Current Market: May 2009 Archives

This is the new list of HOMESTEPS properties from Freddie Mac for the areas I specialize in. These properties qualify for special financing. I can get the list for other areas.

I also have a list of upcoming HOMESTEPS properties not on the market yet

If you have questions, Contact me

La Mesa

Address: 4800 WILLIAMSBURG LN 223, LA MESA, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 185,500.00

El Cajon

Address: 1273 ANDOVER RD, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 223,130.00

Address: 1000 SOUTH MOLLISON 19, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 118,455.00

Address: 622 TAFT AVENUE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 206,700.00

Address: 792 N MOLLISON 1, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 108,650.00

Lakeside

Address: 12923 MAPLEVIEW ST, LAKESIDE, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 63,500.00

Santee

Address: 9139 FANITA RANCHO ROAD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 206,700.00

Address: 7390 OLD MISSION COURT 169, SANTEE, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 204,050.00

Address: 9635 MAST BOULEVARD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 237,970.00

Address: 10507 FLORA AZALEA COURT, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 332,500.00

San Diego City


Dan Melson, Agent
Clarity Real Estate Network
619-300-7425

This is the new list of HOMESTEPS properties from Freddie Mac for the areas I specialize in. These properties qualify for special financing. I can get the list for other areas.

I also have a list of upcoming HOMESTEPS properties not on the market yet

If you have questions, Contact me

La Mesa

Address: 4800 WILLIAMSBURG LN 223, LA MESA, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 185,500.00

Address: 3920 MASSACHUSETTS AVE, LA MESA, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 279,900.00

El Cajon

Address: 12074 CALLE DE LEON # 51, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.5 Price: 206,647.00

Address: 1273 ANDOVER RD, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 223,130.00

Address: 754 ALVEDA AVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 268,180.00

Address: 622 TAFT AVENUE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 206,700.00

Address: 792 N MOLLISON 1, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 108,650.00

Lakeside

Address: 9717 WINTERGARDENS BLVD192, LAKESIDE, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 55,120.00

Address: 12923 MAPLEVIEW ST, LAKESIDE, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 63,500.00

Santee

Address: 9139 FANITA RANCHO ROAD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 206,700.00

Address: 7390 OLD MISSION COURT 169, SANTEE, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 204,050.00

Address: 9635 MAST BOULEVARD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 237,970.00

Address: 10507 FLORA AZALEA COURT, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 332,500.00

San Diego City

Address: 5252 ORANGE AVE 332, SAN DIEGO, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 66,500.00

Dan Melson, Agent
Clarity Real Estate Network
619-300-7425

Articles like this one:

Foreclosures: 'April was a shocker'

have gotten an awful lot of play in the media these last couple weeks.

Here's what they're not telling you - or not explaining why it's important: This particular article actually mentions it in passing "That's due, according to Saccacio, to the many legislative and company moratoriums that have prevented the foreclosure process from starting on delinquent loans." However, they don't really explain what it means. Yes, Virginia, there was a moratorium on foreclosures in effect. Actually, there were several, some voluntary, most not. Most were related to what happened when Fannie Mae and Freddie Mac were taken over by the federal government last year, and one of the conditions was a moratorium on foreclosures for six months. These days, Fannie and Freddie hold just about every sort of mortgage paper there is except "hard money." Everything from the bluest chip mortgage given to people with immaculate credit, a huge down payment, and three times the income they needed down to the iffiest subprime loans ever. So when the moratorium on foreclosures hit, it cut a broad swath through the market, slowing down the process and delaying it by months for absolutely no improvements from the borrower. Didn't matter how many payments they missed; there was a moratorium on foreclosures in effect. Many of these borrowers took full advantage of this and several miles beyond; they didn't send a single dollar in for those months. This didn't help their situation any.

(How Fannie and Freddie got so deep into subprime, which was never their mandate and in fact was supposedly forbidden them by their charters, is a story guaranteed to make you hate Congress, and particularly, certain members of Congress, if you research it. After all, it's your taxpayer dollars that are going to make good the bad debts those clowns got them into, short-circuiting, obstructing and frustrating the regulatory oversight that was in place.)

So when that moratorium expired during March, Fannie and Freddie started moving forward on foreclosures that had been delayed six months or more, it took them a while to get up to speed. March was way up, but April was even more up. Shouldn't be a surprise. When a logjam breaks, there's going to be an abnormally high amount of water (and logs) going downstream for a while until the backlog gets dealt with. Those borrowers that just skated on what they thought was good fortune were the first ones in for a rude awakening.

Look at what they're telling you: "filings inched up 1% from March and rose 32% compared to April 2008." April 2008 wasn't just after a months-long foreclosure moratorium was lifted. It's a rotten, intentionally misleading comparison without that datum. They weren't going gaga over the drop in foreclosures in other months. I remember reports - buried deep in the "who cares" middle of the financial pages. Average out the numbers over the months the moratorium was in effect, and we're actually seeing a statistically significant decline in average foreclosure activity.

There is good news in the background. First, in the past six months, lenders have finally gotten serious about mortgage loan modification. No, they're not writing off grievous amounts of principal for everyone who asks. That's actually quite rare, and correctly so. But for borrowers making a serious effort and who can maybe kind of afford the properties they bought, the lenders are modifying interest rates downward for long periods of time - more than enough to permit the markets to recover, and long enough to prevent a future huge wave of foreclosures from hitting all at once.

Second, there's a minor but still helpful group of programs now being used to refinance people who formerly couldn't refinance: Both Fannie and Freddie now have programs offering up to 105% refinancing (maybe) without PMI in effect. For those who were otherwise able to finance, but prevented by deflating values, this is all they need to make it good and be able to keep their property. Particularly with sub-5% loans available right now.

Neither of these covers everybody, nor do both of them together. Nor do they help those who went the most overboard in terms of seeking out new and innovative financing forms, to paraphrase Star Trek. But they don't have to cover everyone. All they have to do is make enough of a dent in the future foreclosure market to keep the markets from being foreclosure saturated. Both of them are taking huge chunks out of the short sale market already. People don't (or shouldn't) do a short sale if they have another option, and these alternatives give a large number of people those other options.

We're not out of the woods yet; particularly not if the federal government persists in the sort of undesirable meddling in the markets they've been doing way too much of for the last year. But absent that interference, the trees are definitely thinning out, especially in the markets that took off early, crashed early, and have economic reasons to drive their housing demand back to where it was a few years ago. San Diego is one such. I am certain there are others.

Caveat Emptor

This is the new list of HOMESTEPS properties from Freddie Mac for the areas I specialize in. These properties qualify for special financing. I can get the list for other areas.

I also have a list of upcoming HOMESTEPS properties not on the market yet

If you have questions, Contact me

La Mesa

Address: 4800 WILLIAMSBURG LN 223, LA MESA, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 185,500.00

Address: 3920 MASSACHUSETTS AVE, LA MESA, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 279,900.00

El Cajon

Address: 12074 CALLE DE LEON # 51, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.5 Price: 206,647.00

Address: 1273 ANDOVER RD, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 223,130.00

Address: 754 ALVEDA AVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 268,180.00

Address: 470 EL MONTE RD, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 169,900.00

Lakeside

Address: 9717 WINTERGARDENS BLVD192, LAKESIDE, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 55,120.00

Address: 12923 MAPLEVIEW ST, LAKESIDE, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 63,500.00

Santee

Address: 9139 FANITA RANCHO ROAD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 206,700.00

Address: 7390 OLD MISSION COURT 169, SANTEE, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 204,050.00

Address: 10210 PALM GLEN DRIVE 73, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.5 Price: 237,440.00

Address: 10507 FLORA AZALEA COURT, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 332,500.00

San Diego City

Address: 5252 ORANGE AVE 332, SAN DIEGO, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 66,500.00

Dan Melson, Agent
Clarity Real Estate Network
619-300-7425

Very interesting. Unprecedented even FHA Ok with Up Front Tax Credit or, in other words, using the tax credit money at closing.

We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a downpayment. So FHA will permit trusted FHA-approved lenders and HUD-approved nonprofits, as well as state and local governmental entities to "monetize" the tax credit through short-term bridge loans. We think the policy is a real win for everyone, ensuring that borrowers can tap into the numerous organizations that are already part of the FHA network to receive this additional benefit. FHA will be publishing the details shortly.

This isn't necessarily to say the lenders themselves will permit it - but it's fine with the FHA. I suspect the lenders are going to run with it, myself. The stumbling block in the past has always been that people with a tax credit coming don't necessarily get the money. Sometimes they have other debts, sometimes they have an unexpected tax liability. When that happens, there's a short that has to be repaid, creating a debt and usually payments, impacting debt to income ratio among other things. But if the financial guarantor of FHA loans is saying they'll write the loan guarantee with such a bridge loan in place, who are the lenders (whose profit making loans are being guaranteed) to argue? The question will be "on what terms will these short term bridge loans be written?"


(Yes, I know I've been lagging on new articles. I'm busy, and that's mostly a good thing. But at least I got this list up "day of")

These are newly listed HOMESTEPS properties from Freddie Mac for the areas I work. These properties qualify for special financing.

I also have a list of upcoming HOMESTEPS properties not on the market yet

If you have questions, Contact me

La Mesa

Address: 4800 WILLIAMSBURG LN 223, LA MESA, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 185,500.00

Address: 3920 MASSACHUSETTS AVE, LA MESA, CA
Rooms: 5 Bed: 2 Bath: 1.0 Price: 279,900.00

El Cajon

Address: 12074 CALLE DE LEON # 51, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 2.5 Price: 206,647.00

Address: 754 ALVEDA AVE, EL CAJON, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 268,180.00

Address: 589 NORTH JOHNSON AVENUE UNIT, EL CAJON, CA
Rooms: 5 Bed: 2 Bath: 2.0 Price: 87,450.00

Address: 470 EL MONTE RD, EL CAJON, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 169,900.00

Lakeside

Address: 9717 WINTERGARDENS BLVD192, LAKESIDE, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 55,120.00

Address: 12923 MAPLEVIEW ST, LAKESIDE, CA
Rooms: 4 Bed: 2 Bath: 1.0 Price: 63,500.00

Santee

Address: 9139 FANITA RANCHO ROAD, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 1.0 Price: 206,700.00

Address: 7390 OLD MISSION COURT 169, SANTEE, CA
Rooms: 4 Bed: 2 Bath: 2.0 Price: 204,050.00

Address: 10210 PALM GLEN DRIVE 73, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.5 Price: 237,440.00

Address: 10507 FLORA AZALEA COURT, SANTEE, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 332,500.00

San Diego City

Address: 5252 ORANGE AVE 332, SAN DIEGO, CA
Rooms: 3 Bed: 1 Bath: 1.0 Price: 66,500.00

Address: 6302 LAKE ALTURAS AVENUE, SAN DIEGO, CA
Rooms: 6 Bed: 3 Bath: 2.0 Price: 309,520.00

Address: 6331 LAKE ALTURAS AVE, SAN DIEGO, CA
Rooms: 5 Bed: 3 Bath: 2.0 Price: 333,370.00

Dan Melson, Agent
Clarity Real Estate Network
619-300-7425

 



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