Lund Team Journal - Foreclosure / REO

Short Sale Forgiveness Working To Pass At State Level - California Bill SB 30

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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Scarce Sellers, Bullish Buyers

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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Carlsbad And Encinitas Home Sales

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)

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Short Sales In San Diego w/ Bank Of America

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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Short Sale and Foreclosure - Carlsbad, Encinitas, Cardiff

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)

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Carlsbad Market Summary - 2012

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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Real Estate In The News: Rates, Sales & More

The Los Angeles Times

Mortgage rates hold steady, Freddie Mac survey says
The interest rate on a 30-year fixed mortgage held steady this week at a 60-year low while the 15-year fixed loan edged down to a new record low, mortgage finance company Freddie Mac said in its weekly rate snapshot.


Read the full story


HousingWire

Five more years of housing problems, with some stability in local markets
The housing market remains shaky and is unlikely to deliver significant growth in prices over the next five years, according to a new survey of economists, real estate professionals and analysts.

Read the full story


The Los Angeles Times

Sales of previously owned homes jump in August
The number of homes sold increased 7.7 percent in August compared with July and…

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3.5% Credit Back To Homebuyers

Special Fannie Mae HomePath Buyer Incentive Offer

There's great news from Fannie Mae: Buyers may be eligible to receive up to 3.5% in closing cost assistance through October 31, 2011 as part of the HomePath buyer incentive.

To be eligible for this incentive, the following qualifications must be met:

1. Buyers and/or selling agents must request the incentive upon submission of the initial offer in order to be eligible.
2. The initial offer must be submitted on or after June 14, 2011 and close by October 31, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
3. The sale must close on or before October 31, 2011. No exceptions will be made to this deadline.
4. Only buyers purchasing a HomePath…

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Fannie Mae and Freddie Mac May Merge

There is still in its infancy, but having government support would most likely support an era of low mortgage rates.  See and read below:

Bill proposes merger of Fannie and Freddie

Rep. Gary G. Miller (CA-42) and Rep. Carolyn McCarthy (NY-04) are expected to introduce a bill tomorrow to merge Fannie Mae and Freddie Mac, and restructure the company into a government-held corporation.

The legislation will propose that the merged company purchase mortgages and sell them to investors as securities that are government-backed. The new company wouldn't operate for profit-making purposes and wouldn't have shareholders.

Under the proposal, a five-member board would govern the corporation, and it would be regulated by the Federal Housing Finance…

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Citigroup offers $12,000 to Short Sale This Year

The Lund Team is one of the few brokers with the experience (and patience) to work and close short-sales in this tough marketplace.  We received updated information that Citigroup is offering incentives for homeowners to short-sale this year.  

--------- News Release

Citigroup's mortgage servicing branch CitiMortgage is offering an average of $12,000 to borrowers who complete a short sale this year. By comparison, the mortgage servicer was offering $1,500 payments on average in 2009, and $3,000-$5,000 payments in 2010.

"Incentives will be offered to customers experiencing financial hardship who need funds to…

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