April 2010
3 posts
Second Lien Holders Reluctant to Let Borrowers Off...
Last month Wells Fargo sued a San Diego woman after her home was foreclosed on last year. She had 2 loans and the second - $72K left on a HELOC - was wiped out in the foreclosure. Both loans were refinanced but she did not take out any cash. Nevertheless, Wells Fargo filed suit last month to collect the $72K owed on the second. Check out the Wall Street Journal article from last week that...
California Provides Tax Relief for Distressed...
Home buyers have been treated to lots of favorable news over the last couple of years, e.g., low home prices and interest rates, as well as federal - and now state - tax credits for purchasing a home.
Home owners and sellers have not enjoyed such good times. However, the state of California has just enacted a law that will forgive the income tax liability for a person who sells a home for less...
More Good News for Homebuyers - Up to $18,000 in...
The State of California is now offering a brand new $10,000 tax credit for homebuyers allowing homebuyers who purchase a home between May 1, 2010 and December 31, 2010 to take advantage of continuing tax benefits after the federal tax credit expires in June, 2010. For first time homebuyers who enter into a contract to buy a home before April 30, 2010, and close escrow before June 30, 2010, that...
March 2010
1 post
Now California Has It's Own Home-Buyer Tax Credit
Yesterday, CA’s Governor Schwarzenegger signed into law new legislation that allocates $200M in tax credits for first-time home buyers: (1) $100M for buying new constrution and (2) $100M for buying a resale property. The tax credit would be the lesser of 5% of the purchase price or $10K and would be credited/paid over 3 years. The buyer must purchase the home between May 1 and December 31,...
February 2010
1 post
Changes in the Homestead Exemption as of 1/1/2010
San Diego real estate attorney, Harold Small, Esq., informed me recently that the CA legislature has increased the homestead exemption amounts as of the 1st of the year. Here is his posting:
The law is constantly in a state of flux with changes happening either because of changes in statutes or case law. An area that has been relatively unchanged for some years had a change that became effective...
January 2010
2 posts
Now, a Few Words About the Other ($6,500) Home...
Most people have heard about the $8,000 tax credit for first-time home buyers. And that it has been extended to the spring. That means that the buyer must enter into a contract to purchase a home by April 30th and close the deal by June 30th. But not many people know about the other tax credit: the one for $6,500 available to exisiting homeowners if they buy a home (used as their primary...
A Few Pointers on Figuring Out Condo Insurance...
As a Realtor I help homebuyers purchase single family (detached) homes as well as townhomes and condominiums. While everyone understands that you need homeowner’s (or hazard) insurance in order to close the deal (in fact, lenders require it), there is a lot of confusion about (a) what condo insurance is, and (b) whether it is even required.
I asked Jill Harris from Farmer’s Insurance...
November 2009
2 posts
SoCal median home prices increased 2% last month...
According to the following article in the SD Union Tribune, dated November 17, 2009, “median home prices in Southern CA rose nearly 2 percent last month from September, as the inventory of homes for sale continued to shrink and lenders worked to avoid fresh foreclosures”. Read more here: http://www.signonsandiego.com/news/2009/nov/17/firm-socal-median-home-price-increases-in-october/
Carmel Valley's Housing Market Data Tells Two Very...
That’s right. I did some analysis this week to look at home prices, inventory, etc. for detached homes in 92130. I was surprised at the results.
For detached homes up to $1M, median prices are flat compared to October 2008, and there is only 1.9 months of inventory - one sign of a seller’s market.
For 92130 homes between $2M - $7M, however, median prices are down 15% from October...
October 2009
1 post
Housing Economists Say Interest Rates Won't Get...
Housing economists say interest rates won’t get much better than this because they are already so low they can only go up. The state of the overall economy is keeping some would-be buyers from making a move. But for those buyers who feel secure in their own financial situation and future, it is a good time to buy real estate for the long-term. Check out this article from cnbc.com which provides...
September 2009
1 post
San Diego County Home Prices Improve in July
Check out today’s article from the San Diego Union Tribune. According to this article, prices improved for the third straight month and could be the latest sign that the market is stabilizing.
http://www3.signonsandiego.com/stories/2009/sep/29/bn29housing-home-prices-san-diego-county/?business&zIndex=174248
Kevin P. Cummins
Realtor / Broker / Attorney
Coldwell Banker – Carmel Valley
CA...
August 2009
1 post
Lenders Not Modifying That Many Loans
Here is a sobering update on how the country’s major mortgage lenders are doing with the loan modification part of the housing market recovery plan. In a word: Feeble.
http://www3.signonsandiego.com/stories/2009/aug/05/1b5mortgage221140-big-banks-lag-mortgage-aid/?uniontrib
Kevin P. Cummins
Realtor / Broker / Attorney
Coldwell Banker – Carmel Valley
CA Lic. # 01812762
Cell:...
July 2009
4 posts
New Mortgage Rules Go Into Effect on July 30th
Check out this story describing the new rules intended to protect consumsers. There are also many other important real estate stories from this past week. Enjoy.
http://www.car.org/media/pdf/Beyondtheheadlines_072309.pdf
Kevin P. Cummins
Realtor / Broker / Attorney
Coldwell Banker – Carmel Valley
CA Lic. # 01812762
Cell: 858-750-9577
kcummins@san.rr.com
Search the MLS on my new website...
New Appraisal Rules Preventing San Diego Recovery
This article explains why the new rules for appraisals - intended to stabilize the system and better protect all parties - is having unintended consequences. The new rule are preventing some deals from being closed and artifically keeping prices low, despite that sales numbers are up. Read on.
http://rismedia.com/2009-07-20/catch-22-artificially-suppressing-san-diego-county-rebound/
News Affecting the Top and Bottom Segments of the...
Check out this past week’s real estate articles from California and around the country. Two stories caught my eye: one about another wave of foreclosures coming soon, affecting the lower-end of the market, and the other story about how the luxury (high-end) market is now being hard hit. The stability of the overall market is certainly still several months or longer away. Read these...
May 2009
2 posts
Good News for San Diego's Economy?
Serious people are not saying the economy here is actually improving, or that things couldn’t get worse. But today the SDUT ran an article that reports that the index of leading economic indicators produced by the Burnham-Moores Center for Real Estate at the University of San Diego showed the first sign of improvement - a 0.2% improvement - in the county’s economy in the last 2...
April 2009
4 posts
Sales up 43% in March Year-Over-Year / Prices...
Sales Up 43% / Prices Remain Flat 4-16-09
The San Dieo Union Tribune published this article today that looks at recent home sales activity in the County. The number of sales were up 43% in March 2009 over March 2008, while prices remain flat since the beginning of the year. Check it out.
http://images.agentcenter.com/client/3/2/4/36423/San_Diego_Sales_Up_-_Prices_Flat_4-16-09.pdf
Mortgage Rescue Plan is Finally Being Implemented
President Obama’s mortgage rescue plan announed in February is finally being implemented by the nation’s largest mortgage lenders. CNNMoney.com published an article this morning about some of the program’s basics. Call your lender to see if you qualify. Or call me with any questions.
...
This Year We May See 4.2% Rates For 30-Year Fixed...
According to recent Bank of America-Merrill Lynch research, 30-year fixed interest rates for homes loans may drop to as low as 4.2% by the end of this year. Check out the article that was posted on CNBC’s website. http://www.cnbc.com/id/30106560/
Call me with any questions.
Kevin P. Cummins
Realtor / Broker / Attorney
Coldwell Banker – Carmel Valley
Cell:...
Is San Diego's Housing Market Approaching the...
Is the Real Estate Market Approaching the Bottom?
Here is an article from the 4/1/09 San Diego Union Tribune that explores certain factors that may suggest a recovery and bottom that is in sight. All is not rosy but this article points out that certain things must occur before a full recovery is in place; those recovery signs are starting to show up. Check out the article and decide for...
March 2009
5 posts
Lenders May Take a While to Get Assistance...
CNNMoney.com ran a story last week describing how lenders are still not quite ready to implement the Obama administration’s new housing bailout plan. Here is the full story.
http://money.cnn.com/2009/03/19/news/economy/Obama_foreclosure_plan/index.htm?postversion=2009031915
Also, the administration launched a new website so consumers can start to gather information about the programs as...
Watch Out for Loan Mod and Foreclosure Prevention...
I am hearing as much about the scams of the loan modification and foreclosure prevention companies, as I am the services they offer. A few weeks ago I spoke with 3 San Diegans at the Homeowners Opportunity Collaborative (a clinic to help struggling homeowners) who lost their homes when they signed over deeds to the very people who claimed they would help them. Yesterday’s SDUT had 2...
Jim Cramer Says the Real Estate Bottom is 105 Days...
That’s right. On his CNBC tv show yesterday, Jim Cramer predicted that based on many factors, including the Federal Reserve’s action to inject aboubt $1T into the housing and credit sectors, the housing market will botton out around June 30, 2009. That means buyers will start buying more and more inventory which will eventually stabilize prices. In other words, the current deals...
Bank-Owned Properties in San Diego
Every week I post this list of all bank-owned properties in San Diego on my website. Here is the link: http://kevincumminsrealty.com/List_20_of_20_Latest_20_SD_20_Foreclosures_21__redirect.html It comes from my title company, it is accurate and I provide it for free. Sites like RealtyTrac make you sign up for their subscription service and pay $ to get access to these properties. Not necessary....
NEW - Home Affordable Modification Program...
Yesterday the U.S. Treasury Department announced the new guidelines that will govern the new loan modification programs being sponsored by the federal government. The programs are designed to help homeowners who meet the criteria specified in the guidelines. Here are the guidelines and other information about the programs. Check out thse links:
U.S. Treasury press release:
...
February 2009
5 posts
With or Without You, U2
San Diego Foreclosures Slow As Lenders Wait For...
Foreclosures slowed last month because lenders want to see what the new federal $75B housing bill will do for them before they incur more foreclosure expenses. Check out Emmet Pierce’s article this week in the San Diego Union Tribune which explains the story further. http://www3.signonsandiego.com/stories/2009/feb/23/bn23default11583/
Check out this week’s other important real estate...
Run, Snow Patrol
San Diego Getting a Piece of the Housing Recovery...
The Housing and Economic Recovery Act, which became law last summer, will allocate about $17M to San Diego County. This money will be distributed to first-time homebuyers who are willing to purchase foreclosed homes. Some of the funds will also go to renters as a subsidy to help struggling families who rent. The funds will likely only help a few hundred families, but these efforts will help...
Lenders Still Restricting Lending Despite Cash...
The federal government has given hunders of billions of dollars to U.S. banks as part of the TARP (Troubled Asset Relief Program), yet many lenders have not loosened standars or requirements for borrowers so it remains difficult for home buters to get attractive loans, despite record low interest rates. A recent bloomberg.com story explains some of the reasons why. Check it out and let me know if...
January 2009
7 posts
Foreclosures Not Slowed By CA Law
California enacted a law that requires lenders to delay filing a notice of default (the first step of foreclosure) for 30 days in order to give the homeowner and lender a chance to work out other options while stopping the foreclosure clock from ticking. An article in the Press Enterprise reports that the law seems to have done very little to actually slow down the rate of foreclosure filings. ...
Everything That Goes Down Must Go Up Again...
And here, I am talking about interest rates. (For you sellers out there, since prices are down, you can eagerly anticipate when prices will also come back up!)
Mortgage interest rates are currently the lowest on record. This is not an attempt at hyperbole. Rates for 30-year fixed mortgages are hovering around 5% and last week buyers were locking in rates in the high 4% range. These rates...
Not Your Parents' FHA Loan - The New And Improved...
FHA-backed loans used to be primarily for 1st time home buyers. The program has been modernized and is available to all buyers if you meet the program’s loan limits and other requirements. A buyer can put down as little as 3.5% and can have credit scores in the 600s without being penalized.
Check out this article from CNN which talks about the modernized FHA programs and how buyers are...
Black Star, Radiohead
Clinic For Struggling Homeowners - Saturday,...
Homeowners who are struggling to make their mortgage payments may be able to get the help they need from a little-known local resource: The Housing Opportunities Collaborative. Here is their website: http://hocnetwork.squarespace.com/ They provide lots of services for homeowners but these days one of the most important services they offer is their clinics where homeowners who are struggling with...
Radio Nowhere, Bruce Springsteen. Enjoy!
What Will Happen In The Housing Market in 2009?
No one knows for sure but many experts seem to agree that the first half of the year will bring even lower home prices and a possible stabilization in the second half of the year.
What does this mean for buyers and sellers? Well, simply put, if a seller is thinking of sellling during 2009, it may be best to sell sooner than later since prices will continue to inch lower - otherwise you may want...
December 2008
6 posts
Vince Guaraldi Trio, A Charlie Brown Christmas,...
Harry Connick, Jr.’s Sleigh Ride - Enjoy!
Mortage Rates Below 4%? They May Be Coming Soon!
Check out this story in the San Francisco Chronical’s online service - the SFGate. http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/12/11/BUOA14LOEK.DTL A mortgage industry official predicts that fixed rate mortgages could go “well below 4 percent” as the federal government continues to lower key indices and takes other actions to help the housing market recover. Rates...
From Handel’s Messiah. Merry Christmas!
Prove That Income Or You Can Pretty Much Forget...
Many lenders have eliminated stated income loan programs created to accomodate small business owners, professionals and entrepeneurs (e.g., the self-employed) because these loans have had a high default rate due to misues - by borrowers and lenders - and outright fraud. That is too bad, because now a large segment of homeowners/borrowers are frozen out of the mortgage market altogether.
Making...
Foreclosure, Short Sale or Loan Modification:...
Well, of course, it all depends on the circumstances and the homeowner’s goal. The bottom line is this: (a) If the homeowner wants to stay in the home, and (b) the homeowner can make the payments if the payment is lowered (through a principal reduction, rate reduction, re-amortization, etc.), then loan modification is the best solution. Talk to me about this option if you think this is for...
November 2008
5 posts
Ever Want To Know How Mortgage Rates Are Set?
The federal reserve keeps cutting the fed funds rate and yet long-term mortgage interest rates - like the 30-year fixed - are not declining at the same pace. Here is a recent NY Times article that explains how the different indices work and which loan types they affect. Contact me with any questions.
http://www.nytimes.com/2008/11/16/realestate/16mort.html?ref=realestate
Here are articles from...
Winter, Four Seasons. Vivaldi by YoYo Ma. Awesome.
More News and Information About the Housing Crisis
The news is filled with articles and information about the various programs being put in place to help struggling homeowners. The California Association of Realtors put together a great resource where you can quickly reference all lender and government programs now available. If you know someone who needs help, you have to look at this information.
...
The News Remains, Well....Not So Good
This week’s real estate news continues to reflect activities of a correction market: homeowner’s seeking solutions to make mortgage payments, those dealing with negative equity and trying to stay above water and avoid foreclosure.
There is a good article in the LA Times that hightlights a very good program sponsored by HUD called “Hope for Homeowners”. It has had light...
The Shins, Phantom Limb. Cool tune. Enjoy!