A few interesting points:
*Although the buzz on the street is that there are no mortgages available (or something slightly less dramatic), the actuality is that there are MANY mortgage products out there, including ARMs.
*Investment property lending guidelines had a 4 property max which has now been raised to 10 properties.
*FHA financing is available up to 95% LTV (loan to value)
*Fannie Mae Refi Plus and Freddie Mac offer up to 125% LTV (yikes!)
*Declines in demand for Mortgage Backed Securities results in an increase in Interest Rates. So, as the pricing of bonds goes down, the interest rate goes up. (This is simplified! But you get the idea.)

This last item was interesting. Obviously they couldn’t educate everybody on all the in’s and out’s of rate changes in an hour over the internet – but this one item was enlightening. We tend to think that the rates are directly changed by the Government. It seems this is less true than we think. They may manipulate the system – but they don’t SET the rate.

The moral seems to be that rates are still good, loans are available, and we already knew that prices have come down. So get out there and buy some houses, People! The Economic Recovery is in your hands!

I always have recommended this group and do so now more than ever. You receive professional support from peers both in group meetings and via the group forum on Yahoo Groups. Plus, at monthly meetings Continuing Education credits are offered.

This group is the best bang for your buck. Check it out!

I started another home based business as an Independent Consultant for The Pampered Chef.  I LOVE it!  It allows me to make some extra cash to make up for the uncertain real estate markets – which allows me to keep up my high standards for appraisal work.  If you want to follow me as I delve into a second business challenge, check out my newest blog: PamperedEmilie.blogspot.com

In the meantime, my devotion to Real Estate Appraisal is unchanged.  I am continuing to develop my skills.  I actively read REAA Forum and Inland CA Appraisers Forum daily (and I recommend them to you!)  I will continue to be a member of REAA and NAIFA and plan to work on designations and certifications – I will keep you updated on my progress!

Then, in an optimistic mood, I pick up the latest Sacramento Magazine and begin to read.  I turn to the “adding it up” column and glance at the darling picture of Kelly Brothers – I do like him…  And then I read…  I read about the 500,000 lost manufacturing jobs in the past eight years.  I read about California’s state rank of 49 for business friendliness (out of 50!!!!!  Just the 50 states here, people!)  My mood falls.  And the final quote from David Semas (CEO of a company that left for Nevada), the final kick in the head of my happy, “I love the state, I love the people.  But you sure as heck can’t do business there.”

Didn’t you think that when we elected the heroic movie icon to the Governor’s seat that things would get better?  No?  Just me?  But he looks so strong on the screen – and he ALWAYS wins…

Is our state so broken that it cannot be fixed?  I’m not sure.  There wasn’t a headline in the news telling me what to think…  Perhaps I need to become a more involved member of our state.  Maybe we all should.  After all, if we allow our elected representatives to continue to spend our tax money foolishly with nary a complaint, why would they change their ways?  If they continue to pass state budgets based on “creative” number juggling, if they continue to borrow from the future – our childrens’ futures, if they continue to suggest we need more “revenue” (translate: taxes), and if WE continue to be silent, then the end is near. 

And to think I used to be afraid when people would say there was going to be a big earthquake and California was going to crack off and drop into the Pacific Ocean.  Hahahahah!  Seems like a bedtime story these days!

Can we hold on to a little bit of sunshine here in the Golden State?  The Dow is up today.  Did I mention that?

I, and most of you, get a ton of junk mail.  Some of those sending the junk take GREAT pains to make it look like it is important to you.   Well, usually it is a big rip off.  Here are a few that I really don’t like:

1. Something that looks like it came from my lender – they put your lender’s name up at the top so it looks like it came directly from them!  I actually get mail still referencing 2 lenders ago…  It always sounds like a good deal, but I would put money on it being nothing but more shenanigans.
2. A letter offering to help recover unclaimed money from the State.  This is SOOO easy to do yourself!  Fill out the silly form and mail it in and they send you a check!!!  Go check and see if you have something – my husband and my sister both got some money!  http://scoweb.sco.ca.gov/UCP/Default.aspx
3. Additional offers from my very own lender.  Fine, I said before that it’s okay to send me stuff if I do business with you – but I meant bills and necessary correspondence – not extra offers that would allow me to pay you more money more often…  Thanks anyway.
4. I heard about another shenanigan involving property tax bills – it’s been bad enough that Placer County had to post a notice on their website.  I have some links on my site: http://www.barnesfamilyappraisal.com/TaxAssessment

Please, do not send money to anybody until you know the whole story.  I refinanced and before I ever got a bill from my new lender I received a notice from my “new lender” saying I would make all payments to them.  It was true – and this happens often – my lender immediately sold the loan to somebody else before I had a chance to make any late payments (any payments at all…).  But before I cut them a check, I called my prior lender and made sure.  And I used the number I had in my file, not the one on the letter from the “new lender”. 

Here is the basic rule – if it is not something you were expecting, maybe it is just shenanigans.