A recent survey of more than 1,800 real estate professionals has indicated that 2012 might represent the end of the down real estate market and the start of a rebound, with 10 specific local markets expected to lead the way. The biggest challenges facing the recovering market, agents said, will be short sales, loan qualification rules and foreclosures. (What? these are the best parts!)

Collected from among the more than 220,000 ActiveRain real estate professional community members, the survey highlighted which specific markets across the United States held the most optimism for growth among real estate agents as well as which markets were expected to continue struggling into 2013.

An infographic and deeper summary of the survey’s findings can be downloaded at www.activerain.com/real-estate-values.

“Real estate is a deeply local business, so it’s no surprise to see such differences in optimism and pessimism between agents in vastly different market conditions,” said Nikesh Parekh, chief executive officer for ActiveRain. “But the fact that, as a group, they expect improvement during 2012 is a good sign for the real estate industry and for the economy overall.”

Below is a list of real estate markets ranked by real estate agent confidence, according to the survey:

Top Real Estate Markets

1. Fort Myers – Naples
2. Austin
3. Boise
4. San Antonio
5. Miami – Fort Lauderdale
6. Denver
7. Dallas – Fort Worth
8. Nashville
9. Houston
10. Salt Lake City

Worst Real Estate Markets

1. Reno
2. Sacramento
3. Chicago
4. New York
5. Providence, RI
6. Springfield, MO
7. San Diego
8. Los Angeles
9. Cleveland
10. Philadelphia

Want to guess the eventual sales price?

High profile real estate agent Eric Elegado, his wife Charmagne and seven associates are charged with conspiracy to commit mail and wire fraud, wire fraud, conspiracy to commit money laundering and other charges involving an alleged mortgage loan fraud.

Elegado, whose image is on bus benches and signage around Mira Mesa, is known as an expert in real estate short sales in San Diego County.  He appeared in a downtown courtroom Monday to face criminal charges.

Elegado was arrested Friday and named in a 12-page indictment.

Eric and Charmagne Elegado and seven other defendants were charged with wire fraud and other felonies involving falsified mortgage applications submitted to lenders in 2002 to 2007 according to sources.

Prosecutors said the defendants processed more than 100 phony loan apps, and that almost all the properties purchased with these loans are now in foreclosure, with lending banks losing $15 million so far.

Prosecutor Joseph Orabona says the Elegados “targeted low income immigrants” in San Diego by coaching them on how to fill out loan applications for home purchases.  Orabona said Elegado’s wife “defrauded her own parents” adding “she’s the most culpable person in this criminal enterprise.”

The defendants allegedly used false income numbers and other false information to help clients get mortgages for which they didn’t qualify.

The judge set bond at $75,000 for Charmagne Elegado and at $100,000 for Eric Elegado.

Prosecutors had requested $500,000 bond.

Defense attorneys said the Elegados need to be out of jail to care for their five children and Mrs. Elegado’s elderly and sick parents.

“The Elegados are not rich people. The prosecution would have everyone believe they made millions and millions and millions of dollars yet they live in a home with grandparents, parents and children – all nine of them,” Elegado’s defense attorney Paul Pfingst said outside federal court.

“They are not affluent people,” he said adding the family lives in a rented home.

Elegado began his real estate career in the early 1980′s according to his company website. The site lists Elegado’s office as Prudential California Reality, 3790 Via de la Valle, Suite 201 however a staffer who answered the phone Tuesday morning said he worked primarily out of the Mira Mesa office.

Charmagne Elegado was an account executive at New Century Mortgage at the time the alleged fraud occurred according to the federal indictment.

Co-defendant Theodore Cohen service as the Chief Financial Advisor for E Real Estate & Loans, Inc.

Other employees of E Real Estate & Loans named in the indictment are real estate and loan officers Minh Nguyen, Alexander V. Garcia, Roman Macabulos, Ramin Lotfi and Roderick Huerto.

Regidor Pacal, an E Real Estate agent who purchased several properties that were financed by New Century Mortgage, was also named in the indictment.

Hopefully we might see one of these around here before long!

Who said housing scams can’t read like a zombie movie? In this scam, a man came back from the dead to trick people in to investing in bad houses. I foresee a blockbuster hit.

Cleveland’s News Net 5 uncovered the scheme, perpetrated by a man now named John Alexander — who used to be Michael Pedwell — who once faked his own death for insurance money. The scam was easily uncovered, he pleaded guilty to insurance fraud and then he disappeared.

He reappeared years later in California under the name Michael Alexander before partnering with Mark Tow — who was banned from selling securities in 2003 — to scam the good people of Cleveland with a company named EZ Access.

The two bought up foreclosed properties, promising investors they would clean them up, but they never did. One home was bought for $900, then sold to investors for $32,000 only weeks later with no improvements made.

The two roped the investors in with presentations, in which Alexander said they had “some exciting and very interesting, but more importantly, some very lucrative information” to share with them, and that they “have put together a complete turnkey system whereby you’ll be able to take advantage of what we can show you and offer you.”

No good zombie movie would be complete without explosions.

Two years ago, a home owned by EZ Access exploded. Destroying almost an entire neighborhood.

The pair have piled up $335,000 in potential housing court fines, more than $500,000 in unpaid taxes and $32 million in contempt sanctions for failure to appear in housing court for the last three years.

Alas, the man now known as Alexander seems to have disappeared again.

In all seriousness, such scams are no laughing matter. Though this one seems to contain all the mystery and intrigue of a mystery novel.

http://www.newsnet5.com/dpp/news/local_news/investigations/Mystery-and-fraud-behind-major-housing-scam-revealed-in-exclusive-investigation

He responded with a guffaw, and the usual indignation, “That’s not what I’ve been reading”.

Here are the current market statistics – except for the stubborn high-enders, the rest of these categories have more pendings + contingents than active listings.  We haven’t seen that since the height of the frenzy in 2003 – and January sales were up too:

Yes, I’m counting the contingents as pendings now, and it’s for two reasons. 1) They are getting approved quicker, and 2) with few other options, buyers are more likely to stick. If buyers do bail out on one contingent, it’ll be because they found another, so the pending/contingent count would stay the same. The numbers are somewhat bloated due to the short-sale backlog, but if the ACT/PEND+CONT counts were lower than 2:1 it would still be a healthy market.

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We have received four offers on the Lavender REO listing, in spite of two other Lavenders also listing last week, making it 4 of 17 properties for sale on the same street!

Thankfully they came on at higher prices, but none of them have the high-speed location that mine does >>>>>

I have probably received another 15-20 inquires about the listing, even though buyers and agents have full access to satellite photos and video tour.  There is high demand in CV! 

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For those who want more proof, examine these recent pendings/solds in Carmel Valley. 

Most curious is the market time – a few houses that have sat for months have popped off lately, though this first one only lasted four days on market, listed higher than his 2006 purchase price (you’ll need a redfin account to see pendings):

http://www.redfin.com/CA/San-Diego/5200-Great-Meadow-Dr-92130/home/12153395

http://www.redfin.com/CA/San-Diego/4745-Vereda-Luz-Del-Sol-92130/home/6314447

http://www.redfin.com/CA/San-Diego/5035-Ashley-Falls-Ct-92130/home/4480733

http://www.redfin.com/CA/San-Diego/10865-Craven-Ridge-Way-92130/home/4523585

Closed sales:

http://www.redfin.com/CA/San-Diego/5269-Foxborough-Pt-92130/home/12153367

http://www.redfin.com/CA/San-Diego/4715-Dunham-Ct-92130/home/6605312

http://www.redfin.com/CA/San-Diego/10670-Haven-Brook-Pl-92130/home/6315372

The bears can still hope that the high-end will be the next market to implode, and crush everybody below.  It could happen, and as long as you are looking for doom and gloom, don’t forget  Greece, Iran/Israel, Afghanistan, elections, the Padres – there’s plenty of bad news out there. 

But apparently there are a load of buyers who are ready, willing, and able to take advantage of lower rates and prices – and aren’t reading in the right places?

A new Senate bill aims to speed up the short-sale process by requiring mortgage lenders or servicers to respond within a mandated timeline or face potential fines.

The bill, introduced late last week by Sen. Lisa Murkowski, R-Alaska, gives the servicer 75 days to reply to a homeowner’s written request, which must include a copy of a contract with a prospective buyer.

The servicer would have to answer with an approval, denial or request to extend the response period up to 21 days. The companies could also approve the short sale subject to certain changes.

Homeowners would receive $1,000 each time the lender or servicer fails to respond, along with other “appropriate relief,” according to the requirements of the bill.

“What we have here is a failure to communicate,” Murkowski said in a statement. “Why don’t we make it easier for Americans trying to participate in the housing market, regardless of whether the answer is ‘yes,’ ‘no’ or ‘maybe?’”

Moe Veissi, president of the National Association of Realtors, said real estate agents support “any effort to improve the process for approving short sales.”

The bill, co-sponsored by Sens. Scott Brown, R-Mass., and Sherrod Brown, D-Ohio, was referred to the Senate Banking Committee. Legislators introduced at least six bills related to short sales in 2011. None made it beyond the committee level.

One introduced by Rep. Thomas Rooney, R-Fla., would automatically approve a short sale, unless a lender or servicer responds within a 45-day window. The bill, H.R. 1498, holds limited bipartisian support in the House.

Located on 12-acres of quiet ranchland and adjacent to the buff-colored stone canyon bluffs directly east of Boulder, Colorado, the site for this project was unique in that its orientation was not about distant views, it was about directing energy inward and creating a peaceful intimacy within the site itself.

Architect here: http://www.sbdesign-pc.com/