New La Jolla Foreclosures

2 New La Jolla, California Real Estate Foreclosures hit the market today and they both start with a 3. Click Here for full details.

The Fine Print of the Mortgage Forgiveness Debt Relief Act of 2007

California and San Diego real estate mortgage defaults are literally off the charts as of the first quarter of 2008. Recently I’ve been helping some new clients who got in over their heads with house debt and un-refinancable Adjustable Rate Mortgages. A recent article details some of the issues you’ll need to know about when navigating the tax waiver law from the Mortgage Debt Forgiveness Act of 2007. Read the full San Francisco Chrinicle article HERE.

Congress, Bush and the real estate industry hailed the Mortgage Forgiveness Debt Relief Act of 2007 as a boon for struggling homeowners who might face a big tax bill if they restructure or give up on their mortgage. But like everything that comes out of Washington, it is full of fine print that borrowers should fully understand before they decide how to get out from under debt they can’t repay. The rules are extremely complex. I bring this up to show how important it is for homeowners in trouble to get professional tax and legal advice before acting.

Get info directly from the IRS HERE on the Mortgage Debt Forgiveness Act of 2007.

Positive Press for San Diego Real Estate from Forbes.com

For the first time in a long time there is some positive news in the media regarding San Diego real estate. This article from the LA times talks about America’s Riskiest Real Estate Markets. Highlights from the article are below.

In cities like San Diego, one of five major metros where transactions rose, that’s good news, assuming it’s sustained. What makes transaction volume a good indicator is that it shows how easy it is for people to get loans and how much confidence there is in the market. If mortgages are available and buyers have some faith in the value of the home, they’re more likely to buy. San Diego’s present conditions suggest that over the next half-year, prices may start to rise. That’s because “there’s usually a three- to six-month lag between when transactions go up and prices go up,” says Jonathan Miller, president of Miller Samuel, a Manhattan real estate appraisal firm. Another good sign for the coming year? Increased credit availability. We took into account increased Fannie Mae and Freddie Mac (GSE) loan limits. The new legislation will open up credit in markets such as Sacramento and San Diego by boosting the GSE loan limit by 125% of the median price. That’s a huge deal for San Diego, where 18% of the market will see improved lending conditions, based on projections by Radar Logic, a New York-based real estate research firm.

HOT FORECLOSURES in Pacific Beach (92109)

I’m continually keeping an eye on great foreclosure deals West of the Five and here are a few in Pacific Beach at the moment:

1: 2058 Beryl St
3bed, 2 bath, 1377 sqft, 2 car garage,  on a 7000 sqft lot
Listed for $629,900
Sold for $745,000 in April of 2006

2. 4820 Beryl Way
3 bed, 3 bath, 1959 sqft,  2 car garage
Listed for $829,900
Sold for $1,250,000 in Feb of 2007

3.  1885 Diamond St.
2 bed, 2 bath, 1033 Sqft, 2 parking spaces
Listed for $327,000
Sold for $376,000 in Jan of 2006

These listings are listed by various brokerages in San Diego and are not my listings. Call Travis for details or a showing @ 858.232.2008

Feb ’08 San Diego Real Estate Market Update – West of the Five

NO, the economic outlook for San Diego isn’t getting any better as it relates to real estate, but I’ll share the trends and information as it becomes available. Don’t kill the messenger! This particular report is from LandAmerica and is for February 2008.

San Diego, California Real Estate Market Updates by City and Zip Code – West of the Five
Single Family Homes Only:
92037 La Jolla Market Update
92109 Pacific Beach Market Update
92106 Point Loma Market Update
92107 Ocean Beach Market Update
92118 Coronado Market Update

Taking a look at the Market Index Action for each zip code (which attempts to decipher between Buyer’s and Seller’s Markets) i’s obvious that we are experiencing a Buyer’s Market both on paper and in reality. And YES, I do think it is a good time for 1st time home buyers and investors to be in the market.

With these stats in mind I have to post an article I recently read, Investor Report from Realty Times. Read this article an then make 2008 the year you look back on in 10 years and say, “I’m glad I bought more property!”

Most people don’t know that they can access sales stats and information themselves directly from the local San Diego MLS HERE.