Slow and Uneven Market Recovery Forecast

Posted by & filed under Stockton Real Estate.

According to the Bureau of Labor Statistics, around 8,000,000 jobs have been lost in the past few years causing our economy to be at its worst since the Great Depression. According to Ken Rosen, chair of the Fisher Center for Real Estate and Urban Economics at the University of California at Berkeley, only 1,000,000 new […]

Lenders and Homeowners Dancing the Default Limbo

Posted by & filed under Short Sales, Stockton foreclosure, Stockton Real Estate, Stockton Short Sale.

Download now or preview on posterous 07 26 10.pdf (233 KB) About 4.5 % of mortgages in the greater San Francisco Bay area are at least 3 months behind in mortgage payments and not yet in foreclosure. This default limbo is different from other real estate crashes because previously there were fewer troubled loans which […]

Government Housing Program Shows Little Benefit at High Cost

Posted by & filed under Stockton Real Estate.

Download now or preview on posterous 07 21 10.pdf (92 KB) Loans backed by the Federal Housing Administration, the Government National Mortgage Association, the Veterans administration, Fannie Mae and Freddie Mac have increased the government’s debt by $512.4 billion. TARP inspector general, Neil Barofsky said  "Treasury’s refusal to provide meaningful goals for this important program […]

Uncle Sam is Looking For Homebuyers

Posted by & filed under Stockton Real Estate.

Download now or preview on posterous 07 01 10 Buy Your Next Home From Uncle Sam.pdf (28 KB) The U.S. government holds a great deal of the housing inventory in the country. Most if it having been seized through foreclosure. Now the government is desperately trying to find buyers for these properties through auctions or […]

Ten Facts You Need to Know About Mortgage Debt Forgiveness Before Initiating a Short Sale!

Posted by & filed under Short Sales, Stockton Real Estate.

Download now or preview on posterous Ten Facts about Mortgage Debt Forgiveness.pdf (16 KB) The IRS published the Ten Fact about Mortgage Debt Forgiveness. It is a must read for anyone considering a short sale, deed in lieu or foreclosure. We highly recommend you seek the advice of a CPA and real estate attorney before […]

Fannie Mae Foreclosure Prevention

Posted by & filed under Short Sales, Stockton Real Estate.

Download now or preview on posterous 06 08 10.pdf (16 KB) Fannie Mae unveiled the details of their upcoming version of the Making Home Affordable Foreclosure Alternatives (HAFA) program which takes effect August 1, 2010. The purpose is to serve those borrowers who are eligible for a loan modification under the Home Affordable Modification Program […]

And the Property Goes To…

Posted by & filed under Stockton Real Estate.

According to CNNMoney.com Boom in real estate auctions – May. 25, 2010 more and more homes are being sold by way of auction. Just in the first quarter of 2010 auction sales have spiked 14%. They also reported that the Real Estate Disposition Corp. has already had 195 auctions this year. If that pace is […]

Chase violates Treasury Dept. rules when denying some loan modifications!

Posted by & filed under Stockton Real Estate.

Several distressed homeowners who may be eligible for loan modifications were denied by Chase for a reason that violates the Treasury Department’s rules, according to a recent report from ProPublica, a nonprofit news organization. ProPublica said that six troubled homeowners had been denied loan modifications by Chase Home Finance, JPMorgan’s mortgage servicing arm, on the […]

FHA Increased required down payment and PMI requirements for riskier borrowers

Posted by & filed under Stockton Real Estate.

In the midst of an already dire housing market, the federal government plans to impose more stringent requirements for those seeking a Federal Housing Authority-backed mortgage. Among the changes slated for FHA loans is a higher down payment requirement for borrowers with poor credit – those with a credit score below 580. Other changes include […]

Pending sales up for four months

Posted by & filed under Stockton Real Estate.

Pending home sales have been rising for four consecutive months, made possible by affordable home prices and a first-time buyer tax credit, according to the National Association of Realtors (NAR). The Pending Home Sales Index, increased to 90.7 in May up from 90.6 in April, and is 6.7% higher than May 2008, when it was […]

Fannie Mae and Freddie Mac Delinquencies Increase 50% in One Month for Most Credit Worthy Borrowers!

Posted by & filed under Stockton Real Estate.

The increase in job losses, cut incomes and too much debt is taking it’s toll on the most credit worthy of borrowers. On April 21, Fannie and Freddie reported delinquencies among this group of homeowners rose fifty percent. The number of "prime borrowers" that are 60+ days delinquent on mortgages owned/guaranteed by Freddie and Fannie […]

Citibank profits

Posted by & filed under Stockton Real Estate.

I have a friend that hasn’t made a full mortgage payment to Citimortgage in a year and they have not foreclosed. Only recently have the threats of foreclosure started. Citi has been delaying the process and accepting substantially discounted payment. Maybe this is why they were “profitable” the first quarter. Stay tuned, I expect many […]

There they go again…a new bill in the House of Representatives would bring back 100% financing!

Posted by & filed under Stockton Real Estate.

H.R. 600 is under consideration in the House of Representatives. If passed, it will restore a lending practice that was barred last year with the passing of the Housing and Economic Recovery Act of 200, seller funded down payment assistance. This type of lending is destructive for our housing market and the nation’s economy as […]