Daily Real Estate News | March 19, 2009
Mortgage-Help Site, Call-in Number Go Live
The U.S. Treasury Department went live on March 19 with its Making Home Affordable program, which aims to help homeowners refinance or modify their mortgages.
The campaign includes a Web site at makinghomeaffordable.gov as well as a telephone hotline number at (888) 995-4673.
The federal government is targeting 9 million homeowners whose loans are held by Fannie Mae or Freddie Mac.
Source: Indianapolis Star (03/19/09)
© Copyright 2009 Information Inc.
Thursday, March 19, 2009
Tuesday, March 17, 2009
Troubled Homeowners- Watch Out For Scams
Daily Real Estate News | March 16, 2009 | Share
Scammers Target Troubled Borrowers
Scam artists are proliferating, attempting to make money off troubled borrowers interested in taking advantage of President Barack Obama’s foreclosure-prevention plan.
The firms charge fees for what they tell borrowers will be quick and effective negotiations with banks. In most cases, the firms take the home owners’ money – often more than $1,000 – and do nothing.
The Federal Reserve recently issued this advice for people seeking to modify their mortgages:
Work only with HUD-approved nonprofit counselors. (See www.hud.gov)
Don't agree to pay a fee before you are provided with the promised service.
Beware of people offering "guaranteed" results.
Don't sign blank forms or documents you haven't read.
Source: The Wall Street Journal, James R. Hagerty (03/11/2009)
Scammers Target Troubled Borrowers
Scam artists are proliferating, attempting to make money off troubled borrowers interested in taking advantage of President Barack Obama’s foreclosure-prevention plan.
The firms charge fees for what they tell borrowers will be quick and effective negotiations with banks. In most cases, the firms take the home owners’ money – often more than $1,000 – and do nothing.
The Federal Reserve recently issued this advice for people seeking to modify their mortgages:
Work only with HUD-approved nonprofit counselors. (See www.hud.gov)
Don't agree to pay a fee before you are provided with the promised service.
Beware of people offering "guaranteed" results.
Don't sign blank forms or documents you haven't read.
Source: The Wall Street Journal, James R. Hagerty (03/11/2009)
Friday, March 13, 2009
High Speed Internet in Jamul
I have lived in Jamul for quite some time and one of my pet peeves has been not being able to find fast reliable internet. I started with dial-up and that as we all know is slooooooooooow and ties up the phone line. So the next step for me was Direct Way, which is now Hughes Net. This choice was better but still slow and unreliable. There were times I couldn't load a page in the time it took to get up and refill my coffee cup. I would call for service and they would always ask about the weather. This is San Diego, the weather here was not the issue.
Recently I noticed signs in the neighborhood for a new service provider. SDWISP it said would provide fast and reliable internet service. I did some research and decided to give them a call. Eric did a drive by to see if he could service my location and he could. I arranged to meet him and get set up. I still questioned that it would really work and be any better.
Well, Eric set it all up and it is awesome!!!! My speed rivals the best cable speed I get at work. It has been 2 weeks now and everything is working perfectly. I can finally enjoy being on the internet at home.
The bottom line is if you live in Jamul and are looking for highspeed internet give Eric a call and see if he can help. I am so glad I did.
visit www.SDWISP.com
or call (619) 922-6001
Recently I noticed signs in the neighborhood for a new service provider. SDWISP it said would provide fast and reliable internet service. I did some research and decided to give them a call. Eric did a drive by to see if he could service my location and he could. I arranged to meet him and get set up. I still questioned that it would really work and be any better.
Well, Eric set it all up and it is awesome!!!! My speed rivals the best cable speed I get at work. It has been 2 weeks now and everything is working perfectly. I can finally enjoy being on the internet at home.
The bottom line is if you live in Jamul and are looking for highspeed internet give Eric a call and see if he can help. I am so glad I did.
visit www.SDWISP.com
or call (619) 922-6001
Wednesday, March 11, 2009
Asbestos in the Home
Asbestos Prevention for San Diego Homeowners and GREEN ChoicesIn the San Diego real estate industry, many additional responsibilties may arise for those purchasing homes. Renowned for a large industrial history, California’s economy has had success in areas such as ship-building, mining and power generation. These industries found many usages for asbestos, as the material has fire and heat resistant qualities.
Although asbestos exposure does not always pose health risks, it is still highly recommended that homebuyers determine if asbestos containing building materials are present. Exposure to asbestos is easily avoidable by taking simple precautions.
Potential San Diego homebuyers or those seeking to remodel homes should be aware that homes constructed before 1980 may still contain asbestos materials. If any suspected asbestos is located, do not touch or disturb it as this can break its fibers down and make it become airborne. A professional home inspector can determine the validity of danger and determine the best course of action to take. Many green and healthy alternatives exist that replace the need for asbestos entirely.
Freqeunt exposure to asbestos may lead to the development of a rare, but sevre lung ailment known as mesothelioma. Research demonstrates that over 2,000 to 3,000 cases are diagnosed in the U.S. each year. With no mesothelioma cure, workers and real estate’s-man all over the world are now receiving the proper indications and information towards the risks they face.
If a home inspector deems the asbestos harmful, removal must be undertaken by a licensed abatement contractor. These contractors are trained in the handling and disposal of asbestos in public facilities and homes. The California Environmental Protection Agency reports many sources of naturally occurring asbestos emissions throughout the state. Despite knowledge of the state’s asbestos problems, many communities throughout California still find themselves constructed atop asbestos deposits.
In the 21st century, there is no need to put yourselves and your families at risk at the hands of asbestos. In California, construction practices are upgrading methods to suit better lighting, heating, cooling systems and environmentally habitable insulation. The move to a greener lifestyle in San Diego is helping lead the nation in change to more energy and healthy forms of building products.
Green options such as cotton fiber, cellulose and lcynene should be given consideration as replacements to asbestos. These options have been shown to reduce annual energy costs in the home by 25 percent. These new environmentally-sustainable alternatives create healthier, quieter and more energy efficient homes in the 21st century.
Wednesday, March 4, 2009
Wednesday, February 25, 2009
San Diego Home Sales Are UP
December home sales in San Diego are up 34.7%, compared to December of 2007. Median home prices fell, but San Diego experienced the lowest decline in home value in the southern California housing market. Southern California home sales have risen consistently for the last six months on a year-over-year basis according to the latest report provided by DataQuick.
San Diego Makes Top 10 Housing Market List
Daily Real Estate News | February 25, 2009 | Share
America's Best and Worst Housing Markets
As the housing downturn wears on, some cities are stabilizing and some
aren’t.
In Las Vegas, the weakest market in the country, prices continue to drop.
"I don't know what those guys were drinking when they thought all this building made sense. If it does work out soon, then there's some force out there in the universe that I'm not aware of," Steve Cesinger, chief financial officer at Dewberry Capital, an Atlanta-based real estate investment firm.
Forbes magazine analyzed monthly declines as well as year-over-year declines in home prices. It also looked at how many months of equity homeowners have lost. With these figures in mind, it determined the 10 best and the 10 worst U.S. housing markets. Here they are::
10 Best
New York City
Washington, DC
Charlotte, N.C.
Portland, Ore
San Diego
Denver
Boston
Dallas
Los Angeles
Seattle
10 Worst
Las Vegas
Phoenix
Detroit
Minneapolis
San Francisco
Chicago
Cleveland
Atlanta
Tampa
Miami
Source: Forbes: Matt Woolsey
America's Best and Worst Housing Markets
As the housing downturn wears on, some cities are stabilizing and some
aren’t.
In Las Vegas, the weakest market in the country, prices continue to drop.
"I don't know what those guys were drinking when they thought all this building made sense. If it does work out soon, then there's some force out there in the universe that I'm not aware of," Steve Cesinger, chief financial officer at Dewberry Capital, an Atlanta-based real estate investment firm.
Forbes magazine analyzed monthly declines as well as year-over-year declines in home prices. It also looked at how many months of equity homeowners have lost. With these figures in mind, it determined the 10 best and the 10 worst U.S. housing markets. Here they are::
10 Best
New York City
Washington, DC
Charlotte, N.C.
Portland, Ore
San Diego
Denver
Boston
Dallas
Los Angeles
Seattle
10 Worst
Las Vegas
Phoenix
Detroit
Minneapolis
San Francisco
Chicago
Cleveland
Atlanta
Tampa
Miami
Source: Forbes: Matt Woolsey
Tuesday, February 24, 2009
First Time Home Buyer Tax Credit in a Nutshell
There are several notable points about this federal income tax credit. They are:
• Credit maximum was increased from $7,500 to $8,000. The credit is calculated as 10% of the purchase price. Example: If the purchase price is $70,000, the credit is $7,000.
• Removed the repayment requirement, provided the homebuyer does not resell the home for three years.
• Eligibility remains for first-time homebuyers only. In this case, a first-time homebuyer is defined as an individual who has not owned a primary home at any time during the three years prior to purchase, but who may have done so prior to that time. Although certain income limits do apply, the amount of the credit is the same for all taxpayers, married or single.
• To be eligible for the full tax credit, the homebuyer can have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000 ($170,000 on a joint return) is eligible for a reduced tax credit.
• The tax credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home between Jan. 1, 2009 and Dec. 1, 2009. It can be claimed on a 2008 tax return (to be filed by April 15, 2009), an amended 2008 tax return, or a 2009 tax return. Individuals should consult a professional tax advisor for exact tax calculations and timing.
• Credit maximum was increased from $7,500 to $8,000. The credit is calculated as 10% of the purchase price. Example: If the purchase price is $70,000, the credit is $7,000.
• Removed the repayment requirement, provided the homebuyer does not resell the home for three years.
• Eligibility remains for first-time homebuyers only. In this case, a first-time homebuyer is defined as an individual who has not owned a primary home at any time during the three years prior to purchase, but who may have done so prior to that time. Although certain income limits do apply, the amount of the credit is the same for all taxpayers, married or single.
• To be eligible for the full tax credit, the homebuyer can have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000 ($170,000 on a joint return) is eligible for a reduced tax credit.
• The tax credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home between Jan. 1, 2009 and Dec. 1, 2009. It can be claimed on a 2008 tax return (to be filed by April 15, 2009), an amended 2008 tax return, or a 2009 tax return. Individuals should consult a professional tax advisor for exact tax calculations and timing.
Friday, February 20, 2009
What is the Foreclosure Prevention Plan
What's In the Foreclosure Prevention Plan
The Obama administration yesterday released its long-awaited plan to stem foreclosures. It's organized into three categories:
1.) Help for home owners making their payments but at risk of default and foreclosure.
Home owners with a Fannie Mae or Freddie Mac loan would be eligible to refinance as long as their mortgage doesn't exceed 105 percent of the home's current market value. Currently owners need to have at least 20 percent equity. Potential impact: 4-5 million households.
2.) Help for home owners already in default and in need of loan modification.
For lenders that voluntarily agree to lower a borrower's payment so that it makes up no more than 38 percent of the borrower's income, the government would share the cost of lowering the mortgage burden to 31 percent of income. Incentives to lenders to participate include a $1,000 payment.
Borrowers can receive up to $1,000 as an incentive to stay current on their new mortgage. Still in the works is a proposed provision that would allow bankruptcy judges to require loan modification (known as a cramdown) as part of a household's restructuring. That provision requires legislation by Congress. Estimated potential impact: 3-4 million households.
3.) Doubled resources to Fannie Mae and Freddie Mac.
To encourage investors to buy the secondary market companies' mortgage-backed securities, the government explicitly backstops them to up to $400 billion, twice the current amount.
The plan does not provide help to investors or to home owners who are in trouble with a second home, nor does it apply to homeowners whose mortgage is part of a private-label mortgage security that is not backed by Fannie Mae or Freddie Mac.
"The administration's proposed plan, combined with provisions like the $8,000 first-time home buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values, and move the country closer to an economic recovery," says NAR President Charles McMillan.
Source: REALTOR® Magazine Online
The Obama administration yesterday released its long-awaited plan to stem foreclosures. It's organized into three categories:
1.) Help for home owners making their payments but at risk of default and foreclosure.
Home owners with a Fannie Mae or Freddie Mac loan would be eligible to refinance as long as their mortgage doesn't exceed 105 percent of the home's current market value. Currently owners need to have at least 20 percent equity. Potential impact: 4-5 million households.
2.) Help for home owners already in default and in need of loan modification.
For lenders that voluntarily agree to lower a borrower's payment so that it makes up no more than 38 percent of the borrower's income, the government would share the cost of lowering the mortgage burden to 31 percent of income. Incentives to lenders to participate include a $1,000 payment.
Borrowers can receive up to $1,000 as an incentive to stay current on their new mortgage. Still in the works is a proposed provision that would allow bankruptcy judges to require loan modification (known as a cramdown) as part of a household's restructuring. That provision requires legislation by Congress. Estimated potential impact: 3-4 million households.
3.) Doubled resources to Fannie Mae and Freddie Mac.
To encourage investors to buy the secondary market companies' mortgage-backed securities, the government explicitly backstops them to up to $400 billion, twice the current amount.
The plan does not provide help to investors or to home owners who are in trouble with a second home, nor does it apply to homeowners whose mortgage is part of a private-label mortgage security that is not backed by Fannie Mae or Freddie Mac.
"The administration's proposed plan, combined with provisions like the $8,000 first-time home buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values, and move the country closer to an economic recovery," says NAR President Charles McMillan.
Source: REALTOR® Magazine Online
Tuesday, February 17, 2009
Friday, February 13, 2009
Top Agent: Overall Transactions in Jamul
Yup, that's me! I won the 2008 National Real Estate Award for Top Agent: Overall transactions in Jamul. Thank you for the referrals and support! I couldn't have done it without you.
2008 NATIONAL REAL ESTATE AWARDS HONOR SAN DIEGO COUNTY’S TOP PERFORMERS IN A TOUGH MARKET
February 2nd, 2009 admin Posted in Press Releases No Comments »
SAN DIEGO, CA: February 2, 2009 – Even in the face of a challenging real estate market marked by tumbling home prices and rising inventories, many of San Diego County’s finest real estate agents succeeded at getting deals done. The best are being honored today with the announcement of the 2008 National Real Estate Award winners for San Diego.
“The most successful agents in tough times are those that can successfully tailor their business to the reality of the marketplace,” said Mike Brawner, National Real Estate Awards program director for Maison Associates. “Banks and lenders were the new sellers, and individuals and investors previously sidelined by sky-high home prices became buyers in 2008. It was a year of dramatic change, and agents who were able recognize and react to the changes rose to the top”
Jeff Wagner, broker-owner of Excel Properties in Carlsbad earned the Top Agent: Overall Sales and Overall Transactions awards for San Diego County in 2008 proving he clearly understood the new market dynamics. Not to be left behind, perennial sales powerhouse Prudential California Realty’s La Jolla office earned the Top Office: Overall Sales award. Other agents winning substantial recognition in 2008 include Maxine Gellens, Marc Carpenter, Sandy Lund, Alan Shafran, Olga Stevens, Katie Taylor, Dawn August and Catherine Barry. For a complete list of all winners in every category throughout the county, please visit NationalRealEstateAwards.org/SanDiego.
2008 NATIONAL REAL ESTATE AWARDS HONOR SAN DIEGO COUNTY’S TOP PERFORMERS IN A TOUGH MARKET
February 2nd, 2009 admin Posted in Press Releases No Comments »
SAN DIEGO, CA: February 2, 2009 – Even in the face of a challenging real estate market marked by tumbling home prices and rising inventories, many of San Diego County’s finest real estate agents succeeded at getting deals done. The best are being honored today with the announcement of the 2008 National Real Estate Award winners for San Diego.
“The most successful agents in tough times are those that can successfully tailor their business to the reality of the marketplace,” said Mike Brawner, National Real Estate Awards program director for Maison Associates. “Banks and lenders were the new sellers, and individuals and investors previously sidelined by sky-high home prices became buyers in 2008. It was a year of dramatic change, and agents who were able recognize and react to the changes rose to the top”
Jeff Wagner, broker-owner of Excel Properties in Carlsbad earned the Top Agent: Overall Sales and Overall Transactions awards for San Diego County in 2008 proving he clearly understood the new market dynamics. Not to be left behind, perennial sales powerhouse Prudential California Realty’s La Jolla office earned the Top Office: Overall Sales award. Other agents winning substantial recognition in 2008 include Maxine Gellens, Marc Carpenter, Sandy Lund, Alan Shafran, Olga Stevens, Katie Taylor, Dawn August and Catherine Barry. For a complete list of all winners in every category throughout the county, please visit NationalRealEstateAwards.org/SanDiego.
Thursday, February 12, 2009
No Surprise to San Diego Residents
DENVER TOPS LIST OF FAVORITE CITIES, SAN DIEGO SECOND
Nearly half -- 46 percent -- of the public would rather live in a different type of community from the one they're living in now, according to a recent survey by Pew Research Center's Social & Demographic Trends Project. When asked about specific metropolitan areas where they would like to live, respondents ranked Denver, San Diego, and Seattle at the top of a list of 30 large cities, and Detroit, Cleveland, and Cincinnati at the bottom.
More info visit http://pewsocialtrends.org/
Nearly half -- 46 percent -- of the public would rather live in a different type of community from the one they're living in now, according to a recent survey by Pew Research Center's Social & Demographic Trends Project. When asked about specific metropolitan areas where they would like to live, respondents ranked Denver, San Diego, and Seattle at the top of a list of 30 large cities, and Detroit, Cleveland, and Cincinnati at the bottom.
More info visit http://pewsocialtrends.org/
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