Click here for more details Please join us at Light The Night’s San Diego Walk at Del Mar Fairgrounds Nov 4
From the category archives:
Current Affairs
California
Notice of Default filings increased 69.5 percent to the highest level in a year. Notice of Trustee Sale filings were up more moderately, rising 6.0 percent month-over-month, but down 23.6 percent year-over-year. Cancellations were nearly flat, up just 1.9 percent from July. Activity on the courthouse steps increased in August. Properties Sold Back to Bank (REO) increased 12.3 percent from the prior month. Properties Sold to 3rd Parties rose 9.9 percent month-over-month, and 10.8 percent year-over-year. Time to Foreclose increased to 333 days in August, which is 49 days longer than a year ago.
Foreclosure Starts Driven Higher by Bank of America
Foreclosure filings and sales increase throughout most of our coverage are in August. Foreclosure starts jumped significantly, reversing what had been a declining trend over the past several months. Investors bought more properties on the courthouse steps in August than in July everywhere except in Washington. The number of properties Sold Back to Bank jumped significantly in Oregon, and also rose in California and Nevada.
Foreclosure starts (the first notice filed, either a Notice of Default or Notice of Trustee Sale depending on the state) rose in every state. This appears to have been primarily driven by Bank of America and related entities, where we saw an overall 116 percent increase from July to August. Wells Fargo and US Bank also saw an increases in foreclosure start filings, while filings by JP Morgan Chase and Citibank were essentially flat.
“Bank of America appears to be primarily responsible for the surge in foreclosure starts this month,” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “Since their average time to foreclose has recently increased to more than a year, it is unclear that these foreclosure starts will lead to an increase in foreclosure sales anytime soon.”
San Diego County Foreclosure Trends
Foreclosure Filings—Notice of Default filings are the first step in the foreclosure process. Notice of Trustee Sale filings set the date and time of an auction, and serve as the homeowner’s final notice before sale.
Foreclosure Outcomes—After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank’s opening bid, the property will be Sold to 3rd Party; if not, it will go Back to the Bank and become part of that bank’s REO inventory.
Foreclosure Inventories—Preforeclosure inventory is an estimate of the number of properties that have had a Notice of Default filed against the property, but have not yet been Scheduled for Sale. The Scheduled for Sale inventory indicates those properties that have had a Notice of Trustee Sale filed, but have not yet been sold or had the sale cancelled. The Bank Owned (REO) inventory indicates the number of properties that have been sold Back to the Bank at the trustee sale, and which the bank has not yet resold to another party.
If you have equity in your home, we will sell your home and get top dollar in this challenging market, got to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION . or go to www.ShortSaleRealtors4U.com
More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !
County Properties is not associated with the government and our service is not approved by the government or your lender.” “Even if you accept this offer and use our free service your lender may not agree to change your loan.
By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.
Dear Mr. Levine:
Thank you for contacting me to express your support for extending and reauthorizing the National Flood Insurance Program (NFIP). I appreciate hearing from you, and I share your support for this important initiative.
As you may know, Congress established the NFIP in 1968 to address the nation’s flood exposure and challenges inherent in financing and managing flood risks in the private sector. The NFIP was created to identify areas across the nation most at risk of flooding and provide flood insurance to individuals and businesses.
Congress is currently considering several proposals to reauthorize the NFIP. Be assured that I will continue to work with my colleagues to see that this program is extended and adequately funded.
Again, thank you for writing to me. Please do not hesitate to contact me in the future about this or any other issue of importance to you.
Sincerely,
Barbara Boxer
United States Senator
If you would like to comment on legislation, please visit my website and use the correspondence form at https://www.boxer.senate.gov/en/contact/policycomments.cfm.
|
Check out these Free Summer Concerts in San Diego ___________________________________________________________________________________________________________ California State Games Aug. 5-7 Get ready to watch high active matches of basketball, softball, soccer, gymnastics,karate, swimming, wrestling, weightlifting, and more. 9am-5pm. Various locations in San Diego and the County of San Diego. Information desk (619) 223-2033 / www.calstategames.org |
|
Philippine Cultural Arts Festival Aug. 6-7 |
|
ArtLawn 2011 Aug. 6-7 |
|
Marine Band San Diego Summer Concert Aug. 6 Little Italy (Date Street) is proud to host a special summer concert performance by the Marine Band of San Diego.The Marine Band San Diego is a 42-piece band that also presents a fun and entertaining “Party Band”. Christopher Gomez (619) 233-3898 / www.littleitalysd.com |
|
Lemon Festival – Chula Vista Aug. 7 |
|
Oceanside Longboard Surfing Club Contest & Beach Festival Aug. 12-14 Divisions are determined by age. 6:15am-4pm. Pier Amphitheater & South Pier Beach.760-500-0745 / www.oceansidelongboardsurfingclub.org |
|
Fiesta Del Sol San Diego Aug. 13-14 |
|
American Cancer Society-Relay for Life – National City Aug. 13-14 Relay For Life is a life-changing event that brings together more than 3.5 million people- to celebrate the lives of those who have battled cancer; remember loved ones lost to the disease; and fight back. 4th & D Avenues. 619-682-7423 |
|
BrewFest Encinitas Aug. 13 |
|
Cardiff Dog Days of Summer Aug. 13 |
|
Carlsbad Village Association’s Art in the Village Aug. 14 |
|
Hillcrest CityFest Aug. 14 |
|
“Taste of Seaside Market” Open House Aug. 20 |
|
America’s Finest City 5K Run/Walk Aug. 21 |
|
Beer-Con Aug. 27 |
|
Bike the Bay Aug. 28 |
|
End of Summer Fire Run Aug. 28 |
The Conference Board Consumer Confidence Index®, which had declined in June, improved slightly in July. The Index now stands at 59.5 (1985=100), up from 57.6 in June. The Present Situation Index decreased to 35.7 from 36.6. The Expectations Index rose to 75.4 from 71.6 last month.
The monthly Consumer Confidence Survey®, based on a probability-design random sample, is conducted for The Conference Board by The Nielsen Company, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for July’s preliminary results was July 14, 2011.
Says Lynn Franco, Director of The Conference Board Consumer Research Center: “Consumer confidence posted a modest gain in July, the result of an improvement in consumers’ short-term outlook. Consumers’ appraisal of current business and employment conditions, however, was less favorable as concerns about the labor market continue to weigh on consumers’ attitudes. Overall, consumers remain apprehensive about the future, but some of the concern expressed last month has abated.”
Consumers’ assessment of current day conditions weakened further in July. Those stating business conditions are “good” decreased to 13.4 percent from 13.7
If you have equity in your home, we will sell your home and get top dollar in this challenging market, got to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION . or go to www.ShortSaleRealtors4U.com
More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !
County Properties is not associated with the government and our service is not approved by the government or your lender.” “Even if you accept this offer and use our free service your lender may not agree to change your loan.
By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.
Governor Jerry Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder.
Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.
Although a lender cannot require a borrower to pay any additional compensation in exchange for a short sale approval, the new law does not prohibit a borrower from voluntarily offering a monetary contribution to a lender in hopes of obtaining a short sale. A lender is also permitted under the new law to negotiate for a contribution from someone other than the borrower, such as other lenders, agents, relatives, and the like.
Exceptions to the new law include a lender seeking damages for a borrower’s fraud or waste; a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; a lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.
This law is fully set forth as Senate Bill 458 (Corbett) at www.leginfo.ca.gov.
*****************************************************************************************
If you have equity in your home, we will sell your home and get top dollar in this challenging market, got to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) CONSULTATION . or go to www.ShortSaleRealtors4U.com
More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !
County Properties is not associated with the government and our service is not approved by the government or your lender.” “Even if you accept this offer and use our free service your lender may not agree to change your loan.
The size of homes is dropping from the peak of 2,520 square feet in 2007. This year homes will average 2,327 and are expected to drop to 2,152 in 2015.
That is also good news for the storage companies, because downsizers will never throw everything away. (Do any of you remember when there were no “Public Storage” units? Isn’t it amazing how industries come and go? Try to find a pay phone today, a fax machine, an open Blockbuster.)
The National Association of Home Builders says that entry foyers, living rooms and dining rooms may soon disappear. How often are you ever in your formal living room? Living rooms and large entrances are built for our ego needs, not our living needs.
Lew Sichelman had an interesting article recently about this topic in the L.A. Times. Check it out at www.latimes.com.
He warns people to watch for builder tricks like scaled-down furniture. Also, you should buy from the inside out. The important part of any home purchase is the floor plan, not the front façade.
The article mentions that you should keep builder brochures and floor plans, count the rooms and their size, count closets, check the traffic plan, window placements, and electrical outlets. Even try to get a home-design model kit with symbols and have it drawn to size so you can determine how your furniture will look and fit into the spaces.
New Homes Search
San Diego Listings For Riverside Listings, Click Here
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced the following new residential construction statistics for June 2011:
BUILDING PERMITS
- Privately-owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 624,000. This is 2.5 percent (±1.3%) above the revised May rate of 609,000 and is 6.7 percent (±2.0%) above the June 2010 estimate of 585,000.
- Single-family authorizations in June were at a rate of 407,000; this is 0.2 percent (±1.0%)* above the revised May figure of 406,000.
- Authorizations of units in buildings with five units or more were at a rate of 198,000 in June.
HOUSING STARTS
- Privately-owned housing starts in June were at a seasonally adjusted annual rate of 629 000 This is 14 6 percent (±10 9%) above the revised May estimate of 549,000 and is 16.7 percent (±11.8%) above the June 2010 rate of 539,000.
- Single-family housing starts in June were at a rate of 453,000; this is 9.4 percent (±11.1%)* above the revised May figure of 414,000.
- The June rate for units in buildings with five units or more was 170,000.
HOUSING COMPLETIONS
- Privately-owned housing completions in June were at a seasonally adjusted annual rate of 535,000. This is 1.7 percent (±12.0%)*below the revised May estimate of 544,000 and is 39.3 percent (±6.6%) below the June 2010 rate of 881,000.
- Single-family housing completions in June were at a rate of 436,000; this is 0.0 percent (±14.5%)* equal to the revised May rate of436,000.
- The June rate for units in buildings with five units or more was 89,000.
http://www.census.gov/newresconst
EXPLANATORY NOTES
In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take 2 months to establish an underlying trend for building permit authorizations, 4 months for total starts, and 5 months for total completions. The statistics in this release are estimated from sample surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated relative standard errors of the most recent data are shown in the tables. Whenever a statement such as “2.5 percent (±3.2%) above” appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percent change is likely to have occurred. All ranges given for percent changes are 90-percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percent changes shown in the tables. On average, the preliminary seasonally adjusted estimates of total building permits, housing starts and housing completions are revised about three percent or less. Explanations of confidence intervals and sampling variability can be found on our web site listed above. * 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.
A federal court has temporarily halted a telemarketing operation that targeted consumers trying to sell their timeshare properties. The defendants allegedly charged consumers thousands of dollars, falsely claiming they had buyers lined up for sales that supposedly would be reviewed and approved by the Federal Trade Commission.
According to court papers filed by the FTC, the Orlando, Florida-based defendants, who operated out of mail drop addresses in places such as Las Vegas, Boston, and Orlando, contacted consumers trying to sell their timeshare properties and told them they had buyers for their properties. In order for the sale to proceed, the defendants charged consumers up to $3,150 – either as an “earnest money deposit” to commit them to the sale, or for sale-related expenses – which, consumers were told, would be refunded when the sale closed. Consumers were instructed to pay by cashier’s check or money order sent by overnight delivery, and to immediately sign and return a “sales agreement” or “sellers’ document” that would be mailed to them.
In the complaint, the FTC alleged that the “sales agreement” was a marketing contract for advertising the property, not a sales contract. Consumers who signed the contract and sent their payment to the defendants often were not contacted again, and consumers’ properties were never sold.
Contrary to the defendants’ alleged assertions, the FTC does not review or approve timeshare sales.
What Does it Mean to Escrow Property Taxes?
Escrowing your property taxes is a simple concept and useful tool for many property owners. When you escrow your property taxes, your lending company will assess you an extra amount over and above your mortgage payment each month. The amount and the fact that it is to be escrowed will be clearly delineated on your monthly mortgage statement. These payments are placed into an escrow account where they accrue and remain until it is time to pay your property tax bill.
Over time, you will have paid enough in small amounts to cover the taxes. When property tax bills are mailed out, your mortgage company will receive the actual bill and will pay it on your behalf. You will receive a notice of property taxes due from the taxing body. You’ll also be informed when your taxes have been paid.
Many mortgage lenders require their clients to escrow their property taxes, much the same as they require title insurance. When setting up your mortgage payment plan with your lender, you’ll learn whether or not you’re required to escrow your property taxes. If you are not required to do so, you may opt to anyway.
To Escrow or Not to Escrow?
Escrowing property taxes is popular for its simplicity and ease of use. Rather than remembering to save money for property taxes on your own, it is already written in to your mortgage payment. Paying a small portion of the taxes each month is often preferable for many people to coming up with thousands of dollars in property taxes when they are due. An added benefit is that your mortgage lender also takes care of physically paying the taxes. You do not have to worry about getting funds out of an account and then getting them to the appropriate taxing body.
On the other hand, there are property owners who do not escrow their tax payments. These individuals, firstly, are not required by their lender to do so or they may not have a mortgage. They also do not have trouble coming up with property tax payments when the bill arrives or they prefer to save the money on their own and earn interest in a private banking account.
Consider Your Money Habits
There is no right or wrong choice. It comes down to your personality, spending and payment habits. If you’re not a saver, are lax in your bill-paying or know you won’t have the lump sum available for your property taxes when they are due, then you are probably better off escrowing your taxes.
If you are a conscientious saver, don’t see a problem with having the lump sum available at tax time or prefer to handle tax payments on your own, then you may prefer not to escrow your property tax payments.
Your lender will be able to advise you about your options regarding property tax escrow. If you have a choice, be sure to carefully weigh the pros and cons and make sure it is the best decision for you.
If I’m refinancing my home, do I need title insurance?
Yes, when you refinance the lender considers it a new loan, even if you are using the same lender. They require a new title search to look for any problems with the title, and will usually require you purchase a Lender’s Policy to protect their investment. If you purchased an Owner’s Policy at the time of the original closing, it is in effect for as long as you or your heirs have an interest in the property.
