Bixby Knolls, CA Real Estate News

By Kirk Mulhearn
(Prudential California Realty/Gem Mortgage)
Long Beach, Ca.  Finally, Dave Avery, an honest real estate economist and head of the Los Angeles Economic Development Commission,  discusses the State of Southern California Real Estate.  Mr. Avery, recently gave an address on the way things are moving at the Income Property Lending Conference  in Long Beach, California.  In regard to the housing market, Mr. Avery was the first economist that I have ever heard talking about a housing "Depression." This was refreshing since no other economist, to my knowledge, in a public forum has had the guts and fortitude to call a spade a spade, address the problem, offer some solutions, and get on with it.  Mr. Avery detailed the current housing situation, and addressed the question, "How much further will prices fall?"  Between 15-20% more was his...
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By Eddy Martinez
(Nationwide Funding Group)
In general the mortgage industry uses electronic underwriting systems that predict multiple risk factors in a loan application. I would say approximatley 98% of mortgage companies use some form of automated underwriting with about 60% using either Fannie Mae`s desktop underwriter or Freddie Mac`s loan prospector. Fannie Mae offers its lenders electronic loan processing with its desktop underwrtier system. Individual users recieve an analysis of the borrower`s credit , and estimate of the property`s value along with an opinion of the risk involved. This information is prepared from the data submitted on the loan application and is available in a matter of minutes. there is no 24-72 hour turnaround time required as is standard with human underwriters. The use of a common underwriting stan...
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