first_imgReal Estate Corner Sales of Bank-Owned Homes Decline as Market Begins to Stabilize By CYNTHIA TILLEMAN Published on Friday, October 25, 2013 | 2:13 pm Business News Your email address will not be published. Required fields are marked * Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Top of the News Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday At the beginning of 2009 roughly 60 percent of closings in California were repossessed homes. Now repossessions represent only about five percent of total sales. Sales of bank-owned homes made up a majority of California home sales during the last four years, but now represent only a small percentage of sales in the state.In 2013 the median price of a single-family home averages $408,600 in California. If the trend continues the projected price is expected to rise six percent bringing the new median to $432,800 in 2014. A modest rate of appreciation can be interpreted as one sign that the state’s housing market is beginning to rebalance itself.This trend can be attributed to numerous factors in the market place. The most obvious reasons are owners and banks finding alternatives to foreclosure and the impact of the state’s new Homeowners Bill of Rights. The trend includes the Los Angeles and Southern California markets.The Homeowners Bill of Rights is a package of laws including several provisions to prevent or delay foreclosures, including a ban on dual tracking activities. Dual tracking activities occur when banks work on a homeowner’s loan modification request while simultaneously processing a foreclosure.These laws resulted in a sharp decrease in foreclosure activity. This year home prices have appreciated rapidly and in August, the California median home price was $441,330. This is 28 percent higher than prices from 2012. This figure also signified the highest price recorded since December 2007.So, what do you think? Are we heading into a stabilized market?You can contact Cynthia Tilleman for more information via email at [email protected] Tilleman, Realtor897 Granite Drive, Pasadena CA 91001(626) 825-0161 / (626) 639-1676Follow us on Twitter.com/cynthiaskornerwww.pasadenahomesbycynthia.com 2 recommended0 commentsShareShareTweetSharePin it Subscribe Name (required)  Mail (required) (not be published)  Website  faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimescenter_img Make a comment Herbeauty9 Of The Best Metabolism-Boosting Foods For Weight LossHerbeautyHerbeautyHerbeauty9 Hollywood Divas Who Fell In Love With WomenHerbeautyHerbeautyHerbeauty7 Most Startling Movie Moments We Didn’t Realize Were InsensitiveHerbeautyHerbeautyHerbeautyIs It Bad To Give Your Boyfriend An Ultimatum?HerbeautyHerbeautyHerbeauty5 Things To Avoid If You Want To Have Whiter TeethHerbeautyHerbeautyHerbeauty6 Lies You Should Stop Telling Yourself Right NowHerbeautyHerbeauty More Cool Stuff Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Community News Community News First Heatwave Expected Next Week last_img read more

first_imgBy Dialogo April 27, 2012 A Colombian drug lord extradited to the United States for trial was sentenced on April 25 to 40 years in prison, prosecutors said. A federal jury in New York state found Carlos Patiño Restrepo, alias Patemuro, guilty of three U.S. drug charges on April 5. Judge Leonard Wexler also fined Patiño Restrepo $5 million. Prosecutors said Patiño, 48, worked with the Norte del Valle cartel and sent dozens of tons of cocaine to the lucrative U.S. market in the 1990s until shortly before his arrest in Colombia in 2007. “Patiño controlled the area near Viterbo, Colombia, through bribes to Colombian police and ties to paramilitary groups, such as the Auto Defensas Unidas de Colombia (AUC) and the Revolutionary Armed Forces of Colombia,” prosecutors said in a statement. “In particular, Patiño financed entire regiments, or ‘blocks,’ of the AUC to guard the jungle processing labs where the cocaine was manufactured and safeguard the routes used to transport the narcotics out of the country.” He “ran his cocaine empire with an iron fist, using a terrorist organization for protection and killing of those who stood in his way,” the statement added.last_img read more