Low-Income Buyers to Benefit for New Programs
The Federal Neighborhood Stabilization Program is expected to introduce several new initiatives at both state and local levels targeted at assisting low and middle income families in the purchasing of foreclosed homes in the hardest hit areas.
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Promises2Kids to Benefit from Private La Jolla Concert by Jewel
Former San Diego resident Jewel Kilcher will give a private concert in La Jolla on Monday July, 20 to benefit Promises2Kids; a local charity.
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La Jolla Concerts by the Sea Faces Shortfall
For over twenty-five seasons now, the La Jolla Concerts by the Sea have been a time-honored tradition at Scripps Park in La Jolla on the Pacific Ocean.
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Decline in Interest Rates Spur Increase of applications
After nearly one month of sluggish numbers, the volume of mortgage applications showed an increase last week. The number of mortgage applications accepted in a week fell to a seven month low point prior to this past week.
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County Economic Future Brightens Up a Bit
San Diego County's economic index has risen in May, marking the second consecutive month of improvement. Released June 25 by the University of San Diego, the index tracks a list of leading economic indicators for the county.
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Job Transferring Rules Changed by Fannie Mae
The rules have recently been changed by Fannie Mae regarding how income is considered when one partner or spouse is unemployed while involved in a job-related move.
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San Diego County Home Prices Show Increase in May
For the past two consecutive months, the median price for a home in the state of California increased. This is the first time this has occurred in almost a two year period. In March of this year, the median price of a detached home (existing) stood at just over $253,000. In April the price was reported at nearly $257,000. These prices continue to show a dramatic decrease over 2008 when the median price was nearly $450,000.
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Median Home Price Shows Increase for Two Months
For the past two consecutive months, the median price for a home in the state of California increased. This is the first time this has occurred in almost a two year period. In March of this year, the median price of a detached home (existing) stood at just over $253,000. In April the price was reported at nearly $257,000. These prices continue to show a dramatic decrease over 2008 when the median price was nearly $450,000.
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Affordability for Entry-Level Buyers Shows Increase
As of mid-May, the California Association of Realtors reports that the housing affordability index for first-time buyers reached sixty-nine percent, compared to forty-six percent in the first quarter of 2008.
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Congress Considers First-Time Homebuyer Tax Credit Expansion
New legislation was introduced on June 10, to congress proposing the expansion of the current tax credit offered to first time home buyers. The proposed new tax credit amount would be fifteen thousand dollars if passed.
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How to Respond to an Unexpected Appraisal Result
Here is some information to consider if your home appraisal comes in at an amount which is dramatically lower than the price you agreed to sell your home for.
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Mortgage Rates Reach Seven-Month High Point
Freddie Mac reports that this week's higher interest rates have put a damper on applications for refinancing of mortgages.
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Some San Diego County Zip Codes are Immune to the Housing Crisis
Home prices throughout San Diego County may have taken a large drop throughout the past year, but there are wide variations among some zip codes in the County.
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4 Pointers for the First-Time Buyer Tax Credit
The time is now to take advantage of the current first-time home buyer tax credit which is currently in effect. By considering the following four pointers, first-time buyers can find themselves much better prepared to make educated decisions throughout the important process of buying their first home.
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San Diego Water Regulations Begin June 1
The city of San Diego is enforcing new water conservation regulations as of June 1. The city is faced with reduced amounts of water being received from its two main suppliers; the San Diego County Water authority and the Metropolitan Water District. A spokesperson for the Mayor's office stated that the reductions amount to a total ten percent reduction in supply.
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UCSD Makes Discrete Job Cuts
The University of California San Diego has over the past few months made discrete cuts to their workforce. The university had trimmed the number of employees by over eight hundred, or five and one half percent of its total number of employees. The cause for the cuts is declines in state funding.
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Currently Cancelled, La Jolla Fireworks May be on
An annual tradition has suffered the consequences of the recession. The July fourth fireworks, which are traditionally held at La Jolla Cove, have lost their funding. The local restaurateur and bank have previously made the decision to put the fireworks on hiatus this summer citing rising permit costs and city fees as the prime cause.
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Mortgage Companies Break into the Landlord Business
Massive numbers of foreclosures have turned mortgage giants Freddie Mac and Fannie Mae, as well as other large lenders, into major owners of residential properties they never wanted to own.
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Real Estate Investment for Agents
Real Estate investing can be a valuable tool for building your estate. An understanding of three key leverage points of real estate is vital to success, especially in a tumultuous market like we have now. Sellers (and their listings) create buyers.
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Mortgage Applications See Drop Last Week
The volume of applications for a mortgage fell sixteen point two percent last week. The Mortgage Bankers Association's Index fell to six fifty-eight point seven, down from seven eighty six. Last week, mortgage rates reached their highest point in seven months.
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Current Quandary: Should Buyers Lock in Rates?
Right now buyers are wondering if now is a good time to lock in on an interest rate. Interest rates are at their highest levels since February. The question on people's minds is if they should wait to see if the federal government is able to find a way to lower rates.
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April and March Show Increase in Pending Home Sales
In data obtained from the Pending Home Sales Index, (a forward-looking index which serves as an indicator) contracts which were signed in the month of April increased nearly 7% to an index rating of ninety point-three. This shows an increase from a reading of eighty-four point six in the month of March, and is also just over 3% from the index reading of April 2008.
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Foreclosures Steady, but Still Extremely High
After more than a year of steadily rising, foreclosure numbers leveled off in April. This according to a report released by RealtyTrac. However, the number is still very high and this indicates that many homeowners still face the possibility of losing their homes. There were just over 340,000 households that received a foreclosure notice in April, the highest number since Jan. 2005, when RealtyTrac began reporting the data. The 340,000 homes receiving a notice were up less than one percent from March, but up almost 33% higher than the same month last year.
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Interest Rates Increase as Investors Tap Yields of Short-Term Gains
This week, mortgage rates hit a 6-month high point. This increase has occurred largely due to what is known as the yield curve, a gap between the yields on a 2 year Treasury note and a 10 year note. This week the gap widened to its highest ever at two point seven-five percentage points.
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Refinancing Slows, Mortgage Volumes Fall
The Mortgage Bankers Association reported that last week, the volume of mortgage applications fell just over 14% down to seven-hundred eighty-six compared to nine-hundred fifteen point nine the previous week when calculated on an adjusted basis.
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"Going Green" Doesn't Mean Spending More Money Anymore
"Going green" can be cost effective and in some cases even improve a company's bottom line. Going green can be broken down into three key words: recycling, reusing, and reducing. As an example, recycling one aluminum can generate enough electricity to power a television for up to four hours. An example of reusing: the collection of roof water from a 1-inch rain fall from the roof of a 3,000 square foot house can save almost 1,900 gallons of water. Calculated for an area that typically sees 20 inches of rain per year and you'd have almost 38,000 gallons of reused water.
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Tax Credit Loans for Home Buyers Still in Works
A spokesperson representing the U.S. Department of Housing and Urban Development recently commented that recent news reports which speculate that the federal government is showing signs of retreating away from plans to offer first-time home buyer credits are untrue.
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La Jolla Group Forwards Parking Motion to City for Approval
The La Jolla Community Planning Association forwarded their plan to add an additional eighty parking spaces to the village city officials for their OK. The group of trustees approved the motion to forward what they have called the "Rainbow Curbs" parking plan forwarded on to the city for review and approval on May 7. Members of the LJCPA had a meeting with San Diego city parking officials on May 13.
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Removal of Seals from La Jolla Cove Confirmed by Judge
On Wednesday, May 27, a Superior Court judge ordered the city of San Diego to remove the harbor seals form the Children's Pool in La Jolla Cove. The city was given two weeks to devise a plan to have the seals safely removed. The judge's decision was made based on questions which remain regarding whether or not a previous federal order which prohibited the removal of the seals was still in effect.
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UCSD Recipient of Solar energy Grant
In a collaborative effort with UC Davis, UCSD in La Jolla has recently received a state grant of seven-hundred thousand dollars to expedite the use and continued development of solar energy.
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New Bill Offers Hope for Distressed Home Owners
A new bill which attempts to instill some hope in to the Obama administration's housing rescue program was signed on Wednesday, May 20. The bill is called "Hope for Homeowners."
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Despite Sales Drop in March, Analysts See Sign of Stabilization in Housing Market
An industry report released on Thursday showed home sales fell in March, but experts see signs of stabilizing in the tumultuous housing market. According to the National Association of Realtors (NAR), March home sales came in at an annually adjusted rate of just over 4.5 million. Compared to February's 4.7 million sales, that's a drop of about 3%. Sales in March were down a little over 7% from a year ago and slightly lower than analysts predicted.
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Projecting the Bottom for Falling Property Values
Realtors in many areas around the country are bidding higher than sellers' asking prices and coming up short. Sellers are successfully creating bidding wars to drive up prices which are at or near all-time lows. This is especially common in the Southern California area, where many listed homes are getting in excess of 100 bids. Is this indicative that prices in Southern California have hit bottom? Not hardly. Despite the savage bidding wars, prices are still far below their peak during the last housing boom. Values in the Los Angeles area fell more than 30% in 2008, and should fall even more. Taking into account the historical balances of income, housing sales, employment rate, foreclosures, and vacancy rates, L.A. area property values should fall another 30%. Apparently, we have yet to see the best real estate deals.
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Why is the Mortgage Rescue Plan Delayed?
Even though the program has $75 billion in funds available to spend, the Obama administration's
foreclosure prevention plan is struggling to take effect.
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Fannie Mae and Freddie Mac Continue to Face Challenges
Federal regulators stated on Monday, May 18 that both Freddie Mac and Fannie Mae continue to face significant challenges in the wake of the current economic crisis. Both institutions are facing ongoing critical operational, financial, and compliance issues.
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San Diego County Property Sales Increased Greatly in Second Half of 2008
In San Diego county, 2008 concluded with a month-over-month increase in the median price for single-family (not new construction) homes. The price increase reported in December of 2008 was the first increase seen in seventeen months. Additionally, year-over-year sales of homes showed an increase in each of the last 8 months of 2008, very positive signs indeed.
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March Sees Continuation of Increased Home Sales
Year-over-year, sales of single family, homes (not new construction, re-sale) in San Diego County increased over 48% throughout the month of March, marking the 11th straight month of increases over last year. So far, year to date County home sales have increased nearly 45% over 2008.
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Some GOOD News for a Change!
It seems as though every time any of us tune into the evening news broadcast or read a newspaper headline, the "bad news" seems to increase all our fears regarding our economy.
The news media has gone into full throttle mode regarding all this and suddenly words like "meltdown" and "Crisis" fall on our ears on a daily basis.
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Median Home Price Dropped Nationwide in First Quarter '09
Nearly 9 out of ten United States cities saw a decrease in the average median price of a home throughout the first quarter of 2009. First time buyers seeking out bargains tended to dominate the markets.
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First-Time Buyer Tax Credit May be used for Down Payment
The Secretary of the United States Dept. of Housing and Urban Development, Shaun Donovan stated on Tuesday, May 12 that the FHA (Federal Housing Authority) will allow its lenders to permit home buyers to put the current $8,000 tax credit towards the down payment of their home purchase.
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Signs of Hope for the Struggling US Economy
Home prices rose almost 1% from January to February, the first time that's happened in two years. This is a good indicator that lower interest rates may be helping to stabilize property values. The Federal Housing Finance Agency (FHFA), reported that home prices fell 6.4% in February from last year, the smallest drop in six months. The gain over January's numbers beat analyst predictions as they were expecting a minimal decline. Typical mortgage rates have fallen 1.5% in the last six months, boosting affordability of homes and condos.
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School Trustee Suggests that San Diego Beach Communities Break from District
Trustee John de Beck has made the suggestion that the beach communities of San Diego break away from the SDUSD- San Diego Unified School District and create their own district. A plan was unveiled which include schools on the Point Loma peninsula, the beach communities, Clairemont and adjacent communities which would create the San Diego Coastal Unified School District.
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State Receiving Increased Complaints on Loan Modification Firms
The number of complaints filed against Loan Modification Firms to the state has dramatically increased.
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Rope Barrier at La Jolla cove Children's Pool Set to Come down
The legal proceedings continue as the date of May 15, 2009 has been set to take down the temporary rope barrier which blocks the general public from the harbor seals which have made their home at the La Jolla Children's Pool. May 15 marks the end of the seal's annual pupping season.
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Short Sale Sellers being chased by Lenders
More and more lenders are going after mortgage holders who opt to sell their properties for an amount less than they currently owe. This transaction is commonly referred to as a "short sale".
Lenders are going after these types of sellers in order to recover more of the difference between what they owe on the home and the amount that the home sold for.
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Moratorium on Appraisal Rules Sought by NAR and NAMB
Both the National Association of Mortgage Bankers (NAMB) and the National Association of Realtors (NAR) are lobbying hard to postpone the implementation of new Freddie Mac and Fannie Mae rules which govern real estate appraisals.
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New Tax Credit for First-Time Buyers Enjoying Enormous Popularity
The Internal Revenue Service estimates that more than 1.3 million homeowners will take advantage of the new federal tax credit for first-time buyers. This means that it's very likely the goal of 2 million homeowners helped set by the Administration will be met or exceeded by the November 30 deadline.
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Mortgage Modification Bill Faces Opposition in Senate
Known as the "cramdown", the bill that would allow judges to modify the home loans of owners in the midst of bankruptcy, now moves to the U.S. Senate and faces additional troubles.
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Preliminary UTC "Super Loop" Route Unveiled by SANDAG
During the April meeting of the University Community Planning Group, officials of both SANDAG and MTS announced plans for the launching of a prototype route for the Super Loop bus route this summer. This announcement moves up the date from an anticipated date of fall of next year.
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Bottom of Housing Market is near say Housing Analysts
Last week, while attending the semiannual Construction Forecast Conference both market analysts and home builders predicted the end of the housing decline was in the near future.
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California Statewide Home Sales and Median Prices for March 2009
Statewide, an estimated 36,215, resale and new homes were reported sold in the month of March. That figure is up just over 47% from March of last year. For the last nine months, sales have shown an increase on a year-over-year basis.
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Home Affordability Gains Strength in Most Markets
Economists at PNC Financial Service Group and HIS Global Insight discuss in their quarterly report the home prices have now dropped to a point where the typical American household and now afford to purchase.
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First-Time buyers Increase While Existing Home Sales Slip
The month of March saw a decline in the number of existing home sales throughout the country. The National Association of Realtors (NAR) also reports that first-time buyers are taking advantage of low mortgage rates and available tax credits.
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Federal Reserve Officials Say the Worst is over
According to Federal officials, the worst of the economic crisis is behind us. These opinions were shared during a conference held on April 17 at Vanderbilt University.
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Just Launched: Federal Housing Rescue Plan
This week, the Obama administration's new program intended to rescue home owners in distress went into effect. The program was announced back in February.
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Friends of La Jolla Shores Organizes Community Playground Build
The Friends of La Jolla Shores has organized a Playground Community build which will take place April 30 - May 2.
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Fed Chief and President Both Cite Economic Progress
President Obama on April 14 pointed out sign that our country's current recession is showing signs of ebbing. Major factors include: a strengthening real estate market, recent auto industry rescue efforts and the recapitalization of some major U.S. banks.
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New La Jolla Parking Plan Proposed
During a recent meeting, members of the La Jolla Community Planning Association (LJCPA) discussed a parking proposal for the village of La Jolla which is intended to add spaces. The plan could curtail future intervention on this outstanding issue by the City of San Diego.
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20 Green Events Make up UCSD Earth Week Celebration
UCSD, one of the country's greenest universities will celebrate Earth Week, April 20-25. The unique and beautiful campus located in La Jolla, will host 20 events which have been dubbed "Extreme Green". Events include a trash sort, a "green" job fair, and an eco-friendly fashion show. Also included in the festivities will be a green film festival of student's work and a sustainability awards ceremony.
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Mortgage Modifications Being Questioned by Economists
A recent study conducted by the Boston Federal Reserve shows that buyers are more likely to fall into default on their mortgages due to the loss of a job than because of the terms of their existing home loans.
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Mortgage Rate Update
The average rate on a 30-year fixed mortgage dropped to 4.78%, down from 4.85%. Rates on 15-year fixed rate mortgages fell to 4.52%, down from 4.58%. Rates on a 1-year adjustable rate mortgage fell to 4.75%, down from 4.85%.
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Annual Little Italy ArtWalk in Downtown San Diego has New Sponsor
This year's ArtWalk in Little Italy is now officially sponsored by Mission Federal Credit Union. 2009 marks the 25th year of this wide-ranging outdoor free event held on the streets of Little Italy, one of downtown San Diego's most vibrant and unique neighborhoods.
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Government Officials Crack down on Mortgage Modification Scam Artists
The government is getting a lot tougher on scam artists who prey upon desparate home owners that are faced with the tragedy of foreclosure.
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Top Economists State the Recovery has started
Mark Zandi of Moody's Economy.com believes that economic recovery is all about making people in this country feel confident once again.
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The Housing Market: Where it is headed
Over the past month, the market received an important indicator as to which direction conditions are headed in: applications for new mortgages and loan refinances surged throughout March.
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Mortgage Protection Plan Launched by C.A.R.
On April 2, the California Association of Realtors (C.A.R.) started the California Association of Realtors Housing Affordability Fund Mortgage Protection Program. This program is being offered to first-time home buyers and persons who have not purchased a home in the past three years.
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FBI Instructs Lenders to Retain Records for Longer Periods
In order to make the prosecution of fraudulent lenders an easier task, the Federal Bureau of Investigation has recently called on Congress to enact legislation which would require lending institutions to retain all records for at least a ten year period.
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Senate Testimony: the FHA, Essential to Housing Rebound
The primary source for much of the mortgage funding for many in America is The Federal Housing Administration. This agency plays a vital role in assisting in the stability of the housing market. This message was delivered to the Senate Appropriations Subcommittee on April 2 by representatives of the National Board of Realtors.
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Rampant Foreclosures Lead to Investment Opportunity
Even as the government steps in with measures to prevent foreclosures, February saw more than 290,000 new foreclosures filed, the 3rd highest one-month total since RealtyTrac began tracking the number in 2005. The data includes auction sales, bank repos and default notices. During the last 3 years, there have been more than 4 million foreclosures in the US. Investors seeking to build equity have always been attracted to foreclosed-on properties. Such property can usually be acquired for 20 to 60% off of market value. Experts say that investors looking to buy properties, spruce them up and re-sell them will be hard pressed to turn a profit. Those investors with the ability to sit on the properties, whether renting them or holding out until the market improves, should be very excited about the opportunities available today. A good investment strategy is to acquire properties in areas where prices are very low, yet demand for rental properties remains high.
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Five Landscaping Tips that will Wow Home Buyers
Sellers in today's real estate market need to work harder to entice potential buyers to consider their homes. Here are five tips:
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Five Reasons to Buy a Home Now
Little by little, the housing market is improving. Below are six reasons why it is still a good time to buy a home:
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Now is a Good Time to Remodel
The time is ripe to make those remodeling dreams reality. Homeowners who contact contractors now to bid on and schedule remodeling work on their homes will have the edge on getting the best bids. Contractors want to get a pipeline of jobs lined up for the coming months; they win by getting the work they need, and you win by getting the project done a good price.
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Enhance Your DIY Projects- Join a Club!
In the midst of this recession, homeowners are joining Do-it-Yourself (DIY) clubs to get needed tasks completed.
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Recent Survey Shows Americans Still Eager to Purchase
A recent survey conducted by Move, Inc. shows that upwards of twenty-five percent of adults state that they plan to buy a home within the next five years. Of those surveyed, one half would be first-time home buyers.
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February Home Sales Driven by First-Time Buyers
In a recent report released by the NAR (National Association of Realtors) figures show that sales of existing homes increased throughout the month of February, largely from purchases made by first-time home buyers. In general, home sales activity continues to run relatively soft as the market continues to be impacted by additional layoffs and more potential buyers waiting to see how the recent passage of the economic stimulus package affects the market.
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Freddie Mac Asking For Help....Again
Mortgage giant Freddie Mac, suffering from the current US housing crisis, announced Wednesday it will request over $30 million in Federal Aid. This after it posted an enormous loss last year in excess of $51 billion. Freddie Mac joins the other mortgage giant, Fannie Mae who recently requested almost $16 billion in aid after losing more than $59 billion last year. Both companies were seized by the government in the fall and are vital to the overall health of the national real estate market. Combined, the two own or guarantee over 50% of the nation's mortgages. The Treasury Dept. has promised aid for the companies up to 400 billion dollars. Many experts predict the companies will remain under the government's control permanently.
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New Tax Credit Available to Qualified Home Buyers!
If you are a potential home buyer and are currently on the fence about whether or not to buy, read on.
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Loan Limits on FHA, FNMA, and FHLMC in San Diego Return to 2008 Limits
In 2008, loan amounts up to $697,500 were insured by FNMA (Fannie Mae), FHA (Federal Housing Administration), and FHLMC (Freddie Mac). That amount was dropped down to $546,250 on loan closures which took place after January 1 of this year.
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The Home Owner Affordability and Stability Plan: How it can help you
The Obama administration has recently created a new plan intended to assist homeowners who are faced with foreclosure. The plan is called the Home Owner Affordability and Stability Plan. This new plan offers a lot of assistance to homeowners who are in or are in danger of losing their homes to foreclosure. The plan helps families who are currently delinquent on their payments, it offers assistance to those who are current, yet their homes have devalued to the point of being dangerously upside-down in the value of their loan, and it also offers aid to those who desire loan modifications, before they get in trouble.
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Six Reasons to Purchase a Home in 2009
1. Real Estate cycles typically last ten years. The most recent bottom of the market years were 1960, 1970, 1980 and 1990. The last market upswing began in 1998, and hit its peak in 2005- just seven years into the cycle. Given the state of our current cycle, the market should have bottomed-out and should be on its way to a more normal market. The NAR (National Association of Realtors) has reported increases in home sales from November to December of six point three percent. From December 2007 to December 2008, an overall increase of two point one percent was seen. These numbers reflect a modest rebound of the market.
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Strong Opinions Shared by Former Fannie Mae CEO
When the Federal Housing Finance Agency put both Fannie Mae and Freddie Mac into conservatorship in 2004, Dan Mudd was ousted from his position.
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Home Resales on the Decline at End of Last Year
The number of Americans who signed on to purchase previously owned houses fell far short of predictions in January as the housing crisis worsens entering its fourth year. The pending homes resales index 7.7 % after a gain of nearly 5% in December according to a spokesperson for the National Association of Realtors.
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Real Estate Market On the Rise
In many areas across the country housing sales are seeing a dramatic increase as prices continue to decline. One city in California, Fairfield saw a 226% rise in home sales last quarter as compared to '07 as the average sales price fell 19% to $179k according to American CoreLogic, a housing data analytics company. Many 1st time buyers are entering the market now.
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Mortgage Bankruptcy Bill Passes House
Legislation which allows bankruptcy judges to extend the terms of, trim interest rates , and in turn lower the principal owed to lenders by bankrupt borrowers was approved by the U.S. House of Representatives on Thursday, March 5.
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Many Californians feel Abandoned by Recent Foreclosure Plans
As it stands, the current foreclosure relief program drafted by President Obama's administration limits refinancing help to homeowners which owe more than one hundred five percent of what their homes values are.
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Recent Survey Shows American Dream is still Alive and Well
It appears that the classic American Dream of homeownership has been undeterred by the present slowdown of the housing market. Both current homeowners and potential home buyer alike agree.
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Obama's Tax Credit Designed to Encourage First-time Home Buyers
President Obama signed a bill this week which includes a provision to encourage families to buy their first homes. It calls for a tax credit of $8k or 10 percent of the home's value, whichever is less. The credit can be claimed on the 2008 or 2009 tax return. The really nice part of this credit is that it is 100% refundable, meaning if you’re already due a refund, the $8,000 will be added to it.
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Fannie Mae to Draw from Federal Line of Credit
Feeling the impact of the struggling US housing Market, Fannie Mae reported Thursday it would have to dip into its 200 billion dollar federal line of credit after suffering a loss of nearly 59 billion in 2008. They also said that an end to their troubles does not appear close at hand. Last quarter, Fannie Mae claimed 25.2 billion in losses which represents a per-share loss of $4.47. Slightly lower than their third quarter loss, it is the sixth straight quarter in which the financial giant reported a loss.
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Obama Budget Plan Places MID at Risk
The NAR (National Board of Realtors) reports that there is a provision in President Obama's budget outline which would place a limit on the MID (Mortgage Interest Deduction). This limit would impact every home owner with a mortgage in the U.S.
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Survey Shows: Americans Want new Transit Options over New Roads
A recent survey which was sponsored by both the NAR (National Association of Realtors) and an organization named Transportation for America asked Americans if they wanted to see more transit options/improvements implemented or additional roads built. The results showed an overwhelming majority desired to have more transit options.
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Limits Released on FHA and Conforming Loans
Based on changes enacted last week as part of the economic stimulus legislation, the U.S. Dept. of Housing and Urban Development has recently released new FHA and conforming loan limits.
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Resurgence Evident in South Coast of California's Home Market
With entry-level homes in the area averaging over 750 thousand the South Coast California market is showing signs of a resurgence. The area has a chronic shortage of entry-level homes such as townhouses, condos and small two and three bedroom homes.
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New Tax Credits Aim to Encourage Home Buyer
Now is a good time for prospective home buyers. In addition to the existing federal tax credit of eight thousand dollars for those purchasing their own home, California has passed legislation allowing an additional credit of 5% of the home’s value up to ten thousand dollars to home buyers, be it their first home or not; and is available to all home buyers regardless of income. The new tax credit will be available from March of this year to March of 2010 to anyone purchasing a new home in which they will be the first to reside.
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Housing Affordability Index Shows Gains Locally, Nationally
The latest housing affordability Index offered our area a ray of hope as it nearly hit the 50% mark for the first time in 15 years.
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Economic Stimulus Plan's Potential Real Estate Impact
Here is an outline of which factors of the Obama administration's 2009 economic stimulus plan which involve the housing market.
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Jumbo Loans are Available, Yet Tougher to Obtain
Unlike two years ago, jumbo loans are currently not that easy to obtain. To qualify, lenders state that jumbo loans are available if borrowers possess the right level of income, sufficient down payment, and high enough credit score.
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Home Values - House to vote on Thursday
In just a couple of days, the House of Representatives will vote on a bill allowing bankruptcy judges to alter current home loans, by adjusting current
home values.
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Obama's Housing Rescue Plan
The Obama administraion is putting aside seventy-five billion dollars in order to try and save the housing market. The rescue plan will focus on
keeping homeowners in their homes and will help negotiate lower loan terms for those facing foreclosure.
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Downtown San Diego Building May Become First to Fall
A downtown San Diego building, the Equitable Building, is in financial crisis mode. The group that owns the landmark building is doing everything they can to keep the property. The building boasts thirty-three stories and
is currently, only have full.
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Amended Appraisal Regulations Draw Fire
As of May 1, 2009 all responsibility for the managing of home appraisal will change over to a middleman known as AMCs, or appraisal management companies.
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Home Foreclosures placed on Hold While Stimulus is Finalized
Lenders are curtailing on foreclosures as they await the outcome of a finalized economic stimulus package.
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Government Stimulus Plan Finalized With Alterations to Tax Credit
The House of Representatives along with the U.S. Senate finalized details of the current economic stimulus plan. The $790 billion plan to revive the waning economy was hammered out without the proposed repayment feature on the home buyer tax credit portion of the bill.
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La Jolla Residents Reminded to be Cautious When Kayaking the Cove
Need proof not to mess with the La Jolla Cove? Last weekend a young boy and his uncle were kayaking in the area and
got a little to close to the cave in La Jolla Cove, near Emerald Cove. The waves in this area can be quite hostile and apparently when the
two went to take a closer look at the cave, the waves came in and prevented them from returning to the safety of the
ocean.
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Rare Blue Whale Washes Up in La Jolla
The dead body of a blue whale was discovered on Fiesta Island. The whale was about to begin drifting to La Jolla, but the body was towed away before
it could do that. The body was already beginning to smell before it was hauled up on the beach using a giant net.
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Credit Report Errors to look out for
People will often view ads on television or print advertising companies that provide a service to make credit problems or bad debt disappear off of individual credit reports.
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Lower Interest Rates are Just a Start of what needs to be done
Current lower interest rates will help the current housing crisis, but the government needs to do more in order to properly revive the overall market.
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Experian Curtails Access to Credit Scores at MyFICO.com
The credit bureau Experian has discontinued the offering of credit scores previously available at MyFICO.com. Credit scores from the two other major credit reporting bureaus, Equifax and TransUnion, will still be available.
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Possible Fifteen Thousand Dollar Tax Credit Added to Stimulus Package
Tonight President Obama spoke about the urgency of passing the stimulus package. If all goes well, we may see
some results from his speech in the next couple of days. One of the exciting details that was recently added to the stimulus package was
the possible tax break that home buyers may receive.
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Ideas for Downsizing your Home
Many people are considering downsizing their homes in light of current economic times. This can either be a traumatic or positive experience for homeowners, largely depending on their individual circumstances. Below are five suggestions to make the downsizing process run smoothly and with less stress.
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Pondering the Effect of the New Administration on the Real Estate Market
With only a couple of weeks under their belts, it is rather premature to pose any specific forecasts regarding the new administration's impact on the current market.
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San Diego County Foreclosures Decrease
The fourth quarter of 2008 showed a nearly 10% decrease in San Diego home foreclosures when compared to 2007. Across the state, mortgage default numbers dropped to their lowest number in more than a year.
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December Shows Strong Gains in Existing Home Sales
Sales of existing homes displayed an unexpected increase while available inventory declined. Information being reported by the NAR (National Association of Realtors) states that the real estate markets of the west led the way.
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National Home Sales Revealed
In the last month of 2008, home sales, in the United States, fell nearly fifteen percent to a low that has never been seen before. Overall, the year had almost a thirty-eight
percent drop in home sales.
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Myths Regarding Home Loan Modification
A list dispelling the top five myths regarding home loan modification was recently released by the Federal Loan Modification Center. The list is intended to educate distressed home owners who are facing the prospect of losing their home to a foreclosure.
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Pondering the Effect of the New Administration on the Real Estate Market
With only one week under their belts, it is rather premature to pose any specific forecasts regarding the new administration's impact on the current market.
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Current Home Design Trends Point to Gray as "In"
Trend watchers are seeing the interior design world place increased emphasis on the traditional: wingback chairs with updated fabrics- even the nail heads are back in vogue. The hot new "cool" color trend is gray, to add a soft backdrop for a movement towards more natural textures.
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Alternatives to Buying a Home without a Fixed Mortgage
As it becomes more difficult to obtain a conventional bank loan, an increasing number of prospective home buyers are looking into financing options other than the traditional fixed-rate mortgages.
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The Today Show Says San Diego Real Estate is Already Showing Signs of a Rebound
Here's some good news that was discussed recently on the Today Show. The focus was on some of the real estate myths that are
out there for buyers and sellers. Several topics were discussed, but the one that stood out was when they were talking
about how some people think that now is the worst time to try and sell your home. The myth was debunked by saying that it
was not necessarily true for all markets. They went on to say that markets that were hit the hardest like Phoenix,
Las Vegas and yours truly, the San Diego real estate market
are already rebounding and that if you have been wanting to upgrade your home, now maybe the right time. The logic behind their reasoning is even if you take a loss on your current home by selling it now, you will be gaining when you purchase your new home by getting it at a great price.
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San Diego Real Estate Loses More Than 1500 Workers in 2007
California's unemployment rate jumped more than nine percent in December. Due to a drop in consumer spending and the previously stagnant housing market, the jobless rate sunk to its lowest level in nearly fifteen years. Throughout the state of California there were almost eighty thousand employees who lost their job in December alone. Unemployment average for the United States was a bit over seven percent in December.
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