is making its way to California after spending a year on Chicago's Magnificent Mile.  The statue

will be stationed at the corner of Tachquitz Canyon Drive and Palm Canyon Drive by the end of May

and will be there for one year. "Forever Marilyn" is a piece by famed sculpture artist J. Seward Johnson.

He is known for his oversize painted bronze statues.  They are called trompel 'oeil.

More Info and Photos

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California pending home sales posted higher for the third consecutive month in March, rising from both the previous month and year, C.A.R. reported Tuesday. Additionally, the share of distressed sales dropped for the second consecutive month, as equity sales typically increase with the start of the spring home buying season.

C.A.R.’s Pending Home Sales Index (PHSI)* rose from a revised 126.5 in February to 143.7 in March, based on signed contracts. The March 2012 index was the highest since April 2009, when the PHSI was 146.9. The index also was up from the 128.9 index recorded in March 2011, marking the eleventh consecutive month that pending sales were higher than the previous year. Pending home sales are forward-looking indicators of future home sales activity, providing information on the future direction of the market.

• The share of equity sales – or non-distressed property sales – compared with total sales increased in March to 55.4, up from 51.1 percent in February. Equity sales made up 50.2 percent of all sales in March 2011.

• Meanwhile, the total share of all distressed property types sold statewide decreased in March to 44.6 percent, down from February’s 48.9 percent and from 49.8 percent in March 2011.

• The share of short sales was down again in March. Of the distressed properties sold statewide in March, 21.1 percent were short sales, down from February’s share of 23 percent but up from last March’s share of 20.1 percent.

• The share of REO sales also declined in March to 23.1 percent, down from February’s 25.2 percent and down from the 29.4 percent recorded in March 2011.

The budding trees, the new flowers,
And birds that sweetly sing,
Whisper to me that it’s Easter.
Here is wishing a warmth for your soul
On Easter and always!

It may take longer to find the right house, for those who decide to purchase, as inventories of for-sale properties have declined over the past year.  The valley's inventory of homes for sale fell to 4,642 in February from 6,199 in February 2011, according to the Desert Area Multiple Listing Service.

The big demand has been for homes priced under $300,000, which is where inventories are disappearing in many communities.  We are seeing multiple offers on properties and, in some cases, properties selling above the listed price.

This is an amazing estate with 200 acres, golf course, 850 olive trees, lakes and sculptures throughout.  There is a 17,000 sq. ft. Visitor Center, envisioned by Mr. Annenberg, an Ambassador to England under President Nixon, who made most of his fortune as publisher of TV Guide.

To read more about this amazing property and the fascinating history behind it, visit http://www.nytimes.com/2012/01/24/us/annenberg-estate-sunnylands-to-open-to-the-public.html#

Here is an article I received today from the California Association of Realtors newsline.  Exciting opportunities ahead and well worth reading. 

In his State of the Union address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery.

Key aspects of the president’s plan include:

• Broad-based refinancing: The president’s plan will provide borrowers who are current on their payments with an opportunity to refinance and take advantage of historically low interest rates
• Homeowner Bill of Rights: The president is putting forward a single set of standards to make sure borrowers and lenders play by the same rules, including: Access to a simple mortgage disclosure form, so borrowers understand the loans they are taking out; full disclosure of fees and penalties; guidelines to prevent conflicts of interest that end up hurting homeowners; support to keep responsible families in their homes and out of foreclosure; and protection for families against inappropriate foreclosure, including right of appeal.
• First pilot sale to transition foreclosed property into rental housing: The FHFA, in conjunction with Treasury and HUD, is announcing a pilot sale of foreclosed properties to be transitioned into rental housing. C.A.R. is opposed to bulk sales of REO properties in California.
• Providing a full year of forbearance for borrowers looking for work: Following the administration’s lead, major banks and the GSEs are now providing up to 12 months of forbearance to unemployed borrowers.
• Pursuing a joint investigation into mortgage origination and servicing abuses: This effort marshals new resources to investigate misconduct that contributed to the financial crisis under the leadership of federal and state co-chairs.
• Rehabilitating neighborhoods and reducing foreclosures: In addition to the steps outlined above, the administration is expanding eligibility for HAMP to reduce additional foreclosures, increasing incentives for modifications that help borrowers rebuild equity, and is proposing to put people back to work rehabilitating neighborhoods through Project Rebuild.

C.A.R. and NAR support the Obama Administration’s efforts to help homeowners and the struggling housing market, because restoring the health of the housing market is critical for the nation’s economic recovery.

More info 

There are muliple events during this week including architectural tours, films, lectures, an architectural symposium, educational events, and fun parties in various cool mid-century homes and boutique hotels.  To view all events click here:  www.modernismweek.com

1.  Do Not Change Jobs -  Changing jobs before or during the loan process can create a real problem in qualifying for a loan, particularly if that job is in a different line of work or at a lower rate of pay.  Changing a job can create time delays during the loan process as the new job will need to be verified.

2.  Do Not Switch Banks or Move Your Money Around - It is best to leave your money right where it is until your loan is closed.  Moving your money to a new bank or even a new account can weak havoc with the verification process.

3.  Do Not Pay Off Bills - Listen to your loan officer who will advise you if it is necessary to pay off bills to help you qualify for a loan.  They will also show you the best way to pay off bills, making sure that escrow has the evidence needed to prove that the bills have been paid off.

4.  Do Not Make Any Major Purchases - Buying a new car, furniture, or making another major purchase can impact a borrowers ability to buy a home.  A large monthly payment can effect the amount of home you qualify for, and during the loan process itself, actually make it difficult to get your loan approved.

The “new American home” continues shrinking
The nation’s average home size, which peaked at 2,500 square feet in 2007, is expected to shrink to 2,152 square feet by 2015, according to the National Association of Home Builders.

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