No Money Down Disappearing as Mortgage Option - washingtonpost.com
No money down mortgages or 100% financing are becoming rare as major lenders have pulled out of the market.
I remember back in the late 90s when people needed to put down 20% or get very unfavorable rates. In fact even in 2003, going with less than 10% down sometimes caused a penalty in your rates
Monday, August 6, 2007
SignOnSanDiego.com > News > Metro -- Foreclosure agents bask in bad times
"SignOnSanDiego.com > News > Metro -- Foreclosure agents bask in bad times: "Today, of the nearly 24,000 listings of resale houses, condominiums and mobile homes, roughly one-fifth were identified by Sandicor, a local multiple listing service, as distressed properties either in foreclosure or approaching the stage where owners could lose their homes.
Agents who specialize in the properties, known as real-estate-owned homes, or REOs, say they're having a field day. While it may be a bit morbid there is a certain side of the real estate industry which does well in bad times."
If one fifth of the properties are distressed one would have to wonder what is keeping the prices up. Over the weekend I noticed some home in Carlsbad which were REO listings. And these listings were priced significantly below the market. Homes were for sale for 700 thousand or less which buildes were attempting to sell for over 800,000 in January.
Agents who specialize in the properties, known as real-estate-owned homes, or REOs, say they're having a field day. While it may be a bit morbid there is a certain side of the real estate industry which does well in bad times."
If one fifth of the properties are distressed one would have to wonder what is keeping the prices up. Over the weekend I noticed some home in Carlsbad which were REO listings. And these listings were priced significantly below the market. Homes were for sale for 700 thousand or less which buildes were attempting to sell for over 800,000 in January.
Sunday, July 29, 2007
LIVING THE AMERICAN NIGHTMARE / FORECLOSURES ON THE RISE: As the housing market softens, a combination of consumer naivete and aggressive lending mean
Here is a quote from a Bay area newspaper.
LIVING THE AMERICAN NIGHTMARE / FORECLOSURES ON THE RISE: As the housing market softens, a combination of consumer naivete and aggressive lending means owners with subprime loans are increasingl: "Some observers say that many of those facing foreclosure should never have bought a house. To be sure, many consumers were seduced by the American dream of homeownership and so financially unsophisticated that they didn't apply due diligence. For Bay Area residents, more than a decade of consistently rising home prices may have led to a mob mentality of people overeager to jump into the real estate market, confident they would quickly gain equity.
On the other side of the equation, many lenders pushed the envelope. For example, Ameriquest Mortgage Co., the nation's leading subprime lender, is now paying $325 million to 725,000 borrowers nationwide for allegedly improper sales practices, including failing to adequately disclose home-loan terms and rates, refinancing borrowers into inappropriate loans, inflating home appraisals, and charging excessive fees and prepayment penalties.
Foreclosures have a much broader impact than just misfortune for the people who lose their homes. Within neighborhoods, they cause real estate prices to sink because houses on the verge of foreclosure or already foreclosed upon often are resold at lower prices. That, in turn, has a ripple effect on the"
LIVING THE AMERICAN NIGHTMARE / FORECLOSURES ON THE RISE: As the housing market softens, a combination of consumer naivete and aggressive lending means owners with subprime loans are increasingl: "Some observers say that many of those facing foreclosure should never have bought a house. To be sure, many consumers were seduced by the American dream of homeownership and so financially unsophisticated that they didn't apply due diligence. For Bay Area residents, more than a decade of consistently rising home prices may have led to a mob mentality of people overeager to jump into the real estate market, confident they would quickly gain equity.
On the other side of the equation, many lenders pushed the envelope. For example, Ameriquest Mortgage Co., the nation's leading subprime lender, is now paying $325 million to 725,000 borrowers nationwide for allegedly improper sales practices, including failing to adequately disclose home-loan terms and rates, refinancing borrowers into inappropriate loans, inflating home appraisals, and charging excessive fees and prepayment penalties.
Foreclosures have a much broader impact than just misfortune for the people who lose their homes. Within neighborhoods, they cause real estate prices to sink because houses on the verge of foreclosure or already foreclosed upon often are resold at lower prices. That, in turn, has a ripple effect on the"
Real Estate Blog - Mortgage Fraud + Shielding a Client--Part I
Real Estate Blog - Mortgage Fraud + Shielding a Client--Part I
I was driving around Carlsbad California today with a friend who is a Real Estate investor. When I mentioned that I saw this same no money down sign all over Encinitas and Carlsbad.
He said yes, and a few weeks ago there was a sign all over which spoke of an apprentice job where they were looking to pay the apprentice 20,000. My investor friend figured they were looking for someone with good credit to pull a fraudulent real estate deal.
The link above is an example of the type of fraud that seems prevalent in the San Diego Real Estate market, according to my investor friend. As we were driving through his neighborhood he pointed out two homes which involved homes that were marked up too high and then sold with cash back to the buyer.
Therefore, at least 2 of the 4 recent comps for a very popular neighborhood are fraudulent.
Buying a home in Carlsbad or other parts of San Diego - make sure you know what you are doing or you are working with someone who knows what they are doing.
I was driving around Carlsbad California today with a friend who is a Real Estate investor. When I mentioned that I saw this same no money down sign all over Encinitas and Carlsbad.
He said yes, and a few weeks ago there was a sign all over which spoke of an apprentice job where they were looking to pay the apprentice 20,000. My investor friend figured they were looking for someone with good credit to pull a fraudulent real estate deal.
The link above is an example of the type of fraud that seems prevalent in the San Diego Real Estate market, according to my investor friend. As we were driving through his neighborhood he pointed out two homes which involved homes that were marked up too high and then sold with cash back to the buyer.
Therefore, at least 2 of the 4 recent comps for a very popular neighborhood are fraudulent.
Buying a home in Carlsbad or other parts of San Diego - make sure you know what you are doing or you are working with someone who knows what they are doing.
Saturday, July 28, 2007
County foreclosures leap higher | The San Diego Union-Tribune
County foreclosures leap higher | The San Diego Union-Tribune
Home foreclosures in San Diego County continued a troublesome climb into record territory in June, but analysts say the number has yet to reach a threshold that creates a drag on real estate prices or the economy.
From May to June, county foreclosures increased from 532 to 657, a 24 percent increase and a record for any month since 1988.
Graphic: Default notices in Southern California
County notices of default, the first step in the foreclosure process that occurs when homeowners begin missing mortgage payments, totaled 8,314 for the first six months of 2007, compared with 3,311 in the same period last year, a 151 percent increase. From May to June of this year, default notices rose from 1,441 to 1,596, an 11 percent increase.
Although foreclosures are spiking, there is no reason for homeowners to
Home foreclosures in San Diego County continued a troublesome climb into record territory in June, but analysts say the number has yet to reach a threshold that creates a drag on real estate prices or the economy.
From May to June, county foreclosures increased from 532 to 657, a 24 percent increase and a record for any month since 1988.
Graphic: Default notices in Southern California
County notices of default, the first step in the foreclosure process that occurs when homeowners begin missing mortgage payments, totaled 8,314 for the first six months of 2007, compared with 3,311 in the same period last year, a 151 percent increase. From May to June of this year, default notices rose from 1,441 to 1,596, an 11 percent increase.
Although foreclosures are spiking, there is no reason for homeowners to
NAR: Prices Rise, Existing-Home Sales Decline in June
NAR: Prices Rise, Existing-Home Sales Decline in June
Update on the national foreclosure situation from the National Association of Realtors
Update on the national foreclosure situation from the National Association of Realtors
New-home building permits plummet in O.C. - Los Angeles Times
Large declines in building permits for San Diego.
New-home building permits plummet in O.C. - Los Angeles Times
The decline there outpaced the drop in the Inland Empire and San Diego County, two of the weakest markets for new-home sales. In each of those areas, permits fell 67%, the construction board said.
New-home building permits plummet in O.C. - Los Angeles Times
The decline there outpaced the drop in the Inland Empire and San Diego County, two of the weakest markets for new-home sales. In each of those areas, permits fell 67%, the construction board said.
Subscribe to:
Posts (Atom)