We’re proud to announce that Shandrow Group will soon be making its European television debut in a German “60 Minutes”-style documentary on the booming California foreclosure market.

We were honored to have Munich-based FOCUS TV Produktions GmbH along for the ride for an entire day last week as editor Kirsten Moser and her camera crew shadowed Shandrow Group broker-owner Mark Shandrow while he went about his business day. The video shoot included visits to:

• Several bank-owned/REO properties currently under Shandrow Group asset management contracts
• A Shandrow Group-listed foreclosure duplex in Compton
• A single family residence foreclosure currently for sale by Shandrow Group in Long Beach’s historic Wrigley neighborhood
• An upscale lender-owned condominium in Manhattan Beach (which is now in ESCROW!) and several other exclusive Shandrow Group properties featured on our popular VIP Foreclosure List.

The 20-minute FOCUS TV California foreclosure market documentary segment also features a San Diego sheriff performing officer eviction lockouts and a work crew in Perris painting brown grass green, a common instant front yard “face lift” in a foreclosure-blighted neighborhood.

Mark expressed his experienced, informed perspective on what the future holds for the local and national foreclosure market on-camera, specifically regarding the American real estate industry’s emergent shadow inventory phenomenon.

He explained that approximately one-third of Southern California foreclosures are now in what’s called shadow or “limbo” territory. That is to say that they are not registering in county records as having been resold.

Banks throughout California and the rest of the country are “sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale.” When those shadow inventory properties flood the market–and they will–home values will dramatically drop in response, Mark told German FOCUS TV reporters.

With so many bank repossession and default notices expected to explode onto the market in the coming weeks and months, Mark doesn’t foresee the foreclosures trend slowing down any time soon.

“This is just the beginning of the foreclosure market,” Mark commented. “Coupled with property depreciation in California, in the coming years, we can expect this situation to continue to greatly impact the domestic and global economies.”

“On a brighter note, we will eventually see the real estate market come back into balance,” Mark said. “However, it will definitely take plenty of time. Unfortunately, this is the way a free market works. The real estate market became incredibly inflated, and in turn inflated people’s expectations, and it just has to level out at some point.”

Munich-based Focus TV, a spin-off of the internationally read Focus Magazine,  is broadcast throughout Germany, Switzerland and Austria.

All of us at the Shandrow Group truly appreciated and enjoyed the up-close-and-personal opportunity to play a direct role in educating an international audience on the fast-paced, ever-evolving Los Angeles and Orange County area foreclosure climate, and, more specifically, Southern California’s unprecedented shadow inventory, which you’ll definitely be hearing about in the headlines very soon.

When we receive a video link to the segment, you’ll be the first to know!

As always, stay tuned for more exciting Shandrow Group development news.

To contact the Shandrow Group today, call 562.364.9505, ext. 800, or connect with one of our agents via our About Us page.

PRICE: $135,000 (only approx. $207 per square foot).

THIS ADDRESS: 1227 E. First St., #2B, Long Beach, CA 90802-5709

CROSS STREETS: ORANGE & ESPERANZA

CONDO TYPE: beach community 1 bedroom, 1 bath upstairs condominium-style residence (in a 10-condo building)

CONDO SIZE: 650 sq. ft.

YEAR BUILT: 1961

INTERIOR AMENITIES
* Recently remodeled deluxe full bathroom, featuring high-end brushed nickel sink and shower fixtures, European style carved wood pedestal sink with storage below, contemporary stone tile floors and matching shower tiles
* Recently refurbished kitchen, featuring granite countertops, tile back splash, gorgeous high-shine hardwood floor, spacious stained wood cabinets
* Recently upgraded windows
* Brilliant natural light-bathed space
* Partial ceramic and carpet flooring
* Newer ceiling fans
* Ample bedroom closet space and storage

EXTERIOR AMENITIES:
* Located only a short stroll to the Pacific Ocean shore, popular beach area and bike path
* Private balcony for entertaining/barbequing/dining
* Balmy ocean breezes
* Close to the downtown financial district, Fourth Street’s Retro Row, the Pike entertainment complex,  Rainbow Harbor, walking distance from 2nd Street/Belmont Shore entertainment, business and culture districts

SAFE, POPULAR BEACHSIDE NEIGHBORHOOD
Alamitos Beach, which encompasses miles of stunning oceanfront property between downtown Long Beach and Belmont Shore, is at the forefront of Long Beach’s exciting urban redevelopment renaissance.

Alamitos Beach’s commanding ocean views and majestic estate homes are a favorite with Hollywood filmmakers. NBC’s Fear Factor stunt reality game show was often filmed on its beaches and in the adjacent bay.

TAKE ADVANTAGE OF DRAMATICALLY REDUCED CONDO PRICES
Dozens of inland Long Beach condominiums and townhomes—including this amazing Alamitos Beach deal—are experiencing dramatic price drops between 30 and 50%. There’s never been a better time than now to get a great deal on your dream downtown Long Beach condo. With prices lower than they’ve been in years, plus historically low interest rates, now is an opportune time to buy.

To learn more, call the Shandrow Group today at 562.364.9505.

Downtown Long Beach condos and townhomes sell extremely quickly, so count on us to keep you in-the-know the minute available units arrive on the market. Ownership IS once again within reach.

Sincerely,
Mark Shandrow
Real Estate Broker, Owner
Shandrow Group
562.364.9505
markshandrow.com

Ocwen Financial Corp., a prominent subprime loan servicer and current Shandrow Group client, is officially the first mortgage servicer to begin modifying home loans as part of the Obama administration’s Making Home Affordable (MHA) program.

The $75 billion government loan modification initiative enables at-risk borrowers lower their monthly payments to help them avoid foreclosure or bankruptcy or both. An increasing number of struggling homeowners are opting to sell their homes via short sales. “Responsible homeowners” who meet the straightforward MHA criteria can refinance their loans with interest rates as low as only 2 percent. MHA is scheduled to run through 2012.

If you have questions about the Making Home Affordable initiative and/or subprime loan modification or short sales, call the Shandrow Group for more information today at 562.364.9505.

Ocwen expanded staffing by more than 65 percent in anticipation of the program’s roll-out. Under MHA guidelines, lenders can trim struggling homeowners’ mortgage payments no higher than 38 percent of their income. However, the Treasury Department will share the financial burden with lenders to further lower the debt-to-income ration to 31 percent. Some loans will be eligible to be lengthened over a 40-year term.

Who can participate?

• Homeowners who have an unpaid principal balance up to $729,750

• Homeowner with loans that originated before Jan. 1

Sincerely,

Your trusted connection to the Southern California real estate market,

Mark Shandrow
Real Estate Broker
Shandrow Group
markshandrow.com

I had the pleasure of joining 3,000 fellow real estate agents earlier this week as we converged in Palm Desert, Calif. for the spectacular Spring 2009 Reomac Conference. There I gained the latest insider news on successful short sales, foreclosure inventory, loss mitigation and a host of other hot real estate topics that will strengthen the Shandrow Group’s foundation for success.

The 5-star event, held at the Desert Springs J. W. Marriott, welcomed asset managers, portfolio managers, REO brokers, real estate attorneys and loan service providers from all corners of the country. (Reomac is an industry organization that exclusively serves the mortgage default industry).

Some of the more critical and most timely strategies for success that I gleaned from intimate networking conversations, eye-opening educational sessions and a host of impressive speakers are:

• The latest on President Barack Obama’s homeowner rescue plans (which I extensively blogged about in recent weeks)
  
• An insider snapshot of the REO/foreclosure market. Many foreclosures are in the midst of 90- to 120-day hold at the moment due to various foreclosure moratoriums, like the one recently enacted in California by Gov. Schwarzenegger (which I also recently blogged about). When these holds are lifted, a massive flood of foreclosures will inundate the market, adding to an already skyrocketing inventory.
• How to best stay current on the constant barrage of changes shaping the real estate industry, directly from the mouths of top REO industry lenders, servicers, marketers, managers and outsourcers. (REOs are Real Estate Owned properties, in other words, foreclosed upon homes that are reclaimed by banks after failing to sell at sheriff’s sales and foreclosure auctions.)
• A critical update on the state of the U.S. economy and the default industry from world-renowned economist Christopher Thornberg, Ph.D.
• The latest on several key aspects of mortgage default industry litigation
• The latest on the ongoing rise in vacant properties and servicing community responsibilities in response to a wave of vacant property registration ordinances …. and volumes more beneficial default industry insider info.

The most significant lessons that I took away from the conference in Palm Desert are:

1. Change is constant. That the asset management and default industries will always remain in a state of flux. Accordingly, it is critical to attend this caliber of industry gathering to stay on top of the latest market shifts and directly acquire the best practices possible.

2. The right exposure is critical. Attending the latest successful Reomac conference put the Shandrow Group in front of dozens of valuable default industry decision makers. I was thrilled to take advantage of the opportunity to successfully network with lenders, loan servicers and more REO industry professionals than ever before. Reomac Spring 2009 exhibitors, many of whom I was fortunate to meet in-person and discuss crucial real estate issues of the day with, included:

• Arcstone Financial
• Asset Management Servicing
• Single Source Properties
• Crest REO
• Elite Escrow Services
• Great Street Properties, Inc.
• Marshall & Swift
• NationsREO
• Keystone Asset Management, Inc.
• REO Network
• REOMagic
• REOTrans
• Ridgegate Escrow
• Unifund
• Vacant Property Security, Inc. …. and dozens more key national real estate leaders representing the loan servicing and REO marketing and managing industries

In related news, the conference came under fire in the New York Times in this controversial article. In it journalist Eric Lipton‘s point was abundantly clear: profits are up for well-connected real estate agents and asset managers handling bank-owned properties in the wake of the foreclosure crisis.

“The tsunami has leveled off a bit in recent months, because of foreclosure moratoriums imposed by major banks and the Obama administration,” Lipton wrote. “But the real estate agents here were told not to worry—the flood will continue for several more years, and probably has not peaked yet.”

“In February, nearly 45 percent of the home sales nationwide were R.E.O. or so-called short sales, in which homeowners, under duress, sell a property for less than their mortgage …”

Lipton continues, “For real estate industry service providers, like title insurance companies, the REO market has become essential if they want to remain in business.”

Well, there you have it, my personal travel notes from—and the latest media coverage of—a wonderful, business-benefiting networking experience at the April 7-9 Spring 2009 Reomac Conference in beautiful, sunny Palm Desert, Calif. Until my next report from the road ….

Sincerely,

Mark Shandrow
REO Broker-Associate
Shandrow Group
markshandrow.com

Address: 819-849 Pine Ave. Long Beach, CA

Units: 16

Types of Units: 1 bedroom (private upstairs master bedroom lofts), 1 bath

Size Range: Approx. 800 sq. ft to 1,150 sq. ft., varied floor plans

Stories: 2

Year Built: 2005

Average HOA Dues: $215

Indoor Amenities:
•    Ultramodern downstairs fireplaces
•    State-of-the-art gourmet kitchens, some outfitted with gorgeous granite counter tops and stainless steel appliances (including: dishwasher, washing machine, dryer, garbage disposal, gas oven and refrigerator)
•    Central cooling and heating
•    Majestic, high arched wood beam ceilings
•    Bright, wall-sized windows
•    Private upstairs master bedroom lofts, complete with private balconies
•    Spacious, walk-in closets and bonus attic storage
•    Polished concrete slab and blond bamboo floors
•    Convenient in-unit laundry

Outdoor Amenities:
•    Nearby beach access, only blocks away
•    Stunning cityscape and green, vibrant Long Beach GreenBelt views
•    Quaint courtyard garden
•    Modern sundeck patios for entertaining and relaxing
•    Private, ground-level entry
•    Two-car secure garage parking
•    Located in the heart of the burgeoning Pine Avenue, Ocean Boulevard, Alamitos Beach and Rainbow Harbor entertainment, shopping, culture and business districts

The Courtyard Lofts are the sleek, modern outcome of an award-winning adaptive reuse architectural undertaking that blended two existing retail structures and transformed them into 16 ultramodern residential lofts. A lush community courtyard garden now grows in the heart of the complex, where a commercial parking lot once stood.

Striking Modern Design
The Long Beach-based Interstices firm designed the colorful urban conversion dwelling, adding tits impressive host of other notable adaptive reuse projects within the city. The internationally renowned architecture and interior design house also counts Long Beach’s Walker Building, Newberry Building and Kress Building among its portfolio of recent historic redesign commissions. Studio 111 delivered the original conceptual design for The Courtyard Lofts.

Pine Avenue Perks
Located at 849 Pine Ave., between 8th and 9th Streets, The Courtyard Lofts are situated at the very top of the bustling Pine Avenue shopping district, arguably the most popular of Long Beach’s five distinct dining, culture and entertainment districts. It boasts a prime location in the main artery of the city’s dynamic downtown scene.

The lively urban avenue is lined with towering historical buildings, landmark art deco edifices, and modern adaptive reuse condominiums and lofts. By day Pine Avenue is alive with a steady stream of business and tourism commerce. By night, it seamlessly transitions into the hub of Long Beach nightlife, with crowds spilling over into its many galleries, boutiques and a unique fusion of dining destinations for every international taste. The nearby City Place, a mixed-use retail development, is home to Pine Avenue’s popular weekly Farmer’s Market. Art lovers will appreciate living so near to the Museum of Latin American Art, the only museum in the western United States solely focused on showcasing contemporary fine art from Latin America.

Convenient Access to Public Transit
The Courtyard lofts are a short walk from a convenient range of public transit choices. Of those, Courtyard residents can choose from: Passport A & D buses (rides west of Alamitos Avenue in downtown Long Beach are free); Passport B bus (The East Village Tour free shuttle that travels throughout the emerging art neighborhoods of East Village and West Gateway); Passport C bus (The Pine Avenue Link route, serving Pine Avenue, Shoreline Drive, Pine Avenue Circle, The Queen Mary and the Aquarium); Long Beach Transit “Regular Service” buses; the 22-mile light rail transit MTA Blue Line (runs from 7th Street in Downtown L.A., through the communities of Vernon, Huntington Park, South Gate, Watts, Compton, Carson, finally ending in downtown Long Beach).

For car commuters, The Courtyard Lofts offer quick, convenient access to the 710, 405, 110 Freeways.

Contact our experienced Shandrow Group downtown condo team today for more information on units for sale in the Pine Avenue Courtyard Lofts.

Your trusted connection to Long Beach’s exciting downtown condo and loft market,

Sincerely,

Mark Shandrow
REO Broker-Associate
The Shandrow Group
markshandrow.com

Here is what you need to know about President Barack Obama’s new Homeowner Affordability and Stability Plan (HASP) to help stabilize the housing market and help millions of struggling borrowers keep their homes. What is it? Who is eligible? How will it directly impact you and your family?

The first portion of HASP, the Homeowner Affordability arm, will offer struggling homeowners three basic, home-securing tools:

1. A refinancing program for those who owe more than their home is worth or have less than 20% equity in their property

2. Lower monthly payments for at-risk-of-foreclosure homeowners

3. A lower mortgage rates initiative aimed at rebuilding consumer trust in lenders like Fannie Mae and Freddie Mac

The goal of the second portion of Obama’s HASP initiative, the Stability arm, is to curb the tide of foreclosures and stabilize home prices. Those expected to benefit most are homeowners who can’t afford their mortgage payments but aren’t in a position to sell because their home’s value has dramatically dropped in the wake of the credit crunch and economic downturn.

The Stability portion of Obama’s HASP plan will:

Lower the amount home loan borrowers pay per month to more reasonable dollar amounts. Lenders are encouraged to reduce payments by 31% of homeowner’s incomes by extending the terms of the loan or reducing interest rates all the way down to 2%. Also, the Treasury can share the cost of lowering the borrower’s principal.

Who can apply for the Homeowner Affordability and Stability Plan?

Investors with investment properties will NOT be eligible. Only credit-worthy, responsible homeowners struggling to make mortgage payments but who are still current can take advantage of the plan.

In other words, if you are nearing loan default but haven’t missed payments yet, you are eligible to apply for HASP.

Borrowers who owe up to 5% of their home’s value and have guaranteed conforming loans through Freddie Mac and Fannie Mae will likely be able to refinance. Based the current market, they could be looking at 30- or 15-year, fixed-rate loans, excluding balloon payments or prepayment penalties.

Stay tuned for the latest details on Obama’s Homeowner Affordability and Stability Plan. I’ll continue following the plan as new information becomes available. If you have questions on how this will specifically impact you, feel free to call or email me.

Your trusted connection to Southern California’s foreclosures market,

Mark Shandrow
REO Broker-Associate
The Shandrow Group
Keller Williams Realty
markshandrow.com

Southern California home prices have fallen to 2002 levels, according to a recent Los Angeles Times report, and they won’t stop plummeting any time soon.

SOCAL HOMES BECOMING MORE AFFORDABLE
Studies show that significantly more people will be able to realize the American dream of home ownership in Southern California than they have been since 2000. For the first time in years, Los Angeles and Orange County housing prices are beginning to balance out with people’s incomes, housing market analysts say.

According to the Times: “The January median sales price for Southern California homes fell to $250,000, a 40% drop from the same month a year prior … The price decline was accelerated by foreclosures, which accounted for 60% of sales last month.”

Experts expect Southern California home prices to experience an additional 25% to 30% decline. Los Angeles area home prices aren’t predicted to significantly increase again until at least 2010 or 2012.

TAKE ADVANTAGE OF PLUMMETING PRICES
With so many affordable houses flooding the local market, now is a great time to get into your dream home and I can help. Foreclosures are even more affordable investments. Sign up for my VIP foreclosures list here and take action now.

Your trusted connection to Southern California’s exploding foreclosures market,

Mark Shandrow
REO Broker-Associate
The Shandrow Group
Keller Williams Realty
markshandrow.com

In an effort to stay on top of the latest in the exploding foreclosures market and the ever-adapting mortgage loan servicing industry, I had the benefit of attending the Feb. 17-20  MBA’s National Mortgage Servicing Conference & Expo in Tampa, Florida. I’m excited to share the crucial insider information I was able to learn and immediately apply to my business.

While there, I met with several seasoned industry professionals and executives representing key direct lenders, mortgage loan servicing companies and asset management firms, including Nations REO, Inc., Franklin Credit Management Corporation, SingleSource Property Solutions, Fannie Mae, Freddy Mac, American Home Mortgage and many others.

It was my first time visiting Tampa. Being there also gave me a wonderful chance to catch up with my brother-in-law, Roy, and his girlfriend.

The focus of the conference was how the loan serving industry is coping with the spike in foreclosures and the current economic downturn. In the words of conference organizers, “Unfortunately, the standard tools of yesterday simply aren’t enough to get the job done.”

The most important information that I took away from the conference are the TOOLS OF TOMORROW: the three innovative strategies banks and loan servicing entities are using to deal with the surging tide of foreclosures (which real estate experts predict won’t slow down until 2012!).

Let’s take a closer look at each:

1) Loss mitigation – The loan servicing industry is currently using short sales, loan modifications and other creative tools to mitigate losses from the current rise in foreclosures. This new phenomenon is forcing the industry to create new, innovative approaches to rebound from their losses.

2) Renting foreclosed properties - Banks and lenders are beginning to rent foreclosed properties instead of selling them, something we haven’t yet seen in real estate. They are holding onto properties and essentially acting as landlords.

3) Selling homes while they are still occupied - I heard this final strategy directly from Fannie Mae. As part of the corporation’s goal to help foster the dream of home ownership in the U.S., as well as to reduce the number of vacant foreclosure and post-foreclosure properties contributing to a rise in blighted neighborhoods, they are beginning to sell homes while they remain occupied. Executives at Fannie Mae feel doing so will help curb the rise in vacant, problem property plagued areas and avoid reducing home prices to the point that they lower neighboring property values.

Thanks for checking in. I truly appreciate your readership and referrals.

Best,
Your trusted connection to the Southern California foreclosures market,

Sincerely,

Mark Shandrow
REO Broker-Associate
Keller Williams Realty
markshandrow.com

Gov. Arnold Schwarzenegger signed a 90-day moratorium on California home foreclosures (legislation SB2X-7 and AB2X-7) amid criticism that the law likely won’t put a dent in the skyrocketing pace of repossessions.

Here’s what you need to know:

• The bill, as part of the state’s recent budget deal, safeguards owner-occupied residences that had first loans on the books between Jan. 1, 2003 and Jan. 1.
• Under the moratorium, state lawmakers can make exceptions for loan servicers, enabling them to foreclose anyway.
• Eligible lenders must meet certain criteria and have active mortgage modifications underway. Some of those criteria include: an extension of loan conditions, a portion of the principal in deferral or at least five years of lowered interest rates.
• To qualify for foreclosure immunity under the moratorium, a lender’s loan adjustment plan must include a modification of monthly payments “targeted” at 38% of a homeowner’s income. That’s slightly more lenient than President Obama’s 31% of income payment-lowering in his administration’s recently unveiled Homeowner Affordability and Stability Plan.
• Bankers, including members of the California Bankers Association, California Mortgage Bankers Association and others, are anything but pleased with Schwarzenegger’s foreclosure moratorium. In a joint letter to the state, they claimed the bill “will create uncertainty, delay economic recovery and stifle home sales.”
• The moratorium will take effect at the end of May.
• Currently, thanks to a state law that passed last year, the required time period from first notification to final sale was increased from 30 days to 141 days.

Check back soon for updates on this historic moratorium and the soaring Southern California foreclosures market.

Your trusted connection to the local bank-owned foreclosure market,

Sincerely,

Mark Shandrow
REO Broker-Associate
Keller Williams Realty
markshandrow.com

CLICK HERE FOR MORE PHOTOS

Square Feet: 2,115
Lot Size: 3,794 sq. ft.
Rooms: 4 bedrooms, 2.5 baths

Here’s your chance to buy a spectacular Orange County two-story home with all the trimmings. Nestled in a private neighborhood, this completely refurbished four-bedroom, two-and-a-half-bath boasts all-new ceramic tile, carpet, plumbing, fixtures, sinks, paint and a just-upgraded 2-car garage door. The kitchen, which opens to a cozy breakfast nook, is newly renovated and comes equipped with a built-in gas range oven, a dishwasher, a disposal and a microwave. Nosh at the roomy nook or eat in style in the nearby formal dining room. Other amenities include: forced air heating, central air-conditioning and communal pool and hot tub access. READ THE FULL DESCRIPTION HERE.

1806 Silva Avenue, Long Beach, Calif. 90807
GREAT VALUE FORECLOSURE,
CALL FOR PRICING AND INFO

CLICK HERE FOR MORE PHOTOS

Type: Single-Family Fixer-Upper
Square Feet: 1,354
Lot Size: 7,200 sq. ft.
Rooms: 3 bedrooms, 2 baths
Year Built: 1942

This large-lot north Long Beach foreclosure, situated just east of the Atlantic Avenue business corridor and north of Bixby Knolls, is definitely worth checking out. It’s a fixer-upper with great potential, for first-time buyers and real estate investors alike. READ THE FULL DESCRIPTION HERE.

659 E. CLAIBORNE DRIVE, LONG BEACH, CA 90807
FORECLOSURE—COMING ON THE MARKET!
CALL FOR PRICING AND INFO

CLICK HERE FOR MORE PHOTOS

Home Type: Single-Family
Square Feet: 1,662
Lot Size: 6,150 sq. ft.
Rooms: 2 bedrooms, 2 baths
Year Built: 1941

This outstanding large-lot, single-family foreclosure property is nestled in the heart of Bixby Knolls, Long Beach’s most exclusive inland neighborhood. The safe, charming residential enclave is tucked away in the midst of neighboring historic California Heights. Bixby Knolls is also within walking distance of the popular Atlantic Avenue retail district and two highly-ranked Long Beach Unified School District schools.

Couples with growing families will enjoy walking distance access to highly ranked academic institutions, like Longfellow Elementary School, a California Distinguished School, and Hughes Middle School. Both are standout members of the award-winning Long Beach Unified School District. For high school, Bixby Knolls residents are zoned to attend Long Beach Polytechnic High School, which ranked high among Newsweek’s 100 “America’s Best High Schools” prestigious listing last year. READ THE FULL DESCRIPTION HERE.

Want to tap into more outstanding homes on my exclusive list of bank-owned foreclosures—BEFORE they come on the market? Click here to get in the loop now.

Your trusted connection to Southern California’s exciting foreclosure market,

Sincerely,

Mark Shandrow
REO Broker-Associate
Keller Williams Realty
markshandrow.com