The following appeared in the Los Angeles Times ( of which I was a “paper boy” for 6 years when I lived in Compton, CA), and then was passed on to agents by the California Association of Realtors (CAR)…and I thought it might be of interest to you.
What the new consumer protection bureau will do for home buyers
Part of the financial reform bill signed into law by President Obama includes the creation of a Consumer Financial Protection Bureau, which will write new rules and monitor problems and abuses in areas such as residential real estate settlements, credit scores, “truth in lending,” and equal credit opportunity.
MAKING SENSE OF THE STORY FOR CONSUMERS
•Before the Bureau can begin implementing new laws to assist consumers, the president must nominate a director for the Bureau and the Senate must confirm the nominee. While this may take time, mortgage industry leaders say some of the core changes promised by the legislation either already are in effect or should be soon.
•Treasury Secretary Timothy F. Geithner has until Sept. 19 to designate a transfer date when key legal and regulator authorities shift from agencies such as the Federal Trade Commission and the Dept. of Housing and Urban Development (HUD), to the new consumer bureau. Once that takes place, the Bureau will begin implementing the new laws.
•One of the earliest and most widely anticipated changes expected to take effect impact home appraisals. By law, the agency must create new interim rules on appraisal accuracy and independence to replace the Home Valuation Code of Conduct (HVCC) rules imposed by Fannie Mae and Freddie Mac in 2009. Many in the real estate industry, as well as home buyers and sellers, report HVCC standards led to low home valuations that, in some instances, derailed home sales transactions.
•A national hotline system also will be developed that will allow aggrieved mortgage borrowers and others to issue complaints and alert the Bureau to unfair and deceptive practices.
•Rules requiring mortgage loan officers to verify mortgage applicants possess the ability to repay the loans they’re seeking also is high on the list.
Bottom line…more bureaucracy…more processes…more delays. You have been forewarned.
www.ronlargent.com ronlargent@kw.com
Thursday, August 5, 2010
Tuesday, August 3, 2010
Stillwater Business Park...Open or Not?
Last week I was invited to join others in the Redding Chamber of Commerce for a morning briefing…and then a noon-time business and community briefing. Both meetings were very informative. So, today I had the opportunity to take a business owner that is considering a move to the North State out to see Stillwater. His observations
and comments were most enlightening, and not surprising.
First, as we approached the Business Park from Airport Road, he looked puzzled and said, “we are out in the country…where are we?” I explained that we were near the airport, and that we are really pretty close to everything, etc….
Then, as we approached Old Oregon Trail, he commented “this place looks deserted”. Sure enough, no signs or much indication that we are approaching the touted Stillwater Business Park. As we drove into “the Park”, we stopped at the Gate and walked around a bit, for it was still cooler in the morning, and he commented, “this looks like a vacant failed commercial subdivision”. And, it does look pretty “ignored”, with weeds grown up along the road; with no signs of any kind of building site, etc. Now, granted, everything looks dry now, but the Park looks as if it has been deserted. The gate was closed, but not locked, so we drove in. Some very pretty sections and views as we drove along the wide streets, but nothing indicated to us that anything was planned or going on. We did get to see a plane take off, and that was encouraging, but that was the extent of civilization as we drove on.
Well, he asked the hard questions….who is responsible for the Park? who is marketing the Park? who is maintaining the park? are there any prospects for the first tenant?…and on to a few more. I answered as best I could, but, quite frankly, he had some very good points. And, as supportive as I am of the concept of a Business Park, Stillwater does not give one the impression that it is the “Business Park of the Future” for Redding and Shasta County, and as with my guest, perception becomes reality…and the perception of the Park is not too exciting to the outsider.
Being a solution type guy, and I mentioned this to some of our leaders last week, we need to objectively look at the Park as others are seeing it. Most new residential subdivisions are very well signed….from the Open House to the lots and homes that are sold, etc. And, the subdivisions look inviting, with cut grass and watered plants. Maybe this is how we might approach Stillwater…is it an inviting looking place and what are we doing to make it look as attractive as it can be. A huge amount of money has been spent on the Park, and much of the work was done by local contractors that gave us great prices…but let’s look at where we can go from now. Are there any extra hours that City or County work crews could “cut the weeds”? The answer to that question will be “they are too busy now and we cannot afford overtime”, but this is hard to believe when I see numerous workers standing around a work project doing nothing. What about volunteer groups? Have they been asked to help?…and so it goes.
In summary, Stillwater Business Park is a great idea…but now it has to become a reality….and that reality may rest in an aggressive promotion program, starting with signs and making the Park attractive. Not too much to ask, in my opinion.
and comments were most enlightening, and not surprising.
First, as we approached the Business Park from Airport Road, he looked puzzled and said, “we are out in the country…where are we?” I explained that we were near the airport, and that we are really pretty close to everything, etc….
Then, as we approached Old Oregon Trail, he commented “this place looks deserted”. Sure enough, no signs or much indication that we are approaching the touted Stillwater Business Park. As we drove into “the Park”, we stopped at the Gate and walked around a bit, for it was still cooler in the morning, and he commented, “this looks like a vacant failed commercial subdivision”. And, it does look pretty “ignored”, with weeds grown up along the road; with no signs of any kind of building site, etc. Now, granted, everything looks dry now, but the Park looks as if it has been deserted. The gate was closed, but not locked, so we drove in. Some very pretty sections and views as we drove along the wide streets, but nothing indicated to us that anything was planned or going on. We did get to see a plane take off, and that was encouraging, but that was the extent of civilization as we drove on.
Well, he asked the hard questions….who is responsible for the Park? who is marketing the Park? who is maintaining the park? are there any prospects for the first tenant?…and on to a few more. I answered as best I could, but, quite frankly, he had some very good points. And, as supportive as I am of the concept of a Business Park, Stillwater does not give one the impression that it is the “Business Park of the Future” for Redding and Shasta County, and as with my guest, perception becomes reality…and the perception of the Park is not too exciting to the outsider.
Being a solution type guy, and I mentioned this to some of our leaders last week, we need to objectively look at the Park as others are seeing it. Most new residential subdivisions are very well signed….from the Open House to the lots and homes that are sold, etc. And, the subdivisions look inviting, with cut grass and watered plants. Maybe this is how we might approach Stillwater…is it an inviting looking place and what are we doing to make it look as attractive as it can be. A huge amount of money has been spent on the Park, and much of the work was done by local contractors that gave us great prices…but let’s look at where we can go from now. Are there any extra hours that City or County work crews could “cut the weeds”? The answer to that question will be “they are too busy now and we cannot afford overtime”, but this is hard to believe when I see numerous workers standing around a work project doing nothing. What about volunteer groups? Have they been asked to help?…and so it goes.
In summary, Stillwater Business Park is a great idea…but now it has to become a reality….and that reality may rest in an aggressive promotion program, starting with signs and making the Park attractive. Not too much to ask, in my opinion.
Tuesday, July 20, 2010
Pio Loco Restaurant in Redding For Sale
Just listed the Pio Loco Restaurant at the historic Pine Street School in downtown Redding. Chef Jeff is finally retiring, and is selling now as business is really good for the new owner to take over. Let me know if there is any interest, or if you know of others that might like to be in "the restaurant business.
www.ronlargent.com ronlargent@kw.com
www.ronlargent.com ronlargent@kw.com
The Local Paper or the Wall Street Journal...Who do you believe?
This morning I got up to read in the local Record Searchlight that the housing market was on an upswing in Redding. I had just read the Wall Street Journal saying just the opposite on a national scale. You be the judge, as here is the article from WSJ.com
The housing market, whose collapse pulled the economy into recession in late 2007, is stalling again.
In major markets across the country, home sales are deteriorating, inventories of unsold homes are piling up and builders are scaling back construction plans. The expiration of a federal home-buyers tax credit at the end of April is weighing on the market.
The Wall Street Journals’ quarterly survey of 28 major metro areas shows it’s a buyer’s market in much of the country. See full graphic.
On Tuesday, the U.S. Census Bureau said single-family housing starts in June fell by 0.7%, to a seasonally adjusted annual rate of 454,000. The U.S. started 1.47 million homes in 2006, before the housing bubble popped.
Future construction looks even weaker. Permits for single-family starts fell 3% in June, following big declines in both May and April. “We’re hovering at post-World War II lows,” said Ivy Zelman, president of Zelman & Associates, a research firm.
•Economists aren’t singling out one reason for the stalling housing market. A variety of factors have led to flagging confidence, they say, including sluggish labor markets, global economic turmoil and falling stock prices.
While the housing downturn dragged the economy into a recession nearly three years ago, now it is the economy that is pulling down housing, says economist Patrick Newport at IHS Global Insight. Without sustained job growth, the housing market likely won’t improve. That in turn will ricochet across manufacturing, retail and other trades heavily dependent on home building and consumer spending.
The Wall Street Journal’s quarterly survey of housing-market conditions in 28 major metropolitan areas shows that inventory levels have grown in many markets. But inventory fell in some of the weakest ones, including several Florida markets, Atlanta, and Charlotte, N.C.
At the end of June, inventory was up 33% from year-ago levels in San Diego, and by 19% and 15% in Los Angeles and Orange County, Calif., respectively, according to data compiled by John Burns Real Estate Consulting. Rising inventory can lead to price declines later.
So, now you can see why I like the WSJ….they are coming at it from a national basis, and their writers get the background.
I would enjoy talking about this with you….
www.ronlargent.com ronlargent@kw.com
The housing market, whose collapse pulled the economy into recession in late 2007, is stalling again.
In major markets across the country, home sales are deteriorating, inventories of unsold homes are piling up and builders are scaling back construction plans. The expiration of a federal home-buyers tax credit at the end of April is weighing on the market.
The Wall Street Journals’ quarterly survey of 28 major metro areas shows it’s a buyer’s market in much of the country. See full graphic.
On Tuesday, the U.S. Census Bureau said single-family housing starts in June fell by 0.7%, to a seasonally adjusted annual rate of 454,000. The U.S. started 1.47 million homes in 2006, before the housing bubble popped.
Future construction looks even weaker. Permits for single-family starts fell 3% in June, following big declines in both May and April. “We’re hovering at post-World War II lows,” said Ivy Zelman, president of Zelman & Associates, a research firm.
•Economists aren’t singling out one reason for the stalling housing market. A variety of factors have led to flagging confidence, they say, including sluggish labor markets, global economic turmoil and falling stock prices.
While the housing downturn dragged the economy into a recession nearly three years ago, now it is the economy that is pulling down housing, says economist Patrick Newport at IHS Global Insight. Without sustained job growth, the housing market likely won’t improve. That in turn will ricochet across manufacturing, retail and other trades heavily dependent on home building and consumer spending.
The Wall Street Journal’s quarterly survey of housing-market conditions in 28 major metropolitan areas shows that inventory levels have grown in many markets. But inventory fell in some of the weakest ones, including several Florida markets, Atlanta, and Charlotte, N.C.
At the end of June, inventory was up 33% from year-ago levels in San Diego, and by 19% and 15% in Los Angeles and Orange County, Calif., respectively, according to data compiled by John Burns Real Estate Consulting. Rising inventory can lead to price declines later.
So, now you can see why I like the WSJ….they are coming at it from a national basis, and their writers get the background.
I would enjoy talking about this with you….
www.ronlargent.com ronlargent@kw.com
Monday, July 19, 2010
Expanding to Meet the Needs of Clients
Today we expanded my commercial real estate business to include a residential specialist to serve our many friends and clients that need assistance with residential real estate, as well as lots and land. Now, both the Largent Team and the Largent Group can serve all real estate needs, from bank owned to "unusual property" listings. Exciting times...even in the downturn.
www.ronlargent.com ronlargent@kw.com
www.ronlargent.com ronlargent@kw.com
Saturday, July 17, 2010
Shasta County Veterans Affiliated Council (SCVAC)
Earlier today I attended the quarterly meeting of the SCVAC and it was most interesting. A lot of good things are happening for the veterans in Shasta County and I am proud to be serving in this group as first VP. My task will be to work on membership, which means helping vets to become involed in the various veterans organizations here in the County that exist to serve vets needs. Members of the Council include the American Legion, the Military Officers Association, and a number of other groups representing both the past conflicts and specific military branches.
The council is concerned with all veteran matters, including the under construction Vets Home on Knighton Road, the Vets Cemetary in Igo, and even the new location of the Veterans Service Office on Shasta Street in Redding.
Reports today were given by Veterans Service Officer for the County, retired Chief Master Sergeant Bob Dunlap; retired Colonel Pete Stiglich; American Legion rep Glen Mayer; and chairperson and President of the Council, Charlee Thompson.
Upcoming events include the Awards Banquet on October 23rd and the Veterans Parade in Shasta Lake City onVeterans Day in November. This traditional parade is sponsored by the Shasta Lake Lions Club and Elmer Ellsworth, the parade chairman announced that this year, again, we would have a flyover by the Airlift Command at Travis Air Force Base.
All interested vets are encouraged to become involved, and can e-mail me for upcoming meetings and functions.
ronlargent@kw.com www.ronlargent.com
The council is concerned with all veteran matters, including the under construction Vets Home on Knighton Road, the Vets Cemetary in Igo, and even the new location of the Veterans Service Office on Shasta Street in Redding.
Reports today were given by Veterans Service Officer for the County, retired Chief Master Sergeant Bob Dunlap; retired Colonel Pete Stiglich; American Legion rep Glen Mayer; and chairperson and President of the Council, Charlee Thompson.
Upcoming events include the Awards Banquet on October 23rd and the Veterans Parade in Shasta Lake City onVeterans Day in November. This traditional parade is sponsored by the Shasta Lake Lions Club and Elmer Ellsworth, the parade chairman announced that this year, again, we would have a flyover by the Airlift Command at Travis Air Force Base.
All interested vets are encouraged to become involved, and can e-mail me for upcoming meetings and functions.
ronlargent@kw.com www.ronlargent.com
Saturday, June 5, 2010
Who Saved Who Money...What is wrong with this picture?
Today, at the Mall where I was talking with “folks on the street”, one taxpayer started in about the incumbent’s claim that “she saved the taxpayers $16.5 million” over the last few years by applying Prop 8. “Total non-sense” is what he called it, and asked my opinion. I agree. After taxpayers had paid more money than was required of them under Prop 8 for a period of 2 to 3, or more years, the incumbent Assessor decided to reduce their assessment, as required by law on January 1 of each year due to the downturn in the housing market, and then reduced their property tax to where it should have been for the 2 to 3 years previously….and called this “saving the taxpayer money”. Any way you look at this, this is merely reducing what they will be paying in the future….and not refunding to the taxpayer what they have already over paid….no way is this “saving the taxpayer money”. This is government “gobbledegook” if I have ever heard it…and this has been stated publicly in my presence on numerous occasions, as well as on Public Radio. Since when is it saved after taxpayers have paid it, and then reducing the tax amount that they should have never paid? A significant refund to each taxpayer that had overpaid would be more like it, and that never happened.
I have stated in my public appearances as well as in my printed material and on the website that upon taking office I will institute a plan to bring all that are eligible for Proposition 8 enrollment into Prop 8. This will take a different kind of leadership than has been exhbited the past 3 years, and we will have outstanding results. Our goal will be to make property assessment and the property taxes consistent with market value, which is the goal of Prop 8.
To state “I have saved taxpayers money” that they have already paid to the County, is not my concept of a good savings program. The County is not my “bank for saving money”. I will see that taxpayers are paying only as much as the Prop 8 reassessment calls for, which in essence will be reducing their property taxes. And, as appropriate, some may be entitled to recover part of what they have already paid. I, for one, would not mind if my taxes were reduced three or four hundred dollars, or more, a year. How about you, the taxpayers? Not such a bad idea.
www.largent2010.com
I have stated in my public appearances as well as in my printed material and on the website that upon taking office I will institute a plan to bring all that are eligible for Proposition 8 enrollment into Prop 8. This will take a different kind of leadership than has been exhbited the past 3 years, and we will have outstanding results. Our goal will be to make property assessment and the property taxes consistent with market value, which is the goal of Prop 8.
To state “I have saved taxpayers money” that they have already paid to the County, is not my concept of a good savings program. The County is not my “bank for saving money”. I will see that taxpayers are paying only as much as the Prop 8 reassessment calls for, which in essence will be reducing their property taxes. And, as appropriate, some may be entitled to recover part of what they have already paid. I, for one, would not mind if my taxes were reduced three or four hundred dollars, or more, a year. How about you, the taxpayers? Not such a bad idea.
www.largent2010.com
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