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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Sweeping South-East Mountain, Golf Course and Water Views. Open living room. Expanded living spaces. Enjoy Resort Living at its best! *Turnkey Designer Furnished*. Discover Desert Island, a private enclave of three high-rise buildings on a private 25-acre island overlooking an expansive lake with 110-acre championship 18 hole golf course in the heart of Rancho Mirage with unparalleled views. Close to world class shopping and entertainment. 9 foot ceilings throughout, walls of glass with panoramic views! Lots of light. Amenities include: three swimming pools with spas. Two tennis courts, paddle boats. Conveniently located at the corner of Bob Hope and Frank Sinatra drives, for easy freeway access and nearby casino.

How low can rates go?
The Federal Reserve has committed to keep long-term interest rates low through next year, so a 30-year mortgage will be pegged about where it is now at least through spring, said Freddie Mac.

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Today the 22nd annual Palm Springs International Film Festival begins from January 5-16, 2012. 

Recently voted one of the best annual events by Desert Magazine, this 12 day film festival is a highly anticipated time featuring more than 200 films from 70 countries and countless genres to choose from.

Check out the movie schedules, special events, receptions and the Black Tie Awards Gala at www.psfilmfest.org.  This star-studded occasion is an absolute can't miss event for true cinema lovers and casual moviegoers alike.

No Matter How Busy You Are by Jim Rohn

No matter how busy you are, make sure to find some time over the next two weeks to reflect, think, give and plan.

The week between Christmas and New Year's is the ideal time for this. Try to slow things down. Spend time with the ones you love and care about. Take some time to talk with your spouse and kids about goals and dreams for the next year. Use this as a time to recharge your batteries (and not just by watching TV the entire time), and with excitement, think about a handful of changes or additions you want for your life in the New Year.

I believe you will find the act of reflecting, thinking, dreaming and planning (with your family) to be one of the most important exercises you can do that will positively impact the next 12 months.

And, remember, do not neglect to commit yourself to set this time aside, or you will find that the business of life can and will get in the way.

So, let's all take a moment to gather up the past year of victories and defeats, growing as well as those times of stagnation, and use it to wipe a clean slate and thoughtfully design the next year the way we truly desire it to be.

*  83% of homeowners used a Realtor to sell their home vs. 17% who tried to sell their home on their own.

*  59% of homeowners who used a Realtor were successful in selling their home vs. 39% who were successful selling it on

    their own.

*  88% of homeowners who successfully sold their home using a Realtor and 81% who attempted to sell their own home 

    say they would use a Realtor in the future.

*  24% of For Sale By Owners eventually enlisted the help of a Realtor to sell their home. 

The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California rose to 52 percent in the third quarter of 2011, up from 51 percent in second-quarter 2011 and was up from 46 percent in the third quarter of 2010, according to C.A.R.’s Traditional Housing Affordability Index (HAI).

Home buyers needed to earn a minimum annual income of $61,530 to qualify for the purchase of a $292,120 statewide median-priced, existing single-family home in the third quarter of 2011. The monthly payment, including taxes and insurance, would be $1,540, assuming a 20 percent down payment and an effective composite interest rate of 4.63 percent. The effective composite interest rate in second-quarter 2011 was 4.85 percent and 4.78 percent in the third quarter of 2010.

Regionally, housing affordability rose in most counties in the San Francisco Bay Area but was down in Los Angeles County and Fresno County. At 77 percent, San Bernardino County was the most affordable, while San Mateo County was the least affordable, with only 25 percent of households able to purchase the county’s median-priced home.

More info

The state-run program, “Keep Your Home California,” which helps homeowners struggling to pay their mortgages now has broader eligibility guidelines. Borrowers who did “cash-out” refinances and own multiple properties now are eligible for the program, according to California Housing Finance Agency officials.

Making sense of the story:

To date, Keep Your Home California has helped approximately 8,000 low- and moderate-income households that are behind on loan payments or close to default.

There are four parts to the program: Mortgage help for the unemployed, mortgage aid for homeowners with documented financial hardship, relocation help for those in the midst of a short sale or deed-in-lieu of foreclosure, and reduction of principal.

Homeowners who completed “cash-out” mortgage refinancing now are allowed to take part in the four programs outlined above, and borrowers who own more than one property also can apply for the program. Previously, these two groups of borrowers were excluded from participation.

Mortgage aid to unemployed borrowers also has been extended to nine months, instead of six. Such homeowners can receive up to $3,000 a month. To qualify, borrowers must be receiving unemployment benefits.

Additionally, the program has reinstated up to $20,000 in past-due mortgage payments instead of the previous $15,000 cap.

To review qualification guidelines, visit www.KeepYourHomeCalifornia.org or www.ConservaTuCasaCalifornia.org.

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On October 1, the limit on loans that government controlled mortgage agencies, Fannie Mae and Freddie Mac, can guarantee, dropped to a maximum of $625,500. The new limits mostly affect the most expensive housing markets in the US. According to the FHA official website, "FHA loan limits vary based on area median home price, but all will fall within the range of $271,050 and $625,500 for one unit properties."

Homebuyers who want to purchase a home in the higher-cost housing markets will face higher down payments, higher mortgage rates, and stricter loan qualifications. Those who seek larger mortgages will have to apply for jumbo loans, which might include higher interest rates and down payments.

Credit score: In today's current market, lenders are generally looking for buyers to have credit scores of at least 620. Although the Federal Housing Administration will extend loans to borrowers with credit scores as low as 580, most banks are imposing higher scores.

Reserves: Financial advisers recommend saving four to five months’ worth of expenses in case of job loss or any other unforeseen event even for renters. Homeowners should add an additional two months’ worth to their savings.

Settling down: Buyers should think about if they see themselves living in the same place for five to seven years. Of course this pertains to your primary residence. Homeownership is not just a financial decision, it’s also a lifestyle choice.