Real Estate

The Obama administration's new plan to stimulate refinancings of FHA mortgages is likely to help large numbers of homeowners — even those who are deeply underwater — cut their monthly costs by switching to a loan with a rate below 4%. Here's a quick overview of the "streamline refi" program and what it will take for you to qualify. First, the baseline criteria: Your current home loan must be FHA-insured and must have been put on the Federal Housing Administration's books no later than May 31, 2009.

$138.9 billion: Total negative equity in Southern California 78.5%: Homeowners with negative equity in the 90014 ZIP Code, the worst rate in Southern California 0%: Homeowners with negative equity in the 93040, 91963, 92066 and 91210 ZIP Codes 10%: Percentage of Southern California cities in which one-fifth of homeowners owe double the value of their homes

The biggest home in Los Angeles County is ready for a new nickname: The 56,500-square-foot Manor, dubbed Candyland after owner Candy Spelling, has been sold to another wealthy socialite, British heiress Petra Ecclestone, in an all-cash deal for $85 million. As steep as that price is, it's not a record or even close to what Spelling was asking. The priciest Southland home transaction was the 2000 sale of an 8-acre estate in Bel-Air to financial executive Gary Winnick in a deal that included the trade of other land, for a total value of about $94 million.

Even as a tentative housing recovery in the Southland appears underway, a big stumbling block remains: the vast number of underwater homeowners. Nearly 1 in 3 homeowners with a mortgage in Los Angeles County owes more on the loan than the property is worth, according to fresh data from real estate website Zillow. In the hard-hit Inland Empire, that climbs to more than half of borrowers. In roughly 10% of Southern California cities, 1 of every 5 homeowners with a mortgage owes double the value of the house, according to the data, released Wednesday.

The wait for tables is getting longer at Buck's, a popular breakfast spot for the tech elite and a weather vane for the Silicon Valley economy. Here, like everywhere else, Facebook is the talk of the town. "Charles Schwab was in the restaurant the other day, and I asked him to hook me up with some Facebook shares," said Jamis MacNiven, owner of Buck's, in the wealthy suburban enclave of Woodside. "He told me even he can't get Facebook shares. " The new tech boom officially gets underway Friday when Facebook Chief Executive Mark Zuckerberg rings Nasdaq's opening bell remotely from the company's Menlo Park, Calif., headquarters, launching the largest initial public offering of stock in Silicon Valley history.

The most ambitious federal mortgage program to date aimed at millions of underwater homeowners is poised to take off in the coming two weeks, yet some key issues could hinder borrower participation. One of them involves something most owners know nothing about: Who was your mortgage insurer on your underwater loan? Though it was announced by the Obama administration late last year, "HARP 2.0" — the second version of the Home Affordable Refinance Program — will finally hit full stride around the middle of this month, when Fannie Mae and Freddie Mac finish tweaking their automated underwriting systems to accept applications, and lenders and mortgage insurance companies start handling large volumes of requests.

When Pink Floyd first took its concept album "The Wall" to the concert stage more than three decades ago, even lead singer and chief songwriter Roger Waters couldn't imagine a day when rock music might get any bigger. But 32 years later, his magnum opus about the battle between individual freedoms and authoritarian oppression has magnified beyond Waters' own expectations of yore. Now the man who once excoriated the voluminous expansion of the rock concert experience has helped institutionalize it. "I famously hated playing to large numbers of people and playing in stadiums," Waters, 68, said from a tour stop in Austin, Texas, earlier this month.

"Selling L.A. " reality show viewers may wonder if any of the featured homes actually sell. Although perhaps not in time for the closing credits, some houses under consideration for the show do find a buyer outside the roving eye of the camera. One home that agent Rebekah Schwartz was promoting to HGTV for its 15 minutes of fame was the Marina del Rey pad that former Laker Lamar Odom rented a few years back. Listed at $1.995 million in January, it closed early this month at $1.825 million.

The alarm over potential bank runs in Greece and Spain this week has highlighted an often-overlooked fact: Europe's debt crisis is also, in many ways, a major banking crisis. In capitals such as Athens, Madrid and Rome, large portions of the sovereign debt racked up by spendthrift governments are owed to the countries' own banks, locking governments and the banks in an embrace so tight that disaster for one would almost certainly spell doom for the other. International bailouts for Greece, Ireland and Portugal have helped to keep not just their governments but also their banks afloat, as well as financial institutions in other parts of Europe with large exposure to those nations' debts.

If you give millions of seriously underwater homeowners a new equity position in their properties by reducing their principal mortgage debt, will they keep paying on their loans and avoid foreclosure? Call it a pipe dream or a significant model for other lenders and investors, but one company says it has found an important combination: Modify underwater borrowers' loans so that their payments are reduced to a manageable amount and cut their principal debt over time, but make the deal dependent on their scrupulous on-time monthly payments of the new amount plus sharing of a portion of any future profit they make on the house sale.

SACRAMENTO — Some of California's share of the money from a national legal settlement with big mortgage lenders can be used to help fill a hole in the governor's proposed budget, the Legislature's nonpartisan policy advisor recommended. The legislative analyst's office reported Tuesday that $411 million should be used for a variety of purposes. Atty. Gen. Kamala D. Harris, who reached the settlement together with other state attorneys general, wanted to use most of the $411 million on financial counseling and education.

Joining the ranks of teenage homeowners is "Hunger Games" star Josh Hutcherson, who has bought a place in the Hollywood Hills West area for $2.5 million. Called the Tree House, the 2,000-square-foot-plus house has been home at different times to talk show host Ellen DeGeneres and the late actor Heath Ledger. The two-bedroom, two-bathroom house, built in 1951, sits behind gates on nearly a half-acre filled with sycamores. Features include glass walls, polished concrete floors, an office, beamed ceilings and video security.

Known for the great variety of the roles he plays, Leonardo DiCaprio now is trying his hand at Malibu beach house landlord. He has listed this Cape Cod-inspired home for $75,000 a month for a long-term tenant or $150,000 a month for leases of less than six months. His Malibu Colony compound was recently remodeled and features a four-bedroom main house on the ocean side, a two-bedroom guest house and a detached loft with gym. There is a beach-front deck, a fire pit, gardens and lawn on the less-than-half-acre lot. DiCaprio, 37, whose blockbuster hits include "Titanic" (1997)

Actor Kelsey Grammer is back at it — trying to sell his home in the Beverly Crest area — this time for $17.999 million. Priced in 2008 at $19.9 million, the mansion is described in the listing as modern Traditional in style. The two-story house, built in 1980, features a central hall, media room, a library, a wine cellar and a service entrance. There are seven bedrooms, nine bathrooms and 10,567 square feet of living space. Lawn, a swimming pool, a six-car motor court and a four-car garage complete the grounds of more than three-quarters of an acre.

"NCIS" star Michael Weatherly has sold his house in the Hollywood Hills for $1.845 million. The redone one-story house sits behind gates and has ocean and mountain views. Features include French doors opening to the swimming pool, beamed ceilings, a fireplace, an updated kitchen with stainless-steel appliances, three en-suite bedrooms and a finished two-car garage used as a music room. There are four bedrooms, 31/2 bathrooms and 2,600 square feet of living space. A covered area outdoors is set up as a gym. Weatherly, 43, has starred as special agent Anthony DiNozzo on the highly rated crime drama, originally titled "NCIS: Naval Criminal Investigative Service," since 2003 and appeared as the same character on "JAG.

Actors Ryan Reynolds and Scarlett Johansson have sold the Los Feliz house they bought together in 2010. The 1969 Buff & Hensman-designed Wong House sold for $3.5 million. The restored post-and-beam house features walls of glass, a library, video security and solar and high-tech upgrades. There are two bedrooms, three bathrooms and 2,835 square feet of living space. The nearly half-acre site features a saltwater swimming pool. Reynolds, 35, and Johansson, 27, were divorced last year after three years of marriage.

First of three parts Tiffany Lee wanted a car. She was weary of the two-hour bus ride to her job at a UCLA Health System clinic. She hated having to ask friends to drive her 7-year-old son to his asthma treatments. But as a single mother with three children, bad credit and a $27,000-a-year salary, she couldn't find a bank or dealership willing to give her a loan. Then a friend steered her to Repossess Auto Sales in Hawthorne. Another buyer might have balked at the deal she was offered.

Homeowners more deeply underwater on mortgages handled by five major U.S. banking firms are prime candidates for getting help from a $25-billion nationwide settlement over alleged foreclosure abuses. That's because the settlement gives the nation's largest mortgage servicers more incentives to help those who owe 40% to 75% more than the value of their homes, according to details of the settlement filed Monday in U.S. District Court in Washington. In a complex series of formulas designed to maximize the effect of the deal reached last month, banks will get more than six times the credit for reducing loans for severely underwater borrowers than they would for helping those who owe 5% to 15% more than the value of their homes.

WASHINGTON — Thousands of condominium owners and buyers around the country could soon be in line for some welcome news on mortgage financing: Though officials are mum on specifics, the Federal Housing Administration is readying changes to its controversial condominium rules that have rendered large numbers of units ineligible for the agency's low-down-payment insured mortgages. The revisions could remove at least some of the obstacles that have dissuaded condominium homeowner association boards from seeking FHA approval or recertification of their buildings for FHA loans in the last 18 months.

Taking its cues from Teatro La Fenice, an opera house in Venice, this Italian Renaissance-style estate was recently doubled in size. Five courtyards bring the living space outdoors to take advantage of the ocean and coastline views. Location: 6019 Avenida Cresta, La Jolla 92037 Asking price: $14.95 million House size: Six bedrooms, 10 bathrooms, 10,000 square feet Lot size: 0.41 of an acre Features: Ornate wrought-ironwork, Venetian chandeliers and sconces, murals, lead- and stained-glass windows, home theater, wine cellar, two master bedrooms, butler's pantry.