Fannie Mae and Freddie Mac to halt Foreclosures...at least for now!

URGENT NOTICE: Fannie Mae and Freddie Mac Foreclosure Freeze
by Tim Harris on November 20, 2008

As predicted, expect to see more foreclosure moratoriums…typically for 90 days. California tried this and it didn’t have any sort of significant effect. Expect to see a massive number of foreclosures hit the market after this artificial reprise….

Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 households during the holiday season.

The two companies said Thursday that they will halt foreclosure sales between Nov. 26 and Jan. 9, while they evaluate whether borrowers qualify for a new loan modification program announced last week.

As you may recall when the government seized Indymac back the FDIC implemented their own “Mortgage Loan Modification” program. Overall, very few loans were actually modified as a percent of the whole. Now we are seeing that even after the homeowners have had their mortgages modified they are still missing payments. Loan Mods are a great solution in theory. But, the newest research about what happens post loan modification isn’t encouraging. Clearly, simply massive numbers of homes will become REO listings.

Fannie Mae said about 10,000 households would be affected, while Freddie Mac said the changes would affect about 6,000 borrowers who are facing foreclosure. The change does not apply to vacant homes.

Read that again….only 16,000 borrowers would be ‘affected’….that’s assuming they want to do a loan modification. Remember, a loan modification temporarily makes the payment lower….rarely, are there any principle reductions. In other words, they are still upside down in their homes. If they want to sell..and they don’t want a foreclosure on their credit one of their best options is doing a short sale.

OK, you will love this next part…..in order to qualify for this new initiative a borrower has to miss 3 mortgage payment….

Fannie and Freddie’s loan modification plan aims to help abate the foreclosure crisis by aiding homeowners who have fallen at least three months behind on their payments, but only if their loans are held by the two companies.

More fun facts….when I first read this next point a week or so ago I thought it was a misprint. Can we all agree that one of the (many) reasons we are in this immense real estate mess is because lenders gave mortgages to people who didn’t qualify? Assuming we are in agreement…then WHY the heck is it that the FHA is now allowing people to have mortgages with a 38% housing ratio? Get this, the actual housing debt to income ratio that the FHA uses is………..28%. So, the FHA is now becoming the worlds largest….SUB-PRIME lender!

Under the program, the new primary mortgage payments — including taxes and insurance _shouldn’t total more than 38 percent of homeowners’ pretax monthly income.

It very important that you read and clearly understand the next point…THIS year…2008…the NAR is estimating that there will be around 5 million home sales….the FDIC is expecting that by the end of THIS year…2008 there will be 4.4 MILLION borrowers who are deliquent on their mortgages. If you are a HREU Coaching Student you know that the best opportunities for helping the millions (and millions) of homeowners is still ahead of us. If the government predictions are correct nearly 50% of ALL sales in 2009 will be REOs and Shortsales.

Fannie and Freddie are the dominant players in the U.S. mortgage market but hold only 20 percent of delinquent loans. Ultimately about 400,000 households are likely to qualify for the loan modification program, according to Priya Misra, a mortgage analyst with Barclays Capital.

By contrast, the Federal Deposit Insurance Corp. estimates that more than 4.4 million borrowers will become delinquent by the end of next year, not including loans backed by Fannie and Freddie.

The 4 Point Plan - Economic Recovery Proposal

These tips would certainly help San Diego Real Estate, and the country!

Here is the 4 Point Plan from the NAR: National Association of Realtors! Call your congressman!

The Four Point Plan
The most recent economic stimulus bill, the Emergency Economic Stabilization Act, was a good first step towards stabilizing our nation’s economy. Unfortunately, a number of the Act’s provisions have not proven to be as useful at stabilizing the nation’s housing markets as was first thought.

Congress may consider second economic stimulus bill this month. If they do, there are a number of changes that could help to provide more stability to the nation’s real estate markets which most agree is a necessary step towards recovery.

NAR has urged Congress to include the following provisions in any future legislation:

Make the $7500 tax credit available to all purchasers and eliminate the repayment requirement. The credit’s limited availability and required repayment terms have severely limited the credit’s appeal to potential homebuyers. As a result, the credit has not been widely used or proven effective at stimulating sales.

Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 would significantly reduce the FHA, Fannie Mae and Freddie Mac loan limit from their 2008 levels. Now is not the time to limit the availability of affordable mortgages.

Get the Emergency Treasury bank relief program back on track by targeting more funds to mortgage relief efforts and increasing efforts to mitigate foreclosures. Don't just give the banks unrestricted cash. Make the program work to improve mortgage and housing markets as it was originally intended.

Permanently bar banks and banking conglomerates from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply properly manage their current lines of business. Do we really want them to manage on the home buying process? Imagine what could have been the situation now if they already had the added ability to engage in real estate sales.

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For everything you need to survive in the N. San Diego Real Estate market, go to: http://www.MarcVonMusser.com

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The FED's back away from Helping Homeowners

Well, the FED has backed away from helping homeowners with the 700 Billion Dollar bailout. The Government has decided to apply these funds to help the credit markets and other entities. This isn't a huge surprise for San Diego Homeowners facing foreclosure. Disappointing, but not surprising.

Here is the new assistance program being put forth. Unfortunately, this will only and estimated 5-10% of San Diego Homeowners facing foreclosure.

FEDERAL HOUSING FINANCE AGENCY ANNOUNCES NEW FORECLOSURE MITIGATION EFFORT
The Federal Housing Finance Agency yesterday announced a new loan modification program designed to reduce preventable foreclosures with a simplified, streamlined program to put struggling homeowners into mortgage they can afford. The goal is to have a uniform process for loan modifications that the majority of lenders and servicers will use. Participants include Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, the U.S. Dept. of the Treasury, the Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.

To be eligible, the borrower must: have missed three or more payments; own and occupy the property as a primary residence; have not filed for bankruptcy; and be able to have their mortgage modified so their entire mortgage payment, including association dues, if applicable, is no more than 38 percent of their gross income.

Program details are still forthcoming, with a targeted implementation set for Dec. 15. Troubled homeowners should inquire with their lenders or servicers as to participation and eligibility for this new program.

The best solution when facing foreclosure in today's market is talk with someone, like me, that understands the foreclosure process and the options to avoid foreclosure.

We can't help if we don't know you are in trouble. Timing is critical in today's market!

All the best
Marc

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Don't just survive this RE Market....THRIVE!!! Go to my website for more!

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"Please Verify that you are Alive".... new banking requirement

"Please Verify that you are Alive".... A new banking requirement?

Apparently, this is the latest in a line of tightening lending requirements that San Diego homebuyers will need to be able to prove! (If only politicians would use this standard with their voter registration)

I'm not kidding. Wow, lenders sure are asking for a lot of crazy new requirements.

Yesterday, a very good client received a call from the lender wanting to verify if he was still alive. When he assured them that he was, the lender was not convinced! They asked to speak and verify it with someone else. Luckily, my client was able to verify that he was in fact, alive!

I wonder what lenders will ask for next? Verify the verifier?

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To help you through the myriad of changing conditions in the San Diego Real Estate Market, go to: http://www.MarcVonMusser.com

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Hope For HOMEOWNERS: H4H in San Diego

They say the only thing that stays the same, is change. Well, this is certainly true in the North San Diego Real Estate Market! Forclosure and Short Sales are dominating our market. Sales are up, prices are down. This is largely attributed to the falling prices and positive cash flow opportunities for investors.

What if you DON'T Want to sell? What if you want to keep your home? Well the help is slowly starting to trickle in. Here's a break down of the Hope For Homeowners initiative that took effect on October 1, 2008.

The Hope For Homeowners (H4H) initiative that was part of the July stimulus package began to be implemented Oct. 1.The H4H program allows troubled homeowners to keep their home, while enabling lenders to receive a Federal Housing Administration (FHA) guarantee on the loans. Under terms of the voluntary program, lenders agree to refinance the existing mortgage at 90 percent of the current appraised value and assume the loss on the remaining balance; the new loan is an FHA guaranteed 30 year, fixed-rate, fully amortized, fully documented loan; and the homeowner must forego a portion of the home’s future appreciation to the FHA when it is sold.

The FHA has posted a list of lenders participating in the HOPE for Homeowners program. When contacting the lenders, the FHA is strongly encouraging consumers to also contact their servicing lender and any subordinate lien holders as their participation is vital in order to refinance into a H4H mortgage. The program is voluntary and servicing lenders may offer different solutions for avoiding foreclosure. The FHA plans to update the list weekly on Fridays. The list is available at http://portal.hud.gov/portal/page?_pageid=73,7605762&_dad=portal&_schema=PORTAL

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AVOID FORECLOSURE: North San Diego Loan Modifications

I found this interesting post online. While each bank has different criteria, LOAN MODIFICATIONS are one of the best ways to avoid Foreclosure in North San Diego.

Chase underwriter says, “We are approving 98% of the loan modifications.”
I received a call last night from a nice gentleman who works as an underwriter in Chase’s loss mitigation department in San Diego, California.This unit of Chase is also known as the “ARM Unit”.

In the course of the conversation he told me that the main function of this department is to modify as many adjustable rate mortgages as they can, as fast as they can. He also went on to tell me that they were approving more loan modifications than denials and even threw out a number that he swears is true.

“98% of the Chase loan modifications are approved and they do whatever they can to keep homeowners in their home.” Typical interest rate is 5% and the rate is fixed on average, 30 years. It doesn’t matter if it is their primary residence, second home or investment property, they will modify the loan if it makes sense.

Also, this BS rumor that these loan modifications needs to be individually approved by an investor is completely false. The Chase underwriter told me that all the investors want loan modifications and they have already given Chase the green light to modify loans at will. He said there may be a few investors that do not allow this, but he says they are the minority.
This is something I have been advocating since day one. Give everyone loan modifications that deserve it and if they default after the loan modification, then they deserve to go into foreclosure. (unless it is a new hardship)
Plain and simple. This isn’t rocket science and there are too many homeowners losing their homes because of the incompetence of these lenders and servicers loss mitigation departments. It needs to stop and we need to hold them accountable!
This is business and also a bit of human compassion mixed in. You sold them or you now service their toxic loan, now give this “human being”, “American homeowner”, “mother or father” a break and help them stay in their home. Stop lying to the media and American people. When you say you don’t want to take people’s homes, back these claims with real help and data to back it up. The media lip service must stop now!
I just wanted to give Chase another thumbs up and give credit where credit is due. I hope to give some more thumbs up posts in the future in regards to other lenders and servicers and I also will keep telling the truth and bashing lenders and servicers when necessary.

New FHA Lending Guidelines Announced!

New FHA Lending Guidelines Announced | Mortgages Harder To Get

by Tim Harris on October 20, 2008

In a move that will stymie thousands of American home buyers and homeowners, Fannie Mae announced another round of mortgage guidelines changes last week.

Unlike past revisions in which Fannie Mae tightened debt ratio and credit scoring requirements, however, the newest underwriting updates zero in home equity and home buyer downpayments.

This is consistent with the emerging underwriting philosophy that Collateral is King.

Paraphrasing Jeff Spicoli:

No home equity, no downpayment, no dice.

Effective December 13, 2008, Fannie Mae will enforce the following single-family residence restrictions:

Primary residence, “cash out” refinances are limited to 85% loan-to-value
Second home, cash out refinances are limited to 75% loan-to-value
Investment properties cannot be refinanced without a 25% equity position
Each bullet point represents a 5 percent tightening over the previous guidelines.

Now, to be clear, Fannie Mae isn’t the only source for mortgage money. To date, the others — comprising the FHA, the VA, and an innumerable amount of portfolio lenders — have yet to announce similar loan-to-value restrictions.

But, because Fannie Mae (along with Freddie Mac) guarantees almost half of the nation’s home loans, it does swing a big stick. Historically, when Fannie Mae gets tight with its money, the other groups tend to follow.

Starting 60 days from now, qualifying for a conforming mortgage will require more home equity than at any time since 2003.

Now, there are a lot of people sitting around right now, waiting for mortgage rates to fall before buying or refinancing their home.

I’d offer a more prudent idea: Just get on with it already.

None of us can predict what where mortgage rates will go. Recession, inflation, whatever — it’s a big mystery. But, we do know with 100% certainty that guidelines will tighten effective December 13, 2008, and it will prohibit Americans from getting access to mortgages.

We know this because Fannie Mae published it on its Web site.

If you’re buying a home or in need of a refinance, consider moving up your timeline. If rates fall after-the-fact, you can always try to refinance into something less expensive. But if guidelines shut you out, there’s nothing you can do about in hindsight.

If you know you need mortgage money now, just take care of it. Great low rates don’t mean a thing if you can’t get qualified. And starting December 13, 2008, the qualifying hurdles are going to be raised.

(Images courtesy: Free Republic, The Wall Street Journal Online)

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For everything you need to THRIVE in today's real estate market go to: http://www.MarcVonMusser.com

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No MORE SHORT SALES in San Diego County???

"No More Short Sales in North San Diego County for Homeowners???"

I have received this phone call at least 3 times in the last couple of weeks. The short answer is this isn't true.

San Diego Homeowners have heard this bantered around on the National and San Diego news, but the television is referring to Short Selling 'Stocks', not Short Sales in Real Estate.

A Short Sale or Short Pay in Real Estate refers to the sale price is "Short" for what is owed.

Short Sales in North San Diego, and all of San Diego will be a large part of the San Diego real estate market until at least 2010. At least 50% of the homeowners will be upside down on their homes (in terms of equity) before 2010.

Whether you want to buy, invest or sell; you must understand Short Sales!!! They affect all transactions and price, just as foreclosures do.

For more information on Short Sales in North San Diego call me and we can discuss your situation.

All the best
Marc

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Don't just SURVIVE this market, THRIVE in this market! Go to: http://www.MarcVonMusser.com

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CARLSBAD CA Pre Foreclosure For SALE! Best deal in CARLSBAD CA

CARLSBAD Beach Home for SALE! Pre- Foreclosure, BANK APPROVED Short SALE!! Walk to BEACH! CARLSBAD, CA in HARBOR POINTE!

Location: Harbor Pointe

BANK APPROVED: PRE - FORECLOSURE - Short Sale in one of CARLSBAD's Most Desirable Neighborhoods, Harbor Pointe!

This is one of the best DEALS in CARLSBAD! A similar model currently for sale is asking $520,000!!!

Walk to white sandy beaches! Close to numerous world famous golf courses: La Costa, Torrey Pines, Aviara and more. Close to Lagoons, parks, schools, freeways, shopping and more! Location, Location, Location!!!

Perfect for a vacation home, first time buyer, empty nester, investor or anyone looking for a home close to the beach at a GREATTTTTT PRICE and it's BANK APPROVED! All we need is a buyer!

This home has 2 bedrooms and a LOFT! The loft could easily be a home office, guest room or den. The home has a 2 car attached garage, with rafter storage. A private, gated side yard with water featured and wood deck. Cul de Sac location within a gated community. The community has a refreshing pool and spa just steps away. The home has had the overgrown landscaping removed, allowing for easy design and installation for the next owner.

This home originally sold for $555,000! So the home will not last long at this price! We have BANK APPROVAL at $425,000!

For more information go to: http://www.MarcVonMusser.com or call toll free for 24 hour FREE Recorded message: 1-800-990-2473 ext 109

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Asking Price: $430,000.00

Flexibility: Negotiable

Additional Pricing Information: Property is a Short Sale, terms have been approved by lenders.

Property Location

809 SKYSAIL Ave
Carlsbad, CA 92011
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Links

WEBSITE

Features

Bedrooms: 2

Bathrooms: 2

Parking: 2

Year Built: 1986

Subdivision: Harbor Pointe

Garage Size: 2

School District: Carlsbad Unified

Square Footage: 1250

Agent Name: Marc Von Musser

Broker: Keller Williams Realty

Attributes

Appliances

Range/Oven

Full Refrigerator

Dishwasher

Sink Disposal

Interior Amenities

Fireplace

Hardwood Floors

Vaulted Ceilings

Exterior Amenities

Patio

Fenced Yard

Swimming Pool

Gated community

Community pool & spa

Walk to beach & parks

2 car garage

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North San Diego Real Estate Market & Bubble forecast

A big reason the San Diego Real Estate and the North San Diego Real Estate Market are in the condition they are, is largely due to the Adjustable Rate mortgages that were so popular in 2002-2006. These loans would offer a very low introductory interest rate, with a rate adjustment in 2-5 years.

The sales pitch by lenders was simple, don't worry about the rate increase, we'll refinance this way before then. Unfortunately, this didn't happen. Prices dropped, lenders increased the requirements to obtain a loan, debt to income ratios become more stringent, loan programs disappeared and lenders stopped offering 'Stated' loan programs (not proving income).

So what happens to these tens of thousands of North San Diego homeowners? Well, they do have some options. Unfortunately, most of them are not great.

A few options:
1. refinance (if possible)
2. create a second income (get a part time job)
3. Loan Modification (work w/the lender to drop the interest rate)
4. Short Sale (sell the home for less than is owed)
5. do nothing and foreclose. (the worst option)

(There are other options like a forbearance, deed in lieu, etc. but these aren't as common)

So what does the future hold? Tough times ahead for North San Diego real estate market. According to the number of resets (loans about to adjust upward) we can see 2009 will have thousands of loans coming due.



So, when do we hit the bottom? I hear that question daily, and while no one really knows, we can look at key indicators to identify and get an idea of what the future might bring to the North San Diego Real Estate Market.

NOTE: This doesn't mean you can't sell a home! This simply means you must have an expert on your side that can help you through this tough market!!!!

For buyers, you couldn't have picked a better time to buy a home! Prices have dropped a ton, interest rates are fantastic!

Call me for a free evaluation of your real estate situation and we can develop a winning plan for you!

All the best
Marc

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Everything you need to Survive and Thrive in the current North San Diego Real Estate Market, go to http://www.MarcVonMusser.com

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SAN DIEGO Real Estate and National Real Estate market update

The NAR released new data that shows an unexpected increase in existing home sales for August…Up 8.8% compared to August of 2007. SAN DIEGO Real Estate numbers will be a bit different, as SAN DIEGO has been hit hard by the foreclosure crisis!

Its safe to say that the existing homes sales increased due to a couple important elements:
1) Short sales are closing (faster)
2) Banks are dumping their REOs.
Have you seen this CNBC chart comparing Existing Home Sales and Pending Home sales from a June article titled: NAR’s Pending Home Sales: Something’s Amiss




Source: CNBC Reality Check


But here is a longer term graph from the WSJ.



Source: WSJ Real Time Economics

This shows that existing home sales do track Pending Home Sales pretty well over a longer period.

Note: The WSJ advanced pending home sales one month.

And here is a third graph from Northern Trust:




Source: Northern Trust

Note that Northern Trust uses a 2 month lag.

This shows that the choice of scale and time period can impact these types of comparisons. I think the first graph is misleading, and that Existing Homes Sales do track Pending Home Sales pretty well.

San Diego Real Estate has been hit hard by the forelcosure crisis, so the numbers here might vary. Overall, homes are selling when priced right, marketed correctly and showable!

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For everything you need to survive and thrive in the SAN DIEGO Real Estate market, go to http://www.MarcVonMusser.com

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OPEN HOUSE: Solana Beach Dream Home on OCT 11, 1-4pm

* * SOLANA BEACH Home For SALE! Priced to SELL FAST! Over $100k in upgrades, it's GORGEOUS!! Walk to beach * *

Location: SOLANA BEACH

Gorgeous Remodeled SOLANA BEACH Beach home FOR SALE!

Live the Southern California Lifestyle! This home is a quick walk away from of the best beaches in San Diego. Close to the Commuter rail and Del Mar race track, world famous golf courses (Torrey Pines, La Costa, Aviara). Solana Beach is the last great Beach community! Perfect for a Dream Home, vacation home, investment or rental.

If Great schools are one of your concerns, this home is located within the Award Winning Solana Beach School District! Many local citizens say this is the closest thing you can get to a private education!

This home won't last!!! A similar home without the upgrades sold at the same price! Priced for IMMEDIATE SALE!

Here's a partial list of features and improvements:

* BONUS: w/accepted offer: a 65" Flatscreen tv, surround sound system inside and outside

* SPECIAL FINANCING OPTION: As low as 6.15%, call for details
* Remodeled from the ground up w/over $100,000 in improvements.
* RV Parking with room to park up to 4 cars or a small boat
* Shows like a model home!
* Exotic, Vitoria Regia Satin Granite kitchen countertops,w/ tumbled stone full backsplash
* Gorgeous Hickory floors, all oil rubbed bronze finishes,
* High end, Built in,stainless steel appliances,
* Upper and lower cabinet lighting in kitchen, designer lighting throughout,
* Light capturing skylights in the kitchen (remote control)
* high profile crown & base moulding throughout,
* custom slate fireplace,
* Master Spa Tub
* 65" inch flat screen tv with surround sound, high end media center,
* Outdoor beach shower! Take a hot shower after a fun day at the beach
* Laundry and extra storage in the garage
* The home utilizes space w/a ton of cabinets & even a functional loft. Cute cozy backyard & patio

Many homes in this neighborhood decided to add a second story, increasing the square footage and the value. This home could be enlarged if the new owner so desires. The rentability of this home is also huge, providing a great opportunity for the next owner to rent it out during Del Mar Race season, while they make plans for their dream home.

VIRTUAL TOUR: http://www.PropertyPanorama.com/47134

For FREE 24 hour recorded information on this home: 1-800-990-2473 ext 458

For more information go to: http://www.MarcVonMusser.com

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Asking Price: $1,199,000.00

Additional Pricing Information: Call for Current status and PricingSPECIAL FINANCING OPTION: as low as 6.125% apr...Call for details

Property Location

358 N Sierra Ave
Solana Beach, CA 92075
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Website

Features

Bedrooms: 2

Bathrooms: 2

Parking: 6

Year Built: 1955

Subdivision: Solana Beach

Garage Size: 1

School District: SOLANA BEACH

Square Footage: 989

Agent Name: Marc Von Musser

Broker: Keller Williams Realty

MLS #: 080063340

Attributes

Appliances

Range/Oven

Full Refrigerator

Washer/Dryer

Dishwasher

Sink Disposal

Microwave

Interior Amenities

Fireplace

Hardwood Floors

Vaulted Ceilings

Exterior Amenities

Patio

Fenced Yard

Grass Lawn

Outdoor Shower

extra long driveway

RV & Boat parking

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VFLYER ID: 1900605

Rancho Penasquitos Pre Foreclosure Condo Townhome FOR SALE

PRE-FORECLOSURE Rancho Penasquitos Condo - Townhome FOR SALE! POWAY SCHOOLS & Casablanca Development in the heart of SAN DIEGO!

Location: Rancho Penasquitos

Rancho Penasquitos Condo Townhome FOR SALE! Located within Award Winning Poway School District.

Great Price on this desireable home in one of the nicest communities in San Diego, CASABLANCA. Surrounded by professional lush, mature landscaping you will find relaxing trails and streams leading you to 4 swimming pools and spas.

A terrific location, this home is just minutes to the I-15, and the 1-56. Close to schools, shopping, freeways, dining, theatres, parks and more.

This single level home has beuatiful hardwood, laminate floors with a very functional design. A beautiful fireplace in the living room for those romantic evenings. The kitchen has black appliances and nice cabinets. The home has a stackable washer and dryer in the home, meaning no more trips to the laundrymat! The home is in good condition and simply needs a new owner!


This PRE-FORECLOSURE is Priced to sell! Offers being entertained between $199,000 and $230,000.

For more information go to: http://www.MarcVonMusser.com or

Call our 24 hour FREE Recorded Message at 1-800-990-2473 ext 212

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Price: $230,000

Flexibility: Negotiable

Additional Pricing Information: Pre Foreclosure. Price, terms to be approved by lender.

Homeowner Dues: 247

Property Location

13212 Salmon River
San Diego, CA 92129
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Features

Bedrooms: 2

Bathrooms: 2

Parking Spaces: 2

Year Built: 1986

Subdivision: CASABLANCA

Located on Floor #: 1

Floors in Bldg: 2

School District: POWAY

Square Footage: 927

Agent Name: Marc Von Musser, MBA, CFS, CSP

Broker: Keller Williams Realty

Attributes

Appliances

Range/Oven

Full Refrigerator

Washer/Dryer

Dishwasher

Sink Disposal

Microwave

Cable

Interior Amenities

Fireplace

Hardwood Floors

Security Screen Door

Building Amenities

Patio

Swimming Pool

Hot Tub

Guest Parking

Recreation Center

Community club house

Community Bar BQ

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VFLYER ID: 1927107

Emergency Economic Stabilization Act & the San Diego Real Estate market

It's official, President Bush has passed the "Emergency Economic Stabilization Act". Both the Senate and Congress passed the revised bill, and then it was quickly signed by President Bush. What does this mean for San Diego Homeowners, home buyers and investors?

While the bill doesn't directly help homeowners and homebuyers here in San Diego, it does help indirectly. Much of American buying habits are driven by consummer confidence. When Americans are confident in the economy and the future, they tend to buy more. They buy more homes, appliances, cars, clothes, investments, etc. So the huge 'guarantee' and influx of money will help boost confidence and thus help the economy and the San Diego Real estate Market.

Another benefit will be that the lending institutions will have more capital to survive, who will in turn likely be lending more money. The flow of credit is critical for millions of businesses and jobs here in San Diego.

While this bill certainly isn't the last one that will be drawn up, it should help.

The word on the street is that banks will be able to speed up the short sale process, thus making it easier for buyers and sellers here in San Diego. This is huge, because right now it can take 4-12 months to get a short sale through to close of escrow. Obviously you don't want to enter into a short sale with an inexperienced short sale agent, or your chances of success are less than 10%! With an experienced Short Sale Agent, like myself, the chances are over 90% of success.

All the best
Marc

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For everything you need to survive and thrive the current San Diego Real Estate Market, go to http://www.MarcVonMusser.com

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The Wall St Bail out! How does this affect SAN DIEGO Real estate?

Billionaire Mark Cuban summed it up here:

1. The Bailout Hits. Euphoria on Wall Street. Stock Market goes up.

2. Banking Balance Sheets improve, Banks of all types say the problem is solved. They loan money to their biggest corporate and very rich clients. They have to, they dont want to lose their business. Of course, those corporate and rich clients borrow as much as they possibly can because they dont know when and if credit will dry up.

3. Wall Street Analysts say they are optimistic that retail sales will be stable with last year, and possibly even up as consumer confidence has shown increases

4. We start to hear complaints from consumers and small businesses that loans are not available to them , or when they are, the terms are unreasonable.

5. Dec sales for retailers are below last year and below analyst expectations. Retailers say its due to lack of credit availability to consumers.

6. Mortgage default rates start to increase

7. Stocks fall hard

8. The Treasury Department says it underestimated the amount of money that needed to be pumped into the system in order to create liquidity for MainStreet. They announce they will use the ANTICIPATED profits from the 1st bailout to fund the next 500B of bailout

9. They time the 2nd 500B “investment for the taxpayers” to be on the 101st day of the new administration.

10. The Recession grinds on and on and on

So…this means again MORE foreclosures, more shortsales. But we’ve been saying that for years now, since way before the mess.

This is a great time for buyers and investors to buy homes in San Diego! Interest rates are at 5 year lows and prices have been pushed down significantly over the last 3 years.

Now more than ever, it is critical that buyers or sellers get a PROFESSIONAL! There is as much as a 90% chance that the home you want to buy is either a Short Sale or a Bank Owned Foreclosure (REO)! IF your agent doesn't truly understand the nuances of these types of transactions, it can cost you dearly!

All the best
Marc

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For everything you need to survive and prosper in the current San Diego Real Estate Market, go to: http://www.MarcVonMusser.com

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OPEN HOUSE: Solana Beach Remodeled Home for SALE! OPEN HOUSE Sat from 11-2

If you want to see one of the finest homes for sale in SOLANA BEACH, then stop by our open house at 358 N Sierra Ave, Solana Beach, CA 92075.

This home will be OPEN to the public from 11-2. This home is GORGEOUS and has a once in a lifetime location! It's priced to sell IMMEDIATELY! Anyone that knows this neighborhood, beach properties, seasonal rentals, Solana Beach & Del Mar; knows what a great deal this is!!!

Here's a link to see more about this amazing home:

http://www.marcvonmusser.com/search-listings/view-67.html


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For everything you need to prosper in today's market, go to: http://www.MarcVonMusser.com

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Real Estate Market Video - San Diego

Here's a good video explaining how we got here, some historical perspective and some hope. This was designed for new construction, but the economics are the same.



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For everything you need to not only survive this market, but actually Prosper; go to http://www.MarcVonMusser.com

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SOLANA BEACH Beach home for SALE: Walk to beach

Solana Beach beach home for sale. Look how close you are to the beach!!!!

Homes like this rarely become available, escpecially in this condition and for this price!

For more information/photos go to: http://www.MarcVonMusser.com

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For everything you need go to: http://www.MarcVonMusser.com

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Solana Beach Beach Cottage For SALE! Stunning Remodel, walk to beach

Stunning Solana Beach Beach Cottage!

Walk to beach, this home is perfect for a 2nd home, fractional ownership, seasonal rental, or simply a turn key, model home! It's gorgeous!

Over $100,000 in improvements. This home was remodeled from the ground up! Priced to SELL FAST! A similar model, just sold and closed for about the same price, WITHOUT the improvements. Homes on this side of the 101, rarely become available, certainly not in this condition!

This 2 bedroom, 2 bath home lives much larger than the foot print. This isn't an accident. Extreme design steps were taken to maximize every possible space. You will be amazed at not only how incredible the design, but also the warm, open feeling.

Go to http://www.MarcVonMusser.com for more information



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For everything you need to prosper in today's real estate market go to, http://www.MarcVonMusser.com

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2008 Housing Stimulus Explanation

2008 Housing Stimulus Legislation
First‐Time Home Buyer Tax Credit Fact Sheet

Who is Eligible
• The $7,500 tax credit is available for first‐time home buyers only.
• The law defines a first‐time home buyer as a buyer who has not owned a home during the past
three years.
• All U.S. citizens who file taxes are eligible to participate in the program.
Types of Homes that Qualify for the Tax Credit
• All homes, whether single‐family, townhomes or condominiums will qualify.
• However, there are several conditions:
o The home must be used as a principal residence, and
o The buyer has not owned a home in the prior three years.
• The Tax Credit includes newly‐constructed homes.

Income Limits
• Home buyers who file as single or head‐of‐household taxpayers can claim the full $7,500 credit
if their adjusted gross income (AGI) is less than $75,000.
• For married couples filing a joint return, the income limit doubles to $150,000.
• Single or head‐of‐household taxpayers who earn between $75,000 and $95,000 are eligible to
receive a partial first‐time home buyer tax credit.
• Married couples filing jointly who earn between $150,000 and $170,000 are eligible to receive
a partial first‐time home buyer tax credit.
• The credit is not available for single taxpayers whose AGI is greater than $95,000 and married
couples filing jointly with an AGI that exceeds $170,000.

Effective Dates for the Tax Credit
• First‐time home buyers would receive a $7,500 tax credit for the purchase of any home on or
after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the
home during this period.

Tax Credit is Refundable
• A refundable credit means that if you pay less than $7,500 in federal income taxes, then the
government will write you a check for the difference.
o For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS
and receive a $2,500 payment from the government.
o If you are due to receive a $1,000 tax refund from the government, your refund would
grow to $8,500 ($1,000 plus $7,500 from the home buyer tax credit).
• If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy
in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.

Payback Provisions
• The tax credit is an interest‐free loan that must be repaid over 15 years.

• The minimum repayment amount must be 15 equal annual installments. For example, if the
credit amount is $7,500, then the home buyer must repay a minimum of $500 each year for 15
years.
• A home buyer must begin repaying the credit two tax years after claiming the credit. For
example, if the credit is claimed on the 2008 tax return, repayment of $500 (or less, if the credit
amount is less than $7,500) per year begins with the 2010 return.
• If the home owner sells the home for a profit and there is a remaining credit, then the home
owner is required to repay the remaining credit during the tax year of the home sale. The
amount of the repayment will depend upon the amount of profit from the home sale:
o If the profit on the sale is more than the remaining credit, then the home owner must
repay the entire remaining credit.
o If the profit on the sale is less than the remaining credit, then the home owner must repay
an amount equal to the profit on the home sale. The remaining credit payback will be
forgiven.
• If the home owner sells the home but did not make any profit on the home sale, then the
remaining credit payback would be forgiven.
Further information regarding the tax credit may be found at www.federalhousingtaxcredit.com or
www.irs.gov.
This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting,
tax advice or consulting of any kind. Please consult with your tax professional for complete details.

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For everything you need to prosper in today's market, go to:
http://www.MarcVonMusser.com

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Interesting!! Fannie Mae largely responsible for RE crisis

I found this on the CAR site. A study from the Paul Merage School of Business at UCI. Very interesting!

NEW STUDY SUGGESTS HOME LOAN LIMITS, NOT SUBPRIME BORROWERS, LED TO MORTGAGE CRISIS
A new study from the UC Irvine Paul Merage School of Business Center for Real Estate suggests that the private mortgage industry, not subprime borrowers who took out risky adjustable rate loans, led to the current lending crisis that resulted in the dramatic rise and fall of home prices across the country and mounting foreclosures.

According to the study, had loan limits for Fannie Mae and Freddie Mac, the nation's two largest mortgage lenders, been lifted ahead of the current housing crisis, the two agencies would have been able to provide more loan products for borrowers, and the private mortgage sector would not have pushed as many subprime loan products-- loans that, for many homeowners, became unaffordable as their initial adjustable interest rates reset at higher amounts.

"We were quite surprised to find the intensity of subprime lending was insignificant after controlling for all the other factors influencing the market, but we were really blown away when Fannie's and Freddie's continuing presence in the market was shown to be so important," said Kerry Vandell, UCI finance professor and Center for Real Estate director.
More info

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For everything you need to survive and prosper in the current RE market, go to: http://www.MarcVonMusser.com

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H.R. 3221 - A Simple Guide

More good news in the real estate market. President Bush had threatened to veto bill H.R. 3221, but changed his position at the 11th hour. The law was passed and will help many buyers and sellers in today's market.

 Increased loan amounts for FHA and conforming loans — this may not directly benefit the majority of our local area market as basically it will facilitate lower down-payment and more cost-efficient loan programs for higher-priced homes. This should stimulate the ability of buyers to purchase entry-level homes in more expensive markets (such as San Diego), which in turn will enable those sellers to sell homes here in California.

 Reforms to the HECM program — further regulates Home Equity Conversion Mortgages (“reverse mortgages”) to provide even more protection to those who can benefit from them. Used properly, these wonderful and versatile financial tools can help people over 62 years old protect their independence and even purchase homes which better suit their retirement needs.

 FHA Foreclosure Rescue — probably the most publicized feature, and now we know the details (strings attached). This provision may help homeowners who:

1. It the owner cannot afford their current loan which originated prior to January 1, 2008
2. If the owner pays more than 31% of their income toward their mortgage
3. If they have not intentionally missed mortgage payments, and do not own a second home.

Hope for Homeowners may assist by re-financing with a 30-year, fixed rate FHA loan at 90% of the current property value. In many cases this reduces the principal and thus the monthly payment.

The trade-off
1. the homeowner must be able to qualify for the new loan amount
2. the current lenders must agree to write down their existing principal balance
3. there are limitations to drawing future equity from the property, and borrowers agree to share 50% of all future appreciation with FHA

 Home buyer Tax Credit — home buyers who purchase between 4-8-08 and 6-30-09 may qualify for a tax credit up to $7500 . The buyer must not have owned another home within the preceding three years, and may be subject to income qualifications. The government will recapture the credit over 15 years (approximately $500 annually) so it is really more like a loan with 0% interest.

 Down payment requirements — The down payment requirement for FHA loans will increase to 3.5% after 12-31-08. If you need a seller-funded down payment assistance program, we have 2 months to make it happen.

Full details of may be found on-line at www.fha.gov (which is an excellent source for additional information how to prevent foreclosure and other housing or financing questions).

A good summary and explanation of H.R. 3221 is available at http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument

and of course, you should always consult with your attorney and tax preparer/financial planner to ask how the “Housing and Economic Recovery Act of 2008” will affect you.

If you know anyone that is considering taking advantage of the opportunity to purchase a home in this fantastic buyer's market, please have them call me —