UPBEAT TIMES, INC. • September 2016 • 19
Changing Seasons and Changing Rules by Barry O'Meara •
barryo@stearns.com
SANTA ROSA, CA. ~ As summer draws to a close, the drought continues to rage on. California wildfi res devastate our State and the Giants con- tinue to torture us. T ese things don’t seem to change much throughout the years, but occasionally un- derwriting guidelines do. Sonoma County home values
incidents that brought them down before have faded into the back- ground of time. T e penalty stage has lapsed. All loans now re- borrowers
quire
have notched up another high mark; edging ever so close to its highest mark set in 2005 just before the spiraling de- scent that hit bottom in 2009. T ere are those that caution we are on the verge of another bubble ready to burst, but
perspective, the values we are see- ing now are sus-
from my
able. Home values have adjust- ed and we now have a stable market. Aſt er the fi nancial crisis, un-
derwriting guidelines became stricter. No more liar loans. Originating loans became a challenge with fewer and few- er qualifi ed borrowers. Many caught in the wake of the crisis were leſt bruised and beaten with low FICO scores, leaving them essentially un-lendable. As time wore on, borrower’s credit scores improved. T e
tain-
economy are at play; supply and demand reign. T e de- mand side is not being tainted by un-qualifi ed borrowers. On the supply side, the lack of available hous-
es up; the invisible hand. So in the true sense of a market economy, the fi nal sales price is what the market will bear. T is is why I feel the surge in home values we have seen, is not a bubble but a sustainable true refl ection of the market value. Now that the housing market
has become more “normal” without
ties dominating the market, underwriting guidelines are beginning to relax from their stringent rules. When the housing crisis hit, under-
September Garden
cocarpus beltuloides has proven to be a great choice for the hot after- noon sun and is becoming a perfect natural hedge.
Huge terra cotta
pots full of Carmen’s Sacred Rush grass, golden and majestic with setting sun shining through. The garden can be such a com-
forting place to be, listening to your problems, joys, anxieties, soothing your tears and encourag- ing your laughter. It’s always there asking no questions, just sharing its magical beauty and sweet scents. In Japan prayers are written on slips of paper and hung in trees,
... continued from page 18
perhaps hundreds, thousands, ev- erywhere. As passionate gardeners continue to care for their gardens and farms, we are hopeful that our increased awareness and efforts matter. September always brings new discoveries, new friends, new ideas, new projects as we continue forward on this earthly gem in the vast cosmos. . .further. . .farther. . .farthest. P.S. I’m still predicting an early
Fall?! And Wang Chung is so ab- solutely adorable!! He’s growing up way to fast. Purr-purr-purr- purr-purr. . .
distressed proper- that is pushing pric- is the force ing
to fully document their ability-to-repay When normal driv- ing forces of a market
writing
the number of properties the banking institutions would fi - nance for any one borrower. If someone owned more than 5 fi nanced properties, the bor- rower could only refi nance and take cash-out on a prima- ry residence. A lot of invest- ment property owners could not take advantage of lower interest rates and refi nance unless their property was eli- gible for one of the HARP pro- grams.
than 10 fi nanced prop- erties,
even consider lend- ing to you at all.
have changed their tune for investment
ers. T ere are no restrictions on the number of properties borrowers are fi nancing, but
... continued on page 21 property
was a challenging time. T e guidelines
guidelines limited Ottmar Liebert ... continued from page 12
nova rhythm and play it back to half speed which, makes it slower.” Known for his Platinum
If you owned more they wouldn’t It
own-
Award-winning and Grammy nominated Nouveau Flamenco music, Ottmar Liebert and his band, Luna Negra grace the stage of the Mystic T eatre in Petaluma on Monday, Septem- ber 19. Liebert is excited that a fourth member has been added to the band, a musician who plays accordion and keyboard. He explains, “Accordion and fl amenco guitar actually sound phenomenal together. And playing reggae with an accor- dion is also excellent.” Fans are in for a real treat! Also, worth checking out this
month is a Free Concert for the Community with amazing Sonoma County Bands, includ- ing, Marshall House Project, T e Bloodstones and Onye &
... continued on page 23
I LOVE IT HERE!
Weird Facts & Fun Trivia - 6
The fi rst spacecraft to send back pictures of the far side of the Moon was Luna 3 in October 1959. The photo- graphs covered about 70 per- cent of the far side.
The U.S. Department of Ag- riculture has estimated that there are between 139,600 and 212,000 beekeepers in the United States.
The vast majority (95%) are hobbyists with less than 25 hives. In addition, about 4% are part-timers who keep from 25 to 299 hives. Togeth- er, hobbyists and part-timers account for about 50 percent of bee colonies and about 40 percent of honey produced.
The number of U.S. bee colonies producing honey in 2003 was 2.59 million (based on beekeepers who manage fi ve or more colonies). National Honey Board www.
honey.com
Buddy loves to shop at WFC...
Buddy is a 5 year old English Lab, but as her owner, Lynn of Sonoma County says, ‘She’s
white!’ Lynn has been coming to Western Farm Center for over 30 years and says the people are great, give good advice and if they don’t have it they order it for her! She loves the variety!
Western Farm Center (707) 545-0721
Vaccination clinics every Sunday from 9:30am to 11:30 am
Since 1967 we’ve been the Favorite Place to shop for pets & farm animals!
21 West 7th Street • Santa Rosa www.westernfarmcen- Open Mon-Sat 8am-5:30pm • Sun 9:30am-4pm
“Happiness is not the absence of problems, it’s the ability to deal with them.” ~ Steve Maraboli UPBEAT TIMES, INC. • September 2016 • 19
THE MORTGAGE COACH
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