Today we look at one family in San Diego hoping for debt forgiveness that isn't going to happen.

Today's featured property is a nice Woodbridge cottage bouncing off the illusory bottom.

Irvine Home Address … 4 SWEET RAIN Irvine, CA 92614

Resale Home Price …… $629,000

{book1}

Love is like oxygen

You get too much you get too high

Not enough and you're gonna die

Love gets you high

Time on my side

I got it all

I've heard that pride

Always comes before a fall

Sweet — Love Is Like Oxygen

Appreciation is like oxygen, you get too much prices get too high, not enough and your gonna die — or at least be forced to pay down debts — a fate antithetical to a borrowing dependant lifestyle.

Recently, I wrote about The Coming Tax Nightmare Over Forgiven Mortgage Debt in California, and recently another story was written about the Hefty tax bill may hit those who lost home.

San Diegans who have lost their homes through foreclosure or short-sales thought they had emerged from the dark times and could start rebuilding their lives.

Then the state tax man came calling.

With less than six weeks before taxes are due, an estimated 16,000 former homeowners statewide will owe $15 million in extra income taxes this year and $29 million through 2012.

Today we look at one family lamenting the $20,000 tax bill they must pay for their failed speculation.

[March 2, 2010 | Photo by Charlie Neuman. Bonnie and Clyde are facing a California tax bill of up to $20,000 because, they have found, the state treats short-sales differently than the IRS.]

Phyllis Roth, 63, a tax preparer, said she did not realize until recently that the state would treat the short-sale differently than the Internal Revenue Service would. She estimates her state taxes at $15,000 to $20,000.

“I didn’t call anybody,” she said. “I was looking online and didn’t see anything. That’s what happens when you rely on yourself.”

Brilliant marketing for her tax preparation business, "Let me help you miss a $20,000 tax obligation. I did."

For the Roths, who continue to own a previous home and have other assets, their nearly $200,000 in losses does not cancel out their other holdings. The couple said they normally operate conservatively and only bought the home, which they lived in while their son continued to live in their first house, so they could sell it at a profit and pad their retirement accounts.

“If we have to pay it, we’ll pay it,” Phyllis Roth said of the taxes. “It’s less money to retire on, but it’s not the end of the world.”

If we have to pay it? Sure, let's take our broken State budget and carve out a tax break for HELOC abusers and everyone else who lost money speculating in the housing market. That should provide a great incentive for frugality and curb speculation. Not.

Congress exempted most homeowners from the extra federal tax through 2012, and the state followed suit for 2007 and 2008 but did not extend the provision last year. The state Assembly may vote tomorrow on a bill to repeal the tax, but Gov. Arnold Schwarzenegger vetoed such a bill last year over unrelated provisions.

“The state of California is seriously upside down financially, and I think the governor will probably veto it again,” Nemeth said.

H.D. Palmer, a spokesman for the Department of Finance, said Schwarzenegger remains opposed to the bill in its present form but has not announced whether he will veto it again. Other versions of the tax repeal are in the hopper and could be passed next month, legislators’ analysts said.

Failure to halt the tax could cost Jack and Phyllis Roth of Fletcher Hills as much as $20,000 in state income taxes this year — they paid $781 last year — because of the home they sold short in Flinn Springs in November. They bought it in 2004 for $545,000, invested $50,000 in improvements, and then saw its value fall by one-third before they sold it for $410,000. The result was about $190,000 in net loss that was forgiven by the Roths’ lender.

Notice the words the reporter selected, "They bought … invested." They did neither of those things; they borrowed. These people put no money down, borrowed another $50,000, sold for a $190,000 loss, and they are complaining because they might lose $20,000 of their money in taxes. We are not saving an already injured party from further pain, we are removing the only real pain these people will feel.

[schadenfreude alert] The state Franchise Tax Board has received an increasing number of calls from former homeowners who are discovering the giant tax bills they face, said spokeswoman Denise Azimi. Azimi said the former homeowners can work out a payment schedule, though the state charges 4 percent interest on such stretched-out payments.

If the tax is repealed eventually, the taxpayers could seek a refund, but for now, they have to pay what is due by April 15 or face a penalty.

Sen. Lois Wolk, D-Davis … who chairs the Senate Revenue and Taxation Committee, said it was appropriate to group all tax conformance measures into one bill. But if her bill is vetoed again, she indicated she would act to get the cancellation of debt tax repealed.

“We’re certainly not going to allow homeowners to have to pay significantly more tax when they’ve had to relinquish their homes through short-sales (and foreclosures),” Wolk said.

Why not? People who have non-recourse purchase money mortgages are not getting a tax bill. It is only investors, speculators, multiple-property owners, HELOC abusers and others with recourse loans who are getting a break. They are not a group who needs subsidies.

Insolvency

Every borrower will try to establish insolvency as defined by the Internal Revenue Service:

Do not include a canceled debt in income to the extent that you were insolvent immediately before the cancellation. You were insolvent immediately before the cancellation to the extent that the total of all of your liabilities exceeded the FMV of all of your assets immediately before the cancellation. For purposes of determining insolvency, assets include the value of everything you own (including assets that serve as collateral for debt and exempt assets which are beyond the reach of your creditors under the law, such as your interest in a pension plan and the value of your retirement account). Liabilities include:

• The entire amount of recourse debts, and
• The amount of nonrecourse debt that is not in excess of the FMV of the property that is security for the debt.

As defined by the IRS, insolvency is a condition of negative net worth; in other words, if you have no assets for the IRS to take, they will leave you alone. True or not, the incentive to feign and declare insolvency is huge.

How many people are filling false tax returns claiming insolvency when in reality, they just don't want to pay, and they hope they can cheat and get away with it?

Irvine Home Address … 4 SWEET RAIN Irvine, CA 92614

Resale Home Price … $629,000

Home Purchase Price … $290,000

Home Purchase Date …. 7/7/1998

Net Gain (Loss) ………. $301,260

Percent Change ………. 116.9%

Annual Appreciation … 6.7%

Cost of Ownership

————————————————-

$629,000 ………. Asking Price

$125,800 ………. 20% Down Conventional

5.06% …………… Mortgage Interest Rate

$503,200 ………. 30-Year Mortgage

$131,132 ………. Income Requirement

$2,720 ………. Monthly Mortgage Payment

$545 ………. Property Tax

$0 ………. Special Taxes and Levies (Mello Roos)

$52 ………. Homeowners Insurance

$137 ………. Homeowners Association Fees

=============================================

$3,454 ………. Monthly Cash Outlays

-$467 ………. Tax Savings (% of Interest and Property Tax)

-$598 ………. Equity Hidden in Payment

$249 ………. Lost Income to Down Payment (net of taxes)

$79 ………. Maintenance and Replacement Reserves

=============================================

$2,717 ………. Monthly Cost of Ownership

Cash Acquisition Demands

——————————————————————————

$6,290 ………. Furnishing and Move In @1%

$6,290 ………. Closing Costs @1%

$5,032 ………… Interest Points

$125,800 ………. Down Payment

============================================

$143,412 ………. Total Cash Costs

$41,600 ………… Emergency Cash Reserves

============================================

$185,012 ………. Total Savings Needed

Property Details for 4 SWEET RAIN Irvine, CA 92614

—————————————————————————-

3 Beds

2 full 1 part baths Baths

1,567 sq ft Home size

($401 / sq ft)

3,024 sq ft Lot Size

Year Built 1980

5 Days on Market

MLS Number L32256

Single Family, Residential Property Type

Woodbridge Community

Tract Ch

——————————————————————————–

Detached 3 bedroom home in Woodbridge. Steps to South Lake facility. Light and airy ineterior. All white kitchen with breakfast bar for extra seating. Formal livingroom with fireplace. Extra spacious family room with built ins. French doors and window shutters throughout. Mirrored wardrobe doors in the master bedroom. HOA ammeneties include: South Lake, pool, park, tennis, club house, etc…

ineterior? ammeneties?

I like the well-kept neighborhoods with these cottages.

I hope you have enjoyed this week, and thank you for reading the Irvine Housing Blog: astutely observing the Irvine home market and combating California Kool-Aid since 2006.

Have a great weekend,

Irvine Renter

Defaulting loan owners are living rent-free in properties, and you are subsidizing this through government bailouts.

Today's featured property is a small wonder over-improved by its owners who are hoping they added hundreds of thousands in value. What will the market say?

Irvine Home Address … 5 FERN Cyn Irvine, CA 92604

Resale Home Price …… $629,000

{book1}

Living off the fat of the land

They hold their justice in the palm of their hand

Lay down your gun and surrender quiet

Or there's gonna be a Cajun riot

Pain is too good for you

Your last breath, is all you have left

Take it before you're doomed

Cajun hell

Before you're doomed

Exodus — Cajun Hell

Many people currently living off the fat of the land are doomed. Like the condemned enjoying a final peaceful meal, they wait in comfort for a disheartening drop. In the meantime, we manifest a new housing entitlement in the United States; once you sign loan documents and move in, you are entitled to live in comfort indefinitely.

In a recent post I noted the following:

The amend-pretend-extend dance will continue until lenders tire of paying the piper. Shadow Inventory contains the new entitlement class; while unemployed renters sleep in shelters, unemployed homeowners squat in luxury, sustain false lives on lender largess, and exalt their status in preparation for the unceremonious fall from entitlement.

Today I want to introduce you to the one couple living off lender largess — and indirectly they're living off you and I as taxpayers subsidizing lenders — from the LA Times article Many borrowers in default live for free as lenders delay evictions:

Despite being months behind, many strapped residents are hanging on to their homes, essentially living rent-free. Pressure on banks to modify loans and a glut of inventory are driving the trend.

[Patricia and Eugene Harrison, who bought their Perris home seven years ago, have lived there since October 2008 without making any payments on their mortgage. (Irfan Khan / Los Angeles Times / February 19, 2010)]

Do you think any unemployed renters who are failing to pay rent are living that well? Full dinner plates, a solid roof, mementos and permanent storage, comfortable surroundings; we endow these entitlements on those who own.

Often these owners foolishly over borrowed — by the way, how did the couple in the picture get that far behind on a 2002 or 2003 mortgage? These people should be renting or residing in a homeless shelter. Others use their car.

If you can sign your name to a mortgage, you no longer have to fear homelessness, and your level of entitlement increases significantly. Are you comfortable with this entitlement you as taxpayer provide? Is home ownership and loan ownership the new foundation of the American entitlement system? Does this feel just to you?

[Pictured above: Unemployed renter and family who failed to sign loan documents and squat in a house]

When you reflect on it, the threat of homelessness is the pillar of our economic system. If you don't want to work and produce something of value to society, you endure society's minimum standard-of-living entitlement, which isn't a high quality of life (just ask the homeless). In the United States, we use the threat of homelessness to combat sloth; however, now that we have created a new entitled class of loan owners, we threaten the whole system. What is the incentive for couple in Perris to solve their problems and get current on their payments? That costs money. They don't want to repay money, they only want to spend money. Isn't their real incentive to ride out their entitled condition as long as possible?

Back to the article:

It's been 16 months since Eugene and Patricia Harrison last paid the mortgage on their Perris home. Eleven months since the notice got slapped on their front door, warning that it would be sold at auction.

A terse letter from a lawyer came eight months ago, telling them that their lender now owned the house. Three months later, the bank told them to pay up or get out by the end of the week.

Still, they remain in the yellow ranch-style home they bought seven years ago for $128,000, with its views of the San Jacinto Mountains. They're not planning on going anywhere.

Are these owners unemployed? Did they put 20% down and now they are in default on a $102,400 mortgage? Or did they HELOC themselves to oblivion and leave the bills? If they did not spend their house, why don't they sell it and get their equity? Surely, their house is worth more than a conservative mortgage of $100K? How are they different from Bonnie and Clyde?

"We're kind of on pins and needles, but who'd want to leave when you put this kind of energy into a house?" said Eugene Harrison, 70, gesturing toward a bucolic mural of mountains, stream and flowers the couple painted on the living room wall.

Throughout the country, people continue to default on their home loans — but lenders have backed off on forced evictions, allowing many to remain in their homes, essentially rent-free.

Several factors are driving the trend, industry experts say, including government pressure on banks to modify loans and keep people in their homes.

And with a glut of inventory in places like Southern California's Inland Empire, Nevada and Arizona, lenders are loath to depress housing prices further by dumping more properties into a weak market.

Yes, housing blogs have been describing the catastrophic effects of inventory dumping for years, and we witness the carnage in markets like Las Vegas, Phoenix, and Riverside County.

Economists say the situation won't last forever, but in the meantime the "amnesty" may allow at least some homeowners to regain their financial footing and avoid eviction.

So while renters get evicted with nothing, squatting loan owners get to luxuriate to regain their footing.

In the Inland Empire, an estimated 100,000 homeowners are living rent-free, according to economist John Husing, who based that number on the difference between loan delinquencies and foreclosures. Industry experts say it's difficult to say how many families are in that situation nationally because only banks know for sure how many customers have stopped paying entirely.

Did you catch that number? John Husing is describing shadow inventory, and Riverside County has a serious supply overhang. What are we going to do with 100,000 delinquent borrowers there?

"For some reason, banks are being more lenient with homeowners who are behind on their loans," Sharga said. "Whether it's a strategy to try and slow down the volume of foreclosures or simply a matter of the banks being able to keep up with volume is something that banks only know for sure."

For some reason? LOL! Shadow inventory is a much larger problem than bulls are willing to face. Banks are slow to foreclose for both reasons given. While the banks prepare to blast freeloading homeowners out of their bunkers of entitlement, they must figure out what they are going to do with all those properties. Not to worry, they will come up with some solution that continues to funnel your hard-earned money to their pockets.

Irvine Home Address … 5 FERN Cyn Irvine, CA 92604

Resale Home Price … $629,000

Home Purchase Price … $276,000

Home Purchase Date …. 10/1/1999

Net Gain (Loss) ………. $315,260

Percent Change ………. 127.9%

Annual Appreciation … 7.8%

Cost of Ownership

————————————————-

$629,000 ………. Asking Price

$125,800 ………. 20% Down Conventional

5.06% …………… Mortgage Interest Rate

$503,200 ………. 30-Year Mortgage

$131,132 ………. Income Requirement

$2,720 ………. Monthly Mortgage Payment

$545 ………. Property Tax

$0 ………. Special Taxes and Levies (Mello Roos)

$52 ………. Homeowners Insurance

$50 ………. Homeowners Association Fees

=============================================

$3,367 ………. Monthly Cash Outlays

-$467 ………. Tax Savings (% of Interest and Property Tax)

-$598 ………. Equity Hidden in Payment

$249 ………. Lost Income to Down Payment (net of taxes)

$79 ………. Maintenance and Replacement Reserves

=============================================

$2,630 ………. Monthly Cost of Ownership

Cash Acquisition Demands

——————————————————————————–

$6,290 ………. Furnishing and Move In @1%

$6,290 ………. Closing Costs @1%

$5,032 ………… Interest Points

$125,800 ………. Down Payment

=============================================

$143,412 ………. Total Cash Costs

$40,300 ………… Emergency Cash Reserves

=============================================

$183,712 ………. Total Savings Needed

Property Details for 5 FERN Cyn Irvine, CA 92604

——————————————————————————–

3 Beds

2 baths Baths

1,350 sq ft Home Size

($466 / sq ft)

4,500 sq ft Lot Size

Year Built 1974

1 Days on Market

MLS Number S607254

Single Family, Residential Property Type

El Camino Real Community

Tract Di

——————————————————————————–

MUST SEE THIS…GREAT CURB APPEAL-Beveled Glass bay window – NEW THOMASVILLE CUSTOM KITCHEN! Cherry wood cabinets, Granite Counters,Frigidare Professional Series Stainless appliances-Vaulted Ceilings-New windows and Doors-Ceramic tile floors-Custom Lighting–Cul de sac–Private side enterance – Concrete tile roof – New roll-up Garage Door – Lush mature landscaping – Tile hardscaping – Large back yard, great for children – Best Schools…5 Deerfield pools..Tennis in the park…Standard sale –

Creative writing: dashes, commas and ellipses with no periods.

HELOC dependency

Day after day, I see sellers who have spent their home price appreciation as it came in as if it were a source of managed income. I believe this practice is so widespread that many who live in California consider it an entitlement; buy a house and you automatically get to double your spending power. With entitlement comes a social acceptance of the means to obtaining that entitlement — taking on excessive debt. To the chagrin of lenders, borrowers have also figured out that if things don't work out it is easy to walk away from debt and start over, and any social stigma associated with foreclosure and bankruptcy has vanished.

• Today's featured property was purchased on 10/1/1999 for $276,000. The owners used a first mortgage and a $50,000 down payment — well, kind of…
• On 10/13/1999 a stand-alone second for $50,000 was recorded on the property. The real down payment was $0.
• On 5/9/2001 they refinanced with a $273,000 first mortgage reflecting a $3,000 decline in their mortgage balance.
• On 2/13/2004 they went over to the dark side and refinanced for $313,000.
• On 1/3/2005 they opened a stand-alone second for $90,000.
• Total mortgage debt is $403,000.
• Total mortgage equity withdrawal is $127,000.

I gave these owners a "D" because the $90,000 stand-alone second is more than just paying off a few credit cards; that is simply adding to a mortgage to get the money to spend which crosses the threshold of knowingly spending anticipated appreciation which is a "D" by definition. Since their withdrawal was relatively small by Irvine standards — $127,000 — and since they paid down the mortgage at times, one could argue for a "C."

Not a bad take for a $0 investment — plus, if they get their asking price, they stand to make another $200,000. They won't get it.

I have been inside both neighboring properties 1 Fern Canyon and 3 Fern Canyon, the latter in particular was much larger and very nice inside. It appears that the original listing was for $529,000 — a more realistic although still inflated asking price. Perhaps the owners feel they added $100,000 in value by installing an over-the-top Thomasville kitchen. ~giggles~

The GSEs no longer buy or insure interest-only loans; the last vestige of Ponzi financing washes away.

Today's property features excellent photography, and of course, too high a price.

Irvine Home Address … 4 LOCUST Irvine, CA 92604

Resale Home Price …… $499,900

{book1}

Hooked into this deceiver

Need more and more

Into the endless fever

Need more and more

New consequence machine

Burn through all your gasoline

Asylum overtime

Never mind

You reach the end of the line

Metallica — The End Of The Line

Interest-only loans have reached the end of the line. I discussed interest-only adjustable rate mortgages in Conservative House Financing – Part 1:

The advantage of IO ARMs is their lower payments. Or put another way, the same payment can finance a larger loan. This is how IO ARMs were used to drive up prices once the limit of conventional loans was reached (somewhere in 2003 in California). A bubble similar to the last bubble would have reached its zenith in 2003/2004 if IO ARMs had not entered the market and inflated prices further. In any bubble, the system is pushed to its breaking point, and it either implodes, or some new stimulus pushes it higher: the negative amortization mortgage (Option ARM).

Besides the low interest rates, the continued use of these products has helped support our market at 2003/2004 prices despite the still inflated price levels. Will removing this form of financing cause prices to fall?

(Federal Citizen Information Publication link)

Freddie Mac Will Cease Purchases of Interest Only Mortgages

For Immediate Release

February 25, 2010

Contact: corprel@freddiemac.com

or (703) 903-3933

McLean, VA – Freddie Mac (NYSE: FRE) announced today that on or about September 1, 2010, the company will cease purchasing and securitizing interest only mortgages, including Freddie Mac Initial Interest^SM fixed-rate and adjustable-rate mortgages.

Freddie ends buying of all interest-only mortgages

By Lynn Adler

NEW YORK, Feb 26 (Reuters) – Freddie Mac (FRE.N), the second largest purchaser of U.S. residential mortgages, said on Friday that it would stop buying and securitizing all interest-only mortgages because of the poor performance of those loans.

Interest-only mortgages, or IOs, including Freddie Mac's Initial Interest mortgages, provide only interest payments for a specified period starting with the first monthly payment, and then principal and interest for the rest of the loan term.

In its fourth quarter results this week, Freddie Mac said the unpaid principal balance of IO loans was almost $130 billion at the end of December, or 7 percent of its total portfolio.

Nearly 18 percent of those loans were seriously delinquent, meaning at least 90 days late.

"This change is another step in our efforts to refine our mortgage credit and purchase requirements to promote responsible lending and sustainable homeownership," Freddie Mac spokesman Michael Cosgrove said.

About 14 percent of the loans had credit enhancements, according to the company. The average unpaid principal balance per loan was $254,601, Freddie Mac said.

"Our decision to stop purchasing all interest-only type mortgages — through all flow and bulk purchase paths — and to retire our Initial Interest fixed-rate and adjustable-rate mortgage products in the coming months is a result of continuing poor performance of these products in aggregate," Cosgrove said.

Freddie Mac said it would end its IO purchase and securitization activity on or about Sept. 1.

When you cut through the BS, Freddie Mac bailed on interest-only mortgages because they are losing too much money — we were losing too much money. As the guarantor, taxpayers should be happy this program is being eliminated.

The impact this will have on the housing market is yet to be seen, but eliminating affordability products, by definition, harms affordability. In a rising market, this is a speedbump, but in a weak market, it is another reason for continued price weakness. Many marginal buyers who would have used this unstable financing option must now reduce their bids.

Freddie Mac: Final Nail in the Coffin of Interest Only Mortgages?

For those unfamiliar with interest only loans, in general it is a mortgage that the borrower agrees to only pay the interest on the debt for a set period of normally five or ten years. At the end of the interest-only period, the mortgage payment “balloons” because the borrower must begin paying off the principal as well as interest. Many times, the purpose for such a loan is for a person who wants to buy a house and believes their future income will increase to cover the payments that otherwise they would not be able to afford. It is easy to understand why these loans get a lot of the blame for inflating the housing bubble. Obviously, the problem arises when the borrower’s income does not meet their expectations, or as is all too common these days it disappears entirely. Furthermore, this type of loan can be particularly destructive when the housing market falls because there has been no dent made in the principal amount, so a home owner can be “underwater” more quickly.

…. Underwriting standards have necessarily become stricter since the housing bubble burst, and borrowers are often required to have substantial down payments. However, if the GSE’s are no longer willing to buy up these IO mortgages on the secondary market, there are certainly few banks willing to take the risk on getting stuck with more non-performing loans. This is not to say that the IO loan is dead and gone forever, but at least for now Freddie Mac is doing its part in killing this relic of a bygone era.

Good riddance. Interest-only financing is the Ponzi limit. Once this threshold is reached, there is no turning back. Option ARMs crossed this limit, and they disappeared about 2 years ago,and now financing at the Ponzi limit is dead as well. If you want a sign we are ready to inflate the next housing bubble, wait for this form of financing to reappear. Perching on the cliff is the last stop before the abyss.

Irvine Home Address … 4 LOCUST Irvine, CA 92604

Resale Home Price … $499,900

Income Requirement ……. $104,928

Down Payment Needed … $17,497

3.5% Down FHA Financing

Home Purchase Price … $200,000

Home Purchase Date …. 4/2/1991

Net Gain (Loss) ………. $269,906

Percent Change ………. 150.0%

Annual Appreciation … 4.9%

Mortgage Interest Rate ………. 5.12%

Monthly Mortgage Payment … $2,625

Cost of Ownership

———————————————————

$499,900 ………. Asking Price

$17,497 ………. 3.5% Down FHA Financing

5.12% …………… Mortgage Interest Rate

$482,404 ………. 30-Year Mortgage

$104,928 ………. Income Requirement

$2,625 ………. Monthly Mortgage Payment

$433 ………. Property Tax

$0 ………. Special Taxes and Levies (Mello Roos)

$42 ………. Homeowners Insurance

$320 ………. Homeowners Association Fees

=============================================

$3,420 ………. Monthly Cash Outlays

-$436 ………. Tax Savings (% of Interest and Property Tax)

-$567 ………. Equity Hidden in Payment

$35 ………. Lost Income to Down Payment (net of taxes)

$62 ………. Maintenance and Replacement Reserves

=============================================

$2,515 ………. Monthly Cost of Ownership

Cash Acquisition Demands

——————————————————————————

$4,999 ………. Furnishing and Move In @1%

$4,999 ………. Closing Costs @1%

$4,824 ………… Interest Points

$17,497 ………. Down Payment

=============================================

$32,319 ………. Total Cash Costs

$38,500 ………… Emergency Cash Reserves (6 Months Net Salary)

=============================================

$70,819 ………. Total Savings Needed

Property Details for 4 LOCUST Irvine, CA 92604

——————————————————————————-

3 Beds

2 full 1 part baths Baths

1,517 sq ft Home Size

($330 / sq ft)

2,107 sq ft Lot Size

Year Built 1975

10 Days on Market

MLS Number S606348

Condominium, Residential Property Type

El Camino Real Community

Tract St

——————————————————————————-

Lovely two story condo in desirable area of Irvine close to 5 frwy. Some of the upgrades include granite counters, bamboo floors, new carpet & paint. New furnace, air conditioner,hot water heater,low e windows, new interior doors. This home has been well cared for by owner. You will enjoy the lovely quiet patio as well as pool, spa,clubhouse and tennis courts near by. Award winning and California Distinguished schools.

I need a graphic for "lovely"

Another well composed photo above. The kitchen photo was particularly good:

Notice how squares and rectangles dominate the picture, and the vanishing point perspective draws your eye into the kitchen. This photo is so good you forget you are viewing a tiny galley kitchen.