Real Estate Predictions for 2011

5 Predictions for 2011

Freddie Mac points out five features that will characterize the housing and mortgage markets next year

1. Low Mortgage Rates:  Relatively low mortgage rates will be a feature of the 2011 mortgage market.  Those watching the Fed expect the central bank to keep the federal funds rate at 0 percent to .25 percent.  30-year fixed rate loans will more than likely stay below 5% throughout the year.

2. Prices have hit bottom: House prices are likely to begin a gradual, but sustained recovery in the latter half of 2011.

3. Housing will remain affordable: Many first-time homebuyers will hit the housing market in 2011 because of the affodability of homes being high.  This will mean more home sales in 2011 than in 2010.

4. Refinances will dwindle: With the Making Home Affordable refinance program expiring in June of 2011, many of the eligible borrowers have already re-financed.  Refinancing will be less of an option to most home owners because although fixed-rate loans are likely to remain low, they will gradually move up.

5. Delinquency rates will decline: Based on the last several business cycles, the share of loans that are 90 or more days delinquent or in foreclosure proceedings — known as the “seriously delinquent rate” — generally crests within a year of the start of the recovery in payroll employment, and this economic recovery appears to fit within that pattern. Payrolls began to rise last January, and by the spring the seriously delinquent rate had begun to fall.

Source: Freddie Mac (12/09/10)

Fall Home Maintenance Checklist

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Short Sales as an Alternative to Foreclosure

There is a dignified solution to foreclosure

We can help you or someone you know facing possibility of foreclosure

Short Sale as Alternative to Foreclosure

I was reading a blog from a group I am affiliated with, Certified Distressed Property Experts. They quoted a recent article in The New York Times:

WITH property values down by as much as 30 percent in New York City, some homeowners who bought at the height of the market are finding themselves underwater and are being forced to sell their homes in short sales.

The operative word here is FORCED… a word that carries with it an extremely negative feeling should never be associated with short sales. Rather…perhaps it would be better used in these contexts.

• The sheriff came and FORCED her to leave her home after the bank foreclosed on the property.
• After he lost his job and could no longer afford to make mortgage payments, he was FORCED to pack up and vacate when the locksmith came to rekey the property.
• When her loan reset, she could no longer afford her escalating mortgage payments and rising credit card debt. After declaring bankruptcy, she was FORCED to surrender her assets.

We are definitely up against a battle here. Unfortunately, many don’t realize that there is a dignified solution to foreclosure for struggling homeowners…that is the Short Sale. Luckily, some people recognize this, as stated by one of the nation’s leading lenders:

Short sales are a gentler alternative to foreclosure for both sellers and lenders. “Compared to a foreclosure, a short sale generally allows an easier transition for the borrower, less impact on their credit history, and larger net proceeds to the loan’s owner,” said Tom Kelly, a spokesman for JPMorgan Chase, adding that Chase encourages borrowers who are unable to keep their homes to consider short sales.

Since 1 out of every 10 homeowners is behind on mortgage payments, chances are, you or someone you know is facing the possibility of foreclosure.  Remember, you are not alone. Click on our Alternative to Foreclosure link, for more information, or just give me a call. We would be happy to help you in any way we can.

San Diego Homes and Condos For Sale

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The Keys to San Diego

One tool this website provides is our automated search system. Just sign in as a VIP member and you will have full access to the MLS system. In addition, you can set up a search with your exact criteria, and have properties emailed to you as soon as they hit the market. We invite you to browse thousands of San Diego Homes and Condos for Sale complete with photos, information, virtual tours, and more.  You can compare listings, or save listings so you can keep an eye on them…whatever you choose. It’s entirely up to you!

Another feature of The Keys to San Diego is the ability to search specifically for Foreclosure Homes and Condos for sale in San Diego…a great tool for the investor looking to build their real estate portfolio.

Today, 1 out of 10 homeowners in the U.S. are having difficulty paying their mortgage, or are already in default. These are tough and frustrating times. It is important to identify your options. Foreclosure can be avoided…click on the Alternatives to Foreclosure button to get more information on how you can Avoid Foreclosure in San Diego.

Take a peek at what San Diego has to offer.  We share some of our favorite restaurants, and give you update on things to do, and the incredible lifestyle we all enjoy in San Diego. We hope you will find The Keys to San Diego a valuable tool, and give you some insight into America’s Finest City.