Real Estate

La Mesa Homes For Sale

Mercury News
Home buyers may find the time is right
Low interest rates, affordable home prices, and rising rents. Is now the time to buy a house? Owning is a more attractive proposition than renting in many – perhaps even most – U.S. cities.  Read the full story: http://www.mercurynews.com/real-estate/ci_22793032/real-estate-watch-home-buyers-may-find-time

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The Los Angeles Times
Many underwater homeowners are coming up for air
The Fed reports that Americans have seen the equity in their homes jump nearly $500 billion in the last quarter of 2012 and $1.7 trillion since spring 2011.
Read the full story: http://www.latimes.com/business/realestate/la-fi-harney-20130317,0,7587311.story

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CNN Money
Home sales hit highest rate in 3 years
Sales of previously owned homes reached an annual rate of nearly 5 million in February, the strongest pace in more than three years, according to a report by the NATIONAL ASSOCIATION OF REALTORS®.  Read the full story: http://money.cnn.com/2013/03/21/news/economy/home-sales/index.html?iid=HP_LN

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The New York Times
Saving on title insurance
Borrowers don’t often pay much attention to the title insurance required by their mortgage lenders – until they see the sizable charge for it on their list of closing costs.
Read the full story: http://www.nytimes.com/2013/03/17/realestate/saving-money-on-title-insurance.html?ref=realestate&_r=0

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CNN Money
Why higher mortgage rates will help the housing market
Borrowing is still relatively cheap, so many potential homeowners may dive into the market. Read the full story: http://finance.fortune.cnn.com/2013/03/18/interest-rates-housing/?iid=HP_LN

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The Wall Street Journal
When prices of homes with pools take a dip
In the winter, the water doesn’t look so appealing, so potential buyers are less likely to shell out extra bucks for a swimming pool.
Read the full story
http://online.wsj.com/article/SB10001424127887323628804578348764099184402.html?mod=WSJ_RealEstate_MiddleBuckets1

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The New York Times
Growth predicted in home renovations
Homeowners who have been holding off on home improvements, be it a new kitchen or
replacement siding, are more likely to call in the contractors in the year ahead.
Read the full story - http://www.nytimes.com/2013/02/03/realestate/mortgages-growth-predicted-in-homerenovations.html?ref=realestate

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The Los Angeles Times
Homeowners facing foreclosures should be wary of scams
If researchers at the nonprofit Center for Responsible Lending are on target when they say the country is only halfway through the foreclosure crisis, many more people are going to be conned out of a great deal of money trying to save their homes.
Read the full story - http://www.latimes.com/business/realestate/la-fi-lew-20130203,0,7334270.story

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San Francisco Chronicle
Year-over-year U.S. home prices up sharply in November
U.S. home prices in November extended their steady recovery from the housing bust, rising 7.4 percent compared with a year ago. It was the biggest year-over-year increase in 6 ½ years. Read the full story: http://www.sfgate.com/news/article/Year-over-year-US-home-prices-up-sharply-in-Nov-4195332.php
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The Wall Street Journal
As housing market rebounds, listing prices cut the other way
Out of the 100 largest metro markets, 33.6 percent of homes for sale saw price drops from their original or recent listing price in the last six months, according to data by home listing and research company Trulia.  Read the full story: http://blogs.wsj.com/developments/2013/01/16/as-housing-market-rebounds-listing-prices-cut-the-other-way/?mod=WSJ_3Up_RealEstate

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The Los Angeles Times
Homeowners and sellers escape “fiscal cliff” with key benefits
Although it wasn’t a total win for homeowners and sellers, the patchwork legislation that
emerged from the “fiscal cliff” fracas on Capitol Hill came pretty close.
Read the full story:  http://www.latimes.com/business/realestate/la-fi-harney-20130113,0,6931945.story

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The Wall Street Journal
Can I buy your house, pretty please?
In an echo of the last housing boom, ardent pitch letters from eager home buyers are popping up again in hot U.S. real estate markets like Silicon Valley, Seattle, San Diego, suburban Chicago, and Washington, D.C., housing economists and real estate brokers say.
Read the full story:  http://online.wsj.com/article/SB10001424127887323482504578227703128967098.html?mod=WSJ_3Up_RealEstate

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The Orange County Register
Foreclosure settlement cash a few months away
Nearly 4 million homeowners will be contacted within the next three months to receive payment under an $8.5 billion foreclosure-abuse settlement between federal regulators and 10 large banks, according to the Federal Reserve.
Read the full story:  http://www.ocregister.com/articles/foreclosure-382857-homeowners-loan.html

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The Los Angeles Times
Nearly one-third of U.S. homeowners have no mortgage
While millions of Americans have suffered the angst of lost homes, equity, and pride, nearly a third of the nation’s homeowners have no mortgage at all, according to an estimate by Zillow.  Read the full story: http://www.latimes.com/business/la-fi-free-and-clear-20130110,0,1527940.story

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The Washington Post
New law expands protections for those in military service
While they are overseas protecting our country, military personnel often have problems meeting certain financial obligations at home, such as keeping current on their rent or mortgage obligations. Last August, President Obama signed a law that strengthened existing provisions aimed at preventing military personnel from losing their homes.
Read the full story:

http://www.washingtonpost.com/realestate/new-law-expands-protections-for-those-in-militaryservice/2012/12/20/9dc06bcc-3efb-11e2-a2d9-822f58ac9fd5_story.html   

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The Los Angeles Times
Pending home sales rise again in November
Pending home sales rose for a third consecutive month in November, indicating that demand for housing remains strong, according to the NATIONAL ASSOCIATION OF REALTORS®. Read the full story: http://www.latimes.com/business/money/la-fi-mo-pending-home-sales-20121228,0,3828755.story   

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San Diego Union-Tribune
Foreclosure reviews for borrowers may be in limbo
A government-led plan to review more than 650,000 foreclosures in the nation for bank
wrongdoing could end and be replaced by a $10 billion mortgage settlement that’s in the works, news reports say.  Read the full story
http://www.utsandiego.com/news/2013/jan/02/foreclosure-reviews-borrowers-may-be-limbo/

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San Francisco Chronicle
Mortgage interest deduction in jeopardy?
As the “fiscal cliff” looms, the mortgage interest tax deduction is in the spotlight as Congress and the Obama administration consider ways to reduce spending and raise revenue.  Read the full story
http://www.sfgate.com/default/article/Mortgage-interest-deduction-in-jeopardy-4122021.php

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The Los Angeles Times
Young adults still have their sights set on American dream
A new survey disproves the notion that “echo boomers” – a combination of Generations X and Y – intend to remain renters and are clueless about homeownership.
Read the full story: http://www.latimes.com/business/realestate/la-fi-umberger-20121216,0,7865597.story

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Los Angeles Times
FHA to extend rule permitting loans on “flips” of fixed-up homes
The Federal Housing Administration has decided to extend its rule permitting loans on quick “flips” of renovated houses beyond the scheduled Dec. 31 expiration deadline. The policy is widely considered one of the key federal government moves that has encouraged private investors in large numbers to buy foreclosed and deteriorating houses from lenders, then repair them and resell within short periods of time.
Read the full story: http://www.latimes.com/business/realestate/la-fi-harney-20121216,0,7259629.story

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The New York Times
The credit union alternative
This year for the first time in their century-old history, credit unions are on track to surpass $100 billion in mortgage loan originations.
Read the full story: http://www.nytimes.com/2012/12/16/realestate/mortgages-credit-unions-grow-inpopularity. 
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Mercury News
Bank repossessions hit 9-month high in November
Banks completed foreclosure on 59,134 homes last month, an increase of 11 percent from
October and up 5 percent from November last year, according to a report by RealtyTrac.
Read the full story: http://www.mercurynews.com/real-estate/ci_22180512/bank-repossessions-hit-9-month-highnovember

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Wall Street Journal
As mortgage rates keep falling, more are scratching 15-year itch
Thanks to low interest rates, many borrowers are opting for 15-year mortgages that allow them
to pay off their mortgages in half as much time as the traditional 30-year mortgage.
Read the full story
http://online.wsj.com/article/SB10001424127887324407504578185353260891258.html?mod=WSJ_RealEstate_RIGHTTopCarousel

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San Francisco Chronicle

Principal relief for stressed homeowners

A limited number of underwater homeowners in California will soon be able to get principal reductions of up to $100,000 apiece on Fannie Mae and Freddie Mac loans through the federally funded Keep Your Home California program.

Making sense of the story:

Although the federal agency that oversees Fannie and Freddie had previously refused to allow permanent principal reduction on loans they own or guarantee, in mid-September, the Federal Housing Finance Agency told servicers they could immediately begin accepting money for principal reductions from programs financed by the U.S. Treasury’s Hardest Hit Fund, including Keep Your Home California.

The California Housing Finance Agency set up four programs under the Keep Your Home name to distribute California’s Share of the funds -- $1.9 billion. It allocated $772 million to principal reduction – enough to help an estimated 9,000 borrowers.

To qualify for the principal reduction in California, homeowners must live in the home, owe more than it is worth, be of low-to-moderate income, and be delinquent or have some hardship that puts them in imminent risk of default.

The balance on the first mortgage cannot exceed $729,750. Other rules apply, but there is no asset limitation. The maximum reduction is $100,000 per homeowner.

For more information on the Keep Your Home programs, visit

http://keepyourhomecalifornia.org. Read the full story:

http://www.sfgate.com/business/networth/article/Principal-relief-for-stressed-homeowners-3986774.php

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CNNMoney
Home prices rise for fifth month in a row
The housing market picked up more momentum in August, as the average home price for 20
major cities jump 0.9 percent, according to the S&P/Case-Shiller home price index.
Read the full story: http://money.cnn.com/2012/10/30/real_estate/case-shiller-homeprices/index.html?iid=HP_LN&hpt=hp_t3
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Mercury News
Foreclosure victims buying homes again
Fannie Mae and Freddie Mac make people wait seven years after a foreclosure to approve a
new home loan, but the Federal Housing Administration will approve loans after three years,
providing the buyer has established good credit and the ability to pay the mortgage.
Read the full story:
http://www.mercurynews.com/business/ci_21865116/foreclosure-victims-buying-homes-again ____________________________________________________________________________________________  

CNNMoney
Home prices rise for fifth month in a row
The housing market picked up more momentum in August, as the average home price for 20
major cities jump 0.9 percent, according to the S&P/Case-Shiller home price index.
Read the full story: http://www.utsandiego.com/news/2012/oct/31/report-32-homebuyers-are-first-timers/

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Mercury News
Foreclosure victims buying homes again
Fannie Mae and Freddie Mac make people wait seven years after a foreclosure to approve a
new home loan, but the Federal Housing Administration will approve loans after three years,
providing the buyer has established good credit and the ability to pay the mortgage.
Read the full story
http://www.mercurynews.com/business/ci_21865116/foreclosure-victims-buying-homes-again

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CNNMoney
Foreclosures fall in 62 percent of U.S. cities
Foreclosures fell in nearly two-thirds of the nation’s largest metro areas during the third quarter, according to RealtyTrac.
Read the full story
http://money.cnn.com/2012/10/25/real_estate/foreclosures-cities/index.html?hpt=hp_t3

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San Diego UnionTribune
How loan wipe-outs can hurt homeowners
What seems like a well-meaning offer from corporate America has turned into a hurdle for some
borrowers int eh late stages of a short sale.
Read the full story
http://www.utsandiego.com/news/2012/oct/26/how-loan-wipe-outs-can-hurt-homeowners/

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CNNMoney
Consumer confidence at 4-year high
Consumer confidence, which measures how Americans feel about the economy, edged higher to a reading of 72.2 in October.
Read the full story
http://money.cnn.com/2012/11/01/news/economy/consumer-confidence/index.html?iid=HP_LN

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Sacramento Bee
Is a mortgage refinance right for you?
With rates for 30-year mortgages hovering below 4 percent since last October, all kinds of
homeowners are trying to get their monthly mortgages reduced, say lenders and mortgage
experts.
Along with months of record-breaking low interest rates, other factors are driving the refinancing boom: a competitive lending market and changes in some federal refinancing programs for struggling homeowners. It's prompted many established homeowners with old-school, highinterest mortgages to decide it's time to refi.

Making sense of the story

• To determine whether you should refinance, look at how long you plan to be in your
  current home and whether the upfront costs outweigh the monthly savings. Generally
  the primary reasons for refinancing a mortgage are to:
  • Lower monthly mortgage payments.
  • Eliminate the unpredictability of an adjustable-rate mortgage by switching to a
  fixed rate.
  • Free up home equity cash for home improvements, college costs or other
  expenses.
  • Shorten the loan term, say from a 30- to a 15-year mortgage, which can save
  thousands in interest payments.
• It pays to compare quotes from several lenders because they offer different rates and
  fees. Start with your current lender or sit down with a local loan originator. You can also
  do refinance comparisons online, using mortgage calculators at sites like Bankrate.com
  or those of individual banks and lenders.
• If you're a struggling homeowner, ask your lender about changes in the federal Home
  Affordable Refinance Program and FHA refinance programs that have made refinancing
  options more plentiful.
  Read the full stor: http://www.sacbee.com/2012/08/26/4755335/personal-finance-is-a-mortgage.html

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Wall Street Journal
Housing on mend, but full recovery is far off
Home prices during the first half of 2012 posted their strongest gains in six years, the clearest sign that more U.S. housing markets have hit bottom. But the housing market remains far from normal. Hitting a bottom shouldn't be confused with a full-on recovery, which looks a ways off.
Read the full story: http://online.wsj.com/article/SB10000872396390444301704577631252266351074.html

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