Mortgage Update for June 25th

Rates have held steady this week. No rate-threatening news was released so the chat around the water was cooler was mostly about the purchase of Countrywide by Bank of America. Here are this weeks rates…

30 year Fix Full Am
1 point: 6.375%
2 points: 6.125%
15 year Full AM
1 point: 6.000%
2 points: 5.750%
5 year ARM Full Am
1 point: 5.750%
2 points: 5.375%

Click HERE for a simple search tool that shows only FORECLOSURE PROPERTIES in San Diego.

Broker ID# 01807122. Mortgage rates are specific to each individual’s financial scenario. These estimates are based on scenario with a conforming loan amount, FICO of 770, 20% down, full documentation, 6 months reserves, owner occupied, 30 day lock. To complete a request for your individual estimate click HERE.

West of the Five Foreclosure Hot List

Still the best deals on the market for San Diego real estate are FORECLOSURE properties. We are seeing a definite increase in the number of foreclosures countywide, however the number of foreclosures West of the Five remain low. Here is an updated list of foreclosure homes and condos:

La Jolla – Via Alacante

Pacific Beach – Pico Place
Pacific Beach – Agate St.

Point Loma – Ollie St.
Point Loma – Shoreline Bluff
Point Loma – Canon St.

Ocean Beach – W. Point Loma

Del Mar – America Way

Worst Downturn In A Generation For San Diego Real Estate

Below excerpts from an article in the San Diego Union Tribune titled,

Decline ‘is shaping up to be the worst in a generation’

Foreclosures here have been depressing prices, creating home-buying opportunities for some households while robbing others of their homeowner status.

April marked the county’s 37th consecutive month of year-over-year increases in San Diego County foreclosures and notices of default, the start of the foreclosure process, the DataQuick Information Systems research firm reported. There were 1,413 residential foreclosures countywide, a 35 percent increase from March, but a rise of nearly 170 percent over a year earlier.

Home prices have also continued to fall, with the median sale price in San Diego County at $380,000 last month, down from $517,500 at the peak of the market in 2005.

Mark Zandi, chief economist for Moody’s Economy.com, called the current housing downturn the worst in the United States since the Great Depression.

“I think it is going to take another year nationwide for us to work through all of our problems in the housing market, at least to make a significant dent,” Zandi said. “In some parts of the country, the market will remain depressed well into the next decade. It is going to be a slog.

San Diego Restaurant Week – Part Deux

Finally, It’s here again. I love San Diego Restaurant Week. Don’t miss the last one of the year. Maybe I’ll see you at Georges or Roppongi next week. If your new to restaurant week, here’s the scoop:

June 22-27 – Call EARLY for Reservations, they go quick at the best spots.

Quick Facts

ONE: Now in its fourth year as San Diego County’s largest and most successful dining event, San Diego Restaurant Week was launched with the intention of spotlighting the city as a premier dining destination.

TWO: There are no tickets or passes required for Restaurant Week. Food lovers may simply dine out at as many participating restaurants as they like. Advance reservations are strongly recommended and can be made by calling restaurants directly.

Mortgage Update for June 18th

More increases in rate this week, speculatively due to suspicions that the Fed may raise rates to stabilize inflation. Rates are back up to the highs we saw in October last year. Still decent rates if you are looking a the big picture of rates over the past 20 years, but a sizable increase over the last few months. Those hit hardest by the increases will be homeowners who need to refinance since they are dealing with two negatives here; lower values and higher rates. For buyers and investors the raise in rates may encourage purchases now rather than later. Those who sit on the fence waiting for a little better deal on properties may pay for their greed with higher rates that lower the ROI on the overall investment.

30 year Fix Full Am
1 point: 6.375%
2 points: 6.125%
15 year Full AM
1 point: 6.000%
2 points: 5.750%
5 year ARM Full Am
1 point: 5.750%
2 points: 5.375%

Click HERE for a simple search tool that shows only FORECLOSURE PROPERTIES in San Diego.

Broker ID# 01807122. Mortgage rates are specific to each individual’s financial scenario. These estimates are based on scenario with a conforming loan amount, FICO of 770, 20% down, full documentation, 6 months reserves, owner occupied, 30 day lock. To complete a request for your individual estimate click HERE.

Rate Update for June 11th

Rates are up again this week and so are the number of mortgage applications. The Mortgage Banker’s Associations reports a 10.9% increase in applications for last week. What does that mean? Well, I don’t have a crystal ball, but money is a supply and demand game. When there’s not much demand rates must be very attractive. Are they creeping up because more people are making the move to purchase while foreclosure prices have real estate values at record lows? If you are considering an investment in a home for yourself or as a rental consider that waiting a few more months in hopes that prices fall even lower may cost you dearly in higher monthly payments due to rate increases. Here are the rates for this week…

30 year Fix Full Am
1 point: 6.250%
2 points: 6.000%
15 year Full AM
1 point: 5.875%
2 points: 5.625%
5 year ARM Full Am
1 point: 5.500%
2 points: 5.125%

Click HERE for a simple search tool that shows only FORECLOSURE PROPERTIES in San Diego.

Broker ID# 01807122. Mortgage rates are specific to each individual’s financial scenario. These estimates are based on scenario with a conforming loan amount, FICO of 770, 20% down, full documentation, 6 months reserves, owner occupied, 15 day lock. To complete a request for your individual estimate click HERE.

San Diego Mortgage Rate Update

It’s been a good week for the bond and a volatile week for rates, but no big leaps from last week. Take a look…

30 year Fix Full Am
1 point: 5.875%
2 points: 5.625%
15 year Full AM
1 point: 5.375%
2 points: 5.125%
5 year ARM Full Am
1 point: 5.000%
2 points: 4.625%

Most common lending question this week: “How can I get the best rates when I need to close on short notice buying foreclosures or short sales?
When you get a great deal on properties via foreclosure or short sale you may not have the luxury of time. Time can benefit you because your loan officer can watch the market and do their best to lock you in at the low for the current weeks. If your contract allows a 30 day close your Loan Office can watch, lock the best possible and do a 14 day close. But often times you will wait for weeks on end to get an approved offer on a short sales and the bank will request a close in 14 days. In this case your loan officer must get you locked, approved, funded and closed very quickly which leaves little or no time for shopping rates. The best you can do is have EVERY piece of requested documentation in to your loan officer BEFORE you make your offers. This means a copy of the Purchase Agreement and the appraisal will be all that is needed to complete your file for the lender. Remember that when both money and properties are at historical low points the slight variance in rates will not have as huge and impact on your overall investment. No matter how you look at it , it’s a great time to buy at great prices with great rates.

Click HERE for a simple search tool that shows only FORECLOSURE PROPERTIES in San Diego.

Broker ID# 01807122. Mortgage rates are specific to each individual’s financial scenario. These estimates are based on scenario with a conforming loan amount, FICO of 770, 20% down, full documentation, 6 months reserves, owner occupied, 15 day lock. To complete a request for your individual estimate click HERE.