Archive for the 'Carlsbad Real Estate' Category
DO NOT FALL VICTIM TO MORTGAGE SCAMS
September 25th, 2008 Categories: Carlsbad Business Community, Carlsbad Real Estate
Carlsbad– GOOD NEWS, the rate of foreclosure filings took a break last month only up 23% from the year previous. The average going into August had consistently been over 60%. BAD NEWS, as the flood gates of bad economic conditions continue to open further, I have a feeling this will be a brief respite.
So in this time of a seemingly endless parade of bad news, there are those out there looking to make a buck by scamming desperate homeowners out of money and sometimes their actual home. Nothing like kicking someone while they’re down.
While there is a great article from MSN about three of the most common scams, the most common potential for a scam in our area is probably the “Phantom Help”.
The “phantom help” scammers are usually the guys placing the yellow signs offering help at the freeway offramps and on the telephone poles. In this scam the company charges you thousands of dollars for various administrative duties like filing forms and phone calls, or else keeps simply promising a big rescue late. What the company is really doing is nothing and
eventually you will fins this out. Unfortuantely, by that point it is generally too little too late to take real steps. On top of this, you are out of the money you spent.
These companies can also target you through foreclosure sites and/or the public record. When your lender starts the foreclosure process in California they file a notice of default and list the amount of money your are delinquent on. These companies now know you are behind in your mortgage payments and you become there target.
There is help though.
If you are falling behind on your mortgage or know that is inevitable, there are things that can be done. First and foremost, you have to be honest with yourself with regard to your situation. Chances are time will ont heal this wound.
Your first line of defense is your phone and your computer. You have to communicate with your lender. Not only explain to them what is happening in your life to cause your situation, be prepared to back it up with documentation. I recently wrote a blog post about loan modifications and it was reported that almost half of all loan workouts were loan modification. Statewide this number monthly hoovered between 9,000 to 10,000. Realize this is a real possibility. You just need to be proactive and patient. This process can take many weeks. You are trying to save your home and your 
credit so do not give up.
If you do not seem to be getting anywhere or you do not have drive to push it through, I do have a lender who has a team that will work on a loan modification for a fee. How this is different from the scam mentioned, is they do not collect any money unless they are successful in getting the modification. Additionally your fee is based on the amount of money you have saved.
If you can not get your loan modification I can help you with the sale of your home. If you are delinquent on your current mortgage, we would do a preforeclosure or short sale. The diifference between the two is your standing with the lender. It would be considered a short sale up to the point that the lender files Notice of Default initiating the foreclosure process. At this point it technically becomes a preforeclosure sale. The bottom line is we do everything we can to find a buyer and submit that offer to your lender along with a hardship letter explaining why you no longer can afford your home in the hope that the lender will take the short payoff and not foreclose on your home. 
Again, probably the most important thing you can do is to acknowledge your situation promptly and try hard to work with your bank to come to agreeable terms. While you are doing this, CALL ME, work with someone you cna trust to evaluate your situation. Your goal should be to try to keep your home, but I realize that is not always possible and I will do everything I can to help you. Remember, even renters are buying a home. Just not theirs.
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“Old” Carlsbad positively leads the cities housing market
September 14th, 2008 Categories: Carlsbad Business Community, Carlsbad City, Carlsbad Real Estate, Carlsbad South, Carlsbad Village, Carlsbad schools
CARLSBAD-Of Carlsbad’s four zip codes, 92008, 92009, 92010 and92011, the best real estate data are coming from the “old” area of the city.
The San Diego Union Tribune reported on data from DataQuick this weekend that approximately two-thirds of sellers lost money when selling their home.
For Carlsbad, the 92008 “village” zip code had the lowest rate of homes sold for a loss in the city and was in the top 6 for the entire county. From June 22 through August 22, there was a total of 40 transactions of which 10 were for a loss. Additionally, when looking at detached homes, 92008 has the second best affordabilty of 15% which is double from its last year mark of 7%.
Turning our attention towards 92010, in the same data used revealed that the 92010 had the lowest difference on median price from previous sale of 6.9%. This is also the fifth lowest for the entire county. To put this number in perspective, the area hardest hit, Golden Hills, had a median loss of 55% which translates to a return of only $45,000 for every $100,000 in initial purchase price. The other areas of Carlsbad saw approximately twice as much loss at approximately 13.7%.
In more good news for the area, 92010 maintains its position as the most affordable area of the city at 16% for detached homes and just over 26% 
when combined with attached homes.
The 92011 zip code was not included in the article. The study was done on zip codes wth 10 or more transactions during this two month period and with 60 closed transactions, 92011 should have been included. I have contacted the author to see if I could get an explanation.
Contact me any time, I am here to help.
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Carlsbad home buyers… let do this!!!
September 9th, 2008 Categories: Carlsbad Business Community, Carlsbad City, Carlsbad Real Estate
CARLSBAD– As most everyone knows by now, on Sunday, the federal government put both Fannie Mae and Freddie Mac in to conservatorship.
Placing the companies in conservatorship, rather than receivership, could signal that the government does not intend to nationalize or liquidate Fannie Mae and Freddie Mac. Instead, under the terms of a federal law passed this summer, conservatorship is designed to allow the government to restructure the companies and return them to private control. Treasury officials have previously compared the process to Chapter 11 bankruptcy.-Seeking Alpha, 9/6/2008
So what does this mean to Carlsbad’s current and potential homeowners?
There are two primary impacts to our housing market.
Firstly, for existing homeowners, interest rates have already started to fall on fixed rate loans and are expected to continue trending downward for the next 3–6 months. This is great news for homeowners with loans that have rate adjustments coming in the future. However, being realistic, the changes in loan program, new qualifying guidelines and loss of equity, are 
going to be factors limiting the number of homeowners that can take advantage of this.
Secondly, for potential buyers and sellers, more importantly is the cause of the lower interest.
The reason rates have already gone down, currently at 5.88% down from 6.26% last week, is the potential for a large and consistent infusion of cash in to the mortgage market from the government. This infusion will ‘loosen’ the flow money which should help lower underwriting standards.(Isn’t this how we got into this predicament in the first place?)
The government hopes that loosening the purse strings will prompt lenders to lower underwriting standards and ease the credit crunch that has kept many potential home buyers on the sidelines.-San Diego Union Tribune,9/9/2008
With the significant drop in home pricing and our market’s high inventory, if you have been waiting to purchase, I would give serious consideration to the current market. Your new home is waiting for you and remember, if you are renting, you are buying a home. Just not yours.
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Save money, time and your credit
September 6th, 2008 Categories: Carlsbad 'best of', Carlsbad Business Community, Carlsbad Real Estate
SAN DIEGO– I was recently surfing the net looking for something to perk my interest for my blog. I happened to go to the Department of Corporations website, not sure why, and what I found there is encouraging.
I am working on a market campaign, the pictured is a rough idea, reaching out to homeowners in trouble. The worst thing homeowners facing a money crunch can do is hope the problem goes away and it seems their biggest hurdle is reaching out for help. I realize it is hard to talk about these things, but you HAVE to and the sooner the better.
There is a huge window of opportunity right now to get either a loan modification or a short sale.The government, federal, state and local are all over lenders to do everything they can to help homeowners stay in their homes. Currently it is estimated that up to 60% of the homes banks have already foreclosed on are NOT on the market. The average monthly case load
for a full time loss mitigation manager in the state is approximately 150 files a month. Again there is a huge incentive for financial institutions to try to help as they are getting buried.
What the survey showed to my surprise is that approximately 20% of all loan workouts initiate in the state are granted loan modification or forbearance. This is GREAT news. Another 25% close escrow through foreclosure/REO sale or short sale. However, short sale closings are less than 10% of this group. This tells me homeowners have a GREAT chance of getting a loan modification if they initiate the process soon enough and have a real reason for the need.
Lastly, I am here to confidentially help you with your situation. We will work together to try to come to the best solution for you. I am working with a lender that can help with the loan modification process. Feel free to email me or call 760–415–3329.
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Carlsbad’s desalination plant unanimously approved
August 23rd, 2008 Categories: Carlsbad Business Community, Carlsbad City, Carlsbad Outdoor Events, Carlsbad Real Estate
CARLSBAD– The States Land Commission unanimously approved the desalination project slated to be built on the Encina power plant site in Carlsbad. This was the final regulatory approval the project needed in order to start construction next year with the goal of water production starting in 2011.
The plant, which will produce about 50 million gallons of freshwater from 200 million gallons, will be the largest desalination in the western hemisphere according to Reuters.
With the Carlsbad project receiving final approval, this helps clear the way for approval of approximately 20 other desalination project proposed for the California coast.
Earlier this week the first of what will probably be several legal challenges was rejected by the State Water Resources Control Board. The suit filed by the Surfrider Foundation said plans to minimize environmental damage the plant would cause were 
insufficient.
The Coastal Commission also this month approved a second plant to be built on the Monterey Peninsula to provide water for a development near Cannery Row. This plant is much smaller and will produce about 25,000 a day.
While I believe these projects are necessary and I support the idea, I fear not much good will actually come from them if they are tied to development such as the Monterey project. We need new water sources to help meet our current needs. This is evident by the state’s current drought situation.
“It is easy for Sacramento to put off dealing with the water infrastructure,” Schwarzenegger said. “But as we now see, there is no more time to waste, because nothing is more vital than to protect our economy, to protect our environment, and to protect our quality of life.” -CNN.com, June, 5, 2008
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Carlsbad’s frozen home equity lines
August 21st, 2008 Categories: Carlsbad Business Community, Carlsbad Real Estate
CARLSBAD-The turn in the housing market has created a collapse in what some homeowners were hoping could be their emergency parachute; the home equity line.
The home equity line is defined as a method of borrowing in which a homeowner may borrow against home equity as needed using a checkbook or credit card. In there in lies the problem. We homeowners have lost our equity.
As a REALTOR, my income obliviously can fluctuate greatly. With the negative turn in the economy, I have at times viewed my equity line as a security blanket that I could tap in to in a worst case scenario. About 2 months ago I received notice in the mail that my equity had been frozen which actually makes me one of the fortunate.
There are situations where the money is being spent over time in for a single event such as college tuition for children or remodeling projects. In these situations the homeowner signs a long term agreement makes a payment or two and then are notified that the equity line has been frozen which is completely legal.
“Theoretically, you could have people writing checks and spending money they should not be spending. You can appeal. The No. 1 priority is to make sure that loan doesn’t default.”
Mark Goldman, a real estate finance instructor at San Diego State University, said it makes no sense for banks to notify borrowers before they reduce their line of credit.
“Of course they aren’t going to call you up and say we’re taking a look at your loan,” he said. “The borrower, upon receiving that notice, would likely draw down the remaining available balance on the home-equity line.” – San Diego Union Tribune, 8/21/2008
While I believe in honesty in all situation, if you think you may have to tap into your equity line, I would access all the money at once. To offset some of the interest costs, open a CD with the funds. This way you know you have necessary funds.
While the linked article states to periodically check with your lender to find out what your available credit is, I am not sure that is the best advice. Sometimes getting your information to percolate to the top of the stack can only lead to bad things.
As stated by Mark Goldman, “It makes no sense for the bank to notify borrowers….”, I would follow the financial institution’s protocol with the reversal of the placement of the words bank and borrowers.
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NORTH COUNTY HOME SALES TURN SKYWARD IN JULY!!!!
August 14th, 2008 Categories: Carlsbad City, Carlsbad Real Estate
CARLSBAD– I REALLY like the North County Times. No REALLY like the North County Times. See instead of creating a catching headline and article bent on the negative side of our current real estate market, they saw the bright side. The old ‘glass half full’!!!
In Tuesday’s edition of the paper, the headline read, “Area home sales jump”, and the accompanying article and chart broke it all down for us.
“Sales leaped 22 percent from the same time a year ago, the first substantial increase in sales since purchases tanked in 2006.”– North County Times, 8/13/2008
Now, I REALLY like the North County Times, and we sure could use some good news, but these jumps in numbers were not across the board.
Areas jump, while Carlsbad’s housing sales flop
Two of the three zip codes, 92083, 92084 and 92027, that saw the biggest gains, 525%, 214% and 211%, had median home sales of less than $275,000. In fact these areas, Vista and Escondido, saw all there zip codes 
make huge sales improvements.
Unfortunately, Carlsbad’s best change was 0% percent for 92009. The other three zip codes saw negative change of 18, 27 and 33 percent. Carlsbad most affordable zip code, 92010, saw the least negative change of 18%.
While the magic number seemed to be $350,000, as every zip code at or below that number saw improvement, the big number for Carlsbad seems to be $500,000, as there now are 26 single family detached homes for sale at or below that price point. A year ago this would not be the case. To take advantage of the current market, contact Brian Long for more information or further assistance.
To see all the data, click on the chart pictured. Also, if you are considering buying or selling contact your Carlsbad realtor Brian Long here.
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Carlsbad builder losing both affordable and luxury projects?
August 12th, 2008 Categories: Carlsbad Business Community, Carlsbad City, Carlsbad Real Estate
SAN DIEGO– This weekend, The North County Times reported that Carlsbad based Barrat America was close to losing its City Square project in Escondido. This once award winning project, that in August of 2007 was reported to be ‘debunking market trends’, was suppose to help anchor a revitalized and modern downtown.
City Square’s failure stems from Bank of America’s decision to freeze Barratt’s $125 million credit line, Pattinson(Barratt America CEO) said. He also questioned the bank’s motives, saying it is not interested in exploring workable solutions, such as extending the life of a loan.-North County Times, 8/10/2008
However, while in October of 2007, Barratt was announcing winning awards at one project, they apparently were not paying their sub-contractors. The NC Times article also reported that since November of 2007, 80 civil lawsuits have been filed against Barratt America and most of those have been filed by unpaid sub-contractors.
The luxury community additionally effected is Carlsbad’s Magnolia Estates. 
While looking through SANDICOR, San Diego’s MLS, for foreclosure activity, it seems as though the whole of Magnolia Estates is facing foreclosure proceedings and have lawsuits attached to them, presumably from the subcontractors looking to get paid.
Hopefully Barratt America, which has reportedly laid off 100 of its 130 employees, will be able to find new financing or work out a solution with Bank of America as neither city benefits from the blight, whether townhomes or luxury homes, decaying uninhabited.
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Carlsbad homes for sale under $500K
August 10th, 2008 Categories: Carlsbad Real Estate
CARLSBAD– As with most any news about the housing market, there are two sides. For current homeowners, we have watched the market fall and take our appreciation with it.
But for BUYERS, this drop has created opportunity for you. As of this writing there are 25 single family detached homes throughout Carlsbad ranging for the Calavera hills area to the coast. While some are in bad shape, other are in move in condition and are waiting for you.
Here is the list of CARLSBAD HOMES FOR SALE UNDER $500,000 that will be kept updated.
There are seven pages, so please make sure to use the scroll feature located at the bottom left corner.
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Affordable 3 bedroom Carlsbad home with pool under 500K
August 5th, 2008 Categories: Carlsbad Beaches, Carlsbad Outdoor Events, Carlsbad Real Estate, Carlsbad Village
CARLSBAD– Okay, for all of you who have been sitting on the fence waiting for your opportunity to buy in Carlsbad, here it 
is!! This is not a short sale or a bank owned home.
Located just off the lagoon near Laguna Riviera park and Kelly elementary school, while great for anyone, this would make a wonderful family home where the kids could grow. Additionally, the master bedroom is located downstairs with its own backyard access just off the patio with spa.
To see this home call me at 760–415–3329
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