All La Mesa Blog Posts Tagged 'Real Estate' (44)

FHA gives jobless homeowners one-year break


Beginning Aug. 1, the Federal Housing Administration will extend the period for unemployed homeowners to miss mortgage payments from four months to a full year, providing qualified homeowners with more time to find employment before the foreclosure process begins.

Making sense of the story:

- The new Special Forbearance program falls under the FHA’s Loss Mitigation program, which FHA-approved servicers must participate in.

- The extended grace period…


Added by Gina Garcia on July 7, 2011 at 10:13pm — No Comments


In a recent report on CCN Money, Honolulu ranked the most expensive place to live.

During the first three months of 2011 the median price of a home sold in Honolulu was nearly $580,000, according to the latest data from the National Association of Realtors. That makes Honolulu the most expensive housing market in the nation.

WHERE DOES SAN DIEGO RATE? Honolulu was followed by San Jose, Anaheim and San Francisco, California; New York was #5 and just behind at #6 San Diego with a…


Added by Gina Garcia on June 15, 2011 at 9:30pm — No Comments

Carbon Monoxide Detectors

LA MESA -- Fire officials are reminding local residents that a new state law requires every household to install a carbon monoxide detector to augment the smoke detectors already required in every home.

The new state regulation takes effect July 1 and can be easily met with a quick trip to a number of local stores, including Lowe's,…


Added by Gina Garcia on June 14, 2011 at 4:30pm — 1 Comment

Bankrupt homeowners shed second mortgages

The Mercury News - Some struggling homeowners are using a little known, but increasingly popular, provision of the bankruptcy code to eliminate second mortgages and avoid foreclosure.


 Bankruptcy laws prevent homeowners from eliminating the debt of a first mortgage if they plan to

stay in their home. But second mortgages are treated differently. Second mortgages can be

declared unsecured debt when there is no equity to cover…


Added by Gina Garcia on May 13, 2011 at 7:30am — No Comments

Obama: Homeowners need more help

CNNMoney - President Obama said that struggling homeowners need even more help from the banks, in a CBS town hall that aired Thursday.
Read the full story 

Added by Gina Garcia on May 13, 2011 at 7:30am — No Comments

East County Home Sales Statistics


NOTE:  Numbers do not include manufactured, mobile and modular homes.  Numbers only include sales from January 1 to April 30, 2011 compared to same time, 2010.


Gina Garcia, Realtor -…


Added by Gina Garcia on May 12, 2011 at 2:30pm — No Comments

Home prices continue to slide

Sacramento Bee - Home prices continued to slide in March both nationwide and across the region, according to figures by CoreLogic.
Read the full story  

Added by Gina Garcia on May 10, 2011 at 7:30am — No Comments

Home buyers lack mortgage know-how

San Diego Union-Tribune

May 4 - A new survey indicates that home buyers are ill-prepared to take out a mortgage, answering basic

questions about mortgage information incorrectly nearly half (46 percent) of the time, according to a

Zillow Mortgage Marketplace.


 More than 1,000 home buyers were asked to respond true or false to eight mortgage-related

statements, including “The rates of 5/1 adjustable-rates…


Added by Gina Garcia on May 9, 2011 at 2:38pm — No Comments

Confidence in value of homeownership persists through bust

(Los Angeles Times)

Despite the decline in home prices, 81 percent of U.S. adults believe buying a home is the best long-term investment a person can make, according to a national survey by the Pew Research Center.


 Homeownership topped the list of long-term financial goals for Americans, according to the study. Respondents rated…


Added by Gina Garcia on April 14, 2011 at 8:38pm — No Comments

If You Must Sell Your Home

LA MESA -- When his company lost its biggest contract, he knew the writing was on the wall.

Things had been pretty tenuous anyway, and now with 35 percent of annual revenues disappearing, he knew his job -- in fact his company -- was no longer sustainable.

There were savings and, given his talents, inevitably another job would come. But where and when were questions that would test his savings.

His home was lovely. But it also took $3,500 a month just to keep the bank at…


Added by Gina Garcia on April 6, 2011 at 8:00pm — No Comments

Home prices drop in February

Pasadena Star News

Following three months of sales gains, California home sales posted a weaker-than-expected performance and declined in February, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The statewide median price of an existing, single-family detached home sold in California also declined in February.


  • Closed escrow sales of existing, single-family detached homes in…

Added by Gina Garcia on March 17, 2011 at 11:16pm — No Comments

Banks drag feet on short sales, survey finds

The CALIFORNIA ASSOCIATION OF REALTOR® (C.A.R.) published its findings of a survey this week, which show that tedious lender requirements and poor communication hamper short sales.


• Fewer than three of five short sales close in California, illustrating the complexity and difficulty of navigating lenders’ and servicers’ short sale procedures, according to C.A.R.’s survey, which gauged REALTORS®’ experience in working with short sale…


Added by Gina Garcia on March 10, 2011 at 7:18pm — No Comments

Should you pay off the house?

(CNN Money)

An increasing number of homeowners are considering paying off their mortgage early. While paying off debt generally is a sound strategy, homeowners also are aware that mortgage interest is tax-deductible, so paying off a mortgage early may not be in the best interest for all homeowners.


• Homeowners with credit card debt, and those who aren’t contributing the maximum amount to a 401(k), are advised to make…


Added by Gina Garcia on February 24, 2011 at 8:00am — No Comments

Banks push home buyers to put down more cash

Many economists and housing analysts blame lax lending standards – including no-down payment, no-document loans – for contributing to the challenges in the current real estate cycle. As a result, most lending institutions have increased minimum down payment requirements. Now, a new proposal by the Obama administration calls for gradually raising down payments to a minimum of 10 percent on conventional loans – those that can be bought or guaranteed by Fannie Mae and Freddie…


Added by Gina Garcia on February 18, 2011 at 1:22pm — 1 Comment

Online Mortgage Shopping Made Easier

New York Times

The vast amount of information available online about mortgages – such as interest rates, loan benchmarks, prepayment penalties, and the like – can cause home buyers to feel confused and overwhelmed when shopping for a mortgage. Most surprisingly, a recent survey found that only 61 percent of homeowners surveyed said they comparison shopped for a mortgage, and 39 percent said they took out a home loan based on just one quote.



Added by Gina Garcia on February 11, 2011 at 3:03pm — No Comments

Real Estate: Finally a good investment?

By Smart Money

The housing market still looks pretty bleak: There were a record 1 million foreclosures last year, home prices are still falling in many regions, and the number of "underwater" properties is at a record high.

And things don't look much better in other areas of real estate. The number of construction jobs continues to decline, even as other parts of the economy have added jobs. And mortgage rates have moved higher as long-term Treasury yields have backed…


Added by Gina Garcia on January 24, 2011 at 9:00pm — No Comments

A little-known strategy for cutting mortgage payments

Homeowners looking to lower their monthly mortgage payments and reduce their interest rate may be able to do so without refinancing. A little-known strategy called recasting or re-amortization is available through some mortgage lenders and servicers, and eliminates the hefty fees and daunting credit requirements of refinancing.


• Re-amortization requires borrowers pay off a lump sum of the principal amount on the mortgage and asking to have the…


Added by Gina Garcia on January 14, 2011 at 9:01am — No Comments

When will housing come back in California? Five experts offer their views

Although the steep decline of home prices in California ended in spring 2009, the weakness in the housing market after the expiration of federal tax credits for home buyers last year has led to some speculation as to whether the recovery is sustainable. Five experts, including Leslie Appleton-Young, the chief economist for the CALIFORNIA ASSOCIATION OF REALTORS®, were asked to provide their view on the state of real estate and what they think is needed to get the housing market moving…


Added by Gina Garcia on January 6, 2011 at 8:00pm — No Comments

November Home Sales Rose In State, Sacramento

California - Home sales rose in November compared with October, but were down from the previous year, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The statewide median price declined from both the previous month and previous year.


• The median price of an existing, single-family detached home sold in California fell below the $300,000 mark for the first time since February. The November 2010 median price was…


Added by Gina Garcia on December 30, 2010 at 11:21pm — No Comments

Home-buying paralysis? Tips for getting the best deal faster

(Los Angeles Times)

The inventory of homes for sale has increased in recent months, causing some buyers to hesitate before making an offer on a home for fear a better home at a more favorable price will become available.


• Although real estate agents are showing more homes to clients, people still are buying homes, especially first-time buyers. According to the latest figures from the NATIONAL ASSOCIATION OF REALTORS®…


Added by Gina Garcia on December 24, 2010 at 9:12am — No Comments

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