San Diego & Riverside Counties| Real Estate Blog

County Properties, we would like to wish you a Happy Holiday season

2009-12-19T23:29:00-08:00

On behalf of everyone at County Properties, we would like to wish you a Happy Holiday season and a happy new year!

This was certainly a challenging year for our industry, but adversity is what separates leaders from followers.

We are already seeing signs of recovery and while no one can predict with absolute certainty what 2010 holds, we know that we’re prepared for any change that may come our way. Our team of professional Realtors are ready to serve you with any Real Estate needs/concerns in order to have a smooth and pleasant home buying experience.

Thank you for your continued business and referrals.

www,CountyProperties.net

www.CountyForeclosures.com

Survey finds most agents see home prices stabilizing

2009-12-19T23:10:22-08:00

A fourth-quarter survey conducted by HomeGain showed that 72 percent of HomeGain members believe that home prices will remain the same in the next six months, an increase from 69 percent in the third-quarter survey.

According to the recent survey, HomeGain members said that 37 percent of home buyers believe that homes for sale are fairly priced or under priced, compared with 36 percent in the third quarter. Conversely, 41 percent of homeowners think their homes should be listed 10 percent to 20 percent higher than what their agents recommend, up from 38 percent in the third quarter.

The first-time home buyer tax credit has helped drive sales, with 21 percent of respondents saying half of their transactions involved a first-time home buyer, with only 11 percent noting that none of their transactions involved a first-time home buyer.

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 or Toll free (866) 825-8124 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.

Foreclosure activity declines 8 percent nationwide

2009-12-19T23:08:05-08:00

A report by RealtyTrac shows that foreclosure filings, including notices of default, scheduled foreclosure auctions, and bank repossessions, decreased nearly 8 percent in November compared with the previous month, but were 18 percent higher compared with a year ago.

California posted the nation’s third highest foreclosure rate, with one in every 180 housing units receiving a foreclosure filing in November. Despite a 13-percent decrease in foreclosure activity from the previous month, California continued to post the highest total of any state, with 73,995 properties receiving a foreclosure filing in November. Foreclosures in California rose 22 percent from November 2008, but were down nearly 32 percent from a July peak of 108,104. November marked the fourth consecutive month that California foreclosure activity has declined on a month-over-month basis.

California also had the top three metro foreclosure rates: Merced, with one in every 83 housing units receiving a foreclosure filing in November; Stockton, with one in every 85 housing units; and Modesto, with one in every 87 housing units.

Other California metro areas with foreclosure rates in the top 10 included: Riverside-San Bernardino-Ontario at no. 6, with one in every 102 housing units; Bakersfield at no. 7, with one in 111; Vallejo-Fairfield at no. 9, with one in 126; and Sacramento-Arden-Arcade-Roseville at no. 10, with one in 132.

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 or Toll free (866) 825-8124 visit our website, click CountyProperties.net

Green Tip of the Week: Rechargeable batteries

2009-12-19T23:04:50-08:00

Want an alternative to using disposable batteries, which leak toxic wastes into landfills and ground water? Switch to USB rechargeable AA batteries that do not require adapters or cables, but instead can be inserted into your laptop’s USB port—or other USB port—and be recharged hundreds of times. Visit http://www.usbcell.com/ for more info.

CountyProperties.net

California new-home sales rise 25 percent

2009-12-19T23:01:23-08:00

Sales in new-home communities of 10 units or more in California rose 25 percent in October compared with a year ago, according to the monthly California Building Industry Association (CBIA)/HanleyWood Market Intelligence report. The increase marked the first year-to-year sales appreciation since December 2006, according to CBIA. Sales of single-family homes increased 4 percent, while sales of townhomes and multiple-unit homes rose 36 percent. Condominium sales increased 94 percent compared with a year ago, according to the report.

“While this month’s figures are encouraging, we must keep in mind that we’re comparing the figures to October of 2008, which was the second lowest month of nominal sales we’ve seen during the downturn,” said Jonathan Dienhart, director of published research for HanleyWood Market Intelligence.

Smart Buyers will be out during the holidays

2009-12-19T22:51:35-08:00

The credit is reasonably straightforward, but there are some tips for those who want to take advantage of it. Here's what you should know:

Homes: buying, selling & credits

1. Deadline: April 30, 2010

The most important tip is to be aware of the deadline. Buyers who want to use the tax credit must have their new home under contract, meaning “in escrow” by April 30, 2010, and must close the transaction within 60 days after that date.

That deadline is much sooner than it may seem: Many buyers take months to locate a house, and closing a transaction typically takes 45 to 60 days.

First-time buyers should get started soon because they may face a lot of competition from other buyers. That price range is "very popular" and those homes tend to sell quickly and receive multiple offers.

Our housing inventory is low in San Diego right now, all the more reason to start looking now.

The short deadline may create even more of a crunch for homeowners who need to sell their current home in order to purchase a new one. Sellers need to be realistic about the value of their current home and put their home on the market as soon as possible.

Buyers who get behind the deadlines shouldn't count on another extension to keep them in the game. Senator, Johnny Isakson, R-Ga., a former Realtor and the principal supporter of the legislation that extended and expanded the credit, has said in a statement that the tax credit won't be extended again.

2. Credit up to $8,000 or $6,500

Buyers also need to understand that the tax credit is equal to 10 percent of the sale price of the home, which could be less than the maximum credit of $8,000 for first-time buyers and up to $6,500 for 2^nd time buyers.

For example, if a first-time buyer purchased a small condominium that cost $70,000, the tax credit would be $7,000. And by the way, if the home costs more than $800,000, the credit now drops to zero.

3. Get good advice

Homebuyers who want to take advantage of the tax credit should consult the right people for help, including:

A tax accountant, who can help them ensure they meet all the requirements to use the credit.
A lender, who can help them choose a loan program that will fit their needs.
A Realtor, who can help them locate a home they can afford and want to purchase.

Buyers should be aware that not all loans allow the borrower to finance closing costs or accept a contribution from the seller toward those costs. Buyers whose savings won't cover all the out-of-pocket costs to buy a home, should discuss that with their lender.

4. Beware of tax fraud

It is important to educate yourself and understand the terms involved. This type of program always brings out the money grabbers.

Three Web sites that may be helpful are:

Buyers and sellers should be careful of any advice that sounds suspicious. For example: If your told to withhold any information from your lender, you should run from that person. All items are to be talked about and shared honestly. The lender and Realtor are there to help the buyer/seller and always should have their best interest in mind.

One final tip: The IRS has found such a high incidence of fraud and creative tax accounting associated with the homebuyer tax credit that taxpayers who take the credit will now be required to attach a copy of the settlement statement to their federal tax return as proof of purchase. Buyers should keep their paperwork handy.

Help & Short Sale Solutions with County Properties

2009-12-10T17:45:20-08:00

Are any of these making you toss and turn at night, affecting your everyday life? We have a streamline, easy way to help you thru these troubling times.

Mortgage Payment Adjusting Up

Income Going Down

Home is worth less than your current mortgage

Trouble with Bills / Overwhelming Debt

Behind on Mortgage Payments

Concerned About Preserving Credit

County Properties, a full service Real Estate Company, has teamed up with a Real Estate Attorney Group who specializes in negotiating short sales and loan modifications with lenders.

HOW THIS BENEFITS YOU

FREE Consultation with an Attorney and one of our Agents, at the end of the consult you will understand the likely hood of being able to do a Loan Modification and what your options are.

Below are a few of the things the attorney can do for you, if you should have to do a short sale.

ü A forensic loan document inspection designed to uncover RESPA, TILA and other violations.

ü Substantially more leverage that comes from the threat or initiation of litigation .

ü A detailed financial cost/benefit analysis that illustrates a short sale is a substantially less expensive alternative to the lender than foreclosure.

ü High likelihood of negotiating reduction or elimination of the deficiency.

ü A much faster response from the lender due to escalation resulting from legal representation.

ü Identification of important or damaging legal issues at the earliest possible opportunity (deficiency judgments, tax implications, fraud, etc.)

ü Minimized damage to credit and the ability to borrow in a fraction of the time vs. foreclosure

ü Routinely close short sales in less than 60 days!

Please give us a call TODAY for a free consultation, so we can begin to help you TOMORROW. Call us at: (619) 301-0200 or Toll free (866) 825-8124 we are easy to talk too. We'll keep the conversation and your situation in our strict confidence. If you prefer, contact us by filling out the form stop foreclosure now.

New : HOME AFFORDABE FORECLOSURE ALTERNATIVES PROGRAM (HAFA)

2009-12-10T17:43:55-08:00

The U.S. Dept. of the Treasury last week announced the Home Affordable Foreclosure Alternatives Program (HAFA), which provides financial incentives to servicers/lenders, borrowers, and investors for a closed short sale or a deed-in-lieu (DIL).

Program goes into effect on April 5, 2010, but participating servicers/lenders may elect to implement HAFA prior to April 5, 2010.

There are some pitfalls to this new program:

Borrowers :

1. Did not qualify for a HAMP Trial Period program.

2. Did not successfully complete a HAMP Trial Period program

3. Are delinquent on a HAMP modification by missing at least two consecutive payments, or Requests a short sale or Deed in lieu of foreclosure

4. This is a voluntary program for Lenders

WHAT IS HAMP? Home Affordable Modification Program

A borrower who is current, but has a documented need to have a reduced

mortgage payment can qualify for the program by entering into a trial

modification for the reduced payment amount. With the reduced payment

amount, the loan will be in default.

Options lender can do utlizing this program

1. Reduce interest rate as low as 2% - 5 year period

2. Extend termt to 40 years

3. Reduce payment to less than 31% of montly income

4. Temporarily suspend principal payments

5. Has to be primary residence

6. Applies only to FHA insured mortgages.

7. This program is only for a 3 month TRIAL PERIOD

8. This is a voluntary program for Lenders

WHAT IS DIL ( 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".

Commercial mortgage bond securitization Back in Business?

2009-12-10T17:41:49-08:00

Investors Showing an Appetite for Bonds Backed Even by the Weakest Real Estate Sector and No Government Support

The commercial mortgage bond securitization window that has been closed for nearly two years during this recession has reopened for business in the last few weeks and investors have lined up encouragingly to take advantage of a new round of CMBS offerings.

Several investment banks have announced that they are firing up their conduit lending programs and will begin to originate and warehouse loans for multi-borrower securitizations, said Chris Moyer, an associate with Cushman & Wakefield Sonnenblick-Goldman in New York.

At least three have publicly announced, or are actively discussing, such programs, while others, have brought on senior managers who have experience building conduit-lending platforms. The active banks are Goldman Sachs, Bank of America and JPMorgan. Word on the street is that RBS and Deutsche Bank are also ramping up securitization activity.

CountyProperties.net

Wells Fargo Home Mortgage EZ rate reduction

2009-12-10T17:39:18-08:00

Wells Fargo is one of County Properties business partners. I thought this would be useful if you have a Wells Fargo existing mortgage on your home.Wells Fargo Home Mortgage programs, including the new options available through the Home Affordable Refinance program, part of President Obama’s plan to help homeowners refinance their mortgages at no cost – no points and no fees. Wondering if you’ll qualify?

If you have consistently paid your existing mortgage on time, but are
concerned about how recent market changes may impact your ability
to refinance, then this may be the program for you.

You may be eligible if:
• You are current on your mortgage payments.
• Your home is a single-family dwelling or a 2-4 unit attached dwelling.
• You have income to support the new monthly mortgage payments.
• You can obtain a lower interest rate, a lower monthly payment or a more predictable payment (switching from an adjustable-rate to a fixed-rate mortgage) by refinancing.
• Your new mortgage amount does not exceed 105% of the value of the home.
• Mortgage amounts cannot exceed conventional conforming mortgage loan limits.
• Your mortgage must be owned by Fannie Mae or Freddie Mac (as the investor).

Contact Cheryl White
Home Mortgage Consultant
Wells Fargo Home Mortgage
5464 Grossmont Center Drive, Suite 100
La Mesa, CA 91942
click here to contact her