Shadow Inventory in housing and the effect on the housing market!

By Leave a Comment

Shadow inventory improves but still threatens housing recovery

Despite all those millions of distressed properties out on sale,
depressing home prices even further, there is one glimmer of hope
according Standard & Poor. According to the report the time it
would take for banks to purge all of this so-called “shadow
inventory” from the market (through foreclosure sales, mortgage
modifications and other measures) shrunk to 47 months during the
second quarter, a significant drop from the 52 months it
estimated for the first quarter of this year. The report also
found that the total dollar value of the loans on these
properties — known as non-agency loans because they are not
backed by Fannie Mae, Freddie Mac or the Federal Housing
Administration — also fell to $405 billion at the end of June
from $433 billion three months earlier. S&P said the decline was
helped by stabilizing liquidation rates and by fewer borrowers
falling behind on their mortgage payments as the economy slowly
recovered during the quarter.

S&P estimates that there are still a total of between 4 million
and 5 million homes, including those with agency-backed loans, in
shadow inventory, an amount that continues to jeopardize the
housing market’s recovery. Nevertheless, Fannie and Freddie are
looking to rid themselves of a large percentage the shadow
inventory they do have — and quickly. Earlier this month, the
Federal Housing Finance Agency (FHFA), the Treasury Department
and the U.S. Department of Housing and Urban Development were
seeking suggestions on how to dispose all the repossessed homes
now owned by Fannie Mae, Freddie Mac and the Federal Housing
Administration in a way that would benefit local communities.

Filed Under: Current San Diego Market, First Time Home Buyer, investors Tagged With: , , ,

There is still time! We won’t be saying this in another 6 months!

By Leave a Comment
housing prices

We are beginning to see more and more stories along these lines. It may be your last chance to buy at or near the bottom!  Interest rates are still at historic lows. The ship will be sailing soon!!

This article is from From MoneyNews.com

New-Home Sales Surge 11 Percent but Pace Is Far From Healthy Level

Monday, 25 Apr 2011 10:07 AM

 More people bought new homes in March, giving the battered industry a small lift after the worst winter for sales in almost a half-century.

New-home sales rose 11 percent last month from February to a seasonally adjusted rate of 300,000 homes, the Commerce Department said Monday. That follows three straight monthly declines. Still, the pace remains far below the 700,000 homes a year that economists view as healthy.

Sales of new homes fell last year for the fifth consecutive year and the market is showing no signs of rebounding. Economists say it could take years before sales return to a healthy pace.

The median price of a new home rose nearly 3 percent from February to $213,800. New-home prices are about 34 percent higher than the median price for re-sales. That’s more than twice the markup in healthy housing markets.

Builders are struggling to compete with a record number of foreclosures, which have forced down the price of re-sales and made them more of a bargain. The disparity has dragged on the economy. New homes represent a fraction of sales but they have an out-sized impact on the broader economy. Each new home creates an average of three jobs for a year and $90,000 in taxes, according to the National Association of Home Builders.

“New housing prices look much less attractive compared to cheap existing stock,” said Yelena Shulyatyeva, an analyst with BNP Paribas. “As such, new housing demand will likely remain depressed throughout this year and next.”

Many builders are waiting for the glut of foreclosures and other distressed properties to be cleared before stepping up construction. But with 1.2 million foreclosures forecast this year nationwide, according to foreclosure tracker RealtyTrac Inc., a turnaround isn’t expected for years.

“You can’t put lipstick on this pig,” said Diane Swonk, chief economist at Mesirow Financial. “The new housing market remains weak no matter how the data is cut.”

High unemployment, tight credit and a lingering fear that prices will fall further have kept people from making home purchases.

The seasonally adjusted number of new homes for sale in the United States is the fewest since the summer of 1967, when there were 110 million fewer people in the country.

Requests for building permits, a gauge of future construction, sank in the winter to their lowest level in more than 50 years. They recovered somewhat in March, but that improvement was spurred by a more than 28 percent jump in permits for apartment and condo buildings.

New-home sales rose in most regions of the country last month. Sales jumped nearly 67 percent in the Northeast, which was hit hard by wintry weather; by almost 26 percent in the West, which saw a surge in buying three months ago because of a Jan. 1 deadline for a California state tax credit; and by nearly 13 percent in the Midwest. Sales fell 0.6 percent in the South, which accounts for the nation’s biggest home-sale market.

Given the pace of new-home sales, it would take more than 7 months to clear them off the market. Economists say a six-month supply of homes is healthy.

Also catch our marketing blog at www.Incomefaucet.com

Filed Under: Articles, Builders and housing inventory, Current San Diego Market, First Time Home Buyer, investors Tagged With: , , , , ,

Not a Good time to buy real estate in San Diego?…guess again!

By Leave a Comment
housing

Right now is one of the most incredible times in our history to buy a home in San Diego. The market has really changed over the last year or two.

Although inventory is not at killer highs, the market is still favoring buyers. The San Diego housing market is now seeing more and more anxious sellers who will go to great lengths to make a sale. As prices creep up, more ned more of those who have been waiting a few years to sell will put their homes on the market.It has been a long time since the number of homes listed reached the current level especially non REO’s and short sales.It has been even longer since sellers were willing to so much for a buyer and make the concessions they are making now. Prices seem to have leveled out or are on a slowly upward path in the San Diego market with some areas doing better than others. The correction appears to be finishing up and prices are expected to beginning rising at moderate levels shortly. No one knows how long this buyers market will last. But, there is very very little construction in San Diego county, and nobody’s making more land.

Mortgage rates are still near all-time lows. If you are thinking of buying but are putting it off to wait until prices start climbing, you may miss the best buyers market of the decade (or many decades). Owning the real estate in which you live has and always been and will always be the best investment that you can make.

Here is my main website to search the San Diego market and to contact me. Also if you or anyone you know is having mortgage problems, check out our website  for all your options.

If you do any internet marketing, please check out our blog at IncomeFaucet.com.

Today I am featuring Escala in Mission Valley. Want to know all about it? Visit Escala here!

 

Feel free to call at 619.985.6528. Thanks

Alan

 

Filed Under: Builders and housing inventory, Current San Diego Market, investors, Short Sales Tagged With: , , ,

A great article on San Diego redevelopment.

By Leave a Comment
brown
This article by David King of the San Diego News Room spells out all of the issues on this hot topic.I myself was wondering where the next million go. Read on and feel free to comment on this article. I enjoyed it and it is really something anyone living in San Diego and especially selling real estate should understand.Environment and Resources – Land
BY David King   

Gateway Family Apartments brings 42 units of affordable housing in the Barrio Logan Redevelopment Project Area.

The fiscal debate over redevelopment is often mischaracterized as a choice between funding schools or subsidizing sports stadiums.  In fact, Jerry Brown’s proposal to scrap redevelopment agencies is just the latest attempted budgetary confiscation from America’s most fiscally irresponsible city—Sacramento.

Redevelopment provides monetary incentives to spur development to the great physical and monetary benefit of cities.  However, a government that repeals its own economic subsidy is bound to create unintended consequences—witness the changes to the Internal Revenue Code limiting deductions for passive real estate losses and the ensuing real estate crash and S&L bailout two decades ago.

The focus on redevelopment will remain budgetary, but one of the biggest reasons to keep redevelopment is to allow growth in a way that causes the least impact on our environment.

Redevelopment stimulates construction in areas that are already environmentally impacted and reduces development in open space.  Redevelopment is good for the environment.  Eliminating redevelopment in California could cause immense harm to California’s environment or stifle an already troubled real estate development industry so badly as to add further suffering in our stagnant economy.

In addition to pulling a cruel hoax upon California’s cities—upending cities’ plans for growth and future budgets— Brown’s changes to redevelopment would cause more development on virgin land, eliminating habitat, causing more traffic, air pollution and water pollution.   The impacts upon our environment would last far longer than any temporary budget plugs.

Take the city of San Diego for example.  Certain neighborhoods are nearly free from undesirable environmental impacts—count the number of gas stations next time you drive through La Jolla.  Wealthier communities are more pristine because they fight any and all development, particularly by abusing environmental litigation.

Try to build a student facility on an ugly median across from UCSD.  Meet the community opposition armed with the California Environmental Quality Act.  No matter how meritless their purported environmental impacts, the resulting delays and costs will kill projects.  Want to build a condo on the corner of 6th and Upas—one that would block the views of a neighboring condo?  No matter how baseless and trumped up the environmental challenges, this type of project will be litigated until bankruptcy.

San Diego’s City of Villages concept was based upon mixed-use communities where people could walk to work.  No matter how environmentally beneficial this planning would be, the addition of a biotech facility becomes impossible when it meets opposition so adamant about protecting the environment (read: the number of cars driving through a neighborhood) that they can scare the local school district to bring trumped-up environmental claims.

San Diego’s less affluent communities are the past and present home to industry, bearing the use and storage of toxic substances.  The homes are not the only part of these neighborhoods which are “blighted”—so is the soil.

Developing on such land is like tap dancing across a minefield.  Without redevelopment, builders would avoid projects built upon land bearing every environmental risk and requiring inordinate replacement of infrastructure.

So where can we build homes and offices for the next million people who will call San Diego home?  One must build far enough from the well-funded NIMBYs and the legacy pollution of past industrial sites.

Stand upon a crest at Torrey Pines state reserve.  Look west and find inspiration in the beautiful coast.  Look east and witness unrepentant land rape.  Drive down the 56 and try to count the number of homes molded with the same stucco shell.

Eliminating redevelopment means that the next million San Diegans will live in homes carved into the rolling hills of open space.  Eliminating redevelopment means that blighted neighborhoods will remain toxic hotspots for longer, and more San Diegans will drive to work–and drive farther.

More storm water runoff will carry their brake pad residue, motor oil and fertilizer into our ocean, spoiling our coastline—this region’s most valuable asset.  Paradoxically, without redevelopment, our economy and environment will suffer so badly that the next million people might not move to San Diego.

David King is the founder of the San Diego Newsroom and The King Law Group. The opinions expressed are his own.

Having mortgage troubles?  visit http://www.knowyouroptions-sd.com

My internet marketing blog is at  http://www.incomefaucet.com  visit if you need some freevisitors to your website.

 

Filed Under: Articles, Builders and housing inventory, Current San Diego Market, investors, Uncategorized

Want another chance? Missed the last opportunity?

By Leave a Comment
jan2011housingrodeo-8

January resulted in another slip in the average price per sq foot sold in San Diego County . So…if you haven’t made your home purchase or your investment purchase…you still have time. Interest rates are up modestly but are still right at 5% and the rates on 5,7,and 10 year adjustables (no not the “garbage” products of a few years ago) are in the upper 3′s and low 4′s.

Now is the time to jump on in.  Property in San Diego will be on another pretty steep incline within the next few years. Take a look, how many cranes do you see around town?  Any new developments??

All of the builders are gone – new permits are soooo low. Nothing new in sight.  Buy it up now while you can. Returns look very promising! And…. where will San Diego build single family homes?   No where – there is just no more land. Anyway, I’ve included a chart for you which I believe will start heading North very soon.So -  go get one now!.

Please call me if you have any questions. 619.985.6528.  If you or anyone you know is having a problem paying the mortgage, check out my website at  www.knowyouroptions-sd.com

Our Team’s real estate site where you can search the MLS is located at www.AtHomeInSD

Please feel free to post your responses here.  If you are serious about blogging, read this article at IncomeFaucet.com

And finally for today, I will gladly assist you with any of your real estate needs here in San Diego County and my parternership office in Gilbert Arizona  (www.charleneSpillum.com) and I have a group of Certified Residential specialists all over the country to assist you.

Call me now! 619.985.6528 . ‘Til the next time   – Alan

Filed Under: Builders and housing inventory, Current San Diego Market, investors, Uncategorized

Time to hop off the fence. All information says now is the time to buy!!

By Leave a Comment

Well, the time to buy is upon us!  There are absolutely no more reasons to wait.  In most areas of San Diego County prices are on a real slow rise.  Interest rates are still historically low. There are still a few bargains to be had.

Below, is an article by Michele Mowad which was published in Pacific San Diego Magazine.  Please read an enjoy. All comments are welcome.  Please feel free to call me if you need any kind of real estate assistance at 619.985.6528. If you or anyone you know is having mortgage troubles, send them to

www.knowyouroptions-sd.com

Also, if you are ready to purchase or want to consider selling your home, please visit my website at

www.AtHomeInSD.com

Make Your Move
All over the county, the time is right for first-time home-buyers

By Michelle Mowad
Photos by Stacy Keck

We all know someone who’s a little on-the-fence when it comes to taking the plunge into home ownership. Can you blame them? After hearing the horror stories of foreclosures and dirty loans, it’s a wonder we’re not all hoarding our money under our mattresses.

Fortunately, the days of inflated values that led to the housing bubble, its subsequent burst and the historic lows of 2008 and 2009 are behind us. Today, pricing has adjusted and finance rates are at record lows.

According to many experts, the time to buy is now.

Despite encouraging market indicators, however, looking for a house in a county as diverse as San Diego is rarely as simple as checking crime rates and school district report cards. It’s about finding a good price as well as a neighborhood that fits your personality. So, what can you expect to find in these burgs now and, more importantly, in the future? We poked around and asked some local experts—here’s how things are looking.

Downtown
It has been a long time coming. Downtown has finally transformed into a vibrant community to work and live.

“It is probably the best time since the early ‘90s to purchase a home,” says Gary London of The London Group Realty Advisors, a real estate consulting and feasibility firm that focuses on southern California.

Prices dropped in the past few years, as numerous condo projects were completed at the same time, creating a glut of inventory. They fell even further when consumer confidence took a dive after the economy tanked. That’s all about to change.

At current sales rates, inventory of first-time sale condos will be sold out by spring 2010.

The median price downtown is $340,000, with the most expensive neighborhood being the waterfront Columbia District (by the Broadway Pier), with its beautiful bay views and luxury amenities. On the flipside, the least expensive hood is East Village.

Over the past decade, Downtown has grown into a solid dining and nightlife destination. If you relocate there, you can expect to see more boutiques, bars and bistros popping up amongst the statuesque office and condo buildings. Because of this, Downtown is attracting three primary types of buyers: young and socially-engaged professionals, the buy-down buyers that finally sold off their overpriced home in the ‘burbs and out-of-area buyers looking to be at the center of it all.

Hard Rock Hotel concierge Robbie Mandagie recommends downtown’s newest offerings, including Bice Ristorante on Island Avenue, FLUXX nightclub and Noble Experiment, a hidden speakeasy with a secret entrance.

In addition to booze and bites, the area is also seeing a cultural evolution towards the arts with the opening of numerous galleries and collectives such as Alexander Salazar Fine Art and the SDSU Downtown Gallery.

North Park
Once a sketchy part of town, North Park has finally come out from under Hillcrest’s spirited shadows as an up-and-coming community with serious artistic flair. Over the past few years, investors have risked rehabbing apartments into condos in droves, and many Baby Boomers sold their aging homes to eager young buyers who didn’t mind moving into a fixer-upper.

For the median price of $460,000, you can own a single family home in this boutique neighborhood; condos can be found for just $205,000. Listing prices are up from last year, as a myriad of restaurants are opening their doors to welcome 20- and 30-something neighborhood patrons.

North Park is perfect for indie music fans with a hankering for beer bars, wine lounges, boutiques and a motley mix of restaurants including West Coast Tavern and the area’s newest cantina, El Take It Easy, created by the folks behind the neighborhood’s celebrated Linkery. And there’s more on the way: URBN Coal Fired Pizza + Bar is set to be open by the end of the summer, and the owners of True North are currently looking into opening a neighboring brewery.

The neighboring burgs of South Park, Kensington and Talmadge are also attracting younger buyers, according to area real estate agents. Perhaps one of these flourishing communities will become the next North Park.

La Jolla
One of the most prestigious and elite neighborhoods in San Diego County, Southern California and the nation, La Jolla attracts the ultra-wealthy.

Plenty of posh digs are available in The 92037. More than 40 homes are listed for, ahem, $10-plus million. Even the lower end of the price spectrum still fetches seven figures. For $10,000 on a month for 30 years, you can own the median priced home of $1.4 million.

“La Jolla is the Beverly Hills by the sea,” says Gary Kent, a veteran real estate agent who heads his own firm, Gary Kent Team. “It has cache, it has the great Village of La Jolla, its name attracts buyers and it’s a name known around the world.”

The streets of La Jolla’s downtown village are lined with galleries, high-end retailers and sumptuous eateries. There is almost no reason to leave this chic community besides the fact that La Jolla lacks solid nightlife venues that offer more than dinner and drinks. However, that may change when two newcomers open this summer: Barfly, a sports bar by day and nightclub by night, and Hennessey’s on Herschel Avenue, which will have more of a gastro-pub feel. Also, nightlife impresario Mike Viscuso (owner of downtown’s famous On Broadway nightclub) is taking over the old Jack’s location with plans to reestablish La Jolla as a posh nightlife destination. The name? What else? Mike’s.

Pacific/Mission Beaches
While waves of college students and recent graduates roll in and out of Pacific Beach’s and Mission Beach’s rental properties, the inventory of homes and condos for sale is tight. In addition to the limited listings, the median-priced home here is nearly twice the county median, making Pacific Beach a stretch for the first-time home-buyer. Last month, the median home price for a condo was $425,000, and $680,000 for a single family home.

Despite the home prices, these beach communities remain a 20-something’s wet dream of inexpensive beer, hairless buff bodies and tonsof places for take-out. The further from Garnet Avenue, the party epicenter at the beach, the more relaxed the neighborhoods feel. Crown Point, North Pacific Beach and South Mission Beach have the same beach community vibe, but lack the hoopla associated with the main drag of bars and clubs.

Jamie Lynn Sigler, founding partner of lifestyle and hospitality PR firm J Public Relations, works downtown but loves calling Pacific Beach home because it’s relaxed and still close to her office and clients.

“I feel PB offers the best of both worlds,” Sigler says. “I can get to wherever I need to be in 20 minutes, and I am still at the beach.”

So, it looks like Pacific and Mission Beach will keep catering to renters; and potential homebuyers should expect continued sand, surf and SDSU students in the future.

North County
The North County coastal market has not traditionally been affordable for first-time homebuyers. Home prices, from tony Del Mar to the ritzy areas of Carlsbad, well exceed the county’s entry-level price range. This region is more apt to draw move-up buyers looking to sink $550,000 or more.

According to real estate agent Roberta Murphy, the appeal of North County lies in the schools and shopping. Browsing the high-end lifestyle shopping centers and the Cedros Design District in Solana Beach, and playing the ponies in Del Mar are easy ways to drop some dough. First-time buyers wanting to live in North County should consider Oceanside or the inland cities of Vista, San Marcos, Escondido and Poway.

If you have a bit more cash, consider looking to buy in Encinitas. The city is seeing a resurgence in energy that started with the opening of Lux Art Institute in late 2007, and additional investors are reportedly eyeing the area. Business partners Scott Watkins and Chef Matt Gordon took note—the fellas behind North Park’s Urban Solace restaurant will open its sister restaurant, Solace and the Moonlight Lounge, later this year.

South County
The South Bay comprises an eclectic mix of neighborhoods with varied housing choices. Coronado, for example, offers a mellow mix of military, tourism and high-end living. Residents can walk for a snack at Burger Lounge on Orange Avenue or sample one of nearly 500 wines at Hotel Del Coronado’s wine bar, Eno. The area’s beaches and near-zero crime-rate make it a very pricey option for first-time home-buyers.

On the other end of home-price spectrum, the least expensive city in South County is National City, where you can buy a three-bedroom house for $207,000, or a two-bedroom condo for $108,000.

Somewhere between the million-dollar mansions on Coronado and the ultra-affordable homes in National City lie the homes in Chula Vista, Bonita and the border beach city of Imperial Beach. A few years ago, Chula Vista was known nationally for its high number of foreclosures; today new homeowners are taking advantage of previous owners’ bad luck, picking up homes at discounted rates via short sales (transactions in which proceeds fall short of the balance owed on the property’s loan).

Mexican culture is woven into nearly all parts of South Bay’s communities, which have stayed true to their roots and ties to family and friends south of the border. Old taco shops and bodegas line one end of the region, while new eateries, such as Miguel’s Cocina (by The Brigantine restaurant group) in Coronado, are emerging on the other.

Cindy Gomppers-Graves, CEO of the South County Economic Development Council, says some of the South County’s best features are its entertainment driven assets, including the Silver Strand bikeway, the Olympic Training Center in East Lake and Cricket Wireless Amphitheatre.

East County
Life is a little slower and a bit cheaper in the East, and residents like it that way.

San Diego Association of Realtors President Mark Marquez says East County has some of the best deals for home-buyers, pointing out that some prices have dropped nearly 50 percent in some neighborhoods.

“The most bang for your buck is East County,” says Marquez. “Some 3,000 to 4,000-square-foot updated, remodeled, newer homes on larger lots that were going for over $1 million a few years ago are now $500,000 to $600,000 in neighborhoods like Rancho San Diego.”

Prices across East County are the lowest in the county and provide many options for first time home-buyers. Median home prices in El Cajon, La Mesa, and Lemon Grove range from $265,000 to the high $300,000s.

However, culinary and cultural development is slow there. With the exception of the opening of La Mesa’s Riviera Room and Supper Club restaurant a few years ago, the biggest deal in the past year has been the opening of a Sonic burger joint in Santee (first one in San Diego). So, if you loathe change, East County is the way to go.

Again, feel free to post comments. Thanks

Filed Under: Articles, Builders and housing inventory, Current San Diego Market, First Time Home Buyer, investors, Uncategorized

Interest rates have seen the bottom – demand and rates going up!

By Leave a Comment
rising interest

According to Inman News, demand for purchase loans held up during the final two weeks of 2010, even as rates on 30-year fixed-rate mortgages approached 5 percent before retreating.

Demand for purchase loans was up 3.1 percent from the week before during the week ending Dec. 24 and was essentially flat during the week ending Dec. 31, falling by 0.8 percent, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.

Those numbers are seasonally adjusted, and also include an adjustment to account for the Christmas and New Year’s Day holidays.

Applications for refinancings were down 7.2 percent for the week ending Dec. 24 but up 3.9 percent in the final week of the year.

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.93 percent during the week ending Dec. 24, up from 4.84 percent the week before, while points decreased from 0.96 to 0.63 (including the origination fee).

For the week ending Dec. 31, 2010, the average contract interest rate for 30-year fixed-rate mortgages decreased to 4.82 percent with points increasing to 1.11, the MBA said.

I have a few incredible lenders, feel free to call me for a referral.  also visit my website at www.athomeinsd.com .

AND…if you are having trouble paying your mortgage, do not let the situation handle itself. Be proactive go to

www.knowyouroptions-sd.com

Filed Under: Current San Diego Market, investors

No reason for foreclosures yet they still lead modifications 2 to 1!

By Leave a Comment
noforeclosure

Please, avoid the stigma of foreclosure and the damaging credit effects. Short Sale, Short Sale, Short sale. Get the facts at AVOID FORECLOSURE.

The short sale process has been streamlined and has a minimal effect on the seller – yes, you will have to move, but you will have to move with foreclosure too.

Check out the facts at www.knowyouroptions-sd.com

From Prudential CA realty Mission Hills website:

The GSEs’ regulator, the Federal Housing Finance Agency (FHFA), released its quarterly foreclosure-prevention report to Congress on Tuesday. The document showed that together, Fannie and Freddie initiated foreclosure on 339,000 home mortgages during the July to September timeframe. Loan modifications completed in the quarter totaled 146,500.

Foreclosure starts and completed foreclosure sales increased 23 percent compared to the previous quarter. Loan modifications declined 14 percent, with the majority of modifications completed through non-HAMP [Home Affordable Modification Program] programs.

Despite the falloff in the number of loans modified, FHFA sees improvement in the companies’ efforts. The regulator

says loans modified in 2010 are performing “substantially better” than loans modified in earlier periods. According to the report, less than 10 percent of loans modified in the last three quarters were 60-plus-days delinquent three months after modification.

FHFA points out that the performance of modified loans is driven by the size of borrowers’ monthly payment reductions. More than half of the borrowers that received loan modifications in the third quarter had their monthly payments lowered by over 30 percent.

All the GSEs’ foreclosure prevention actions – including loan mods, as well as short sales, deeds-in-lieu, repayment plans, and forbearance – totaled 227,300 during the quarter.

Total activity was down 16 percent from the second quarter, driven primarily by decreases in loan modifications and repayment plans. Short sales and deeds-in-lieu held steady quarter-over-quarter, at 29,500 and 1,700, respectively.

The number of loans the GSEs refinanced rose sharply in September, as mortgage rates plunged to historic lows. The two companies refinanced nearly 45,000 loans through the government’s Home Affordable Refinance Program (HARP) and nearly 90,000 through other streamlined refi programs during the month.

Of the 29.9 million home loans held within Fannie Mae’s and Freddie Mac’s active books of business at the end of the third quarter, 2.2 million were delinquent, with nearly 1.3 million falling into the seriously delinquent bucket of 90 or more days past due or already in foreclosure.

Filed Under: Current San Diego Market, Short Sales

Corned Beef On Rye

By Leave a Comment
corned beef

Being from New York, there was always a dozen or so places to get a great corned beef sandwich. In San Diego, I have one place where the Corned Beef sandwich (on rye with mustard of course) compares. DZ Akins in the College area right off of the 8 freeway is a deli just like back home. The food is top notch. Go check it out, here’s the menu.

I still have the most incredible house in metro San Diego listed for just under $2 million. Live here and you’d never want to leave. The sky show saturday was incredible – it happens once a year and the back yard of this house is the single best place in town to view it.  See facebook post by Joe Gray, one of the agents on my team. For more info on the house see my website.

Many people, even those in the more expensive homes, are having trouble paying their mortgages. Go to my site at www.knowyouroptions-sd.com and read about all the options. Call me at (619) 985-6528 if you have any questions at all. I am an expert in distressed properties and will gladly review all of your options. Foreclosure SHOULD NOT be one of them.

Filed Under: Current San Diego Market, Short Sales

No double dip

By Leave a Comment
double dip

I heard enough about this double dip krap. I’m convinced if you want a double dip, head for the ice cream store. It just is not going to happen.  There are too many positive signs, especially in San Diego. My economist forecaster is none only than Berkshire Hathaway’s own Warren Buffet. He says there will be no double dip (see below ) in addition many economists are also turning that way see the story about  no double dip by clicking here.  -   

 
 
 

 

 
Moneynews.com
Breaking from Moneynews.com

Buffett Rules Out Double-Dip Recession Amid Growth

Warren Buffett ruled out a second recession in the U.S. and said businesses owned by his Berkshire Hathaway Inc. are growing.

“I am a huge bull on this country,” Buffett, Berkshire’s chief executive officer, said today in remarks to the Montana Economic Development Summit. “We will not have a double-dip recession at all. I see our businesses coming back almost across the board.”

 Sponsor
The Global Supply Crisis that Could Cripple ChinaAfter a decades-long global commodity grab, China how has all the oil, and coal and natural gas it needs… But it’s supply of another critical commodity has drastically dwindled. Without this commodity, the country’s technology and infrastructure booms would likely come to a screeching halt. Luckily, one tiny American company, on the ground in China, has just discovered the solution. Early investors could make as much as $4.6 million.For complete details on this fast-breaking situation, please CLICK HERE now.

Berkshire bought railroad Burlington Northern Santa Fe Corp. for $27 billion in February in a deal that Buffett, 80, called a bet on the U.S. economy. The billionaire’s outlook contrasts with the views of economists such as New York University Professor Nouriel Roubini and Harvard University Professor Martin Feldstein, who have said the odds of another recession may be one in three or higher.

“I’ve seen sentiment turn sour in the last three months or so, generally in the media,” Buffett said. “I don’t see that in our businesses. I see we’re employing more people than a month ago, two months ago.”

Buffett built Omaha, Nebraska-based Berkshire into a $200 billion provider of insurance, energy and luxury goods and services over four decades. The company cut about 20,000 jobs last year as demand for its products declined.

© Copyright 2010 Bloomberg News. All rights reserved.

Also, Zillow’s figures for San Diego show a nice increase in San Diego home values. 

 
Zillow’s Monthly Real Estate Report for San Diego

According to Zillow’s Real Estate Market Reports for July 2010, San Diego home values were up 1.1% compared to June 2010 and Up 11.6% compared to July 2009.

See the full story and all SD home values here.

Interest rates still at record lows so buy something now….. and by all means  DO NOT LET YOUR SELF, YOUR FRIENDS or ANY OF YOUR FAMILY GO TO FORECLOSURE!!!!!!   CALL ME FIRST  619.985.6528.

I have many solutions!

Til next time -

Alan
Filed Under: Current San Diego Market, Short Sales
« Previous Page
Next Page »