one either, a wonderful selection of the best Food trucks in the Country! So come on out to downtown Riverside this weekend and enjoy the sunny weather, the bands and the food!
If your interested in living in that part of town with all the historical home, let me know, you can contact me here or thru my website. You can also look for homes on your own here, have a fun and safe weekend!
Want something to do on Labor Day Weekend?
Saturday
September 3, 2011
10:00am - 4:00p
3rd Street & Market St.
(Near the Riverside Convention Center)
Live Entertainment/Bands, Sports Celebrities, Sports Zone, and Live Roller Derby exhibition
$25/pp - VIP Ticket, SOLD OUT10am Entrance and Special VIP Access
$8/pp - General Admission
Online Presale - Entry at 11am
Online Presale - Entry at 11am
$10/pp - General Admission At The Gate - Entry at 11am
What do I get as a VIP:
Sunday, August 28, 2011
MORTGAGE GLOSSARY
http://charlieadams.kwrealty.com/
Many people who may be looking to buy a home have no clue as to all the strange "lingo" that gets thrown around during the process. I have compiled some of the terms and definitions here for easy access. Please refer to them as often as needed.
On my website I have made it available for you to look for homes without thinking you may get some weird phones calls from some stranger, this is what happens to many folks who use the home locators on the internet. Some of these companies have 6,000 or more capture pages, all so they can sell your name. I won't ever do that, so use it and feel comfortable with it.
I hope this helps some of you, theres a lot of good information here, thanks for dropping in, and I certainly appreciate you taking your time to read my blog!
Many people who may be looking to buy a home have no clue as to all the strange "lingo" that gets thrown around during the process. I have compiled some of the terms and definitions here for easy access. Please refer to them as often as needed.
On my website I have made it available for you to look for homes without thinking you may get some weird phones calls from some stranger, this is what happens to many folks who use the home locators on the internet. Some of these companies have 6,000 or more capture pages, all so they can sell your name. I won't ever do that, so use it and feel comfortable with it.
Amount Financed
Amount Financed is found on the Truth-In-Lending (TIL) disclosure. The amount financed will be less than your actual Loan Amount. It represents your Loan Amount less your Prepaid Finance Charge.Appraisal
An appraisal is a comprehensive report compiled by an independent third party to evaluate your subject property or the collateral for your new mortgage. The appraisal report will determine the subject property's current market value and ensure your property meets the Federal, Fannie Mae, and Freddie Mac lending guidelines.APR (Annual Percentage Rate)
APR is found in any mortgage rate advertisements and on the Truth-In-Lending (TIL) disclosure. APR represents your interest rate but also accounts for a marjority of the fees being paid to obtain that rate and your new mortgage. The APR is almost always slightly higher than the note rate being offered to you but does not determine your monthly mortgage payments are.ARM (Adjustable Rate Mortgage)
A mortgage program in which the interest rate will adjust based on an index and a margin after a certain period of time. ARMs are popular because than start at lower rates the fixed rate mortgages making the payments lower.Cash-Out Refinance
If a property is being refinanced and the new loan amount is significantly higher than the current primary mortgage balance the new mortgage is considered a cash-out refinance. If any other debt is being paid off at closing aside from the primary mortgage the loan is also considered a cash-out refinance. Cash-out refinances are popular for people looking to consolidate debt or use there home's equity for extra cash.Commitment Fee
Our Lender Fee or Origination Charge is also referred to as a Commitment Fee. Our Commitment Fee covers our underwriting, processing, doc prep, flood and tax certification etc... The fee varies depending on the interest rate and mortgage program HFA is offering you. This charge is collected at closing only a can change with fluctuations in external market conditions.Conventional Mortgage
A mortgage of less than $417,000 that conforms to Fannie Mae and Freddie Mac's lending guidelines.Credit Score
A number is determined by each of the 3 the credit reporting bureaus. Your credit score gives an indication of your worthiness or how respondible you've been with their debt in the past. HFA requires a minimum credit score of 660. The score used to decide is the lowest of the middle scores of all borrowers on the loan.Debt-to-Income (DTI) Ratio
The total amount of a borrower's documented pre-tax income divided by their total monthly debts.Escrow Account (Impound Account)
An account established by a mortgage servicer to pay for the subject property's taxes and insurance. A borrower will pay a portion of the property tax and insurance bills with each mortgage payment to fund the account. At closing, a fully funded escrow account will have to be established.Escrow Waiver
If a borrower opts to pay their property tax and homeowner's insurance bill on their own as they wish they will have to opt for an escrow waiver. If this is the case for you, be sure to let your Loan Originator know up front.Fixed Rate Mortgage
A mortgage in which the interest rate and monthly payment does not change over the entire loan term.Good Faith Estimate
A document designed by the U.S. Department of Housing and Urban Developement (HUD) that discloses the material terms of a mortgage offered by a lender.Investment Property (Rental Property)
A property in which any rental income has been collected or in which rental income is intended to be collected at any time in the future.LTV (Loan-to-Value) Ratio
The loan amount divided by the subject properties appraised value.Mortgage Application (1003)
A comprehensive form used to display nearly all of the information a mortgage lender needs to know about a borrower(s) or potential borrower(s) in order to issue a mortgage.Points (Discount Points, Origination Points)
Charges or fees assessed at closing that are based on a percentage of the Loan Amount. 0.25 PTS on a $100,000 mortgage is the equivilant of $250. HFA may assess points to offer a lower interest rate to a borrower or account for Risked Based Pricing Adjustments.Pre-Approval Letter
A document issued by a mortgage lender that indicates that a borrower is likely to qualify for a certain loan amount based on their mortgage application. This document is very helpful to buyers and sellers of real estate.Prepaid Interest
Mortgage payments are made in in arears (they account for the previous month). When a mortgage closes, a certain amount of interest will always be owed to the new lender from the day of funding to the end of that month. Prepaid Interest accounts for money owed to the lender in the funding month. There will be no mortgage payment due on the 1st day of the following month after a mortgage funds.Prepaid Finance Charge
Prepaid interest is found on the Truth-In-Lending (TIL) disclosure. It is a subtotal of certain loan fees that will determined the APR.Primary Residence
A home that is occupied by a borrower for the majority of the year and commutes to and from work from on a regular basis.Private Mortgage Insurance
Insurance that protects conventional mortgage lenders against default on loans with higher than normal LTV (Loan-to-Value) Ratios. Generally required when the ratio is above 80%.Rate Lock Agreement
A document given by a lender that makes material terms of a mortgage available to a borrower for a specified period of time subject to certain conditions. Until this document is issued you are subject to pricing increases of external market conditions change.Risked Base Pricing
Adjustments in the pricing of mortgage based on certain risk factors that have been determined to increase a lender's exposer to a borrower's likelihood of default. Typically, these adjustment are in the form of points and determined by federal regulators and secondary market investors.Second Home (Vacation Home)
A home owned by a borrower for recreational use typically located in a resort area at a reasonable distance from the primary residence. A second home will have has no rental income generated or intentions of rental income collections in the future.Secondary Mortgage Market
The way the mortgage industry is structured, nearly all individual mortgages are bundled together in packages then sold to various entities as investments and securities. This provides liquidity in the market, lowers a lender's risk, and allows lenders to offer lower rate. This concept is know as the Secondary Mortgagage Market.Supporting Documentation
A set of documents to be included in a borrower's loan file before closing is able to occur. Supporting documentation guidelines are stipulated by the Federal Government, State Governments, Fannie Mae, Freddie Mac, Secondary Market Investors, and mortgagelenders themselves.Subordination
The process by which a primary mortgage on a property is refinanced while another lien or mortgage is left standing. The secondary lien holder must agree to be placed in a secondary lien position behind the new primary mortgage holder.Underwriting (Underwriter)
The process by which a borrower's mortgage file and supporting documentation is reviewed to ensure the loan meets federal and invstor guidelines before it closes. The member of a mortgage company responsible for this review is know as the underwriter.Term
The amount of time if will take for a mortgage to fully amortize if the minimum monthly principal and interest payment is made each month.Title Insurance
A type of insurance required for mortgages that ensures the lender that the borrower is the true legal owner of the home. Title history is reviewed, and title insurance is typically issued by a third party.I hope this helps some of you, theres a lot of good information here, thanks for dropping in, and I certainly appreciate you taking your time to read my blog!
Monday, August 22, 2011
Historically Low Interest Rates and Lower Home Prices
Click here to visit my website, you can look for homes for free here with no weird people calling you afterwards.
If your thinking of buying a home, investing in rentals, or refinancing, now's the time. i wouldn't wait. True, homes MAY go down more, but will the interest rates? How does 2.625% sound? It's out there! I remember buying our first home, it was an FHA loan at about 12%, back in the 80's. Read on, this is important for those who are thinking along any of these lines.
If your thinking of buying a home, investing in rentals, or refinancing, now's the time. i wouldn't wait. True, homes MAY go down more, but will the interest rates? How does 2.625% sound? It's out there! I remember buying our first home, it was an FHA loan at about 12%, back in the 80's. Read on, this is important for those who are thinking along any of these lines.
Housing markets struggled through another tough quarter, this time during the spring buying season, the strongest time of year for home sellers.
Prices of existing homes fell 2.8% in the three months ended June 30 compared with the same period in 2010, according to a report issued Wednesday by the National Association of Realtors (NAR).
Prices have bounced around a bit the past two years but have wound up in about the same place. The median price for all existing homes sold during the quarter was $171,900, almost matching the price level of all of 2009 -- $172,100.
Sales volume was off 5.4% compared with a quarter earlier to an annualized rate of 4.86 million units, and was down 12.7% from the second quarter of 2010.
The sales volume decline came despite some of the best buying conditions ever.
Just when it seemed mortgage rates weren't going to get any lower, they started testing new lows.
In the tumultuous days following Standard & Poor's debt downgrades, rates on 30-year fixed mortgages fell to 4.32%, down from 4.39% last week and closed in on a record low of 4.17% set last November, according to Freddie Mac's Primary Mortgage Market Survey
Rates on 15-year fixed mortgages set a new record for the second week in a row, falling to 3.5%, down from 3.54% last week.The savings for borrowers who lock in rock-bottom rates over the length of a mortgage loan can be sizable. Take, for example, a borrower with a $200,000, 30-year loan. If their mortgage carries a 4.32% rate their monthly payment is just $992 and they make total interest payments of $157,153. However, if the rate on their 30-year fixed mortgage is 5% (ordinarily considered a low rate), they'd pay $1,074 a month and $29,357 more in interest over the 30-year period.
The low rates are sparking a rash of refinancing activity, according to the Mortgage Bankers Association. Last week, total mortgage borrowing, most of it refinancings, jumped nearly 22%. This week's activity could be even higher, according to Greg McBride, chief economist for Bankrate.com.
"Rates have been below 5.5% for two years," he said. "For most people who have refinanced or purchased since then, there's little benefit to refinancing. But when rates drop below 4.5%, then it's worth looking into."
Rates could go even lower
While mortgage rates do not move in lockstep with Treasury yields, they are closely correlated. The yield on the 10-year bond plunged to 2.24% Thursday from 2.56% at the end of last week.
The difference between the 30-year fixed mortgage rate and the 10-year Treasury yield is usually about 1.6 to 1.7 percentage points, so a bond rate of 2.24% should mean that mortgage rates should be at 3.84% to 3.94%.
I have a team of experts waiting to help you how ever you choose to respond, but I would act now, there's no telling what things will be like in a few weeks or months from now.
The ad's on this page are some direct links to some Mortgage Lenders, click a few to see for yourself, the rates are amazing!
Saturday, August 20, 2011
Loan Modification and Loss Mitigation - The Real Story
Just what is Loss Mitigation and what can it do for me? This is an understandable question, probably being asked by many Homeowners during these difficult times. I am going to explain what it is and how the Homeowner can benefit from it, plus how they may qualify for this benefit.
First, I think it's important to explain, that a Home, especially a primary residence, is the biggest and most valuable investment we make in our lifetimes. It's important to turn to the right source, and employ the experience of the right professionals to represent you to your lender, this may be an outside source or the lender themselves.
Loss Mitigation allows for negotiations with your Lender, to achieve the most affordable solutions possible on your existing loan. This is not a new loan, and it won't change your home title. It's the process of engineering a viable solution for both the Homeowner and the Lender, backed with decades of Lending, Legal, and Financial Planning experience. Such a process is made possible by a deep understanding of Lending guidelines, Lender protocol and procedures, knowledge of State and Federal laws and regulations, as well as the savvy and strategy of financial planning. The goal is to secure more affordable terms for the Homeowner while managing the risk and losses of their Lender, and in doing so bridging the gap between Homeowner and Lender.
There's a desperate need for a solution for the struggling Homeowners who can no longer afford their mortgage payment and are unable to qualify for a refinance. A Loan Modification may be the answer to their prayers. Many are afraid that they won't qualify, many have the courage but are afraid that they aren't a good candidate for the program but there's no credit check, no minimum credit score required. There's no appraisal needed, zero equity qualification. Late payments on their mortgage are OK, unstable job history or income is OK; being upside down on their home is OK.
Homeowners are more than just a "score" and it's about time that they were treated as such. They need someone who will take the time to find out more about them, their lives, and their families, someone who will find out about the real picture, and care about all the elements of their lives, someone who believes that this is the ONLY way to offer them a real and viable solution for their future, someone who can guide them through the process and together discover the most suitable course of action for their personal situation, someone is committed to doing their part to help families in the community.
Here are some of the solutions that Loss Mitigation can help the Homeowner with, Loan Modification, Forbearance, Term Extension, Rate Reduction, Repayment Plans, Principle Reduction, Deed in Lieu, and Short Sale. However, the Homeowner must be willing to take the first step and contact a quality professional.
It's important to know that each Homeowner has a team of professionals working for them and on their behalf, and with their best interest at heart. Each case will undergo a process of quality control, underwriting, financial analysis, and negotiations; each department working alongside the other to produce a comprehensive and cohesive solution.
Monday, August 15, 2011
Location, Location, Location
lIn real Estate, location can be critical. Sometimes it depends on how close you are to the elementary school, or shopping. There's a lot of reasons, everyone has their own and that's for sure. Today i thought i would talk about location of things to do or places to go from Corona, and why Corona is a great spot to live if you care about location.
Corona is 45 minutes to Newport Beach, nice......about the same to Wrightwood. There's not a lot of places you can live and go snow skiing in the morning and then surfing in the afternoon, and do it as easily as you can from Corona. Corona is located about 60 miles east from downtown Los Angeles, and about 35 minutes east of Disneyland/Knotts Berry Farm. I suppose that would be enough for some but it's also about an hour from the Hollywood scene, and hour and a half from Magic Mountain, or is it called 6 Flags now...I forget, lol.
But today, I want to talk about a get away that's close, but puts you at the base of Alpine mountains along with a lake for fishing and boating, water skiing and camping. And it's about 45 minutes from Corona, nice huh?
Corona is 45 minutes to Newport Beach, nice......about the same to Wrightwood. There's not a lot of places you can live and go snow skiing in the morning and then surfing in the afternoon, and do it as easily as you can from Corona. Corona is located about 60 miles east from downtown Los Angeles, and about 35 minutes east of Disneyland/Knotts Berry Farm. I suppose that would be enough for some but it's also about an hour from the Hollywood scene, and hour and a half from Magic Mountain, or is it called 6 Flags now...I forget, lol.
But today, I want to talk about a get away that's close, but puts you at the base of Alpine mountains along with a lake for fishing and boating, water skiing and camping. And it's about 45 minutes from Corona, nice huh?
Lake Silverwood
Lake Silverwood is north on the 15 out of Corona and is close enough for day use, and far enough away to feel like your away for the day or even for a few days like we did a couple of weeks back. We had decided to do a family camping trip, with kids, dogs, girl friends, and all. We had a blast. The camp ground itself was clean, with showers and toilets that flush, this was big for the women in our group, they loved having the showers. 18 of us packed up on a Friday and headed out to the "wilderness" for an adventure, not really knowing how well this "family " idea would work out.
We arrived around 2 ish and found our two connect campsites, right where we reserved them I might add...at the end of the campground as we knew we would be up late having fun and we also knew we would be noisy. We're always noisy! 18 people are GOING to be noisy! We set up tents, got things arranged and I have to say, for several different families we did a great job of working together for the common goal....to get it all done and have a beer!
All set up and ready for anything the kids played, the dogs enjoyed sniffing around and we humans of the older variety had a few drinks and started working on getting the dogs and burgers ready for dinner. We had a great dinner, a very fun night around the camp fire and we all settled into a peaceful slumber in our tents around 1 in the morning.
Saturday was our one and only play day this trip so we all made and ate bacon and eggs and I'm telling you right now, bacon and eggs tastes sooo good when your camping, way better than at home. After getting things cleaned back up, we all got our swimming stuff together and headed for the lake. Now I guess for some you could call it walking distance, but we took cars and it's a couple of miles to the swim beaches so we really did do the right thing, lol. The day was hot, the water was cool, and felt sooo good. Most of spent most of the day floating on our floaties in the lake.
That night we BBQed steaks and baked potatoes on the camp fire, did the whole smores things with the kids and had a great time...up until about 3am. That's when it started to rain. My tent enjoyed it, the sound of the rain drops on the tent, we were dry and cozy and slept like babies thru the night. The morning was wet, it never stopped, lol, but we made the best of it. A couple of tents had leaked and those people packed up and left pretty early, not mad or angry, just wet. The rest of us figured it would stop soon so we fried bacon in the rain and had a great time packing up and we all left around noon, the sites check out time. A total successs I guess, we didn't even let the rain get to us.
Our home away from home
The entire crew at the lake
Ahhh, camp life, the best!
Well, enough for now, stay tuned for another trip close to Corona, a get away that can be done because of the location of this great town! I hope you enjoyed reading this half as much as we enjoyed out little camping trip!
Saturday, July 23, 2011
Waiting is the hardest part...............
Waiting. We Realtor's do a lot of that. Wait for a client to show. Wait for an escrow to close. Wait for the offer to come in. Wait for our buyer to decide to MAKE the offer. lol, we do wait a lot. Today I've been waiting to hear from my buyers if they want this certain property or not. They have time, the banks aren't open till Monday and because it's a short sale that's where it goes.
So, I've been doing other things. Did a little yard work, after all it IS Saturday. Then I'm going after the kitchen while I wait some more. It needs mopping and the windows washed, I guess i might as well be productive around here while I wait to see if we're going to make that offer or not, lol.
So, I grilled up a tasty burger for lunch and as I'm sitting here trying to keep my secret sauce off the keyboard I thought I'd write to you kind folks. Then it comes to mind, what the heck am I going to write about?? Waiting?? OK but that's about two paragraphs, what else am i going to write about...and it hits me....how about the area I've been showing homes in to several clients lately? So be it, that's it!
CANYON HILLS
My guess is that most of you have no idea where this is, no it's not in Chino. It's actually in the incorporated area called Lake Elsinore. While it's actually closer to Canyon Lake, located off Railroad Canyon east of lake Elsinore. A master planned community, it's actually quiet beautiful, I was very surprised! They have schools, rec areas like a huge park going in, swimming pools the whole 9 yards. Even hundreds of acres of wilderness for hiking and strolling, very nice.
What has really got me going here is the price of these beautiful homes, all around 5-6 years old. At the peak they were selling for up to and over 500 thousand dollars, now....you can pick these homes up for right around 200 thousand, that's a great deal. Every one I have been in has granite counters in the kitchen, that was the builder, not the buyer, so I'm pretty sure at least Pardee has put them in at least most of the homes.
Most have 3-4 bedrooms but up to 7 bedrooms in some of them, that's incredible!
The homes I've been showing range in size from 2100 sq ft to 2885 sq ft. and ALL of them have been under........are you sitting down? 200 grand, some as low as 175,000. This my friends is an incredible value for homes that look as nice as these in an area as nice as this, you would pay 700-900 thousand in Orange County for something like this and it would most likely be older, remember these are 5-6 years old. In fact in Corona these would be in the 400-600 range easy. Homes like these, in fact these are for sale right now!
These are all between 199,900 and 250,000 ranging in size between 2,473 and 3,075 sq ft, wow, that's value! I've been in this game for a long time, and this area is a hot spot of great deals and beautiful homes. All YOU have to do is decide if the time is right for YOU to move into the home of your dreams at a dream price! I'll wait for you! lol. If you like what you see, why not give me a poke and call me, or visit my website to look at more, for free, I don't sell your info like most of the sites on the internet. You can reach me here, or on facebook, my website. I'd rather not put my phone number here on my worldwide blog. But here's links to everything else. My phone number is on my website...:o)
Tuesday, July 19, 2011
Corona, A Great Place To Live
Today I thought I'd give those that don't really know about Corona a little history on the town. Most people have no idea how important this little city has been in the past, so here goes!
Corona is located approximately 45 miles southeast of Los Angeles in western Riverside County. The community is ideally situated at the base of the mountainous Cleveland National Forest. Historically, the area has many significant features. The Luiseño Indians, the site of the first Spanish family to settle in Riverside County, the Temescal Tin Mines, and some of the best clay and mineral deposits in the United States are located here. In fact, many Major league baseball Teams use this clay for their infields and pitchers mounds. Also, the renowned circular Grand Boulevard where three international road racing events took place in 1913, 1914 and 1916. The first lemon processing plant in the country was built here in 1915, which was the beginning of Sunkist, and the world's largest cheese plant was opened on Lincoln Avenue in 1985 where the Desi Arnaz horse ranch had once stood. Yep, that's right, Lucy and Ricky had a place here in simple Corona!
As the Spanish settlement progressed inland, the land soon was taken over by Spanish ranchos. Sheep and cattle dotted the hills from ranchos run by the Serrano, Cot, Sepulveda and Botiller families. Remnants of the Serrano tanning vats are still found on Old Temescal Canyon Road. This is also the route that was taken by the Butterfield Stage Route that brought many Americans to California along the southern route between 1858 and 1861. Plaques marking the sites of Indian petroglyphs, the Butterfield Stage stops and the Serrano adobes are still found along this road.
In 1886, developer Robert Taylor persuaded his partners, Rimpau, Joy, Garretson and Merrill to form the South Riverside Land and Water Company. Together they raised approximately $110,000 to purchase approximately 12,000 acres of good agricultural land. Taylor realized the importance of water for the soon to be developed community, and additional funds were used to ensure that sufficient water rights were obtained. Taylor hired Anaheim engineer H. C. Kellogg to design a circular Grand Boulevard three miles round. Early residents used to parade their fancy buggies on this circular street that enclosed the main functions of the community: schools, churches, residences and stores. To the north along the railroad tracks were the manufacturing plants and packing houses. The southern end of town was left to the citrus industry, and the mining companies were established just outside the city's southeastern and eastern city limits.
Almost all of the new settlers planted orange and lemon trees in hopes of gaining future profits. New groves continued to spring up and by 1912 there were 5,000 acres of established lemon and orange groves. By 1913 Corona shipped more fruit than any other town in Southern California. In 1961 citrus was still considered the backbone of Corona's economy, and the largest source of revenue. In that year citrus covered 7500 acres. The labor force fluctuated between 400 and 1800 workers at the peak of the harvest. An additional 500 people worked at the Exchange Lemon Products plant.
On July 13, 1896 residents voted to incorporate and change the name of the community to Corona, which is Spanish for crown, in honor of the City's circular Grand Boulevard. On September 9, 1913, in observance of California's Admissions Day, Corona residents celebrated with an international automobile race on the Boulevard. The event attracted such auto racing greats of Ralph De Palma, Barney Oldfield, Terrible Teddy Tetzlaff and Earl Cooper. More than 100,000 people came to the town of 4,000 to watch Cooper win the race and a prize of $8,250. It was so successful that races were held again in 1914 and 1916. The demise of the road races were due not only to the tragic deaths which occurred in 1916, but because of the cost and local effort needed to stage such an extravagant event.
During the teens and twenties, Corona citizens built numerous churches, a library and a new city hall. By 1915 the production of lemons was exceeding national demand, and local businessmen worked together to form the first Lemon Exchange By-Products Company in the United States. Located on Joy and the railroad tracks, this co-operative was eventually bought out by Sunkist. In 1954 they employed over 700 people and marketed a variety of lemon products for worldwide disbursement. The plant produced citric acid, lemon oil, lemon juice and pectin which helped Corona gain the nickname "Lemon Capital of the world." As housing developments began to overtake the Southern California citrus orchards, Sunkist found that the lack of a local supply was forcing them to move. They closed the Corona plant in 1982.
As Southern California began to grow, so did Corona. The Riverside Freeway (Highway 91) was constructed through Corona in 1962. Downtown Corona went through urban renewal in the late 60s and 70s, razing the old and putting in a new downtown. By 1989, the I-15went in to the east of town, and development of Sierra del Oro, Corona Hills and South Corona were in full gear. New commercial developments began opening on Lincoln Avenue, McKinley Avenue and in Sierra del Oro. Price Club, Walmart, and the new auto mall became important parts of the city's revitalization. In June 1993 the City opened the newly redone Corona Public Library at 650 South Main Street with 62,300 square feet of space and the addition of new automated technologies. By 1996 Corona's population had topped 100,000 people, there were 32 Corona parks, a Senior Center, gymnasium and 30 schools in the Corona Norco Unified School District. The City also celebrated the Centennial of the City's Incorporation with numerous events, parades, picnics, banquets and ceremonial dedications to mark the City of Corona's 100th birthday.
Today, we enjoy several large shopping centers and theaters, along with many fine dining restaurants. Corona is the perfect place to raise a family or retire for that matter with many parks, playgrounds and Golf courses. Freeway close to Big Bear and the Newport Coast area we have just about all we could need right hear! If your thinking of moving this way, give me a holler and I'll help you find the perfect home!
Saturday, July 16, 2011
Welcome to my blog
Well, here we go, a new Blog on a new Blog site. Over the next few months, years, decades, I'm going to post helpful tips on how to find the right Realtor, selecting the right home, and all things real estate. Not only pertaining to my local area, which is Corona/Norco and the Inland Empire, but a lot of in general information to help my readers make better informed decisions whether they are buying or selling or just looking.
I realize you have a million choices as to whom your Realtor may be, but I'm hoping that you will choose me if your in my area. Over the next few posts I'll be writing about how to choose the right Realtor for you, how to spot the "Sharks", and just in general information. I wasn't sure when I started to set up this blog what I would talk about today, but I noticed we had some legislation passed this week that you may be interested in so I will cover that for sure. I will also in the near future be posting a few articles I wrote a while back concerning Loan Mods, and the like.
This week, Governor Brown signed into law, that once the bank accepts your short sale amount that they can no longer come back and hit you with a supplemental bill, what does this mean to those of you who are short selling? It means that when your sale gets accepted, and the deal closes, no longer can the bank or lending institution come back at a later date and hit you up for more money. This is huge, no more surprises during or after what may have been an emotional or difficult sales process. Here it is right from the Department Of Real Estates Website.
Not a lot of gobbledegook here, it's pretty cut and dry, and a great thing signed into law for all you homeowners who are facing doing a short sale on your home.
That's all for today folks, leave me some comments, is there something you would like me to discuss? Feel free to ask, I'll do my best to keep this a fun and informative blog, peace!
Gov. signs SB 458 into law
For release:
July 15, 2011
CALIFORNIA ASSOCIATION OF REALTORS® applauds Gov. Brown on signing SB 458 into law
LOS ANGELES (July 15) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.
Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.
“The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce. “SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”
SB 458 contains an urgency clause making it effective upon signing.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
July 15, 2011
CALIFORNIA ASSOCIATION OF REALTORS® applauds Gov. Brown on signing SB 458 into law
LOS ANGELES (July 15) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds Gov. Jerry Brown on signing SB 458 (Corbett) into law. SB 458 extends the protections of SB 931 (2010), to ensure that any lender that agrees to a short sale must accept the agreed upon short sale payment as payment in full of the outstanding balance of all loans.
Under previous law (SB 931 of 2010), a first mortgage holder could accept an agreed-upon short sale payment as full payment for the outstanding balance of the loan, but unfortunately, the rule did not apply to junior lien holders. SB 458 extends the protections of SB 931 to junior liens.
“The signing of this bill is a victory for California homeowners who have been forced to short sell their home only to find that the lender will pursue them after the short sale closes, and demand an additional payment to subsidize the difference,” said C.A.R. President Beth L. Peerce. “SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”
SB 458 contains an urgency clause making it effective upon signing.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 160,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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