There is a lot of buzz about Loan Modifications and what people can expect.  Here are the basics:
1. Expect them to take 60 to 90 days to receive a Yes or No answer.
2. It is generally better to work directly with your lender than a fee based service.
3. Know that only 5% to 10% of […]

The national average interest rate on the 30-year, fixed-rate loan (used as the benchmark) averaged 4.78% in the week ending Thursday, setting a new record low dating back to 1971 for the second consecutive week.  That rate is down from last week’s  30-year, fixed-rate of 4.85% and a year ago of 5.88%.
Best regards,
Mark and […]

Fannie Mae recently released statistics showing the difficult nature of a Short Sale transaction and how that relates to Foreclosure statistics.
In 2008, Fannie Mae found that for every one short sale that closed, eight homes went into foreclosure.  This speaks to the difficult nature of the Short Sale process and the […]

The homes stats are out for January 2009 for San Diego County, below is a snapshot:

SALES
January ‘09 
December ‘08
Change 12/08 - 1/09
January ‘08
Change 1/08 - 1/09

Resale houses
1,567
2,033
-22.92%
995
89.30%

Resale condos
773
971
-20.39%
443
74.50%

New homes/condos* 
119
321
-62.93%
388
-69.30%

All combined 
2,495
3,325
-35.41%
1,826
34.70%

Analysis:
1. Foreclosures make up 40% of the market.

 From 08 to 09, foreclosure sales are up.
From Dec to Jan, foreclosure sales are […]

The stats from Q4 2008 are in from the Mortgage Bankers Association, and the news is record setting.  In Q4 of 2008:

7.88 percent of all mortgages on one to four unit residential properties were at least one payment late
3.3 percent of all loans were in foreclosure
That’s a record setting 11.18 percent combined rate

If you look […]

One thing is for certain, it is getting more difficult for buyers to obtain a home loan to purchase real estate.  What are the key ingredients in being able to close a home loan today:

 Good to excellent credit scores - that means 625 plus with BK or other issues
Cash for down payment - FHA Loan […]

As prices and interest rates fall, the Affordability Index goes up.  The Affordability Index = The percent of households that can afford to buy an entry level home.
Right now 59% of California households can afford an entry level home.  This is up from 33% a year ago according to the California Association of Realtor statistics.  […]

Everyone is talking about the Federal Stimulus Package that is currently in existence for the $7,500 tax credit and the $15,000 package that was just passed by the Senate and now goes to the House for approval.  They are different plans with different requirements.  The $15,000 Federal Stimulus Package is a tax credit that […]

So you too want to get into the hunt to buy a foreclosure property?  Seems easy enough as there are many on the market, right?!?!
Not so easy, the “good” foreclosure properties typically go into escrow within 7 days. The properties that sit are in serious need of something.  Why do they sell quickly?  Because prices […]

This is one of the most asked questions in Real Estate today.  So who is to blame?  The mortgage industry for their “loose lending practices”, real estate professionals for “over selling and driving up prices”, the government for “not watching what was happening” or home builders for “creating too much inventory”?  In truth, the list […]