Here's a column about a stronger-than-reported economy ...

Mortgage market commentary

Friday, August 25, 2006

By Lou Barnes
Inman News

Mortgages are stuck in a happy place, near 6.5 percent for the low-fee deals, the 10-year T-note's decline to 4.79 percent not enough to move the mortgage market.

At the moment, this whole six-week decline in rates rests on the assumption that the housing market is in a progressive collapse that will soon take the whole economy with it. The bond-betting housing bubblers have one big risk: the only bubble may be in the froth on their own Kool-Aid. Housing is slowing, steadily and a lot (sales of existing homes down another 4.1 percent in July, unsold inventories to a 7.3-month supply, last seen in 1993), but slowing in the real economy is undetectable.

July orders for durable goods rose a modest .5 percent, but on the heels of a big upward revision to June -- so strong that second-quarter GDP growth may be revised from mid-2 percent to 3 percent. The leading indicator for employment is new claims for unemployment insurance, and there is not the slightest upward flicker.

Yes, we're 17 Fed rate hikes deep, but from an emergency low, and now at a rate level at which the economy thrived in the 1990s. The big growth engine is global trade, growing so fast and in so many new ways (electrons!) that economic models and measurement can't keep up, let alone predict.

So, all chips on a housing take-down…How's it supposed to happen?

The first scenario is the only one with good empirical support: the Fed thinks that it knows with some precision the net increase in consumer spending resulting from net extraction and spending of home equity. Absent outsized extraction spending, GDP growth in the last five years might have been suppressed by a percent or two, or perhaps enough to have kept the economy from crawling out of the 2002-2003 incipiently deflationary hole.

However, the economy is now out of that hole, growing nicely on its own momentum…maybe. Turns out that despite higher fixed mortgage rates and ARM rates, equity extraction continues, and nobody really knows why, or how stimulative the ongoing extraction is. My hunch is that extraction to date is only a small fraction of overall equity gain, 2001-2006, and may run for a long while after prices stabilize.

Credible but immeasurable theories involve the wealth effect: if my home stops rising in value, it will stop saving money for me, and then I must cut consumption in order to save. Americans have been such poor savers but superb accumulators of wealth that there may be something here, or nothing. Alternately, if I think the value of my home is going down, I may choke off spending. Maybe.

From there, housing bubble "analysis" is just a bunch of campfire horror stories, all involving abrupt and substantial declines in home prices, abetted by waves of foreclosures due to bad underwriting and aggressive lending. We will get some declines in price, no doubt; the last arrivals to a regional or local housing party always have a hard time re-selling at the prices paid in the last year of a big run. However, a big run generates so much equity for earlier buyers that a price "decline" is just a give-back of a little inauthentic appreciation.

Pain, economic and otherwise, comes when large numbers of people can't get back the money that they paid into a house; severe pain sets in when large numbers of people can't get any money out; deep trouble arrives when the mortgage balances are larger than the sales prices.

Can that last happen to large numbers of Americans? Sure -- but it has not except in times of job loss and general economic distress. Keep the cart and horse straight, here: without economic distress from some other sector, housing in the used-to-be red-hot coastal zones and Southwestern desert is likely to enter a long, long flat spot, but not a crater. A drag on the economy, but not a killer.

Lou Barnes is a mortgage broker and nationally syndicated columnist based in Boulder, Colo. He can be reached at lbarnes@boulderwest.com.

Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula

Interest rates continue to drift back down ...

Thursday, August 24, 2006

Inman News

Mortgage rates dropped for the fifth straight week to lows not seen since April on expectations that the housing market slowdown will ease inflation fears, according to surveys conducted by Freddie Mac and Bankrate.com.

In Freddie Mac's survey, the 30-year fixed-rate mortgage sank to an average 6.48 percent this week, down from last week's average of 6.52 percent, and is now at its lowest since April 6, 2006, when it averaged 6.43 percent.

The average for the 15-year fixed-rate mortgage also fell from last week, down to 6.18 percent from 6.2 percent, and is now at its lowest point since the week ending April 20, when it was 6.17 percent.

Points, which are fees charged by lenders for loan processing expressed as a percent of the loan, averaged 0.4 on the 30- and 15-year loans.

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) fell to 6.14 percent this week, with an average 0.5 point, down from last week's rate of 6.18 percent. The one-year Treasury-indexed ARM averaged 5.6 percent, with an average 0.7 point, down from last week when it averaged 5.65 percent.

"The Fed has acknowledged that it is closely monitoring the housing market as it slows down from last year's record pace," said Frank Nothaft, Freddie Mac vice president and chief economist. "Although this fuels arguments about whether we will experience a soft landing or a bursting housing bubble, market watchers also perceive that it's possible that the Fed may stop raising short-term interest rates over the near term. This perception takes upward pressure off mortgage rates.

"Meanwhile, although both existing- and new-home sales for July fell below market expectations -- confirming the slowdown in the housing market -- we still expect 2006 to be the third-highest year on record for total sales."

In Bankrate.com's survey, mortgage rates declined for the seventh time in the last eight weeks, aided by last week's better-than-expected reading on the Consumer Price Index. The average 30-year fixed-rate mortgage fell to 6.48 percent, the lowest since March 29, according to Bankrate.com's weekly national survey of large lenders, and these loans had an average of 0.32 discount and origination points.

The average 15-year fixed rate mortgage, popular for refinancing, dropped by a similar amount to 6.19 percent, Bankrate.com reported. On larger loans, the average jumbo 30-year fixed rate declined to 6.74 percent. Adjustable-rate mortgages also backtracked, with the average 5/1 ARM sliding to 6.24 percent, and the average one-year ARM retreating to 6 percent.

Slower economic growth and the Fed hitting the pause button have helped bring fixed mortgage rates to a five-month low, according to Bankrate.com's survey. Although inflation remains a threat, bond investors are confident in the Fed's forecast that inflation will recede as the economy cools. Bond yields and fixed mortgage rates both reflect some concern on the part of investors that the economy will slow too much, causing the Fed to cut rates at a later date. Fixed mortgage rates are closely related to yields on long-term government bonds.

Bankrate.com reported that fixed mortgage rates have fallen nearly one-half of a percentage point since the Fed last hiked rates at the end of June. At the time, the average 30-year fixed mortgage rate was 6.93 percent, meaning that the monthly payment on a loan of $165,000 was $1,090. With the average 30-year fixed rate now 6.48 percent, the same loan originated today would carry a monthly payment of $1,041. With the recent pullback, fixed mortgage rates remain an attractive refinancing alternative for adjustable-rate borrowers facing sharp payment adjustments, Bankrate.com said.

The following is a sampling of Bankrate.com's average 30-year-mortgage interest rates this week in some U.S. metropolitan areas:

New York - 6.42 percent with 0.26 point
Los Angeles - 6.53 percent with 0.53 point
Chicago - 6.63 percent with 0.06 point
San Francisco - 6.52 percent with 0.32 point
Philadelphia - 6.33 percent with 0.48 point
Detroit - 6.55 percent with 0.03 point
Boston - 6.51 percent with 0.18 point
Houston - 6.52 percent with 0.32 point
Dallas - 6.46 percent with 0.43 point
Washington, D.C. - 6.36 percent with 0.58 point

Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula

Here are the latest figures on California home sales ...

July closings down 29.9% from last year; prices continue rise

Thursday, August 24, 2006

Inman News

Home sales decreased 29.9 percent in July in California compared to the same period a year ago, while the median price of an existing home increased 5.1 percent, according to a report released this week.

Closed escrow sales of existing, single-family detached homes in California totaled 453,980 in July at a seasonally adjusted annualized rate, the California Association of Realtors reported. That was down from the 647,910 sales pace recorded in July 2005.

The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during July 2006 was $567,360, a 5.1 percent increase over the revised $539,840 median for July 2005, C.A.R. reported. The July 2006 median price decreased 1.5 percent compared with June's $575,800 median price.

The median number of days it took to sell a single-family home was 49 days in July 2006, compared with 29 days (revised) for the same period a year ago.

"Today's market is slowing as sellers maintain often unrealistic pricing expectations and buyers have more properties to choose from," said C.A.R. President Vince Malta. "In addition, unlike the slowdown we experienced in the 1990s, homeowners today are not under duress to sell due to job losses. The urgency that characterized the market for the last few years is now gone for all but well-priced properties."

With a 7.5-month supply of homes for sale in July, the state is "far below the peak of February 1991, when there was an 18-month supply on the market," Malta said.

Leslie Appleton-Young, C.A.R.'s chief economist, said that many California markets are mirroring other major markets across the nation with a return to more sustainable and balanced conditions.

"We've known that double-digit appreciation would eventually change when the underlying fundamentals change, which has been the case with expanded supply and rising interest rates. Affordability concerns prompted by higher prices and interest-rate increases also are constraining sales. The monthly home payment has increased by 20 percent for many households in the state compared with last year," Appleton-Young said.

Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula

Here's an interesting article about the forces behind the real estate market ...

Study: Increasing wealth, new mortgage products helped renters buy homes

Thursday, August 24, 2006

By Matt Carter
Inman News

The housing boom that followed the dot-com bust was not an artificial bubble created by low interest rates and speculation, but a product of increasing wealth, changing demographics, and new mortgage products that helped renters become homeowners.

That's the conclusion of a study by two economists at the Federal Reserve Bank of Chicago. If the study's assumptions are correct, it suggests there are solid economic fundamentals underpinning housing demand, and the current slowdown in the housing market won't amount to a bust.

The conventional wisdom is that the Federal Reserve helped fuel demand for housing by slashing interest rates to historic lows after the stock market tanked in 2001, economists Jonas D.M. Fisher and Saad Quayyum say in their study, "The great turn-of-the-century housing boom." (Study can be found at this link: http://www.chicagofed.org/economic_research_and_data/economic_perspectives.cfm.)

Those who subscribe to that theory say easy credit encouraged speculators to buy property, which artificially inflated home prices. Now that the Fed has restored interest rates closer to their traditional levels to keep inflation in check, credit is tighter and housing prices must fall in response -- or so the theory goes.

Although Fisher and Quayyum don't tackle the issue of housing prices directly, they conclude that the underlying demand for housing was, and remains, real.

"This is not to say the monetary policy has not been unusually loose, but that to the extent it has been loose, this is not what has been driving spending on housing," the economists write.

That spending has been remarkable. Investment in residential property, measured as a percentage of gross domestic product, has risen to levels not seen since the 1950s, the authors note. In 1991, residential investment spending was at a near historic low of 3.5 percent of GDP. Last year, it passed 6 percent for the first time since the post-World War II housing boom.

The increase in spending on new housing is largely explained by wealth created by technological innovations over the last decade, Quayyum and Fisher claim. Using complex algorithms, they studied how not only monetary policy, but technological advances and their resulting economic impacts, affect investment in residential property.

The results suggest "the unusually high levels of residential investment in recent years may just be the direct result of the wealth accumulation from previously high rates of technological progress." Investment in real estate, the authors conclude, appears "to have been driven mostly by fundamentals and not unusually loose monetary policy or speculative building."

Another factor behind the high levels of residential investment is the rate of home ownership, which is at an all-time high. The rate of home ownership, which actually declined in the 1980s after four decades of growth, rebounded in the mid-1990s, reaching a record 69 percent by 2005.

About half of the increase in the home-ownership rate can be explained by changes in the demographic, income, educational and regional structure of the population, the study concluded.

In a reversal of a trend seen between 1978 and 1993 -- when home-ownership rates for households headed by those under 40 declined -- a growing percentage of young people are becoming homeowners. Between 1993 and 2003, the home-ownership rate for 25- to 29-year-olds grew at a faster rate than those age 30 to 74.

Home-ownership rates are up almost across the board, regardless of race, age, gender or region. Between 1993 and 2003, home-ownership rates fell in only two types of households: those with four or more adults, or those in which the head of household has less than a high school education.

"That the increase in home ownership cuts across so many different categorizations suggests that the overall home-ownership rate is not merely reflecting changes in the distribution of the population among the categories. Something fundamental about the home-ownership process has changed," the study theorized.

What's changed, the economists say, is mortgages. In the last 10 to 15 years, a slew of new mortgage products aimed at first-time home buyers have been introduced. The secondary mortgage market has grown, allowing many different kinds of mortgages to be sold as securities. At the same time, technological advances have reduced the cost of approving mortgages and given lenders more precise measurements of a borrower's credit risk. Specialized firms have sprung up to capture different segments of the market, such as origination, servicing and securitization, the authors say.

The availability of new mortgage products like combo loans, subprime mortgages and no-money-down loans -- not low interest rates -- has driven up home-ownership rates, Fisher and Quayyum maintain.

"Historically, we have seen large swings in mortgage rates without large changes in the home-ownership rate. So we conclude that the cost reductions and increases in the supply of capital to the mortgage market are likely to have had a relatively small impact on home ownership," they say. "In contrast, the development and dissemination of many new mortgage products have made it possible for large numbers of people to acquire mortgages who would have been unable to previously."

The economists backed up their case with numbers. In 1993, 7.9 percent of first-time home buyers said they made no down payment on their mortgage. That percentage had risen to 12.1 percent by 2003.

Numbers on subprime loans are harder to come by, but the authors calculated that subprime mortgages were issued for 673,000 home purchases in 2002 -- nearly three times the 242,000 issued in 1994.

That increase dovetails nicely with a 1.5 percent increase in vacancy rates between 1994 and 2002, allowing Quayyum and Fisher to conclude that the 431,000 extra homes purchased using subprime loans in 2002 accounted for 76 percent of the 570,000 additional vacant rental units on the market that year.

"We conclude that substitution away from rental housing made possible by developments in the mortgage market, such as subprime lending, could account for a significant fraction of the increase in residential investment and home ownership," the study said. "The current spending boom thus may be a temporary transition toward an era with higher home-ownership rates and spending on housing, which will ultimately move nearer to historical norms."

Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula

Here's some helpful advice to sell your home in today's market ...

10 key questions to ask agents before putting home on market

Friday, August 18, 2006

By Robert J. Bruss
Inman News

If you plan to sell your home in 2006, now is the time to get busy.

This year is proving to be a far more difficult year than was record-setting 2005. Most communities are now in a "buyer's market," with more homes listed for sale than there are qualified buyers actively in the marketplace.

The nationwide volume of home sales is down slightly, but median prices are holding steady, according to recent reports from the National Association of Realtors.

How to Get Your Home Sold in 2006

There is still plenty of time to sell your home this year. But careful planning is required.

The first step is to be a "motivated seller" who really wants to sell. With a glut of homes now listed for sale in most price ranges, this is not a good time to "test the market." If you are not a serious home seller who will be realistic about your home's asking price, don't waste your time in today's difficult market.

The second step is to get your house or condo into near-model-home condition. Look at it critically, through a potential buyer's eyes. Most homes need interior and exterior fresh paint (the most profitable improvement you can make), repairing and cleaning. Pay special attention to sprucing up the kitchen and bathrooms.

But avoid major renovation, which usually doesn't pay off in a higher sales price. If you can't afford minor fix-up, then sell your home "as is" but with the understanding most buyers aren't interested in "fixer-uppers" except at heavily discounted prices.

The third and very crucial step is to interview at least three successful realty agents who sell homes like yours in your area. Even if you think you can sell your home alone without professional help (called a "for sale by owner" or fizz-bo), the agents you interview won't mind. They know most do-it-yourself sellers fail and within 30 to 60 days list their homes for sale with one of the agents already interviewed.

10 Key Questions to ask Three Successful Realtors

After your home is in its best near-model-home condition, it's time to interview at least three agents who successfully sell homes like yours to compare their pros and cons. Each invited agent should give you his/her 30-minute listing presentation. Here are the key questions to ask if each agent didn't already answer them:

1. How Much Can You Get For My Home? Please notice the question is not "How much do you think my home is worth?" Today's home sales market is extremely competitive so you want each agent's opinion of how much they can get for your home.

Each agent should justify his/her answer by giving you a written CMA (comparative market analysis). This CMA form (usually a booklet prepared on the agent's computer) shows (a) recent sales prices of comparable nearby homes, (b) current asking prices of neighborhood homes like yours listed for sale (your competition), and (c) asking prices of recently expired comparable listings, which didn't sell (usually because they were overpriced).

After interviewing three (or more) potential listing agents, you can then compare their CMAs to see if they used the same comparable recent home sales prices to justify their opinions of your home's market value. Watch out for agents who estimate an unjustifiably high price (called "buying the listing"), or too low (called "low balling").

2. Do You Have a List of Client References? Before selecting the best agent to obtain your listing, be sure to phone each agent's recent home sellers to ask "Were you in any way unhappy with this agent and would you list your home for sale again with the same agent?"

3. What Sales Commission Rate Do You Charge? Most agents will tell you their "standard commission" is 6 percent. But be aware sales commissions are negotiable. According to a recent nationwide survey by Real Trends, the average home sales commission is now 5.1 percent of the home's gross sales price.

However, negotiating a low sales commission can be self-defeating if no sale results. As there is a glut of homes now listed for sale in most markets, if you want your home to stand out from the others so it will be shown frequently by buyer's agents, cutting the commission usually results in fewer showings.

Paying an extra 1 percent of the sales price or offering a sales bonus vacation trip or plasma TV to the buyer's agent is often the difference between a sale and no sale.

If you decide to list with a so-called "discount broker" or flat-fee agent you will usually receive reduced services, such as having to host your own weekend open houses or not having your listing placed in the local MLS (multiple listing service).

4. What is Your Minimum Listing Period? The best answer is "90 days." However, some agents insist on 120- to 180-day listings. That's fine, but be sure to include a written provision, such as "Seller may cancel this listing after 90 days without reason or cost." That prevents the listing agent from becoming lazy.

Watch out for any agent who says something like "The average days on market for homes in this area is 131 days." Your instant reply should be "Well, I don't want just an average listing agent."

5. How Long Have You Been Selling Homes in This Neighborhood? Are You a Full-Time Agent? What Professional Courses Have You Complete? The best agents will already have answered these questions in their listing presentations or in their professional brochure.

But don't necessarily dismiss a full-time, highly motivated new agent who has adequate managerial supervision with a highly respected nearby brokerage. A new agent could be much better than an "old pro," experienced agent with too many listings to give your home sale the attention it deserves.

6. What is Your Marketing Strategy For My Home? At a minimum, each agent's written plan should include immediately putting your listing into the local MLS (the most powerful sales tool available to listing agents), showing your home's photo and information on the agent's individual and office Web sites, and on www.Realtor.com. According to recent statistics from the National Association of Realtors, more than 70 percent of today's home buyers start their search on the Internet.

Depending on the asking price of your home, each marketing plan should include a broker's tour, newspaper ads, weekend open houses, and ads in local home magazines. More expensive homes justify the listing agent using brochures and mailers to neighboring homeowners who could know of prospective buyers.

7. What Suggestions Do You Have To Make My Home More Marketable? Do You Recommend Staging It? Agents hate to answer this question before obtaining the signed listing for fear of insulting the seller. But smart home sellers want to know. Often a minor change, such as replacing the 1950s outdated shag carpet with a neutral fashionable carpet, can change a home's character.

Or maybe the agent will recommend removing your old-fashioned furniture and having a professional designer "stage" your home to make it look up to date. Staging a home for sale has become very common among the most successful agents.

8. How Many Listings Do You Currently Have? Will I Be Dealing With You Or An Assistant, And How Often Will You Contact Me about Sales Progess? What Percentage of Your Listings Doesn't Sell? Office assistants are often the sign of a highly successful realty agent. But watch out for a "numbers agent" who takes too many listings, knowing a percentage will sell, and forgetting about the rest. You want to avoid becoming just another listing to a numbers agent.

9. Should My Fixer-Upper Home Be Sold "As-Is"? Of course, only ask this question if your home needs considerable repairs that you can't afford or don't want to make before listing it for sale.

I've seen listing agents loan funds to sellers in such situations to make an otherwise desirable home more attractive to buyers. If the agent recommends marketing your home as a "handyman special," don't be offended but realize the buyer is likely to be an investor looking for a below-market purchase price.

10. Other Than Yourself, Who Is The Best Real Estate Agent In This Area? If the agent evades answering, then ask each agent what he or she thinks of the other agents you are interviewing. Respect each agent's answers. Of course, verify any negative information received about a competitor agent.

SUMMARY: Fall is the second-best home sales season. To assure your home-selling success in the current "buyer's market," be sure to ask each listing agent you interview lots of questions and then list your home for sale with the best agent for your situation.

Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula

Here's some handy info on what's happening in real estate ...

Colorado, Nevada top the list for highest foreclosure rates

Thursday, August 17, 2006

Inman News

RealtyTrac, a marketplace for foreclosure properties, reported an 18 percent increase in properties entering some stage of foreclosure in July compared to July 2005.

The company also reported a 5 percent increase in foreclosure activity from June to July.

The July 2006 U.S. Foreclosure Market Report found that 92,845 properties nationwide entered a stage of foreclosure during the month, resulting in a rate of one new foreclosure filing for every 1,245 U.S. households.

With one new foreclosure filing for every 480 households, Colorado had the nation's highest state foreclosure rate for the fifth month in a row, according to the report. The state reported 3,810 properties entering some stage of foreclosure, a 3 percent increase from the previous month and a 55 percent increase from July 2005.

Nevada had the nation's second-highest foreclosure rate for the second straight month. The state reported 1,626 properties entering some stage of foreclosure, a 31 percent increase from the previous month and a foreclosure rate of one new foreclosure filing for every 533 households.

Texas reported 13,103 properties entering some stage of foreclosure, the most of any state for the eighth month in a row, and a 15 percent increase from the previous month. The state's foreclosure rate of one new foreclosure filing for every 614 households was third highest among the states and more than two times the national average, RealtyTrac reported.

Other states reporting foreclosure rates among the nation's 10 highest were Georgia, Utah, Florida, Michigan, Indiana, Ohio and Illinois.

The six states with the most new foreclosure filings -- Texas, Florida, California, Michigan, Ohio and Illinois -- accounted for 54 percent of the nation's foreclosure activity in July, according to the RealtyTrac report.

Florida had 10,757 documented properties entering some stage of foreclosure -- one new foreclosure filing for every 679 households, and a 25 percent increase in documented foreclosures from June to July.

California reported 10,025 properties entering some stage of foreclosure, six fewer than the previous month but more than twice the number reported in July 2005. The state's foreclosure rate of one new foreclosure filing for every 1,218 households was just above the national average for the second month in a row.

"After dropping to their lowest level of the year (in June), U.S. foreclosure filings rose back above the 90,000 mark in July and the national rate of foreclosures was almost identical to the foreclosure rate reported in May," said James J. Saccacio, RealtyTrac CEO, in a statement.

"While foreclosure activity continues to remain slightly below historical averages, the number of properties in some stage of foreclosure from January to July has increased by 39 percent compared to the same period of 2005. This increase is due largely to the combination of increased interest rates on mortgages, and a slowdown in residential real estate sales. It will be very interesting to see where the market goes over the balance of the year, as billions of dollars of adjustable-rate mortgages reset at significantly higher rates," Saccacio added.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes entering some stage of foreclosure nationwide and by state over the preceding month. RealtyTrac's report includes properties in all three phases of foreclosure: Pre-foreclosures -- notice of default (NOD) and lis pendens (LIS); foreclosures -- notice of trustee sale and notice of foreclosure sale (NTS and NFS); and real estate-owned, or REO properties (that have been foreclosed on and repurchased by a bank).

RealtyTrac publishes a national database of pre-foreclosure and foreclosure properties, with about 600,000 properties from about 2,500 counties, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula