If you purchased your home in LA County between July 1, 2004 and June 30, 2007 and feel that the assessed value on your property is much higher than its current worth due to declining housing values, you may apply for a Decline in Value Reassessment from the county tax assessor’s office.

While you may be disappointed that your property has lost value in this declining market, you should be proactive and have your assessed value reviewed. The Assessor’s website says that they will be reviewing these sales themselves and notifying you of their findings, but you can apply on your own before that time. You’ll need to send in the application found on the website and sales comps from the neighborhood showing a decline in value since you purchased the home and as of the lien date of January 1, 2008. I can run these comps for you if you are in need of my services.

Properties will be compared to sales near the lien date of January 1st, 2008. “If the market value is less than the assessed value indicated on your 2007-08  tax bill, the assessed value will be reduced accordingly.” It is important to understand that this reduction may be temporary and should the market correct, you will be reassessed accordingly at that time. Be sure to review the information on the Los Angeles County Office of the Assessor website.

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Information as of 5/8/08. Provided by Platinum Capital Group.

For new FHA loans, the following will apply. These loans may take the place of a conventional loan for those desiring a smaller down payment who don’t mind providing full documentation (ie. tax returns, pay stubs, bank statements, etc.)

6% to $362,000, 6.5% to $729,250, 30 Year Fixed, No PP

Minimum 3% down payment required for all property types

Co-Signers allowed

620 Minimum credit scores. Exceptions considered.

No “declining market” reductions

Owner-occupied properties only, however, will loan on multiple unit properties:

1 unit - $729,750  2 units- $934,200  3 units- $1,129,250  4 units- $1,403,400

No EZ Qual programs. Full-doc only.

Plan for 45 day escrow.

For more information, please contact me and I’ll put you in touch with a mortgage specialist who can answer all of your questions.

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Interest rates remain unchanged from last week.

GDP grew at .6% ratein the 1st Quarter, higher than expected, and 2.5% for the past 12 months…slow growth, but no recession.

Economy lost 20,000 jobs in April, much less than the expected decline of 75,000. The unemployment rate remains at 5%.

The Federal Reserve cut interest rates by another .25%. Prime rate is now at 5%, down from 8.25% in September. Many experts now predict that the Fed will NOT change rates at the next meeting on June 25th.

For more mortgage information, please send your information to my contact page.

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Single Family Residential Home, Townhomes and Condominiums.
Statistics as of May 2, 2008 compiled from MRMLS South Bay Association of Realtors®.

Manhattan Beach

© Brinette Holdren - visit sellingbeachhomes for more great content.

© Brinette Holdren - visit sellingbeachhomes for more great content.

Hermosa Beach

© Brinette Holdren - visit sellingbeachhomes for more great content.

© Brinette Holdren - visit sellingbeachhomes for more great content.

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