Archive for the 'Foreclosures' Category
Here Comes The Bottom!
Posted by Pam & Joanna | Currently 2 Comments »
Americans felt better about the economy in August, as a barometer of sentiment posted the biggest boost in two years amid falling gas prices.
Two reports suggested that a bottom could be nearing for the housing market. The Conference Board, a private research group, said Tuesday that its consumer confidence index rose to 56.9, up from a revised 51.9 in July.
That’s the largest gain since August 2006, and is ahead of the 53 expected by economists surveyed by Thomson/IFR.
It’s also the second month in a row that sentiment improved, after a six-month slide since January.
This is an interesting time to say the least. We know tthe pulse of real estate is different from region to region and even from neighborhood to neighborhood.
While some neighborhoods like Carlsbad and similar coastal properties are still selling in a relatively short amount of time, just inland a few miles like Vista or Oceanside we are seeing an abundance of foreclosures hit the market at incredible values.
Either way you look at it, it’s a great time to buy whether you are an investor, a first time homebuyer or a ‘move-up’ buyer.
The stars and the planets have aligned and all the right things are in the right place to jump into a fantastic market.
My crystal ball tells me ‘don’t wait till you know the market has hit the bottom because you won’t know until you’re past it!’
Anne D’Innocenzio, AP Business Writer Contributed to this article
Related Posts: Area Information, Area Statistics, Buyers, Foreclosures, Market Trends, Short Sales
Hope For Homeowners
Posted by Kevin Kueneke | Currently 3 Comments »
Part of the recently passed Housing and Economic Recovery Act (HR 3221) is the new Hope for Homeowners program. This is an FHA sponsored short-sale refinance intended to allow distressed homeowners keep owner occupied homes from going into foreclosure. Although lenders are not required to participate in the program, there will still be plenty of homes saved. Here are some basics:
• Principal residence only. 
• Existing loan must have been obtained on or before January 1, 2008.
• Borrowers can be up to date on their mortgage or in default, but they must prove that they will not be able to keep paying their existing mortgage (mortgage debt ratio must exceed 31% of monthly income) AND they must certify that they did not intentionally default on the mortgage for the purpose of obtaining the HOPE loan.
• Calculation of the new loan will be based on the borrower’s ability to make mortgage payments determined by FHA and the loan-to-value limited to 90% of the appraised value.
• The existing lien holder must waive any prepayment penalties and fees, including attorney and foreclosure fees if foreclosure proceedings have already begun.
• The existing lien holders must agree to accept the proceeds as payment in full of all indebtedness under the new loan (no 1099 from the lender for lost proceeds); all encumbrances must be removed.
• Those lien holders of existing subordinate mortgages will be entitled to future appreciation of the property. Standards and policies of the shared appreciation will be developed by FHA.
• The new loan must be a 30 year fixed rate mortgage.
• The interest rates and origination fees will be determined by the new Federal Housing Finance Agency, but will be comparable to market rates.
• The new loan amount cannot exceed $550,400 which is 132% of FHLMC loan limit established in 2007.
• The borrowers cannot put a new second lien on the property for 5 years after the refinance takes place.
• Income must be documented by income tax returns for the most recent two years.
• The borrower cannot have been convicted of mortgage fraud under Federal or State law during the past 10 years.
• The borrower must supply documentation to prove that they only own this one residence. If they own other properties, they cannot utilize this program.
• Borrowers will pay an Upfront Mortgage Insurance Premium (UFMIP) of 3% of the loan amount and an annual mortgage insurance premium of 1.5% of the loan amount. This is higher than the 1.5% UFMIP and 0.5% annual mortgage insurance of “regular” FHA loans.
• Equity Appreciation: upon sale or disposition of the property or subsequent refinance there will be shared equity on a graduated scale; HUD is entitled to 100% of the initial equity if property is sold or loan refinanced in first 12 months, 90% in months 13-24, 80% in months 25-36, 70% in months 37-48, 60% in months 49-60, and 50% months 61 and on. HUD will be entitled to 50% of any appreciation over and above initial 10% equity, regardless of future sale date.
• The program will be implemented October 1, 2008, and expires September 30, 2011.
As stated above, lenders are not required to participate and most likely will not assist certain borrowers whose written down loan amount is less cost effective than a foreclosure. That is, if the new loan amount that the borrowers can actually afford, based on verified income, is significantly lower than the possible post-foreclosure net proceeds, the lien holder will most likely choose to foreclose.
The official HUD website states that FHA will insure up to $300 billion in new loans under this program so for those borrowers that will qualify, this program is obviously good news and very welcome relief.
***As of October 1, 2008, HUD is encouraging all interested homeowners to contact their servicing lender regarding this program***
Related Posts: CW Mortgage, Education, Foreclosures, Home Loans, Homeowners, Mortgage News, Short Sales
Then Is Now…Part Deux
Posted by Susan "Sully" Sullivan | Currently 1 Comment »
Do you remember one of my previous blog theories titled, “Then Is Now”, meaning, “I wish I would have bought Then”…is Now!
Here is my most recent poignant thought that I would like to share with you… If this is the worst real estate market (for sellers) in recent history, then surely it creates some of the best buying opportunities in a lifetime as well.
Real Estate is not my job…it’s my passion! I don’t just sell real estate, I feel real estate and I am going on record to declare that TODAY/NOW is the time to invest. 
Think about it…With the feds planned interest rate hike coming very soon, combined with lenders tightening the belt on regulations regarding loan requirements, each day that goes by and each incremental interest rate hike, WILL affect your buying power. What is attainable today, in my humble opinion, may very well become out of reach for you tomorrow, and anytime in the future.
Here’s a scenario that has been occurring: You’ve been approved for a home loan and you’ve been waiting for “the bottom to fall out”. On a daily basis loan programs that you may have been approved for are being eliminated, and sometimes without ANY warning. You are now no longer approved and will be unable to purchase the home you have been waiting for when it finally becomes available. NOT FUN!
It is my intention to guide you through all the processes of this confusing time – and that even means using the ‘F’ word…Foreclosures, not my favorite, since there are multiple offers and are not always the best deal when you find unexpected surprises such as tax liens, concrete in the plumbing, AS IS conditions, and expedited contingency and closing time-lines. But I will give you my expert opinions and assistance if this is where you think you want to go. I’m finding that you can have a nice, clean and relaxed transaction in the same price range that the foreclosures end up getting pushed to in the multiple offer frenzy process. Personally, I like to shop when there’s no one else in the store, but that’s just me.
Bottom line: If you are still waiting on the fence, you may miss this opportune time to own a piece of the California Coastline.
IN OTHER WORDS… 
DON’T LET THIS BE YOU!! GET UP, GET OUT THERE, AND MAKE IT HAPPEN!
I look forward to facilitating all of your real estate needs and remain and please feel free to check out my blog on my website: www.sully4realestate.com or www.realestatedeva.com to read how I really feel about things.
Related Posts: Carlsbad, Foreclosures, Real Estate News
Ring-Tailed TOOTER of the Week!
Posted by Pam & Joanna | Currently 1 Comment »
You Could Have Had it All for Just $690,000!
Over 3100 Sq. Ft., 5 Bedrooms, 3 Baths, Situated on over 2 acres on a cul-de-sac street, Pool, Spa, Guest House, and Fabulous Valley Center Views.
Check back every week to see properties you could have had…
or contact us and get one of your own!
Related Posts: Area Information, Buyers, Foreclosures, Valley Center
San Diego Home Prices – Get the Facts
Posted by Diane White | Currently 1 Comment »
Want the facts? I have attached the recorded homes sales in San Diego County by zip code for June and May 2008. This is for all home sales, not just the resale’s done through the MLS system facilitated by real estate agents.
Some interesting notes about home prices in San Diego:
- Single Family Detached Home Sales are up over last year in Carmel Valley, Carlsbad 92009, Del Mar, Solana Beach, University City and Rancho Santa Fe.
- Single Family Detached prices are up from May in several communities such as Encinitas, Carmel Valley, Del Mar, Carlsbad 92009, La Mesa, Rancho Penasquitos, and Rancho Bernardo 92128.
- Attached Homes have seen significant price decreases over last year, as everyone knows. However, prices have increased over last month in some areas including Carlsbad 92008, 92009, Encinitas, Penasquitos, Rancho Bernardo West, Mission Valley and Downtown.
To view the reports click on the desired month: May 2008, June 2008
Every home that I have shown recently that is a bank owned or a short sale has had multiple offers…most often they have some that are over the asking price. I have also noticed that investors are coming back into the market and taking advantage of the reduced prices for attached homes.
Here is a very interesting article that you may want to read from Inman News:
As always, please feel free to pass this information on and let me know if there is anything I can do.
Related Posts: Area Statistics, Buyers, Carlsbad, Carmel Valley, Del Mar, Downtown, Encinitas, Foreclosures, La Costa, Market Trends, Mortgage News, Picture Perfect San Diego, Rancho Bernardo, Rancho Santa Fe, Real Estate News, San Diego, Sellers, Short Sales
