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New Laws Set to Help Short Sales
New federal rules are set to help the short sale process become quicker for buyers and sellers. An estimated 11 million homeowners are underwater on their home and in June new policies will be put into place to keep banks from delaying short sale proceedings. Currently it takes banks months to respond to offers from [...]
Read full article...CA Congressional Members Against Bulk REO Sales
Eighteen members of the California State Congress signed off on a letter to the Federal Housing Finance Agency urging acting director Edward J. DeMarco to not implement a bulk REO purchasing program. The program would allow more than 600 Fannie Mae owned foreclosed homes in Los Angeles and Riverside counties to be sold to investors, [...]
Read full article...Have We Hit Bottom?
While the question “have we hit bottom?” has sneaked its way to front page of every newspaper at some point for the past three years, new signs could indicate we are near the bottom of the housing market crisis. Home sales across California were up 5.5% in February compared to a year prior according to [...]
Read full article...Good Financial Decisions
As the housing market started to fall into crisis between 2005 and 2006, many homeowners stopped paying on their monthly mortgage. Some homeowners simply could not afford their payments while others, who could afford their home mortgage but chose not to pay, took the route of what is called Strategic Default. The goal of strategic [...]
Read full article...Home Prices Drop in 4th Quarter
Home prices across the US fell 2.4 percent in the fourth quarter compared from a year earlier. Home prices in California fell 4.6 percent compared to the previous year, which means the state’s home prices have dropped 44 percent on average in the past five years. With continuing home value woes, California ranks 9th as [...]
Read full article...Mortgage Settlement Reached: The Good and Bad News
This week, a landmark $25 billion settlement was reached by the federal government along with 49 states and the nation’s five biggest banks. The agreement will provide benefits for hundreds of thousands of homeowners who have been affected by the housing crisis. Nationwide, the impact of the settlement is meant to help take a step [...]
Read full article...Short Sale Now or Later
With the current housing and economic woes, many people are questioning whether or not to short sale their home now versus three or four years from now. The decision at what point to short sale your home relies both on short term and long term goals. The main question you should asking is where you [...]
Read full article...Home Prices at 2001 Levels
When taking into account the yearly rates of inflation, we are now seeing home prices at 2001 levels according to the S&P/Case-Shiller 10-City Composite Index. Considering the minor dip of home prices at the start of 1990 and the flat lining of home prices in the early 90′s, we are close to an inflation corrected [...]
Read full article...Foreclosure Aid Programs Failing
The US government’s foreclosure-prevention program, which was first introduced in 2009, has been struggling to offer help to people who are in danger of foreclosure. When the program was initially launched, it was estimated that it would help 7 million to 9 million people across the US. To date, the program has helped about 2 [...]
Read full article...Foreclosure Crisis Only Half Way Over
The Mortgage Bankers Association is reporting that new home foreclosure filings have increased during the third quarter as home owners are failing to get approvals for loan modifications. Nationwide, foreclosure filings were up 7 percent from September to October. Mortgage lenders have also started to work through the legal and paperwork issues that have hampered [...]
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Loan to Value Calculator
Use this calculator to estimate how many years your home could be upside down for:Looking for the estimated value of your home in this down market? We have the tools to help you:
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Short Sale vs. Foreclosure
This will explain why a short sale can help you keep your credit and the ability to purchase a home in the future.
Bill from San Diego
November, 2010
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