From the category archives:

San Diego Real Estate

Case Shiller Index for housing improves in November

by Arnie Levine on January 27, 2010

in Real Estate news,Riverside foreclosure news,Riverside Real Estate,San Diego Foreclosure news,San Diego Real Estate

The annual rate of home-price decline improved in November in the 10-City and 20-City Composites tracked as one of the S&P/Case-Shiller Home Price Indices released yesterday.  The 10-City and 20-City Composites declined 4.5 percent and 5.3 percent, respectively, in November compared with the same month last year.  All 20 metro areas and both composites showed an improvement in the annual rates of decline in November compared with October.

“While we continue to see broad improvement in home prices as measured by the annual rate, the latest data show a far more mixed picture when you look at other details,” said David M. Blitzer, chairman of the Index Committee at Standard & Poor’s.  “…there are still some markets that continue to improve month-over-month. Los Angeles, Phoenix, San Diego and San Francisco have seen prices increase for at least six consecutive months. Looking at the annual figures, four markets – Dallas, Denver, San Diego and San Francisco – have finally entered positive territory, something we really haven’t seen in at least two years in most markets.”

If you would like to get loan information from recommended banks, or get started and view all homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO's) or thinking of selling your property. Please feel free to contact me today for free counseling at (619) 301-0200 visit our website, click CountyProperties.net

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.

Consumer Confidence Index rises in January

by Arnie Levine on January 27, 2010

in Real Estate news,Riverside Real Estate,San Diego Real Estate

The Consumer Confidence Index rose in January to 55.9 (1985=100) compared with 53.6 in December, the Conference Board reported yesterday. The Present Situation Index increased to 25 in January from 20.2 in December, and the Expectations Index increased to 76.5 from 75.9 last month, according to the report.

“Consumer Confidence rose for the third consecutive month, primarily the result of an improvement in present-day conditions,” said Lynn Franco, director of The Conference Board Consumer Research Center.  “Consumers' short-term outlook, while moderately more positive, does not suggest any significant pickup in activity in the coming months. Regarding their financial situation, while consumers were less dire about their income prospects than in December, the number of pessimists continues to outnumber the optimists."

Consumers' assessment of current conditions was more positive in January than in December, with those claiming business conditions are "bad" increasing to 46.1 percent in January from 45.7 percent in December, while those claiming conditions are "good" increased to 9 percent in January compared with 7.5 percent in December. Consumers' appraisal of the job market improved moderately, and their short-term outlook was mixed, according to the report.

If you would like to get loan information from recommended banks, or get started and view all homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO's) or thinking of selling your property. Please feel free to contact me today for free counseling at (619) 301-0200 visit our website, click CountyProperties.net

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.

HAMP on track to meet goal

by Arnie Levine on January 21, 2010

in Finance,Real Estate news,Riverside foreclosure news,Riverside Real Estate,Riverside Short Sales,San Diego Foreclosure news,San Diego Real Estate,San Diego Short Sales

More than 110,000 permanent loan modifications were approved under the Obama administration’s Home Affordable Modification Program (HAMP) as of December, according to the U.S. Dept. of the Treasury and the Dept. of Housing and Urban Development (HUD).  Under HAMP, more than 850,000 homeowners have had a median payment reduction exceeding $500.

At its current pace, HAMP is on track to meet the goal of assisting 3 million to 4 million homeowners by reducing  monthly mortgage payments to affordable and sustainable levels, according to the report.

County Properties, 23 years of brokerage experience trust and a Member of the local Better Business Bureau!  We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure. 

 

If you have equity in your home, we will sell your home and get top dollar in this challenging market. 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) /ATTORNEY CONSULTATION. Please feel free to contact me today for free counseling at (619) 301-0200 visit our website, click CountyProperties.net

 

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.

FHA 90-day anti-flipping rule waived

by Arnie Levine on January 21, 2010

in Finance,Real Estate news,Riverside foreclosure news,Riverside Real Estate,San Diego Foreclosure news,San Diego Investment Properties,San Diego Real Estate

The Dept. of Housing and Urban Development (HUD) announced Friday it will eliminate for one year the Federal Housing Administration (FHA) 90-day anti-flipping rule.  FHA’s anti-flipping rule generally prohibits insuring a mortgage on a home owned by the seller for less than 90 days.  That rule already has been waived for certain transactions, including REOs.  Beginning Feb. 1, buyers may use FHA-insured financing to purchase properties resold through private developers and investors.  This one-year waiver will give FHA buyers access to a broader array of recently foreclosed properties. 

Under the temporary waiver, all transactions must be made at arm’s-length and may require additional documentation of improvements and justification of certain price increases.  Additional documentation may include a second appraisal and a property inspection ordered by the lender.

 

If you would like to get loan information from recommended banks, or get started and view all homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO's) or thinking of selling your property. Please feel free to contact me today for free counseling at (619) 301-0200 visit our website, click CountyProperties.net

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.

 

What’s ahead for home prices?

by Arnie Levine on January 14, 2010

in Current Affairs,Real Estate news,Riverside foreclosure news,Riverside Real Estate,San Diego Foreclosure news,San Diego Real Estate

California remains ahead of the nation in market recovery with many first-time home buyers entering the market due to affordable home prices, low mortgage rates, and first-time home buyer tax credits from the state and federal governments.  However, credit still is tight and unemployment remains high, which could hinder a full market recovery until 2011.

• Home sales in California hit bottom more than two years, and the median home price of an existing, single-family home reached its trough in February, according to data collected by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).  In November, the state’s median home price rose in year-to-year comparisons for the first time since August 2007.

• C.A.R.’s closely watched "2010 California Housing Market Forecast,” projects that the median home price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 in 2009. 

• Some economists are forecasting another surge of foreclosures in 2010.  However, C.A.R.’s economists expect that foreclosures will remain flat this year compared with 2009.  In 2008, many lenders flooded the market with foreclosures, and as a result, the state’s median price declined by historic levels.  By comparison, in 2009, lenders listed properties for sale at a more measured pace, which helped moderate another home price decline.

• Government efforts to maintain a low interest rate environment have stabilized the market.  However, a mortgage analyst at a financial publishing company predicts that rates likely will rise to 5.5 percent by mid-2010 and close the year at 5.75 percent to 6 percent.

County Properties, 23 years of brokerage experience trust and a Member of the local Better Business Bureau! 

We offer free counseling in real estate regarding; home values and information on options of selling vs Foreclosure.   

If you have equity in your home, we will sell your home and get top dollar in this challenging market. 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) /ATTORNEY CONSULTATION.

 

Please feel free to contact me today for free counseling at (619) 301-0200 visit our website, click  CountyProperties.net

 

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.

 

With the recent rise in foreclosures, foreclosure-related scams have exploded

by Arnie Levine on January 14, 2010

in Current Affairs,Finance,Riverside foreclosure news,Riverside Real Estate,Riverside Short Sales,San Diego Foreclosure news,San Diego Real Estate,San Diego Short Sales

HOMEOWNERS BEWARE: Foreclosure Rescue Scams

Brought to you by your Realtor®

Arnie Levine Broker of County Properties

and the California Association of Realtors®

With the recent rise in foreclosures, foreclosure-related scams have exploded onto the real estate scene. These so-called “foreclosure rescue companies” claim they will help save your home, but in reality are out to make a profit — at your expense.

Red Flags for Foreclosure Rescue Scams

If you are at risk of or in foreclosure, you should be on the lookout for foreclosure scams. Here are some of the red flags to watch out for:


• Asks for money upfront before providing any service

• Instructs you not to contact your lender, lawyer, housing counselor, family, friends, or others

• Asks for mortgage payments to be made directly to his or her company or a bank account set up by that

 

person, rather than your lender.

• Requires payment only in the form of cash, cashier’s check, or wire transfer

• Advises you to transfer your property deed or title to his or her company

• Offers to fill out paperwork for you

• Asks for something to be done immediately and without delay. This includes pressuring you into signing

 

paperwork that you have not had the chance to read thoroughly or do not fully understand.

• Promises to stop the foreclosure process, no matter the circumstances

• Encourages you to lease your house and buy it back over time

• Offers to buy your house for a fixed price that is not set by the housing market at the time of sale

• Asks for you to give a power of attorney

• Asks for signatures on a grant deed or deed of trust

• Asks for signatures on a document that has lines left blank

• Fails to provide copies of signed documents

• Refuses or fails to put an oral promise in writing


Report Fraud

If you have been a victim of a foreclosure-related scam or approached by a scam artist, you may report the incident to the following organizations and government enforcement agencies:


• California Attorney General

http://ag.ca.gov

• California Department of Real Estate

www.dre.ca.gov

• Department of Housing and Urban Development (HUD) www.hud.gov

• Federal Trade Commission (FTC)

www.ftc.gov

• Your local Better Business Bureau

www.bbb.org


Legitimate Resources

If you are at risk of foreclosure or have already received a foreclosure notice, you should contact your lender immediately. Homeowners also may seek the advice of a reputable housing, financial or credit counselor, attorney, other qualified professional or our company County Properties, 23 years of brokerage experience trust and a Member of the local Better Business Bureau. 

 

We offer free counseling in real estate re; home values and information on options of selling vs Foreclosure. 

 

If you have equity in your home, we will sell your home and get top dollar in this challenging market. 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) /ATTORNEY CONSULTATION.

 

Please feel free to contact me today for free counseling at (619) 301-0200 visit our website, click  CountyProperties.net

 

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.

 

 

 

CA Gov. proposes extension, expansion of home buyer tax credits

by Arnie Levine on January 7, 2010

in Finance,Riverside Real Estate,San Diego Real Estate

Gov. proposes extension, expansion of home buyer tax credits

During his State of the State address, Governor Schwarzenegger today announced his 2010 proposals for California.  Included in the proposals is a recommendation to set aside $200 million for a new round of $10,000 state tax credits for first-time home buyers.  The proposal expands upon the initial $10,000 state tax credit by including both new and existing homes.  Last year’s tax credit applied only to new homes.

The tax credit could be combined with the recently extended and expanded federal tax credit for home buyers.

If you would like to get loan information from recommended banks, or get started and view all homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, Please feel free to contact me today for free counseling at (619) 301-0200 visit our website, click  CountyProperties.net

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.

 

 

Free legal and realtor (R) consultation to preventing foreclosure

by Arnie Levine on January 1, 2010

in Finance,Riverside foreclosure news,Riverside Real Estate,Riverside Short Sales,San Diego Foreclosure news,San Diego Real Estate,San Diego Short Sales

  • The U.S. Dept. of Housing and Urban Development (HUD) offers an online guide to preventing foreclosure.  The guide provides consumers with information such as how to contact a housing counselor; when and how to talk to their lender; how to find foreclosure resources; tips on avoiding foreclosure and foreclosure scams, as well as information for consumers who cannot keep their home.  The guide to preventing foreclosure is available at http://www.hud.gov/foreclosure/.
  • If you are experiencing financial hardship and having difficulty staying current with your mortgage, our attorneys will provide a FREE legal consultation without obligation.
  • Our attorneys have negotiated countless short sales and loan modifications for troubled homeowners. All files are managed by licensed real estate attorneys, NOT contract negotiators.
  • Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) /ATTORNEY CONSULTATION.
  • Several foreclosure alternatives exist for a homeowner who is experiencing a financial hardship.  There are pros and cons to each so it’s critically important to have an experienced loss mitigation professional consult on the best course of action.
  • Loan Modification-A Loan Modification is a written agreement between the homeowner and their mortgage company that permanently changes one or more of the original terms of the note to make the payments more affordable. Loan modifications can include one or more of the following terms:

•    adding missing payments to the existing loan balance
•    converting an adjustable-rate mortgage into a fixed-rate mortgage
•    extending the numbers of years you have to repay
•    forgiving principal owned, AKA "principal reduction" (occurs in only 1.8% of loan modifications)

  • Forensic Loan Audit
    Many loans funded during the "boom" years of 2002-2006 were performed with legal violations. Although only a fraction of the loans were funded with blatant disregard for the law, the majority of loans have significant State and Federal violations resulting from carelessness, greed or just innocent oversight by the lender and/or broker. The audit is an extensive and thorough examination of loan documents that borrowers signed when they secured a mortgage loan.  If there are "predatory lending" violations, attorneys may employ the violations as leverage with a lender to expedite a loan modification or short sale.
  • Short Sale
    A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. Learn more about Short Sales.
  • Deed-in-Lieu
    A Deed-in-Lieu allows homeowner to transfer your property voluntarily to their lender and their debt or deficiency is often forgiven.  The borrower is immediately released from most or all of the personal indebtedness associated with the loan.  The borrower avoids the notoriety of a public foreclosure and may receive better terms than a formal foreclosure.   AKA "Friendly Foreclosure."  Caveat Emptor: if Junior Liens are not resolved properly under DIL procedure, there will be a "cloud on title".
  • Bankruptcy
    Bankruptcy to stop foreclosure is possibly the least-understood and least-desired option for most homeowners, although it can provide them with the last chance they need to be able to save their homes. In foreclosure situations, filing bankruptcy will put the entire foreclosure process on hold, which is very important for homeowners when the situation is getting out of control and they are running out of options at the last minute. When a foreclosure auction is approaching, and there is no other way to stop the Trustee Sale, filing bankruptcy will immediately put everything on hold, including putting off the sale of the property.  But it's only a temporary "pre-foreclosure" strategy at best.
  • Free Consultation with County Properties

Loan modifications rise 69 percent in third quarter

by Arnie Levine on January 1, 2010

in Finance,Riverside foreclosure news,Riverside Real Estate,Riverside Short Sales,San Diego Foreclosure news,San Diego Real Estate,San Diego Short Sales

National bank and thrift servicers implemented more than 680,000 home loan modifications and payment plans in the third quarter of 2009, a 69 percent increase compared with the second quarter, according to a report released by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS).

The percentage of current and performing mortgages declined for the sixth consecutive quarter to 87 percent of the servicing portfolio, serious delinquencies rose to 6.2 percent, and foreclosures in process surpassed 1 million mortgages, according to the report.  Serious delinquencies at the end of the third quarter increased to 3.6 percent of prime mortgages, an increase of 20 percent from the previous quarter and more than double a year ago.

Other findings from the report included:

  • More than half of all modified loans re-defaulted within six months of modification, with re-default defined as 60 or more days delinquent or in foreclosure.
  • Servicers implemented nearly 274,000 trial plans under the administration’s “Home Affordable Modification Program” (HAMP) during the third quarter. 
  • Servicers implemented nearly twice as many home retention actions as new foreclosures.
  • More than 80 percent of the loan modifications in the third quarter reduced monthly principal and interest payments.

At County Properties 23 years of brokerage experience and trust! We offer free counseling in real estate re; home values and information on options of selling vs Foreclosure.  If you have equity in your home, we will sell your home and get top dollar in this challenging market.

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 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) /ATTORNEY CONSULTATION.

Please feel free to contact me today for free counseling at (619) 301-0200 visit our website, click  CountyProperties.net

By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.

 

Citigroup to suspend foreclosures for 30 days

by Arnie Levine on December 26, 2009

in Real Estate news,Riverside foreclosure news,Riverside Real Estate,San Diego Foreclosure news,San Diego Real Estate

Bank is working on ‘long-term fundamental alternatives’ to foreclosure
Citigroup Inc. will suspend foreclosures and evictions for 30 days in a temporary break for about 4,000 borrowers during the holiday season.

The New York-based bank said Thursday the suspension will run from Friday through Jan. 17. It applies only to borrowers whose loans are owned by Citi. Borrowers who make payments to Citi but whose loans are owned by other investors are out of luck.

“We want our borrowers to have a much less stressful time, to spend their time with their families during the holidays as opposed to worrying about their homes,” Sanjiv Das, head of the company’s mortgage division, said in an interview.

The suspension means Citi will halt foreclosure sales and stop evicting homeowners from properties it has already seized. The company projects it will help 2,000 homeowners with scheduled foreclosure sales and another 2,000 that were due to receive foreclosure notices.

Das also said the company is working on “some long-term fundamental alternatives” to foreclosure, but declined to be specific. “We know that moratoriums are not permanent solutions,” he said.

Most major lenders suspended foreclosures last winter while the Obama administration developed its $75 billion loan modification program. Foreclosures picked up again after those suspensions lifted. In recent months, they have fallen as banks evaluate whether borrowers qualify for the government program.

Citi has enrolled about 100,000 borrowers in the Obama program, but had made only about 270 of those modifications permanent as of the end of last month, according to a Treasury Department report. But Das said the low number resulted from a “reporting error” and said it will rise dramatically by year-end.

“I have put a lot of pressure on my team to make sure that there is almost nothing left in the pipeline,” he said.

If you want more real estate information contact County Properties. At County Properties 23 years of brokerage experience and trust! We offer free counseling in real estate re; home values and information on options of selling vs Foreclosure.  If you have equity in your home, we will sell your home and get top dollar in this challenging market. 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.

Please feel free to contact me today for free counseling at (619) 301-0200 visit our website, click  CountyProperties.net

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