New Rules From FNMA-

  Fannie Mae, who either buys or guarantees app. 28% of all of the residential loans , has some good and some bad news . Good for buyers getting part of their down payment as a gift from relatives. The bad news is for those that have gone through foreclosure or who have other revolving debt. Rea...d the NYT article at http://www.nytimes.com/2010/11/21/realestate/21mort.html?_r=2&ref=realestate

BANK OWNED HOMES SALES IN THE NORTH COUNTY

-  Wondering how many homes sales in the north county are bank owned foreclosures?   Year to date they account for 34% of the home sales in our area.    That is the same exact percentage of our sales for the same time period last year in 2009. 

OCTOBER NORTH COUNTY REAL ESTATE STATISTICS

-Numbers of closed sales in October 2010 were up 7% from September. Year to date sales for 2010 are down 8% when compared to the same time frame in 2009. Pending sales (open escrows) are only 1 escrow apart from September to October so virtually the same. The amountof listings on the market is also just 5 properties different from the same time frame in 2009.

Loan Modification Tricks are No Treat

Most of us in this business have been approached by friends, family and even clients about loan modifications. We all know folks who are having a rough go of it and are seeking help from their lender to modify the terms of their loans so they can stay in their homes.


We have all heard them say the same thing; “The people at the bank told me they wouldn’t even talk to me unless I was late on several payments.” In many cases, bank personnel have actually advised people to let their loans go delinquent, so they can “possibly” help them! And, many people take that advice and let their payments lapse, destroying their credit with no real commitment of assistance.

Here is the real horror story – Just this morning I heard from a dear friend asking about getting a loan to buy a smaller place since her expensive house just went into escrow. After talking to her I learned that she had been seeking a modification and had taken the banks advice and let her payments go delinquent for a few months. Then suddenly an offer came through on her home and now she is in escrow. But since she has several late payments, she no longer qualifies for a loan.

Would Like to Sell But Worried About the Current Market?

 Consider this: sellers who do have equity who would like to sell should not be shy about selling if they intend to purchase another property. Equity is equity and you may sell for less at the present time but you will also buy for much less and have a larger amount of available inventory to choose from. Also interest rates are at historic lows.

The Truth Behind the Noise

WHAT IS THE REAL STORY BEHIND THE LATEST FORECLOSURE NEWS ITEM?- Here is a great Q & A from the San Diego Union Tribune that really gets to the heart of the issue http://www.signonsandiego.com/news/2010/oct/11/whats-going-foreclosures/

SEPTEMBER NORTH COUNTY REAL ESTATE STATISTICS

Numbers of closed sales in September 2010 were down 5% from August.   Year to date sales for 2010 are also down 5% when compared to the same time frame in 2009.   Pending sales (open escrows) are down 11% in September from August.  The amount of listings on the market is virtually the same as the same time frame in 2009.