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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

…. you may be able to prevent your home in San Diego going into foreclosure – call Your Private Mortgage Insurance Provider!
Having trouble getting a hold of your lender to attempt to “work out” your mortgage… you are not alone?! There is a way to “work” the system! If you did not get an “80-20” [...]

Woman chains herself to her house to prevent eviction …
This lady appeared on several news channels last night hoping that the Sherrif did not turn up to evict her.
Unfortunately there is a lot more to this story than meets the eye – watch the video and then click over to our local NBC website and be [...]

Are you "Locked In" ??
The new reality of the San Diego real estate market has created a whole new meaning to the term “Locked In!”
With the waves of foreclosures and short sales sales hitting many local San Diego neighborhoods, homeowners are faced with negative home equity. They may be able to make thier payments but are literally “locked in” to their home [...]

Mortgage resets ~
Many San Diego homeowners were put into loans that reset to higher interest rate – typically 2 to 5 years from the date the homeowner bought the house. The rational from the Mortgage Broker was that the borrower could refinance at a later date at a better rate.
Well guess what – in many [...]

This very disturbing video covers Southern California Inland Empire’s “foreclosure alley”. Homes abandoned with furniture and personal belongings – even huge TV’s and features a team that is sent in to “trash out” all the stuff left behind.
A code enforcement officials sums up the problem in a single sentence – “You know you’re in trouble when [...]

What to do if you are unable to pay your mortgage?
David Cabot, Executive Vice President of Prudential California Realty based here in San Diego, was interviewed on KUSI-TV’s Good Morning San Diego about the current housing situation.
He advised listeners to start by getting an expert negotiator on their side if you need to sell a [...]

All these homes in San Diego County sold during late August and September 2008.
We have included examples of short sales and foreclosures from across the County for San Diego homes in the $300,000 to $500,000 price range so you can appreciate some the losses the Lenders took. Some sellers also lost any equity they put into the [...]