San Diego Mortgage Banks and Loans Info
Money for Mortgages is Available
October 22nd, 2008 categories: Buying San Diego Real Estate, San Diego Mortgage Banks and Loans Info, San Diego Real Estate, San Diego Real Estate News, Selling San Diego Real Estate
Kenneth Harney a syndicated columnist for the Washington Post wrote an article that appeared recently in our Union Tribune and condensed all the known information about mortgage money and loan availability for todays Buyers of residential real estate.
The essence of the article was about the lack of shortage of money and the credit available to buy homes. He makes a very strong point that it is because the government has backed these loans and there is much less risk, at least for now.
Now, it is acknowledged that attaining credit today is certainly not as easy as it once was but if you have a good credit score and at least some money to put down, you stand a very good chance of getting your loan request approved.
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The Voice of San Diego Real Estate and A Serious Discussion on Mortgage Loans and Lending……The Past, The Present and The Furure
May 7th, 2008 categories: Buying San Diego Real Estate, San Diego Mortgage Banks and Loans Info, San Diego Real Estate, San Diego Real Estate News, Selling San Diego Real Estate
The Past - As practitioners in the real estate industry, not one of us is unfamiliar what with has already happened leading up to and the result of the sub prime crisis.
The Present - We are all pretty much in tune with the almost daily ideas being suggested by underwriters, mortgage purveyors, Congress and others. Everyone has ideas, testing the waters for that one stroke of brilliance that will act as a magic pill to solve the whole problem, one step at a time, one sweep at a time or even one huge brush stroke and make the problems all disappear.
The Future - Depending on who’s idea(s) win out, the course for the future of the mortgage market will probably be a lot different than it is today. That future could be filled with new opportunities as the skilled learn the new required steps for making it all seamlessly come together. Or it could be an ultra new “hybrid” type of market, a different set of rules for nearly every kind of situation imaginable, difficult to learn and even more so for the mortgage professionals to manage.
Taking a step back, let’s be clear where we were and why the market was so robust that it increased homeownership from a national average of approximately 50% to about 65% over a five or six year period. As the days roll on, that number is declining back though it is doubtful it will ever fall to anywhere near the 50% level again.
The perception during that run up period was that housing prices would continue to escalate forever and was reinforced daily by the statistics of skyrocketing sales and prices to match. With that no longer being our reality today, where are we now on that statistical scale? It has left us with falling home prices, fewer buyers in the market place, fewer home sales, and more uncertainty than in the past 20 years.
By the end of 2007 there were over 2 million foreclosure filings and 400,000 had already lost their homes. Now as bad as that sounds by the end of 2008, that may look like a ‘not so bad’ number comparatively speaking.
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The Scarlett Letters of ” Declining Market”, Redlining ??
April 27th, 2008 categories: Buying San Diego Real Estate, San Diego Mortgage Banks and Loans Info, San Diego Real Estate, San Diego Real Estate News, Selling San Diego Real Estate
We have all heard the conversations surrounding Declining Market and we have heard it here in the San Diego Housing Market as well. But until now many have not realized that the term declining market is having far more reaching implications as a new threat to the housing market recovery. The term declining market is now manifesting itself to have a most deleterious effect across the whole country.
What is taking place is that lenders and mortgage investment firms are using the status declining market to charge higher interest rates, higher loan fees and higher requirements for down payments in these markets. In some cases refusing loans for marginal buyers all together. Even the appraisers are factoring in an adjustment to value based solely on the designation of declining market.
These declining markets are not just a few around the US as there are between 800 and 1200 whole zip codes tagged with this designation.
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Federal Predetory Lending Legislation Moving To Front Burner
September 11th, 2007 categories: Buying San Diego Real Estate, Legislative, San Diego Mortgage Banks and Loans Info, San Diego Real Estate, San Diego Real Estate News
Congress is right smack in the middle of a huge quagmire. There are factions of congress that are proposing legislation that goes beyond the lenders practices they want to clean up.
In particular there is legislation being discussed that wants to reach down to the investor level that buy the mortgage securities. One such proposal has the mortgage securities and the investors that buy them to be held liable for any loan fraud involved in the securities that the packaged loans for investment contain.
The fear in any such bill is that if mortgage securities and the investors have to review each of the loans, it could spell disaster and be a sword whose edge cuts negatively on both edges.
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NAR and US Conference of Mayors Names San Diego 2007 Ambassador City
September 3rd, 2007 categories: Local San Diego News You Can Use, San Diego Mortgage Banks and Loans Info, San Diego Real Estate, San Diego Real Estate News
NAR President Pat V. Combs and my friend NAR President-Elect Dick Gaylord along with the US Conference of Mayors, presented San Diego Police Officers Association President Bill Nemec with a plaque and check for $5000 in recognition for San Diego’s ” Everyday Heroes” program.
The money to will be used for the “Everyday Heroes” program started by the San Diego Association of REALTORS Ambassadors Foundation. All fundraising by SDAR is from member contributions, grants, special events and specific annual fundraisers.
By working with our partners to provide lower interest rates for police officers who buy homes in San Diego, Realtors® are making homeownership more affordable and accessible for those who play an essential role in insuring the safety and security of this community, said Gaylord.
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