San Diego Real Estate Market 2012 Outlook

San Diego Home Forecast 2012 - Opinion on the 2012 San Diego real estate outlook. Why San Diego home values, will still be in decline through at least the first half of 2012.

Read the full post at: San Diego home forecast 2012

San Diego Real Estate Forecast 2010

 San Diego California real estate market

http://www.brokerforyou.com/brokerforyou/ San Diego Home Forecast 2010 - Opinion on the 2010 San Diego real estate outlook. Why San Diego foreclosures will still have an impact on the San Diego homes for sale market in 2010. brokerforyou.com Bob Schwartz is a San Diego real estate broker with 30 years experience. If you own a San Diego home or are planning purchasing San Diego real estate Bob's San Diego 2010 real estate outlook is a must read. You can also search San Diego homes for sale (San Diego MLS) at: http://www.brokerforyou.com California real estate license #00706331

Our Real Estate Recession

My opinion on the root cause of our current housing bust started back with the Clinton administration. The thinking was to make housing more affordable for the masses. A noble idea, but as usual, the government’s implementation was based on easing of the traditional mortgage qualifying rules.

If lenders wanted to expand their operations there was an understanding in order to get government approval they had to comply with the easing of mortgage qualifying rules. Further, the government told the lenders not to worry about because the two semi-government agencies, Fannie Mae and Freddie Mac, would purchase all these substandard loans.

That is my opinion, and a sure to be debated explanation of how we ended up in this horrific housing situation.

downtown San Diego real estate

San Diego Real Estate 2011 Outlook

I foresees another year of San Diego home value erosion. The only bright spot in 2010, was the Federal and California state home buyer credits that artificially created and temporally created a modest home value, short lived average price up-tick.

Some of my reasoning for continued San Diego housing trouble ahead in 2011, are the attitudes formed toward homeownership by first time buyers, the impact of California's own Cap & Tax energy program, past overbuilding of high end homes based on false loan qualification practices, and the large amount of foreclosures banks still have to process.

Read: San Diego Real Estate Market 2011 Outlook for the full article on the housing outlook for San Diego in 2011. Plus, if you want to stay up to date on the San Diego real estate market be sure to get a free subscription to the San Diego California housing market blog.

Real Estate Recovery - What Recovery?

San Diego housing market recovery:


For a no Bull opinion on the San Diego housing market, get a free subscription to the San Diego real estate market blog at:
http://www.brokerforyou.com/brokerforyou

10 Foreclosure Tips

Top 10 Home Foreclosure Avoidance Tips

1. Don’t ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your home. If you are behind on your mortgage payments or have received notice that you are behind in payments, you need to contact your lender quickly and ask to speak with a loss mitigator. Typically, your lender will mail you a “loan workout” package. This package contains information, forms and instructions. If you want to be considered for assistance you must complete the forms fully and truthfully and return them to your lender quickly. Your lender will review the complete package before talking about a solution with you.

2. A smart simultaneous step is to contact a HUD-approved local nonprofit counseling agency that may be aware of programs that could help you, may have personal knowledge of your lender’s flexibility in terms of available options, and may know the best person to contact with your lender. To find one click HUD-approved housing counseling agencies or call HUD at (800) 569-4287 on weekdays. Time is of the essence, so don’t let this step slow the process more than a few days.

3. At the same time, find out what your home is worth so you will know how much equity you have (or if it’s worth less than the mortgage balance). There are online home valuation tools on Zillow.com, Trulia, and several other websites, but an experienced and knowledgeable local real estate agent’s written market valuation is likely to be more accurate and will be helpful in discussing options with lenders. Modifications, forbearance and recasting are all possible if you have sufficient equity in your home, and if you have sufficient equity, selling the home if necessary may not be the worst idea if home values are dropping.

4. Avoid fee-based for-profit mortgage prevention companies or counseling agencies - many are rip-offs that provide few if any meaningful services for distressed homeowners, and you can get quality counseling for free. Also be wary of investors who advertise offers of immediate cash for your home. Many of them are also unethical or outright crooks, seeking to strip home equity through a variety of techniques. If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property. Never sign any legal document without reading and understanding all the terms and getting professional advice from an attorney or a trusted real estate professional, or a HUD-approved housing counselor.

5. Know your mortgage rights. Find your loan documents and read them so you know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

6. Foreclosures are expensive for lenders, so they are usually willing to listen to reasonable ideas that can reduce their potential losses, such as restructuring the loan at lower rates or accepting a “short sale,” which occurs when the lender agrees to let the owner sell the home for less than the mortgage balance, and agrees to forgive the shortfall and not downgrade the homeowner’s credit. Your willingness to cooperate is a negotiating tool if your suggestions are likely to be less expensive than a foreclosure action.

7. Bankruptcy is an option, particularly if your lender is inflexible or your mortgage is on a second home or a rental property. Bankruptcy judges can reduce debts and modify interest rates on commercial loans, second home mortgages, and investment property mortgages when it is in the best interest of both parties. Unfortunately, they have no such latitude with the mortgage on your primary residence, but if your mortgage lender is inflexible, bankruptcy proceedings may be the wisest choice.

8. Even if you are current on your mortgage payments but have an adjustable loan, thoroughly review your mortgage documents, even if your reset date is many months in the future. Check the reset interest rate or formula for determining the reset rate and any future rate resets, and see if there are mortgage prepayment penalties.

9. If you think you could have trouble keeping up with the new payments on an adjustable mortgage, consider refinancing into a fixed rate mortgage if possible. Some lenders may be willing to forgive all or part of a prepayment penalty if that payment presents a problem and you qualify for their fixed rate product.

10. Don’t assume that you are immune to a foreclosure in the future. Don’t assume that a mortgage lender’s underwriting process will assure that you’ll not be approved for an unaffordable mortgage in the future. When lenders discovered that they could package and very profitably sell risky loans to investors, they became was less focused on responsible underwriting because they weren’t at risk if they sold the loans. Sound underwriting practices began to deteriorate, eventually causing the current mortgage meltdown. This could happen again. In the future you need to consider the total amount of likely monthly payments, including taxes and insurance, and be comfortable in your own mind that you can handle those payments. Adjustable rate loans are risky because you can’t control the future interest rate at the time they will be adjusted, so you need to assume the worst (in other words, a substantially higher index interest rate when they adjust) in deciding whether they will still be affordable. San Diego real estate agents - San Diego Realtor
Courtesy of the American Homeowners Foundation and the American Homeowners Grassroots

California Housing Recovery..Not This Year!

According to the Los Angeles County Economic Development Corp. report released last week, California home prices and sales volumes will also slide into 2009, while some areas of the state experience an even more prolonged downturn.

Jack Kyser, chief economist of the Los Angeles County Economic Development Corp, said:
"The housing pains there will remain, probably until 2010."
The statewide median home price last month was down about 17 percent from a year earlier and 5 percent from December, according to DataQuick Information Systems. The statewide median price peaked last spring.
In San Diego, most insiders will agree that the top of the housing market was the summer of 2005.
Century 21 San Diego Realtor