San Diego Real Estate Blog

San Diego Real Estate Blog

Home prices in most areas of South San Diego have come up in value since last summer. Homes in most zip codes rose in 2010 and in the zip codes where it dropped it only dropped a little. This is a good sign for the real estate market in southern San Diego and the overall San Diego home prices have on average gone up since last year at the same time. As usual the short sales have extremely long market times and can prove to be very trying for even the most seasoned of short sale experts.

The bank owned foreclosures and REO properties are still moving the fastest and seem to get many offers from investors edging out the first time home buyers and families who want to buy a home to live in. Some areas in South County have renewed their new home building programs and new home builders are throwing up the sticks again. Otay Ranch still has thousands of homes that are slated to be built sometime in the future. I’m sure the when depends on how soon the real estate market improves and shows steady growth. Many new home builders lost their properties and unfinished homes to the banks and they don’t want to make that mistake again. The bubble has long since broken and many homeowners are in the middle of a short sale or wish they were. Some home owners are in the middle of a foreclosure and looking for a rental to get out and start over. There’s always a next time.

The biggest house value gains were in National City while the most amount of loss was in Imperial Beach. Chula Vista areas like 91910, 91911 and 91914 had slight gains while zips 91913 and 91915 had slight declines in home values. With the economy not improving and the state of California in dire straits the real estate market can’t truly solidify and grow until the economy does and what we need to see that happen are jobs.

If  you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

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San Diego Real Estate Blog

This is a must see condo in Chula Vista in South County San Diego. This condominium is beautiful and clean with 3 bedrooms and 2 bathrooms and it’s a downstairs condo unit too. Light kitchen with light cabinets and tile. The tile carries throughout the entire unit and has custom painted. Chula Vista shopping by Telegraph Canyon Road across from the Vons Shopping Center and freeway close for easy commute. Looking for a condos or home, short sale or foreclosure? Make sure you contact Dawn Lewis.

If  you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

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San Diego Real Estate Blog

Clairemont San Diego Real Estate:

New complex minutes from the San Diego bay and beach.  This 3 bedroom home also has 3.5 baths & a 2 car garage. This Clairemont condo is an end unit that is south west facing and has many windows that make this condo light and bright. Upgrades and features include Berber carpets and tile throughout.  Kitchen has dark wood cabinets with granite counter tops and stainless steel appliances. Family room has surround sound and there the condo is prewired throughout for ceiling fans. The complex is complete with a pool and spa area and lots of guest parking. Walk to shopping and dining. This is a Bay Park gem in Clairemont.

If  you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

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San Diego Real Estate Blog

CHULA VISTA - This Otay Ranch charming home is located at the end of a cul-de-sac. Walking distance to Neighborhood Park and located close to shopping. Built in 2003 this home has 3 bedrooms and 2 and a half bathrooms. Some of the features of this Otay Ranch short sale are tile and wood flooring with carpeting in the bedrooms, big upstairs loft, custom window coverings, custom television niche, upstairs laundry closet, and tiled fireplace in living room to name a few.

If you are looking for a home in Chula Vista this Otay Ranch home could be the one for you. Make sure you contact us to see it before it’s sold.

If  you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

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San Diego Real Estate Blog

1934 Kensington Home for Sale – This Spanish Architecture Home has all the charm you would expect in this history rich part of San Diego County. This home has 4 bedrooms and 3 full bathrooms and is over 2,500 Square Feet. There is 1 bedroom and 1 full bathroom downstairs. This 1930’s Kensington home has a large family room that is open to the kitchen. Original wood floors add to the charm of this San Diego gem. If you would like to view this Kensington home make sure you contact us right away. Priced at $749,000.

If  you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

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Twitter San Diego Real Estate

Follow Dawn Sells San Diego on Twitter

You can follow Dawn Sells San Diego on Twitter. Our San Diego Real Estate Twitter has all of our blog posts tweeted as well as all information pertaining to the San Diego Real Estate Market, News and Trends. Twitter is a great way for us to stay in touch with home buyers and home sellers in San Diego County.

We also keep you updated on foreclosure and short sale properties that we are selling and up to date information on the latest foreclosure and short sale news. Twitter is an excellent micro-blog for getting San Diego Real Estate Tweets out fast to our followers. If you want to follow the best San Diego Real Estate on Twitter make sure you follow us.

If  you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

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CNN Real Estate has two interesting articles on the Obama Home Rescue Plan. The first article titled “Obama home rescue: 650,000 get help” talks about how bank are helping home owners stay in their homes by modifying their home loans. The article states in many places about these 650,000 homeowners being put into a “trial loan modifications under the president’s foreclosure rescue plan”. Basically the homeowners are not really getting a loan modification their just getting a trial loan modification. Here are a couple of excerpts from the CNN article:

Some 650,000 troubled borrowers have been put into trial loan modifications under the president’s foreclosure rescue plan, the Treasury Department said Tuesday.

That number represents 20% of eligible homeowners at least 60 days behind in their payments, according to the Treasury report. This is up from 16% a month earlier.

Despite the progress, housing counselors say the number of people falling into foreclosure vastly exceeds the ranks getting assistance. The number of filings hit a record high of 937,840 in the third quarter, according to RealtyTrac, an online marketer of foreclosed homes. That’s a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.

The $75 billion Obama plan is “lagging behind the massive number of foreclosures that continue to pile up,” said John Taylor, head of the National Community Reinvestment Coalition.

But administration officials have said that the program, which was projected to help up to 4 million homeowners, is on track.

The rescue tries to keep borrowers in their homes by adjusting monthly payments to no more than 31% of a borrower’s pre-tax income. Servicers, borrowers and investors can get financial incentives to participate.

Administration officials have been pressuring loan servicers to ramp up their modification efforts. Many people have complained that financial institutions lose their paperwork, transfer them repeatedly between departments and require that they fill out applications again and again.

But the rising unemployment rate is prompting more homeowners, even those with strong credit histories, to fall behind on payments. And the president’s plan is not designed to help the jobless.

At the end of the article in the article there was the sentence:

What’s becoming even more important is how many people in trial modifications receive permanent adjustments.

The words “permanent adjustments” went to another article titled “Long-term Obama loan modifications prove elusive”. This article talks about how many of the trial loan modifications are not and will not turn into permanent loan modifications. The loan servicers state that they are having a hard time getting the homeowners to send them proper paperwork to complete the process. Here’s some information directly from the article:

Half a million people are now in trial modifications under the Obama administration’s mortgage rescue plan, but getting them permanent help is proving to be difficult.

The foreclosure prevention plan, which reduces eligible borrowers’ monthly payments to no more than 31% of their pre-tax income, requires homeowners to make three on-time monthly payments before they can receive a permanent modification.

Loan servicers use the trial period to verify borrowers’ income and ascertain whether they can handle the reduced payments.

But servicers say they are having a tough time collecting the necessary documents to determine whether troubled borrowers should receive permanent adjustments. They contend that some homeowners aren’t sending in their tax returns, bank statements and pay stubs. Borrowers, on the other hand, complain that their paperwork is being lost.

The Obama administration recently made several changes to the program to give the transactions more time and streamline the plan.

Last month, it extended the trial period by two months to give servicers more time to collect the documents. And last week, it announced that servicers could automatically move qualified borrowers into permanent modifications without their signatures.

The Treasury Department said these moves should make it easier for qualified borrowers to get permanent modifications, according to a spokeswoman. Officials are discussing ways to make it even easier, she said, including allowing servicers to access tax records directly from the Internal Revenue Service.

It is in servicers’ interest to convert eligible borrowers since they only get incentive payments when the modification is made permanent, the Treasury spokeswoman said. Plus, if the government finds institutions to have wrongly denied swaths of people, it could impose penalties.

“Treasury is also working intently with servicers to help ensure that they execute in helping more borrowers convert to permanent modifications,” she said.

Who’s to blame?

Servicers say they are wrestling with getting the completed documents they need to put borrowers in permanent modifications.

At JPMorgan Chase, for instance, representatives call and send letters to homeowners detailing what they still need to mail in. The bank says it has improved its system for collecting paperwork so that lost documents are not the problem. The issue, it says, is that homeowners are simply not sending in what’s required.

Many borrowers are growing increasingly nervous as they near the end of their trial modification periods with no decision from their servicers.

Jim Copley, a Minneapolis homeowner, was given a trial modification five months ago. He found he could no longer afford his $1,650 monthly payments after the housing collapse decimated his home-painting business.

After receiving a temporary adjustment that cut his payments to $955 a month, Copley sent his servicer, Bank of America, all the required income documentation in June. He was shocked to learn two months later that there was some paperwork missing. He called again and was told that his file was, in fact, complete and that he should continue making reduced payments until he was told otherwise.

The loan modification HOPE from the Obama Administrations seems to be again lots of HYPE and falls in with all the other UTOPIA DREAMS of the current leadership. Everything is a temporary fix. We need permanent solutions. Let’s let things run their course without big brother intervention and economics, good and bad, will cycle through. I wonder what’s next.

 CNN Articles

 http://money.cnn.com/2009/11/10/news/economy/obama_mortgage_plan/index.htm

http://money.cnn.com/2009/10/16/news/economy/Obama_modification_program/index.htm?postversion=2009101611

If  you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

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San Diego Real Estate Blog

2010 San Diego Real Estate Market

I know it’s still 2009 November and it might be a little early for 2010 San Diego Real Estate Market predictions but I think I’ll give it a shot. 2010 in the San Diego Real Estate Market should show more foreclosures than we had in 2009. In 2009 many foreclosures were held off of the market due to the moratoriums. Now that many of the foreclosure moratoriums are lifted the banks are gearing up to get the REO’s off of their books. 2010 in San Diego and many parts of the country will be known as the year of the “Last of the Foreclosure Market”. There will be more foreclosures after 2010 into 2011,  2012 and 2013 but 2010 will be the last big year for foreclosures.

There will still be more short sales and some banks are moving faster on them. There’s lots of talk about the short sales being streamlined and moving through the system faster. In 2010 it might just be a lot of false hope in this area. I hope I’m wrong and we see the short sales as a whole (not just select banks) move through the system fast and to a sale but it might just be a lot of hype. Systems like REOTrans are setting up to do short sales but I’ll believe the push towards short sales over foreclosures by the banks when I see it.

For homebuyers in 2010 it should be a delight with more inventory coming into the San Diego Real Estate Market. In some price ranges like the lower end first time home buyer prices under $400,000 there still will be a fight with other buyers to get the homes. There are way too many buyers and investors in the under $400,000 range in many areas of San Diego County that will keep this price range in very short supply in 2010. The upper end in non-coastal areas will still slide a little lower in 2010. We’ll see how this worked out in 2011.

If  you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

San Diego Foreclosures

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San Diego House Values           Local Real Estate Information

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San Diego Foreclosures            San Diego Green Homes

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All Information is believed to be correct but not guaranteed. 

San Diego Real Estate Blog

CHULA VISTA CA – SHORT SALE CONDO 

Beautiful 3 bedroom condo in South Bay San Diego.  This real estate in Chula Vista has custom paint throughout and the kitchen has granite counter tops as well. The dining room has a convenient granite butler counter for serving and entertainment. This condo has a cozy homelike feel and is quite large at 1,890 Square Feet. This condo is a corner unit and is across from the complex pool and spa. This is a short sale and as you might know the banks are starting to move short sales through more efficiently. If you want to take a look at this Chula Vista short sale at a great price give us a call.
 

If  you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

San Diego Foreclosures

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All Information is believed to be correct but not guaranteed. 

San Diego Real Estate Blog

EL CAJON, CA - APPROVED SHORT SALE: 1 Bedroom 1 Bathroom. Great location for this San Diego Condo well below the $100k mark. Investors delight – these numbers could work out great for you. Get out your pencil and do the math. This Approved Short Sale is a corner upstairs unit and is completely upgraded. This condo in the well known Villa Grigio Complex has Berber carpets, tile, stainless steel appliances which include microwave and refrigerator, granite counter tops, and custom kitchen cabinets. The master bedroom is complete with ceiling fan and mirrored wardrobe doors. This great value condo in San Diego County had wood blinds, air conditioning and custom paint. At a price like this it doesn’t have to be an REO to be a great deal. Get this one fast before someone sees the giveaway and takes it from you.

We have helped many buyers get into the home they are looking for in San Diego County. Many times we have Bank Owned Properties and Short Sales that need to sell fast. Make sure you let us know what type of home and in what location of San Diego you are looking at. We will keep you posted with any new homes or condos we have for sale.

If  you need help buying or selling a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

San Diego Foreclosures

San Diego REO Listing Agent

San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

San Diego Home Buyers           San Diego Home Sellers

San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

San DiegoListing Book

All Information is believed to be correct but not guaranteed.