San Diego Mortgage Banks and Loans Info
San Diego – Recent Rainfall Does Not Relieve Need for Conservation.
December 2nd, 2008 categories: Local San Diego News You Can Use, Market and Forecast Updates For San Diego, San Diego Mortgage Banks and Loans Info, San Diego Real Estate, San Diego Real Estate News
San Diego Water Supply
Finally San Diego got some rain. Over 2 inches of it in most places last week. But don’t let this lull you into thinking that the need for water conservation has somehow ended. It hasn’t.
The reservoirs are very low, there are going to be cutbacks in the supply of water we purchase, the water rates are going up again and we will not be able to fill the need for water.
So what does all this mean to you the consumer here in San Diego? It spells the greater possibility of M-A-D-A-T-O-R-Y water restrictions.
For a lot of years running, San Diego, in fact all of California’s population has been exploding. Developments of every sort are filling up the land. People have been migrating in large numbers to California. Meanwhile, we have not added one sustainable drop of water to the supply. Read the rest of this entry »
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San Diego Home Foreclosures to take a Holiday Break !
November 30th, 2008 categories: Local San Diego News You Can Use, San Diego Mortgage Banks and Loans Info, San Diego Real Estate, San Diego Real Estate News
From now until January 9th, Fannie Mae and Freddie Mac announced that they are suspending foreclosures, pending the full implementation of a streamlined loan modification program. Loan mods as they are known, is the process by which a homeowner can “workout” a mortgage that better suites their income and ability to pay.
The new streamlined loan modification process is scheduled to begin around the middle of December and they are expected to ultimately prevent hundreds of thousands of foreclosures over time. But during this holiday period, Fannie Mae estimates 10,000 homeowners and Freddie Mac estimates another 6,000 homeowners will be helped by this suspension of foreclosures. This temporary suspension will give Fannie, Freddie and programs like New Hope along with approximately 27 other mortgage services ,time to get the streamlines process guidelines fully worked out and then to quickly begin implementation. Read the rest of this entry »
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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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