August 2010 RSS Feed

In our present economic situation, many people are currently facing the loss of their homes. However, because foreclosure is expensive for lenders, mortgage insurers, and investors, the FHA, HUD, Freddie Mac, Fannie Mae, and private companies are being required to work with borrowers who are experiencing money problems. As a result, lenders do have workout options to help you keep your Orange County home. Warning: Do not mistakenly assume that your mortgage situation will correct itself; you must take the steps suggested below to avoid, or at least forestall, foreclosure.

1. ACT NOW! Time is of the essence. Do not ignore letters or calls from your lender. If you do, chances are that action to foreclose will begin quickly.

2. CONTACT YOUR LENDER. When…

2011 Rodeo dates, Update:
The 2011 Rodeo in San Juan Capistrano is on August 27-28, 2011. It is at the corner of Ortega Highway and Antonio/La Pata. Gates open Saturday at 2 p.m. and Sunday at 11:30 a.m.
Dig out your cowboy boots and hat for this weekend's 10th annual Rancho Mission Viejo Rodeo in San Juan Capistrano.

This event is young in the world of rodeos, but its donations to charities and competitors has reached $1million. $200,000 in prize money will be given out this year.

The Professional Rodeo Cowboys Association-sanctioned rodeo will return to the rodeo grounds at Ortega Highway and Avenida La Pata with bareback riding, saddle bronc riding, bull riding, steer wrestling, tie down roping and team roping.

The rodeo supports such charities as the…

Pending home sales in June edged lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index declined 2.6 percent to 75.7 based on contracts signed in June. Down from 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said lower home sales are expected in the short term. “Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change…

Pending home sales in June edged lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index declined 2.6 percent to 75.7 based on contracts signed in June. Down from 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said lower home sales are expected in the short term. “Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change to…

Pending home sales slowed in June as a result of continued high unemployment and the end of the home buyer tax credit.

Orange County home buyers can take advantage of California's New Home Tax Credit through the end of 2010. Qualified buyers get up to $10,000 off their taxes. Buyers must sign a purchase contract between May 1 and Dec. 31 and must close escrow by Aug. 1, 2011.

 A qualified principal residence, for purposes of the New Home Credit, must:

• Be a single family residence, either detached or attached. This can be a single family residence, a condominium, a unit in a cooperative project, a house boat, a manufactured home, or a mobile home. A home constructed by the taxpayer is not eligible since the home has not been "purchased."
• Have never been occupied. Sellers must certify that the home has never been occupied in order for a taxpayer to receive an…

June 2010 statistics show San Clemente had 114 new foreclosures with an average foreclosure sales price of $573,988, according to RealtyTrac.com.

There were 67 new foreclosures in the 92673 zip code and 47 new foreclosures in 92672, for a total of 114 new foreclosures in San Clemente. 1 in every 194 housing units received a foreclosure filing in May.

San Clemente Foreclosure Geographical Comparison

San Clemente foreclosure rate was 0.28% above national rates, the same as California rates, and 0.14% above Orange County rates in June.

San Clemente Foreclosures By Month

The number of bank-owned homes dropped from 15 homes in May to 13 homes in June. Pre-foreclosure activity in May decreased  from 48 homes in May to 39 homes in…

In high-priced housing markets, such as Orange County, it can be difficult to afford a home. That’s why a growing number of Orange County home buyers are forgoing traditional fixed-rate mortgages and standard adjustable-rate mortgages and instead opting for a specialty mortgage that lets them “stretch” their income so they can qualify for a larger loan.

But before you choose one of these mortgages, make sure you understand the risks and how they work.

Specialty mortgages often begin with a low introductory interest rate or payment plan — a “teaser”— but the monthly mortgage payments are likely to increase a lot in the future. Some are “low documentation” mortgages that come with easier standards for qualifying, but also higher interest rates or higher fees.…