Recent Posts
Housing to drive economic growth (finally!)
Just over half of economists surveyed by CNNMoney identified a housing recovery as the primary driver of economic growth this year. The bursting of the housing bubble plunged the economy into a recession from which it has yet to fully recover. But economists say this could finally be the year that housing lifts us out [...]
Read More...Good News for Under Water Borrowers & Short Sellers
Late last night, Congress reached a settlement in the “fiscal cliff” negotiations. As a result, the Mortgage Forgiveness Debt Relief Act has been extended for another year. The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal [...]
Read More...Changes are in store for FHA…
Changes to FHA guidelines with stricter criteria will limit many First Time Homebuyers, as well as, any buyers looking to get back into the housing market that have had a previous foreclosure. Stricter quidelines include raising the bar regarding credit scores. FHA will soon require a minimum FICO of 620; currently FICO scores considered as [...]
Read More...Luxury Downtown San Diego Condos are Flying off the market!
Here is just a sneak peak of the recent solds – The Grande North – $1,000,000 The Grande South – $965,000 Sapphire Tower – $1,200,000 Pinnacle Musuem Tower – $1,060,000 Bayside – $1,225,000 Park Place – $1,200,000 The Metropolitan – $1,200,000 Harbor Club $1,100,000
Read More...Low Inventory is Keeping the Market very Competitive in Southern California
Favorable home prices and record-low interest rates combined with high demand and a severe shortage of available housing have created a highly competitive housing market in California, with nearly six in ten home sales receiving multiple offers, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2012 Annual Housing Market Survey.” More than half (57 percent) [...]
Read More...Number of Lower Priced Homes Plummet in Southern California
The number of low-price homes plummets in state; Competition for lower-priced homes in California is so hot that the number of cheaper homes available for sale has sunk more than 40 percent in the last year, pushing out many would-be buyers. We are experiencing high demands with low inventory and Multiple offers on the lower [...]
Read More...Federal Housing Finance Administration to make Short Sales Easier
Here are some specific changes that will be effective Nov. 1, 2012: •Eliminates current Fannie Mae and Freddie Mac short sale programs and creates a single standard short sale process for both entities (Fannie and Freddie HAFA programs will expire at the end of the year). •Enables servicers to quickly and easily qualify certain borrowers [...]
Read More...California Home Prices near 4-year HIGH
California home sale prices came close to a 4-year high in July, with the pace of sales yearover- year growing for the fourth month in a row, the CALIFORNIA ASSOCIATION OF REALTORS® reported. The median home price in July for an existing single-family home was $333,860 last month, up 4.2 percent from $320,540 in [...]
Read More...Should I pursue a Short Sale or a Loan Modification?
Short Sale •Avoid foreclosure and avoid massive credit damage •No cost involved in completing a short sale •May receive full release from the debt •May be able to purchase a home much faster than after a foreclosure •Avoid the humiliation of a foreclosure – a short sale looks like a traditional real estate sale Loan [...]
Read More...How long must you wait to purchase? You may be closer than you think!
Loan Type Conventional Wait Time After a Short Sale: Minimum of two years if you put 20% down; Minimum of four years if you put less than 20% down. You must prove that that the short sale was a result of hardship and not financial mismanagement. Short sales due to financial mismanagement require seven years’ [...]
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