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Foreclosure / REO

These are blog posts that involve the exciting distressed property.  The previous owners failed to make their payment obligations and the lender foreclosed on the home.

Found 39 blog entries about Foreclosure / REO.

Press Release from C.A.R:

"Forgiveness Debt Relief Act, which will for one more year exempt the taxation of mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale or loan modification (including any principal reduction).

However, the California exemption expired at the end of 2012, so forgiven mortgage debt is considered taxable state income for now.  A C.A.R.-sponsored bill, SB 30 (Calderon, D-Montebello), passed out of the Senate Governance & Finance Committee this week by a 6-to-0 vote. 

C.A.R. applauds the committee for approving SB 30 with no dissenting votes, and hopes the Legislature will send this measure to Gov. Brown for his signature into law as soon as possible.  Homeowners who are considering a

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3 Bedroom, 2.5 Bath and Approx. 2,225 sf - listed at $789,900

West of I-5. Walk to the beach, shopping and more. Ocean views. Hardwood floors, white plantation shutters granite countertops, open floor p,lan, master suite with retreat and balcony to enjoy ocean and sunset views. Private yard with patio area. Gated community. Hurry, this won't last.

Call 760.438.0800 or email reo@lundteam.com for private showing!!

 

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7463 NEPTUNE DR CARLSBAD, CA 92011

Not on market yet... call the Lund Team for a details at 760.438.0800

 

3BR, 2BA plus MB retreat & upstairs office loft - 2225 sf. This home has beautiful maple hardwood floors, custom paint through-out, crown molding, granite, white cabinets, white plantation shutters, upstairs laundry room with sink, & ocean vew from both levels. Outside yard w/ beautiful pavers, & grassy area w/ great garden area and nice sitting area to view the great pacific. Upstairs deck off the master Bedroom for nice views of ocean & ocean breezes.

 


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This is the October 2012 article for the Carlsbad Business Journal.  -Tyson Lund

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Fewer homes for sale amidst falling mortgage rates has left North County San Diego’s real estate market in a temporary seller’s market.  A 'sellers market' is defined as a time period when buyer demand for housing exceeds available supply.  A sellers market gives those selling property an opportunity to secure a higher price, sell faster and/or negotiate superior terms than compared to recent comparable sales.   And although only a fraction of the strength of the extreme sellers market 2004-2005 and possibly only temporary, the current sellers market is being confirmed with several key metrics used daily by real estate practitioners..  

Experienced

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We here at The Lund Team continually look at the ever-changing reams of data for home sales in North San Diego County. Personally, what I find most interesting is the ever shrinking number of REO property during 2012. REO means real estate owned and is an acronym for a foreclosure home.  Short sale homes continue to be a significant part of the coastal real estate market.  find out what a short sale is here.

Carlsbad and Encinitas By The Numbers

For the following zip codes: (92007,92008,92009,92010,92011,92013,92018,92023,92024)


Territory Market Recap*
  Active In-Escrow Closed (List Side) Total
REO 47 3.8% 60 9.8% 845 20.5% 952 15.9%
Short 514 41.3% 130 21.3% 845 20.5% 1489 24.9%
Resale
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Short Sales Just Got Easier in San Diego County! 

...If you have 1st and 2nd loans with Bank Of America.  It is common to have 1st and 2nd with Bank of America, as Countrywide home loans was extremely active in San Diego.  And since Countrywide was acquired by BOA - many San Diegan's have BOA loans. 

 

Here is the press release:

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Changes to 2nd Lien Deficiency Waiver Guidelines

Bank of America has extended additional support to homeowners by agreeing to enhanced 2nd lien deficiency waiver guidelines.

 

Basic qualifications:

  • The short sale must be initiated on or after June 1, 2012.
  • The 2nd lien must be attached to a 1st lien mortgage owned by Bank of America.

If you determine that the homeowner qualifies for this

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Home many short Sales, foreclosure homes and resale homes make up the coastal market?

We have many clients that are curious about foreclosure & Short Sales - and how much they make up of the current market.  The numbers below are for a 12 month period.  Below, you can see REO property is currently shrinking and short-sale home increasing.  This is due to more people short-selling as opposed to letting the bank foreclose.  Resale homes, or traditional homes, still make up a majority of the marketplace on the coast. (Want more info? Contact Tyson Lund)

For the following cities: (Carlsbad, Encinitas, Cardiff)


Territory Market Recap*

Active In-Escrow Closed (List Side) Total
REO 75 5.6% 109 16.8% 894 22.1% 1078
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Bank Owned - $309,900. Amazing view property in the heart of San Marcos. Single Level 3 bedroom / 2 bathroom. Open floor plan. Hardwood floors. Light and bright. Over 1/2 acre lot. Walk to schools, parks and shopping. No HOA or Mello Roos.

 

http://www.lundteam.com/listing/120014201-913-discovery-st-san-marcos-ca-92078/

 

 

 

 

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2727 Llama Court, Carlsbad CA 92009

Spacious custom home located high in the hills of La Costa. Quiet cul-de-sac, no HOA and no Mello Roos. Private pool and spa. Fresh interior paint and new carpet.

4 Bedroom, 2 Bathroom and Approx. 3,084 sq. ft.

 

http://www.lundteam.com/listing/110067185-2727-llama-ct-la-costa-ca-92009/

 

Call The Lund Team for additional information - 760.438.0800

 

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Carlsbad and General Market Summary:

Tyson Lund - Broker Associate , The Lund Team, Inc



Active real estate brokers are noticing a shift in the San Diego real estate market.  Many areas of the county are experiencing fewer homes for sale than in previous months. Professionals call this “inventory restriction” and it is having a noticeable affect on our local Carlsbad market.  An increase in the number of home buyer showings per available home.  Average time to sell in the current market for non-short sale property has dropped by 33% to 60 days average market time.  Brokers are finding multiple offers more common on their desirable listings with the seller achieving near 99% of their asking price.  Now although it is much to early to call

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