Thursday, September 1, 2011

Obama's plan would help San Diego's housing market...

Obama Expected to Unveil Plan to Revive Housing

Daily Real Estate News | Thursday, September 01, 2011

The Obama administration is expected to announce a new mortgage relief program next week to help struggling home owners stay in their home and reduce the number of foreclosures, Reuters reports.

While the exact details of the proposal are still unknown, analysts are speculating that President Barack Obama is likely to announce a plan that would help more borrowers to refinance loans, allowing them to lower their monthly payments and ward off possible foreclosure.

The refinancing plan will reportedly apply to loans backed by government-owned Fannie Mae and Freddie Mac or the Federal Housing Administration, allowing more home owners who have been unable to refinance due to poor credit, owing too much above their home’s current value, or unemployment, to take advantage of current low interest rates.

Other lawmakers who have pushed for such a move have argued that by lowering home owners’ monthly payments, it would free up cash for other spending, which will help stimulate the overall economy.

Source: “White House Could Unveil Mortgage Plan Next Week,” Reuters (Aug. 31, 2011)

San Diego Housing Market will benefit from this...

Banks Agree to More Short Sales

Daily Real Estate News | Friday, August 26, 2011

Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.

“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”

During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.

What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice--that’s down from 256 days in the first quarter, RealtyTrac reports.

Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount--or an average sales price of $192,129--compared to the sales price of non-distressed homes.

Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)

HUD extends help to unemployed homeowners in San Diego

HUD Extends Unemployed Mortgage Relief Program

Daily Real Estate News | Tuesday, August 30, 2011

The Department of Housing and Urban Development has once again extended its deadline for a program that provides up to $50,000 in interest-free loans to unemployed or medically ill home owners who are struggling to make their mortgage payments.

The new deadline is now Sept. 15. HUD resumed taking applications for the program on Monday.

The $1 billion Emergency Homeowners Loan Program, which launched in June, was originally slated to end on July 22, but HUD first extended the deadline to July 27 to give home owners more time to apply.

Home owners eligible for the program will be able to qualify for up to $50,000 in interest-free loans for up to two years. Home owners who have had a drop in income of at least 15 percent from involuntary unemployment or underemployment due to economic conditions or a medical emergency are eligible for the program. Home owners must still be able to contribute $150 per month toward their mortgage. (Learn more about eligibility requirements and the participating states at

Source: “HUD Extends Deadline for Unemployed Mortgage Assistance,” HousingWire (Aug. 29,

Wednesday, August 3, 2011

Protect Your Property in Rancho Santa Fe

Home Security Check

By: Joseph D'Agnese

Published: February 1, 2010

The first step toward protecting your home from break-ins is to conduct a home security check that will show where your property is most vulnerable.

This step-by-step list, arranged according to the hierarchy of risk, is a good place to start.

Your home's appearance

Burglars want an easy target. Stand on the street outside your house and ask yourself: Does my property look neglected, hidden, or uninhabited? A front door or walkway that's obscured by shrubbery offers crooks the perfect cover they need while they break a door or window.

Consider trimming shrubs away from windows, widening front walks, and installing outdoor lighting with motion detectors. Simple motion-activated floodlights cost less than $50, and installing them is an easy DIY job if the wiring is already in place. All sides of your house should be well-lit, not just the front.

Doors: The first line of defense

Are your front and back doors vulnerable? Steel, solid wood, and impact-resistant fiberglass are all good choices for security. If you must have glass, make sure it is tempered or reinforced for added strength, and that sidelights are positioned where somebody can't easily reach in and turn the lock.

Open all doors and check the strike plates, the metal fittings that catch bolts and latches. Chances are, the strike plates are fastened to the soft wood of the door jamb with two screws only. Not good. Best are four-screw strike plates with 3-inch screws that penetrate the jamb and bite into the hard wood of the stud behind the jamb. All exterior doors should have deadbolts that throw at least a 1-inch bolt. Ask your locksmith to upgrade to Grade 1 or Grade 2 locksets and deadbolts, the most secure options.

Back doors and garage doors are more likely to be attacked before the front door, according to Chris McGoey, a Los Angeles-based home security consultant. If you have an attached garage, secure the door by disabling the automatic opener and locking the door before you go away on a long trip. The door leading from the garage into the house should be outfitted with the same hardware as all other exterior doors and be kept locked at all times.


In order of risk, ground-floor and basement windows are more likely to be attacked than second-floor windows. The exception is second-floor windows that can be easily accessed by a deck or other elevated structure outside the home. Make sure all windows can be opened, closed, and locked with relative ease--and then remember to lock them. The biggest problem with windows is that homeowners leave the house and leave them wide open.

For added security, consider installing blocking devices on the most easily accessed windows so they can't be opened from outside, says McGoey. Wooden dowels laid in the track block windows that slide horizontally, and steel locking pins (about $7 each) inserted in small holes drilled through the frames prevent windows from sliding vertically. If you install a home security system later, the pros will install glass-break sensors on your most vulnerable windows.

Storage sheds

Don’t ignore the doors and windows on your outdoor storage shed, especially if you store tools such as ladders, saws, screwdrivers, and hammers, any of which would be handy to a burglar. As with house doors, the best option is a secure deadbolt. Hasp closures are easily defeated because someone can insert a crowbar behind the hasp and snap it.

Not all storage shed doors are able to accommodate a deadbolt. In that case, opt for a heavy-duty slide bolt ($15-$25) instead of a hasp closure. With one of these, a tough steel bolt slides into a fitting attached to the shed door frame or a second shed door. The bolt is then rotated down and locked in place with a padlock. When attaching a slide bolt, avoid screws, which can be easily undone. You're better off using nuts and bolts because they're stronger, and because the nut does its job from the interior of the shed.

Patio doors

It's relatively easy to lift a set of older patio doors off the track, even when they are locked. Don't attempt to do this on your audit, but take time to inspect the doors and hardware. Replace any missing or broken locks, and consider installing and using locking pins to prevent them from sliding.

Consider your family's habits: Do you leave the patio doors open all summer? Locking the screen door isn't good enough; it keeps out bugs, not thieves. Get in the habit of closing and locking patio doors when they're unattended or you're not home.

Safeguarding household valuables

Thieves want easy-to-grab electronics, cash, jewelry, and other valuables, though some are not above running down the street with your flat-screen TV. Most make a beeline for the master bedroom, because that's where we're likely to hide spare cash, jewelry, even guns.

Tour each room and ask yourself: Is there anything here that I can move to my safe deposit box? Consider getting rid of old jewelry you never wear. A home safe, bolted to your basement slab, is a good spot for everything else. Have you made a video inventory of other items of value in your home? Are you properly insured for theft? Understand that high-ticket items in your home office, such as computers, professional camera equipment, or other business essentials, may require an additional rider or a separate policy. And take steps to back up the personal information stored on your home computer.

Joseph D'Agnese is a journalist and book author who has written numerous articles on home improvement. He lives in North Carolina.




Tuesday, July 26, 2011

7/26/2011-Rancho Santa Fe, Carmel Valley, Del Mar, Solana Beach, The Bridges, Santaluz

GUIDE SERVICING: 92014, 92067,
92075, 92091, 92127 & 92130
This Week Featuring 44 Properties

Monday, July 18, 2011

Selling a Home for less than owed to the bank? Short Sale Victory...!


In a major victory for REALTORS®, Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder. Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.

Although a lender cannot require a borrower to pay any additional compensation in exchange for a short sale approval, the new law does not prohibit a borrower from voluntarily offering a monetary contribution to a lender in hopes of obtaining a short sale. A lender is also permitted under the new law to negotiate for a contribution from someone other than the borrower, such as other lenders, agents, relatives, and the like.

Exceptions to the new law include a lender seeking damages for a borrower’s fraud or waste; a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; a lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.

This law is fully set forth as Senate Bill 458 (Corbett) at