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Down-Payment Assistance

Another example of someone getting caught while exploiting a loophole, who then tries to use discrimination as their lever:

Link to Article

The Trump Administration is cracking down on national affordable housing programs because of concern over growing risk to the government’s almost $1.3 trillion portfolio of federally insured mortgages.

The effort targets providers of money for borrowers who can’t afford the 3.5 percent down payment typically required on Federal Housing Administration loans. Such help — from government agencies and families — enables 4 in 10 FHA loans. Borrowers in government down-payment assistance programs become delinquent at about twice the rate of those who put up their own money.

A new U.S. Housing and Urban Development guideline, published on its website late last week, would be particularly harmful to the Chenoa Fund, one of the largest down-payment programs in the U.S.

A Utah mortgage entrepreneur named Richard Ferguson runs the Chenoa Fund on behalf of the Cedar Band of the Paiutes, a tribal government in Utah. It is providing about $100 million a month in loans to borrowers who can’t meet FHA down-payment requirements.

While many cities, counties and state housing finance agencies also provide similar help, they typically limit the loans to local residents. Chenoa operates nationally. HUD said government agencies must document that they are helping borrowers buy property only within their jurisdictions. Tribal governments, it said, may only offer assistance to members living on tribal land or elsewhere.

“This is obviously very concerning,” Ferguson said in a phone interview. “It appears that HUD is trying to put the tribe back on the reservation.”

Posted by Jim the Realtor on Apr 22, 2019 in Jim's Take on the Market, Market Conditions, Mortgage Qualifying | 0 comments

Inventory Watch

Let’s compare today’s statistics to the fourth reading in April, 2018:

NSDCC Number of Active/Pending Listings

Price Range	2018 ACT	2018 PEND	2019 ACT	2019 PEND
0-$1.0M	59	96	94	78
$1.0M – $1.5M	162	117	201	117
$1.5M – $2.0M	149	78	145	72
$2.0M+	482	70	491	98
Totals	852	353	931	353

We have the identical number of pendings this year, in spite of a 9% increase in listings – and it’s the high-end that is carrying us, with 40% more pendings this year priced over $2,000,000!

The lower-end is surprising too, with nearly 60% more homes available for sale, yet fewer pendings. Buyers can’t believe how little you get for almost a million dollars these days.

There is some overlap due to the value-range listings at the cutoffs.

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Posted by Jim the Realtor on Apr 22, 2019 in Inventory, Jim's Take on the Market | 2 comments

Obv

The little stuff in life:

Posted by Jim the Realtor on Apr 20, 2019 in About the author, Bubbleinfo TV, Jim's Take on the Market | 2 comments

1970s Flashback

Those who lived around Los Angeles in the 1970s will enjoy this link:

http://alisonmartino.blog/2017/09/28/los-angeles-in-the-1970s/

Posted by Jim the Realtor on Apr 20, 2019 in Jim's Take on the Market, Local Flavor | 2 comments

Net Migration Turning Negative

Hat tip to CB Mark for sending in another article on people leaving California – I added the U.S. Census stats for San Diego County at the bottom:

People have long dreamed of moving to California, but increasingly the people in the state are looking to get out.

According to recently released data from the US Census, about 38,000 more people left California than entered it in 2018. This is the second straight year that migration to the state was negative, and it’s a trend that is speeding up. Every year since 2014, net migration has fallen.

California’s population did still increase in 2018 by almost 160,000 people, largely due to the 480,000 people born in the state. But while migration out of the state has accelerated over the past few years, the number of annual births has been steady. The trend suggests in the next decade California’s population will begin to decline.

Besides births, the main reason California’s population hasn’t already started falling has been international migration into the state. Every year since 2011, net domestic migration has been negative—i.e., more people leave California than move in from other states. But from 2011 to 2016, the number of international migrants moving into California was larger than the number of locals who were moving out.

Since then, however, domestic departures have outstripped international arrivals. In 2018, 156,000 locals left the state, compared to 118,000 international who came.

Link to full article:

https://qz.com/1599150/californias-population-could-start-shrinking-very-soon/

The exodus from San Diego County is picking up steam. Where the cumulative total of domestic migration over the last eight years was only 46,596 (avg. 5,825 per year), we had 10,835 leave in the most recent 12 month segment – and the international arrivals have slowed considerably too:

Posted by Jim the Realtor on Apr 19, 2019 in Boomer Liquidations, Boomers, Jim's Take on the Market, The Future, Thinking of Selling?, Where to Move, Why You Should List With Jim | 5 comments

Sexy Realtor Video?

Here’s a steamy new real estate video that isn’t as sexy as the previous ones we’ve seen, yet the reaction was so strong that the brokerage took it down and cancelled the open house.

The big complaint was that the woman featured wasn’t the woman in the photo, but the guy was visiting her, not the other way around.

The original video was copied before it was taken down, and now this version has over 1M views and 300+ comments:

Posted by Jim the Realtor on Apr 19, 2019 in Listing Agent Practices, Realtor, Realtors Talking Shop | 1 comment

ADU Specialist

Remember when I mentioned the Carlsbad homeowner who told me that his plans for an ADU had gone six months without approval at the City? Didn’t it make you think, “There has to be a better way”?

For those who are interested in pursuing an accessory dwelling unit for their property and want assistance, consider the service that Dave Probst offers.

Whether it’s a property you already own, or one you might buy, Dave will prepare a report for $655 that will include a preliminary plan and estimate of building costs. For an additional fee, he can also deal with the city on your behalf, and, in most cases, he can get you ready for permits within 60 days.

I haven’t seen him in action myself, but other realtors around town have spoken of him highly. He has a seminar scheduled at 4:00pm on May 11th at the Lexus Center in Escondido, and you can find more information at his website:

https://www.adubuildingplansandpermits.com/

Posted by Jim the Realtor on Apr 19, 2019 in ADU, Jim's Take on the Market, Remodel Projects | 0 comments