Respondents from a Fannie Mae National Housing Survey for January 2012 expressed expectations for home prices to increase by 1 percent over the next 12 months including homes in San Diego County and most Americans continue to expect no change in mortgage rates.

This marks the fourth month in a row consumer expectation was positive.

“The Federal Reserve’s pledge to keep interest rates low beyond 2014, extending their prior time frame of mid-2013 announced in the summer, appears to have been reflected in the rising share of consumers expecting the rate to remain near record low levels for another year,” said Doug Duncan, VP and chief economist for Fannie Mae.

“At the same time, consumers expect home prices to rise over the next year including San Diego properties, extending the streak of rising home price expectations to four months. If the employment market continues to strengthen, it is unlikely that the Fed will be able to keep its low interest pledge for long, and a more meaningful housing recovery may not be far behind if consumers are faced with the prospect of rising mortgage rates and home prices amid increased job security,” said Duncan.

The Fannie Mae survey polled 1,000 Americans through a telephone interview to assess attitudes towards different areas of the mortgage industry, including owning and renting, rates, homeownership distress, and the economy.

Homeowners and renters interviewed were asked more than 100 questions to track attitudinal shifts, and the survey was conducted between January 9 and January 27, 2012.

Survey Highlights

*The percentage of respondents who said the economy is on the right track was at 30 percent, an 8 percent increase since last November. The percentage who said the economy is on the wrong track was at 63 percent, a 6 point decrease since last November.

*While 51 percent of respondents expect home prices to stay the same, 28 percent said they expect prices to rise, which is a 2 point increase since last month. Sixteen percent said they expect prices to decline.

*Forty-four percent of respondents said their personal financial situation will get better over the next 12 months, as opposed to the 41 percent who said it will stay the same.

There are no words in the entire Webster Dictionary that can truly describe our deepest gratitude to our men and women in the United States Military. You are willing to die for us, protect our freedoms, and defend our liberties. Your service is the noblest act on the face of the PLANET!

Century 21 Award and Paramount Equity have teamed up this year at the San Diego County Fair 2012 to provide outstanding customer service to our United States Military, veterans past and present!

Our team will be waiting for you in “Exhibit Hall”…space 4245”. Come meet your team who are deeply devoted to our Military Heroes. We will help you obtain your well deserved VA loan and supply you with homes for review. It would be our highest honor to serve you.

Contact Your Realtors, Linda and Terri

Contact Our Lender, Sherice

Who is a VA Customer…

• Veterans who served minimum duty with other than a dishonorable discharge
• Active duty with at least 181 days of duty
• Un-remarried surviving spouse of eligible veteran
• Reservists/National Guard

If you don’t mind, may we please introduce the personal side of us as well.  Meet your team…..

(Your Realtor, Terri)

Over 40 years of solid customer service and outstanding performance throughout Eastlake, Chula Vista, and San Diego County, these ladies have become a greatly sought out powerhouse within the Century 21 Real Estate Franchise, worldwide!  Their skill, real estate knowledge, dedication, and focus towards each client’s needs are never compromised.

Terri enjoys spending quality time watching the sun set over The Sweetwater Lake with her husband of almost 30 years and her college age daughter.   She loves fine dining or a simple barbeques.  If she isn’t too busy with her community charity work, you’ll find her grabbing an old black or white movie to sit and relax with……. or making a mad dash to Downtown San Diego Civic Center to watch the latest theater show that hit this town. …Phantom of The Opera is her favorite.

Terri is a proud member of the La Paloma Eastern Star and Foothills Republican Women Federated, just to name a few.  She gives back an enormous amount to many different causes especially those that promote the health and well being of our seniors.    Recently, Terri was co-recognized by our military for her heartfelt and outstanding efforts in sending 100’s and 100’s of care packages to our troop abroad.

(Your Realtor, Linda)

At the young age of 16 years old, Linda attended real estate school and was well on her way in becoming a Realtor once she reached the legal required age of 18 years old.  She became a real estate teacher, mentor, and manager for Century 21 at the age of 21.  Linda found these demanding positions important to enhance the quality of the real estate profession.  However, she felt nothing was more satisfying than or as important in real estate as servicing clients and customers with skill, knowledge and care. 

Linda enjoys spending most of her free time working out in the gym or supporting different charities.  Linda has an overwhelming passion in helping animals of all kinds and supporting our military troops.  One of her most touching rescue stories was of 3 starving horses that she found while help rescuing people and animals during our last massive wildfire.  She was able to get food and medicine to the horses, it took months but they recovered.  When it comes to our troops, Linda is usually spearheading any program in support…she certainly appreciates and respects our men and women in uniform.

Terri and Linda are proud of their accomplishments in real estate and in their community work.  They have earned an enormous amount of real estate awards from “Quality Service” certificates to “Double Centurion” trophies within their vast 40 year career.  They both were honored by the United State of American Armed Forces for their support.  Terri and Linda were presented with an American flag that was flown in their honor in the Green Zone, Baghdad Iraq.  It was one of Terri and Linda’s proudest moments.

(Your Lender, Sherice)

Born and raised right here is beautiful San Diego, Sherice Grainger has become one of the most prominent lenders in our community. She is presently employed at Paramount Equity where its experience and expertise will benefit those who seek a new loan or refinancing.

Sherice comes from a large San Diego family deeply rooted in community service and devotion. Sherice’s 92 year old great grandmother resides in San Diego. Sherice’s grandmother has 9 children, 5 boys and 4 girls including a set of twins. On July 14^th, 2010 Sherice and her fun loving Panamanian husband Reggie gave birth to their cute bundle of joy, Chloe…. making it FIVE living generations in this powerhouse San Diego based family!

Sherice is known to show the utmost commitment and compassion towards each and every client, but the U.S. Military holds a special place in her heart. Sherice’s grandfathers both served in the Navy, her husband served TWICE (Marine and Army Guard) and her two twin aunts are active military duty. Aunt Kelly is in the Army and Aunt Terri is in the Air Force. Sherice has been a strong supporter and contributor to Paws for Purple Heart Wounded Warrior and their Service Dogs. She is also known for collecting canned food for the San Diego Food Bank. Our community greatly benefitted from her passionate charity work.

Sherice is an avid reader. After taking loving care of her clients, Reggie and the amusing and energetic Chloe, you might catch her reading the works of Shurtleff Holmes. If she is not reading, you’ll probably catch her humming a song composed by the talented Prince, her favorite artist. Most people that know Sherice can confirm, she loves to restaurant hop in search of discovering new foods…but sushi and steak are always pleasurable to her pallet.

Her father instilled a special core value in Sherice at a young age “We all have emotional bank accounts. The people in your life will either make a positive impact deposit or will withdraw a negative impact and you want to be the person making an emotionally positive deposit into the lives others.” Sherice attends the well known “Rock” church which continues to reinforce this message.

 For Instant Access to your Realtors.

 For Instant Access to your Lender.

Data released by Lender Processing Services (LPS) Thursday shows mortgage delinquencies are continuing to decline, now nearly 30 percent below their January 2010 peak.

Loans in the process of foreclosure, on the other hand, are steadily rising. LPS says foreclosure inventories reached an all-time high at the end of October, making up 4.29 percent of all active mortgages.

The average days delinquent for loans in foreclosure extended as well during the month of October, setting a new record of 631 days since last payment, while the average days delinquent for loans 90 or more days past due but not yet in foreclosure decreased for the second consecutive month.

LPS says judicial vs. non-judicial foreclosure processes remain a significant factor in the reduction of foreclosure pipelines from state to state, with foreclosure inventory percentages in non-judicial less than half that of their judicial counterparts.

This is largely a result of the fact that foreclosure sale rates in non-judicial states have been proceeding at four to five times that of judicial, LPS explained.

Non-judicial foreclosure states made up the entirety of the top 10 states with the largest year-over-year decline in non-current loans percentages. Arizona led the way with a 23.9 percent annual drop in non-current mortgages. California wasn’t far behind with a 20.2 percent decline, and in Nevada, non-current loans are down 19.1 percent from a year earlier.

LPS’ October data also showed that mortgage originations are on the rise, reaching levels not seen since mid-2010. Mortgage prepayment rates have also spiked, as much of the new origination is related to borrower refinancing. LPS says loans originated in 2009 and later are the primary drivers of the increase in refinances.

While origination activity for Federal Housing Administration (FHA) loans is down, GSE and FHA originations still account for the vast majority of all new loans – nearly nine out of every 10 new mortgages, according to LPS.

Contact us for your short sale alternatives.

WASHINGTON – Dec. 2, 2011 – Fannie Mae and Freddie Mac announced yesterday that they would suspend evictions of foreclosed single family and 2-4 unit properties from Dec. 19, 2011, through Jan. 2, 2012. While lenders will continue completing legal and administrative paperwork, no families will be thrown onto the street over the holidays.
“The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,” said Terry Edwards, Fannie Mae’s executive vice president of credit portfolio management. “No family should have to give up their home during this holiday season. Fannie Mae is committed to helping borrowers avoid foreclosure whenever possible and we encourage any homeowner who is having difficulty making their payment to reach out for help.”
While Fannie Mae and Freddie Mac back roughly half the mortgages in the U.S., some lenders also promised to place a moratorium on evictions over the holidays. Bank of America and Wells Fargo, for example, told CNNMoney that they had no plans to evict troubled homeowners before 2012.
Beyond altruism, the mortgage industry hopes to avoid bad publicity at a time of year when news stories focus on charity and kindness.
The eviction moratoriums apply only to owner-occupied homes.

Contact us to discuss your short sale options.

Lawmakers voted late Thursday to increase the ceiling for loans insured by the Federal Housing Administration (FHA). The measure was signed into law by President Obama Friday morning.

Included in a “minibus” spending bill passed by both the House and Senate was an amendment to restore the FHA loan limit to $729,750 in high cost areas including San Diego.

The maximum loan limit was lowered from that amount to $625,500 on October 1st in San Diego for government housing agencies, including FHA, Fannie Mae, and Freddie Mac.

The provision reinstates the FHA loan limits through 2013 at 125 percent of local area median home prices, up to a maximum of $729,750 in the highest cost markets.

The loan limits for Fannie Mae- and Freddie Mac-backed mortgages, however, will remain at 115 percent of local area median home prices, up to $625,500.

The bill also provides for a short-term extension of the National Flood Insurance Program through December 16, 2011.

Call to obtain an FHA loan.

Freddie Mac plans to re-securitize certain mortgage loans that were previously delinquent but have been reinstated to current, performing status. The new-issue bonds will not, however, include loans that have been modified.

The McLean, Virginia-based GSE says this new avenue for securitization will provide more flexibility for the company to manage its mortgage-related investment portfolio.

Freddie Mac has purchased large number of mortgage loans from Participation Certificate (PC) pools as they became delinquent. The GSE retains these loans in its portfolio to pursue resolutions of the delinquencies.

Loans that have been cured by means other than a modification will now be pooled into new Freddie Mac PCs with the new “R” prefix for reinstated.

The GSE expects to make its first offering of reinstated loans later this month.

For the initial securitization, Freddie Mac has elected to securitize reinstated loans that have been current for at least 12 consecutive months. Going forward, mortgages eligible for the “R” pooling must be current just four consecutive months at the time of securitization.

“This capability represents an important step in Freddie Mac’s disposition strategy for its distressed asset portfolio,” said Adama Kah, the GSE’s VP of distressed assets management.

“These securitizations will achieve the key goals of developing liquidity, flexibility, and scalability while conserving value for the taxpayer,” Kah added.

Call for more details.

Freddie Mac says its REO homes sell for an average of 94 percent of market value.

Freddie Mac sold more than 80,000 single-family REO homes in the first nine months of 2011, which the company says is a record. According to the McLean, Virginia-based GSE, it is selling more homes than it’s taking in through foreclosure.

“Although Freddie Mac’s inventory of foreclosed homes has been falling and represents only a small share of all [REO]

properties, we understand the negative impact these homes can have on neighborhoods and communities,” Hagen Mooney said. “That’s why our policies and programs are designed to maintain home values, reduce losses, and stabilize communities.”

Hagen Mooney points out that more than 70 percent of Freddie Mac’s REOs are sold to owner-occupants.

She says while the GSE has always been open to selling to investors, the company’s strategy is to limit the concentration of investor sales in any given area. She adds that Freddie Mac typically doesn’t consider any offers that require significant discount pricing.

Hagen Mooney also highlights the company’s “Good Neighbor” property preservation and maintenance best practices, which are designed to ensure that buyers purchase Freddie Mac homes in move-in condition, and that property values are maintained for neighborhoods.

The GSE’s “Good Neighbor” policies mandate that within three business days of a confirmed vacancy, each home is secured, preserved, and cleaned. The company’s contractors then continue to monitor and look after the home until it’s sold, including maintaining the landscaping.

Freddie Mac’s sales cycle for its REO homes is about 120 days, which the company attributes in part to its “top-performing broker network.”

Contact us for more information.

Fixed mortgage rates showed little change for the second consecutive week amid mixed consumer confidence and housing data, and remain near their 60-year lows.

Freddie Mac released the results of its regular weekly rate survey Thursday.

The GSE puts the average rate for a 30-year fixed mortgage at 4.10 percent (0.8 point) for the week ending October 27. That down just one basis point from 4.11 percent last week. As a point of reference, last year at this time, the 30-year rate was averaging 4.23 percent.

Call us to obtain a loan that is right for you.

Borrowers who are current on their home loans in San Diego County may be able to refinance for lower interest rates, even if they are seriously upside down. The Federal Housing Finance Agency (FHFA) announced today that it will broaden the scope of the Home Affordable Refinance Program (HARP) by removing the current 125 percent loan-to-value cap for fixed-rate mortgages backed by Fannie Mae and Freddie Mac. Other program enhancements include for San Diego, among other things, reducing certain fees, eliminating the need for a new property appraisal if the FHFA has a reliable automated valuation model (AVM) estimate, and extending HARP until the end of 2013. New federal guidelines for the HARP changes should be released to mortgage lenders and servicers by November 15.

Contact us for more information on all Government Rescue Programs.

Chula Vista is the second largest city in the San Diego metropolitan area, and the seventh largest in California, making real estate statistics from the area important indicators of the health of the real estate market in California very important. It is important to understand that if buying or selling a home, it is best to consult a real estate agent to pull statistics on individual neighborhoods when buying or selling a home as values will vary.

Currently, there is just under a 4.5 month inventory of homes in Chula Vista, with an average of 75 days before a home will receive an offer. Compared to last year, there are slightly more homes on the market but the asking price vs. the selling price ratio is holding strong. This means that homeowners who are selling are keeping up with pricing homes to sell rather than over pricing.

Good news for Chula Vista homeowners is that the average sale price has increased from just over $360,000 to just over $370,000. For buyers this means that it is still a good time to buy as prices are still at record lows, but they may be on the rise, which means now is the time to act on purchasing.

Combined, these figures show that the market in Chula Vista has leveled off and a gradual path toward a seller's market may be on the way. If this is true, than the rest of Southern California may also be seeing a light at the end of the tunnel.

Contact us for more options for Chula Vista Real Estate.