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Is the foreclosure market in San Diego really dropping? What do you think will happen

2011-01-27T10:15:00.001-08:00

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DataQuick: Foreclosures in San Diego County fall to lowest level since '07

By Lily Leung
Tuesday, January 25, 2011 at 12:40 p.m.

/ Union-Tribune staff

Foreclosures and defaults have dropped to their lowest levels in San Diego County since November 2007, according to the latest figures from DataQuick Information Systems.

Click to enlarge.

Reaction from experts

Michael Lea, director of the real estate center at San Diego State University: The fact that defaults are falling is good news. On the dip in foreclosures, "I wouldn't read much into that...there's been a slowdown in foreclosure actions by a lot of the lenders..."

Bob Kevane, president of the San Diego Association of Realtors: He expects to see a steady stream of both foreclosures and defaults this year, and a flattening of median home prices.

Andrew LePage, DataQuick analyst: It looks like San Diego and the rest of California have moved past the bulk of "the most egregious subprime and other risky loans from the boom period" and may see more stability this year.

Foreclosures and mortgage defaults in San Diego County fell to their lowest levels in three years, but industry experts say it may be too early to rejoice.

Foreclosures decreased from 13,978 in 2009 to 11,976 in 2010, a 14 percent drop, show figures from DataQuick Information Systems on Tuesday. Defaults, the first step in the foreclosure process, followed the same trend. They dipped from 35,215 in 2009 to 22,414 in 2010, or 36.4 percent. (Read the company's statewide overview here.)

The reason for the drops remains murky, but experts chalk up the decreases to an improving economy, a shadow inventory of distressed homes and an increase in short sales.

“On the foreclosure decrease, I wouldn’t read much into that,” said Michael Lea, director of the real-estate center at San Diego State University. “There’s been a general slowdown in foreclosure actions by a lot of the lenders, so there’s uncertainty of what’s out there.”

Most real estate experts agree San Diego County will see another wave of foreclosures this year, some even saying that 2011’s tally will eclipse last year’s.

Lenders who held onto bad loans to lessen their losses and revise questionable procedures are expected to release those loans, leading to an increase in default notices and foreclosures, Lea said. Questionable practices included banks employing robo-signers, who signed off on loan paperwork without proper review.

When this surfaced, the country’s largest banks froze foreclosure activity to improve standards.

While it appears that most of these questionable practices occurred outside of California, Bank of America on Tuesday said during the halt on foreclosures in the fall, it stopped delivering default notices as well here.

“I would think that would account for the majority of the decrease,” said Bob Kevane, president of the San Diego Association of Realtors. “I don’t see those kind of decreases in the next quarters.”

Kevane expects more foreclosure and short-sale activity this year as the robo-signing mess is straightened out and banks clean out their distressed inventory.

DataQuick analyst Andrew LePage said the state, including San Diego County, has likely surpassed “the most egregious” phase of subprime and other risky loans,” but agrees that more foreclosures are coming as lenders work through their long backlogs. LePage added that San Diego may see an increase this year in short sales, less expensive alternatives to foreclosures.

Looking at the monthly figures, San Diego County foreclosures and defaults fell during three consecutive month-over-month periods.

In December, 715 homes were foreclosed on, down 1.1 percent from November.

That's the lowest level since November 2007, when there were 478 foreclosures.

Defaults totaled 1,522 in December, down 8.3 percent from November. That figure is the lowest it's been since November 2007, as well.

Lily Leung: (619)293-1719; lily.leung@uniontrib.com; Twitter @LilyShumLeung

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Great news if you're working the Real Estate Market in Carlsbad, San Marcos and San Diego.

2011-01-04T07:28:00.001-08:00

San Diego Real Estate Market Tops List

January 3rd, 2011 Categories: Carlsbad, Market Trends

by Roberta Murphy

San Diego Home Prices

Carlsbad, CA–Home buyers often ask, “Where do you think the San Diego real estate market is headed in the next few years?” Our real estate license doesn’t come equipped with a crystal ball, but we have anecdotal indications that the market has bottomed and now DS News.com reports that the San Diego, Carlsbad and the San Marcos metro areas may comprise the strongest real estate market in the country.

The five strongest real estate markets projected for 2011, according to DSNews and subscription-based Veros Real Estate Solutions, are:

San Diego / Carlsbad / San Marcos, CA 3.5%

Kennewick / Richland / Pasco, WA 3.4%

Pittsburgh, PA 2.7%

Fargo, ND-MN 2.6%

Washington / Arlington / Alexandria, DC-VA-MD-WV 2.5%

There are generally good projections for real estate markets in Texas, Louisiana, Arkansas, Oklahoma, North Dakota (oil), South Dakota and Iowa–with signs of strength spreading to areas of the Midwest.

Still in the tank, but less so than last year, are several real estate markets in Florida (including Orlando, Daytona Beach and Port St. Lucie), as well as Reno, Nevada and Boise, Idaho. In these areas, further price depreciation from -6.3 to -7.2 percent is projected. As bad as that may seem, it beats prior double digit decreases in home prices.

It appears our economy in on the mend and it’s great to see San Diego, Carlsbad and San Marcos lead the country in projected 2011 real estate appreciation. And our anecdotal observation confirm this projection: Our phones are ringing with inquiries about homes for sale in San Diego–and many are coming from out-of-area buyers who have decided to follow their dream of moving to one of our coastal communities.

Special thanks to Denver real estate expert Kristal Kraft, who forwarded this information to me earlier today.

Share and Enjoy:

This entry was posted on Monday, January 3rd, 2011 at 4:21 pm and is filed under Carlsbad, Market Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Great news if you're working the Real Estate Market in Carlsbad, San Marcos and San Diego.

2011-01-04T07:24:00.001-08:00

San Diego Real Estate Market Tops List

January 3rd, 2011 Categories: Carlsbad, Market Trends

by Roberta Murphy

San Diego Home Prices

Carlsbad, CA–Home buyers often ask, “Where do you think the San Diego real estate market is headed in the next few years?” Our real estate license doesn’t come equipped with a crystal ball, but we have anecdotal indications that the market has bottomed and now DS News.com reports that the San Diego, Carlsbad and the San Marcos metro areas may comprise the strongest real estate market in the country.

The five strongest real estate markets projected for 2011, according to DSNews and subscription-based Veros Real Estate Solutions, are:

San Diego / Carlsbad / San Marcos, CA 3.5%

Kennewick / Richland / Pasco, WA 3.4%

Pittsburgh, PA 2.7%

Fargo, ND-MN 2.6%

Washington / Arlington / Alexandria, DC-VA-MD-WV 2.5%

There are generally good projections for real estate markets in Texas, Louisiana, Arkansas, Oklahoma, North Dakota (oil), South Dakota and Iowa–with signs of strength spreading to areas of the Midwest.

Still in the tank, but less so than last year, are several real estate markets in Florida (including Orlando, Daytona Beach and Port St. Lucie), as well as Reno, Nevada and Boise, Idaho. In these areas, further price depreciation from -6.3 to -7.2 percent is projected. As bad as that may seem, it beats prior double digit decreases in home prices.

It appears our economy in on the mend and it’s great to see San Diego, Carlsbad and San Marcos lead the country in projected 2011 real estate appreciation. And our anecdotal observation confirm this projection: Our phones are ringing with inquiries about homes for sale in San Diego–and many are coming from out-of-area buyers who have decided to follow their dream of moving to one of our coastal communities.

Special thanks to Denver real estate expert Kristal Kraft, who forwarded this information to me earlier today.

Share and Enjoy:

This entry was posted on Monday, January 3rd, 2011 at 4:21 pm and is filed under Carlsbad, Market Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Our country's Top CEO's expect job growth next year. This shows we're on our way back!

2010-12-13T15:06:00.001-08:00

Survey Also Reveals Concern About Current Economy and Economic Growth Next Year

CHARLOTTE, N.C., Dec 09, 2010 (BUSINESS WIRE) --
Financial executives at U.S. companies expressed more optimism that their businesses will hire employees and see revenue growth in 2011, according to a recent Bank of America Merrill Lynch survey.

Of the 801 executives surveyed in the bank's annual CFO Outlook, 47 percent said they expect their companies to hire additional employees next year, up from 28 percent who forecast hiring last year. Only 6 percent said they expect layoffs, compared with 9 percent last year. In addition, 64 percent of CFOs expect revenue growth in 2011, up from 61 percent last year.

"Despite the challenging economic climate, many CFOs have growing confidence that their companies have weathered the worst of the storm and are poised for expansion," said Laura Whitley, Global Commercial Products executive at Bank of America Merrill Lynch, who oversees the delivery of debt, treasury and liquidity solutions to more than 140,000 commercial and institutional clients. "Although concerns about the economy remain, the increase in CFOs who expect to hire employees could be crucial to improving the nation's unemployment rate."

Financial executives gave the current economy a score of 47 out of 100, up slightly from last year's score of 44 - the lowest in the 13-year history of the annual CFO Outlook. Despite that improvement, CFOs weren't as optimistic about U.S. economic growth. Only 56 percent said they expect expansion in 2011, compared to the 66 percent of CFOs who forecast economic growth a year ago.

Other notable findings in the survey:

When asked what will have the biggest impact on the economy in 2011, CFOs ranked healthcare reform No. 1 at 54 percent, followed by the budget deficit at 52 percent and the housing market at 43 percent.

Related to the above, CFOs' top financial concern by far is health care costs, followed by revenue growth and cash flow. The top concern last year was revenue growth.

Only 27 percent of CFOs expect the cost of capital to increase, compared to last year when nearly half of CFOs expected a higher cost of capital.

Executives at manufacturing companies generally were less positive about their sector than CFOs at services and commodities companies, which include construction, retail, transportation, finance, education, health care and food service businesses. Only 47 percent of manufacturing CFOs predicted expansion their sector vs. 58 percent of CFOs in other sectors.

Conducted by Granite Research Consulting, the CFO Outlook helps Bank of America Merrill Lynch better understand how financial executives view the economy. The results were compiled from phone interviews of 801 CFOs, finance directors and other executives selected randomly from U.S. companies with annual revenues between $25 million and $2 billion.

Interviews were conducted from mid-September to late October. The margin of error is /-4 percent. The full report will be available in January.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,900 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed

www.bankofamerica.com

SOURCE: Bank of America Merrill Lynch
Reporters May Contact:Jefferson George, Bank of America Merrill Lynch, 1.980.683.4798jefferson.george@bankofamerica.com

via mediaroom.bankofamerica.com

Investing in the US Real Estate Sector

2010-12-08T12:29:00.001-08:00

Investing in the US Real Estate Sector

The U.S. real estate industry has been experiencing wonderful growth over the last years due to the relatively steady good economy. In 2006, some markets posted major gains in occupied space, others saw record sales transactions, and even where the market has begun to tighten, developers remained cautious possibly keeping an eye toward the future, particularly predictions of escalating rental rates.

Aruvian’s R’search’s focus report on Investing in the US Real Estate Industry is the ideal guide to have an overview of the real estate industry. The report covers all the major markets, that is, the office market, retail, industrial, and investment. An analysis of competition, focus on industry trends and growth trends, issues and challenges facing the industry, a PEST analysis, and much more can be found inside this report. A comprehensive analysis of the major investment markets in the US is also given in the report, along with a focus on the major market players.

Key Chapters :

A. Executive Summary

B. Industry Overview
Industry Definition
Market Overview
Office Market
Industrial Market
Retail Market
Investment Market
Factors Driving Industry Transformation
Issues Affecting the Industry

C. PEST Analysis of the US Real Estate Industry

D. Growth Trends Analysis

E. Competition Landscape

F. Major Investment Markets
Atlanta
Baltimore
Boston
Chicago
Cincinnati
Cleveland
Columbia
Dallas
Denver
Detroit
Houston
Indianapolis
Kansas City
Las Vegas
Los Angeles
Miami
New Jersey
New York
Philadelphia
Pittsburgh
Portland
San Diego
San Francisco
Tampa Bay
Washington D.C.

G. Major Players
American Realty Investors
Forest City Enterprises
Jones Lang Laselle
LNR Property Corporation
St. Joe Company

H. Industry Outlook

I. Appendix

J. Glossary of Terms

For more information kindly visit : http://www.bharatbook.com/detail.asp?id=161377&rt=Investing-in-the-US-Rea...

Related Reports

Investing in the Global Real Estate Sector
http://www.bharatbook.com/detail.asp?id=161368&rt=Investing-in-the-Global-Real-Estate-Sector.html

Investing in France’s Real Estate Sector
http://www.bharatbook.com/detail.asp?id=161381&rt=Investing-in-Frances-Real-Estate-Sector.html

Or

Contact us at :

Bharat Book Bureau
Tel: +91 22 27578668
Fax: +91 22 27579131
Email: info@bharatbook.com
Website: www.bharatbook.com
Follow us on twitter: http://twitter.com/3bbharatbook

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Cigarettes & Tobacco 2010 – Market Report
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via sogroop.com

Here's a great article.

We want YOU to have a Happy and Safe Halloween! Don't be scared of your tough transactions. Send them to California Title, where we know how to deal with frightening files!

2010-10-28T14:08:00.001-07:00

Here is a great Q & A from Sign On San Diego regarding the foreclosure moratoriums. If you're purchasing an REO or working with a buyer on an REO, check with your Title and Escrow Company on when they will allow you to close.

2010-10-13T08:55:00.001-07:00

Q&A: What's going on with foreclosures?

Some voices call for nationwide halt, others warn of 'catastrophe'

By Dean Calbreath
Originally published October 11, 2010 at 5:44 p.m., updated October 11, 2010 at 5:44 p.m.

What's going on with foreclosures?

The White House will be meeting this week with officials from all the major federal banking regulators - including the Office of the Comptroller of the Currency and the Federal Resreve Bank - to mull over how to address growing questions over how to handle the nation's banks foreclosures.

Over the past two weeks, some of the nation's largest lenders have stopped seizing homes in 23 states, and Bank of America took the lead in imposing a nationwide moratorium until it holds an internal investigation on how the foreclosures were approved.

Senate Majority Leader Harry Reid has called for a nationwide halt to foreclosures and California Attorney General Jerry Brown - on the campaign trail for the governor's seat - has called for the seven biggest lenders to stop foreclosures in the state.

So far, the White House has balked at any nationwide moratorium, and the banking industry has warned that it would be "catastrophic" if such a shutdown occurred. An estimated 5 million to 7 million homes are currently pending foreclosures nationwide, compared to 200,000 foreclosures that have been affected by the 23-state moratoriums.

But after recent revelations about flaws in the foreclosure process, pressure is mounting to find a solution to what appears to be a wide-reaching problem. Here are answers to questions consumers might have about foreclosures.

Q: Why have banks started freezing some foreclosures?

A: The immediate problem comes from so-called “robo-signers,” who often signed thousands of foreclosure actions each month without checking to see that all the documents were in order. The banks insist that the vast majority of these homes have been in default for as long as 18 months and that a significant number of homes are investor-owned properties that have never been occupied. But critics charge that the banks have also foreclosed upon homeowners who were paying down their loans up to the moment they were told their homes would be seized.

Q. How did this problem take place?

A. Lenders say they were unprepared for the massive wave of defaults and foreclosures that occurred over the last few years. After cutting back workers during the early phase of the mortgage crisis, they were did not have the staff needed to adequately handle the foreclosures, so they started rubber-stamping them.

Q: How long will it take to resolve the robo-signer problem?

A: BofA - the only lender to have halted foreclosures in all 50 states - estimates that it could resolve the issue in as quickly as two or three weeks. Stan Humphries, an analyst with Zillow.com, an online real estate database, estimates that it could take 60 to 90 days for the entire industry to deal with the "robo-signer" problem. But Humphries adds that the process could take longer if political pressure mounts for a wider-reaching examination of foreclosures.

Q: What other problems have surfaced with foreclosures?

A: More than seven states are now investigating claims that lenders used forged documents to speed foreclosures. In addition, because of the way that mortgages have been outsourced over the past decade, it is sometimes unclear who has the right to foreclose - the lender or the loan-servicer. Bank analysts say that's a minor glitch, but it has been become the subject of several lawsuits.

Q: How have California mortgages been affected?

A: So far, BofA is the only lender with a moratorium that affects California. Other lenders, including Ally Financial and JP Morgan Chase, have halted foreclosures in the 23 states that require a court’s approval before a home can be seized. California is not one of those states. But Attorney General Brown has called for all banks to stop foreclosures until they can prove they’re complying with state law, which prohibits lenders from recording notices of default on any mortgages made from 2003 through 2007 unless the lender contacts or tries diligently to contact the borrowers to see if they qualify for a loan modification.

Q. What effect will this have on the housing market? And what does this mean to people who want to buy a foreclosed home?

A. Foreclosure sales currently account for 43 percent of the California market, according to RealtyTrac, a real estate data firm in Irvine. To the extent that these problems begin to show up in California, it could put a temporary roadblock in front of a sale. One problem: title insurance firms are shying away from any sale involving a questionable foreclosure. But real estate analysts say that as long as the problem is solved quickly - say, 60 to 90 days - it should have relatively little impact on the market. Rick Sharga, RealtyTrac's executive vice president, said he's noticed little impact from the moratoriums that have recently gone into effect.

via signonsandiego.com

In my opinion, this will not be a nationwide catastrophe as the news puts it, but rather a hiccup in the REO process and real estate market. The real estate economy is a must fix for the US government as it creates tons of revenue for local and federal governments. It also creates jobs in the form of contractors, builders, real estate professionals, title and escrow companies, appraisers, the list goes on and on.
To have a hiccup like this should only serve as a short lived stall in production.

Introducing California Title's NEW Web App for most smartphones. This web app is the only app that links our site to your smartphone. Login with your current username and password and have access to property information, in the palm of your hand.

2010-09-09T05:39:00.001-07:00

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

Confidentiality Notice: The information contained in this electronic e-mail and any accompanying attachment(s) is intended only for the use of the intended recipient and is non-public in nature and may be confidential and/or privileged. If any reader of this communication is not the intended recipient, unauthorized use, disclosure, dissemination or copying is strictly prohibited, and may be unlawful. If you have received this communication in error, please immediately notify the sender by return e-mail, and delete the original message and all copies from your system and promptly destroy any copies made of this electronic message. Thank you.

California Title offices will be closed on Labor Day, but our Sales Reps will be available ALL WEEKEND. Don't hesitate to call us if you need information for showings or listings over the weekend.

2010-09-03T09:32:00.001-07:00

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

This week we have 2 days of Special Recordings to get your deals closed. Tuesday is the end of the month, so recordings will also take place in the afternoon, and Friday is the day before a Holiday weekend. Take advantage of these two recording times.

2010-08-30T07:53:00.001-07:00

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

If you're buying or selling a home and want to know why you are purchasing Title Insurance, see below:

2010-08-13T09:10:00.001-07:00

The Basics

What is Title Insurance?

Title insurance is a contractual obligation that protects against losses that occur when title to a property is not free and clear of defects (e.g. liens, encumbrances and defects that were unknown when the title policy was issued). The terms of the policy define what risks are covered and what risks are excluded from coverage. The title insurer will reimburse you for losses that are covered, up to the face amount of the policy, and any related legal expenses. This protection is effective as of the issue date of the policy and covers defects arising prior to your ownership. Title companies issue policies on all types of real and personal property. Two types of title insurance policies for real property are common: a lender's policy and an owner's policy.

Who Should Purchase Title Insurance?

Lenders require title insurance as a condition for your loan. Two types of policies are available: an owner’s policy and a lender’s policy. A lender’s policy insures that the lender’s security interest in the property has priority over claims that others may have in your property. A lender’s policy does not protect you. Similarly, the prior owner’s policy does not protect you. If you want to protect yourself from claims by others against your new home, you will need an owner’s policy. An owner’s policy insures the buyer for as long as he or she owns the property. This protection is limited to the value of the property. It is usually less expensive to purchase a lender’s policy and owner’s policy at the same time from the same title insurer. Contact your California Title Sales Representative for additional information.

How Much Title Insurance Will I Need?

The homebuyer should insure the full purchase price of the property; the lender only requires title insurance to cover the amount of your loan..

Who Pays the Premium for the Title Policy?

In California, settlement practices vary from locality to locality. The party that pays the title premium is a matter of local custom and practice and not set by law. Depending upon the region, the premium for a title insurance policy can be paid by the buyer or the seller or split between both parties. In Southern California, the seller customarily pays the premium for title insurance. In Northern California, the buyer customarily pays the premium for title insurance, or occasionally the premium is split between buyer and seller. In almost every county, the buyer pays the lender’s policy premium. The parties are free to negotiate a different allocation of fees. Your escrow officer can advise you as to who normally pays the premium in your area.

http://arcc.co.san-diego.ca.us/default.aspx

Recording fees for the County of San DIego will be increasing July 1st. Please contact me if you need more information on how this might affect you closing your transaction!

2010-06-24T10:23:00.001-07:00

For a more in depth list of recording fees, see the attached website:

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

Some great news for those of you taking advantage of the Tax Credit ending June 30th. The deadline has changed for people who are currently in escrow. Read Below!!

2010-06-18T05:54:00.001-07:00

Senate OKs new tax credit closing deadline

Backers of amendment cite backlog of 180K homebuyers

By Inman News, Wednesday, June 16, 2010.

Inman News

The Senate has amended a bill to give homebuyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal homebuyer tax credit.

Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.

The amendment to HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010" -- which primarily extends unemployment insurance benefits -- was approved in a 60-37 vote Wednesday. The vote was mostly along party lines, with only four Republicans in favor and one Democrat opposed.

"While I am disappointed that more Republicans did not support this common-sense measure to strengthen the economy and reduce the deficit, I am committed to ensuring that more Nevadans and Americans can become homeowners and that this amendment becomes law," Reid said in a statement.

The House passed an earlier version of the bill in December, and the Senate approved its own version in March. The Senate is currently working on resolving differences between the two bills.

The National Association of Realtors supports the amendment, saying Realtors have reported that as many as one-third of qualified applicants have been told by lenders that their loans will not close before June 30 because of the sheer volume of loan applications in the pipeline.

The amendment does not extend the deadline for homebuyers to qualify for the tax credit, NAR said in urging lawmakers to approve it, but simply extends the deadline for closing transactions already in contract.

"Since these applications were already in the pipeline and figured into the program's cost, the extension of the closing deadline should not incur any further government costs," NAR President Vicki Cox Golder said in a statement.

There has been some speculation that some homebuyers will attempt to submit fraudulent claims for the tax credit by backdating documents showing they were under contract by April 30, and that extending the deadline for closing would expose the government to more fraudulent claims.

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

California Title Company

2010-06-17T05:52:00.001-07:00

Online Open Order Sheet

Use the form below to submit a new Title Order. If you would prefer a PDF version to e-mail or fax, download here.
Please note that this order form is for the opening of Title Orders.
If you would like to ask about property information or other reports, please contact your sales representative. Thank you.

Opening your Title Orders online is easy and fast. We've just updated our Open Order sheet both online, and a downloadable PDF that you can fax or email.
Check it out, and open your next order with California Title Company!

Some great events going on this month. Take a look for the latest list!

2010-06-08T13:33:00.001-07:00

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

Confidentiality Notice: The information contained in this electronic e-mail and any accompanying attachment(s) is intended only for the use of the intended recipient and is non-public in nature and may be confidential and/or privileged. If any reader of this communication is not the intended recipient, unauthorized use, disclosure, dissemination or copying is strictly prohibited, and may be unlawful. If you have received this communication in error, please immediately notify the sender by return e-mail, and delete the original message and all copies from your system and promptly destroy any copies made of this electronic message. Thank you.

If you're looking for some fun things to do this month, check out our Consumer Information section for our latest Events Calendar!

2010-06-02T09:24:00.001-07:00

If you're looking for some fun things to do this month, check out our Consumer Information section for our latest Events Calendar!

2010-06-02T08:47:00.001-07:00

Happy Friday. Happy End of the Month! Today means Special Recordings until 2:00 PM. If you have a deal that needs to get closed, call me asap.

2010-05-28T07:15:00.001-07:00

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

Make sure you thank a Service Man or Woman for their contribution to our great country this Memorial Day. Also, the County Offices will be closed, so get your real estate deals closed tomorrow (Friday)!

2010-05-27T16:46:00.001-07:00

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Make sure you thank a Service Man or Woman for their contribution to our great country this Memorial Day. Also, the County Offices will be closed, so get your real estate deals closed tomorrow (Friday)!

2010-05-27T16:43:00.001-07:00

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

See and download the full gallery on posterous

FREE Summer Concerts. We have the guide for all of your concerts in San Diego that are free this summer. Get out and enjoy the summer evenings and do something for FREE.

2010-05-26T07:32:00.001-07:00

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

See and download the full gallery on posterous

FREE Summer Concerts. We have the guide for all of your concerts in San Diego that are free this summer. Get out and enjoy the summer evenings and do something for FREE.

2010-05-26T07:30:00.001-07:00

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

Looking for fun things to do in San Diego during the month of May? Check out our events calendar for a list of San Diego's best!

2010-05-03T08:34:00.001-07:00

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

http://www.titleadvantage.com/REdocuments/ctc/redocuments.htm

Today CAR implemented a new Residential Purchase Agreement. In this contract, there is now a timeframe of 7 days for the seller to return to escrow a signed Statement of Information. See below for more information on this important document.

2010-04-28T16:44:00.001-07:00

For a copy of a blank Statement of Information, please click below:

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

Looking for some awesome shows this summer? Check out the Humphries Event Calendar! And check out www.CalTitle.com for more consumer and real estate resources.

2010-04-13T07:10:00.001-07:00

Download now or preview on posterous

Humphries.pdf (490 KB)

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

It's that time again! Time to SPRING your clocks forward. Don't forget to set them back Saturday night, because the change happens at around 2:00 am on Sunday Morning.

2010-03-12T17:57:00.001-08:00

> Mike Turner
California Title Company
miket@caltitle.com
760-535-3836

Jerilyn and David waiting patiently for the rest of our party at the Four Seasons Austin.

2010-03-08T16:39:00.001-08:00

Earl Lee rocking the Pru Real Estate convention in Austin.

2010-03-08T08:07:00.001-08:00

Empty Admirals Club in LAX. Waiting for my flight to Austin

2010-03-07T05:47:00.001-08:00

Are you Buying or Selling a home and need a Title insurance quote? Click below to get started and call us for more information.

2010-03-04T09:48:00.001-08:00

One of the many Gems of working with California Title. Ask your escrow officer for copies of all items and have the PR emailed to you. See below for more information!

2010-03-02T07:59:00.001-08:00

Download now or preview on posterous

PrelimHyperlinks.pdf (2035 KB)

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

A meeting of the minds in Rancho Santa Fe.

2010-02-24T10:49:00.001-08:00

Here are 10 Short Sale Hurdles that might affect your closing. Take a look, and if you have questions on how we can deal with these to keep your closing timeframes, please call me!

2010-02-23T07:39:00.001-08:00

Download now or preview on posterous

ShortSaleHurdles.pdf (371 KB)

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

Meeting of the minds in Rancho Santa Fe.

2010-02-19T11:01:00.001-08:00

The up and coming super stars in real estate.

2010-02-18T11:41:00.001-08:00

Joe and Lou meeting of the minds

2010-02-11T13:41:00.001-08:00

Jim Marks and Tom Ferry crushing it at the Del Mar Hilton

2010-02-11T09:59:00.001-08:00

http://caltitle.com/comminfo3.asp?gc=sandiego&fn=69#

Too much to do in San Diego...like going to Mardi Gras in February, Downtown....

2010-01-31T13:48:00.001-08:00

If you're looking for fun stuff to do in San Diego, start your search with our Monthly Events Calendar.

Why do Lenders require you to purchase Title Insurance for a refinance? Here's a great piece on why.

2010-01-21T13:42:00.001-08:00

Download now or preview on posterous

RefiTitleIns.pdf (1156 KB)

We can help you save money on your refinance closing costs. Call me to find out how!

My Best, Mike Turner Vice President County Sales Manager California Title Company 760-535-3836 miket@caltitle.com

https://www1.gotomeeting.com/register/675593424

Are you prepared to handle the new RESPA regulations for HUD 1 and GFE?

2010-01-20T12:22:00.001-08:00

Click on this link to join a webinar by California Title's General Council tomorrow at 9:00 am.

https://www1.gotomeeting.com/register/675593424

Are you prepared to handle the new RESPA regulations for HUD 1 and GFE?

2010-01-20T12:21:00.001-08:00

Click on this link to join a webinar by California Title's General Council tomorrow at 9:00 am.

We have launched a new site that has a TON of great information for the home buyer and home seller.

2010-01-10T09:04:00.001-08:00

When you take a look at our new site, one word should come to mind...simple. We wanted to make this site simple in its look and in its feel so that you can get to the information you want quickly.
You'll notice that our Title Insurance section has plenty of information on Title and Real Estate. Our Consumer Information section has a wide variety of local resources for Southern California to help you make an informed decision when buying or selling property.
If you're a real estate agent, our Online Customer Service section has all of your tools that you're used to seeing.

Please take a look, and contact us if you have any questions.

Mike Turner

7 Red Flags for Home Buyers: A great article to read as your looking to buy before the end of the year!

2009-12-08T12:35:00.001-08:00

Before you bid on a home, check for potentially dicey, and pricey, problems.
In most states, home sellers must disclose any defect they know about that could affect how desirable -- and marketable -- their home is before they sign a purchase contract. Even in the six states that lack a "mandatory seller's property condition disclosure" (Alabama, Arkansas, Kansas, Vermont, West Virginia and Wyoming), the state's licensing agency may require real estate agents to tell buyers what they know. In all states, real estate agents who belong to the National Association of Realtors are obligated by their code of ethics to disclose any defects they know about.
But you may have fallen in love with a house, and spent hours preparing a purchase contract, before the disclosures are made. You should always make your purchase contract contingent on a professional home inspection ($300 to $350). Home inspectors could miss hidden problems, however, such as a basement that floods during a downpour.
More from Kiplinger.com
» Quiz: Should You Buy a Home?
» FAQ's on the Home Buyer Tax Credits

» Foreclosure Bargains Across the Country
This list of red flags, recommended by Kathleen Kuhn, president of HouseMaster, a nationally franchised home-inspection company, and Bill Richardson, president of the American Society of Home Inspectors, can help you identify potentially pricey problems. You can use your observations to winnow your choices or to factor in condition when you negotiate price with the seller.
Poor water pressure. Aside from issues of comfort and convenience, low water flow may indicate plumbing problems, such as corroded pipes that will need to be replaced down the road. Tearing out old plumbing and replacing it with copper pipes can run $2,000 to $15,000 or more in a typical 1,500-square-foot home. A less costly alternative is cross-linked polyethylene (PEX) piping, which unlike rigid copper piping, is flexible and easier to install (approved for potable use in all U.S. model plumbing and mechanical codes, but may not be approved in local building codes).
Among tests you can do: Run water in a bathroom sink and check for weak flow. Flush the toilet while the water is running. Does the faucet flow drop off during the flush? In the bathroom located farthest from the water heater, turn on the hot water. Is there an unduly long delay before the water turns hot?
Ceiling stains. Something's leaking. If the stain appears beneath a bathroom, odds are the shower is leaking. It may merely need recaulking or regrouting, but it could also require ripping out tile and replacing the shower pan, a much more costly process (about $1,500). Most roof leaks result from neglected flashing that seals "valleys" in the roof or around a chimney or vents (cost to repair: $200 to $500). But roof leaks may also mean it's time to replace shingles -- at $100 to $350 per 100 square feet for asphalt shingles and $210 to $1,000 for wood shingles.
Troublesome doors. Are the doors hard to close? Do they swing open by themselves or fail to open fully? If you have one bad door, it may simply have been installed incorrectly. But more than one may indicate a serious structural issue, such as a foundation that has settled or framing that is deteriorating. Fixing this problem can require structural and geotechnical engineering reports and thousands of dollars in repairs.
Overloaded electrical outlets or lots of extension cords. Today's electrical demands may exceed the capacity of homes built as little as a decade ago, says Kuhn. You'll spend $75 to $250 to have an electrician add a 120-volt outlet to an existing circuit. Or, if the electrical system is very outdated, it may require a new electric panel. A new, 100-amp panel will cost $1,500 to $2,500.
Exterior features that slope toward the home. A porch, patio, driveway or grading that slopes toward the home all but guarantees water in the basement. And that may lead to structural decay, mold and insect infestation. In the basement, a musty smell may indicate previous flooding or ongoing moisture problems. Check the walls for stains, dark or light, which are tell-tale signs that water has penetrated the walls.
Solving the problem may be as simple and cheap as adding gutter extensions or regrading soil away from the home, or it could require thousands of dollars to excavate and build drains. Some homes may require exterior drains (one at the bottom of a sloped driveway, for example) as well as buried drains.
Odors. Cigarette smoke and pet odors can be hard to get rid of. And if a home smells too clean -- heavy with the scent of cleaning products (especially bleach) or plug-in deodorizers -- the seller may be trying to cover up an odor, such as mold or urine. If so, you need to inquire further, says Richardson, of the American Society of Home Inspectors.
Synthetic stucco siding. This must be installed precisely or else moisture will be trapped behind it, resulting in mold and decay. In the worst case, the siding will have to be replaced. For a medium-sized house (1,250 square feet of exterior surface area), replacing vinyl siding can cost $2,500 to $8,750, while wood or fiber cement siding can cost $5,600 to $10,000 or more. Especially in humid climates, you may want to pay for a special inspection. HouseMaster charges $600 and up, depending on how much of the material has been used and the size of the house.
If you find out before you close your purchase that the seller deliberately misrepresented or failed to fully disclose the home's condition, you may have the right to rescind the contract under state law. If it's a done deal, you'll probably have to sue the seller to recoup your damages. In some states you can also seek repayment of your legal costs. Consult with a lawyer who specializes in real estate fraud. If you have reason to believe that the seller's agent was negligent, you can take it up with the local Board of Realtors (www.nar.com, click on "local and state associations") and the state's licensing agency (to find yours, visit the Web site of the Association of Real Estate License Law Officials).

via realestate.yahoo.com

sitting center stage waiting for Jerry to tell some jokes.

2009-12-05T21:17:00.001-08:00

Here's a tax calendar that can help you understand our tax year. Don't forget, taxes are DELINQUENT on the 10th of December.

2009-12-04T09:29:00.001-08:00

<<PropertyTaxes.jpg>>

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Keep California Golden! Please don’t print unless absolutely necessary.

Don't forget to pay your Property Taxes. Taxes become delinquent on December 10th.

2009-12-01T07:50:00.001-08:00

GENERAL INFORMATION

COLLECTIONS

- Collects approximately $4.5 billion dollars in County, city, school, and special district taxes; processes any replicated payments within sixty (60) days, maintains complete and accurate files on the tax payment status of approximately 980,000 parcels, and processes taxpayer inquiries in a timely and courteous manner.

- Maintains records of all tax-defaulted parcels and computes amounts necessary to redeem when requested by the taxpayer; computes amounts and establishes controls for installment plans on redemptions; prepares and mails notices of Power to Sell; determines parcels to sell at public auction and selects dates of the sale; coordinates sale and accounts for proceeds of sale.

- Collects approximately $150 million in unsecured personal property taxes (business property, boats and airplanes). Prepares tax liens on delinquent unsecured taxpayers; and collects delinquent mobile home fees assigned to the County by the State before issuing Tax Clearance Certificates. Collects TOT Tax and Racehorse Tax. Responds to all taxpayer inquiries for property tax payment information.

IMPORTANT DATES TO REMEMBER:
July 1 - Beginning of fiscal year

January 1 - Unsecured bills mailed out; Lien date for unsecured taxes.

August 31 - Unsecured deadline. A 10% penalty is added.

September - Treasurer-Tax Collector mails out original secured property tax bills

November 1 - First installment is due (Secured Property Tax) and delinquent Unsecured accounts are changed additional penalties of 1½% until paid.

December 10 - First installment payment deadline. A 10% penalty is added after 5:00 p.m. *

February 1 - Second installment due (Secured Property Tax)

April 10 - Second installment payment deadline. A 10% penalty plus $10.00 cost is added after 5:00 p.m. *

May - Treasurer-Tax Collector mails delinquent notices for any unpaid, regular current taxes

June 30 - End of fiscal year

July 1 - Delinquent Secured accounts are transferred to delinquent tax roll and additional penalties added at 1- ½% per month on any unpaid tax amounts, plus $15.00 redemption fee

* If a delinquent date falls on a weekend or holiday, the delinquent date is the next business day.

AVOID PENALTIES TO SAVE MONEY ON YOUR PROPERTY TAXES

Make sure you receive bills for all property that you own. Keep track of all parcel numbers, i.e.,147-240-03-01. Check off the bills as you receive them and e-mail or call the Tax Collection Division of the Treasurer-Tax Collector's Office (toll free) at 877.829.4732 if you are missing any bills. Please allow 15 days for mailing. Remember: UNDER CALIFORNIA LAW, IT IS THE RESPONSIBILITY OF THE TAXPAYER TO OBTAIN ALL TAX BILL(S) AND TO MAKE TIMELY PAYMENT.
On the secured tax roll, the first installment is due November 1 and delinquent on December 10, and the second installment is due on February 1 and delinquent on April 10. Taxpayers have the option of paying both installments when the first installment is due. Penalties will not be waived due to not receiving a bill.
Make sure that you note December 10 and April 10 as payment deadlines for secured roll taxes as compared to the I.R.S. April 15th deadline for federal taxes and the deadline for filing Homeowner's Exemption. A news release in the newspaper just prior to the tax deadline is the only written notice given of the deadline for payment of county taxes.

Mail your property tax payments early to make sure that the envelope is postmarked on or before December 10 and April 10. According to California law, the Treasurer-Tax Collector must review the postmark date to determine if payment was mailed before the deadline.
By paying your taxes on time, you save the following penalties required by California law:
- A 10% penalty added 5:00 p.m. on December 10.*
- A 10% penalty and $10.00 cost added after 5:00 p.m. on April 10.*
- After the end of the fiscal year (June 30), a $15.00 redemption fee and a 1-½% per month (18% per annum) penalty is added on the unpaid tax amount. If a "tax defaulted" notation appears on your tax bill, you may have unpaid taxes for prior years. Substantial savings in penalties can be achieved by paying any prior year back taxes or by initiating a five-year installment plan of redemption.

*If a delinquent date falls on a weekend or holiday, the delinquent date is the next business day.

Keep the County Assessor-Recorder informed of any change in address so that future tax bills will be mailed to the correct address. You may contact the Assessor-Recorder at ( 619 ) 236-3771.

IMPORTANT INFORMATION TO NEW HOME BUYERS:

You can possibly save costly penalties if, prior to the purchase of property and close of escrow, you make sure there are no prior delinquent taxes owing, and pre-arrange who pays the current installment due and owing.
If property is purchased in November, determine who is to pay the first installment due on or before December 10 for the period of July 1 through December 30.
Keep in mind that as a new property owner, California law requires that you be responsible for the timely payment of taxes on your property. DO NOT WAIT TO BE NOTIFIED or expect receipt of a tax bill. None may be forthcoming. Make it a matter of your personal attention and responsibility to find out what taxes are due and owing by you, as required by law.
In a normal escrow, current year taxes are usually pro-rated at the time of closing or escrow between the interested parties, based on the number of calendar days each party held ownership during the fiscal year which extends from July 1 through June 30. Pro-ration is a matter strictly between the parties involved. The Treasurer-Tax Collector cannot adjust the taxes. The installment amount as shown on the tax bill is the amount due by the party determined at the close of escrow. Check your title papers to see if you were credited or debited an amount for the time in the fiscal year you owned the property.

CURRENT YEAR SECURED PROPERTY TAXES EVENTS CALENDAR

Lien Date
January 1st.

Current Secured Property Tax Bills
Mid-September, Auditor applies tax rates assessments, creates the master property tax roll from which the tax bills are printed and mailed in October.

Fee Parcel Due Dates
Tax Bills are mailed in October. The first installment is due on November 1st. The second installment is due on February 1st.

Current Secured Property Tax Delinquency Dates
The first installment is delinquent after 5 p.m. on December 10th unless the 10th falls on a weekend or holiday. If the 10th falls on a weekend or holiday, the delinquency date is the next regular working day. Payments received after this date will be assessed a 10% penalty. The second installment is delinquent after 5 p.m. on April 10th unless the 10th falls on a weekend. If the 10th falls on a weekend or holiday, the delinquency date is the next regular working day. Payments received after this date will be assessed a 10% penalty and a $10.00 cost.

Defaulted Tax Bills
Any delinquent (unpaid) CURRENT SECURED property taxes as of 5:00 p.m. June 30th will be enrolled on the DEFAULTED MASTER TAX FILE. These taxes will accrue additional penalties and a $15.00 redemption fee. These bills are also referred to as prior year secured taxes or redemptions.

FOUR YEAR PAYMENT PLAN

Escape tax bills represent assessments of valuation not previously included in the regular annual tax bill. Some escape bills may be eligible to be paid on a FOUR YEAR PAYMENT PLAN. The payments are payable over a four-year period as per California Revenue and Taxation Code. To be eligible for this plan, an escape bill must be for a prior fiscal year and must be equal to, or greater than $500.00 cumulative.
If an escape bill is due to Assessor's error, there is an interest charged at the rate of 3/4 of 1 percent per month.

To enroll a bill on the Four Year Plan, you must:

A. File a written request with the Tax Collector's office prior to April 10th or by the last day of the month following the month in which the bill is mailed, whichever is later.

B. PAY at least 20% of the tax and PAY "back taxes", if any, no later than the deadline for filing the written request. In each succeeding year, a payment of at least 20% of the original amount is required by April 10th.

Any of the following conditions will default an active four year payment plan:

1. Succeeding pay plan installments not received by April 10th each year.

2. Current year taxes not paid in full by April 10th each year.

3. Supplemental bills and other current escape bills not paid timely.

4. Change of ownership on the taxed property.

If further information is needed write to:

Dan McAllister, Treasurer - Tax Collector
County Administration Center
1600 Pacific Highway, Room 162
San Diego, CA 92101-2477

Top of Page

FIVE YEAR PAYMENT PLAN

Conditions for an Installment Plan

To Set Up a Payment Plan:

Between July 1 and October 31, no current year taxes are due. Between November 1 and no later than the following April 10, the full year current taxes must be paid.
Pay 20% or more of the total redemption amount due.
Pay current taxes due each year on or before April 10. The second installment of any supplemental bill must not be delinquent at the end of the fiscal year (June 30).

Interim Payments on Plan:

On or before April 10 of each succeeding fiscal year, you must pay an installment payment of 20% or more of the original redemption amount, plus interest accruing on the unpaid balance at the rate of 1-½% per month. For due dates on weekends or holidays, payments will be due on the following business day.

FAILURE TO MEET THE ABOVE CONDITIONS WILL RESULT IN DEFAULT OF YOUR PLAN.

If you default your installment plan and are unable to initiate a new plan, your property will become subject to sale five or more years after your property initially became tax-defaulted. Authority for the installment plan is prescribed by Revenue and Taxation Code sections 4216-4337.

The unpaid balance of your installment plan, plus accrued interest, may be paid in full at any time before the fifth and final payment due date.

A new installment plan MAY be initiated:

Only after July 1 following the default of the plan.
All conditions of the installment plan must be met.

An installment plan MAY NOT be initiated:

After the fifth year following the declaration of tax default.
After the property has become subject to Power to Sell.

Top of Page

CURRENT YEAR PROPERTY TAX COLLECTION STATUS

Current Year Tax
FISCAL YEAR	NUMBER OF PARCELS	TAX AMOUNT	AMOUNT COLLECTED	PERCENT COLLECTED
2005-2006	941,950	$3,571,242,200.92	$3,499,928,919.62	98.0031
2004-2005	921,409	$3,147,381,778.96	$3,096,586,989.00	98.3861
2003-2004	905,644	$2,831,008,186.04	$2,796,542,237.97	98.7825
2002-2003	890,960	$2,552,524,107.80	$2,518,098,853.33	98.6513

PRIOR YEAR COLLECTION STATUS

Prior Year Defaulted Tax
FISCAL YEAR	NUMBER OF PARCELS	DEFAULTED TAX AMOUNT	AMOUNT COLLECTED	PERCENT COLLECTED
2005-2006	35,898	$78,996,373.80	$58,313,522.56	73.8170
2004-2005	30,373	$57,152,557.20	$41,641,204.22	72.4790
2003-2004	30,758	$58,402,819.04	$41,236,137.16	70.6060
2002-2003	32,949	$59,170,038.34	$38,744,926.79	65.4800
2001-2002	36,396	$61,404,676.88	$39,634,487.20	64.5460

-->

via sdtreastax.com

Every year people pay more money in property taxes because they become delinquent and incur a 10% penalty. Don't be one of these people. Remember the deadline.

Don't forget to pay your Property Taxes. Taxes become delinquent on December 10th.

2009-12-01T07:49:00.001-08:00

GENERAL INFORMATION

COLLECTIONS

- Collects approximately $4.5 billion dollars in County, city, school, and special district taxes; processes any replicated payments within sixty (60) days, maintains complete and accurate files on the tax payment status of approximately 980,000 parcels, and processes taxpayer inquiries in a timely and courteous manner.

- Maintains records of all tax-defaulted parcels and computes amounts necessary to redeem when requested by the taxpayer; computes amounts and establishes controls for installment plans on redemptions; prepares and mails notices of Power to Sell; determines parcels to sell at public auction and selects dates of the sale; coordinates sale and accounts for proceeds of sale.

- Collects approximately $150 million in unsecured personal property taxes (business property, boats and airplanes). Prepares tax liens on delinquent unsecured taxpayers; and collects delinquent mobile home fees assigned to the County by the State before issuing Tax Clearance Certificates. Collects TOT Tax and Racehorse Tax. Responds to all taxpayer inquiries for property tax payment information.

IMPORTANT DATES TO REMEMBER:
July 1 - Beginning of fiscal year

January 1 - Unsecured bills mailed out; Lien date for unsecured taxes.

August 31 - Unsecured deadline. A 10% penalty is added.

September - Treasurer-Tax Collector mails out original secured property tax bills

November 1 - First installment is due (Secured Property Tax) and delinquent Unsecured accounts are changed additional penalties of 1½% until paid.

December 10 - First installment payment deadline. A 10% penalty is added after 5:00 p.m. *

February 1 - Second installment due (Secured Property Tax)

April 10 - Second installment payment deadline. A 10% penalty plus $10.00 cost is added after 5:00 p.m. *

May - Treasurer-Tax Collector mails delinquent notices for any unpaid, regular current taxes

June 30 - End of fiscal year

July 1 - Delinquent Secured accounts are transferred to delinquent tax roll and additional penalties added at 1- ½% per month on any unpaid tax amounts, plus $15.00 redemption fee

* If a delinquent date falls on a weekend or holiday, the delinquent date is the next business day.

AVOID PENALTIES TO SAVE MONEY ON YOUR PROPERTY TAXES

Make sure you receive bills for all property that you own. Keep track of all parcel numbers, i.e.,147-240-03-01. Check off the bills as you receive them and e-mail or call the Tax Collection Division of the Treasurer-Tax Collector's Office (toll free) at 877.829.4732 if you are missing any bills. Please allow 15 days for mailing. Remember: UNDER CALIFORNIA LAW, IT IS THE RESPONSIBILITY OF THE TAXPAYER TO OBTAIN ALL TAX BILL(S) AND TO MAKE TIMELY PAYMENT.
On the secured tax roll, the first installment is due November 1 and delinquent on December 10, and the second installment is due on February 1 and delinquent on April 10. Taxpayers have the option of paying both installments when the first installment is due. Penalties will not be waived due to not receiving a bill.
Make sure that you note December 10 and April 10 as payment deadlines for secured roll taxes as compared to the I.R.S. April 15th deadline for federal taxes and the deadline for filing Homeowner's Exemption. A news release in the newspaper just prior to the tax deadline is the only written notice given of the deadline for payment of county taxes.

Mail your property tax payments early to make sure that the envelope is postmarked on or before December 10 and April 10. According to California law, the Treasurer-Tax Collector must review the postmark date to determine if payment was mailed before the deadline.
By paying your taxes on time, you save the following penalties required by California law:
- A 10% penalty added 5:00 p.m. on December 10.*
- A 10% penalty and $10.00 cost added after 5:00 p.m. on April 10.*
- After the end of the fiscal year (June 30), a $15.00 redemption fee and a 1-½% per month (18% per annum) penalty is added on the unpaid tax amount. If a "tax defaulted" notation appears on your tax bill, you may have unpaid taxes for prior years. Substantial savings in penalties can be achieved by paying any prior year back taxes or by initiating a five-year installment plan of redemption.

*If a delinquent date falls on a weekend or holiday, the delinquent date is the next business day.

Keep the County Assessor-Recorder informed of any change in address so that future tax bills will be mailed to the correct address. You may contact the Assessor-Recorder at ( 619 ) 236-3771.

IMPORTANT INFORMATION TO NEW HOME BUYERS:

You can possibly save costly penalties if, prior to the purchase of property and close of escrow, you make sure there are no prior delinquent taxes owing, and pre-arrange who pays the current installment due and owing.
If property is purchased in November, determine who is to pay the first installment due on or before December 10 for the period of July 1 through December 30.
Keep in mind that as a new property owner, California law requires that you be responsible for the timely payment of taxes on your property. DO NOT WAIT TO BE NOTIFIED or expect receipt of a tax bill. None may be forthcoming. Make it a matter of your personal attention and responsibility to find out what taxes are due and owing by you, as required by law.
In a normal escrow, current year taxes are usually pro-rated at the time of closing or escrow between the interested parties, based on the number of calendar days each party held ownership during the fiscal year which extends from July 1 through June 30. Pro-ration is a matter strictly between the parties involved. The Treasurer-Tax Collector cannot adjust the taxes. The installment amount as shown on the tax bill is the amount due by the party determined at the close of escrow. Check your title papers to see if you were credited or debited an amount for the time in the fiscal year you owned the property.

CURRENT YEAR SECURED PROPERTY TAXES EVENTS CALENDAR

Lien Date
January 1st.

Current Secured Property Tax Bills
Mid-September, Auditor applies tax rates assessments, creates the master property tax roll from which the tax bills are printed and mailed in October.

Fee Parcel Due Dates
Tax Bills are mailed in October. The first installment is due on November 1st. The second installment is due on February 1st.

Current Secured Property Tax Delinquency Dates
The first installment is delinquent after 5 p.m. on December 10th unless the 10th falls on a weekend or holiday. If the 10th falls on a weekend or holiday, the delinquency date is the next regular working day. Payments received after this date will be assessed a 10% penalty. The second installment is delinquent after 5 p.m. on April 10th unless the 10th falls on a weekend. If the 10th falls on a weekend or holiday, the delinquency date is the next regular working day. Payments received after this date will be assessed a 10% penalty and a $10.00 cost.

Defaulted Tax Bills
Any delinquent (unpaid) CURRENT SECURED property taxes as of 5:00 p.m. June 30th will be enrolled on the DEFAULTED MASTER TAX FILE. These taxes will accrue additional penalties and a $15.00 redemption fee. These bills are also referred to as prior year secured taxes or redemptions.

FOUR YEAR PAYMENT PLAN

Escape tax bills represent assessments of valuation not previously included in the regular annual tax bill. Some escape bills may be eligible to be paid on a FOUR YEAR PAYMENT PLAN. The payments are payable over a four-year period as per California Revenue and Taxation Code. To be eligible for this plan, an escape bill must be for a prior fiscal year and must be equal to, or greater than $500.00 cumulative.
If an escape bill is due to Assessor's error, there is an interest charged at the rate of 3/4 of 1 percent per month.

To enroll a bill on the Four Year Plan, you must:

A. File a written request with the Tax Collector's office prior to April 10th or by the last day of the month following the month in which the bill is mailed, whichever is later.

B. PAY at least 20% of the tax and PAY "back taxes", if any, no later than the deadline for filing the written request. In each succeeding year, a payment of at least 20% of the original amount is required by April 10th.

Any of the following conditions will default an active four year payment plan:

1. Succeeding pay plan installments not received by April 10th each year.

2. Current year taxes not paid in full by April 10th each year.

3. Supplemental bills and other current escape bills not paid timely.

4. Change of ownership on the taxed property.

If further information is needed write to:

Dan McAllister, Treasurer - Tax Collector
County Administration Center
1600 Pacific Highway, Room 162
San Diego, CA 92101-2477

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FIVE YEAR PAYMENT PLAN

Conditions for an Installment Plan

To Set Up a Payment Plan:

Between July 1 and October 31, no current year taxes are due. Between November 1 and no later than the following April 10, the full year current taxes must be paid.
Pay 20% or more of the total redemption amount due.
Pay current taxes due each year on or before April 10. The second installment of any supplemental bill must not be delinquent at the end of the fiscal year (June 30).

Interim Payments on Plan:

On or before April 10 of each succeeding fiscal year, you must pay an installment payment of 20% or more of the original redemption amount, plus interest accruing on the unpaid balance at the rate of 1-½% per month. For due dates on weekends or holidays, payments will be due on the following business day.

FAILURE TO MEET THE ABOVE CONDITIONS WILL RESULT IN DEFAULT OF YOUR PLAN.

If you default your installment plan and are unable to initiate a new plan, your property will become subject to sale five or more years after your property initially became tax-defaulted. Authority for the installment plan is prescribed by Revenue and Taxation Code sections 4216-4337.

The unpaid balance of your installment plan, plus accrued interest, may be paid in full at any time before the fifth and final payment due date.

A new installment plan MAY be initiated:

Only after July 1 following the default of the plan.
All conditions of the installment plan must be met.

An installment plan MAY NOT be initiated:

After the fifth year following the declaration of tax default.
After the property has become subject to Power to Sell.

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CURRENT YEAR PROPERTY TAX COLLECTION STATUS

Current Year Tax
FISCAL YEAR	NUMBER OF PARCELS	TAX AMOUNT	AMOUNT COLLECTED	PERCENT COLLECTED
2005-2006	941,950	$3,571,242,200.92	$3,499,928,919.62	98.0031
2004-2005	921,409	$3,147,381,778.96	$3,096,586,989.00	98.3861
2003-2004	905,644	$2,831,008,186.04	$2,796,542,237.97	98.7825
2002-2003	890,960	$2,552,524,107.80	$2,518,098,853.33	98.6513

PRIOR YEAR COLLECTION STATUS

Prior Year Defaulted Tax
FISCAL YEAR	NUMBER OF PARCELS	DEFAULTED TAX AMOUNT	AMOUNT COLLECTED	PERCENT COLLECTED
2005-2006	35,898	$78,996,373.80	$58,313,522.56	73.8170
2004-2005	30,373	$57,152,557.20	$41,641,204.22	72.4790
2003-2004	30,758	$58,402,819.04	$41,236,137.16	70.6060
2002-2003	32,949	$59,170,038.34	$38,744,926.79	65.4800
2001-2002	36,396	$61,404,676.88	$39,634,487.20	64.5460

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Every year people pay more money in property taxes because they become delinquent and incur a 10% penalty. Don't be one of these people. Remember the deadline.

i'm thankful for this.....

2009-11-26T10:46:00.001-08:00

Download now or watch on posterous

Sonogram.mp4 (2059 KB)

This new addition to our family coming mid next year. I'm very thankful for my beautiful wife, my wonderful family, and incredible friends.
I hope this Thanksgiving you're able to slow down, stop and think about the things that matter in life and what you're most thankful for.
Happy Thanksgiving everyone!

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

Happy Thanksgiving!

2009-11-24T07:14:00.001-08:00

Real Estate Recovery in So. California: Home Sales Increase 16th Straight Month, Prices 6rd Month

2009-11-18T14:23:00.001-08:00

Southern California home sales rose in October as prices showed more signs of firming. The median sale price fell by the smallest amount in two years, the result of a shrinking inventory of homes for sale and government and industry efforts to stoke demand and curtail foreclosures. Last month 22,132 new and resale houses and condos closed escrow in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was up 2.8% from 21,539 in September and also up 2.8% from 21,532 a year earlier, according to MDA DataQuick of San Diego.

October marked the 16th month in a row with a year-over-year sales gain, although last month’s was the smallest of those increases. In October, the median price paid for a Southland home was $280,000, up 1.8% from $275,000 in September but down 6.7% from $300,000 in October 2008. It was the median’s smallest annual decline for any month since September 2007, when the median fell 4% from a year earlier. September 2007 – one month after the current credit crunch hit – marked the beginning of a 26-month streak of year-over-year declines in the median price.

The region’s overall median sale price has risen or held steady on a month-to-month basis ever since it dropped to a more-than 7-year low of $247,000 in April. Last month the median was 44.6% lower than the peak $505,000 median reached during several months in early and mid 2007.

Do you think we've hit the bottom?

Are you putting together a Living Trust and have questions on how to insure real property with it?

2009-11-17T20:36:00.001-08:00

For more information, contact your Sales Representative, or email californiatitle@caltitle.com.

My Best,

Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

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2009-11-09T15:53:00.001-08:00

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2009-11-09T10:38:00.001-08:00

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Mike Turner
Vice President
County Sales Manager
California Title Company
760-535-3836
miket@caltitle.com

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