Telling it like it is …

by Peter Toner San Diego real estate
What goes up sometimes comes down ..

The truth can sometimes be unpalatable but sometimes you just got to tell it like it is. We aim to keep you advised about trends in the San Diego real estate market including short sales and foreclosures – plus changes to lending criteria or tax concessions, whether good OR bad for your personal or mental health … [...]

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C.A.R. open letter on short sales

by Ana Maria Goodemote Home selling tips

The California Association of Realtors had recently written an open letter … … which had appeared in several newspapers statewide this month. In it, President Beth L. Peerce has outlined the difficulty we as Realtors® and you as consumers are facing with the short-sale process. This letter is to address the banks responsibility in the [...]

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Warning – beware of false designations

by Erin McBratney San Diego real estate

A consumer warning has been issued by the Department of Real Estate (DRE) … … about false and misleading designations, certifications and/or credentials being used in the advertising and marketing of assistance to homeowners in connection with home loans, short sales and foreclosure rescue services. The DRE has noticed a rise in the number of [...]

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The wrong, bad sort of flipping

by Peter Toner San Diego real estate

Short sale scams are getting ever more inventive. This one is brought to us by Sam Kraemer, General Counsel of Prudential California Realty. I got a call last week about a new short sale scam that was, at least, new and interesting. In this transaction, shortly before listing the property for sale, the seller transferred [...]

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No wonder loan mods are hard :-(

by Peter Toner San Diego real estate

If you ever wondered if it was possible to talk your lender into a loan modification .. …. you might want to watch this and see why some lenders are making a fortune by encouraging short sales. The FDIC, One West Bank, Goldman Sacks all one tight little happy family.   Watch the video that [...]

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Foreclosure crisis stalls sales

by Erin McBratney General

Banks are having a tougher time selling properties due to the foreclosure mess. The number of properties coming to auction in Arizona, California and Nevada has declined by more than 30% according to Foreclosure Radar, which tracks foreclosures in 5 Western States. Sean O'Toole, CEO of Foreclosure Radar, says investors are backing away from sales [...]

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Changes proposed for mortgage interest rate deduction

by Erin McBratney San Diego real estate

Last week a proposal was issued by the White House's Deficit Reduction Commission that calls for changes in how the country collects taxes and spends money. One of the recommendations being made to Congress is a proposal to change the mortgage interest rate deduction. A recommendation in the proposal offers a 12% non-refundable tax credit [...]

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Your borrowers benefit from new guidelines

by Erin McBratney Home buying tips

Fannie Mae (FNMA) has new lending guidelines taking effect December 13th which will help some borrowers and hinder others. The new rules will allow buyers to use grants & gifts from non-profit groups for their minimum 5% down payment. There was a previous 5% contribution required from borrowers using their own funds with additional money [...]

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Debt relief service companies – new regulations

by Erin McBratney General

Effective October 27th, new federal laws are making it more difficult for debt-relief companies to victimize consumers. Now these types of companies are prohibited by the new laws from charging consumers until they've helped them reduce or change the terms of at least one debt. The Better Business Bureau has received more than 6000 complaints [...]

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California’s Cash For Appliances program – money still available

by Erin McBratney San Diego business

Cash for appliances! There is approximately $8.3 million in rebate funds remaining in California's Cash For Appliances program as of last week. The program started with $31.7 million. Since April 22nd, rebate applications have been accepted by the state for $200 qualifying refrigerators, $100 clothes washers and up to $50 for room air conditioners. The [...]

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Foreclosure paperwork – robo signings

by Ana Maria Goodemote General

As I have been blogging recently, the latest buzz surrounding real estate has been the stopping of the foreclosure process in many states due to foreclosure procedures being shortcut or not followed. At the center of this appears to be the practice of “robo-signing” or the process of notary’s singing upwards of hundreds of documents [...]

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Fewer new households contribute to home glut

by Erin McBratney San Diego home prices

Fewer households forming causing problems Between March 2009 and March 2010, only 357,000 new households were created compared to 1.3 million per year between 2002 and 2007 according to U.S. Census Bureau data. Household formation is at a 63 year low helping to contribute to the supply of homes on the market which is at [...]

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Mortgage Servicers in trouble

by Erin McBratney National real estate

As many as 40 states have helped form a coalition of attorneys general to launch a joint investigation of the mortgage servicing industry. Their first intention is to determine the scale of the problem and correct the issues. Several of the attorneys general have also said they believe one of the results of the investigation [...]

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Home sales were up in September

by Ana Maria Goodemote San Diego real estate

The National Association of Realtors recently published a report that the number of homes that sold in September was higher than the previous month, but is still significantly off the same time last year. While this is not the greatest news, the silver lining was that the average sale price of homes was up 3.3% [...]

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Do I have a loan or not, that is the question

by Ana Maria Goodemote San Diego real estate

Recently, I had a chance to spend some time with a business associate that invested heavily in San Diego real estate market during the housing boom. His portfolio of homes was wide spread and his intention with each home slightly different, some he would buy to flip for an immediate profit, while others were retained [...]

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How to Avoid Foreclosure Scams

by Ana Maria Goodemote Home selling tips

How to Avoid Foreclosure Scams .. ..look for these warning signs from the Homeownership Preservation Foundation: 1) A company who asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage may pocket your money and do nothing to help you avoid foreclosure. Please note counseling should always [...]

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