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.

Spacious 3BR/2BA single story home in established neighborhood. New carpet and fresh interior paint! Formal living room with fireplace. Move-in ready condition with updated kitchen and bathrooms. New kitchen appliances. Attached 2-car garage. Large, private backyard. Oversized view deck with BBQ and fire pit. NO HOA, NO MELLO ROOS!

Listed at $299,900 - Call The Lund Team at 760.438.0800 or email reo@lundteam.com thanks.

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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.


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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.

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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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Wonderful Single Level Residence. Turnkey Interior. Quiet Cul-De-Sac Location. Property Backs to Open Space. Nearby Hicking Trails. Spacious Back Yard. Numerous Enhancements... Flooring, Fresh Paint, Windows. Fireplace in Living Area. Interior Laundry. Finished Garage. Hilltop Views.

Video Tour: http://www.youtube.com/watch?v=HeFSW28r0gU

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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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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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