Real Estate News

How does a Short Sale effect My Credit Vs a Foreclosure?

How much impact does a short sale have on FICO® Scores? How about a foreclosure? Since I frequently hear these questions from clients and others, I thought I’d share new FICO research that sheds light on this very subject.
The FICO study simulated various types of mortgage delinquencies on three representative credit bureau profiles of consumers [...]

67.5 Percent Increase in Bank Shadow Inventory

67.5% Increase In Bank Shadow Inventory July 26, 2011 ·
Has the state of the housing market gotten better or worse since the first quarter of 2009?
To answer this, you have to define what you mean by the state of the housing market. If you mean sales alone, then the state of the market hasn’t changed [...]

Case-Shiller – Housing Market Not Looking Good

I really like this report because it gives you a number of perspectives.

The reality is rarely what we see in the news, but it’s always nice to see the interaction and ideas expressed by the people appearing on this show.

Case Shiller Report on CNBC.
Home prices fell all over the country except in Washington DC. where our government is growing.

San Diego home prices fell ever so slightly, still they are beginning to move down once again.

San Diego is resilient because of it’s diverse job opportunities, everyone wants to live here.

Average $125,562 Awarded to Military Personal for Improper Foreclosure

Two mortgage Lenders will pay more that $22 million to settle civil charges that they improperly foreclosed on 178 members of the military, some of whom were serving in Iraq or in Afghanistan.

The Justice Department said, that between 2006-2009 Bank of America and Morgan Stanley failed to get court orders before foreclosing on military personnel in 22 states. The Justice Department awarded to these men and women an average of $125,562.

Some of the members foreclosed on were wounded or had post-traumatic stress disorder.

Under the agreement the lenders agreed to create additional mortgage loan protections for military personnel.

Can The Economy Recover Without Housing? Are we becoming a renter Nation?

Michael Farr(President of Farr, Miller & Washington plainly says “NO!”

Michael Farr blames the mortgage lending practices of Fannie & Freddie and the tightening of the mortgage requirements.

It’s not the job market.

Diana Olick says the peoples perception of owning a home is it is not a good investment. Some people are now paying higher rent than if they were to buy. Until the perception changes the market won’t change.

Also…the job market seems to be improving yet new home construction is down .8 percent. That’s not a good sign.

Be sure to make a comment or email Keith to get your FREE copy of “Should I Short Sale My Home?” This book has tons of information you will want to know. Get your copy and email it to a friend who may be in need of this information.

Shari Olefson author of “Foreclosure Nation” thinks the economy is improving without the housing market. She says “Housing is bumping along the bottom until we work out these foreclosures”.

Before the bubble burst housing was responsible for 70 percent of the total worth of the middle class of most of America.

Average 400 Days to Complete a Foreclosure-

From an article by Diana Olick called Foreclosure Delays Plague Housing Recovery she mentions we are in a 40 month low fore Foreclosure activity..

One in 593 homeowners nation wide had a foreclosure filing in April.

The slow down is the result of processing and the enormity of the problem. There are currently 3.7 million loans that are 90 days or more delinquent.

Housing Double Dip Confirmed /Short Sale to Put Money In Your Pocket

Distressed and Short Sales are 34 percent of the homes on the housing market nation wide. Mostly what is keeping the housing market up a little is the influx of cash buyers. Because of the down trend resuming the banks are looking to give you more money to short sale your home rather than foreclose. By the bank giving you $10,000 or up to $35,000 to sell (Cash for Keys) rather than foreclose, the bank is trying to save themselves from loosing much more money by foreclosing on you and going through the whole foreclosure process.

Get $10,000 to $35,000 Cash for Keys – If You Short Sale Your Home

In default, losing your home to foreclosure and running low on cash? No worries! cash-for-keys……your friendly mortgage company may soon be offering you cold hard cash to move.

Strategic Defaults at the Higher End

Strategic Defaults….What Are They?
 
A strategic default is when you bought your home:

The property value has drop dramatically
You can still afford the payments, You may choose to keep up your payments but do a short sale.
You let the home go back to the bank or you Short Sale. The Short sale You keep your [...]

Home Prices Near Record Lows from 2009

David Blitzer from the S&P talks about the mountain of foreclosures keeping prices down.
People have been hurt by purchasing a home and don’t have the same attitudes towards owning as they used to.
Also new construction is about half what is necessary to handle the population growth. In essence we will run out of homes if [...]

Read More Posts From This Category

Encinitas Local Businesses & News

San Diego Ranked 15th in California for Healthiest Counties

San Diego ranked 15th out of 58 counties last year, siting low smoking rates, preventable hospital stays, and premature death as part of the evaluation.

California’s healthiest counties were Marin, San Benito, Pacer, Santa Clara, and San Mateo which are also among the wealthiest and best educated.

Five unhealthiest counties include -Trinity, Del Norte, Siskiyou, Lake and Yuba- the residence on average have incomes nearly half of the statewide median and are mainly isolated in areas of Northern California.

Read More Posts From This Category