Time flies when you’re having a mortgage crisis, doesn’t it?
Can you believe that it’s been almost 9 years since the US housing market began its downward spiral? Although there were variations by market, in Sacramento County, it was just about August of 2005 when real estate prices peaked, and the party was over.
According to RealtyTrac, nearly 7 million people lost their homes to foreclosure or short-sales since 2007.
Although the days of the ‘stated income’ loans (just tell us what you make and we’ll believe you without making you prove it) are long gone, and lending guidelines are strict, approximately 1 million of those who lost their homes during the crisis are now eligible for everything from VA loans with zero down, FHA loans with 3.5% down to conventional with 10% down.
VA and FHA have only required a 2 year wait after short-sale or foreclosure, but had other income and credit requirements, while conventional loans required a 4 year wait if one could prove a financial hardship rather than mismanagement or inconvenience caused the lose of the home. Without proof of hardship, the wait on conventional lending is 7 years, and like I said, it’s been almost 9 since this whole thing started.
So, if you or someone you know lost their homes during the crisis, you might be able to come back to the market, and with home prices still about 25% below peak, could end up buying a home for considerably less than before the crash began.
Cindy Cash, the daughter of country singing legend Johnny Cash was all smiles as she and local dignitaries broke ground for the Johnny Cash Trail and Bike/Pedestrian Over Crossing last week.
The overcrossing, which will span busy Folsom Lake Crossing Road near East Natoma Street, is expected to open in the fall.
Folsom is known around the world as the site of the prison that Cash made famous with his hit song, Folsom Prison Blues.
The unique prison themed overcrossing will serve as a symbol of Folsom history and a unique gateway for pedestrians, cyclists and
“I love this project and know my dad would have been excited about it,” said Cindy. “I’m so thrilled that you asked me to be a part of this in honor of my dad. He was a great dad and a great artist.”
Cash was a passionate advocate for prisoner’s rights who gave numerous performances at prisons around the country. His two 1968 performances at
Folsom State Prison were among his most successful, forever linking the singer to Folsom. (Contrary to popular legend, Cash did not serve time in Folsom Prison.)
“It took me a long time to get here,” said Cindy, who was just about eight the first time her dad performed in Folsom. “This is the only venue my dad wouldn’t bring me to.” She said she cried that day and told him she wanted to come with him, but he said, “This was one pickin’ and grinnin’ you can’t come to.” Later she understood this was a “no girls allowed” place.
After the ceremony, Cindy sang “Daddy Sang Bass” with the Walking Phoenixes Johnny Cash tribute band, receiving enthusiastic applause from the crowd.
The $3.8 million Johnny Cash Overcrossing is designed to echo the look of Folsom State Prison’s East Gate guard towers.
When completed, the 2.5 mile Johnny Cash Trail will extend from the Historic Truss Bridge to Green Valley Road, traversing prison
property and linking El Dorado County to Folsom’s Historic District and the American River Parkway.
The trail and overcrossing project is being funded with state and federal grants provided by the Sacramento Area Council of Governments, Cal Trans and the State Resources Agency.
article courtesy of City of Folsom
What do you think? Are you a Johnny Cash fan? Will you use the trail? Discuss here: http://www.tomatopages.com/folsomforum/index.php?showtopic=40307
Ground breaking is set for this Thursday, for the Johnny Cash Trail.
The first phase is a 2.5 mile Class 1 bike trail which will run from the Folsom Civic Center, along the southern edge of the Folsom prison grounds, and connect with the American River Bike Trail and Folsom Lake Crossing.
A bridge across East Natoma will complete that segment of the trail, and will have architectural features to reflect the gates of the prison itself.
So you wanna buy a house? Guess what? Lots of other folks do, too.
The market is heating up, with pending sales rising and mortgage lenders reporting an increase in inquiries and applications.
If it’s even close to what it was like last year, competition will be strong, and only the most prepared buyers (and agents) will make winning offers.
Whether you consider yourself a home-buying expert or a novice, there are things you need to know and do before you set out on your home-buying journey.
Here are my Top Ten Tips to get you ready
1) Get a real Pre-approval – I cannot stress this enough. No matter how great you think your credit and financial situation is, unless you are paying cash, you simply must get an underwritten pre-approval from a lender. When you find the right home, you don’t want to miss out because of some error on your credit report, a processing delay, or some new restriction or regulation, and you don’t want your offer rejected because of a weak prequal letter. (more…)
This in from Folsom PD:
The Super Bowl is one of America’s most highly anticipated sports events, when friends and family gather in homes, bars and restaurants to celebrate. As game day approaches and football fans across the country prepare for the game, the National Football League (NFL) the California Office of Traffic Safety (OTS), and the National Highway Traffic Safety Administration (NHTSA) have joined forces with the Sacramento County Avoid the 17 DUI Task Force to spread the message about designating a sober driver on Super Bowl Sunday, because – Fans Don’t Let Fans Drive Drunk.
The Folsom City Council passed an amended resolution Tuesday night, establishing the hours that the Historic District bars can offer live entertainment.
Before the Council voted, several business owners, including the owners of the Folsom Hotel, Powerhouse Pub and Snooks Candies spoke, asking that the resolution be changed, allowing live entertainment to go on until midnight on Wednesdays, rather than 11pm as proposed.
One owner said they would actually voluntarily close earlier than the law allows, and even offer a shuttle to the under-used parking structure to keep people from parking in the residential areas.
Folsom Mayor Kerri Howell delivered her ‘State of the City’ report last night before a 2/3 full house at City Council Chambers. It was mostly good news. Here are some highlights:
- Folsom continues to be a jobs leader, with an unemployment rate of 3.6%, compared to 8.1% for the county and 8.5% for the State
- Safe Credit Union will consolidate administrative offices, moving 250 employees to Folsom, having purchased the former Waste Connections headquarters. Vision Service Plan will be moving approximately 380 employees into their new lens grinding facility on Blue Ravine, and hiring 200 to 250 more. Folsom Lake Volkswagen is taking up the last vacant spot at the Folsom Auto Mall
The City of Folsom has been named number 2 on the list of best places in the state for young families.
Great schools, great parks and great jobs await young families in Folsom, which is located about 20 miles east of Sacramento.
Local graduation rates here are well above the state average: in 2011-2012, Folsom High School and Vista del Lago High School had graduation rates of 98.4 and 99.1 percent respectively, according the California Department of Education Data Reporting Office.
Would you like to get more involved in your community? Or perhaps you’d just like to learn more about the wonderful community in which you live? Here is an opportunity for you to do both! The Folsom Police and Folsom Fire Departments invite you to attend the Annual City of Folsom Citizen’s Academy, which is both informative and fun.
The Citizen’s Academy is an educational program designed to create a greater understanding and trust between public safety agencies and the residents of Folsom. The Academy is also a required basic training program for the CAPS (Citizens Assisting Public Safety) Volunteer Program. Guest agencies also participate in the academy to provide information on their services.