Mortgage rates dropped last week to the lowest they have been since May of 2004.
Most 30 year fixed rate loans are less than 5%, while 1, 3, and 5, year fixed with adjustable rates have dropped below 4%.
A new wave of foreclosures is expected this summer due to the maturation of many of the 5 [...]

Financially strapped homeowners in San Diego looking to cut their mortgage payments through a loan modification …
… or principal reduction needn't destroy their credit scores in the process. Some of the most frequently used mortgage modification programs turn out to have minimal negative impact on homeowner's FICO scores.
As an example, people with excellent scores [...]

WINDOW OF OPPORTUNITY FOR CALIFORNIA BUYERS
Last week Gov. Schwartzenegger signed Assembly Bill 183, the Homebuyer's Tax Credit legislation, into law. This has created a brief window of opportunity for buyers in California to receive up to $18,000 in combined federal and state homebuyer tax credits!

Here are the basics:
A first-time homebuyer must enter into a valid [...]

New guidelines were issued this month by the IRS ….
…. for the two tax credit programs for first-time homebuyers and existing homeowners. When Congress revised the programs in November, the IRS was instructed to tighten its rules and monitoring to prevent widespread frauds that had occurred since early 2009.
Some of the abuses included fictitious home [...]

FHA TRYING TO GET RIGHT BALANCE WITH NEW RULES
FHA announced tightened lending requirements in late January. The changes are being implemented to increase FHA's capital reserves and help the agency do a better job with risk management.
The new rules will require a Buyer to either spend more to obtain a loan or to purchase at [...]

A compromise may have been reached in the Senate …
…. to both extend and expand the $8000 first-time homebuyers tax credit.
 
That's good news for the housing industry. They believe the credit has brought new families to the housing market, helped contribute to 3 consecutive months of rising home prices nationwide and continues to help it [...]

I’m so glad I attended a seminar by John Altman a couple of days ago.
John has been in the real estate business for 40 yrs. and is an excellent speaker.
He also is a master at statistics.
As he started to give us some of the information he had compiled, I began to understand why I’ve been [...]

Military Homeowners Sellers Assistance Program.
Relocating can be a significant part of being in the military.
With new orders and a potential relocation every 18 months or so, buying and selling a home becomes especially challenging. During the height of the housing boom, selling a home could be done in a few days to a few [...]

CAR - the California Association of Realtors offer buyer protection …
It seems like stimulus packages and buyer incentives have become the norm these days.  First the car companies offered incentives that if you buy a car and lose your job, they will pay your car payment or even take your car back with no penalties. 
What [...]

This economy unfortunately can bring the worst out in people.
It’s not enought that homeowners are going through the trauma of possibly loosing their homes – there are unscrupulous people preying on them to add to the insult …
The California Association of Realtors has a short article highlighting the areas that are "Red Flags" – tips [...]

Homowners tell their Lenders "Produce the note".
This often stays or delays the foreclosure process as often the Banks cannot produce the note!

There are thousands of renters who have become victims of the current housing crisis due to banks foreclosing on the properties they have been living in. Many of these tenants are totally unaware that their landlords are in trouble until an eviction notice arrives in the mail or is posted on the front door.
Approximately [...]

Tax Lien Relief for San Diego Homeowners
In the past when a home had a federal tax lien on it, the lien would have to be paid in full in order to refinance or sell. With the economy in distress, the IRS is now being a bit more forgiving when it comes to tax liens as [...]

Two New Band-Aids for Foreclosures in Progress
 
With our new President’s first day on the job fast approaching, Congress is quickly putting together two new bills in hopes to aid homeowners facing foreclosure. Word is that our new President will be approving the bills when they come his way.
 
The first bill would set aside a total [...]

Many thought “affordability” of homes was just a thing of the past, never to be seen again by homebuyers in San Diego. Recent statistics though, may prove otherwise.
In the 3rd quarter for 2007 the affordability rate of 24% had many home buyers shaking their heads. Compare that to San Diego’s affordability rate of 51% in [...]