San Diego's Best Real Estate Values

San Diego 2012 Real Estate Forecast

2012-01-07T05:51:00.000-08:00

San Diego Real Estate Market 2012 Forecast

http://www.brokerforyou.com/brokerforyou/ ... San Diego Home Forecast 2012 - Opinion on the 2012 San Diego real estate outlook. Why San Diego home values, will still be in decline through at least the first half of 2012.

In California, In A Home Purchase, What is the role of the escrow officer?

2011-11-23T10:47:00.001-08:00

Based on the escrow instructions, the escrow officer will process the escrow and handle the funds and documents from start to finish. As stated above, the instructions outline all of the duties of the escrow officer. An escrow officer is responsible for the preparation and processing of a significant amount of paperwork. That paperwork includes, but it is not limited to, escrow instructions and amendments, grant deeds and quitclaim deeds, estimated and final closing statements as well as HUD-1 statements required by lending institutions. Escrow officers also facilitate the request, delivery, and signing of documents, not only for the benefit of the principals, but for the real estate brokers, and the applicable title company and lending institution. The escrow officer must also comply with local, county, State and federal requirements relative to required documentation and fees. If the buyer is obtaining financing, the escrow officer will work with the mortgage broker and/or lender to help move the loan approval and underwriting process along, satisfy the lender's conditions, and will likely coordinate the loan document sign-up. Additionally, escrow officers will request closing funds, authorize the release and recording of documents, and are the primary party responsible for all of the accounting of an escrow transaction and disbursement of funds held in the escrow. Another large part of an escrow officer's job is requesting payoff demands and lien releases, and working to ensure that free and clear title will be conveyed to the buyer and in compliance with the lender's instructions, if applicable. In some ways, the escrow officer has one of the most difficult jobs in a real estate transaction as he or she is the neutral party to which all buyers, sellers, borrowers, lenders, real estate brokers, and title companies look to for the proper, efficient and effective administration of an escrow. An escrow officer is the communication link for all of the parties and the central place where buyers, sellers, real estate and mortgage brokers, and lenders go for updates, answers, and problems. Finally, it is the escrow officer's duty to ensure that all of the conditions of the escrow have been met before closing, where documents can be released and/or recorded, and funds transferred and/or disbursed.

It is also important to understand that because the escrow officer is a neutral third party, he or she does not represent or favor any one party to an escrow, and is instead an agent of the principals to the escrow. An escrow officer's role as a disinterested and neutral third party is very clear. For that reason, an escrow officer will never be involved in the negotiation of the contract or advise the principals with respect to the same.

When obtaining a loan, it is the responsibility of the buyer or agent of the buyer to arrange for a loan and negotiate with the lender, not the escrow holder. Similarly, in a short sale transaction, where the sale is contingent upon the approval of the short sale lender, it is the responsibility of the seller or agent of the seller to negotiate with the short sale lender, and not the duty of the escrow officer. Because an escrow officer may only act on instructions and documents agreed to by the parties to a transaction, if a dispute or disagreement occurs, the escrow officer must remain neutral and will not proceed until the parties have reached a mutual agreement. It should also be noted that an escrow officer is not an attorney and cannot give you legal advice. Only a licensed attorney can provide you with legal advice under California law. If legal and/or tax questions arise, it is recommended that you consult with a licensed attorney or qualified tax professional for assistance.

Lastly, because escrows are confidential in nature, the escrow holder has a responsibility to not give out any information to third parties concerning an escrow without the approval of the appropriate parties and principals to the escrow. At the same time, escrow holders have a legal obligation to reveal and disclose any new, detrimental, or material information that was previously unknown to the parties. Moreover, an escrow officer must maintain the highest level of trust and maintain a good working relationship with all of the escrow participants.

San Diego real estate agents

2011 San Diego Real Estate Market Direction

2011-01-11T23:56:00.000-08:00

2011 San Diego Real Estate Market Direction

After the $8,000, Federal and California home buyer credits expired, the local San Diego real estate market entered into a double-dip continued erosion of home values.

After the homebuyer credits concluded, San Diego home values saw modest price appreciation. Now even this modest appreciation has disappeared. Even more troubling is that the resale home sales volume has been dropping at double digit rates for the last few months. Just from April to May the western states sales dropped a reported 20.9%. Huge double-digit declines in home sales are a major red flag that cannot be ignored.

When will the government learn that you cannot artificially create lasting demand? (Statistics show the vast majority of government housing programs, costing billions, are outright failures and have only prolonged our malaise.) I believe the best thing the government can do is to stay out of the housing market and let the open market clean up the mess.

Think about this: Bernanke initially spent almost $2 trillion to drive long-term interest rates down.

The $600 billion QE2 has no effect to date. Actually, interest rates have moved up substantially. There are a few months left, but I am sure Bernanke will use the "it would have been much worse" argument and declare success. The reality is that there will be no QE3, not with Ron Paul now as the watchdog of the Fed.

Our aging population, combined with a decreased standard of living can't equate to housing starts comparable to prior generations. I think our government’s relentless destruction of the middle class is making this different from prior real estate cycles.

Foreclosure moratoriums are beginning to expire. I believe the banks will push to clean up their portfolios through increased foreclosures.

Except for cash buyers, home pricing is derived from the affordability of the monthly payment. Should interest rates and taxes go up (a good bet), the purchase price will have to come down to establish a market. Construction labor is already about as cheap as you can get it and inflation for materials is already present. This spells very bad news for homebuilders.

As far as pent-up buyer demand goes, the gurus again have it backwards. It’s not buyer pent-up demand, but seller pent-up demand to unload their homes.

The depth and longevity of this San Diego housing value depression has been imbedded into the consciousness of the usual first wave of home buyers in their late 20’s and early 30’s. The high cost of living in San Diego has been further stressed with continued multiple raises in utilities, increased state taxes/fees, higher education costs and $3.00+ per gallon gas prices. This all equates to over-priced homes in the current world of qualifying for a home mortgage.

I just believe there are major problems with our economy at play that we have never seen before and that will have a deciding call on what happens with housing. I see demand based on finance rather than population at this point.

During the mid 2000's, almost the entire mortgage universe had been refinanced. This included many baby boomers that were in the last half of the 30-year mortgage they took out when they purchased their home. Some of this was hopefully to pay down other expenses and not to maintain their fantasy of the luxury lifestyle. The refinancing bubble that resulted from the irresponsible actions of Greenspan reset the 30-year mortgage clock. All borrowers looked at, was how the refinance lowered their house payment by $X per month, without giving a second thought to the fact that they have also extended the term to a new 30-year loan.

Another round of refinancing occurred when Bernanke pushed rates down to the 4% range. The only borrowers left who have not refinanced are those with no equity and/or are facing foreclosure.

In either case, now many Boomers who are reaching the traditional retirement age, find themselves strapped with 20+ years left on their refinanced mortgages. Instead of preparing for the mortgage burning party that their parents had when that generation retired, they are wondering how they can make house payments on a lower income during retirement.

Since this is the first year of the boomers reaching 65, it is going to be a negative drag on housing for years to come.

For the San Diego and California real estate market we have to contend with our own Cap & Tax laws going into effect in 2011 that will increase utility costs by 20% over the next five and speeding up the loss of manufacturing jobs. We also have a new, old governor who was against proposition 13 which sets a maximum cap on property taxes and will likely propose new massive state taxes to deal with a $25.4 billion budget deficit.

I will end my prediction with a challenge. I have 30+ years in residential real estate, I accurately foretold the 2005 bubble burst, and despite wanting to be wrong with previous “low” opinions I usually haven’t been. Do you want to bet against me?

My San Diego California real estate site provides full, unrestricted access to search the entire San Diego MLS . Also, if you want to see the actual current San Diego real estate sales activity and actual closed home prices, please visit San Diego home sales. San Diego real estate home market blog

San Diego California real estate agents

brokerforyou Bob Schwartz

*Note - This article is copyrighted, but, may be re-published if no changes are made to the content & links. All links must remain active and open in a new window. Author should be noted as San Diego real estate blog & hyper-linked to: http://www.brokerforyou.com/brokerforyou

San Diego California Real Estate Recovery?

2010-08-20T08:03:00.000-07:00

San Diego home sale recovery - What recovery! One San Diego real estate broker's views & opinion on the state of the San Diego home sale market.

For a no Bull opinion on the San Diego housing market, get a free subscription to the San Diego real estate market blog at:
http://www.brokerforyou.com/brokerforyou

Associations Pay For California Mortgage Moratoriums

2010-02-27T19:24:00.000-08:00

While some people struggle to keep their mortgage payments current, others are living in their houses for free. Not only are they not making mortgage payments but they are being offered incentives when they don’t. The Federal government has pressured lenders to work out foreclosure alternatives because of the larger number of foreclosure activity. There are also both Federal and state foreclosure moratoriums extending this “live free” courtesy.

The media outlets continue to show hard working families with five or six kids being ‘forced’ to leave their home. It makes for good emotional ‘news.’ There is another side to the story. Sadly, the taxpayers (and future generations) end up paying.

Last week Citigroup announced plans for a pilot program. Delinquent borrowers who don’t qualify for, or decline, mortgage relief would be allowed to stay in their homes without making payments for up to six months. In return, the owner/tenant are to keep the property in good condition. Let’s look at this a different way. Hypothetically, say the monthly payment is $1,900. Can the bank not get a gardener and a security service for MUCH less?

Who will make the property tax, insurance, and utility payments? In the case of condominiums and planned communities, who pays the monthly homeowners dues? My first post on this topic: New California Law Offers Free Living for Many Homeowners was published on 6-6-09.

In San Diego, and probably all of California, many of the foreclosures involve condominiums or communities with homeowner fees. Typically, if after a number of months a homeowner is delinquent in their dues, the Association files a lien notice. In severe cases the Association will foreclose on this lien. Now with all the ‘underwater’ homeowners, many homeowner associations are not even incurring the expense of filing a lien. Since there is negative equity the associations are rendered impotent.

If that is not bad enough, the California legislature in its infinite wisdom passed two new laws last year that effectively more than double the time before a lender can think of a foreclosure. If they had added a provision that moratoriums only applied to homeowners who kept up with their tax, insurance, and homeowner fees it wouldn’t have been so bad. In my opinion a portion of the regular monthly mortgage payment should have been included.

Perhaps that is too much common sense to expect from the government. Unfortunately, this has created a problem for California homeowner associations. Had the government stayed out of the process and not pressured lenders, the normal foreclosure time frames would not have hit the homeowner associations as hard.

In California, a foreclosure previously took 90 days plus a 21 advertising period. If there are no buyers, the property reverts back to the lender. Once the lender owns the property the monthly expenses, including the homeowner’s fee became the responsibility of the lender.

In California and many western states, on a first loan to purchase your principal residence, the lender’s ONLY recourse is to take back the property. They are barred by law from any other actions against the troubled homeowner (liens, pay garnishments, personal property repossession, etc.). Whether the owner is $100,000 under water or stays rent free for another year and becomes an additional $25,000 under water, it really does not matter. The credit rating is going to take a toll for normally 7 years. With the extent of the current housing problem this credit hit will likely have a lessened impact. Even with the negative hit to credit, many are deciding walking away/staying without paying is an easy way out of the substantial negative equity position.

It's becoming common for troubled Californian homeowner to live payment free for a year and possibly longer. Unfortunately for the paying members of homeowner associations, they will have to cover the delinquent dues. Adding insult to injury, they have no hope of recovering these additional costs without raising dues or imposing special assessments.

Read more of Bob Schwartz's 'tell it like it is' real estate opinions & subscribe to his free RSS feed at: San Diego California real estate market blog.

San Diego Real Estate 2010 Forecast

2009-12-24T12:41:00.000-08:00

The year of the strategic mortgage default

By Bob Schwartz, San Diego real estate broker

It would be easy to write a 2010 real estate forecast by repeating the industry line that “the new year will mark a turnaround for real estate values; those who act fast will be able to get the best buys.” Real world facts, at least in San Diego, seem to indicate otherwise.

There are reasons why another, more ridiculous, down-leg may be in store for the San Diego real estate market in 2010. Five and seven year interest adjustments came with the adjustable home loans if we can recall. The top of the San Diego real estate market occurred in the summer of 2005, so a huge number of loans are set to adjust next year. Interest rate shock will not be a negative factor since the only good thing is that interest rates are near all-time lows. What will catch homeowners will be the 'reality check' factor. How many homeowners will suddenly wake up to the fact that their home is now worth tens of thousands of dollars less than their mortgage balance? If anyone believes that their San Diego home's value will return they must be naïve.

A study by researchers at Northwestern University of Chicago observed that as many as one in four defaults may be strategic. Owing much more than the current value of their homes or being, "under water," is the reason for homeowners to become strategic. Real-estate information company, First American Corelogin, gauges that 5.3 million U.S. households have mortgage balances of at least 20% higher than their homes' value, and 2.2 million of those households are at least 50% under water. The problem is most deep in Arizona, California, Florida, Michigan and Nevada.

So, whether or not you believe the San Diego real estate market has bottomed, the reality is, it will take many years to recoup equity losses many have endured. 2010 may go down as the year of the strategic mortgage default because of this homeowner awakening.

Talking-heads who claim the U.S. housing market has "bottomed," or even that it will "bottom" in 2010, don't have the slightest grasp of fundamental economics. Government and the vast majority of media are using the old tactic of trying to talk us out of this downturn. Any bit of positive new is over-emphasized while the terrible, realistic conditions are hardly noted.

The government has spent trillions of dollars and has not made ca significant impact on the problem. Government saved Wall Street banks, at least for now. Will government platitudes actually turn around our economy? The administration thinks so. They are closing their eyes and wishing really, really hard that it does.They also should remember to click their ruby-red heels three times to insure success.

The best parallel to our current situation continues to be the Great Depression. In 1930, we had a 50% stock rally and abundant “green shoots” before the market turned down in a relentless decline. This time the government intervention is much larger, but so too, is the credit bubble.

Many agree the real unemployment rate is 17.5%. How can the housing market improve until unemployment dramatically improves?

Property values only go up if there is an increase in demand. That is NOT happening. The birth rate of the US is just enough to sustain our population, nothing more, and it would be negative without immigration.

Another major factor affecting San Diego real estate demand, is that the severity of our current home value decline seems to have broken the back of the myth that you could not lose money purchasing residential property in San Diego or California. Until the devastation to San Diego home values, fades from the collective consciousness, demand for housing will be a fraction of what it was.

Those who invest in real estate and expect values to appreciate need to face the fact that by mid-2010 there is a high probability we will be in a rising interest rate environment, which will boost costs on mortgage loans substantially. We all know it is now much more difficult to qualify for a mortgage even with some of the lowest interest rates in history. What will happen when interest rates move up? Will the government again step in with some type of subsidized interest rate/qualifying program (much like the sub-prime debacle)?

On 10-1-08 I published: #1 EZ Fix to The U.S. Housing Market, where I suggested an easy way to stabilize the real estate market. My idea was for the government to grant investors who buy and hold homes for at least three years, but no more than seven years, 100% exemption on any capital gain they may realize. Well, perhaps because this was a low cost idea involving ‘investors’ it never gained any traction. But, I still believe it would be a sure-fire fix to our housing doldrums.

Here in California the largest state tax rate just passed; there is talk of additional state tax increases. That, coupled with our already high electric, water and gasoline taxes, portends California homeowners’ disposal income is headed for oblivion! Further combination with the administration’s new health care costs and Cap & Trade's dramatic impact on utility costs, only the hope & change commissars will be able to afford California detached homes. The California masses will be, out of necessity, forced to live in huge apartment complexes. The California standard of living will take a huge hit, but look on the bright side ... mass apartment complexes will reduce commuting, contain urban sprawl and cut down on carbon emissions! Perhaps, most importantly, the extra taxes will insure the California public workers pension plans will continue to provide lottery-sized benefits into the foreseeable future.

Higher rates to support currencies will intensify deflation. Intensifying levels of bankruptcy and foreclosure due to salary decreases and job loss will intensify deflation. A century of inflation is coming unwound in a decade.

In an academic paper titled, “Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis,” written by Brent White, a law school professor at the University of Arizona argues that those who are underwater in their loans should just leave.

By leaving, it could potentially save them thousands and it won’t be long until they recuperate financially. Defaulting “strategically” can entice more walk-aways by buying all the major items they may need in the near future, such as a car or even a house, right before they take a hike. As long as you stay current with other mortgage lenders, one could potentially have a good credit standing in 2 years after the walk-away.

In my 7-27-09 post titled: San San Diego Homes – WHEN IT PAYS TO LET THEM FORECLOSE! I noted that: In the Northwestern University study, among those without moral reservations, 63% of those homeowners with a negative equity of $300,000 or more would let the property go into foreclosure.

In my 9-22-09 post titled: Foreclosures – Strategic Defaults Double I noted that: Strategic defaults … financially it’s a logical, legal, defensive decision to make. Why throw good money after bad? No more property maintenance, taxes, insurance, etc. With rent prices falling and rental vacancies rising, it makes perfect sense to bail out and have more disposable income at the end of the month. Survival is the name of the game.

So, based on the strategic default statistics and Professor White’s ideas, there is a good likelihood that 2010 could go down as the year of the strategic mortgage default.

While the highly distressed markets like San Diego, will continue to be pressured by foreclosures and myriad other headwinds. The smaller more conservative metros will benefit from the incredibly low inventory levels and should start to see a rebound in new construction activity in the coming year.

All real estate markets are local. This is the one area with which I agree with the National Association of Realtors. Therefore, I can only venture an view on the San Diego California residential real estate market. San Diego housing will remain a risky deal in 2010 that will yet again be dominated by government intervention. Until both the Federal and State governments get out of the housing market, a real bottom will not happen, thus San Diego housing values will continue to decline well into the next year. The one exception to my forecast could be the low end of the San Diego housing market. The low end properties have demonstrated a base building through the second half of 2009. I expect this favorable trend to continue into 2010.

There are many factors that affect San Diego real estate values. For years now I have ended my opinions for the following year’s San Diego housing outlook with this statement: “I hope my forecast ends up totally off-base and the market proves me wrong.” Though I'm a realist, and with that said, I personally would not bet against what I trust will be the 2010 outlook.

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Bob Schwartz is a Certified Residential Specialist, San Diego real estate agent specializing in San Diego California real estate & co-owner of an Internet search engine optimization firm, WebsiteTrafficBuilders.com, specializing in domain name registration and Internet domain website hosting. Bob received his BBA majoring in real estate & computer programming. Be sure to visit his popular San Diego real estate blog

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San Diego income property

2009-11-20T17:55:00.000-08:00

To achieve your best deal buying or selling San Diego income or San Diego investment property it is always best to work directly with a broker who specializes in this type of property. We are associated with one of the top San Diego income property real estate brokerages. All inquires for San Diego investment property are referred over to our income property specialists for individual attention. ***To view the full details, visit: San Diego income property

2008-03-04T19:40:00.000-08:00

Top 10 Home Foreclosure Avoidance Tips

1. Don’t ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your home. If you are behind on your mortgage payments or have received notice that you are behind in payments, you need to contact your lender quickly and ask to speak with a loss mitigator. Typically, your lender will mail you a “loan workout” package. This package contains information, forms and instructions. If you want to be considered for assistance you must complete the forms fully and truthfully and return them to your lender quickly. Your lender will review the complete package before talking about a solution with you.

2. A smart simultaneous step is to contact a HUD-approved local nonprofit counseling agency that may be aware of programs that could help you, may have personal knowledge of your lender’s flexibility in terms of available options, and may know the best person to contact with your lender. To find one click HUD-approved housing counseling agencies or call HUD at (800) 569-4287 on weekdays. Time is of the essence, so don’t let this step slow the process more than a few days.

3. At the same time, find out what your home is worth so you will know how much equity you have (or if it’s worth less than the mortgage balance). There are online home valuation tools on Zillow.com, Trulia, and several other websites, but an experienced and knowledgeable local real estate agent’s written market valuation is likely to be more accurate and will be helpful in discussing options with lenders. Modifications, forbearance and recasting are all possible if you have sufficient equity in your home, and if you have sufficient equity, selling the home if necessary may not be the worst idea if home values are dropping.

4. Avoid fee-based for-profit mortgage prevention companies or counseling agencies - many are rip-offs that provide few if any meaningful services for distressed homeowners, and you can get quality counseling for free. Also be wary of investors who advertise offers of immediate cash for your home. Many of them are also unethical or outright crooks, seeking to strip home equity through a variety of techniques. If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property. Never sign any legal document without reading and understanding all the terms and getting professional advice from an attorney or a trusted real estate professional, or a HUD-approved housing counselor.

5. Know your mortgage rights. Find your loan documents and read them so you know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

6. Foreclosures are expensive for lenders, so they are usually willing to listen to reasonable ideas that can reduce their potential losses, such as restructuring the loan at lower rates or accepting a “short sale,” which occurs when the lender agrees to let the owner sell the home for less than the mortgage balance, and agrees to forgive the shortfall and not downgrade the homeowner’s credit. Your willingness to cooperate is a negotiating tool if your suggestions are likely to be less expensive than a foreclosure action.

7. Bankruptcy is an option, particularly if your lender is inflexible or your mortgage is on a second home or a rental property. Bankruptcy judges can reduce debts and modify interest rates on commercial loans, second home mortgages, and investment property mortgages when it is in the best interest of both parties. Unfortunately, they have no such latitude with the mortgage on your primary residence, but if your mortgage lender is inflexible, bankruptcy proceedings may be the wisest choice.

8. Even if you are current on your mortgage payments but have an adjustable loan, thoroughly review your mortgage documents, even if your reset date is many months in the future. Check the reset interest rate or formula for determining the reset rate and any future rate resets, and see if there are mortgage prepayment penalties.

9. If you think you could have trouble keeping up with the new payments on an adjustable mortgage, consider refinancing into a fixed rate mortgage if possible. Some lenders may be willing to forgive all or part of a prepayment penalty if that payment presents a problem and you qualify for their fixed rate product.

10. Don’t assume that you are immune to a foreclosure in the future. Don’t assume that a mortgage lender’s underwriting process will assure that you’ll not be approved for an unaffordable mortgage in the future. When lenders discovered that they could package and very profitably sell risky loans to investors, they became was less focused on responsible underwriting because they weren’t at risk if they sold the loans. Sound underwriting practices began to deteriorate, eventually causing the current mortgage meltdown. This could happen again. In the future you need to consider the total amount of likely monthly payments, including taxes and insurance, and be comfortable in your own mind that you can handle those payments. Adjustable rate loans are risky because you can’t control the future interest rate at the time they will be adjusted, so you need to assume the worst (in other words, a substantially higher index interest rate when they adjust) in deciding whether they will still be affordable. San Diego real estate agents - San Diego Realtor
Courtesy of the American Homeowners Foundation and the American Homeowners Grassroots

CA Real Estate Turnaround?

2008-02-24T22:07:00.000-08:00

According to the Los Angeles County Economic Development Corp. report released last week, California home prices and sales volumes will also slide into 2009, while some areas of the state experience an even more prolonged downturn.

Jack Kyser, chief economist of the Los Angeles County Economic Development Corp, said:
"The housing pains there will remain, probably until 2010."
The statewide median home price last month was down about 17 percent from a year earlier and 5 percent from December, according to DataQuick Information Systems. The statewide median price peaked last spring.
In San Diego, most insiders will agree that the top of the housing market was the summer of 2005.
Century 21 San Diego Realtor

Congress Sends President Stimulus Package -- Final Bill Includes Increased Loan Limits

2008-02-07T22:44:00.000-08:00

The Senate passed their version of an economic stimulus package today, Thursday, February 07, 2008. The Senate version expands rebate checks for seniors and disabled veterans and includes the same increases to the conforming loan limits for both GSE and FHA found in the House stimulus package. The House just passed the Senate version of the bill and it will now be sent to the White House. The President is expected to sign the legislation by the end of next week, ahead of the Congressional self-appointed deadline of February 15^th. The increase in the conforming loan limits will last through 2008, but C.A.R. and NAR continue to lobby for FHA and GSE reform, making these increases permanent.

The U.S. House of Representatives passed a stimulus package last week that raised the FHA and conforming loan limits to as high as $729,750 in high-cost areas. By increasing the loan limits, borrowers will see immediate relief with new liquidity in the mortgage market and the nation will see an additional 300,000 home sales. Research shows that an increase in the FHA limit would enable an additional 138,000 Americans to purchase homes, and 200,000 families to refinance their homes safely and affordably.

Increasing the FHA loan limits is critical to bolstering California’s housing market. Current law restricts FHA loans to levels well below the median home price in many areas of the country and caps loans in high cost states at $363,790. These limits are preventing many homebuyers from using FHA to purchase or refinance their loan. The proposed provision will increase FHA loan limits nationwide by raising the floor to $271,050 and the limit to 125% of local median home prices.

Additionally, raising Fannie Mae and Freddie Mac’s (GSEs) conforming loan limit will provide immediate relief to borrowers and alleviate downward pressure on current housing markets. For instance, increasing the GSE loan limit could result in more than 300,000 additional home sales and strengthen current home prices by 2-3%.

The critical role that GSEs play in providing liquidity to the mortgage market has never been more evident than it is today. The national subprime meltdown has had a dramatic impact on both the cost and availability of mortgages in many markets. Since August 2007, the interest rates for jumbo borrowers have been more than 1 percentage point higher than conforming loans, which can cost homeowners up to $400 month in higher interest payments. San Diego real estate

San Diego Upgraded 4Br./3Ba. VALUE

2008-01-23T19:28:00.000-08:00

San Diego Upgraded 4 Bedroom - 3 Bath Real Value

Location: San Carlos - Vista Del Cerro

Extensive, newer, Pergo-like, warm, rich wood colored flooring and newer carpeting (June 2007). Plus: newer roof, A/C/heat, & whole house water purification system! Interior re-painted just one month ago. Exterior was re-stuccoed & painted in 2001. There s a spacious family room with fireplace & gas line, track lighting, surround sound speakers, wet bar & very high-tech wall mounted 50 Panasonic plasma TV. Sorry, plasma is NOT included, but can be purchased during escrow. Huge front balcony with stunning views of Cowles Mountain and 5,700 acre Mission Trails Regional Park. The very private rear yard features a wood deck with a covered patio & spa, two year old wood fencing &large pool for play or laps. The pool pump & filter were replaced in 2004. Garage has lots of storage cabinets and a roll-up door. Separate laundry Rm & newer water heater. The sunny kitchen has newer appliances. Living room and dining Rm have vaulted ceilings with an open feel; light and bright. Mirrored wardrobe doors & walk-in MBR closet. Spacious master bedroom. There is plenty of room for children to play. Near award-winning Dailard elementary and just a short walk to Patrick Henry High. Also. nearby is the 5,700-acre Mission Trails Regional Park, one of the nation's largest urban-area parks, a preserved wonderland of rugged backcountry, deep gorges, wood-shaded creeks, lake and hiking trails. Truly, this home is a very unique place to live and share in all that San Diego has to offer without a long commute.

Call Bob Schwartz San Diego real
estate broker: 619-286-5604

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Information

Contact Information

Bob Schwartz
California real estate broker

619-286-5604

Pricing

Asking Price: $595,000.00

Flexibility: Negotiable

Additional Pricing Information: Value ranged from $595,000 to $619,000

Property Location

6863 Cibola Road San Diego, CA 92120

Features

Bedrooms: 4

Bathrooms: 3

Parking: two car garage

Subdivision: Vista Del Cerro

Garage Size: 2 car

School District: San Diego

Square Footage: 2116

Agent Name: Bob Schwartz

Broker: Brokerforyou

MLS #: 076091617

Attributes

Appliances

Range/Oven

Dishwasher

Sink Disposal

Microwave

Interior Amenities

Fireplace

Hardwood Floors

Wet Bar

Vaulted Ceilings

Exterior Amenities

Patio

Fenced Yard

Swimming Pool

Jacuzzi

Grass Lawn

Call Bob Schwartz San Diego
real estate broker: 619-286-5604

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EQUAL HOUSING OPPORTUNITY

VFLYER ID: 1447893

Best 2Br./2BA University City Condo VALUE!

2007-10-10T21:07:00.000-07:00

Seller will look at offers between $245,000 and $275,000. Senior complex. One resident must be 62 yrs.old. Extremely desirable, light/bright top fl. w/balcony & tree shaded views. Extensive newer hardwood flooring. Upgraded Kit appliances, tile counters. Resort class clubhouse! Walk to Vons, library, community center & bus. For full details and additional photos
please visit: San Diego real estate agent . . the URL is:

http://www.brokerforyou.com

2nd. Largest Mortgage Lender Cutting Staff

2007-09-14T00:34:00.000-07:00

IndyMac Bancorp (the second-biggest mortgage company), National City Corp. and Lehman Brothers Holdings Inc. have been cutting staff. At least 100 mortgage companies have sought buyers or halted lending since the start of 2006, and foreclosures in the second quarter rose to a record, according to the Mortgage Bankers Association in Washington.

Adding to this already dire situation is the fact that mortgage defaults have started moving beyond the sub-prime sector: The Mortgage Bankers Assn. noted a rise in foreclosures on supposedly high-quality prime loans that were used by speculators who put little money down on houses in California, Nevada, Arizona and Florida, and now are walking away due to lower home prices.

San Diego Lake Murray Grossmont College Area Town Home VALUE!

2007-07-03T09:30:00.000-07:00

San Diego Large 3Br./3Ba Modern Town Home

Value Ranged - $359,000 to $377,000

Plus - 1Yr. HOA Dues Paid for Buyer!

Extremely desirable, 3BR/2.5BA w/family room in Shadow Glen! Located on Cul-De-Sac just steps from Grosssmont College, Mission Trails Regional Park, Hwy.125 New roof, newer gas log fireplace, balcony, direct access 2 car garage & Lg. Skylight. This stunning home really emphasizes true luxury for less!

Newer carpeting & paint. Added ceiling fans & Cent. Air! Elegant tile entryway. Living Rm. w/wood shutters and fireplace. Cozy family room w/access to balcony. Elevated dining room w/decorative mirrored wall. Spacious, sunny, dine-in kitchen w/quality kitchen cabinets & tile counter tops. Good size master bedroom w/vaulted ceiling, huge walk-in closet and dressing area w/duel sinks

This modern style townhouse combines warmth, comfort, and efficiency. Attached two-car garage w/new opener. Complex has pool, spa & lots of off street parking. . Steps to Grossmont College & Mission Trails Regional Park. $3,000 special assessment already paid by seller. Plus, 1Yr. HOA dues pre-paid for buyer w/acceptable offer! This is really a must see home and community! All measurements are approximate. Sq. ft. per tax rolls. Seller to select all related services. For additional details and photos, please visit:

San Diego homes for sale

VIEW San Carlos Home Value

2007-06-08T08:16:00.000-07:00

San Carlos View 4Br.+Fam Rm/2.5Ba
Value Ranged: $485,000 - $525,000
Spacious 1,836 Sq. Ft
8058 Mission Vista Dr. - MLS# 076046169

Most desirable & largest floor plan in Belaire! Semi-attached PUD on premium sunset/mountain/canyon view lot! Many luxury upgrades and built-ins! Spacious covered patio w/built-in BBQ. Exquisite marble fireplace & beautiful custom mantel. Br adjoining MBR turned into huge walk-in closet … would be perfect for nursery. EZ to convert back to Br if desired. Copper water re-pipe! New interior paint, tile flooring, crown molding, window coverings! Original owners – Looks better than new.

Completely re-plumbed with new copper water pipes, central air w/electronic filter, tile BA flooring, newer water heater w/warranty, ceiling, remote control light/fans and much more! Drip system, security & timed exterior lighting. Desirable premium view location! This model combines warm traditional New England styling with modern space, beauty, convenience and efficiency. Large, covered patio & low care rear yard! Terraced decorative brick side yard on drip w/fruit/palm trees. Spacious living room with dramatic vaulted ceiling. A roomy kitchen w/quality cabinets-tile counters tops, two windows and a water line for ice maker. Pass-through bar to the Cozy Fam. Rm w/wool carpeting, Fplc & built-in display cabinet.

Upgraded flooring, blinds & verticals throughout A real feeling of spaciousness and style! All windows dual glazed for energy conservation. Security screen door. Attached garage w/newer insulated, roll-up door. Huge Master Bedroom w/custom storage/entertainment built-ins. Spacious MBA w/newer shower enclosure/doors/toilet & flooring! Low $80 dues provide front lawn/greenbelt maintenance. Belaire is a world away in feeling...a world of green hillsides, natural canyons, the San Diego River, and a very attractive community. Right next door is the 5,700-acre Mission Trails Regional Park, one of the nation¹s largest urban-area parks, a preserved wonderland of rugged back country, deep gorges, wood-shaded creeks, lake and hiking trails. Truly, a very unique place to live and share in all that San Diego has to offer without a long commute. Great central location! All measurements are approximate. Sq. Ft. per tax records. Seller to select all related services. Really a must see home and community! For additional details & photos, visit: San Diego real estate - http://www.brokerforyou.com