San Diego Short Sale and Foreclosed Homes
Patrick Hale is a real estate expert based out of San Diego, CA. In this video, Patrick describes his experience in real estate and how he can help buyers, sellers, investors and other real estate professionals in the real estate industry. 1 Comment San Diego Real Estate Map Based Home Search 10/28/2010
Map based search of san diego california real estate including short sales, reo, foreclosures, traditional sales and for sale by owners. Pre-Listed Foreclosures in San Diego County 09/13/2010
We currently have 152 Pre-listed and active Listings in San Diego County. You can access our pre-listed foreclosure inventory online. For more information on any of these listings, please fill out the form below: What the Jobs Report Means for Housing 04/07/2010
By Nick Timiraos Friday’s jobs report is important to the housing market for two main reasons: Folks aren’t buying homes if they’re worried about losing their job. And, more importantly, more borrowers fall behind as they lose their jobs, especially when they owe more than their homes are worth. Indeed, the surest way to stem foreclosures at this point is to reverse job losses, something the administration likely knows all too well. A report from Freddie Mac last week shows that job losses drove the vast majority of missed payments last year among prime borrowers, or those who have good credit. Freddie Mac said that 58% of its borrowers who went delinquent last year cited unemployment or reduced income for missing payments, while another 16% said payments had become excessive. Illness or death were responsible for another 11% of delinquencies, while marital problems resulted in 5% of delinquencies. Other top reasons: inability to sell a property (3%), job transfer (2%) and property defects (1%). Freddie Mac reported that the number of its loans that are 90 days or more past due grew to 4.08% in February, up slightly from 4.03% in January. That’s the slowest rate of increase in more than a year, though seasonal factors (delinquencies typically do better in February than in January) and an uptick in recently modified loans that are re-performing could help explain the easing deterioration. Fannie Mae said that 5.52% of its loans were seriously delinquent in January, up from 5.38% in December, the second smallest monthly jump in at last one year. Early-stage mortgage delinquencies are expected to peak this year, and housing analysts have been looking to see when that might happen because it would represent a significant green shoot for the market. The Mortgage Bankers Association quarterly survey suggests that may have begun to happen during the fourth quarter, as the pace of job loss eased. But formally hitting a peak in early-stage delinquencies may be a Pyrrhic victory at this point because the pool of loans that are seriously delinquent continues to grow larger. A more important metric to monitor are roll rates, which measure the share of loans that transition every month from 30 days delinquent to 60 days delinquent, or from 60 days to 90 days late. Those show no signs of improvement right now, according to data from LPS Applied Analytics. Freddie Mac Chief Economist Frank Nothaft notes that there are some positives that could help ease new delinquencies: housing markets are showing signs of stabilization and government efforts to stimulate home sales with a tax credit and low mortgage rates have helped to soak up excess inventories. But he cautions, “There are many reasons to be cautious about what could happen in coming months. Because of foreclosure moratoria, judicial backlogs and [modification] trial periods, many loans are languishing either in late-stage delinquency or in the foreclosure process and could add to [bank-owned] inventories in the coming year.” By Nick Timiraos The Obama administration is stressing that the revamp of its foreclosure prevention efforts won’t cost any more taxpayer money. That’s because the administration hasn’t come close to using the $50 billion from the Troubled Asset Relief Program (TARP) that it set aside for its loan modification program last year. That money helps cover the cost of lowering borrowers’ monthly payments, usually by reducing interest rates and extending loan terms to 40 years. Loan servicers that handle mortgage payments also receive incentive payments for successfully modifying mortgages under the Home Affordable Modification Program, or HAMP. Borrowers are eligible for payments after one year in the program. Separately, the administration said last week it would begin requiring banks to consider writing down loan balances for borrowers who owe 115% of their home value. Lenders will receive 10 to 21 cents of federal subsidies for every dollar of loan principal reduced, depending on the degree to which the borrower is underwater. HAMP has resulted in just 170,000 permanent modifications so far and is being revamped to reach more borrowers. That means the $50 billion outlay from TARP has essentially become a housing slush fund that doesn’t require congressional approval for every new outlay or program change. Here’s a look at where some of the money is going:
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