Countrywide Saved by The BofA

It's been in the news quite a bit, the purchase of Countrywide by Bank of America, which should be finalized by the start of July. Even though it has been hard to see in Pasadena and the San Gabriel Valley, Countrywide is credited for helping spur the housing downturn, with shaky loans to risky borrowers (BofA to complete Countrywide buy by July, Reuters). Bank of America is doing exactly what many buyers should be doing right now. Taking advantage of an opportunity. During economic downturns you see mergers and acquisitions climb, because the strong companies with the assets to purchase, begin making their moves. Just like someone purchasing a home in Pasadena at a lower price point, investing in a commodity that will appreciate in the long run.

So with the beautiful warm weather, blue skies, and a little aggressive motivation, if you can purchase a home, get out there and look for your opportunity. A good start for you might be searching this weeks Open House listings, or beginning by Searching the MLS (all for free of course).

etcList
Housing market weakness long-term (Reuters)
States take a whack at foreclosures (CNNmoney.com)

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Stocks drop as credit woes continue, oil rises (AP)
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35 Years of Pepperoni and Cheese in San Marino

Now this story hits close to home. Having grown up in the beautiful city of San Marino, I know one thing: when you want pizza, you get Tony's. This quaint little pizza shop has been kicking for a strong 35 years nestled amidst the lovely homes and right near San Marino High School, with all those hungry teenagers keeping it going strong. It's a staple of the community, and one I will personally continue to enjoy for years to come. So if you haven't been by there yet, I recommend you take a break and have yourself a piece-of-pie (Tony’s Pizza – Serving San Marino for Over 35 Years, San Marino Tribune).

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Walk the Rose Bowl Pasadena Brochure
Rates on 30-year mortgages jump to 6.42 percent (AP)
BofA to complete Countrywide buy by July: source (Reuters)
Top 10 Worst Foreclosure States For May, 2008 (Real Estate Bloggers)

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Stocks end higher as oil falls sharply (AP)
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Gas Prices Moving, Keeping Everyone Still, Just Long Enough to Hear Some Music

Just like the rising temperatures, gas prices are slowing us down (Temperatures heating up, Pasadena Star News). Preventing people who work in Los Angeles, and that live quite far away, from being able to afford their commute. It's an unfortunate reality, but one that raises an interesting thought. The argument for living further away was affordability, home prices are lower (per sqft.) in places that are (for example) further east of Pasadena. Now that oil prices may be offsetting the affordability of living further distances away from work, which may have an impact on home sales in places like Pasadena. Closer to work and with higher valued homes, it may effectively be just as affordable as living further and further away. Just another factor that may be helping Pasadena sustain itself in this shifting market (Gas prices latest worry for real estate market, Los Angeles Times).

On June 21, between the hours of 10am and 10pm, Pasadena will be one big Music Festival. Celebrating the beginning of summer, with music blanketing the streets in places such as the City Hall and Gamble House. Keep an ear out, and sing along (City celebrates "Make Music Pasadena" Saturday, Pasadena Star News)

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Mortgage industry blasts Senate bill (AP)
Senate presses ahead on housing (Reuters)
Housing rescue group steps up efforts (CNNmoney.com)
New Effort to Modify at-Risk Home Loans (CSMonitor.com)

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Official: Charges loom for 2 Bear Stearns execs (AP)
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Smoking Regulations & Automotive Activity in Pasadena

After quite a thorough study of the affect of smoking outdoors on the public health, the City of Pasadena plans to enforce the following new regulations (PROPOSED NO-SMOKING POLICIESIN CERTAIN OUTDOOR PLACES).

1. Prohibit smoking in outdoor malls, shopping areas/centers.
2. Prohibit smoking in outdoor dining areas.
3. Prohibit smoking within 20-feet of main business entrances.
4. Prohibit smoking in public service waiting lines (e.g. movie theatre lines, ATM lines, bus stops).
5. Prohibit smoking in public outdoor gathering events/special events/parades/fairs (not on parkland).

If you want to get your opinion heard, give them a little shout at the Pasadena Public Health Comment Form.

In somewhat related news, Pasadena is a bike friendly city, and more and more people are beginning to take advantage of that coupled with the beautiful year round weather. The city is also planning on making some improvements to these infrastuctures further promoting healthy and environmentally friendly living (Getting Around Without a Car)(Pain at the pump, PasadenaStarNews). Here's a brochure on Pasadena and it's committment to being a green community Pasadena Green City Report 2007).

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Lenders to vow quick mortgage aid response (AP)
AIG replaces CEO Sullivan amid subprime woes (Reuters)

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Oil hits new record, then reverses on worries (AP)
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