Covina Escrow Company

New Franchise Tax Board Real Estate Withholding Statement They call Escrow REEP Real estate escrow personNew Franchise Tax Board Real Estate Withholding Statement They call Escrow REEP Real estate escrow person

CEA Nor Cal conference

Attending PRIA local in IrvineAttending PRIA local in Irvine

Covina Escrow is closed today in honor of Memorial Day

Report: Do Homeowners Fare Better Than Renters? Affordability is a much more pertinent issue for renters than homeowners, according to new research from CoreLogic, a real estate data firm. Since 2005, the monthly cost to rent a single-family home has risen significantly, while the monthly principal-and-interest mortgage payments of homeowners dropped slightly. CoreLogic’s national rent index jumped 36 percent in December 2018 compared to December 2005. On the other hand, the ...typical mortgage payment fell 4 percent over that same period. Researchers say mortgage rates have made a big difference in the change. In December 2005, the 30-year fixed-rate mortgage averaged 6.3 percent. In December 2018, 30-year rates were at a considerably lower average of 4.6 percent. Even though the median sales price in 2005 was only $190,000, compared to $220,305 in 2018, the typical monthly mortgage payment was still lower because of the lower mortgage rates ($941 in 2005 versus $904 in December 2018), researchers note. CoreLogic factored in about a dozen of the largest metro areas and found seven posted rent increases of 27 to 61 percent between December 2005 and December 2018. That coincided with declines in the typical mortgage payment that ranged from 3 to 24 percent. Homeowners are less cost burdened than renters. In 2017, about 27 percent of homeowners with a mortgage were considered cost burdened, which means 30 percent or more of their income was devoted toward the monthly mortgage payment and owner expenses. That has dropped 10 percentage points since 2007, according to U.S. Census Bureau data. On the flip side, 46 percent of renters were considered cost-burdened in 2017, up slightly from 45.6 percent in 2007. The share of cost-burdened renters remained fairly steady over that decade while the share of cost-burdened owners dropped significantly, researchers noted. Homeowners may have been able to lessen their costs by refinancingsometimes repeatedlyas mortgage rates dropped during that period, researchers say. Also, during the foreclosure crisis in 2007 and 2008, some homeowners may have lost their home due to higher costs. They wouldn’t have been represented in the 2017 data since they are no longer homeowners, researchers add. In recent months, rental prices have shown signs of cooling, and mortgage payments are starting to inch up due to higher home prices, CoreLogic researchers added. Reposted from Realtor Magazine April 2019

Elliot's Brief for Monday April 8th 2019 March's job report was virtually perfect. 196,000 new jobs, upward revisions of 14,000 for January and February, wage growth that is steady at 3.2% Y-o-Y, the broadest measure of unemployment at 7.3%, its best showing since 3/01, and hours worked up from 34.4/week to 34.5/week. This report suggests the economy is not slipping into recession but also isn't running hot enough for the Fed to raise rates soon. Nice spot!

FYI FOR IMMEDIATE RELEASE: March 20, 2019 NEWS MEDIA CONTACT: Lisa Derderian, Pasadena Public Information Officer, City Manager’s Office, (626) 744-4755, [email protected]... New Presale Self-Certification Program The City of Pasadena Planning & Community Development Department is excited to announce the launch its new Presale Self-Certification Program! The Presale Self-Certification Program will go live on April 1, 2019. BACKGROUND: On January 28, 2019, the City Council approved an ordinance that would replace the current Occupancy Inspection Program with the Presale Self-Certification Program. The Occupancy Inspection Program was adopted in the early 1970’s in an effort to improve the City’s housing stock, requiring a City inspection and approval prior to the sale of any single family residential home or duplex. In response to a significant improvement in the City’s housing stock and changes in the real estate environment, it was necessary to revamp the program to meet today’s needs. The new Presale Self-Certification Program allows for a self-certification option on eligible properties but will continue to address the most critical life and safety violations while minimizing delays to the real estate transaction. WHAT IS THE PRESALE SELF-CERTIFICATION PROGRAM? Prior to the close of escrow for the sale of a single family residential home or duplex, the owner is responsible for obtaining a Presale Certificate of Completion or a Presale Certificate of Inspection. Properties meeting eligibility requirements for a Presale Certificate of Completion (City inspection not required) are eligible for self-certification. Properties not eligible for a Presale Certificate of Completion require a Presale Certificate of Inspection (City inspection required). WHAT PROPERTIES ARE ELIGIBLE FOR A PRESALE CERTIFICATE OF COMPLETION? The property must not have any open code compliance cases, also, the application for a Presale Certificate of Completion requires the owner to self-certify the following: Property’s actual square footage of living space does not exceed LA County Assessor’s record by 10% or greater; Property meets fire prevention, detection and exiting requirements; and Property does not have any unpermitted new construction, additions, conversions or accessory structures greater than 120 square feet. ONE STOP VIRTUAL SHOP! Visit www.cityofpasadena.net/presaleprogram to get everything you need to complete your presale application! The new user friendly web portal will navigate you through the application process allowing you to obtain the required Presale Certificate of Completion or schedule a City inspection (if required). If you have any questions about the Presale Self-Certification Program, please contact Israel Del Toro at (626) 744-7138 or via email at [email protected]. See more

Covina Escrow Has moved back to where it all began 167 East College Street Covina

Rate Reverse Yesterday, in a surprise, the Fed strongly suggested it won't raise rates for a while and that more hikes might be history. Autos and especially housing will be large beneficiaries. What's troubling is that the Fed is calling timeout with Fed funds a half-point above the rate of inflation, compared to two points historically. This suggests a profoundly weak, but growing, global economy. Thus, no new monetary stimulus is planned. This is from Elliot Eisenberg the Bowtie Exconimist blog today.

Looking ahead to a brand new year. We start the New Year with a dream for Everyone to be successful in this new year. Please let us know if can be of assistance. All of us at Covina Escrow Company want to thank you for your business, loyalty, and support this past year.

Wishing Everyone a Wonderful Christmas